9/12 Repubblica di Malta

3DUW7KUHH
$UWLFOH,,,
$XWKRULVLQJ3URYLVLRQV
7KHSULPHPLQLVWHULVDXWKRULVHGWRDQQRXQFHWKHIXOOZRUGLQJRIWKH$FWRQ$GYRFDWHV1R
&ROODVVXEVHTXHQWO\DPHQGHGLQWKH&ROOHFWLRQRI/DZV
3DUW)RXU
$UWLFOH,9
9LUWXH
7KLV DFW DPHQGPHQW WDNHV HIIHFW RQ WKH GD\ RQ ZKLFK WKH &]HFK 5HSXEOLF MRLQV WKH (XURSHDQ
8QLRQZLWKWKHH[FHSWLRQRIDUWLFOH,LWHPVWKURXJKWKURXJKDQGZKLFK
WDNHRQWKHGD\RQZKLFKWKLV$FWLVDQQRXQFHGDQGZLWKWKHH[FHSWLRQVRIDUWLFOH,LWHPV
DQGZKLFKWDNHHIIHFWRQ-DQXDU\
5HSXEEOLFDGL0DOWD
D QR]LRQLJHQHUDOL
©*LXGLFL
/D 5HSXEEOLFD GL 0DOWD KD XQ VLVWHPD JLXGL]LDULR VX GXH OLYHOOL YDOH D GLUH RUJDQL JLXULVGL]LRQDOL
VXSHULRUL H LQIHULRUL *OL RUJDQL JLXULVGL]LRQDOL VXSHULRUL VRQR SUHVLHGXWL GD JLXGLFL H JOL RUJDQL
JLXULVGL]LRQDOLLQIHULRULGDPDJLVWUDWL6HFRQGROD&RVWLWX]LRQHJLXGLFLHPDJLVWUDWLVRQRQRPLQDWLGDO
3UHVLGHQWHFKHGHFLGHFRQIRUPHPHQWHDOSDUHUHGHO3ULPRPLQLVWUR,UHTXLVLWLSHUODQRPLQDVRQR
ULVSHWWLYDPHQWH GRGLFL DQQL GL SUDWLFD OHJDOH SHU GLYHQWDUH JLXGLFH H VHWWH DQQL SHU GLYHQWDUH
PDJLVWUDWR*LXGLFLHPDJLVWUDWLVRQRLQGLSHQGHQWLHVRQRVRJJHWWLVROWDQWRDOOD&RVWLWX]LRQHHDOOD
OHJJH /
LQGLSHQGHQ]D GL JLXGLFL H PDJLVWUDWL GHULYD GDOOD &RVWLWX]LRQH FKH VWDELOLVFH LQROWUH FKH L
JLXGLFLGHYRQRODVFLDUHLOVHUYL]LRDVHVVDQWDFLQTXHDQQLHLPDJLVWUDWLDVHVVDQWD,QROWUHqSUHYLVWD
ODULPR]LRQHGDOVHUYL]LRQHOFDVRGLSURYDWDLQDELOLWjDVYROJHUHOHIXQ]LRQLGHOSURSULRXIILFLRVLD
FKHVLWUDWWLGLLQIHUPLWjILVLFDPHQWDOHRGLTXDOVLDVLDOWUDFDXVDRSSXUHQHOFDVRGLLQRVVHUYDQ]D
GHJOLREEOLJKLG
XIILFLR3HUWDOHSURYYHGLPHQWRqULFKLHVWDODPDJJLRUDQ]DGLGXHWHU]LGHOOD+RXVH
RI5HSUHVHQWDWLYHV*OLRUJDQLJLXULVGL]LRQDOLVXSHULRULD0DOWDVRQRLVHJXHQWL
/D&RUWHFRVWLWX]LRQDOH
/D&RUWHG
DSSHOOR
/D&RUWHG
DSSHOORSHQDOH
,OWULEXQDOHFLYLOH
,OWULEXQDOHSHQDOH
/
XQLFR RUJDQR JLXULVGL]LRQDOH LVWLWXLWR GDOOD &RVWLWX]LRQH q OD &RUWH FRVWLWX]LRQDOH ,O WULEXQDOH
FRPSHWHQWHLQPDWHULDGLGLULWWRFLYLOHHFRPPHUFLDOHqVWDWRLVWLWXLWRGDO&RGLFHGLSURFHGXUDFLYLOH
FDSRGHOOH/DZVRI0DOWDHLOWULEXQDOHSHQDOHqVWDWRLVWLWXLWRGDO&RGLFHSHQDOHFDSRGHOOH
/DZVRI0DOWD
/D&RUWHFRVWLWX]LRQDOHHOH&RUWLG
DSSHOORVLDSHQDOHFKHFLYLOHQHOO
DPELWRGHOODORURJLXULVGL]LRQH
VXSHULRUH VRQR SUHVLHGXWH GDO &KLHI -XVWLFH H GD DOWUL GXH JLXGLFL PHQWUH WXWWL JOL DOWUL RUJDQL
JLXULVGL]LRQDOLVXSHULRULFRPSUHVHOH&RUWLG
DSSHOORSHQDOHHFLYLOHQHOO
DPELWRGHOODJLXULVGL]LRQH
LQIHULRUHVRQRSUHVLHGXWLGDXQJLXGLFH
*OL RUJDQL JLXULVGL]LRQDOL LQIHULRUL GL 0DOWD VRQR FRQRVFLXWL FRPH &RXUW RI 0DJLVWUDWHV 0DOWD H
&RXUW RI 0DJLVWUDWHV *R]R 7DOL RUJDQL JLXULVGL]LRQDOL VRQR SUHVLHGXWL GD XQ PDJLVWUDWR H OH
LPSXJQD]LRQLGHOOHGHFLVLRQLHPHVVHGDWDOLRUJDQLJLXULVGL]LRQDOLGHYRQRHVVHUHSUHVHQWDWHGLQDQ]L
DOODULVSHWWLYD&RUWHG
DSSHOORQHOODVXDJLXULVGL]LRQHLQIHULRUH
,QROWUH OD &RXUW RI 0DJLVWUDWHV *R]R FRPH RUJDQR JLXULVGL]LRQDOH VXSHULRUH KD GXH VH]LRQL
LQWLWRODWH ULVSHWWLYDPHQWH 6H]LRQH IDPLJOLD H 6H]LRQH GHOOD JLXULVGL]LRQH JHQHUDOH /D 6H]LRQH
IDPLJOLDqFRPSHWHQWHSHULFDVLFKHULHQWUDQRQHOODFRPSHWHQ]DGLWDOHRUJDQRJLXULVGL]LRQDOHFRPH
RUJDQRJLXULVGL]LRQDOHVXSHULRUHODGGRYHOD
6H]LRQHGHOODJLXULVGL]LRQHJHQHUDOHVLRFFXSDGHJOL
DOWULFDVLFKHULHQWUDQRQHOODFRPSHWHQ]DGLGHWWRRUJDQRJLXULVGL]LRQDOH
/D &RVWLWX]LRQH LQJLXQJH DOOD &RPPLVVLRQH SHU O
DPPLQLVWUD]LRQH GHOOD JLXVWL]LD GL UHGLJHUH XQ
FRGLFH GHRQWRORJLFR FKH UHJRODOD FRQGRWWD GL JLXGLFL H PDJLVWUDWL /
XOWLPD YHUVLRQHPRGLILFDWD GL
WDOHFRGLFHULVDOHDOPDJJLR
/
DYYRFDWRJHQHUDOH
6HFRQGRTXDQWRVWDELOLWRGDOOD&RVWLWX]LRQHSHUODQRPLQDDGDYYRFDWRJHQHUDOHYDOJRQRJOLVWHVVL
UHTXLVLWL SUHYLVWL SHU OD QRPLQD GL XQ JLXGLFH /
DYYRFDWR JHQHUDOH UHVWD LQ VHUYL]LR ILQR D
VHVVDQW
DQQL
$QFKH O
DYYRFDWR JHQHUDOH JRGH GHOOD VWHVVD LQGLSHQGHQ]D JDUDQWLWD SHU JLXGLFL H PDJLVWUDWL
/
DYYRFDWRJHQHUDOHQRQSXzHVVHUHULPRVVRGDOVXRLQFDULFRIXRUFKpQHLFDVLVRSUDHOHQFDWLSUHYLVWL
SHULJLXGLFL
/
DYYRFDWR JHQHUDOH KD XQD GRSSLD IXQ]LRQH TXHOOD GL SXEEOLFR PLQLVWHUR H TXHOOD GL FRQVXOHQWH
SULQFLSDOHGHOJRYHUQRSHUWXWWLJOLDOWULUDPLVHWWRULGHOGLULWWR,QWDOVHQVRULFRSUHLOVXRLQFDULFRQHOOD
YHVWHGLLFRQVXOHQWHOHJDOHSULQFLSDOHGHO*RYHUQRLQWXWWLLVHWWRULGHOGLULWWRLLFROODERUDWRUHDOOD
UHGD]LRQH GHJOL DWWL OHJLVODWLYL GD SUHVHQWDUH DO 3DUODPHQWR SHU O
DSSURYD]LRQH H LLL DYYRFDWR
SULQFLSDOH GHO*RYHUQR H OHJDOHUDSSUHVHQWDQWH GHO*RYHUQR QHOOH FRQWURYHUVLH GLQDQ]L DOO
DXWRULWj
JLXULVGL]LRQDOHFRPSHWHQWHD0DOWDRIXRULGD0DOWD
7XWWDYLD QHO VHWWRUH GHO GLULWWR FLYLOH ROWUH DG DJLUH FRPH FRQVXOHQWH OHJDOH SHU LO *RYHUQR
O
$YYRFDWR JHQHUDOH VYROJH DQFKH YDULH IXQ]LRQL VSHFLILFKH D WXWHOD GHJOL LQWHUHVVL SXEEOLFL q GL
GLULWWRH G
XIILFLRPHPEUR GHO 5XOH 0DNLQJ %RDUG FKH SXz HPDQDUH QRUPHVX WXWWH OHPDWHULH
FRQFHUQHQWL OD FRQGRWWD GD WHQHUVL QHO FRUVR GHL SURFHVVL HG q PHPEUR H[XIILFLR GHOOD
&RPPLVVLRQH SHU O
$PPLQLVWUD]LRQH GHOOD JLXVWL]LD FKH KD OH IXQ]LRQL GL VXSHUYLVLRQH VXO
IXQ]LRQDPHQWR GHJOL RUJDQL JLXULVGL]LRQDOL /D VXGGHWWD &RPPLVVLRQH q IRUPDWD GD GLHFL PHPEUL
FRPSUHVLUDSSUHVHQWDQWLGHOO
RUGLQDPHQWRJLXGL]LDULR
1HO VHWWRUH SURFHVVXDOH O
$YYRFDWR JHQHUDOH UDSSUHVHQWD LO *RYHUQR LQ WXWWH OH D]LRQL FKH SHU OD
QDWXUDGHOODFRQWURYHUVLDQRQSRVVRQRHVVHUHGLUHWWHFRQWURXQRVSHFLILFRFDSRGLXQGLSDUWLPHQWR
GHO JRYHUQR ,QROWUH O
DYYRFDWR JHQHUDOH VHFRQGR OD OHJJH q WHQXWR D SUHQGHUH SRVVHVVR
GHOO
HUHGLWjGLFKLXQTXHPXRLDVHQ]DDYHUHHUHGLD0DOWDHFLzSHUWXWHODUHJOLLQWHUHVVLGLFKLXQTXH
DEELD GLULWWR DOO
HUHGLWj ,Q TXHVWR FDVR O
DYYRFDWR JHQHUDOH GHY
HVVHUH LO OHJDOH UDSSUHVHQWDQWH
GHOO
HUHGLWj VLD FRPH ULFRUUHQWH FKH FRPH FRQYHQXWR /
DYYRFDWR JHQHUDOH SXz DQFKH DYYLDUH
XQ
D]LRQHSHULOUHFXSHURGLVDQ]LRQLDPPLQLVWUDWLYHUHFXSHUDELOLFRPHGHELWRFLYLOHHSXzDOWUHVu
DYYLDUHXQ
D]LRQHFLYLOHSHUODFRQILVFDGLEHQLSLJQRUDELOLFRQXQ
D]LRQHLQVHGHFLYLOH,QROWUHSXz
FKLHGHUH GL LQWHUGLUH R GLFKLDUDUH LQFDSDFH XQD SHUVRQD SHU LQIHUPLWj PHQWDOH D PHQR FKH OD
GRPDQGDYHQJDLQROWUDWDGDXQDOWURVRJJHWWR1HOFDVRLQFXLXQDSHUVRQDVLDVWDWDDVVHQWHHQH
VLD GLFKLDUDWD ODPRUWH SUHVXQWD O
DYYRFDWR JHQHUDOH SXz VH ULWLHQH FKH VXVVLVWDQROH RSSRUWXQH
FLUFRVWDQ]HFKLHGHUHDQFKHDOO
RUJDQRJLXULVGL]LRQDOHFRPSHWHQWHGLRWWHQHUHODUHJLVWUD]LRQHGHOOD
PRUWHGLWDOHSHUVRQD
$XVLOLDULGHOJLXGLFH&RXUW2IILFHUV
,O &RGLFH GL RUJDQL]]D]LRQH H GHOOD SURFHGXUD FLYLOH FDSR GHOOH /DZV RI 0DOWD HIIHWWXD XQD
GLVWLQ]LRQH WUD DXVLOLDUL GHO JLXGLFH DO VHUYL]LR GHOOH DXWRULWj JLXULVGL]LRQDOL 7DOH FRGLFH UHJROD OH
IXQ]LRQL GHL FDQFHOOLHUL GHL IXQ]LRQDUL DPPLQLVWUDWLYL H GHO GLUHWWRUH JHQHUDOH GHJOL RUJDQL
JLXULVGL]LRQDOL
7XWWLLIXQ]LRQDULDVVXQWLQHOO
DPELWRGHOVLVWHPDJLXGL]LDULRIDQQRSDUWHGHOVHUYL]LRSXEEOLFRHVRQR
VFHOWL LQ VHJXLWR D XQD VHOH]LRQH ULJRURVD SHU HVVHUH DYYLDWL D WDOH VHUYL]LR QHOO
DPELWR GL XQ
SURFHGLPHQWRFRQODVXSHUYLVLRQHGLXQFRPLWDWRGLVHUYL]LRSXEEOLFR3XEOLF6HUYLFH&RPPLVVLRQ
,O GLUHWWRUH JHQHUDOH GHJOL RUJDQL JLXULVGL]LRQDOL QRPLQDWR GDO 3ULPR PLQLVWUR q UHVSRQVDELOH GL
WXWWH OH FDQFHOOHULH GL WXWWL JOL DUFKLYL JLXGL]LDUL GL WXWWL L VHUYL]L JLXGL]LDUL H WXWWL JOL LPSLHJDWL
DPPLQLVWUDWLYLGHYRQRUHQGHUJOLFRQWR
2JQLFDQFHOOHULDqGLUHWWDGDXQFDQFHOOLHUHGHVLJQDWRGDOPLQLVWURGHOODJLXVWL]LDFKHqDOVHUYL]LR
GHLJLXGLFLGHOOHJLXULVGL]LRQLVXSHULRULRGHLPDJLVWUDWLGHOOHJLXULVGL]LRQLLQIHULRUL,QWXWWLJOLDOWULFDVL
qVXERUGLQDWRDO&KLHI-XVWLFH*OLRUGLQLULFHYXWLGDOFDQFHOOLHUHGHYRQRHVVHUHLQUHOD]LRQHFRQXQ
SURFHGLPHQWRHXQDWWRJLXGL]LDULR
/HIXQ]LRQLGHOFDQFHOOLHUHVRQROHVHJXHQWL
UHJLVWUDUH LSURFHGLPHQWLHLSURYYHGLPHQWLHPDQDWLGDLJLXGLFL
FHUWLILFDUH O
DXWHQWLFLWj GHOOH FRSLH ULFKLHVWH GL DWWL R GRFXPHQWL GHSRVLWDWL QHOOD FDQFHOOHULD GHO
WULEXQDOH
DVVXPHUVL OD UHVSRQVDELOLWj QHO FDVR LQ FXL YHQJD SHUVR GDQQHJJLDWR R DOWHUDWR TXDOVLDVL DWWR R
GRFXPHQWRGHSRVLWDWRQHOODFDQFHOOHULD
OLTXLGDUHHRUGLQDUHLOSDJDPHQWRGHOOHVSHVHJLXGL]LDULH
*OL XIILFLDOL JLXGL]LDUL ([HFXWLYH 2IILFHUV VRQR LQFDULFDWL GL QRWLILFDUH HG HVHJXLUH DWWL JLXGL]LDUL
PDQGDWL H DOWUL RUGLQL HPDQDWL GDOOH DXWRULWj JLXGL]LDULH H GL HVHJXLUH DOWUH IXQ]LRQL FKH SRVVRQR
YHQLUJOL DVVHJQDWH GDO GLUHWWRUH JHQHUDOH GHJOL RUJDQL JLXULVGL]LRQDOL H GDL FDQFHOOLHUL *OL XIILFLDOL
JLXGL]LDULVRQRLQROWUHLQFDULFDWLGHOPDQWHQLPHQWRGHOO
RUGLQHHGHOGHFRURGHJOLHGLILFL JLXGL]LDULH
SHU HVHJXLUH WDOL IXQ]LRQL SRVVRQR HVHUFLWDUH OH FRPSHWHQ]H GL SROL]LD QHOO
DPELWR GHJOL HGLILFL
JLXGL]LDUL
*OL DXVLOLDUL GHO JLXGLFH HVVHQGR IXQ]LRQDUL SXEEOLFL VRQR VRWWRSRVWL DO FRGLFH GHRQWRORJLFR GHL
PHPEULGHOODIXQ]LRQHSXEEOLFD3XEOLF6HUYLFH 3HU PDJJLRUL LQIRUPD]LRQL VXL GRYHUL H VXOOH UHVSRQVDELOLWj GHJOL DXVLOLDUL GHO JLXGLFH FIU OD
UHJRODPHQWD]LRQHVXSSOHWLYDGLSURFHGXUDFLYLOH>6XEVLGLDU\/HJLVODWLRQ3'))LOH.%
&LYLO3URFHGXUH5HJXODWLRQRI5HJLVWULHV$UFKLYHVDQGIXQFWLRQVRI'LUHFWRU*HQHUDO&RXUWVDQG
RWKHU&RXUW([HFXWLYH2IILFHUV@HQWUDWDLQYLJRUHLOPDU]R
$YYRFDWL
3HUHVHUFLWDUHODSURIHVVLRQHGLDYYRFDWRD0DOWDqQHFHVVDULRRWWHQHUHXQFHUWLILFDWRULODVFLDWRGDO
3UHVLGHQWHGHOOD5HSXEEOLFDDXWHQWLFDWRGDOOHDXWRULWjGL0DOWDHVXFFHVVLYDPHQWHqQHFHVVDULR
SUHVWDUHJLXUDPHQWRLQSXEEOLFDXGLHQ]DGLEHQDGHPSLHUHHGLIHGHOWjGLQDQ]LDOOD&RUWHG
DSSHOOR
/RVWHVVRFRGLFHVWDELOLVFHOHTXDOLILFKHQHFHVVDULHDGRWWHQHUHWDOHFHUWLILFDWRYDOHDGLUH
EXRQDFRQGRWWDHEXRQDPRUDOLWj
FLWWDGLQDQ]DPDOWHVHRGLXQR6WDWRPHPEURGHOO
8(RFKHVLDDXWRUL]]DWRFRPXQTXHDODYRUDUHD
0DOWDVHFRQGRTXDQWRVWDELOLWRGDOODOHJJH
GLSORPDXQLYHUVLWDULRGLJLXULVSUXGHQ]D//'VHFRQGROHGLVSRVL]LRQLGHOOR6WDWXWRGHOO
8QLYHUVLWj
GL 0DOWD KWWSZZZXPHGXPW R GLSORPD HTXLSROOHQWH ULODVFLDWR GD DOWUD DXWRULWj FRPSHWHQWH
VHFRQGRLSULQFLSLGLULFRQRVFLPHQWRUHFLSURFRGHOOHTXDOLILFKHGRSRDYHUFRPSLXWRVWXGLGLGLULWWRD
0DOWDRLQXQDOWUR6WDWRPHPEUR
ROWUHDOO
DGHPSLPHQWRGHOUHTXLVLWRGLFXLDOSXQWRLLLRQHOFDVRVLWUDWWLGLSHUVRQHFKHIUHTXHQWDQR
UHJRODUPHQWH LO FRUVR GL VWXGL GHOOD IDFROWj GL JLXULVSUXGHQ]D DOO
8QLYHUVLWj GL 0DOWD LQ TXDOVLDVL
PRPHQWR GRSR O
LQL]LR GHOO
XOWLPR DQQR DFFDGHPLFR GHO VXGGHWWR FRUVR LO FHUWLILFDWR GL IUHTXHQ]D
SHU XQ SHULRGRGL DOPHQR XQ DQQRGHOOR VWXGLR GL XQ DYYRFDWRFKH HVHUFLWDSUHVVRO
2UGLQH GHJOL
DYYRFDWLGL0DOWDHGLQDQ]LDJOLRUJDQLJLXULVGL]LRQDOLGLJUDGRVXSHULRUH
SHUIHWWDFRQRVFHQ]DGHOODOLQJXDPDOWHVHFKHqODOLQJXDXWLOL]]DWDGLQDQ]LDJOLRUJDQLJLXULVGL]LRQDOL
HVDPH DFFXUDWR H DSSURYD]LRQH GD SDUWH GL GXH JLXGLFL FKH ULODVFLDQR XQ FHUWLILFDWR ILUPDWR H
DXWHQWLFDWR QHO TXDOH VL DWWHVWD FKH q VWDWR DFFHUWDWR LO SRVVHVVR GD SDUWH GHO FDQGLGDWR GHOOH
VXGGHWWH TXDOLILFKH H FKH q LQ JUDGR GL HVHUFLWDUH OD SURIHVVLRQH GL DYYRFDWR GLQDQ]L DJOL RUJDQL
JLXULVGL]LRQDOLGL0DOWD
)UD L GRYHUL GHOOD &RPPLVVLRQH SHU O
DPPLQLVWUD]LRQH GHOOD JLXVWL]LD LVWLWXLWD GDOOD &RVWLWX]LRQH
ULHQWUD TXHOOR GL GDU YLWD H PDQWHQHUH VHPSUH XQ FRPLWDWR GL DYYRFDWL H SURFXUDWRUL FRQ OD
FRPSRVL]LRQH OH IXQ]LRQL OH IDFROWj H JOL REEOLJKL VWDELOLWL GDOOD OHJJH /D &RPPLVVLRQH
QHOO
HVHUFL]LR GHOOH VXH IXQ]LRQLUHODWLYH DOOH SURIHVVLRQL GL DYYRFDWR HSURFXUDWRUH OHJDOH RSHUHUj
PHGLDQWHLOVXGGHWWRFRPLWDWRFKHVLLQFDULFKHUjDOWUHVuGHLSUREOHPLGLFRPSRUWDPHQWRVFRUUHWWRGDO
SXQWR GL YLVWD GHRQWRORJLFR GL DYYRFDWL H SURFXUDWRUL QHOO
HVHUFL]LR GHOOD SURIHVVLRQH *OL DYYRFDWL
GHYRQRRVVHUYDUHLOFRGLFHGHRQWRORJLFRFKHWDOH&RPPLVVLRQHKDHODERUDWRVSHFLILFDPHQWHSHUJOL
DYYRFDWL
1HOFDVRLQFXLLOFRPLWDWRUDYYLVLXQDFRQGRWWDVFRUUHWWDGDSDUWHGLXQDYYRFDWRRGLXQSURFXUDWRUH
OHJDOH QHOO
HVHUFL]LR GHOOD SURIHVVLRQH R QHO FDVR LQ FXL DFFHUWL O
LQIHUPLWj PHQWDOH FKH SRVVD
LQILFLDUQHVHULDPHQWHO
HVHUFL]LRGHOODSURIHVVLRQHHVVRSXzSUHQGHUHLVHJXHQWLSURYYHGLPHQWL
ULFKLHGHUHDOOD&RPPLVVLRQHGLUDFFRPDQGDUHDO3ULPR0LQLVWURGLSURSRUUHDO3UHVLGHQWHGL0DOWDGL
VRVSHQGHUH WHPSRUDQHDPHQWH R GHILQLWLYDPHQWH LO SURIHVVLRQLVWD LQ TXHVWLRQH GDOO
HVHUFL]LR GHOOD
SURIHVVLRQH
DSSOLFDUHXQDVDQ]LRQHSHFXQLDULD
DPPRQLUHO
DYYRFDWRRLOSURFXUDWRUHOHJDOHR
FRPXQLFDUHWDOLUDFFRPDQGD]LRQLDOO
DYYRFDWRRDOSURFXUDWRUHOHJDOHFRPHULWHQJDRSSRUWXQRQHOOH
FLUFRVWDQ]HGHOFDVR
/D UHJRODPHQWD]LRQH VXSSOHPHQWDUH 6XEVLGLDU\ /HJLVODWLRQ LQWLWRODWD ULFRQRVFLPHQWR
UHFLSURFR GHOOH TXDOLILFKH GHOOH QRUPH FRQFHUQHQWL OH SURIHVVLRQL OHJDOL 0XWXDO 5HFRJQLWLRQ RI
TXDOLILFDWLRQVRI/HJDO3URIHVVLRQ5HJXODWLRQVHQWUDWRLQYLJRUHLORPDJJLR3'))LOH
.% UHJROD OH SRVVLELOLWj SHU FRORUR FKH QRQ VRQR FLWWDGLQL PDOWHVL GL HVHUFLWDUH OD SURIHVVLRQH
IRUHQVH D 0DOWD 8Q VRJJHWWR LQWHUHVVDWR D VWDELOLUVL D 0DOWD HG LYL HVHUFLWDUH OD SURIHVVLRQH GL
DYYRFDWR GHYH DQ]LWXWWR FRPXQLFDUH WDOH LQWHUHVVH DO 3UHVLGHQWH GL 0DOWD 2OWUH DO VXGGHWWR
LQWHUHVVH RFFRUUH SURGXUUH XQ FHUWLILFDWR ULODVFLDWR QRQ SL GL PHVL SULPD FKH DWWHVWD OD
UHJLVWUD]LRQHSUHVVRO
DXWRULWjFRPSHWHQWHDOOR6WDWRPHPEURG
RULJLQH>@,O3UHVLGHQWHGL0DOWDSXz
FKLHGHUHDOVRJJHWWRLQWHUHVVDWRGLLQGLFDUHO
HQWHSURIHVVLRQDOHDOTXDOHqLVFULWWRQHOVXR6WDWRGL
SURYHQLHQ]DRO
DXWRULWjJLXGL]LDULDGLIURQWHDOODTXDOHqOHJLWWLPDWRDGHVHUFLWDUHVHFRQGRODOHJJH
GHOOR 6WDWR PHPEUR G
RULJLQH ,O ULFKLHGHQWH SXz FKLHGHUH LQ TXDOVLDVL PRPHQWR GL YHGHU
ULFRQRVFLXWRLOSURSULRGLSORPDVHFRQGROHGLVSRVL]LRQLGHOULFRQRVFLPHQWRUHFLSURFRGLLVWUX]LRQHH
IRUPD]LRQHSURIHVVLRQDOH0XWXDO5HFRJQLWLRQRI3URIHVVLRQDO(GXFDWLRQDQG7UDLQLQJ5HJXODWLRQV
/HJDO1RWLFHGHOSHURWWHQHUHO
DELOLWD]LRQHDHVHUFLWDUHODSURIHVVLRQHIRUHQVHD0DOWD
3URFXUDWRULOHJDOL
3HU HVHUFLWDUH OD SURIHVVLRQH GL SURFXUDWRUH OHJDOH D 0DOWD q QHFHVVDULR RWWHQHUH XQ FHUWLILFDWR
ULODVFLDWRGHO3UHVLGHQWHGHOOD5HSXEEOLFDDXWHQWLFDWRGDOOHDXWRULWjGL0DOWDHVXFFHVVLYDPHQWHq
QHFHVVDULRSUHVWDUHJLXUDPHQWRLQSXEEOLFDXGLHQ]DGLEHQDGHPSLHUHHGLIHGHOWjGLQDQ]LDOOD&RUWH
G
DSSHOOR
/HTXDOLILFKHQHFHVVDULHSHURWWHQHUHWDOHFHUWLILFDWRVRQROHVHJXHQWL
EXRQDFRQGRWWDHEXRQDPRUDOLWj
FLWWDGLQDQ]DPDOWHVHRGLXQR6WDWRPHPEURGHOO
8(RDXWRUL]]D]LRQHFRPXQTXHDODYRUDUHD0DOWD
VHFRQGRTXDQWRVWDELOLWRGDOODOHJJH
DYHUVXSHUDWRSUHVVRODIDFROWjGLJLXULVSUXGHQ]DXQHVDPHQHOOHPDWHULHGHOFRUVRGLVWXGLVHJXLWR
GDL FDQGLGDWL SURFXUDWRUL OHJDOL VHFRQGR L UHJRODPHQWL GHOO
8QLYHUVLWj GL 0DOWD
KWWSZZZXPHGXPW R DYHU FRQVHJXLWR XQ GLSORPD HTXLSROOHQWH ULODVFLDWR GD DOWUD DXWRULWj
FRPSHWHQWHVHFRQGRLSULQFLSLGLULFRQRVFLPHQWRUHFLSURFRGHOOHTXDOLILFKHGRSRDYHUFRPSLXWRJOL
VWXGLGLGLULWWRD0DOWDRLQXQDOWUR6WDWRPHPEUR
ROWUH DG DYHU VXSHUDWR O
HVDPH GL FXL DO SXQWRLLL RLQ TXDOVLDVLPRPHQWR GRSR O
LQL]LR GHOO
XOWLPR
DQQRDFFDGHPLFRGHOVXGGHWWRFRUVRDYHUIUHTXHQWDWRSHUXQSHULRGRGLDOPHQRXQDQQRORVWXGLR
GLXQDYYRFDWRFKHHVHUFLWDSUHVVRO
2UGLQHGHJOLDYYRFDWLGL0DOWDHGLWLURFLQLRGHOODSURIHVVLRQH
HVVHUHVWDWLGHELWDPHQWHHVDPLQDWLHDSSURYDWLGDGXHJLXGLFLFKHHPHWWDQRXQFHUWLILFDWRILUPDWRH
DXWHQWLFDWRQHOTXDOHVLDWWHVWLFKHLOFDQGLGDWRqLQSRVVHVVRGHOOHTXDOLILFKHVXPPHQ]LRQDWHHFKH
qFRPSHWHQWHDGHVHUFLWDUHFRPHSURFXUDWRUHOHJDOHGLQDQ]LDJOLRUJDQLJLXULVGL]LRQDOLPDOWHVL
&RPSLWL SULQFLSDOL GHO SURFXUDWRUH OHJDOH VRQR DVVLVWHUH JOL DYYRFDWL FRQ L TXDOL FROODERUD QHL
SURFHGLPHQWLGHSRVLWDUHPHPRULHSUHVVRODFDQFHOOHULDDQRPHGHLFOLHQWLHFRPSLHUHDOWULVHUYL]L
FRQQHVVLDOODSUHSDUD]LRQHGLSURFHGLPHQWLJLXGL]LDULGDSDUWHGHJOLDYYRFDWL
,SURFXUDWRULOHJDOLVRQRDELOLWDWLDGDUHLOORURSDUHUHGLQDQ]LDOOH&RXUWVRI0DJLVWUDWHVHGLQDQ]L
DJOL6SHFLDO7ULEXQDOVDQG%RDUGV
, SURFXUDWRUL OHJDOL KDQQR JOL VWHVVL SULYLOHJL H VRQR VRJJHWWL DOOH VWHVVH VDQ]LRQL SUHYLVWH SHU JOL
DYYRFDWL VRQR LQROWUH VRJJHWWL DOOD VXSHUYLVLRQH GHOOD &RPPLVVLRQH SHU O
DPPLQLVWUD]LRQH GHOOD
JLXVWL]LDODTXDOHKDSXEEOLFDWRQHOXQFRGLFHGHRQWRORJLFRSHUSURFXUDWRULOHJDOL
&RPPLVVLRQHSHUO
DPPLQLVWUD]LRQHGHOODJLXVWL]LD
/D &RPPLVVLRQH SHU O
DPPLQLVWUD]LRQH GHOOD JLXVWL]LD q VWDWD LVWLWXLWD VHFRQGR TXDQWR GLVSRVWR DO
ULJXDUGR GDOOD &RVWLWX]LRQH HG q SUHVLHGXWD GDO 3UHVLGHQWH GL 0DOWD (VVD q FRPSRVWD GD QRYH
PHPEUL FKH FRPSUHQGRQR LO &KLHI -XVWLFH 'HSXW\ &KDLUPDQ O
DYYRFDWR JHQHUDOH GXH PHPEUL
HOHWWL GDL JLXGLFL GHJOL RUJDQL JLXULVGL]LRQDOL VXSHULRUL GXHPHPEUL HOHWWLGDLPDJLVWUDWL GHJOL RUJDQL
JLXULVGL]LRQDOL LQIHULRUL XQPHPEUR QRPLQDWR GDO 3ULPRPLQLVWUR XQPHPEUR QRPLQDWR GDOOHDGHU
GHOO
RSSRVL]LRQHHXQPHPEURQRPLQDWRGDO3UHVLGHQWHGHOOD&KDPEHUVRIDGYRFDWHV&RQVLJOLR
GHOO
2UGLQHGHJOLDYYRFDWL
/HIXQ]LRQLGHOODVXGGHWWD&RPPLVVLRQHFRPSUHQGRQRODVXSHUYLVLRQHGHOIXQ]LRQDPHQWRGLWXWWLJOL
RUJDQLJLXULVGL]LRQDOLHODFRPXQLFD]LRQHGLUDFFRPDQGD]LRQLDOPLQLVWURGHOODJLXVWL]LDSHUJDUDQWLUH
O
HIILFDFH IXQ]LRQDPHQWR GHJOL RUJDQL JLXULVGL]LRQDOL ,QROWUH OD &RPPLVVLRQH FRPXQLFD SDUHUL DO
PLQLVWHUR GHOOD JLXVWL]LD HG HODERUD FRGLFL GHRQWRORJLFL FKH UHJRODQR OD FRQGRWWD GHL PHPEUL
GHOO
RUGLQDPHQWRJLXGL]LDULRSUHYLDFRQVXOWD]LRQHGHOFRPLWDWRGHJOLDYYRFDWLHSURFXUDWRULOHJDOL
/D &RPPLVVLRQH KD IDFROWj GL SUHQGHUH SURYYHGLPHQWL GLVFLSOLQDUL VHFRQGR TXDQWR SUHYLVWR GDOOD
OHJJHVXJOLDYYRFDWLHSURFXUDWRULFKHHVHUFLWDQRODSURIHVVLRQH
1RWDL
, QRWDL VRQR SXEEOLFL XIILFLDOL LQFDULFDWL GL ULFHYHUH GD TXDOVLDVL VRJJHWWR VLD DWWL LQWHU YLYRV FKH
WHVWDPHQWL DWWULEXHQGR ORUR SXEEOLFD IHGH )D SDUWH GHL ORUR REEOLJKL HVVHUH UHVSRQVDELOL GHOOD
FXVWRGLDGLWDOLGRFXPHQWLHSRVVRQRULODVFLDUQHFRSLH,OFDSLWRORGHOOH/DZVRI0DOWD1RWDULDO
3URIHVVLRQDQG1RWDULDO$UFKLYHV$FWGHILQLVFHJOLDOWULSRWHULHOHDOWUHIXQ]LRQLGLXQQRWDLR
/HSHUVRQHLQSRVVHVVRGHOO
DELOLWD]LRQHGDDYYRFDWRRGDSURFXUDWRUHOHJDOHRLGLUHWWRULEDQFDUL
FRPPHUFLDQWLEURNHUDXWRUL]]DWLRDJHQWLGLERUVDQRQSRVVRQRHVHUFLWDUHODSURIHVVLRQHGLQRWDLR
,WLWROLQHFHVVDULSHUGLYHQWDUHQRWDLVRQRLVHJXHQWL
FLWWDGLQDQ]DGL0DOWD
FHUWLILFDWRGLEXRQDFRQGRWWDHEXRQDPRUDOLWj
DWWHVWDWRGLIUHTXHQ]DVHFRQGRORVWDWXWRHODUHJRODPHQWD]LRQHGHOO
8QLYHUVLWjGL0DOWDGHOFRUVR
SUHVFULWWRSHURWWHQHUHLOGLSORPDGLQRWDLRHDWWHVWDWRGLVXSHUDPHQWRGHJOLHVDPLSUHVFULWWL
DWWHVWDWRGLUHJRODUHIUHTXHQ]DGLXQQRWDLRLQDWWLYLWjFLzSHUXQSHULRGRGLDOPHQRXQDQQRGRSROD
ILQHGHOO
XOWLPRDQQRDFFDGHPLFRGHOFRUVR
DWWHVWDWRGLVXSHUDPHQWRGLXQHVDPHSHUODTXDOLILFDRWWHQXWRGRSRDYHUVRGGLVIDWWRLUHTXLVLWLGLFXL
DOSXQWRLY
,QRWDLGHYRQRSUHVWDUHJLXUDPHQWRGLEHQDGHPSLHUHHGLIHGHOWjGLQDQ]LDOOD&RUWHG
DSSHOORSULPD
GLFRPLQFLDUHDGHVHUFLWDUHODSURIHVVLRQH
/DSURIHVVLRQHQRWDULOHqUHJRODWDGDOFROOHJLRQRWDULOHFRPSRVWRGDWXWWLLQRWDLJRYHUQDWRGDXQ
FRQVLJOLRQRWDULOHLFXLPHPEULYHQJRQRHOHWWLDQQXDOPHQWHGDLPHPEULGHOFROOHJLR,OFRQVLJOLRKDOD
UHVSRQVDELOLWjGLYHULILFDUHODFRQGRWWDSURIHVVLRQDOHGHLQRWDL
/DVXSHUYLVLRQHVXWXWWLLQRWDLJOLDUFKLYLQRWDULOLHLOSXEEOLFRUHJLVWURqHVHUFLWDWDGDXQRVSHFLDOH
RUJDQROD&RXUWRI5HYLVLRQRI1RWDULDO$FWV(VVDqFRPSRVWDGDPHPEULQRPLQDWLGDOPLQLVWUR
WUDJLXGLFLLQHPDJLVWUDWLLQSHQVLRQHHIUDDYYRFDWLHQRWDLSXEEOLFL
7DOHRUJDQRTXDORUDORULWHQJDQHFHVVDULRVHQ]DSUHDYYLVRSXzYLVLWDUHHLVSH]LRQDUHJOLDUFKLYLLO
SXEEOLFRUHJLVWURRORVWXGLRGLTXDOVLDVLQRWDLR
6WDWR PHPEUR G
RULJLQH ± OR 6WDWR PHPEUR QHO TXDOH XQ SURIHVVLRQLVWD QHOO
DPELWR IRUHQVH KD
DFTXLVLWRLOGLULWWRGLXVDUHXQRGHLWLWROLSURIHVVLRQDOLVSHFLILFDWRGDOPLQLVWURGHOODJLXVWL]LDGL0DOWD
E 0878$/5(&2*1,7,212)48$/,),&$7,2162)/(*$/352)(66,21>6/
68%6,',$5</(*,6/$7,210878$/5(&2*1,7,212)48$/,),&$7,2162)
/(*$/352)(66,215(*8/$7,216/(*$/127,&(RI
7KHWLWOHRIWKHVHUHJXODWLRQVLVWKH0XWXDO5HFRJQLWLRQRI/HJDO3URIHVVLRQ5HJXODWLRQV
7KHVHUHJXODWLRQVVKDOOFRPHLQWRIRUFHRQVXFKGDWHRUGDWHVDVWKH0LQLVWHUUHVSRQVLEOHIRU
-XVWLFHPD\E\QRWLFHLQWKH*D]HWWHDSSRLQWDQGGLIIHUHQWGDWHVPD\EHVRDSSRLQWHGIRUGLIIHUHQW
SXUSRVHVDQGGLIIHUHQWSURYLVLRQVRIWKLV$FW
,Q WKHVH UHJXODWLRQV XQOHVV WKH FRQWH[W RWKHUZLVH UHTXLUHV &RGH PHDQV WKH &RGH RI
2UJDQLVDWLRQDQG&LYLO3URFHGXUH
&RPPLVVLRQPHDQVWKH&RPPLVVLRQIRUWKH$GPLQLVWUDWLRQRI-XVWLFHHVWDEOLVKHGE\DUWLFOH$
RIWKH&RQVWLWXWLRQ
GHVLJQDWHG DXWKRULW\ VKDOO KDYH WKH PHDQLQJ DVVLJQHG WR LW XQGHU WKH 0XWXDO 5HFRJQLWLRQ RI
4XDOLILFDWLRQV$FWDQGLQUHJDUGWRWKHOHJDOSURIHVVLRQUHIHUVWRWKH3UHVLGHQWRI0DOWD
HIIHFWLYH DQG UHJXODU SXUVXLWPHDQV DFWXDO H[HUFLVH RI WKH DFWLYLW\ ZLWKRXW DQ\LQWHUUXSWLRQRWKHU
WKDQWKDWUHVXOWLQJIURPWKHHYHQWVRIHYHU\GD\OLIHKRPH$JUHHPHQW6WDWHPHDQVWKH$JUHHPHQW
6WDWHLQZKLFKDOHJDOSURIHVVLRQDODFTXLUHGWKHULJKWWRXVHRQHRIWKHSURIHVVLRQDOWLWOHVVSHFLILHG
E\ WKH 0LQLVWHU UHVSRQVLEOH IRU MXVWLFH IURP WLPH WR WLPH LQ VFKHGXOHV WR EH DQQH[HG WR WKHVH
UHJXODWLRQV KRPHFRXQWU\ SURIHVVLRQDO WLWOH PHDQV WKH SURIHVVLRQDO WLWOH XVHG LQ WKH $JUHHPHQW
6WDWH LQ ZKLFK D OHJDO SURIHVVLRQDO DFTXLUHG WKH ULJKW WR XVH WKDW WLWOH EHIRUH SUDFWLVLQJ WKH OHJDO
SURIHVVLRQLQ0DOWD
OHJDO SURIHVVLRQDO PHDQV DQ\ SHUVRQ ZKR LV D FLWL]HQ RI DQ $JUHHPHQW 6WDWH DQG ZKR LV
DXWKRULVHGWRSXUVXHKLVSURIHVVLRQDODFWLYLWLHVXQGHURQHRIWKHSURIHVVLRQDOWLWOHVFRUUHVSRQGLQJWR
WKDW RI DGYRFDWH DQG OHJDO SURFXUDWRU DVPD\ EH VSHFLILHG E\ WKH0LQLVWHU UHVSRQVLEOH IRUMXVWLFH
IURPWLPHWRWLPHLQ6FKHGXOHVWREHDQQH[HGWRWKHVHUHJXODWLRQVDQGOHJDOSURIHVVLRQVKDOOEH
FRQVWUXHGDFFRUGLQJO\UHOHYDQWSURIHVVLRQDOWLWOHRUUHOHYDQWSURIHVVLRQPHDQVWKHSURIHVVLRQDO
WLWOHRUSURIHVVLRQJRYHUQHGE\WKHGHVLJQDWHGDXWKRULW\LQ0DOWD
$Q\OHJDO SURIHVVLRQDO VKDOO EH HQWLWOHG WR SXUVXH RQ D SHUPDQHQW RU WHPSRUDU\ EDVLVLQ 0DOWD
XQGHUKLVKRPHFRXQWU\FRXQWU\SURIHVVLRQDOWLWOHWKHDFWLYLWLHVVSHFLILHGLQUHJXODWLRQ
$ OHJDO SURIHVVLRQDO ZKR ZLVKHV WR SUDFWLVH LQ 0DOWD DOWKRXJK KH REWDLQHG KLV SURIHVVLRQDO
TXDOLILFDWLRQLQKLVKRPH$JUHHPHQW6WDWHVKDOOUHJLVWHUZLWKWKHGHVLJQDWHGDXWKRULW\
7KHGHVLJQDWHGDXWKRULW\VKDOOUHJLVWHUWKHOHJDOSURIHVVLRQDOXSRQSUHVHQWDWLRQRIDFHUWLILFDWH
DWWHVWLQJWRKLVUHJLVWUDWLRQZLWKWKHFRPSHWHQWDXWKRULW\LQWKHKRPH$JUHHPHQW6WDWH
7KH GHVLJQDWHG DXWKRULW\PD\UHTXLUH WKDW ZKHQ SUHVHQWHG E\WKH FRPSHWHQW DXWKRULW\ RIWKH
KRPH$JUHHPHQW6WDWHWKHFHUWLILFDWHEHQRWPRUHWKDQWKUHHPRQWKVROG
7KHGHVLJQDWHGDXWKRULW\VKDOOLQIRUPWKHFRPSHWHQWDXWKRULW\LQWKHKRPH$JUHHPHQW6WDWHRI
WKHUHJLVWUDWLRQLQ0DOWD
:KHUHDOHJDOSURIHVVLRQDOLVSUDFWLVLQJLQ0DOWDXQGHUKLVKRPHFRXQWU\SURIHVVLRQDOWLWOHVXFK
WLWOH VKDOO EH H[SUHVVHG LQ WKH RIILFLDO ODQJXDJH RU RQH RI WKH RIILFLDO ODQJXDJHV RI KLV KRPH
$JUHHPHQW 6WDWH LQ DQ LQWHOOLJLEOH PDQQHU DQG LQ VXFK D ZD\ DV WR DYRLG FRQIXVLRQ ZLWK WKH
SURIHVVLRQDOWLWOHXVHGLQ0DOWD
)RU WKH SXUSRVH RI DSSO\LQJ VXEUHJXODWLRQ WKH GHVLJQDWHG DXWKRULW\ PD\ UHTXLUH D OHJDO
SURIHVVLRQDOSUDFWLFLQJXQGHUKLVKRPHFRXQWU\SURIHVVLRQDOWLWOHWRLQGLFDWHWKHSURIHVVLRQDOERG\RI
ZKLFK KH LV D PHPEHU LQ KLV KRPH $JUHHPHQW 6WDWH RU WKH MXGLFLDO DXWKRULW\ EHIRUH ZKLFK KH LV
HQWLWOHGWRSUDFWLFHSXUVXDQWWRWKHODZVRIKLVKRPH$JUHHPHQW6WDWH
7KH GHVLJQDWHG DXWKRULW\ PD\ DOVR UHTXLUH D OHJDO SURIHVVLRQDO SUDFWLVLQJ XQGHU KLV KRPH
FRXQWU\ SURIHVVLRQDOWLWOH WR LQFOXGH D UHIHUHQFH WR KLV UHJLVWUDWLRQ ZLWK WKH FRPSHWHQW DXWKRULW\LQ
WKDWVWDWH
$ OHJDO SURIHVVLRQDO SUDFWLVLQJ XQGHU KLV KRPHFRXQWU\ SURIHVVLRQDO WLWOH LQ 0DOWDPD\ DW DQ\
WLPHDSSO\WRKDYHKLVGHJUHHUHFRJQLVHGLQDFFRUGDQFHZLWK3DUW2QHRIWKH0XWXDO5HFRJQLWLRQRI
3URIHVVLRQDO (GXFDWLRQ DQG 7UDLQLQJ 5HJXODWLRQV ZLWK D YLHZ WR JDLQLQJ DGPLVVLRQ WR WKH OHJDO
SURIHVVLRQLQ0DOWDDQGSUDFWLVLQJLWXQGHUWKHSURIHVVLRQDOWLWOHFRUUHVSRQGLQJWRWKHSURIHVVLRQLQ
0DOWDDQGVKDOOQRWVWDUWWRVRSUDFWLFHEHIRUHKHKDVREWDLQHGVXFKUHFRJQLWLRQ
$OHJDOSURIHVVLRQDOSUDFWLVLQJXQGHUKLVKRPHFRXQWU\SURIHVVLRQDOWLWOHZKRKDVHIIHFWLYHO\DQG
UHJXODUO\SXUVXHGIRUDSHULRGRIDWOHDVWWKUHH\HDUVDQDFWLYLW\LQ0DOWDLQ0DOWHVHODZVKDOOZLWKD
YLHZWRJDLQLQJDGPLVVLRQWRWKHOHJDOSURIHVVLRQLQ0DOWDEHH[HPSWHGE\WKHGHVLJQDWHGDXWKRULW\
IURPWKHFRQGLWLRQVVHWRXWLQUHJXODWLRQRIWKH0XWXDO5HFRJQLWLRQRI3URIHVVLRQDO
(GXFDWLRQDQG7UDLQLQJ5HJXODWLRQV
,WVKDOOEHIRUWKHOHJDOSURIHVVLRQDOFRQFHUQHGWRIXUQLVKWKHGHVLJQDWHGDXWKRULW\ZLWKSURRIRI
VXFKHIIHFWLYHUHJXODUSXUVXLWIRUDSHULRGRIDWOHDVWWKUHH\HDUVRIDQDFWLYLW\LQ0DOWHVHODZ7R
WKDWHQG
DWKHOHJDOSURIHVVLRQDOVKDOOSURYLGHWKHGHVLJQDWHGDXWKRULW\ZLWKDQ\UHOHYDQWLQIRUPDWLRQDQG
GRFXPHQWDWLRQQRWDEO\RQWKHQXPEHURIPDWWHUVKHKDVGHDOWZLWKDQGWKHLUQDWXUH
EWKHGHVLJQDWHGDXWKRULW\PD\YHULI\WKHHIIHFWLYHDQGUHJXODUQDWXUHRIWKHDFWLYLW\SXUVXHGDQG
PD\ LI QHHG EH UHTXHVW WKH OHJDO SURIHVVLRQDO WR SURYLGH RUDOO\ RU LQ ZULWLQJ FODULILFDWLRQ RI RU
IXUWKHUGHWDLOVRQWKHLQIRUPDWLRQDQGGRFXPHQWDWLRQPHQWLRQHGLQSDUDJUDSKD
:KHQ DQ H[HPSWLRQ LQ DFFRUGDQFH ZLWK VXEUHJXODWLRQV DQG LV QRW JUDQWHG WKH
GHVLJQDWHG DXWKRULW\ VKDOO VWDWH WKH UHDVRQV IRU VXFK UHIXVDO DQGWKH GHFLVLRQVKDOO EH VXEMHFW WR
DSSHDOEHIRUHWKH0XWXDO5HFRJQLWLRQRI4XDOLILFDWLRQV$SSHDO%RDUGHVWDEOLVKHGXQGHUDUWLFOHRI
WKH0XWXDO5HFRJQLWLRQRI4XDOLILFDWLRQV$FW
$OHJDOSURIHVVLRQDOSUDFWLVLQJXQGHUKLVKRPHFRXQWU\SURIHVVLRQDOWLWOHZKRKDVHIIHFWLYHO\DQG
UHJXODUO\SXUVXHGDSURIHVVLRQDODFWLYLW\LQ0DOWDIRUDSHULRGRIDWOHDVWWKUHH\HDUVEXWIRUDOHVVHU
SHULRGLQ0DOWHVHODZPD\REWDLQIURPWKHGHVLJQDWHGDXWKRULW\DGPLVVLRQWRWKHOHJDOSURIHVVLRQLQ
0DOWDDQGWKHULJKWWRSUDFWLVHLWXQGHUWKHSURIHVVLRQDOWLWOHFRUUHVSRQGLQJWRWKHSURIHVVLRQLQ0DOWD
ZLWKRXW KDYLQJ WR PHHW WKH FRQGLWLRQV UHIHUUHG WR LQ UHJXODWLRQ RI WKH 0XWXDO 5HFRJQLWLRQ RI
3URIHVVLRQDO(GXFDWLRQDQG7UDLQLQJ5HJXODWLRQVXQGHUWKHFRQGLWLRQVDQGLQDFFRUGDQFHZLWKWKH
SURFHGXUHVVHWRXWEHORZ
D7KHGHVLJQDWHGDXWKRULW\VKDOOWDNHLQWRDFFRXQWWKH HIIHFWLYHDQGUHJXODUSURIHVVLRQDODFWLYLW\
SXUVXHG GXULQJ WKH DERYHPHQWLRQHG SHULRG DQG DQ\ NQRZOHGJH DQG SURIHVVLRQDO H[SHULHQFH RI
0DOWHVH ODZ DQG DQ\ DWWHQGDQFH DW OHFWXUHV RU VHPLQDUV RQ 0DOWHVH ODZ LQFOXGLQJ WKH UXOHV
UHJXODWLQJSURIHVVLRQDOSUDFWLFHDQGFRQGXFW
E7KHOHJDOSURIHVVLRQDOVKDOOSURYLGHWKHGHVLJQDWHGDXWKRULW\ZLWKDQ\UHOHYDQWLQIRUPDWLRQDQG
GRFXPHQWDWLRQ LQ SDUWLFXODU RQ WKH PDWWHUV KH KDV GHDOW ZLWK $VVHVVPHQW RI WKH OHJDO
SURIHVVLRQDO
VHIIHFWLYHDQGUHJXODUDFWLYLW\LQ0DOWDDQGDVVHVVPHQWRIKLVFDSDFLW\WRFRQWLQXHWKH
DFWLYLW\KHKDVSXUVXHGVKDOOEHFDUULHGRXWE\PHDQVRIDQLQWHUYLHZZLWKWKHGHVLJQDWHGDXWKRULW\
LQRUGHUWRYHULI\WKHUHJXODUDQGHIIHFWLYHQDWXUHRIWKHDFWLYLW\SXUVXHG
:KHQDQDXWKRULVDWLRQLQDFFRUGDQFHZLWKVXEUHJXODWLRQ
LVQRWJUDQWHGWKHGHVLJQDWHGDXWKRULW\VKDOOVWDWHWKHUHDVRQVIRUVXFKUHIXVDODQGWKHGHFLVLRQ
VKDOO EH VXEMHFW WR DSSHDO EHIRUH WKH 0XWXDO 5HFRJQLWLRQ RI 4XDOLILFDWLRQV $SSHDOV %RDUG
HVWDEOLVKHGXQGHUDUWLFOHRIWKH0XWXDO5HFRJQLWLRQRI4XDOLILFDWLRQV$FW
7KH GHVLJQDWHG DXWKRULW\ PD\ E\ UHDVRQHG GHFLVLRQ VXEMHFW WR DSSHDO EHIRUH WKH 0XWXDO
5HFRJQLWLRQRI4XDOLILFDWLRQV$SSHDOV%RDUGHVWDEOLVKHGE\DUWLFOHRIWKH0XWXDO5HFRJQLWLRQRI
4XDOLILFDWLRQV $FW UHIXVH WR DOORZ WKH OHJDO SURIHVVLRQDO WKH EHQHILW RI WKH SURYLVLRQV RI WKLV
5HJXODWLRQ LI LW FRQVLGHUV WKDW WKLV ZRXOG EH DJDLQVW SXEOLF SROLF\ LQ SDUWLFXODU EHFDXVH RI
GLVFLSOLQDU\
SURFHHGLQJVFRPSODLQWVRULQFLGHQWVRIDQ\NLQG
7KH GHVLJQDWHG DXWKRULW\ HQWUXVWHG ZLWK FRQVLGHUDWLRQ RI WKH DSSOLFDWLRQ VKDOO SUHVHUYH WKH
FRQILGHQWLDOLW\RIDQ\LQIRUPDWLRQUHFHLYHG
$ OHJDO SURIHVVLRQDO ZKR JDLQV DGPLVVLRQWR WKH OHJDO SURIHVVLRQ LQ 0DOWD LQ DFFRUGDQFH ZLWK
VXEUHJXODWLRQV WR RI WKLV UHJXODWLRQ VKDOO EH HQWLWOHG WR XVH KLV KRPHFRXQWU\ SURIHVVLRQDO
WLWOHH[SUHVVHGLQWKHRIILFLDOODQJXDJHRURQHRIWKHRIILFLDOODQJXDJHVRIKLVKRPH$JUHHPHQW6WDWH
DORQJVLGHWKHSURIHVVLRQDOWLWOHFRUUHVSRQGLQJWRWKHOHJDOSURIHVVLRQLQ0DOWD
$ OHJDO SURIHVVLRQDO SUDFWLVLQJ XQGHU KLV KRPHFRXQWU\ SURIHVVLRQDO WLWOH FDUULHV RQ WKH VDPH
SURIHVVLRQDODFWLYLWLHVDVDOHJDOSURIHVVLRQDOSUDFWLVLQJXQGHUWKHUHOHYDQWSURIHVVLRQDOWLWOHXVHGLQ
0DOWDDQGPD\LQWHUDOLDJLYHDGYLFHRQWKHODZRIKLVKRPH$JUHHPHQW6WDWHRQLQWHUQDWLRQDOODZ
DQGRQWKHODZLQ0DOWD+HVKDOOLQDQ\HYHQWFRPSO\ZLWKWKHUXOHVRISURFHGXUHDSSOLFDEOHLQWKH
0DOWHVHFRXUWV
/HJDO SURIHVVLRQDOV ZKHWKHU SUDFWLVLQJ XQGHU D KRPHFRXQWU\ SURIHVVLRQDO WLWOH RU XQGHU WKH
UHOHYDQWSURIHVVLRQDOWLWOHVKDOOQRWSUDFWLVHDVD1RWDU\3XEOLFLQ0DOWD
)RU WKH SXUVXLW RI DFWLYLWLHV UHODWLQJ WR WKH UHSUHVHQWDWLRQ RU GHIHQFH RI D FOLHQW LQ OHJDO
SURFHHGLQJVDQGLQVRIDUDVWKHODZLQ0DOWDUHVHUYHVVXFKDFWLYLWLHVWROHJDOSURIHVVLRQDOVSUDFWLFLQJ
XQGHU WKH UHOHYDQW SURIHVVLRQDO WLWOH WKH GHVLJQDWHG DXWKRULW\ VKDOO UHTXLUH OHJDO SURIHVVLRQDOV
SUDFWLVLQJXQGHUWKHLUKRPHFRXQWU\SURIHVVLRQDOWLWOHVWRZRUNLQFRQMXQFWLRQZLWKOHJDOSURIHVVLRQDOV
ZKRSUDFWLVHEHIRUHWKH0DOWHVH&RXUWVDQGZKRZRXOGZKHUHQHFHVVDU\EHDQVZHUDEOHWRVXFK
FRXUWV
,UUHVSHFWLYHRIWKHUXOHVRISURIHVVLRQDOFRQGXFWWRZKLFKKHLVVXEMHFWLQKLVKRPH$JUHHPHQW
6WDWHDOHJDOSURIHVVLRQDOSUDFWLVLQJXQGHUKLVKRPHFRXQWU\SURIHVVLRQDOWLWOHVKDOOEH
VXEMHFWWRWKHVDPHUXOHVRISURIHVVLRQDOFRQGXFWDVOHJDO
SURIHVVLRQDOV SUDFWLVLQJ XQGHU WKH UHOHYDQW SURIHVVLRQDO WLWOH LQ UHVSHFW RI DOO WKH DFWLYLWLHV KH
SXUVXHVLQ0DOWD
'LVFLSOLQDU\SURFHHGLQJV
,QWKHHYHQWRIIDLOXUHE\DOHJDOSURIHVVLRQDOSUDFWLFLQJXQGHUKLVKRPHFRXQWU\SURIHVVLRQDO
WLWOHWRIXOILOWKHREOLJDWLRQVLQIRUFHLQ0DOWDWKHUXOHVRISURFHGXUHSHQDOWLHVDQGUHPHGLHVSURYLGHG
IRULQ0DOWDVKDOODSSO\
%HIRUHLQLWLDWLQJGLVFLSOLQDU\SURFHHGLQJVDJDLQVWDOHJDOSURIHVVLRQDOSUDFWLVLQJXQGHUKLVKRPH
FRXQWU\ SURIHVVLRQDO WLWOH WKH &RPPLVVLRQ VKDOO LQIRUP WKH FRPSHWHQW DXWKRULW\ LQ WKH KRPH
$JUHHPHQW6WDWHDVVRRQDVSRVVLEOHIXUQLVKLQJLWZLWKDOOWKHUHOHYDQWGHWDLOV
6XEUHJXODWLRQ VKDOO DSSO\PXWDWLVPXWDQGLV ZKHUH GLVFLSOLQDU\ SURFHHGLQJV DUH LQLWLDWHG E\
WKH FRPSHWHQW DXWKRULW\ RI WKH KRPH $JUHHPHQW 6WDWH ZKLFK VKDOO LQIRUP WKH &RPPLVVLRQ
DFFRUGLQJO\
:LWKRXWSUHMXGLFHWRLWVGHFLVLRQPDNLQJSRZHUWKH&RPPLVVLRQVKDOOWRRSHUDWHWKURXJKRXWWKH
GLVFLSOLQDU\SURFHHGLQJVZLWKWKHFRPSHWHQWDXWKRULW\LQWKHKRPH$JUHHPHQW6WDWH,QSDUWLFXODU
WKH&RPPLVVLRQVKDOOWDNHWKHPHDVXUHVQHFHVVDU\WRHQVXUHWKDWWKHFRPSHWHQWDXWKRULW\LQWKH
KRPH$JUHHPHQW6WDWHFDQPDNHVXEPLVVLRQVWRWKHERGLHVUHVSRQVLEOHIRUKHDULQJDQ\DSSHDO
7KHFRPSHWHQWDXWKRULW\LQWKHKRPH$JUHHPHQW6WDWHVKDOOGHFLGHZKDWDFWLRQWRWDNHXQGHU
LWVRZQSURFHGXUDODQGVXEVWDQWLYHUXOHVLQWKHOLJKWRIDGHFLVLRQRIWKH&RPPLVVLRQFRQFHUQLQJD
OHJDOSURIHVVLRQDOSUDFWLVLQJXQGHUKLVKRPHFRXQWU\SURIHVVLRQDOWLWOH
$OWKRXJKLWLVQRWDSUHUHTXLVLWHIRUWKHGHFLVLRQRIWKH&RPPLVVLRQWKHWHPSRUDU\RUSHUPDQHQW
ZLWKGUDZDOE\WKHFRPSHWHQWDXWKRULW\LQWKHKRPH$JUHHPHQW6WDWHRIWKHDXWKRULVDWLRQWRSUDFWLVH
WKH SURIHVVLRQ VKDOO DXWRPDWLFDOO\ OHDG WR WKH OHJDO SUR&HVVLRQDO FRQFHUQHG EHLQJ WHPSRUDULO\ RU
SHUPDQHQWO\SURKLELWHGIURPSUDFWLVLQJXQGHUKLVKRPHFRXQWU\SURIHVVLRQDOWLWOHLQ0DOWD
$OHJDOSURIHVVLRQDOUHJLVWHUHGLQ0DOWDXQGHUKLVKRPH6DODULHGSUDFWLFHFRXQWU\SURIHVVLRQDO
WLWOHPD\SUDFWLVHDVDVDODULHGOHJDOSURIHVVLRQDOLQWKHHPSOR\RIDQRWKHUOHJDOSURIHVVLRQDODQ
DVVRFLDWLRQ RU ILUP RI OHJDO SURIHVVLRQDOV RU D SXEOLF RU SULYDWH HQWHUSULVH WR WKH H[WHQW WKDW WKH
GHVLJQDWHGDXWKRULW\VRSHUPLWVIRUOHJDOSURIHVVLRQDOVUHJLVWHUHGXQGHUWKHSURIHVVLRQDOWLWOHXVHG
LQ0DOWD
7KHGHVLJQDWHGDXWKRULW\VKDOOFRQVLGHUDQDSSOLFDWLRQDVVRRQDVLWLVUHDVRQDEO\SUDFWLFDEOH
DQGVKDOOQRWLI\WKHDSSOLFDQWRILWVGHFLVLRQWRJHWKHUZLWKWKHUHDVRQVXSRQZKLFKLWLVEDVHGZLWKLQ
IRXUPRQWKVRIUHFHLSWRIDOOWKHUHOHYDQWGRFXPHQWV
$ UHPHG\ IRU WKH DSSOLFDQW VKDOO EH DYDLODEOH DJDLQVW VXFK GHFLVLRQ EHIRUH WKH 0XWXDO
5HFRJQLWLRQRI4XDOLILFDWLRQV$SSHDOV%RDUGHVWDEOLVKHGXQGHUDUWLFOHRIWKH0XWXDO5HFRJQLWLRQ
RI4XDOLILFDWLRQV$FW&RRSHUDWLRQEHWZHHQWKH'HVLJQDWHGDXWKRULW\DQGWKHFRXQWHUSDUWERG\LQ
WKHKRPH$JUHHPHQW6WDWHDQGFRQILGHQWLDOLW\
,Q RUGHU WR IDFLOLWDWH WKH DSSOLFDWLRQ RI WKHVH UHJXODWLRQVDQG WR SUHYHQW WKHVH SURYLVLRQV IURP
EHLQJPLVDSSOLHGIRUWKHVROHSXUSRVHRIFLUFXPYHQWLQJWKHUXOHVDSSOLFDEOHLQ0DOWDWKHGHVLJQDWHG
DQG WKH FRXQWHUSDUW DXWKRULW\ DQG WKH FRXQWHUSDUW ERG\ LQ WKH KRPH $JUHHPHQW 6WDWH VKDOO
FROODERUDWHFORVHO\DQGDIIRUGHDFKRWKHUPXWXDODVVLVWDQFH
%RWK DXWKRULWLHV PHQWLRQHG LQ VXEUHJXODWLRQ VKDOO SUHVHUYH WKH FRQILGHQWLDOLW\ RI WKH
LQIRUPDWLRQWKH\H[FKDQJH
5HSXEEOLFDGHO3RUWRJDOOR
D QR]LRQLJHQHUDOL
26-8Ë=(6
eIXQomRGRVMXt]HVDGPLQLVWUDUDMXVWLoDHID]HUH[HFXWDUDVVXDVGHFLV}HV
$PDJLVWUDWXUDMXGLFLDO±FRUSR~QLFRTXHLQWHJUDRVMXt]HVGRVWULEXQDLVMXGLFLDLVSRUWXJXHVHV±p
FRPSRVWD SRU MXt]HV GR 6XSUHPR 7ULEXQDO GH -XVWLoD FRPR WtWXOR OHJDO GH FRQVHOKHLURV MXt]HV
GDV5HODo}HVFRPRWtWXOROHJDOGHGHVHPEDUJDGRUHVHMXt]HVGH'LUHLWR
2VMXt]HVGDMXULVGLomRDGPLQLVWUDWLYDHILVFDOIRUPDPWDPEpPXPFRUSR~QLFR
2DFHVVRjSURILVVmRHVWiDEHUWRDRVFLGDGmRVSRUWXJXHVHVTXHVHHQFRQWUHPQRSOHQRJR]RGRV
VHXV GLUHLWRV SROtWLFRV H FLYLV SRVVXDP OLFHQFLDWXUD HP 'LUHLWR FRQIHULGD SRU 8QLYHUVLGDGH
3RUWXJXHVDRXKDELOLWDomRDFDGpPLFDHTXLYDOHQWHIDFHjOHLQDFLRQDOREWLGDKiSHORPHQRVGRLV
DQRVFRQWDGRVjGDWDGHDEHUWXUDGRFRQFXUVRWHQKDPIUHTXHQWDGRFRPDSURYHLWDPHQWRRVFXUVRV
H HVWiJLRVGHIRUPDomRHVDWLVIDoDPRVGHPDLVUHTXLVLWRVHVWDEHOHFLGRVQDOHLSDUDDQRPHDomR
GHIXQFLRQiULRVGR(VWDGR
$QRPHDomRGRVMXt]HVGRVWULEXQDLVMXGLFLDLVFRPSHWHDR &RQVHOKR6XSHULRUGD0DJLVWUDWXUD$
HVWH yUJmR FDEH WDPEpP D FRORFDomR D WUDQVIHUrQFLD H D SURPRomR GH WDLV PDJLVWUDGRV EHP
FRPRRH[HUFtFLRGDDFomRGLVFLSOLQDUVREUHRVPHVPRVQRVWHUPRVGHILQLGRVQDOHL
$QRPHDomRDFRORFDomRDWUDQVIHUrQFLDHDSURPRomRGRVMXt]HVGRVWULEXQDLVDGPLQLVWUDWLYRVH
ILVFDLVEHPFRPRRH[HUFtFLRGDDFomRGLVFLSOLQDUFRPSHWHPDRUHVSHFWLYR&RQVHOKR6XSHULRU
2UHFUXWDPHQWRGRVMXt]HVGRVWULEXQDLVMXGLFLDLVGHVHJXQGDLQVWkQFLDID]VHFRPSUHYDOrQFLDGR
FULWpULRGRPpULWRSRUFRQFXUVRFXUULFXODUHQWUHMXt]HVGDSULPHLUDLQVWkQFLD
2DFHVVRDR6XSUHPR7ULEXQDOGH-XVWLoDID]VHSRUFRQFXUVRFXUULFXODUDEHUWRDRVPDJLVWUDGRV
MXGLFLDLVHGR0LQLVWpULR3~EOLFRHDRXWURVMXULVWDVGHPpULWR
2V PDJLVWUDGRV MXGLFLDLV MXOJDP DSHQDV VHJXQGR D &RQVWLWXLomR H D OHL H QmR HVWmR VXMHLWRV D
RUGHQV RX LQVWUXo}HV VDOYR R GHYHU GH DFDWDPHQWR SHORV WULEXQDLV LQIHULRUHV GDV GHFLV}HV
SURIHULGDVHPYLDGHUHFXUVRSHORVWULEXQDLVVXSHULRUHV2GHYHUGHREHGLrQFLDjOHLFRPSUHHQGH
R GH UHVSHLWDU RV MXt]RV GH YDORU OHJDLV PHVPR TXDQGR VH WUDWH GH UHVROYHU KLSyWHVHV QmR
HVSHFLDOPHQWHSUHYLVWDV
2V MXt]HV QmR SRGHP VHU WUDQVIHULGRV VXVSHQVRV DSRVHQWDGRV RX GHPLWLGRV VHQmR QRV FDVRV
SUHYLVWRVQDOHLHVySRGHPLQFRUUHUHPUHVSRQVDELOLGDGHFLYLOFULPLQDORXGLVFLSOLQDUHPYLUWXGHGH
IDFWR RFRUULGR QR H[HUFtFLR GH IXQo}HV H FRQFUHWL]DGR QRV WHUPRV OHJDOPHQWH GHILQLGRV 1R TXH
UHVSHLWDjUHVSRQVDELOLGDGHFLYLOHVWDDSHQDVSRGHVHULPSXWDGDPHGLDQWHDFomRGR(VWDGRFRQWUD
RPDJLVWUDGR FRPIXQGDPHQWR HPGROR RXFXOSD JUDYH DSyV DVVXQomR GH WDOUHVSRQVDELOLGDGH
HPSULPHLUDOLQKDSHORSUySULR(VWDGR
260$*,675$'26'20,1,67e5,23Ò%/,&2
&XPSUHDRVPDJLVWUDGRVGR0LQLVWpULR3~EOLFRUHSUHVHQWDUR(VWDGRGHIHQGHURVLQWHUHVVHVTXHD
OHL GHWHUPLQDU SDUWLFLSDU QD H[HFXomR GD SROtWLFD FULPLQDO GHILQLGD SHORV yUJmRV GH VREHUDQLD
H[HUFHUDDFomRSHQDORULHQWDGDSHORSULQFtSLRGDOHJDOLGDGHHGHIHQGHUDOHJDOLGDGHGHPRFUiWLFD
6mR UHTXLVLWRV GH H[HUFtFLR GDV IXQo}HV GH PDJLVWUDGR GR 0LQLVWpULR 3~EOLFR RV DFLPD
UHIHUHQFLDGRVFRPRH[LJLGRVUHODWLYDPHQWHDRVPDJLVWUDGRVMXGLFLDLV
7DOFRPRDTXHODHVWDDFWLYLGDGHHVWiYHGDGDDHVWUDQJHLURV
$ QRPHDomR GRV DJHQWHV GR 0LQLVWpULR 3~EOLFR FRPSHWH j 3URFXUDGRULD*HUDO GD 5HS~EOLFD 2
PHVPR RFRUUH UHODWLYDPHQWH j FRORFDomR j WUDQVIHUrQFLD j SURPRomR H DR H[HUFtFLR GD DFomR
GLVFLSOLQDU
$PDJLVWUDWXUDGR0LQLVWpULR3~EOLFRpSDUDOHODjPDJLVWUDWXUDMXGLFLDOHGHODLQGHSHQGHQWHHJR]D
GHDXWRQRPLD
2V VHXV PDJLVWUDGRV VmR UHVSRQViYHLV H KLHUDUTXLFDPHQWH VXERUGLQDGRV H QmR SRGHP VHU
WUDQVIHULGRVVXVSHQVRVDSRVHQWDGRVRXGHPLWLGRVVHQmRQRVFDVRVSUHYLVWRVQDOHL
26$'92*$'26
2VDGYRJDGRVVmROLFHQFLDGRVHP'LUHLWRFRPLQVFULomRHPYLJRUQD2UGHPGRV$GYRJDGRVTXH
H[HUFHPRPDQGDWRIRUHQVHHIXQo}HVGHFRQVXOWDMXUtGLFDDWtWXORSURILVVLRQDOHUHPXQHUDGR
6y RV DGYRJDGRV H DGYRJDGRV HVWDJLiULRV FRP LQVFULomR HP YLJRU QD UHVSHFWLYD 2UGHP SRGHP
SUDWLFDUDFWRVSUySULRVGDSURILVVmR
$ LQVFULomR FRPR DGYRJDGR GHSHQGH GD UHDOL]DomR GH XP HVWiJLR TXH WHP D GXUDomR JOREDO
PtQLPDGHGRLVDQRV2VMXULVWDVGHUHFRQKHFLGRPpULWRHRVPHVWUHVHRXWURVGRXWRUHVHP'LUHLWR
FXMRWtWXORVHMDUHFRQKHFLGRHP3RUWXJDOHVWmRGLVSHQVDGRVGRHVWiJLRPDVQmRGDUHDOL]DomRGH
XPH[DPHGHDSWLGmR
2V FLGDGmRV HVWUDQJHLURV TXH VH WHQKDP OLFHQFLDGR HP 3RUWXJDO SRGHP LQVFUHYHUVH QD 2UGHP
GRV$GYRJDGRVQRVPHVPRVWHUPRVHPTXHWDORFRUUHUHODWLYDPHQWHDRVFLGDGmRVQDFLRQDLVVHR
SDtVGDVXDQDFLRQDOLGDGHFRQFHGHULGrQWLFRGLUHLWRDRVFLGDGmRVSRUWXJXHVHV
6mR UHFRQKHFLGDV HP 3RUWXJDOQD TXDOLGDGH GH DGYRJDGRV H FRPR WDO DXWRUL]DGDV D H[HUFHU D
UHVSHFWLYDSURILVVmRDVSHVVRDVTXHQRVUHVSHFWLYRVSDtVHVPHPEURVGD8QLmR(XURSHLDHVWHMDP
DXWRUL]DGDVDH[HUFHUDVDFWLYLGDGHVSURILVVLRQDLVFRPXPGRVWtWXORVSURILVVLRQDLVVHJXLQWHV
RPLVVLV
4XDOTXHU GHVWHV SURILVVLRQDLV SRGH H[HUFHU D VXD DFWLYLGDGH HP 3RUWXJDO FRP R VHX WtWXOR
SURILVVLRQDO GH RULJHP H[SUHVVR QD UHVSHFWLYD OtQJXD RILFLDO H FRP D LQGLFDomR GD RUJDQL]DomR
SURILVVLRQDODTXHSHUWHQFHRXGDMXULVGLomRMXQWRGDTXDOVHHQFRQWUDDGPLWLGRQRVWHUPRVGDOHL
GR VHX (VWDGR GH RULJHP 3RUpP D UHSUHVHQWDomR H R PDQGDWR MXGLFLDLV SHUDQWH RV WULEXQDLV
SRUWXJXHVHV Vy SRGHP VHU H[HUFLGRV SRU DGYRJDGRV GD 8QLmR (XURSHLD TXH H[HUoDP D VXD
DFWLYLGDGHFRPRVHXWtWXORSURILVVLRQDOGHRULJHPVREDRULHQWDomRGHDGYRJDGRLQVFULWRQD2UGHP
2VDGYRJDGRVGD8QLmR(XURSHLDSRGHPDLQGDH[HUFHUDVXDDFWLYLGDGHHP3RUWXJDOFRPRWtWXOR
GHDGYRJDGRPHGLDQWHSUpYLDLQVFULomRQD2UGHPGRV$GYRJDGRV
$SUHVWDomRRFDVLRQDOGHVHUYLoRVSURILVVLRQDLVGHDGYRFDFLDHP3RUWXJDOSRUDGYRJDGRVGD8QLmR
(XURSHLD TXH H[HUoDP D VXD DFWLYLGDGH FRP R VHX WtWXOR SURILVVLRQDO GH RULJHP p OLYUH VHP
SUHMXt]RGHHVWHVGHYHUHPGDUSUpYLRFRQKHFLPHQWRGHVVHIDFWRj2UGHPGRV$GYRJDGRV
2 HVWDEHOHFLPHQWR SHUPDQHQWH HP 3RUWXJDO GH DGYRJDGRV GD 8QLmR (XURSHLD TXH SUHWHQGDP
H[HUFHU D VXD DFWLYLGDGH FRP R VHX WtWXOR SURILVVLRQDO GH RULJHP GHSHQGH GH SUpYLR UHJLVWR QD
2UGHP GRV $GYRJDGRV (VWH UHJLVWR p IHLWR PHGLDQWH D H[LELomR SHOR DGYRJDGR GR WtWXOR
FRPSURYDWLYR GR VHX GLUHLWR D H[HUFHU D SURILVVmR QR (VWDGR PHPEUR GH RULJHP EHP FRPR GH
FHUWLGmR FRPSURYDWLYD GH TXH DTXHOH GLUHLWR QmR IRL VXVSHQVR RX UHWLUDGR HP FRQVHTXrQFLD GH
SURFHVVRSHQDORXGLVFLSOLQDU(VWHVGRFXPHQWRVWDPEpPSRGHUmRVHUH[LJLGRVDRDGYRJDGRTXH
SUHVWHVHUYLoRVSURILVVLRQDLVGHDGYRFDFLDQRVWHUPRVDFLPDUHIHUHQFLDGRV
(VWmRDVVHJXUDGDVDRVDGYRJDGRVDVLPXQLGDGHVQHFHVViULDVDRH[HUFtFLRGRPDQGDWR
2V DGYRJDGRV SDUWLFLSDP QD DGPLQLVWUDomR GD MXVWLoD H SRU WDO UD]mR GHYHP DVVXPLU XP
FRPSRUWDPHQWR S~EOLFR H SURILVVLRQDO DGHTXDGR j GLJQLGDGH H UHVSRQVDELOLGDGHV GD IXQomR
FXPSULQGR RV GHYHUHV FRQVLJQDGRV QR VHX (VWDWXWR H RV GHPDLV LPSRVWRV SHOD OHL SHORV XVRV
SHORV FRVWXPHV H SHODV WUDGLo}HV GD SURILVVmR $ KRQHVWLGDGH SURELGDGH UHFWLGmR OHDOGDGH
FRUWHVLDHVLQFHULGDGHLQWHJUDPDVVXDVREULJDo}HVSURILVVLRQDLV
2V DGYRJDGRV GHYHP PDQWHU VHPSUH D VXD LQGHSHQGrQFLD DJLQGR OLYUHV GH TXDOTXHU SUHVVmR
HVSHFLDOPHQWHDTXHUHVXOWHGRVVHXVSUySULRVLQWHUHVVHVRXGHLQIOXrQFLDVH[WHULRUHVDEVWHQGRVH
GH QHJOLJHQFLDU D GHRQWRORJLD SURILVVLRQDO QR LQWXLWR GH DJUDGDU DR VHX FOLHQWH DRV FROHJDV DR
WULEXQDORXDWHUFHLURV
7DLVSURILVVLRQDLVHVWmRREULJDGRVDGHIHQGHURVGLUHLWRVOLEHUGDGHVHJDUDQWLDVDSXJQDUSHODERD
DSOLFDomR GDV OHLV SHOD UiSLGD DGPLQLVWUDomR GD MXVWLoD H SHOR DSHUIHLoRDPHQWR GD FXOWXUD H
LQVWLWXLo}HVMXUtGLFDV
2 H[HUFtFLR GD DGYRFDFLD p LQFRPSDWtYHO FRP TXDOTXHU DFWLYLGDGH RX IXQomR TXH GLPLQXDP D
LVHQomR D LQGHSHQGrQFLD H D GLJQLGDGH GD SURILVVmR 1HVWH kPELWR R (VWDWXWR GD 2UGHP GRV
$GYRJDGRV HQXQFLD XP FRQMXQWR H[WHQVR GH DFWLYLGDGHV FRQVLGHUDGDV LQFRPSDWtYHLV FRP R
H[HUFtFLRGDDGYRFDFLD
1RSURFHVVRFtYHODFRQVWLWXLomRGHDGYRJDGRpREULJDWyULDTXDQGRRYDORUGDFDXVDVHMDVXSHULRU
D¼QDVFDXVDVHPTXHVHMDVHPSUHDGPLVVtYHOUHFXUVRLQGHSHQGHQWHPHQWHGRYDORUH
QRVUHFXUVRVHFDXVDVSURSRVWDVSHUDQWHRVWULEXQDLVVXSHULRUHV
2662/,&,7$'25(6
2VVROLFLWDGRUHVVmRSURILVVLRQDLVOLEHUDLVTXHH[HUFHPRPDQGDWRMXGLFLDODWtWXORUHPXQHUDGR
2H[HUFtFLRGHVWDSURILVVmRGHSHQGHGHLQVFULomRQD&kPDUDGRV6ROLFLWDGRUHVSUHFHGLGDGHXP
HVWiJLRTXHWHPSRUILQDOLGDGHSURSRUFLRQDUDRIRUPDQGRRFRQKHFLPHQWRGRVDFWRVHWHUPRVPDLV
XVXDLVGDSUiWLFDIRUHQVHHGRVGLUHLWRVHGHYHUHVGRVVROLFLWDGRUHV
3DUD DOpP GD DSURYDomR QD UHIHULGD IRUPDomR SUHOLPLQDU VmR UHTXLVLWRV SDUD D LQVFULomR QD
&kPDUD D 6HU FLGDGmR SRUWXJXrV RX GD 8QLmR (XURSHLD E 6HU WLWXODU GH XPD OLFHQFLDWXUD HP
FXUVRV MXUtGLFRV RX GH XP EDFKDUHODWR HP VROLFLWDGRULD H QmR HVWDU LQVFULWR QD 2UGHP GRV
$GYRJDGRVRXUHODWLYDPHQWHDRVQDFLRQDLVGHRXWUR(VWDGRGD8QLmRVHUWLWXODUGDVKDELOLWDo}HV
DFDGpPLFDV H SURILVVLRQDLV UHTXHULGDV OHJDOPHQWH SDUD R H[HUFtFLR GD SURILVVmR QR UHVSHFWLYR
(VWDGRGHRULJHP
1R GHVHPSHQKR GD VXD DFWLYLGDGH SURILVVLRQDO RV VROLFLWDGRUHV SRGHP UHTXHUHU HP TXDOTXHU
WULEXQDORXVHUYLoRS~EOLFRRH[DPHGHSURFHVVRVOLYURVRXGRFXPHQWRVTXHQmRWHQKDPFDUiFWHU
UHVHUYDGRRXVHFUHWREHPFRPRDSDVVDJHPGHFHUWLG}HVVHPQHFHVVLGDGHGHH[LELUSURFXUDomR
2SDWURFtQLRMXGLFLiULRSRGHVHUH[HUFLGRSRUVROLFLWDGRUTXDQGRQmRKDMDDGYRJDGRQDFRPDUFD2
VROLFLWDGRUSRGHPHVPRTXHVHMDREULJDWyULDDFRQVWLWXLomRGHDGYRJDGRID]HUUHTXHULPHQWRVHP
TXHQmRVHOHYDQWHPTXHVW}HVGHGLUHLWR4XDQGRWDOFRQVWLWXLomRQmRVHMDREULJDWyULDDVSDUWHV
SRGHPVHUSRUHOHOLYUHPHQWHUHSUHVHQWDGDV
2662/,&,7$'25(6'((;(&8d­2
2VVROLFLWDGRUHVGH H[HFXomRH[HUFHPDVFRPSHWrQFLDVDWULEXtGDVDRDJHQWHGH H[HFXomREHP
FRPR RXWUDV IXQo}HV TXH OKHV VHMDP DWULEXtGDV SRU OHL WHQGR DLQGD FRPSHWrQFLD SDUD HIHFWXDU
FLWDo}HV
7DLVFRPSHWrQFLDVVySRGHPVHUH[HUFLGDVSHORVROLFLWDGRUTXH
7HQKDWUrVDQRVGHH[HUFtFLRSURILVVLRQDOQRV~OWLPRVFLQFRDQRV
1mRHVWHMDDEUDQJLGRSRUTXDOTXHUGDVFDXVDVGHUHFXVDDFLPDLQGLFDGDVTXDQWRDRH[HUFtFLRGD
DFWLYLGDGHGHVROLFLWDGRU
1mRWHQKDVLGRFRQGHQDGRHPSHQDGLVFLSOLQDUVXSHULRUDPXOWDHQTXDQWRVROLFLWDGRU
7HQKD VLGR DSURYDGR QRV H[DPHV ILQDLV GR FXUVR GH IRUPDomR GH VROLFLWDGRU GH H[HFXomR
UHDOL]DGRKiPHQRVGHFLQFRDQRV
7HQGR VLGR VROLFLWDGRU GH H[HFXomR UHTXHLUD GHQWUR GRV FLQFR DQRV SRVWHULRUHV j FHVVDomR GD
LQVFULomR DQWHULRU D VXD UHLQVFULomR LQVWUXtGD FRP SDUHFHU IDYRUiYHO GD VHFomR UHJLRQDO
GHRQWROyJLFD
7HQKD DV HVWUXWXUDV H RV PHLRV LQIRUPiWLFRV PtQLPRV GHILQLGRV SRU UHJXODPHQWR DSURYDGR SHOD
DVVHPEOHLDJHUDO
6mROKHDSOLFiYHLVDVUHJUDVTXHVHLPS}HPDRVVROLFLWDGRUHV
1RSURFHVVRH[HFXWLYRDVIXQo}HVGHDJHQWHGHH[HFXomRVmRGHVHPSHQKDGDVSRUVROLFLWDGRUGH
H[HFXomRTXHGHYHVHUGHVLJQDGRSHORH[HTXHQWHQRUHTXHULPHQWRH[HFXWLYRRXSHODVHFUHWDULD
VHRH[HTXHQWHQmRRWLYHUIHLWRRXVHDGHVLJQDomRILFDUVHPHIHLWR
&DEHDRDJHQWHGHH[HFXomRVDOYRTXDQGRDOHLGHWHUPLQHGLYHUVDPHQWHHIHFWXDUVREFRQWUROR
GR MXL] WRGDV DV GLOLJrQFLDV GR SURFHVVR GH H[HFXomR LQFOXLQGR FLWDo}HV QRWLILFDo}HV H
SXEOLFDo}HV
$V IXQo}HV GH DJHQWH GH H[HFXomR VmR GHVHPSHQKDGDV SRU VROLFLWDGRU GH H[HFXomR GHVLJQDGR
SHORH[HTXHQWHRXSHODVHFUHWDULDGHHQWUHRVLQVFULWRVQDFRPDUFDHQDVFRPDUFDVOLPtWURIHVRX
QD VXD IDOWD GH HQWUH RV LQVFULWRV HP RXWUD FRPDUFD GR PHVPR FtUFXOR MXGLFLDO QmR KDYHQGR
VROLFLWDGRUGHH[HFXomRLQVFULWRQRFtUFXORRXRFRUUHQGRRXWUDFDXVDGHLPSRVVLELOLGDGHVmRHVVDV
IXQo}HV FRP H[FHSomR GDV HVSHFLILFDPHQWH DWULEXtGDV D HVWH SURILVVLRQDO GHVHPSHQKDGDV SRU
RILFLDOGHMXVWLoD
26127È5,26
2V QRWiULRV VmR GH DFRUGR FRP GHILQLomR OHJDO RV MXULVWDV D FXMRV GRFXPHQWRV HVFULWRV
HODERUDGRVQRH[HUFtFLRGDVXDIXQomRpFRQIHULGDIpS~EOLFD'HDFRUGRFRPDPHVPDGHILQLomR
VmRVLPXOWDQHDPHQWHRILFLDLVS~EOLFRVTXHFRQIHUHPDXWHQWLFLGDGHDRVGRFXPHQWRVHDVVHJXUDP
R VHX DUTXLYDPHQWR H SURILVVLRQDLV OLEHUDLV TXH DFWXDP GH IRUPD LQGHSHQGHQWH LPSDUFLDO H SRU
OLYUH HVFROKD GRV LQWHUHVVDGRV $ QDWXUH]D S~EOLFD GD IXQomR QRWDULDO UHSUHVHQWD UHDOLGDGH
LQFLQGtYHOGDVXDQDWXUH]DSULYDGD
$LQVFULomRQD2UGHPGRV1RWiULRVpREULJDWyULDSDUDRGHVHPSHQKRGDDFWLYLGDGH(VWD2UGHPp
XPD LQVWLWXLomR WRWDOPHQWH LQGHSHQGHQWH GRV yUJmRV GR (VWDGR UHSUHVHQWDQGR RV SURILVVLRQDLV
QHODLQVFULWRV
$VOLFHQoDVSDUDLQVWDODomRGHFDUWyULRQRWDULDOVmRDWULEXtGDVSRU'HVSDFKRGR0LQLVWURGD-XVWLoD
QDVHTXrQFLDGHXPFRQFXUVRDEHUWRSDUDRHIHLWR8PQRWiULRVySRGHVHUWLWXODUGHXPDOLFHQoD
2VSURILVVLRQDLVDTXHPWHQKDVLGRDWULEXtGDWDOOLFHQoDREULJDPVHDSUDWLFDUDDFWLYLGDGHQDiUHD
GRUHVSHFWLYRPXQLFtSLRSHORSHUtRGRPtQLPRGHGRLVDQRVGXUDQWHRTXDOILFDPLPSHGLGRVGHVH
FDQGLGDWDUHPDQRYDFRQFHVVmR
2QRWiULRFRQIHUHIpS~EOLFDDGRFXPHQWRVHVFULWRV
$VXDLQWHUYHQomRpPXLWDVYH]HVREULJDWyULD7DORFRUUHSRUH[HPSORVHPSUHTXHDOHLH[LMDD
FHOHEUDomRGRDFWRSRUHVFULWXUDS~EOLFD
26&216(59$'25(6
2V FRQVHUYDGRUHV VmR IXQFLRQiULRV S~EOLFRV DRV TXDLV FRPSHWH UHJLVWDU GHWHUPLQDGDV VLWXDo}HV
MXUtGLFDVFRPYLVWDDGDUOKHVSXEOLFLGDGH
6mR FRQGLo}HV GH DGPLVVmR QHVWD SURILVVmR D REWHQomR GH XPD OLFHQFLDWXUD HP 'LUHLWR SRU
XQLYHUVLGDGH SRUWXJXHVD RX XPD GH KDELOLWDomR DFDGpPLFD HTXLYDOHQWH H R SUHHQFKLPHQWR GRV
UHTXLVLWRVJHUDLVSDUDLQJUHVVRQDIXQomRS~EOLFD2FDQGLGDWRjIXQomRGHYHUiWHUQDFLRQDOLGDGH
SRUWXJXHVDVDOYRQRVFDVRVH[FHSWXDGRVSRUOHLHVSHFLDORXFRQYHQomRLQWHUQDFLRQDO
$RFRQVHUYDGRUFDEHQRHVVHQFLDODUHVSRQVDELOLGDGHSHORVUHJLVWRV
(VWHSURILVVLRQDOGHYHYHULILFDURFXPSULPHQWRGDVGLVSRVLo}HVOHJDLVDSOLFiYHLVHHPUHODomRDRV
GRFXPHQWRVTXHWHPDLQFXPErQFLDGHLQVFUHYHUYHULILFDUVHRVGLUHLWRVTXHHVWHVHVSHOKDPHVWmR
GHILQLGRVFRUUHFWDPHQWHHVHUHVSHLWDPDRUGHPGHLQVFULomROHJDOPHQWHH[LJtYHO
([LVWHQRRUGHQDPHQWRMXUtGLFRSRUWXJXrVXPDSOXUDOLGDGHGHIDFWRVVXMHLWRVDUHJLVWRQRVTXDLV
LQWHUYrPFRQVHUYDGRUHV
'H HQWUH HVWHV GHVWDFDPVH D WtWXOR PHUDPHQWH H[HPSOLILFDWLYR R QDVFLPHQWR D ILOLDomR D
DGRSomR RFDVDPHQWR R yELWR R FRQWUDWR GH VRFLHGDGH H RV IDFWRV UHODWLYRVj VLWXDomRMXUtGLFD
GRVLPyYHLVGRVDXWRPyYHLVGRVQDYLRVHGDVDHURQDYHV
2UHFXUVRDXPFRQVHUYDGRUpREULJDWyULRQRVFDVRVHPTXHVHH[LJHTXHXPGHWHUPLQDGRIDFWR
VHMDUHJLVWDGRQXPDFRQVHUYDWyULD
26-8Ë=(6'(3$=
2V MXt]HV GH SD] VmR RV SURILVVLRQDLV DRV TXDLV FRPSHWH SURIHULU GH DFRUGR FRP D OHL RX D
HTXLGDGH GHFLV}HV UHODWLYDV D TXHVW}HV TXH VHMDP VXEPHWLGDV DRV MXOJDGRV GH SD] GHYHQGR
SUHYLDPHQWHSURFXUDUFRQFLOLDUDVSDUWHV
3DUDRDFHVVRDHVWDIXQomRpQHFHVViULRUHXQLURVVHJXLQWHVUHTXLVLWRV
7HUQDFLRQDOLGDGHSRUWXJXHVD
3RVVXLUOLFHQFLDWXUDHP'LUHLWR
7HULGDGHVXSHULRUDDQRV
(VWDUQRSOHQRJR]RGRVGLUHLWRVFLYLVHSROtWLFRV
1mRWHUVRIULGRFRQGHQDomRQHPHVWDUSURQXQFLDGRSRUFULPHGRORVR
7HUFHVVDGRRXID]HUFHVVDULPHGLDWDPHQWHDQWHVGDDVVXQomRGDVIXQo}HVFRPRMXL]GHSD]D
SUiWLFDGHTXDOTXHURXWUDDFWLYLGDGHS~EOLFDRXSULYDGD
2VMXt]HVGHSD]VmRQRPHDGRVSHOR&RQVHOKRGH$FRPSDQKDPHQWRGD&ULDomRH,QVWDODomRGRV
-XOJDGRVGH3D]SRUSHUtRGRVGHXPDQRUHQRYiYHLVDWpWUrVDQRV
2MXL]GHSD]QmRHVWiVXMHLWRDFULWpULRVGHOHJDOLGDGHHVWULWDSRGHQGRFRPRDFRUGRGDVSDUWHV
GHFLGLUVHJXQGRMXt]RVGHHTXLGDGHTXDQGRRYDORUGDDFomRQmRH[FHGD¼
22),&,$/'(-867,d$
2IXQFLRQiULRGHMXVWLoDpXPIXQFLRQiULRS~EOLFRTXHH[HUFHDVXDSURILVVmRMXQWRGDVHFUHWDULDGH
XPWULEXQDORXGRVVHUYLoRVGR0LQLVWpULR3~EOLFR
$V VXDV FRPSHWrQFLDV YDULDP FRQVRDQWH D FDWHJRULD GH DFRUGR FRP H[WHQVR H SRUPHQRUL]DGR
PDSD OHJDO GH DWULEXLo}HV *HQHULFDPHQWH WDLV IXQo}HV FRQFRUUHP SDUD D UHDOL]DomR GRV DFWRV
PDWHULDLV QHFHVViULRV j UHJXODU WUDPLWDomR GRV SURFHVVRV GH DFRUGR FRP D OHJLVODomR YLJHQWH
GHVLJQDGDPHQWH GRV UHODWLYRV j UHFHSomR H WUDWDPHQWR GRV UHTXHULPHQWRV DSUHVHQWDomR GRV
DXWRV D GHVSDFKR GRV PDJLVWUDGRV FXPSULPHQWR GDV VXDV GHFLV}HV HODERUDomR GDV DFWDV GDV
GLOLJrQFLDVHMXOJDPHQWRVFLWDo}HVHQRWLILFDo}HVHOLTXLGDomRGRVYDORUHVSHFXQLiULRVGHYLGRVSHOR
UHFXUVRj-XVWLoD
2LQJUHVVRQDVFDWHJRULDVGHHVFULYmRDX[LOLDUHGHWpFQLFRGHMXVWLoDDX[LOLDUID]VHGHHQWUHRV
FLGDGmRV GH QDFLRQDOLGDGH SRUWXJXHVD TXH WHQKDP FRPSOHWDGR XP FXUVR GH QDWXUH]D
SURILVVLRQDOL]DQWHDSURYDGRSHORV0LQLVWpULRVGD-XVWLoDHGD(GXFDomR´
E (67$7872'$25'(0'26$'92*$'26
(VWDWXWRDSURYDGRSHOR'HFUHWR/HLQžGHGH0DUoRDOWHUDGRSHOD/HLQžGHGH
0DUoRSHORV'HFUHWRV/HLQžGHGH0DLRHGHGH6HWHPEURHSHODV/HLVQž
GHGH6HWHPEUR(GHGH'H]HPEURHGHGH-XOKR
1RWD
/DSUDWLFDKDODGXUDWDGLGLFLRWWRPHVL
'RSRLSULPLWUHGHGLFDWLDFRUVLIRUPDWLYLRFFRUUHVRVWHQHUHXQHVDPHVXPDWHULHJLXULGLFKH
6XSHUDWRO¶HVDPHODSUDWLFDFRQWLQXDSHUDOWULTXLQGLFLPHVLSUHVVRORVWXGLRGLXQDYYRFDWRGHFRUVLL
TXDOLLQWHUYLHQHO¶HVDPHRUDOH
7Ë78/2,,$
'$/,95(35(67$d­2'(6(59,d26(032578*$/325$'92*$'26'(
287526(67$'260(0%526'$6&2081,'$'(6(8523(,$6
$57,*2ž$
5HFRQKHFLPHQWRGRWtWXORSURILVVLRQDO
6mR UHFRQKHFLGDV HP 3RUWXJDO QD TXDOLGDGH GH DGYRJDGRVH FRPR WDO DXWRUL]DGDV D H[HUFHU D
UHVSHFWLYDSURILVVmRQRVWHUPRVGRVDUWLFRVXEVHTXHQWHVDVSHVVRDVTXHQRVUHVSHFWLYRVSDtVHV
PHPEURV GD 8QLmR (XURSHLDHVWHMDP DXWRUL]DGDV D H[HUFHU DV DFWLYLGDGHV SURILVVLRQDLV FRP XP
GRVWtWXORVSURILVVLRQDLVVHJXLQWHVRPLVVLV
$57,*2ž%
0RGRVGHH[HUFtFLRSURILVVLRQDO
4XDOTXHUGRVDGYRJDGRVLGHQWLILFDGRVQRDUWLJRDQWHULRUDGLDQWHGHVLJQDGRVSRUDGYRJDGRVGD
8QLmR(XURSHLDSRGHGHKDUPRQLDFRPRGLVSRVWRQRDUWLJRVHJXLQWHH[HUFHUDVXDDFWLYLGDGHHP
3RUWXJDO FRP R VHX WtWXOR SURILVVLRQDO GH RULJHPH[SUHVVR QD UHVSHFWLYD OtQJXD RILFLDO H FRP D
LQGLFDomRGDRUJDQL]DomRSURILVVLRQDODTXHSHUWHQFHRXGD
MXULVGLomRMXQWRGDTXDOVHHQFRQWUDDGPLWLGRQRVWHUPRVGDOHLGRVHX(VWDGRGHRULJHP
6HPSUHMXt]RGRGLVSRVWRQRQ~PHURDQWHULRUDUHSUHVHQWDomRHRPDQGDWRMXGLFLDLVSHUDQWHRV
WULEXQDLVSRUWXJXHVHVVySRGHPVHUH[HUFLGRVSRUDGYRJDGRVGD8QLmR(XURSHLDTXHH[HUoDPD
VXD DFWLYLGDGH FRP R VHX WtWXOR SURILVVLRQDO GH RULJHP VRED RULHQWDomR GHDGYRJDGR LQVFULWR QD
2UGHPGRV$GYRJDGRV
2V DGYRJDGRV GD 8QLmR (XURSHLD SRGHP DLQGD H[HUFHU D VXD DFWLYLGDGH HP 3RUWXJDO FRP R
WtWXORGHDGYRJDGRPHGLDQWHSUpYLDLQVFULomRQD2UGHPGRV$GYRJDGRV
$57,*2ž&
([HUFtFLRFRPRWtWXORSURILVVLRQDOGHRULJHP
$ SUHVWDomR RFDVLRQDO GH VHUYLoRV SURILVVLRQDLV GH DGYRFDFLD HP 3RUWXJDO SRU DGYRJDGRV GD
8QLmR(XURSHLDTXHH[HUoDPDVXDDFWLYLGDGHFRPRVHXWtWXORSURILVVLRQDOGHRULJHPpOLYUHVHP
SUHMXt]REGHHVWHVGHYHUHPGDUSUpYLRFRQKHFLPHQWRGHVVHIDFWRj2UGHPGRV$GYRJDGRV
2HVWDEHOHFLPHQWRSHUPDQHQWH HP3RUWXJDOGHDGYRJDGRVGD8QLmR(XURSHLDTXHSUHWHQGDP
H[HUFHU D VXD DFWLYLGDGH FRP R VHX WtWXOR SURILVVLRQDO GH RULJHP GHSHQGH GH SUpYLR UHJLVWR QD
2UGHPGRV$GYRJDGRV
2UHJLVWRDTXHVHUHIHUHRQ~PHURDQWHULRUVHUiIHLWRQRVWHUPRVGR5HJXODPHQWRGH5HJLVWRH
,QVFULomRGRV$GYRJDGRV3URYHQLHQWHVGH2XWURV(VWDGRV0HPEURVGD8QLmR(XURSHLDPHGLDQWH
D H[LELomR SHOR DGYRJDGR GR WtWXOR FRPSURYDWLYR GR VHX GLUHLWR D H[HUFHU D SURILVVmR QR (VWDGR
PHPEURGHRULJHPEHPFRPRGHFHUWLGmRFRPSURYDWLYDGHTXHDTXHOHGLUHLWRQmRIRLVXVSHQVRRX
UHWLUDGRHPFRQVHTXrQFLDGHSURFHVVRSHQDORXGLVFLSOLQDU
2VGRFXPHQWRVDTXHVHUHIHUHRQ~PHURDQWHULRUWDPEpPSRGHUmRVHUH[LJLGRVDRDGYRJDGR
TXHSUHVWHVHUYLoRVSURILVVLRQDLVGHDGYRFDFLDQRVWHUPRVGRQžGRSUHVHQWHDUWLJR
$57,*2ž'
(VWDWXWRSURILVVLRQDO
1D SUHVWDomR GH VHUYLoRV SURILVVLRQDLV GH DGYRFDFLD HP 3RUWXJDO RV DGYRJDGRV GD 8QLmR
(XURSHLDTXHH[HUoDPDVXDDFWLYLGDGHFRPRVHXWtWXORSURILVVLRQDOGHRULJHPHVWmRVXMHLWRVjV
UHJUDV SURILVVLRQDLV H GHRQWROyJLFDV DSOLFiYHLV DRV DGYRJDGRV SRUWXJXHVHV VHP SUHMXt]R GDV
UHJUDVGR(VWDGRGHRULJHPDTXHGHYDPFRQWLQXDUDVXMHLWDUVH
2VDGYRJDGRVGD8QLmR(XURSHLDHVWDEHOHFLGRVHP3RUWXJDODWtWXORSHUPDQHQWHHUHJLVWDGRV
QRV WHUPRV GR Q~PHUR DQWHULRU HOHJHUmR GH HQWUH VL XP UHSUHVHQWDQWH DR &RQJUHVVR GRV
$GYRJDGRV3RUWXJXHVHV
$57,*2ž(
6RFLHGDGHVGHDGYRJDGRV
2VDGYRJDGRVGD8QLmR(XURSHLDTXHQRUHVSHFWLYR(VWDGRVHMDPPHPEURVGHXPDVRFLHGDGH
GHDGYRJDGRVSRGHPH[HUFHUDVXDDFWLYLGDGHHP3RUWXJDOFRPRVHXWtWXORSURILVVLRQDOGHRULJHP
QR kPELWR GH XPD VXFXUVDO RX DJrQFLD GHVVD VRFLHGDGH GHVGH TXH WHQKDP GDGR SUpYLR
FRQKHFLPHQWRGHVVHIDFWRj2UGHPGRV$GYRJDGRVHD
UHVSHFWLYDVRFLHGDGHVHHQFRQWUHDOLUHJLVWDGDQROLYURSUySULRUHIHULGRQRDUWLJRžGR'HFUHWR/HL
Qž4GHGH'H]HPEUR
2 UHJLVWR GH VRFLHGDGHV GH DGYRJDGRV FRQVWLWXtGDV GH DFRUGR FRP R GLUHLWR LQWHUQR GH RXWUR
(VWDGR PHPEUR GD 8QLmR (XURSHLD GHSHQGH GD YHULILFDomR GD FRPSDWLELOLGDGH GRV UHVSHFWLYRV
HVWDWXWRV FRP R (VWDWXWR GD 2UGHP GRV $GYRJDGRV H FRP R UHJLPH GDV VRFLHGDGH FLYLV GH
DGYRJDGRVDSURYDGRSHOR'HFUHWR/HLQž4GHGH'H]HPEURGHVLJQDGDPHQWHFRPDV
QRUPDVGHVVHVGLSORPDVTXHDVVHJXUDPDSURWHFomRGRVLQWHUHVVHVGHFOLHQWHVRXGHWHUFHLURV
2VDGYRJDGRVGD8QLmR(XURSHLDTXHH[HUoDPDVXDDFWLYLGDGHHP 3RUWXJDOFRPRVHXWtWXOR
SURILVVLRQDOGHRULJHPHDTXLVHWHQKDPHVWDEHOHFLGRDWtWXORSHUPDQHQWHSRGHPDLQGDFDVRQmR
VHMDPVyFLRVGHXPDVRFLHGDGHGHDGYRJDGRVFRQVWLWXtGDGHDFRUGRRGLUHLWRLQWHUQRGRUHVSHFWLYR
(VWDGRFRQVWLWXLUHQWUHVLFRPDGYRJDGRVSRUWXJXHVHVRXFRPDGYRJDGRVGHGLIHUHQWHV(VWDGRV
PHPEURV GD 8QLmR (XURSHLD XPD VRFLHGDGH GH DGYRJDGRV GH DFRUGR FRP R GLUHLWR LQWHUQR
SRUWXJXrV
2VDGYRJDGRVGD8QLmR(XURSHLDQmRSRGHPH[HUFHUDVXDDFWLYLGDGHHP3RUWXJDOHPQRPHGH
VRFLHGDGHVRXTXDLVTXHURXWURVJUXSRVGHSURILVVLRQDLVTXHLQFOXDPSHVVRDVTXHQmRGHWHQKDPR
WtWXOR SURILVVLRQDO GH DGYRJDGR RX TXH SRU TXDOTXHU RXWUD IRUPD LQFRUUDP HP YLRODomR GR DUWLJR
ž
$57,*2ž)
5HVSRQVDELOLGDGHGLVFLSOLQDU
2VDGYRJDGRVGD8QLmR(XURSHLDTXHH[HUoDPDVXDDFWLYLGDGHFRPRVHXWtWXORSURILVVLRQDOGH
RULJHPHVWmRVXMHLWRVjVVDQo}HVGLVFLSOLQDUHVSUHYLVWDVSDUDRVDGYRJDGRVSRUWXJXHVHVGHYHQGR
R UHVSHFWLYR SURFHVVR GLVFLSOLQDU VHU LQVWUXtGR HP FRODERUDomR FRP D RUJDQL]DomR SURILVVLRQDO
HTXLYDOHQWHGR(VWDGRGHRULJHPDTXDOVHUiLQIRUPDGDGDVDQomRDSOLFDGD
$ UHVSRQVDELOLGDGH GLVFLSOLQDU SHUDQWH D 2UGHP GRV $GYRJDGRV q LQGHSHQGHQWH GD
UHVSRQVDELOLGDGH GLVFLSOLQDU SHUDQWH D RUJDQL]DomR SURILVVLRQDO GR UHVSHFWLYR (VWDGR GH RULJHP
YDOHQGRQRHQWDQWRDFRPXQLFDomRSRUHVWD~OWLPDGRVIDFWRVTXHGHWHUPLQDUDPDLQVWDXUDomRGH
XPSURFHVVRGLVFLSOLQDURXDDSOLFDomRGHXPDVDQomRDXPDGYRJDGRTXHWDPEpPH[HUoDDVXD
DFWLYLGDGHHP3RUWXJDOFRPRSDUWLFLSDomRGLVFLSOLQDUSDUDHIHLWRVGRGLVSRVWRQRUHJXODPHQWR
GLVFLSOLQDU
6HP SUHMXt]R GR GLVSRVWRQR Q~PHUR DQWHULRUR DGYRJDGR GD 8QLmR (XURSHLD TXH WHQKD VLGR
VXVSHQVR RX SURLELGR GH H[HUFHU D SURILVVmR SHOD RUJDQL]DomR SURILVVLRQDO GR (VWDGR GH RULJHP
ILFD DXWRPDWLFDPHQWH LPSHGLGR GH H[HUFHU D VXD DFWLYLGDGH HP 3RUWXJDO FRP R VHX WtWXOR
SURILVVLRQDOGHRULJHPHQTXDQWRGXUDUDTXHODVXVSHQVmRRXSURLELomR
$57,*2ž*
,QVFULomRQD2UGHPGRV$GYRJDGRV
2HVWDEHOHFLPHQWRSHUPDQHQWH HP3RUWXJDOGHDGYRJDGRVGD8QLmR(XURSHLDTXHSUHWHQGDP
H[HUFHU D VXD DFWLYLGDGH FRP R WtWXOR SURILVVLRQDO GH DGYRJDGRHP SOHQD LJXDOGDGH GH GLUHLWRV H
GHYHUHVFRPRVDGYRJDGRVSRUWXJXHVHVGHSHQGHGHSUpYLDLQVFULomRQD2UGHPGRV
$GYRJDGRV
$ XWLOL]DomR GR WtWXOR SURILVVLRQDO GH DGYRJDGR QmR SUHMXGLFD R GLUHLWR GH XWLOL]DomR GR WtWXOR
SURILVVLRQDOGHRULJHPQRVWHUPRVGRGLVSRVWRQRQžGRDUWLJRž&
$LQVFULomRQD2UGHPGRV$GYRJDGRVGHSHQGHGDSUpYLDUHDOL]DomRGHXPH[DPHGHDSWLGmR
QRV WHUPRV GR 5HJXODPHQWR GH 5HJLVWR H ,QVFULomR GRV $GYRJDGRV 3URYHQLHQWHV GH 2XWURV
(VWDGRV0HPEURVGD
8QLmR(XURSHLD
(VWmR GLVSHQVDGRV GH UHDOL]DU R H[DPH GH DSWLGmR QRV WHUPRV GR 5HJXODPHQWR UHIHULGR QR
Q~PHUR DQWHULRU RV DGYRJDGRV GD 8QLmR (XURSHLD TXHHVWDQGR UHJLVWDGRV QD 2UGHP GRV
$GYRJDGRV QRV WHUPRV GR DUWLJR ž& SURYHP WHU H[HUFLGR HP 3RUWXJDO FRP R VHX WtWXOR
SURILVVLRQDOGHRULJHPHSRUXPSHUtRGRPtQLPRGHWUrVDQRVDFWLYLGDGH
HIHFWLYDHUHJXODUQRGRPtQLRGRGLUHLWRLQWHUQRSRUWXJXrVRXGRGLUHLWRFRPXQLWiULR
3RGHP DLQGD VHU GLVSHQVDGRV GH UHDOL]DU R H[DPH GH DSWLGmR QRV WHUPRV GR 5HJXODPHQWR
UHIHULGRQRQžRVDGYRJDGRVGD8QLmR(XURSHLDTXHHVWDQGRUHJLVWDGRVKiPDLVGHWUrVDQRVQD
2UGHP GRV $GYRJDGRV QRV WHUPRV GR DUWLJR ž&H HPERUD QmR GLVSRQGR GH WUrV DQRV GH
DFWLYLGDGHHIHFWLYDHUHJXODUHP3RUWXJDOQRGRPtQLRGRGLUHLWR
LQWHUQR SRUWXJXrV RX GR GLUHLWR FRPXQLWiULR GHPRQVWUHP WHU FRQKHFLPHQWRV H H[SHULrQFLD
SURILVVLRQDO VXILFLHQWHV QDTXHOHV GRPtQLRV SDUD H[HUFHU D SURILVVmR FRP D GLJQLGDGH H D
FRPSHWrQFLDH[LJtYHLVDRVDGYRJDGRVSRUWXJXHVHV
5(*8/$0(172 '( 5(*,672 ( ,16&5,d­2 '26 $'92*$'26 3529(1,(17(6 '(
287526(67$'260(0%526'$81,­2(8523(,$
$57,*2ž
2SUHVHQWH5HJXODPHQWRHVWDEHOHFHRVUHTXLVLWRVGHUHJLVWRHLQVFULomRQD2UGHPGRV$GYRJDGRV
GRVDGYRJDGRVSURYHQLHQWHVGHRXWURV(VWDGRVPHPEURVGD8QLmR(XURSHLD
$57,*2ž
(VWmR VXMHLWRV D UHJLVWR QD 2UGHP GRV $GYRJDGRV RV DGYRJDGRV SURYHQLHQWHV GH RXWURV
(VWDGRV PHPEURV GD 8QLmR (XURSHLD TXH SUHWHQGDP HVWDEHOHFHUVH HP 3RUWXJDO D WtWXOR
SHUPDQHQWHSDUDH[HUFHUDVXDDFWLYLGDGHFRPRVHXWtWXORSURILVVLRQDOGHRULJHP
(VWmR VXMHLWRV D LQVFULomR QD 2UGHP GDV $GYRJDGRV RV DGYRJDGRV SURYHQLHQWHV GH RXWURV
(VWDGRV PHPEURV GD 8QLmR (XURSHLD TXH SUHWHQGDP HVWDEHOHFHUVH HP 3RUWXJDO D WtWXOR
SHUPDQHQWH SDUD H[HUFHU D VXD DFWLYLGDGH FRP R VHX WtWXOR SURILVVLRQDO GH DGYRJDGR HP SOHQD
LJXDOGDGHGHGLUHLWRVHGHYHUHVFRPRVDGYRJDGRVSRUWXJXHVHV
$57,*2ž
2VUHTXLVLWRVGHUHJLVWRHLQVFULomRGHDGYRJDGRVSURYHQLHQWHVGHRXWURV(VWDGRVPHPEURVGD
8QLmR(XURSHLDVmRRVVHJXLQWHV
D7HUDQDFLRQDOLGDGHGHXPGRV(VWDGRVPHPEURVGD8QLmR(XURSHLD
E 3RVVXLU GLSORPD DFDGpPLFR TXH SHUPLWD R H[HUFtFLR GD SURILVVmR GH DGYRJDGR QR (VWDGR
PHPEURGHRULJHP
F (VWDU LQVFULWR FRPR DGYRJDGR QD 2UGHP RX RUJDQL]DomR SURILVVLRQDO HTXLYDOHQWH GR (VWDGR
PHPEURGHRULJHP
G0DQWHUHP3RUWXJDOXPHVWDEHOHFLPHQWRHVWiYHOHSHUPDQHQWH
H &XPSULU DV GHPDLV REULJDo}HV SUHYLVWDV QHVWH 5HJXODPHQWR QR (VWDWXWR GD 2UGHP GRV
$GYRJDGRVHHPRXWURVUHJXODPHQWRVGDPHVPD2UGHPGRV$GYRJDGRV
$OpPGRVUHTXLVLWRVHVWDEHOHFLGRVQRQ~PHURDQWHULRURDGYRJDGRSURYHQLHQWHGHRXWUR(VWDGR
PHPEUR GD 8QLmR (XURSHLD TXH UHTXHLUD D VXD LQVFULomR QD 2UGHP GRV $GYRJDGRV WHP GH
HIHFWXDU FRP r[LWR XP H[DPH GH DSWLGmRHVFULWR H RUDO GHYHQGR DV UHVSHFWLYDV SURYDV VHU
SUHVWDGDVHPOtQJXDSRUWXJXHVDGHDFRUGRFRPRSUHVHQWH5HJXODPHQWR
$57,*2ž
2LQWHUHVVDGRGHYHUi UHTXHUHU DR SUHVLGHQWH GR FRQVHOKRGLVWULWDOGD iUHD RQGH SUHWHQGH IL[DU R
VHX GRPLFtOLR SURILVVLRQDO R VHX UHJLVWR RX LQVFULomR FRPRDGYRJDGR QD2UGHP GRV $GYRJDGRV
MXQWDQGRRVVHJXLQWHVGRFXPHQWRVDFRPSDQKDGRVGDUHVSHFWLYDWUDGXomROHJDOL]DGDQRVWHUPRV
SUHYLVWRVQDOHLSRUWXJXHVD
D2GLSORPDUHIHULGRQDDOtQHDEGRDUWLJRDQWHULRU
E'RFXPHQWRHPLWLGRSHODDXWRULGDGHFRPSHWHQWHGR(VWDGRPHPEURGHRULJHPFRPSURYDWLYRGH
TXH R UHIHULGR GLSORPD FRQIHUH DR LQWHUHVVDGR R GLUHLWR GH UHTXHUHU D VXD LQVFULomR FRPR
DGYRJDGRQHVVH
(VWDGR
F &HUWLGmR HPLWLGD SHOD 2UGHP RX RUJDQL]DomR SURILVVLRQDO HTXLYDOHQWH GR (VWDGR PHPEUR GH
RULJHPFRPSURYDWLYDGDLQVFULomRGRLQWHUHVVDGRFRPRDGYRJDGRGRQGHFRQVWHTXHDPHVPDVH
HQFRQWUD HP YLJRU FRP D GHFODUDomR GD VXD LGRQHLGDGH PRUDO SDUD R H[HUFtFLR GD SURILVVmR
GHVLJQDGDPHQWHTXHQmRHVWiVXVSHQVRRXLQLELGRGHH[HUFHUHP
FRQVHTXrQFLD GH SURFHVVR SHQDO RX GLVFLSOLQDUHP WRGR R FDVR DFRPSDQKDGD GR VHX UHJLVWR
GLVFLSOLQDUVHH[LVWLU
G&HUWLGmRGRDVVHQWRGHQDVFLPHQWR
H)RWRFySLDGRELOKHWHGHLGHQWLGDGHRXGRSDVVDSRUWH
I&HUWLILFDGRGRUHJLVWRFULPLQDOHPLWLGRSHORVHUYLoRFRPSHWHQWHGR(VWDGRPHPEURGHRULJHPH
RXWURGDPHVPDQDWXUH]DHPLWLGRSHORUHVSHFWLYRVHUYLoRS~EOLFRSRUWXJXrV
J 'HFODUDomR VRE FRPSURPLVVR GH KRQUD GH TXH R LQWHUHVVDGR QmR HVWi LQFXUVR HP TXDOTXHU
LQFRPSDWLELOLGDGHSDUDRH[HUFtFLRGDSURILVVmRGHDGYRJDGRQRVWHUPRVSUHYLVWRVQR(VWDWXWRGD
2UGHPGRV$GYRJDGRV
$57,*2ž
5HFHELGRRUHTXHULPHQWRHRVGRFXPHQWRVDTXHVHUHIHUHRDUWLJRDQWHULRURSUHVLGHQWHGR
FRQVHOKRGLVWULWDOUHVSHFWLYRIDUiGLVWULEXLURSURFHVVRGHUHJLVWRRXGHLQVFULomRDVVLPIRUPDGRD
XPUHODWRUTXHDYHULJXDUiGDUHVSHFWLYDFRQIRUPLGDGHFRPRSUHVHQWH5HJXODPHQWR
1R FDVR GH VH YHULILFDU TXH R LQWHUHVVDGR QmR DSUHVHQWRX WRGD D GRFXPHQWDomR SHUWLQHQWH
VHUiRPHVPRQRWLILFDGRSDUDDSUHVHQWDUDTXHIDOWDUQRSUD]RGHGLDV
6H SHODDQiOLVH GD GRFXPHQWDomR DSUHVHQWDGD VH YHULILFDUTXH R LQWHUHVVDGR QmR UH~QH RV
UHTXLVLWRVHVWDEHOHFLGRVQRQžGRDUWLJRžRUHVSHFWLYRUHTXHULPHQWRGHUHJLVWRRXLQVFULomRp
GHVGH ORJR LQGHIHULGR SRGHQGR DTXHOH UHFRUUHU SDUD R FRQVHOKR JHUDO GR GHVSDFKR GH
LQGHIHULPHQWR
'D GHFLVmR GHILQLWLYD GR FRQVHOKR JHUDO FDEH UHFXUVR SDUD RV WULEXQDLV DGPLQLVWUDWLYRV QRV
WHUPRVJHUDLV
$57,*2ž
$GPLWLGR R UHTXHULPHQWR GH LQVFULomR R UHODWRU GHVLJQDUi GLD H KRUD SDUD D SUHVWDomR GDV
SURYDV
2 M~UL GR H[DPH p FRQVWLWXtGR SRU FLQFR DGYRJDGRV FRP PDLV GH DQRV GH LQVFULomR
GHVLJQDGRV SHOR FRQVHOKR JHUDO SDUD R HIHLWR VHQGR XP GHOHV R EDVWRQiULR RX TXHP HVWH
GHVLJQDUTXHSUHVLGH
2 FRQVHOKR JHUDO SRGHUi GHVLJQDU SDUD FRQVWLWXLU R M~UL MXt]HV GHVHPEDUJDGRUHV MXt]HV
FRQVHOKHLURV RX SURIHVVRUV GDV IDFXOGDGHV GH'LUHLWR GH 3RUWXJDOPDV R Q~PHUR GH DGYRJDGRV
VHUiVHPSUHVXSHULRU
2M~ULGHOLEHUDSRUPDLRULDQmRKDYHQGRUHFXUVRGDVVXDVGHOLEHUDo}HV
$57,*2ž
2H[DPHGHDSWLGmRFRPS}HVHGHXPDSURYDHVFULWDHRXWUDRUDO
2LQWHUHVVDGRVHUiDGPLWLGRjSURYDRUDOGHVGHTXHFRQVLJDREWHUDSURYHLWDPHQWRSRVLWLYRQD
SURYDHVFULWDYHUVDQGRWDQWRXPDFRPRDRXWUDVREUHDVVHJXLQWHVPDWpULDV'LUHLWR&LYLOH'LUHLWR
3URFHVVXDO &LYLO 'LUHLWR 3HQDO H 3URFHVVXDO 3HQDO 2UJDQL]DomR -XGLFLiULD 'LUHLWR &RPHUFLDO RX
'LUHLWR$GPLQLVWUDWLYRjHVFROKDGRFDQGLGDWR'HRQWRORJLD3URILVVLRQDO
6HRLQWHUHVVDGRQmRREWLYHUDSURYHLWDPHQWRSRVLWLYRQDSURYDHVFULWDVHUiGHLPHGLDWRHHP
FRQVHTXrQFLD LQGHIHULGR R VHX SURFHVVR GH LQVFULomR SRGHQGR QR HQWDQWRUHSHWLUWDO SURYD VH
DVVLP R UHTXHUHU SDVVDGRV TXH VHMDP VHLV PHVHV FDVR HP TXH OKH SRGHUi VHU H[LJLGD D
DFWXDOL]DomRGHTXDOTXHUGRVGRFXPHQWRVUHIHUHQWHVQRDUWLJRžGRSUHVHQWH5HJXODPHQWR
$RLQWHUHVVDGRTXHREWLYHUDSURYHLWDPHQWRSRVLWLYRQDSURYDHVFULWDHRQmRFRQVHJXLUQDSURYD
RUDOVHUiDSOLFDGRRUHJLPHSUHYLVWRQRQ~PHURDQWHFHGHQWH
6HRVUHVXOWDGRVGDSURYDHVFULWDHGDSURYDRUDOIRUHPSRVLWLYRVSURFHVVDUVHiDLQVFULomR
FRPR DGYRJDGR QRV WHUPRV HVWDEHOHFLGRV QR DUWLJR ž GR 5HJXODPHQWR GH ,QVFULomR GRV
DGYRJDGRVSRUWXJXHVHV
$ IDOWD LQMXVWLILFDGD GR LQWHUHVVDGR D TXDOTXHU GDV SURYDV GHWHUPLQD DXWRPDWLFDPHQWH R
LQGHIHULPHQWRGDVXDLQVFULomRFRPRDGYRJDGR
$57,*2ž
(VWmRGLVSHQVDGRVGHUHDOL]DURH[DPHGHDSWLGmRSUHYLVWRQRQžGRDUWLJRžRVDGYRJDGRV
SURYHQLHQWHVGHRXWURV(VWDGRVPHPEURVGD8QLmR(XURSHLDTXHSURYHPWHUH[HUFLGRHP3RUWXJDO
FRPRVHXWtWXORSURILVVLRQDOGHRULJHPSRUXPSHUtRGRPtQLPRGHWUrVDQRVDFWLYLGDGHHIHFWLYDH
UHJXODUQRGRPtQLRGRGLUHLWRLQWHUQRSRUWXJXrVRXGRGLUHLWRFRPXQLWiULR
3DUDHIHLWRVGRGLVSRVWRQRQ~PHURDQWHULRUFRQVLGHUDVHTXHH[HUFHXSRUXPSHUtRGRPtQLPR
GHWUrVDQRVXPDDFWLYLGDGHHIHFWLYDHUHJXODUQRGRPtQLRGRGLUHLWRLQWHUQRSRUWXJXrVRXGRGLUHLWR
FRPXQLWiULRRDGYRJDGRTXH
D (VWLYHU GHYLGDPHQWH UHJLVWDGR QD 2UGHP GRV $GYRJDGRV QRV WHUPRV GRV VHXV (VWDWXWRV H
GHVWH5HJXODPHQWR
E 0DQWHYH HP 3RUWXJDO GXUDQWH DTXHOH SHUtRGR XP HVWDEHOHFLPHQWR HVWiYHO H H[HUFHX D
DGYRFDFLDFRPRVXDDFWLYLGDGHSURILVVLRQDOSULQFLSDO
F ([HUFHX D DGYRFDFLD GXUDQWH DTXHOH SHUtRGR VHP RXWUDV LQWHUUXSo}HV SDUD DOpP GDV TXH
SRVVDPUHVXOWDUGRVDFRQWHFLPHQWRVGDYLGDFRUUHQWH
G7UDWRXGXUDQWHDTXHOHSHUtRGRGHXPQ~PHURVLJQLILFDWLYRGHSURFHVVRVQRGRPtQLRGRGLUHLWR
LQWHUQR SRUWXJXrV RX GR GLUHLWR FRPXQLWiULRH HP TXDOTXHU FDVR GH XP Q~PHUR GH SURFHVVRV
QHVVHVGRPtQLRVVXSHULRUDRQ~PHURGHSURFHVVRVTXHWUDWRXQRGRPtQLRGRGLUHLWRLQWHUQRGRVHX
(VWDGRGHRULJHP
$ GLVSHQVD GR H[DPH GH DSWLGmRGHYHUi VHU VROLFLWDGDQR SUySULR UHTXHULPHQWR GH LQVFULomR
TXH QHVVHFDVR SDUD DOpP GRV GRFXPHQWRVH[LJLGRV QR DUWLJR ž VHUiLQVWUXtGR FRPWRGRVRV
GRFXPHQWRV H RXWURVPHLRV GH SURYD GH TXH R LQWHUHVVDGR VH HQFRQWUD QD VLWXDomR GHVFULWD QR
Q~PHURDQWHULRUGHVLJQDGDPHQWHRVUHODWLYRVjORFDOL]DomRH
FRQGLo}HVGHIXQFLRQDPHQWRGRVHXHVFULWyULRLQFOXLQGRDVUHVSHFWLYDVOLFHQoDVDGPLQLVWUDWLYDVDR
FXPSULPHQWRGDVVXDVREULJDo}HVILVFDLVHDRQ~PHURHQDWXUH]DGRVSURFHVVRVTXHWUDWRX
2 UHODWRU GR SURFHVVR SRGHUi FRQYLGDU R LQWHUHVVDGR D SUHVWDU RUDOPHQWH RX SRU HVFULWR RV
HVFODUHFLPHQWRVRXHVSHFLILFDo}HVDGLFLRQDLVTXHHQWHQGDQHFHVViULRV
$57,*2ž
3RGHPDLQGDVHUGLVSHQVDGRVGHUHDOL]DURH[DPHGHDSWLGmRRVDGYRJDGRVGHRXWURV(VWDGRV
PHPEURV GD 8QLmR (XURSHLD TXHHVWDQGR UHJLVWDGRV Ki PDLV GH WUrV DQRV QD 2UGHP GRV
$GYRJDGRV QRV WHUPRV GHVWH 5HJXODPHQWRH HPERUD QmR GLVSRQGR GH WUrV DQRV GH DFWLYLGDGH
HIHFWLYDHUHJXODUHP3RUWXJDOQRGRPtQLRGRGLUHLWRLQWHUQRSRUWXJXrV
RX GR GLUHLWR FRPXQLWiULR GHPRQVWUHP WHU FRQKHFLPHQWRV H H[SHULrQFLD SURILVVLRQDO VXILFLHQWHV
QDTXHOHV GRPtQLRV SDUD H[HUFHU D SURILVVmR FRP D GLJQLGDGH H D FRPSHWrQFLD H[LJtYHLV DRV
DGYRJDGRVSRUWXJXHVHV
3DUDHIHLWRVGRGLVSRVWRQRQ~PHURDQWHULRURUHODWRUGRSURFHVVRWRPDUiHPFRQVLGHUDomRD
DFWLYLGDGHHIHFWLYDHUHJXODUGXUDQWHRSHUtRGRDFLPDUHIHULGRQRVWHUPRVHVWDEHOHFLGRVQRDUWLJR
DQWHULRUEHP FRPR TXDLVTXHU FRQKHFLPHQWRV H H[SHULrQFLD SURILVVLRQDO HP PDWpULD GH GLUHLWR
LQWHUQRSRUWXJXrVDOpPGHWRGDHTXDOTXHUSDUWLFLSDomRHPFXUVRVRXVHPLQiULRVGHGLUHLWRLQWHUQR
SRUWXJXrVLQFOXLQGRRGLUHLWRSURILVVLRQDOHDGHRQWRORJLD
6HPSUHMXt]RGRVGRFXPHQWRVHRXWURVPHLRVGHSURYDMXQWRVQRV
WHUPRV GR Qž GR DUWLJR DQWHULRU D YHULILFDomR GR FDUiFWHU UHJXODU H HIHFWLYR GD DFWLYLGDGH
H[HUFLGDHP3RUWXJDOSHORLQWHUHVVDGREHPFRPRDDYDOLDomRGDVXDFDSDFLGDGHSDUDSURVVHJXLU
HVVD DFWLYLGDGH QR GRPtQLR GR GLUHLWR LQWHUQR SRUWXJXrV RX GR GLUHLWR FRPXQLWiULR VHUi IHLWD HP
HQWUHYLVWDFRQGX]LGDSHORUHODWRUGRSURFHVVRHPOtQJXDSRUWXJXHVDTXHSDUDRHIHLWRGHVLJQDUi
GLDHKRUD
$57,*2ž
6HSHODDQiOLVHGDGRFXPHQWDomRDSUHVHQWDGDRXSHORVHVFODUHFLPHQWRVSUHVWDGRVRUDOPHQWH
VH YHULILFDU TXH R LQWHUHVVDGR QmR HVWi QDV FRQGLo}HV HVWDEHOHFLGDV QR SUHVHQWH 5HJXODPHQWR
SDUD D GLVSHQVD GR H[DPH GH DSWLGmR VHUi QHVVD SDUWH LQGHIHULGR R UHVSHFWLYR UHTXHULPHQWR
GHVLJQDQGRVHGLDHKRUDSDUDDSUHVWDomRGDVSURYDV
'DV GHFLV}HV SURIHULGDV QRV WHUPRV GR Q~PHUR DQWHULRU GH LQGHIHULPHQWR GR SHGLGR GH
GLVSHQVDGRH[DPHGHDSWLGmRFDEHUHFXUVRSDUDRFRQVHOKRJHUDO
'D GHFLVmR GHILQLWLYD GR FRQVHOKR JHUDO FDEH UHFXUVR SDUD RV WULEXQDLV DGPLQLVWUDWLYRV QRV
WHUPRVJHUDLV
$57,*2ž
$RV DGYRJDGRV UHJLVWDGRV QRV WHUPRV GR SUHVHQWH 5HJXODPHQWR SRGHUi VHU HPLWLGD XPD
FHUWLGmRSUREDWyULDGHTXHRUHVSHFWLYRUHJLVWRIRLHIHFWXDGRHVHHQFRQWUDHPYLJRU
$RVDGYRJDGRVLQVFULWRVQRVWHUPRVGRSUHVHQWH5HJXODPHQWRVHUiHPLWLGDDUHVSHFWLYDFpGXOD
SURILVVLRQDOGHDGYRJDGRFRPDVFRQVHTXrQFLDVOHJDLVHUHJXODPHQWDUHV
$57,*2ž
3HORUHJLVWRRXLQVFULomRUHDOL]DGRQRVWHUPRVGRSUHVHQWH5HJXODPHQWREHPFRPRSHODHPLVVmR
GRV UHVSHFWLYRV GRFXPHQWRV SUREDWyULRV FREUDUmR RV FRQVHOKRV GLVWULWDLV D TXDQWLD TXH GH
KDUPRQLDFRPRGLVSRVWRQDDOtQHDMGRQžGRDUWLJRžGR(VWDWXWRGD2UGHPGRV$GYRJDGRV
DSURYDGRSHOR'HFUHWR/HLQžGHGH0DUoRIRUIL[DGDSHORFRQVHOKRJHUDO
$57,*2ž
2V yUJmRV FRPSHWHQWHV GD 2UGHP GRV $GYRJDGRV DWUDYpV GRV UHODWRUHV GHVLJQDGRV SRGHUmR
VROLFLWDUDVLQIRUPDo}HVTXHIRUHPMXOJDGDVQHFHVViULDVGLUHFWDPHQWHjVRUGHQVRXRUJDQL]Do}HV
SURILVVLRQDLV HTXLYDOHQWHV GR (VWDGR GH RULJHP GR LQWHUHVVDGR GHVLJQDGDPHQWH VREUH D VXD
KRQRUDELOLGDGHSDUDRH[HUFtFLRGDSURILVVmR
$57,*2ž
6mR VXEVLGLDULDPHQWH DSOLFiYHLV DV QRUPDV GR (VWDWXWR GD 2UGHP GRV $GYRJDGRV H VHXV
GHPDLVUHJXODPHQWRV
2VFDVRVRPLVVRVVHUmRUHVROYLGRVSRUGHOLEHUDomRGRFRQVHOKRJHUDO
5HJQRGL6SDJQD
D QR]LRQLJHQHUDOL
³4X¶HQWHQGRQHQ(VSDJQHSDUSURIHVVLRQMXULGLTXHHQ(VSDJQH"
&¶HVW OD SURIHVVLRQ SRXU O¶H[HUFLFH GH ODTXHOOH LO HVW QpFHVVDLUH G¶DYRLU XQH IRUPDWLRQ MXULGLTXH
VSpFLDOHpWDQWGRQQpTX¶HOOHVHGpURXOHGDQVOHGRPDLQHGHODFUpDWLRQHWGHO¶DSSOLFDWLRQGXGURLW,O
V¶DJLW GRQF G¶XQH SURIHVVLRQ VDQFWLRQQpH SDU XQ WLWUH TXL DWWHVWH GH FRQQDLVVDQFHV VSpFLDOHV HQ
WHFKQLTXHMXULGLTXH
4XLSHXWH[HUFHUXQHSURIHVVLRQMXULGLTXH"
/¶H[HUFLFHG¶XQHSURIHVVLRQMXULGLTXHH[LJHODSRVVHVVLRQG¶XQWLWUHDFDGpPLTXH±G¶RUGLQDLUHXQH
PDvWULVHHQGURLW±TXLDWWHVWHXQHFRQQDLVVDQFHVXIILVDQWHGXGURLWHWO¶DIILOLDWLRQjXQHFRUSRUDWLRQ
RXjXQRUGUHSURIHVVLRQQHOTXLV¶HQJDJHHQWUHDXWUHVjYHLOOHUjO¶H[HUFLFHFRUUHFWGHODSURIHVVLRQ
GHODSDUWGHFHX[TXLO¶H[HUFHQWDXEpQpILFHGHVPHPEUHVGHO¶RUGUHHWGHO¶LQWpUrWSXEOLF
+DELWXHOOHPHQWFKDTXHSURIHVVLRQMXULGLTXHGpWLHQWOHPRQRSROHGHVDFWLYLWpVTXLOXLVRQWSURSUHV
HQFRUH TXH FHUWDLQHV GH FHV DFWLYLWpV SXLVVHQW pJDOHPHQW rWUH H[HUFpHV SDU G¶DXWUHV SURIHVVLRQV
TXLGLVSRVHQWG¶XQHSUpSDUDWLRQVXIILVDQWHjFHWHIIHW
4XHOVVRQWOHVGRPDLQHVIRQGDPHQWDX[GDQVOHVTXHOVV¶H[HUFHQWOHVSURIHVVLRQVMXULGLTXHV"
/DSUpYHQWLRQHWODUpVROXWLRQGHVFRQIOLWV
'DQV OH GRPDLQH GH OD SUpYHQWLRQ LO V¶DJLW SULQFLSDOHPHQW GHV SURIHVVLRQV GRQW O¶REMHFWLI HVW OD
JDUDQWLHGHODVpFXULWpMXULGLTXHSDUOHELDLVGHFRQVHLOVGHGRFXPHQWDWLRQRXG¶HQUHJLVWUHPHQW
'DQVOHGRPDLQHGHODUpVROXWLRQGHFRQIOLWVLOV¶DJLWSULQFLSDOHPHQWGHWRXWHVOHVSURIHVVLRQVTXL
LQWHUYLHQQHQWGDQVOHFDGUHGHOLWLJHVVRLWSDUFHTX¶HOOHVVRQWFKDUJpHVGHODGLUHFWLRQMXULGLTXHRX
ODUHSUpVHQWDWLRQGHVSDUWLHVFHTXLLQFRPEHKDELWXHOOHPHQWDX[SURIHVVLRQQHOVOLEpUDX[RXSDUFH
TX¶HOOHVVRQWFKDUJpHVGHODGLUHFWLRQGXSURFqVRXGHODGpFLVLRQVXUODTXHUHOOHFHTXLLQFRPEH
DX[SHUVRQQHVTXLSDUWLFLSHQWjO¶DXWRULWpSXEOLTXHHWTXLFRPSRVHQWOHSRXYRLUMXGLFLDLUH
4XHOOHVVRQWOHVSULQFLSDOHVSURIHVVLRQVMXULGLTXHVHQ(VSDJQH"
/HGRPDLQHGHODSUpYHQWLRQMXULGLTXHFRPSUHQG
OHVDYRFDWVSDUOHFRQVHLOMXULGLTXH
OHVQRWDLUHVSDUOHXUIRQFWLRQGHGRFXPHQWDWLRQGHFHUWLILFDWLRQHWGHFRQVHLO
OHVFRQVHUYDWHXUVGHVK\SRWKqTXHVHWOHVUHVSRQVDEOHVGHVUHJLVWUHVGXFRPPHUFHSDUODWHQXH
GH UHJLVWUHV SXEOLFV VXU OHVTXHOVVRQWPHQWLRQQpV GHV DFWHV SUpVHQWDQW XQH LPSRUWDQFH MXULGLTXH
TXLSHXYHQWDIIHFWHUGHVWLHUVODTXDOLILFDWLRQGHFRQIRUPLWpDXGURLWGHVGRFXPHQWVTXLSDUYLHQQHQW
DXUHJLVWUHHWOHFRQVHLODX[SHUVRQQHVTXLV¶DGUHVVHQWDXGLWUHJLVWUH
/HGRPDLQHGHODUpVROXWLRQGHFRQIOLWFRPSUHQG
OHV DYRFDWV TXL VRQW FKDUJpV GH OD GLUHFWLRQ MXULGLTXH GHV SDUWLHV GDQV GHV TXHUHOOHV HW GH OD
UpVROXWLRQGHFRQIOLWVSDUGHVV\VWqPHVDOWHUQDWLIVGHFRPSRVLWLRQ
OHV DYRXpV SUqVOHV WULEXQDX[ DX[TXHOV LQFRPEH OD UHSUpVHQWDWLRQ GHV SDUWLHV GHYDQW OH WULEXQDO
GHYDQWOHTXHOVHGpURXOH OHOLWLJH
OHVJUHIILHUVFKDUJpVGHODGRFXPHQWDWLRQHWGHODPLVHHQ°XYUHGHODSURFpGXUH
OHVMXJHVHWOHVPDJLVWUDWVTXLVRQWFHX[TXLSUHQQHQWODGpFLVLRQUHODWLYHDXFRQIOLW
([LVWHWLOG¶DXWUHVSURIHVVLRQVTXLSXLVVHQWrWUHTXDOLILpHVGHMXULGLTXHV"
2XWUHOHVSURIHVVLRQVpQRQFpHVLOHQ H[LVWHG¶DXWUHVTXLV¶H[HUFHQWpJDOHPHQWVHORQGHVQRUPHV
MXULGLTXHV HW SRXU OHVTXHOOHV LO HVW H[LJp GH GpWHQLU XQ WLWUH VSpFLDO ± VDQV TXH FH VRLW
QpFHVVDLUHPHQWXQHPDvWULVHHQGURLW±TXLWRXFKHjFHUWDLQVGRPDLQHVGXGURLWDLQVLTXHO¶DIILOLDWLRQ
jXQRUGUHSURIHVVLRQQHO
&¶HVW OH FDV GH FHUWDLQV GLSO{PHV SDUPL OHVTXHOV RQ SHXW FLWHU j WLWUH G¶H[HPSOH OH GLSO{PH
G¶DJUpJp VRFLDO &HX[ TXL GpWLHQQHQW FH GLSO{PH HW TXL VRQW LQVFULWV j XQ RUGUH SURIHVVLRQQHO
SHXYHQWUHSUpVHQWHUOHVSDUWLHVGDQVGHVSURFpGXUHVGXWUDYDLO
4XLV¶RFFXSHG¶DGPLQLVWUHUODMXVWLFH"
/DMXVWLFHTXLpPDQHGXSHXSOHHVWDGPLQLVWUpHDXQRPGXURLSDUOHVMXJHVHWOHVPDJLVWUDWVTXL
FRPSRVHQWOHSRXYRLUMXGLFLDLUH,OVVRQWOHVVHXOVjSRXYRLUDGPLQLVWUHUODMXVWLFHHQMXJHDQWHWHQ
IDLVDQWH[pFXWHUODVHQWHQFH/HVMXJHVHWOHVPDJLVWUDWVVRQWLQGpSHQGDQWVGHVDXWUHVSRXYRLUVGH
O¶eWDWLOVVRQWXQLTXHPHQWVRXPLVjOD&RQVWLWXWLRQHWjODORL
/D FDUULqUH MXGLFLDLUH FRPSUHQG WURLV FDWpJRULHV GH IRQFWLRQQDLUHV OHVMXJHVOHVPDJLVWUDWV HW OHV
PDJLVWUDWVGHOD&RXUVXSUrPH/¶DFFqVjODFDWpJRULHGHMXJHHVWFRQGLWLRQQpSDUODUpXVVLWHjXQ
H[DPHQULJRXUHX[HWXQFRXUVGHSUqVGHGHX[DQVjO¶pFROHMXGLFLDLUHGH%DUFHORQH/¶DFFqVjOD
FDWpJRULH GH PDJLVWUDW VH IDLW SDU DQFLHQQHWp PDLV LO \ D pJDOHPHQW OD SRVVLELOLWp GH SDVVHU XQH
pSUHXYH GH VSpFLDOLVDWLRQ GDQV FHUWDLQHVPDWLqUHV FRQWHQWLHX[ DGPLQLVWUDWLI VRFLDOFRPPHUFLDO
3HXYHQW pJDOHPHQW LQWpJUHU GLUHFWHPHQW OD FDUULqUH MXGLFLDLUH HQ WDQW TXH PDJLVWUDWV GHV
SRVWHVOHV MXULVWHV D\DQW DXPRLQV DQV G¶DQFLHQQHWp GRQW GRLW rWUH FRQVWLWXp GH JUHIILHUV
(QILQOH&RQVHLOJpQpUDOGXSRXYRLUMXGLFLDLUHGpVLJQHOHVPDJLVWUDWVGHOD&RXUVXSUrPHSDUPLOHV
PDJLVWUDWVD\DQWSOXVGHDQVG¶DQFLHQQHWpGRQWDQVGDQVODFDWpJRULHGHPDJLVWUDWHW
SDUPL GHV MXULVWHV GH FRPSpWHQFH UHFRQQXH D\DQW DQV G¶H[SpULHQFH YRLU ILFKH G¶RUJDQLVDWLRQ
MXGLFLDLUH
4XHOOHVVRQWOHVIRQFWLRQVGXPLQLVWqUHSXEOLF"
/HVSURFXUHXUVVRQWGHVIRQFWLRQQDLUHVVpOHFWLRQQpVVXUH[DPHQSDUPLOHVWLWXODLUHVG¶XQHPDvWULVH
RX G¶XQ GRFWRUDW HQ GURLW ,OV GpSHQGHQW DX SODQ RUJDQLTXH GX SDUTXHW JpQpUDO GH O¶eWDW HW GHV
SDUTXHWVFRUUHVSRQGDQWVGHV7ULEXQDX[VXSpULHXUVGH-XVWLFH
/HXUVIRQFWLRQVFRQVLVWHQWj
9HLOOHUjFHTXHODIRQFWLRQMXULGLFWLRQQHOOHVRLWH[HUFpHHIILFDFHPHQWFRQIRUPpPHQWDX[ORLVHWDX[
GpODLVHWWHUPHVIL[pVHQH[HUoDQWOHFDVpFKpDQWOHVDFWLRQVUHFRXUVHWGLOLJHQFHVSHUWLQHQWHV
([HUFHU WRXWHVOHV IRQFWLRQV TXLOHXU VRQW DWWULEXpHV SDUODORL SRXUOD GpIHQVH GH O¶LQGpSHQGDQFH
GHVMXJHVHWGHVWULEXQDX[
9HLOOHU DX UHVSHFW GHV LQVWLWXWLRQV FRQVWLWXWLRQQHOOHV HW GHV GURLWV IRQGDPHQWDX[ HW GHV OLEHUWpV
SXEOLTXHVDYHFWRXWHVOHVGLOLJHQFHVTX¶H[LJHOHXUGpIHQVH
([HUFHU OHV DFWLRQV SpQDOHV HW FLYLOHV GpFRXODQW GH GpOLWV HW GH IDXWHV RX V¶RSSRVHU DX[ DFWLRQV
H[HUFpHVSDUG¶DXWUHVOHFDVpFKpDQW
,QWHUYHQLU GDQV OD SURFpGXUH SpQDOH HQ GHPDQGDQW j O¶DXWRULWp MXGLFLDLUH G¶DGRSWHU OHV PHVXUHV
FRQVHUYDWRLUHVQpFHVVDLUHVHWODSUDWLTXHGHVGLOLJHQFHVGHVWLQpHVjpFODLUFLUOHVIDLWV
3UHQGUH SDUW GDQV OH FDGUH GH OD GpIHQVH GH OD OpJDOLWp HW GH O¶LQWpUrW SXEOLF RX VRFLDO DX[
SURFpGXUHVUHODWLYHVjO¶eWDWFLYLOHWDX[DXWUHVSURFpGXUHVSUpYXHVSDUODORL
,QWHUYHQLU GDQV OHV SURFqV FLYLOV SUpYXV SDU OD ORL ORUVTXH O¶LQWpUrW GH OD VRFLpWp HVW HQJDJp RX
ORUVTX¶LOVSHXYHQWFRQFHUQHUGHVSHUVRQQHVPLQHXUHVLQFDSDEOHVRXKDQGLFDSpHVORUVTX¶LOV¶DJLWGH
SUHQGUHXQHGpFLVLRQUHODWLYHDX[PpFDQLVPHVRUGLQDLUHVGHUHSUpVHQWDWLRQ
0DLQWHQLUO¶LQWpJULWpGHODMXULGLFWLRQHWODFRPSpWHQFHGHVMXJHVHWGHVWULEXQDX[HQHQJDJHDQWXQH
LQVWDQFH GDQV OHV FRQIOLWV GH MXULGLFWLRQ HW OH FDV pFKpDQW OHV TXHVWLRQV GH FRPSpWHQFH TXL VH
SRVHUDLHQWHWLQWHUYHQLUGDQVOHVLQVWDQFHVHQJDJpHVSDUG¶DXWUHV
9HLOOHUjO¶H[pFXWLRQGHVGpFLVLRQVMXGLFLDLUHVTXLDIIHFWHQWO¶LQWpUrWSXEOLFHWVRFLDO
9HLOOHUjODSURWHFWLRQSURFpGXUDOHGHVYLFWLPHVHQDFWLYDQWOHVPpFDQLVPHVSUpYXVSRXUTX
HOOHV
UHoRLYHQWO¶DLGHHWO¶DVVLVWDQFHHIIHFWLYHV
,QWHUYHQLUGDQVOHVSURFpGXUHVMXGLFLDLUHVHQLQFRQVWLWXWLRQQDOLWp
,QWHUMHWHUXQUHFRXUVHQLQFRQVWLWXWLRQQDOLWpHWLQWHUYHQLUGDQVOHVSURFpGXUHVGRQWHVWVDLVLHOD&RXU
FRQVWLWXWLRQQHOOHSRXUODGpIHQVHGHODOpJDOLWpVHORQOHVIRUPHVOpJDOHV
([HUFHU HQ PDWLqUH GH UHVSRQVDELOLWp SpQDOH GHV PLQHXUV OHV IRQFWLRQV TXH OHXU FRQIqUH OD
OpJLVODWLRQVSpFLILTXHHQRULHQWDQWVRQDFWLRQYHUVODVDWLVIDFWLRQGHO¶LQWpUrWVXSpULHXUGXPLQHXU
,QWHUYHQLUGDQVOHVFDVHWVHORQODIRUPHSUpYXHSDUODORLGDQVOHVSURFpGXUHVGHYDQWOD&RXUGHV
FRPSWHV 'pIHQGUH pJDOHPHQW OD OpJDOLWp GDQV OHV SURFpGXUHV GH FRQWHQWLHX[ DGPLQLVWUDWLI HW GX
WUDYDLOTXLSUpYRLHQWOHXULQWHUYHQWLRQ
'HPDQGHURXOHFDVpFKpDQWDSSRUWHUO¶DLGHMXGLFLDLUHLQWHUQDWLRQDOHSUpYXHSDUOHVORLVWUDLWpVHW
FRQYHQWLRQVLQWHUQDWLRQDOHV
([HUFHUOHVDXWUHVIRQFWLRQVTXHOHV\VWqPHMXULGLTXHGHO¶eWDWOHXUDWWULEXH
4XHOOHHVWODIRQFWLRQGHVJUHIILHUV"
/HJUHIILHUDVVLVWHOHVMXJHVGDQVO¶H[HUFLFHGHOHXUVIRQFWLRQVLOHVWFKDUJpGXFRXUVSURFpGXUDOGHV
SURFpGXUHVMXGLFLDLUHVLOFHUWLILHFHTXLVHSURGXLWGXUDQWOHXUGpURXOHPHQWDXGLHQFHVMXJHPHQWV
HWFLOLQIRUPHOHMXJHGHODSUpVHQWDWLRQGHVPpPRLUHVGHO¶pFRXOHPHQWGHVGpODLVHWF,OHVWOH
FKHIGLUHFWGXSHUVRQQHOWUDYDLOOHGDQVOHVWULEXQDX[
&RPPHQWGHYLHQWRQJUHIILHU"
/HV JUHIILHUV VRQW WLWXODLUHV G¶XQH PDvWULVH HQ GURLW HW GRLYHQW SDVVHU HQVXLWH GHV pSUHXYHV
VpOHFWLYHV HW DSUqV OHV DYRLU UpXVVLHV VXLYUH XQ FRXUV DX &HQWUH G¶pWXGHV MXGLFLDLUHV ,OV VRQW
VRXPLV SUDWLTXHPHQW DX PrPH UpJLPH G¶LQFRPSDWLELOLWpV HW G¶LQWHUGLFWLRQV TXH OHV MXJHV SRXU
JDUDQWLUOHXULQGpSHQGDQFHDEVROXH
'HTXLGpSHQGHQWOHVJUHIILHUVHWTXLYHLOOHjO¶H[HUFLFHFRUUHFWGHOHXUVIRQFWLRQV"
,OV FRQVWLWXHQW XQ FRUSV KLpUDUFKLVp GpSHQGDQW GX PLQLVWqUH GH OD MXVWLFH HW GHV VHFUpWDLUHV GX
JRXYHUQHPHQWGHFKDFXQGHVWULEXQDX[VXSpULHXUVGHMXVWLFH
(VWLOQpFHVVDLUHGHUpPXQpUHUOHVHUYLFHUHQGXSDUO¶DGPLQLVWUDWLRQGHMXVWLFH"
$XFXQH UpPXQpUDWLRQ Q¶HVW GXH DX WLWUH GH FH VHUYLFH UHQGX SDU O¶eWDW VDXI GDQV OH FDV GHV
SHUVRQQHVPRUDOHVTXLUpDOLVHQWXQFHUWDLQFKLIIUHG¶DIIDLUHVHWTXLGRLYHQWYHUVHUXQHWD[H
,OHQYDWRXWDXWUHPHQWGXSDLHPHQWGHVKRQRUDLUHVGHVDYRFDWVDYRXpVHWDXWUHVSURIHVVLRQQHOV
TXL SHXYHQW LQWHUYHQLU GDQV OH SURFqV TXL LQFRPEH DX[ SDUWLHV VDXI VL HOOHV SURXYHQW TX¶HOOHV QH
GLVSRVHQWSDVGHUHVVRXUFHVpFRQRPLTXHVYRLUILFKHFGHO¶DUWGHODGpFLVLRQGX&RQVHLOGX
PDL
4XHIRQWOHVQRWDLUHV"
/H1RWDLUHHVWXQSURIHVVLRQQHOGXGURLWTXLH[HUFHDYDQWWRXWODIRQFWLRQSXEOLTXHGHOpJDOLVHUOHV
DIIDLUHV MXULGLTXHV SULYpHV LO FROODERUH pJDOHPHQW j OD UpGDFWLRQ FRUUHFWH GH FHV DIIDLUHV HW
VROHQQLVHSDUVRQDXWRULWpHWVDVLJQDWXUHOHPRGHHWODIRUPHVHORQOHVTXHOVHOOHVVRQWH[SULPpHV
/DORLVXUOHQRWDULDWOHGpILQLWFRPPHOHIRQFWLRQQDLUHSXEOLFDXWRULVpjOpJDOLVHUFRQIRUPpPHQWjOD
ORL OHV FRQWUDWV HW DXWUHV DFWHV H[WUDMXGLFLDLUHV /H QRWDLUH D OD GRXEOH PLVVLRQ GH FRQVHLOOHU OHV
SDUWLFXOLHUV VXUOHVPR\HQV MXULGLTXHV FRQYHQDEOHV SRXU SDUYHQLU j OHXUVILQV HW GH FHUWLILHU DYHF
YDOHXUSXEOLTXHOHVIDLWVDFWHVHWDIIDLUHVTXLRQWOLHXSDUGHYDQWOXLHQUpGLJHDQWOHVGRFXPHQWV
/HVSDUWLFXOLHUVRQWOHOLEUHFKRL[GXQRWDLUHVDXIGDQVOHVFDVRjWLWUHH[FHSWLRQQHOOHVORLVRX
OHV UqJOHPHQWV SUpYRLHQW TXL GRLW LQWHUYHQLU /H QRWDLUH D OH SRXYRLU G¶DXWKHQWLILFDWLRQ XQLTXHPHQW
GDQV VRQ GLVWULFW QRWDULDO VDXI FDV G¶KDELOLWDWLRQ VSpFLDOH /D FRQVpTXHQFH GH O¶LQWHUYHQWLRQ
SURIHVVLRQQHOOH GX QRWDLUH DXSUqV GHV SDUWLFXOLHUV HVW OD VpFXULWp TXL GpFRXOH GH VD IRUPDWLRQ
MXULGLTXHHWGHVRQH[SpULHQFHSUDWLTXH(OOHVJDUDQWLVVHQWO¶H[DFWLWXGHGHVGRFXPHQWVQRWDULpVTXL
VRQW H[pFXWRLUHV HW TXL VRQW FRQVLGpUpV FRPPH SUHXYHV SULYLOpJLpHV GDQV OHV SURFqV /¶H[LJHQFH
VHORQODTXHOOHOHVGRFXPHQWVQpFHVVDLUHVDX[LQVFULSWLRQVDXSUqVGHVEXUHDX[GHFRQVHUYDWLRQGHV
K\SRWKqTXHVHWGDQVOHVUHJLVWUHVGXFRPPHUFHGRLYHQWDYRLUpWppWDEOLVSDUXQQRWDLUHUHYrWXQH
LPSRUWDQFHVSpFLDOH/DGRFXPHQWDWLRQTXHOHQRWDLUHSHXWDXWKHQWLILHUHVWWUqVGLYHUVHHWSHXWrWUH
FODVVpH HQ VHFWLRQV UHODWLYHV DX[ PDWLqUHV VXLYDQWHV DFWHV UHODWLIV j O¶pWDWFLYLO DFWHV GH
GHUQLqUHV YRORQWpV FRQWUDWV GH PDULDJH FRQWUDWV HQ JpQpUDO FHUWLILFDWV HW SpWLWLRQV G¶KpUpGLWp
FRQVWLWXWLRQ PRGLILFDWLRQ HW GLVVROXWLRQV GH VRFLpWpV FLYLOHV HW FRPPHUFLDOHV SUrWV HW
UHFRQQDLVVDQFH GH GHWWHV SLJQRUDWLIV RX K\SRWKpFDLUHV OHWWUHV GH SDLHPHQW HW H[WLQFWLRQ
G¶REOLJDWLRQVSRXYRLUVGHWRXWW\SHSURWrWGHGRFXPHQWGHYLUHPHQWDFWHVGHFHUWLILFDWG¶KpUpGLWp
DELQWHVWDWHWDFWHVHQJpQpUDO
/HVDUFKLYHVQRWDULDOHVUHYrWHQWXQHJUDQGHLPSRUWDQFH/HVpWXGHVGHQRWDLUHFRQVHUYHQWSHQGDQW
YLQJWFLQTDQVjFRPSWHUGHOHXUGpOLYUDQFHOHVRULJLQDX[RXOHVPLQXWHVGHVGRFXPHQWVOpJDOLVpV
GDQV FHV pWXGHV &HV SURFqVYHUEDX[ VRQW HQVXLWH WUDQVIpUpV DX[ $UFKLYHV GH GLVWULFW
FRUUHVSRQGDQWHV TXL VRQW HOOHV DXVVL JpUpHV SDU GHV QRWDLUHV (QILQ ORUVTXH OD GRFXPHQWDWLRQ
GHYLHQWFHQWHQDLUHODJDUGHHQHVWFRQILpHDX[$UFKLYHVKLVWRULTXHVSURYLQFLDOHVTXLGpSHQGHQWGX
PLQLVWqUHGHO¶pGXFDWLRQHWGHODFXOWXUH(QFHTXLFRQFHUQHOHVGRFXPHQWVFRQVXODLUHVjFDUDFWqUH
QRWDULpLOVVRQWFRQVHUYpVDX[$UFKLYHVJpQpUDOHVGHVPLQXWHVGRQWOHVLqJHHVWj0DGULG
&RPPHQWGHYLHQWRQQRWDLUH"
&RQIRUPpPHQWDXUqJOHPHQWQRWDULDOGXMXLQRQGHYLHQWQRWDLUHVXUFRQFRXUVOLEUH,OIDXW
rWUHHVSDJQRODYRLUO¶kJHOpJDOHPHQWUHTXLVrWUHWLWXODLUHG¶XQGRFWRUDWRXG¶XQHPDvWULVHHQGURLW
'HTXLGpSHQGHQWOHVQRWDLUHVHWTXLYHLOOHjO¶H[HUFLFHFRUUHFWGHOHXUVIRQFWLRQV"
/¶RUJDQLVDWLRQ GX QRWDULDW O¶DFWLYLWp QRWDULDOH HW OH PRGH GH UHODWLRQ GHV QRWDLUHV DYHF OHV
SDUWLFXOLHUVVRQWUHJURXSpVGDQVGHX[WH[WHVGHEDVHODORLRUJDQLTXHGXQRWDULDWGXPDL
HW OH UqJOHPHQW QRWDULDO GpFUHW GX MXLQ TXL UHVSHFWLYHPHQW DSSURXYHQW HW UpJOHPHQWHQW
O¶RUJDQLVDWLRQHWOHUpJLPHGHVQRWDLUHV&HVQRUPHVVRQWFRPSOpWpHVSDUG¶DXWUHVGLVSRVLWLRQVGH
GHJUp GLIIpUHQW SDUPL OHVTXHOOHV ILJXUHQW OH GpFUHW UR\DO GX QRYHPEUH SRUWDQW
DSSUREDWLRQ GH OD WD[H QRWDULDOH /H QRWDULDW GDQV VRQ RUJDQLVDWLRQ KLpUDUFKLTXH GpSHQG
GLUHFWHPHQWGXPLQLVWqUHGHODMXVWLFHHWGHODGLUHFWLRQJpQpUDOHGHVUHJLVWUHVHWGXQRWDULDW
/D GLUHFWLRQ JpQpUDOH GHV UHJLVWUHV HW GX QRWDULDW D HQWUH DXWUHV IRQFWLRQV FHOOH GH GLUHFWLRQ
G¶LQVSHFWLRQ HW GH VXUYHLOODQFH GX QRWDULDW HW OD UpVROXWLRQ GH WRXV LQFLGHQWV HW FRQVXOWDWLRQV TXL
SHXYHQWVXUYHQLUHQFHTXLFRQFHUQHO¶DSSOLFDWLRQHWO¶H[pFXWLRQGHODOpJLVODWLRQQRWDULDOHOHFKRL[
OH UpJLPH HW O¶DGPLQLVWUDWLRQ GX FRUSV GHV QRWDLUHV DLQVL TXH OH WUDLWHPHQW HW OH FDV pFKpDQW OD
UpVROXWLRQGHVUHFRXUVJRXYHUQHPHQWDX[HQPDWLqUHQRWDULDOH
3RXUO¶H[HUFLFHSURIHVVLRQQHOOHVQRWDLUHVVRQWUHJURXSpVHQFKDPEUHVGHQRWDLUHVTXLOHVDVVLVWHQW
GDQV OHXUV IRQFWLRQV HW VLPXOWDQpPHQW FRQWU{OHQW OHXU DFWLRQ FKDTXH QRWDLUH H[HUoDQW VHV
FRPSpWHQFHV VXU XQH ]RQH UpJLRQDOH GpWHUPLQpH ,O \ D FKDPEUHV GH QRWDLUHV HQ (VSDJQH
VLWXpHV j $OEDFHWH 3DOPD GH 0DMRUTXH %DUFHORQH %LOEDR %XUJRV &DFHUHV /D &RURJQH
*UHQDGH /DV 3DOPDV GH *UDQGH &DQDULH 2YLHGR 3DPSHOXQH 6pYLOOH 9DOHQFH 9DOODGROLG HW
6DUDJRVVH /HV FKDPEUHV VRQW GLYLVpHV j OHXU WRXU HQ GLVWULFWV TXL FRPSUHQQHQW XQ QRPEUH
YDULDEOHG¶pWXGHVGHQRWDLUHV
/HV FKDPEUHV GH QRWDLUHV VRQW FRRUGRQQpHV SDU OH &RQVHLO JpQpUDO GX QRWDULDW TXL GpSHQG
KLpUDUFKLTXHPHQWGXPLQLVWqUHGHODMXVWLFH
/H QRWDULDW HVSDJQRO HVW PHPEUH GH O¶8QLRQ LQWHUQDWLRQDOH GX QRWDULDW ODWLQ DVVRFLDWLRQ TXL
UHJURXSH SUDWLTXHPHQW WRXV OHV QRWDLUHV GX FRQWLQHQW HXURSpHQ $OOHPDJQH )UDQFH ,WDOLH HWF
QRWDPPHQWOHVSD\VG¶(XURSHFHQWUDOHHWRULHQWDOH5XVVLH/LWXDQLH+RQJULH5pSXEOLTXHVWFKqTXH
HWVORYDTXH6ORYpQLHHWOHVSD\VUHVWDQWVVRQWHQLQVWDQFHG¶DGKpVLRQ
&RPPHQWVRQWUpPXQpUpVOHVVHUYLFHVGHQRWDLUHV"
(Q(VSDJQHOHFKRL[GXQRWDLUHHVWWRWDOHPHQWOLEUHVDXIFDVOpJDOHPHQWSUpYXVFRPPHOHVDFWHV
GHFHUWLILFDWVG¶KpUpGLWp
/DUpWULEXWLRQGHVQRWDLUHVV¶HIIHFWXHSDUWD[H/HVWD[HVQRWDULDOHVVRQWOHVPrPHVSRXUWRXVOHV
QRWDLUHVHOOHVVRQWIL[pHVSDUOHJRXYHUQHPHQWSDUGpFUHWUR\DOHWVRQWREOLJDWRLUHVF¶HVWjGLUHTXH
QLOHVQRWDLUHVQLOHVFKDPEUHVGHQRWDLUHVQHSHXYHQWOHVPRGLILHUHWOHVQRWDLUHVVRQWREOLJpVGH
OHV DSSOLTXHU VWULFWHPHQW GDQV WRXWH OHXU DFWLYLWp SURIHVVLRQQHOOH /HV WD[HV QRWDULDOHV VRQW
UpJOHPHQWpHVSDUOHGpFUHWUR\DOGXQRYHPEUH
/HFRQVHLOSUpDODEOHHVWJUDWXLW4XHOTXHVRLWOHSUREOqPHMXULGLTXHTXLVHSRVHGDQVOHGRPDLQHGX
GURLWSULYpFLYLOHWFRPPHUFLDODYHFVHVFRQQH[LRQVILVFDOHVFRUUHVSRQGDQWHVOHQRWDLUHFRQVHLOOH
LPSDUWLDOHPHQWHWJUDWXLWHPHQWPrPHVLO¶DFWHHQYLVDJpQ¶HVWSDVVLJQpHQVXLWH
&HUWDLQV DFWHV EpQpILFLHQW GH UpGXFWLRQV GH WD[H 3DU H[HPSOH GDQVOH FDV GH SUrWVOD EDVH OD
UHVSRQVDELOLWpWRWDOHJDUDQWLHSRXUOHVSUrWVK\SRWKpFDLUHVHVWUpGXLWHGHSRXUFHQWGDQVOHFDV
G¶DFWHV HW GH FRQWUDWV FRPSRUWDQW XQH REOLJDWLRQ SRXU O¶eWDW OHV &RPPXQDXWpV DXWRQRPHV OHV
SURYLQFHVRXOHVPXQLFLSDOLWpVRXOHXUVRUJDQLVPHVDXWRQRPHVODUpGXFWLRQHVWGHSRXUFHQWGH
PrPHTX¶HQFHTXLFRQFHUQHOHVORJHPHQWVVRFLDX[(WGDQVG¶DXWUHVFDVO¶LQWHUYHQWLRQGXQRWDLUH
HVWWRXWVLPSOHPHQWJUDWXLWHFRPPHGDQVOHFDVGHVSRXYRLUVpOHFWRUDX[
/D79$DSSOLFDEOHVXUOHVVRPPHVSUpFpGHQWHVHVWGHSRXUFHQWGHO¶LPS{W,*,&DX[
&DQDULHVjO¶H[FHSWLRQGHVSURWrWVGHODPDMRULWpGHVSUrWVHWGHFHUWDLQHVWUDQVDFWLRQVGHYHQWH
SDU H[HPSOH GHV YHQWHV G¶DFWLRQV ORUV GHVTXHOOHV OH WUDQVPHWWDQW HVW VXMHW SDVVLI GH 79$ VXU
OHVTXHOVDXFXQWDX[Q¶HVWDSSOLTXp
/DUpSDUWLWLRQJpRJUDSKLTXHGHVpWXGHVIL[pHSDUOHJRXYHUQHPHQWYRXVJDUDQWLWTXHRTXHYRXV
YLYLH]YRXVDXUH]XQQRWDLUHSUqVGHYRWUHGRPLFLOH
4XHOOHV IRQFWLRQV H[HUFHQW OHV UHVSRQVDEOHV GH UHJLVWUHV GX FRPPHUFH HW OHV FRQVHUYDWHXUV
GHVK\SRWKqTXHV"
3RXUrWUHUHVSRQVDEOHG¶XQUHJLVWUHLOIDXWWRXWG¶DERUGDYRLUXQHPDvWULVHHQGURLWHWDYRLUUpXVVLXQ
FRQFRXUV
/HVUHVSRQVDEOHVGHVUHJLVWUHVH[HUFHQWOHVIRQFWLRQVVXLYDQWHV
TXDOLILFDWLRQGHVGRFXPHQWVGRQWRQGHPDQGHO¶LQVFULSWLRQVXUOHVUHJLVWUHVGRQWLOVRQWODFKDUJH
FRQVHLOV DX SXEOLF HQ FH TXL FRQFHUQH OHV TXHVWLRQV UHODWLYHV DX[ UHJLVWUHV DFFqV G¶DFWHV HW GH
FRQWUDWVDXUHJLVWUHHIIHWVGHO¶LQVFULSWLRQHWF«
HWSXEOLFDWLRQGHVGRQQpHVLQVFULWHVHQFRQWU{ODQWOHFDVpFKpDQWO¶LQWpUrWOpJLWLPHGHVSHUVRQQHV
TXLODGHPDQGHQWHWHQSURWpJHDQWFRQYHQDEOHPHQWOHVGRQQpHVVHQVLEOHV
/HVEXUHDX[GHFRQVHUYDWLRQGHVK\SRWKqTXHVHWOHVUHJLVWUHVGXFRPPHUFHHWGHVELHQVPHXEOHV
VRQWGHVLQVWUXPHQWVGHSXEOLFLWpVXEVWDQWLYHRXMXULGLTXHTXLDVVXUHQWXQHIRQFWLRQGHSUpYHQWLRQ
GHVFRQIOLWVHWG¶pSDUJQHGHFR€WVGHWUDQVDFWLRQ/HVLQVFULSWLRQVGXUHJLVWUHVRQWSODFpHVVRXVOD
VDXYHJDUGH GHV WULEXQDX[ HW O¶eWDW pWDEOLW XQH SUpVRPSWLRQ GH YpUDFLWp GX FRQWHQX GX UHJLVWUH
$LQVL OHV GURLWV HW VLWXDWLRQV LQVFULWV MRXLVVHQW G¶XQH VpULH G¶DYDQWDJHV GH W\SH SURFpGXUDO HW
VXEVWDQWLI
/HV DFWHV GH PXWDWLRQ UpHOOH UHODWLIV DX[ ELHQV LPPHXEOHV UXUDX[ HW XUEDLQV VRQW LQVFULWV j OD
FRQVHUYDWLRQ GHV K\SRWKqTXHV $YHF O¶LQVFULSWLRQ j OD FRQVHUYDWLRQ GHV K\SRWKqTXHV OH
FRQVHUYDWHXUH[HUFHXQHIRQFWLRQG¶DWWULEXWLRQGHWLWUHVGHSURSULpWp
/HUHJLVWUHGXFRPPHUFHLQVFULWOHVDFWHVUHODWLIVDX[VRFLpWpVFRPPHUFLDOHVHWjG¶DXWUHVVXMHWVRX
SDWULPRLQHV IRQGV G¶LQYHVWLVVHPHQW RX GH SHQVLRQV HWF TXL LQWHUYLHQQHQW GDQV OH GRPDLQH GHV
WUDQVDFWLRQVFRPPHUFLDOHV(QRXWUHLOOpJDOLVHOHVOLYUHVGHVFRPPHUoDQWVUHoRLWOHXUVFRPSWHVHQ
GpS{WHWOHVSXEOLHHWGDQVFHUWDLQVFDVLOQRPPHGHVH[SHUWVHWGHVDXGLWV
/HUHJLVWUHGHVELHQVPHXEOHVLQVFULWOHVWLWUHVGHSURSULpWpHWOHVFKDUJHVH[LVWDQWVXUGHVQDYLUHV
GHV DpURQHIV GHV PDFKLQHV LQGXVWULHOOHV HW DXWUHV ELHQV PHXEOHV LGHQWLILDEOHV DLQVL TXH OHV
FRQGLWLRQVJpQpUDOHVGXFRQWUDW
'DQV GH QRPEUHXVHV &RPPXQDXWpV DXWRQRPHV OHV UHVSRQVDEOHV GHV UHJLVWUHV VRQW pJDOHPHQW
FKDUJpV GH OD OLTXLGDWLRQ HW GH OD SHUFHSWLRQ GH FHUWDLQV LPS{WV TXL JUqYHQW OHV DFWHV TXL IHURQW
O¶REMHW G¶XQH LQVFULSWLRQ XOWpULHXUH ,PS{WV VXU OHV WUDQVPLVVLRQV HW OHV VXFFHVVLRQV VXU OHV DFWHV
MXULGLTXHVGRFXPHQWpVHWF
'H TXL GpSHQGHQW OHV UHVSRQVDEOHV GHV UHJLVWUHV HW TXL YHLOOH j O¶H[HUFLFH FRUUHFW GH OHXUV
IRQFWLRQV"
/HV FRQVHUYDWHXUV GHV K\SRWKqTXHV OHV UHVSRQVDEOHV GHV UHJLVWUHV GX FRPPHUFH HW GHV ELHQV
PHXEOHVVRQWGHVIRQFWLRQQDLUHVGXPLQLVWqUHGHODMXVWLFHHWGpSHQGHQWGHFHPLQLVWqUHSDUOHELDLV
GHODGLUHFWLRQJpQpUDOHGHVUHJLVWUHVHWGXQRWDULDWjODTXHOOHLQFRPEHQWOHVIRQFWLRQVG¶LQVSHFWLRQ
HWGHFRQWU{OHGHVUHJLVWUHV
(Q RXWUH OHV UHVSRQVDEOHV GHV UHJLVWUHV VRQW DIILOLpV j O¶2UGUH QDWLRQDO GHV UHVSRQVDEOHV GH
UHJLVWUHV G¶(VSDJQH DXTXHO O¶eWDW D FRQILp TXHOTXHV IRQFWLRQV GH FRQWU{OH GH O¶H[HUFLFH GH OD
SURIHVVLRQ
&RPPHQWVRQWUpPXQpUpVOHVVHUYLFHVGHVFRQVHUYDWHXUVGHVK\SRWKqTXHV"
/HV FRQVHUYDWHXUV SHUoRLYHQW GLUHFWHPHQW OHXU UpPXQpUDWLRQ GX SXEOLF TXL IDLW DSSHO j OHXUV
VHUYLFHVSDUXQV\VWqPHGHWD[HDSSURXYpSDUO¶eWDW/HVUHYHQXVTXHOHVFRQVHUYDWHXUVREWLHQQHQW
GH O¶DSSOLFDWLRQ GH FHWWH WD[H SHUPHWWHQW G¶DVVXUHU OHV EHVRLQV GH OD WRWDOLWp GX VHUYLFH GH OD
FRQVHUYDWLRQ GHV K\SRWKqTXHV GH WHOOH VRUWH TXH OHV FRQVHUYDWHXUV SHUoRLYHQW FRPPH
UpPXQpUDWLRQODVRPPHH[FpGHQWDLUHDSUqVSDLHPHQWGHVVDODLUHVGHOHXUVHPSOR\pVGHVIUDLVHW
GHVLQYHVWLVVHPHQWVTX
H[LJHODPDLQWHQDQFHGXVHUYLFH
4XHOOHHVWODIRQFWLRQGHVDYRFDWV"
/DIRQFWLRQGHVDYRFDWVSHXWrWUHDUWLFOHGHODORLRUJDQLTXHGXSRXYRLUMXGLFLDLUHHWO¶DUWLFOH
GXVWDWXWJpQpUDOGHODSURIHVVLRQG¶DYRFDWHQ(VSDJQHDSSURXYpSDUGpFUHWUR\DOGX
MXLQ
/DGLUHFWLRQHWODGpIHQVHGHVSDUWLHV
GDQVWRXWHVRUWHGHSURFpGXUHVMXGLFLDLUHVFLYLOHVSpQDOHVGHFRQWHQWLHX[DGPLQLVWUDWLIGXWUDYDLO
MXULGLFRPLOLWDLUHV
GHYDQWGHVRUJDQHVDGPLQLVWUDWLIVGHVDVVRFLDWLRQVGHVFRUSRUDWLRQVHWGHVHQWLWpVSXEOLTXHVGH
WRXWW\SH
GHYDQWWRXWHHQWLWpRXSHUVRQQHSULYpHORUVTXHOHXUVVHUYLFHVOHUHTXLqUHQW
/¶DVVLVWDQFHHWOHFRQVHLOMXULGLTXH
/DUHSUpVHQWDWLRQGHOHXUFOLHQWORUVTX¶HOOHQ¶HVWSDVUpVHUYpHGHSDUODORLjG¶DXWUHVSURIHVVLRQV
&RPPHQWGHYLHQWRQDYRFDW"
3RXUGHYHQLUDYRFDWLOIDXW
DYRLU OD QDWLRQDOLWp HVSDJQROH RX G¶XQ eWDW PHPEUH GH O¶8QLRQ HXURSpHQQH RX GH O¶DFFRUG VXU
O¶(VSDFHpFRQRPLTXHHXURSpHQGXPDL
rWUHPDMHXUHWQ¶rWUHDIIHFWpSDUDXFXQHFDXVHG¶LQFDSDFLWp
SRVVpGHU OH WLWUH GH PDvWULVH HQ GURLW RX OHV WLWUHV pWUDQJHUV TXL FRQIRUPpPHQW DX[ QRUPHV HQ
YLJXHXUVRQWKRPRORJXpV
V¶LQVFULUHjXQEDUUHDXGHVDYRFDWVTXLVHUDFHOXLGXGRPLFLOHSURIHVVLRQQHOXQLTXHHWSULQFLSDOSRXU
H[HUFHUVXUODWRWDOLWpGXWHUULWRLUHQDWLRQDO
4XHOOHVVRQWOHVGLVSRVLWLRQVDGRSWpHVHQ(VSDJQHSRXUDVVXUHUODOLEUHSUHVWDWLRQGHVVHUYLFHV
GHVDYRFDWVDLQVLTXHSRXUDVVXUHUODUHFRQQDLVVDQFHPXWXHOOHGHVWLWUHV"
/H VWDWXW JpQpUDO GH OD SURIHVVLRQ G¶DYRFDW HQ (VSDJQH GLVSRVH TXH OHV DYRFDWV G¶DXWUHV SD\V
SRXUURQW IRXUQLU OHXUV SUHVWDWLRQV GH VHUYLFHV SURIHVVLRQQHOV HQ (VSDJQH FRQIRUPpPHQW j OD
OpJLVODWLRQHQYLJXHXUTXLGLVWLQJXHGHX[JURXSHV
/HVUHVVRUWLVVDQWVG¶eWDWVPHPEUHVGHO¶8QLRQHXURSpHQQH HWHQDSSOLFDWLRQGHVGLVSRVLWLRQVGH
O¶DFFRUGVXUO¶(VSDFHpFRQRPLTXHHXURSpHQVLJQpj3RUWROHPDLHWUDWLILpSDUO¶(VSDJQHOH
QRYHPEUHOHVUHVVRUWLVVDQWVGHVGLIIpUHQWVSD\VVLJQDWDLUHVGHFHWDFFRUG(QSUHQDQWHQ
FRQVLGpUDWLRQODOLEUH FLUFXODWLRQ GHV SHUVRQQHV HW GHV VHUYLFHV HQWUH OHV eWDWVPHPEUHVLO D pWp
SUpYXGHIDLUHFRH[LVWHUGLYHUVHVSRVVLELOLWpV
/¶H[HUFLFHSURIHVVLRQQHOSHUPDQHQWDYHFOHWLWUHSURIHVVLRQQHOG¶RULJLQHDYHFSRVVLELOLWpG¶LQWpJUHU
XOWpULHXUHPHQWODSURIHVVLRQDXERXWGHWURLVDQQpHVG¶H[HUFLFHHIIHFWLIHWUpJXOLHU
/D UHFRQQDLVVDQFH GX WLWUH SURIHVVLRQQHO G¶RULJLQH DILQ G¶DFFpGHU j O¶H[HUFLFH GDQV OHV PrPHV
FRQGLWLRQVTXHFHX[TXLRQWREWHQXOHWLUHHVSDJQRO
/DSUHVWDWLRQRFFDVLRQQHOOHGHVHUYLFHVSURIHVVLRQQHOVDYHFOHWLWUHSURIHVVLRQQHOG¶RULJLQH
(Q RXWUH FHX[ TXL QH VRQW SDV KDELOLWpV GDQV OHXU SD\V j H[HUFHU OD SURIHVVLRQ WRXW HQ pWDQW
FHSHQGDQW HQ SRVVHVVLRQ GX WLWUH H[LJp SRXU DFFpGHU j ODGLWH SURIHVVLRQ SRXUURQW GHPDQGHU
O¶KRPRORJDWLRQGHOHXUWLWUHV¶LOV¶DJLWG¶XQWLWUHpWUDQJHUHWV¶LQVFULUHHQVXLWHjXQEDUUHDXG¶DYRFDWV
HQ(VSDJQH
/HV QRQUHVVRUWLVVDQWV G¶XQ eWDW PHPEUH GH O¶8QLRQ HXURSpHQQH RX VLJQDWDLUHV GH O¶DFFRUG VXU
O¶(VSDFHpFRQRPLTXHHXURSpHQ
3RXUV¶LQVFULUHjXQEDUUHDXG¶DYRFDWVHQ(VSDJQHLOVGHYURQWG¶DERUGIDLUHKRPRORJXHUOHXUWLWUHHW
HQVXLWHGHPDQGHUODGLVSHQVHOpJDOHGHQDWLRQDOLWp
'HTXLGpSHQGHQWOHVDYRFDWVHWTXLYHLOOHjO¶H[HUFLFHFRUUHFWGHFHWWHSURIHVVLRQ"
/DSURIHVVLRQG¶DYRFDWHVWXQHSURIHVVLRQOLEUHHWLQGpSHQGDQWHTXLIRXUQLWXQVHUYLFHjODVRFLpWp
QH GpSHQG G¶DXFXQH DGPLQLVWUDWLRQ SXEOLTXH HW V¶H[HUFH GDQV XQ UpJLPH GH FRQFXUUHQFH OLEUH HW
OR\DOHDUWLFOHGXVWDWXWJpQpUDOGHODSURIHVVLRQG¶DYRFDWHQ(VSDJQH
/HVDYRFDWVGRLYHQWUHVSHFWHU
OHVQRUPHVOpJDOHVHWOHVQRUPHVVWDWXWDLUHV
OHVQRUPHVHWXVDJHVGHODGpRQWRORJLHSURIHVVLRQQHOOHGHVDYRFDWV
/HV RUJDQLVPHV TXL VXUYHLOOHQW O¶H[HUFLFH FRUUHFW GH OD SURIHVVLRQ G¶DYRFDW GDQV OHXUV GRPDLQHV
WHUULWRULDX[UHVSHFWLIVVRQW
DXQLYHDXQDWLRQDOOH&RQVHLOJpQpUDOGHODSURIHVVLRQG¶DYRFDWHQ(VSDJQH
DXQLYHDXGHOD&RPPXQDXWpDXWRQRPHOHV&RQVHLOVGHVEDUUHDX[GHV&RPPXQDXWpVDXWRQRPHV
DXQLYHDXSURYLQFLDOOHVEDUUHDX[G¶DYRFDWVGHFKDTXHSURYLQFHRXORFDOLWpGDQVODTXHOOHLOH[LVWH
XQEDUUHDXG¶DYRFDWV
&RPPHQWVRQWUpPXQpUpVOHVVHUYLFHVGHVDYRFDWV"
/HV KRQRUDLUHV SURIHVVLRQQHOV VRQW SD\pV HQ IRQFWLRQ GHV VHUYLFHV IRXUQLV VHORQ XQH UpWULEXWLRQ
IL[H SpULRGLTXH RX KRUDLUH 'DQV WRXVOHV FDVODTXRWHSDUW VXU OLWLJH DX VHQV VWULFW GX WHUPH HVW
LQWHUGLWHjVDYRLUO¶DFFRUGSDVVpHQWUHO¶DYRFDWHWVRQFOLHQWDYDQWODILQGHO¶DIIDLUHHQYHUWXGXTXHO
FH GHUQLHU V¶HQJDJH j OXL SD\HU XQLTXHPHQW XQ SRXUFHQWDJH GX UpVXOWDW GH O¶DIIDLUH TX¶LO V¶DJLVVH
G¶XQHVRPPHG¶DUJHQWRXGHWRXWDXWUHEpQpILFHELHQRXYDOHXUTXHOHFOLHQWREWLHQGUDLWSRXUFHWWH
DIIDLUH
6RQPRQWDQWSHXWrWUHIL[pOLEUHPHQWHQWUHOHFOLHQWHWO¶DYRFDWPDLVWRXMRXUVGDQVOHUHVSHFWGHV
QRUPHV GpRQWRORJLTXH HW VDQV FRQFXUUHQFH GpOR\DOH (Q FDV GH GpVDFFRUG HQWUH OH FOLHQW HW OHV
SURIHVVLRQQHOV SRUWDQW VXU OHV KRQRUDLUHV LO H[LVWH XQH SURFpGXUH FRQWUDGLFWRLUH VRXPLVH j OD
GpFLVLRQGXPrPHMXJHTXLHVWVDLVLGHO¶DIIDLUH
6DXI DFFRUG H[SUqV FRQWUDLUH RX FRQGDPQDWLRQ DX[ GpSHQV LO SRXUUD rWUH WHQX FRPSWH SRXU OD
IL[DWLRQ GHV KRQRUDLUHV GX EDUqPH LQGLFDWLI GX %DUUHDX G
DYRFDWV GH OD SURYLQFH R D OLHX
O¶LQWHUYHQWLRQ TXL V¶DSSOLTXHUDFRQIRUPpPHQW DX[UqJOHV XVHW FRXWXPHV GXGLW %DUUHDX DUWLFOH GX6WDWXWJpQpUDOGHODSURIHVVLRQG¶DYRFDWHQ(VSDJQH
/HV SHUVRQQHV GpQXpHV GH UHVVRXUFHV pFRQRPLTXHV SRXUSD\HU OHV VHUYLFHV GHV DYRFDWV HW GHV
DYRXpVSHXYHQWGHPDQGHUGHVSURIHVVLRQQHOVTXLVHURQWUpPXQpUpVSDUO¶eWDWYRLUODILFKH-XVWLFH
JUDWXLWH
4XHIRQWOHVDYRXpVSUqVOHVWULEXQDX["
,OVUHSUpVHQWHQWOHVGURLWVHWOHVLQWpUrWVGHVSDUWLHVGHYDQWOHVWULEXQDX[GHMXVWLFHVHORQOHSRXYRLU
FRQIpUp j FHW HIIHW HQ DVVXUDQW O¶DXWKHQWLFLWp GHV FRPPXQLFDWLRQV HQWUH FHV GHUQLHUV HW OHVGLWHV
SDUWLHV
&RPPHQWGHYLHQWRQDYRXpSUqVOHVWULEXQDX["
(Q UHPSOLVVDQW OHV FRQGLWLRQV VXLYDQWHV QDWLRQDOLWp HVSDJQROH PDMRULWp G¶kJH PDvWULVH HQ GURLW
WLWUHG¶DYRXpGpOLYUpSDUOHPLQLVWqUHGHODMXVWLFHDX[SHUVRQQHVTXLUpXQLVVHQWFHVFRQGLWLRQVHWTXL
OHGHPDQGHQW
3RXU H[HUFHU FHWWH IRQFWLRQ LO IDXW V¶LQVFULUH j O¶2UGUH GHV DYRXpV DSSRUWHU XQH FDXWLRQ SUrWHU
VHUPHQWRXSURPHVVH
'HTXLGpSHQGHQWOHVDYRXpVHWTXLYHLOOHjO¶H[HUFLFHFRUUHFWGHFHWWHSURIHVVLRQ"
,OVGpSHQGHQWGHO¶2UGUHGHVDYRXpVHWF¶HVWO¶$VVHPEOpHGXJRXYHUQHPHQWTXLYHLOOHjFHTXHOD
FKDUJHVRLWH[HUFpHGHPDQLqUHDGpTXDWHHWHIILFDFH
&RPPHQWVRQWUpPXQpUpVOHVVHUYLFHVGHVDYRXpVSUqVOHVWULEXQDX["
&HVVHUYLFHVVRQWUpPXQpUpVSDUOHELDLVGHWD[HVSUpDODEOHPHQWDSSURXYpHVSDUOHPLQLVWqUHGHOD
MXVWLFH´
E 'e&5(7 52<$/ GX DR€W TXL UpJOHPHQWH O¶H[HUFLFH SHUPDQHQW HQ
(VSDJQHGHODSURIHVVLRQG¶DYRFDWORUVTXHOHWLWUHSURIHVVLRQQHODpWpREWHQXGDQVXQDXWUH
(WDWPHPEUHGHO¶8QLRQ(XURSpHQQH
/DGLUHFWLYH&(GX3DUOHPHQW(XURSpHQHWGX&RQVHLOGXIpYULHUYLVDQWjIDFLOLWHUO¶H[HUFLFH
SHUPDQHQWGHODSURIHVVLRQG¶DYRFDWGDQVXQeWDWPHPEUHDXWUHTXHFHOXLRODTXDOLILFDWLRQDpWp
DFTXLVH UpJOHPHQWH GH IDoRQ VSpFLILTXH SRXU OHV DYRFDWV XQ QRXYHDX V\VWqPH GH OLEUH
pWDEOLVVHPHQW GH SURIHVVLRQQHOV GDQV OH FDGUH GH O¶8QLRQ (XURSpHQQH GHVWLQp j DEROLU OHV
REVWDFOHVjODOLEUHFLUFXODWLRQGHSHUVRQQHVHWVHUYLFHVHQWUHOHV(WDWVPHPEUHV&HTXLFRQVWLWXH
O¶XQGHVREMHFWLIVGHOD&RPPXQDXWpSRXUXQHLPSODQWDWLRQHIIHFWLYHG¶XQPDUFKpLQWpULHXU
/¶DVSHFWOHSOXVLPSRUWDQWGHFHV\VWqPHUHSRVHVXUOHIDLWTXHO¶H[HUFLFHSURIHVVLRQQHOSHUPDQHQW
GDQVO¶(WDWG¶DFFXHLOHVWSHUPLVjODVHXOHFRQGLWLRQGHSRVVpGHUOHWLWUHSURIHVVLRQQHOG¶DYRFDWG¶XQ
DXWUH (WDW PHPEUH DYHF FHSHQGDQW TXHOTXHV OLPLWDWLRQV SDU UDSSRUW DX FKDPS G¶DFWLYLWp TXH
O¶DYRFDWSHXWGpYHORSSHU&HVOLPLWDWLRQVGLVSDUDLVVHQWORUVTXHOHVSURIHVVLRQQHOVTXLH[HUFHQWVRXV
OHXUWLWUHG¶RULJLQHMXVWLILHQWXQHDFWLYLWpHIIHFWLYHHWUpJXOLqUHG¶XQHGXUpHPLQLPDOHGHWURLVDQVGDQV
O¶(WDWPHPEUH G¶DFFXHLO GDQVOH GRPDLQH GXGURLW GH FHW (WDW GURLW FRPPXQDXWDLUH LQFOXV FHWWH
MXVWLILFDWLRQHVWVXMHWWHjXQHVpULHGHFRQGLWLRQVHWGHPRGDOLWpV
'¶DXWUH SDUW OD GLUHFWLYH REMHW GH WUDQVSRVLWLRQ SUpYRLW XQH FRH[LVWHQFH DYHF OD GLUHFWLYH
&((GX&RQVHLOGXPDUVGHVWLQpHjIDFLOLWHUO¶H[HUFLFHHIIHFWLIGHODOLEUHSUHVWDWLRQGH
VHUYLFHV SDUOHV DYRFDWV DXVVL ELHQ TX¶DYHF OD GLUHFWLYH &(( GX &RQVHLO GX GpFHPEUH
UHODWLYHjXQV\VWqPHJpQpUDOGHUHFRQQDLVVDQFHGHVGLSO{PHVG¶HQVHLJQHPHQWVXSpULHXUTXL
VDQFWLRQQHQW GHV IRUPDWLRQV SURIHVVLRQQHOOHV G¶XQH GXUpH PLQLPDOH GH WURLV DQV WUDQVSRVpH j
QRWUH RUGRQQDQFH SDU OH 'pFUHW 5R\DO GX RFWREUH GpYHORSSpH SRXU OD SURIHVVLRQ
G¶DYRFDWVRXVO¶2UGUHGX0LQLVWqUHGHOD-XVWLFHOHDYULO
&HOD VXSSRVH TXH OHV DYRFDWV TXL H[HUFHQW VRXV OHXU WLWUH SURIHVVLRQQHO G¶RULJLQH GDQV XQ (WDW
PHPEUH G¶DFFXHLO SRXUURQW VROOLFLWHU j WRXW PRPHQW OD UHFRQQDLVVDQFH GH OHXU WLWUH GDQV OH EXW
G¶DFFpGHUjODSURIHVVLRQG¶DYRFDWGDQVO¶(WDWPHPEUHG¶DFFXHLOWRXWHQpWDQWVRXPLVDXV\VWqPH
pWDEOLSDUFHWWHUpJOHPHQWDWLRQ
4XDQWDXUHVWHHQDSSOLFDWLRQGHFHTXLHVWVWLSXOpSDUO¶$FFRUGVXUO¶(VSDFH(FRQRPLTXH(XURSpHQ
VLJQp j 3RUWR OH PDL HW UDWLILp SDU O¶(VSDJQH OH QRYHPEUH LO GHYLHQW QpFHVVDLUH
G¶pODUJLUOHFDGUHG¶DSSOLFDWLRQGHODQRUPHDX[GLIIpUHQWV(WDWVVLJQDWDLUHVGHFHOOHFL
(QFRQVpTXHQFHFH'pFUHW5R\DOVXSSRVHO¶DSSUREDWLRQGHVQRUPHVTXLSHUPHWWHQWO¶LQWURGXFWLRQ
HIIHFWLYHHQ(VSDJQHGHVSUpYLVLRQVGHODGLUHFWLYH&(DLQVLTXHGHVGLVSRVLWLRQVQpFHVVDLUHV
UHODWLYHVDX[DYRFDWVHQSRVVHVVLRQG¶XQWLWUHHVSDJQROTXLVHVRXPHWWHQWjFHOOHFLGDQVG¶DXWUHV
SD\V
&+$3,75(,
'LVSRVLWLRQVJHQHUDOV
$UWLFOH2EMHWHWFKDPSG¶DSSOLFDWLRQ
&H'pFUHW5R\DODSRXUREMHWGHUpJOHPHQWHUO¶H[HUFLFHSHUPDQHQWHQ(VSDJQHGHODSURIHVVLRQ
G¶DYRFDWORUVTXHOHWLWUHDpWpREWHQXGDQVXQDXWUH(WDWPHPEUHGHO¶8QLRQ(XURSpHQQHRXGDQV
G¶DXWUHV(WDWVIDLVDQWSDUWLHGHO¶$FFRUGVXUO¶(VSDFH(FRQRPLTXH(XURSpHQDLQVLTXHG¶pWDEOLUOHV
QRUPHVTXLVRQWG¶DSSOLFDWLRQSRXUOHVDYRFDWVTXLSRVVqGHQWXQWLWUHHVSDJQROHWTXLV¶pWDEOLVVHQW
GDQVFHV(WDWVSRXUH[HUFHUOHXUSURIHVVLRQGHIDoRQSHUPDQHQWH
/HVGLVSRVLWLRQVGHFH'pFUHW5R\DOVHURQWDSSOLFDEOHVDX[FLWR\HQVG¶XQ(WDWPHPEUHGHO¶8QLRQ
(XURSpHQQH RX IDLVDQW SDUWLH GH O¶$FFRUG VXU O¶(VSDFH (FRQRPLTXH (XURSpHQ TXL SRVVqGHQW XQ
WLWUH SURIHVVLRQQHO G¶DYRFDW REWHQX GDQV XQ pWDW PHPEUH DXWUH TXH O¶(VSDJQH WHO TX¶LO DSSDUDvW
GpILQL GDQV O¶DUWLFOH VXLYDQWHW TXL SUpWHQGHQW H[HUFHU GH IDoRQ SHUPDQHQWH OHXUV DFWLYLWpV
SURIHVVLRQQHOOHV HQ (VSDJQH SRXU OHXU FRPSWH RX FHOXL GH WLHUV GH IDoRQ LQGLYLGXHOOH RX HQ
JURXSH /HV SUpYLVLRQV FRQWHQXHV GDQV OH FKDSLWUH ,9 GH FH 'pFUHW 5R\DO VHURQW pJDOHPHQW
DSSOLFDEOHV DX[ DYRFDWV TXL SRVVqGHQW XQWLWUH HVSDJQRO HWTXL V¶pWDEOLVVHQW GDQV FHV (WDWV SRXU
H[HUFHUOHXUSURIHVVLRQGHIDoRQSHUPDQHQWH
&H TXL HVW VWLSXOp GDQVOH SUpVHQW 'pFUHW 5R\DO QH SRUWH SUpMXGLFH jOD SRVVLELOLWj G¶DFFpGHU jOD
SURIHVVLRQG¶DYRFDWHQ(VSDJQHHQDFFRUGDYHFFHTXLHVWSUpYXGDQVO¶2UGRQQDQFHGX0LQLVWqUH
GHOD-XVWLFHGXDYULO
/¶H[HUFLFHRFFDVLRQQHOHQ(VSDJQHGHODSURIHVVLRQG¶DYRFDWVRXVOHUpJLPHGHODOLEUHSUHVWDWLRQ
GH VHUYLFHV VHUD UpJL SDU FH TXL HVW VWLSXOp GDQV OH 'pFUHW 5R\DO GX PDUV TXL
LQFRUSRUH j O¶RUGUH MXULGLTXH LQWHUQH OD GLUHFWLYH &(( GX &RQVHLO GX PDUV GHVWLQpH j
IDFLOLWHUO¶H[HUFLFHHIIHFWLIGHODOLEUHSUHVWDWLRQGHVHUYLFHVSDUOHVDYRFDWV
$UWLFOH'pILQLWLRQV
$X[ILQVGHVFKDSLWUHV,,,HW,,,GXSUpVHQW'pFUHW5R\DORQHQWHQGSDU
D©$YRFDWªWRXWHSHUVRQQHUHVVRUWLVVDQWG¶XQ(WDWPHPEUHGHO¶8QLRQHXURSpHQQHRXIDLVDQW
SDUWLH GH O¶$FFRUG VXU O¶(VSDFH (FRQRPLTXH (XURSpHQ KDELOLWpH j H[HUFHU VHV DFWLYLWpV
SURIHVVLRQQHOOHVVRXVO
XQGHVWLWUHVSURIHVVLRQQHOVPHQWLRQQpVFLDSUqVRPLVVLV
E©(WDWPHPEUHG¶RULJLQHªO
eWDWPHPEUHGDQVOHTXHOO
DYRFDWDDFTXLVOHGURLWGHSRUWHUO
XQGHV
WLWUHV SURIHVVLRQQHOV YLVpV DX SRLQW D DYDQW G
H[HUFHU OD SURIHVVLRQ G
DYRFDW GDQV XQ DXWUH eWDW
PHPEUH
F ©WLWUH SURIHVVLRQQHO G¶RULJLQH ª OH WLWUH SURIHVVLRQQHO GH O
eWDWPHPEUH GDQVOHTXHO O
DYRFDW D
DFTXLVOHGURLWGHSRUWHUFHWLWUHDYDQWG
H[HUFHUODSURIHVVLRQG
DYRFDWGDQVO
eWDWPHPEUHG
DFFXHLO
G©JURXSHªWRXWHHQWLWpDYHFRXVDQVSHUVRQQDOLWpMXULGLTXHFRQVWLWXpHHQFRQIRUPLWpDYHFOD
OpJLVODWLRQ G
XQ eWDW PHPEUH DX VHLQ GH ODTXHOOH GHV DYRFDWV H[HUFHQW OHXUV DFWLYLWpV
SURIHVVLRQQHOOHVHQFRPPXQHWVRXVXQHGpQRPLQDWLRQFRPPXQH
H©DYRFDWLQVFULWªWRXWHSHUVRQQHTXLUpXQLWODFRQGLWLRQG¶DYRFDWYLVpHDXSRLQWDD\DQWpWp
LQVFULWH GDQV XQ EDUUHDX SRXU H[HUFHU OD SURIHVVLRQ HQ (VSDJQH GH IDoRQ SHUPDQHQWH VRXV VRQ
WLWUHSURIHVVLRQQHOG¶RULJLQH
&+$3,75(,,
([HUFLFHHQ(VSDJQHVRXVOHWLWUHSURIHVVLRQQHOG¶RULJLQH
$UWLFOH'URLWG¶H[HUFHUVRXVVRQWLWUHSURIHVVLRQQHOG¶RULJLQH
/HV DYRFDWV G¶DXWUHV (WDWV PHPEUHV DXURQW OH GURLW G¶H[HUFHU OHXU DFWLYLWp SURIHVVLRQQHOOH HQ
(VSDJQHHQDFFRUGDYHFOHVQRUPHVHWGLVSRVLWLRQVpWDEOLHVGDQVOHVDUWLFOHVVXLYDQWV
6(&7,21
,QVFULSWLRQDXEDUUHDX
$UWLFOH2EOLJDWLRQG¶LQVFULSWLRQDXEDUUHDX
/HVDYRFDWVG¶DXWUHV(WDWVPHPEUHVTXLSUpWHQGHQWH[HUFHUHQ(VSDJQHHQDFFRUGDYHFOHFRQWHQX
GHV GLVSRVLWLRQV GH FH 'pFUHW 5R\DO GHYURQW V¶LQVFULUH SUpDODEOHPHQW DXSUqV GH O¶DXWRULWp
FRPSpWHQWH TXL VHUD OH EDUUHDX FRUUHVSRQGDQW DX GRPLFLOH SURIHVVLRQQHO XQLTXH RX SULQFLSDO
H[LVWDQWVXUOHWHUULWRLUHHVSDJQRO
$UWLFOH)RUPDOLWpVGHO¶LQVFULSWLRQ
/¶LQVFULSWLRQ GH FHV DYRFDWV V¶HIIHFWXHUD HQ UHPSOLVVDQW OD FRUUHVSRQGDQWH UHTXrWH TXL GHYUD
rWUH PLVH j GLVSRVLWLRQ GHV LQWpUHVVpV GDQV WRXV OHV EDUUHDX[ G¶(VSDJQH HW GHYUD FRQWHQLU OHV
GRQQpHVVXLYDQWHV
D1RPHWSUpQRPGXGHPDQGHXU
E1DWLRQDOLWp
F3D\VROHWLWUHSURIHVVLRQQHOG¶DYRFDWDpWpREWHQX
G$XWRULWpFRPSpWHQWHGHO¶(WDWG¶RULJLQH
H'RPLFLOHSURIHVVLRQQHO
I'DQVOHFDVG¶DSSDUWHQDQFHjXQJURXSHGDQVO¶(WDWG¶RULJLQHGpQRPLQDWLRQ
HWIRUPHMXULGLTXHGHFHGHUQLHU
/DUHTXrWHG¶LQVFULSWLRQGHYUDrWUHDFFRPSDJQpHGHODGRFXPHQWDWLRQVXLYDQWH
D 3DVVHSRUW GRFXPHQW G¶LGHQWLWp RX DXWUH GRFXPHQW GpPRQWUDQW TXH O¶LQWpUHVVp SRVVqGH OD
QDWLRQDOLWp GH O¶XQ GHV (WDWV PHPEUHV GH O¶8QLRQ HXURSpHQQH RX GH O¶(VSDFH (FRQRPLTXH
(XURSpHQ
E &HUWLILFDWLRQ GH O¶LQVFULSWLRQ DXSUqV GH O¶DXWRULWp FRPSpWHQWH GH O¶(WDW PHPEUH G¶RULJLQH TXL
JDUDQWLWTXHO¶LQWpUHVVpHVWXQSURIHVVLRQQHOWHOTXHGpFULWjO¶DUWLFOHGHFH'pFUHW5R\DOHWTXLD
pWp pWDEOLH GDQV OHV WURLV PRLV SUpFpGHQWV OD GDWH GH VD SUpVHQWDWLRQHQ LQFOXDQW O¶LQIRUPDWLRQ
GLVFLSOLQDLUHFRUUHVSRQGDQWH
F7RXWDXWUHGRFXPHQWGpWHUPLQpSDUFKDTXHEDUUHDXVDQVTXHFHWWHQRXYHOOHGHPDQGHVXSSRVH
XQ SOXV G¶H[LJHQFH SDU UDSSRUW DX[ GRFXPHQWV UHTXLV GHV DYRFDWV HQ SRVVHVVLRQ G¶XQ WLWUH
HVSDJQRODXPRPHQWGHOHXULQVFULSWLRQDXEDUUHDX
7RXWGRFXPHQWSKRWRFRSLpGHYUDrWUHDXWKHQWLILpHWOHVGRFXPHQWVUpGLJpVGDQVODODQJXHG¶XQ
DXWUH(WDWPHPEUHGHYURQWrWUHDFFRPSDJQpVGHOHXUWUDGXFWLRQRIILFLHOOHHQHVSDJQRO
$UWLFOHV4XRWDVG¶LQVFULSWLRQ
/HV %DUUHDX[ GHV DYRFDWV SRXUURQW H[LJHU GHV LQWpUHVVpV O¶DERQQHPHQW GH TXRWDV G¶LQVFULSWLRQ
GDQVOHVFRQGLWLRQVVXLYDQWHV
D4XHFHX[FLQHVRLHQWSDVVXSpULHXUVDX[TXRWDVH[LJpVHQJpQpUDOGHVGHPDQGHXUVSRVVpGDQW
XQWLWUHHVSDJQRODXPRPHQWGHOHXULQVFULSWLRQDXEDUUHDX
E4XHFHX[FLVRLHQWDGpTXDWVDXVRXWLHQGHVIUDLVGXEDUUHDXSURSRUWLRQQHOOHPHQWDX[VHUYLFHV
GRQWSHXYHQWEpQpILFLHUFHVDYRFDWV
$UWLFOH3URFpGXUHG¶LQVFULSWLRQ
¬OD VXLWH GH OD SUpVHQWDWLRQ GH ODUHTXrWH DFFRPSDJQpH GH OD GRFXPHQWDWLRQPHQWLRQQpH DX
SRLQW GH O¶DUWLFOH OHV 0HPEUHV GH O¶([pFXWLI GX EDUUHDX GHYURQW VH SURQRQFHU VXU O¶LQVFULSWLRQ
GDQVXQGpODLPD[LPXPGHGHX[PRLVDSUqVOHTXHOFHOOHFLVHUDFRQVLGpUpHFRPPHDFFRUGpH
/HUpJLPHGHUHFRXUVHWUpYLVLRQG¶DFWHVpWDEOLSDUODORLGXQRYHPEUHGX5pJLPH
-XULGLTXH GHV $GPLQLVWUDWLRQV SXEOLTXHV HW GH OD 3URFpGXUH $GPLQLVWUDWLYH &RPPXQH VHUD
DSSOLFDEOHjFHWWHSURFpGXUHG¶LQVFULSWLRQ
$UWLFOH5HJLVWUHGHVDYRFDWVLQVFULWVLQIRUPDWLRQHWSXEOLFLWp
/HV EDUUHDX[ GHYURQW GLVSRVHU G¶XQ UHJLVWUH LQGpSHQGDQW GHV SURIHVVLRQQHOV LQVFULWV VRXV OH
V\VWqPHSUpYXGDQVFH'pFUHW5R\DORVHUDHQUHJLVWUpHWRXWHLQIRUPDWLRQDSSRUWpHDXPRPHQW
GHO¶LQVFULSWLRQ
'DQV XQ GpODL PD[LPXP GH TXLQ]H MRXUV j FRPSWHU GH OD GDWH G¶LQVFULSWLRQ OH EDUUHDX GHYUD
FRPPXQLTXHU O¶LQVFULSWLRQ DX &RQVHLO *pQpUDO GHV $YRFDWV (VSDJQROVHQ VSpFLILDQW O¶DXWRULWp
FRPSpWHQWHGHO¶(WDWPHPEUHG¶RULJLQHGHO¶LQWpUHVVpSRXUTXHOH&RQVHLO*pQpUDOUHQGHFRPSWHGH
FHWWH LQVFULSWLRQ j O¶DXWRULWp FRPSpWHQWH DLQVL TX¶DX 0LQLVWqUH GH OD -XVWLFH GDQV OHV TXLQ]H MRXUV
VXLYDQWV
4XDQG OHV EDUUHDX[ SXEOLHQW RX FRPPXQLTXHQW j TXL LO UHYLHQW OHV QRPV GH OHXUV DYRFDWV LOV
GRLYHQW pJDOHPHQW SXEOLHU HW FRPPXQLTXHU OHV QRPV GHV DYRFDWV LQVFULWV HQ YHUWX GH FH 'pFUHW
5R\DOHQIDLVDQWPHQWLRQGHFHWWHFLUFRQVWDQFHDLQVLTXHGXSD\VG¶RULJLQHGXWLWUHTXLOHXUSHUPHW
G¶H[HUFHUOHXUVDFWLYLWpVHQ(VSDJQH
6(&7,21
6WDWXWGHO¶©$YRFDW,QVFULWª
$UWLFOH3ULQFLSHJpQpUDOG¶DVVLPLODWLRQjO¶DYRFDWORFDO
,QGpSHQGDPPHQWGXUqJOHPHQWSURIHVVLRQQHOHWGpRQWRORJLTXHDXTXHOLOVVRQWVRXPLVGDQVOHXU
(WDWPHPEUHG¶RULJLQHXQHIRLVO¶LQVFULSWLRQUpDOLVpHGDQVXQEDUUHDXHVSDJQROFRQIRUPpPHQWjFH
TXL HVW VWLSXOp GDQV OHV DUWLFOHV TXL SUpFqGHQW OHV DYRFDWV SURYHQDQW GH SD\V GH O¶8QLRQ
HXURSpHQQH RX GH O¶(VSDFH (FRQRPLTXH (XURSpHQ TXL H[HUFHQW HQ (VSDJQH VRXV OHXU WLWUH
SURIHVVLRQQHO G¶RULJLQH GHYURQW VH VRXPHWWUH GDQV OHV FRQGLWLRQV JpQpUDOHV HW HQ UHODWLRQ DYHF
WRXWHDFWLYLWpH[HUFpHVXUOHWHUULWRLUHHVSDJQRODX[UqJOHVSURIHVVLRQQHOOHVHWGpRQWRORJLTXHVTXL
UpJLVVHQWOHVDYRFDWVTXLH[HUFHQWVRXVXQWLWUHHVSDJQRO
,OVVHURQWVXMHWVDX[PrPHVGURLWVGHYRLUVREOLJDWLRQVLQWHUGLFWLRQVHWLQFRPSDWLELOLWpVpWDEOLVSDU
OH6WDWXW*pQpUDOGHV$YRFDWV(VSDJQROVQ¶DGPHWWDQWSDVG¶DXWUHVH[FHSWLRQVHWGLIIpUHQFHVTXH
FHOOHVpQRQFpHVGDQVFH'pFUHW5R\DO
/DVXVSHQVLRQWHPSRUDLUHRXGpILQLWLYHGHO¶DXWRULVDWLRQSHUPHWWDQWG¶H[HUFHUODSURIHVVLRQGDQV
O¶(WDW G¶RULJLQHLQIOLJpH SDUO¶DXWRULWp FRPSpWHQWH GH FHW (WDWHQWUDvQHUD SRXU©O¶DYRFDWLQVFULW ª OD
VXVSHQVLRQWHPSRUDLUHRXGpILQLWLYHG¶H[HUFHUHQ(VSDJQHVRXVVRQWLWUHSURIHVVLRQQHOG¶RULJLQH
$UWLFOH2EOLJDWLRQG¶H[HUFHUIDLVDQWPHQWLRQH[SUHVVHGXWLWUHSURIHVVLRQQHOG¶RULJLQH
/HVDYRFDWVTXLH[HUFHQWHQ(VSDJQHVRXVOHXUWLWUHSURIHVVLRQQHOG¶RULJLQHVHURQWREOLJpVG¶HQ
IDLUHPHQWLRQ H[SUHVVH ,OV GHYURQW XWLOLVHUOD GpQRPLQDWLRQFRUUHVSRQGDQWH YLVpH DX SRLQW D GH
O¶DUWLFOH ,O HVW LQWHUGLW G¶XWLOLVHU OD GpQRPLQDWLRQ © DERJDGR ª H[SULPpH GDQV XQH TXHOFRQTXH
ODQJXHRIILFLHOOHG¶(VSDJQH
/RUVTXH©O¶DYRFDWLQVFULWªFRQVLGqUHQpFHVVDLUHG¶HQIDLUHPHQWLRQHWGDQVWRXVOHVFDVROD
GpQRPLQDWLRQ GX WLWUH SURIHVVLRQQHO FRwQFLGH GDQV SOXV G¶XQ (WDW PHPEUH OD PHQWLRQ GX SD\V
G¶RULJLQHGHYUDrWUHDMRXWpHjFHWLWUHSURIHVVLRQQHO
'H PrPH ORUVTXH OD UpJOHPHQWDWLRQ GH OD SURIHVVLRQ GDQV OH SD\V G¶RULJLQH LPSOLTXH GHV
OLPLWDWLRQVRXGHVVSpFLDOLWpVSDUUDSSRUWDXGRPDLQHG¶DFWLYLWpGH©O¶DYRFDWLQVFULWªXQHPHQWLRQ
GH O¶RUJDQLVDWLRQ SURIHVVLRQQHOOH G¶DSSDUWHQDQFH GDQV OH SD\V G¶RULJLQH DLQVL TXH GH OD RX GHV
LQVWDQFHVMXGLFLDLUHVGHYDQWOHVTXHOOHVLOHVWKDELOLWpjH[HUFHUGHYURQWrWUHDMRXWpHV
$UWLFOH'RPDLQHG¶DFWLYLWp
/HV DYRFDWV TXL H[HUFHQW HQ (VSDJQH VRXV OHXU WLWUH SURIHVVLRQQHO G¶RULJLQH DFFRPSOLURQW OHV
PrPHVDFWLYLWpVSURIHVVLRQQHOOHVTXHOHVDYRFDWVTXLH[HUFHQWVRXVXQWLWUHHVSDJQROHWSRXUURQW
SDUWLFXOLqUHPHQW GRQQHU GHV FRQVXOWDWLRQV MXULGLTXHV QRWDPPHQW GDQV OH GURLW GH O
eWDW PHPEUH
G
RULJLQHHQGURLWFRPPXQDXWDLUHHQGURLWLQWHUQDWLRQDOHWHQGURLWHVSDJQRO
(Q FH TXL FRQFHUQH OHV DFWLYLWpV GH GpIHQVH GX FOLHQW ORUVTXH O¶LQWHUYHQWLRQ G¶XQ DYRFDW HVW
UHTXLVHHQDSSOLFDWLRQGHODOpJLVODWLRQHVSDJQROHSRXUGHVDFWHVGHYDQWOHVWULEXQDX[RXGHYDQW
OHVRUJDQLVPHVSXEOLFVjIRQFWLRQVMXULGLFWLRQQHOOHVDLQVLTXHSRXUO¶DVVLVWDQFHFRPPXQLFDWLRQHW
YLVLWHV GHV GpWHQXV RX SULVRQQLHUV ©O¶DYRFDWLQVFULW ª SRXUUD H[HUFHU GH FRQFHUW DYHF XQ DYRFDW
G¶XQEDUUHDXHVSDJQRO
&HWWHFRQFHUWDWLRQVHUDpJDOHPHQWQpFHVVDLUHGDQVOHFDVRO¶LQWHUYHQWLRQG¶XQDYRFDWQ¶HVWSDV
REOLJDWRLUHVLO¶LQWpUHVVpQ¶LQWHUYLHQWSDVGHOXLPrPHGHYDQWO¶LQVWDQFHMXGLFLDLUHFDUVHXOXQDYRFDW
SRXUUDLQWHUYHQLU
/HVQRUPHVLQWHUQHVGHSURFpGXUHVHURQWWRXMRXUVUHVSHFWpHVHWLOFRUUHVSRQGjO¶DYRFDWTXLDJLWGH
FRQFHUWG¶DVVXPHUOHVUHVSRQVDELOLWpVYLVjYLVGHVLQVWDQFHVMXGLFLDLUHVHWGHVRUJDQLVPHVSXEOLFV
/HV©DYRFDWVLQVFULWVªQHSRXUURQWrWUHLQWpJUpVDX[OLVWHVG¶DVVLJQDWLRQGHGHIHQVHG¶RIILFHGHV
EDUUHDX[QLH[HUFHUGHVDFWLYLWpVTXLVRQWUpVHUYpHVHQ(VSDJQHjG¶DXWUHVSURIHVVLRQVPrPHV¶LOV
\VRQWDXWRULVpVGDQVOHXUSD\VG¶RULJLQH
/HV © DYRFDWV LQVFULWV ª SRXUURQW H[HUFHU HQ (VSDJQH SRXU OHXU SURSUH FRPSWH RX HQ TXDOLWp
G¶DYRFDW SRXU OH FRPSWH G¶DXWUHV SHUVRQQHV SK\VLTXHV RX MXULGLTXHV GDQV OD PHVXUH R OD
UpJOHPHQWDWLRQDSSOLFDEOHDX[DYRFDWVH[HUoDQWVRXVXQWLWUHHVSDJQROOHSHUPHW
$UWLFOH'URLWGHYRWH
/HEDUUHDXJDUDQWLUDDX[©DYRFDWVLQVFULWVªOHGURLWGHYRWHDX[pOHFWLRQVGX3RXYRLU([pFXWLIGHV
%DUUHDX[GDQVGHVFRQGLWLRQVLGHQWLTXHVjFHOOHVTXLVRQWpWDEOLHVSRXUOHUHVWHGHVDYRFDWVGHFH
%DUUHDX
$UWLFOH$VVXUDQFHUHVSRQVDELOLWpSURIHVVLRQQHOOH
/¶DYRFDWLQVFULW VRXV XQ WLWUH SURIHVVLRQQHO G¶RULJLQH VHUD VRXPLV DX[ GLVSRVLWLRQV UpJXODWULFHV GH
O¶DVVXUDQFH UHVSRQVDELOLWp SURIHVVLRQQHOOH GHV DYRFDWV VRXV XQ WLWUH SURIHVVLRQQHO HVSDJQRO j
PRLQV TX¶LO MXVWLILH rWUH HQ SRVVHVVLRQ G¶XQH DVVXUDQFH RX G¶XQH JDUDQWLH VRXVFULWHV GDQV O¶(WDW
PHPEUHG¶RULJLQHGDQVODPHVXUHRLOH[LVWHXQHpTXLYDOHQFH
SDUUDSSRUWjODPRGDOLWpHWDX[JDUDQWLHV6LO¶pTXLYDOHQFHHVWVHXOHPHQWSDUWLHOOHLOVHUDVRXPLVHQ
UHODWLRQDYHFOHVSDUWLHVQRQpTXLYDOHQWHVDX[GLVSRVLWLRQVDSSOLFDEOHVDX[DYRFDWVGLVSRVDQWG¶XQ
WLWUHSURIHVVLRQQHOHVSDJQRO
$UWLFOH5HVSRQVDELOLWpGLVFLSOLQDLUH
(Q DFFRUG DYHF FH TXL HVW VWLSXOp j O¶DUWLFOH ORUVTX¶XQ © DYRFDW LQVFULW ª PDQTXH jVHV
REOLJDWLRQV SURIHVVLRQQHOOHV RX QRUPHV GpRQWRORJLTXHV HQ YLJXHXU HQ (VSDJQH OHV UqJOHV GH
SURFpGXUHOHVVDQFWLRQVHWOHVUHFRXUVSUpYXVSRXUWRXWDYRFDWGXEDUUHDXVHURQWG¶DSSOLFDWLRQ
D $YDQW G
RXYULU XQH SURFpGXUH GLVFLSOLQDLUH j O
HQFRQWUH GH O
DYRFDW H[HUoDQW VRXV VRQ WLWUH
SURIHVVLRQQHOG
RULJLQHOHEDUUHDXHQLQIRUPHUDGDQVOHVSOXVEUHIVGpODLVO
DXWRULWpFRPSpWHQWHGH
O
eWDWPHPEUHG
RULJLQHHQOXLGRQQDQWWRXWHVOHVLQIRUPDWLRQVXWLOHV
E 6DQV SUpMXGLFH GX SRXYRLU GpFLVLRQQHO GX EDUUHDX FHOXLFL FRRSqUHUD WRXW DX ORQJ GH OD
SURFpGXUH GLVFLSOLQDLUH DYHF O¶DXWRULWp FRPSpWHQWH GH O¶(WDW PHPEUH G¶RULJLQH (Q SDUWLFXOLHU LO
SUHQGUD OHV GLVSRVLWLRQV QpFHVVDLUHV SRXU TXH O
DXWRULWp FRPSpWHQWH GH O
eWDW PHPEUH G
RULJLQH
SXLVVHIDLUHGHVREVHUYDWLRQVGHYDQWOHVLQVWDQFHVGHUHFRXUV
F%LHQTX
LOQHVRLWSDVXQSUpDODEOHjODGpFLVLRQGXEDUUHDXOHUHWUDLWWHPSRUDLUHRXGpILQLWLIGH
O
DXWRULVDWLRQG
H[HUFHUODSURIHVVLRQSDUO
DXWRULWpFRPSpWHQWHGHO
eWDWPHPEUHG
RULJLQHHQWUDvQHUD
DXWRPDWLTXHPHQW SRXUO
DYRFDWFRQFHUQpO
LQWHUGLFWLRQWHPSRUDLUH RX GpILQLWLYH G
H[HUFHU VRXV VRQ
WLWUHSURIHVVLRQQHOG
RULJLQHHQ(VSDJQH
G/HEDUUHDXGHYUDFRPPXQLTXHUODUpVROXWLRQILQDOHGHODSURFpGXUHGLVFLSOLQDLUHTXLGHYUDrWUH
G€PHQW PRWLYpH j O¶DXWRULWp FRPSpWHQWH GH O¶(WDW G¶RULJLQH GH O¶DYRFDW FRQFHUQp /D UpVROXWLRQ
SRXUUDIDLUHO¶REMHWGHUHFRXUVMXGLFLDLUHV
SUpYXVSDUODUpJOHPHQWDWLRQDSSOLFDEOHDX[DYRFDWVH[HUoDQWVRXVOHXUWLWUHHVSDJQRO
'DQVOHEXWGHFHQWUDOLVHUO¶LQIRUPDWLRQHWSRXUJDUDQWLUGDQVWRXVOHVFDVTXHO¶LPSRVLWLRQG¶XQH
VDQFWLRQ GLVFLSOLQDLUH HVW FRQQXH SDU OH UHVWH GHV EDUUHDX[ OD FRRSHUDWLRQ HQWUH OH EDUUHDX GH
O¶DYRFDW FRQFHUQp HW O¶DXWRULWp FRPSpWHQWH GH O¶(WDW G¶RULJLQH DLQVL TXH OHV GLIIpUHQWV HQYRLV
UpFLSURTXHVG¶LQIRUPDWLRQPHQWLRQQpHGDQVODVHFWLRQSUpFpGHQWHV¶HIIHFWXHURQWSDUO¶LQWHUPpGLDLUH
GX&RQVHLO*pQpUDOGHV$YRFDWV(VSDJQROV
6(&7,21
1RUPHVDSSOLFDEOHVDX[©$YRFDWV,QVFULWVªHQUDSSRUWDYHFO¶H[HUFLFHGHODSURIHVVLRQHQJURXSH
$UWLFOH([HUFLFHGHODSURIHVVLRQHQJURXSH
/HV DYRFDWV TXL H[HUFHQW HQ (VSDJQH VRXV OHXU WLWUH SURIHVVLRQQHO G¶RULJLQHHW TXL VRQWLQVFULWV
DXSUqV GX EDUUHDX HQ DFFRUG DYHF OHV GLVSRVLWLRQV pQRQFpHV GDQV FH 'pFUHW 5R\DO SRXUURQW
H[HUFHU HQ JURXSH HW VHURQW VRXPLV DX[ PrPHV QRUPHV PRGDOLWpV LQWHUGLFWLRQV HW OLPLWDWLRQV
pWDEOLHV SRXU OHV DYRFDWV GLVSRVDQW G¶XQ WLWUH HVSDJQRO /HV QRUPHV VXLYDQWHV OHXU VHURQW
SDUWLFXOLqUHPHQWDSSOLTXpHV
D8QRXSOXVLHXUV©DYRFDWVLQVFULWVªPHPEUHVG¶XQPrPHJURXSHGDQVO¶(WDWG¶RULJLQHSRXUURQW
SUDWLTXHUOHXUVDFWLYLWpVSURIHVVLRQQHOOHVGDQVOHFDGUHG
XQHVXFFXUVDOHRXG
XQHDJHQFHGHOHXU
JURXSH HQ (VSDJQH 7RXWHIRLV ORUVTXH OHV UqJOHV IRQGDPHQWDOHV TXL UpJLVVHQW FH JURXSH GDQV
O
eWDW PHPEUH G
RULJLQH VRQW LQFRPSDWLEOHV DYHF OHV UqJOHV IRQGDPHQWDOHV GpFRXODQW GHV
GLVSRVLWLRQVOpJLVODWLYHV UpJOHPHQWDLUHV HW DGPLQLVWUDWLYHV HVSDJQROHV FHV GHUQLqUHV GLVSRVLWLRQV
VRQWG¶DSSOLFDWLRQ
E 'HX[ RX SOXVLHXUV © DYRFDWVLQVFULWV ª TXL SURYLHQQHQW G
XQPrPH JURXSH RX G
XQPrPH eWDW
PHPEUH G
RULJLQH SRXUURQW V¶DVVRFLHU HW H[HUFHU HQ JURXSH HQ (VSDJQH ELHQ TXH VRXPLV DX[
OLPLWDWLRQVHWPRGDOLWpVpWDEOLHVSDUOHVGLVSRVLWLRQVOpJLVODWLYHVUpJOHPHQWDLUHVHWDGPLQLVWUDWLYHV
DSSOLFDEOHVDX[DYRFDWVH[HUoDQWVRXVXQWLWUHHVSDJQRO
F3OXVLHXUV©DYRFDWVLQVFULWVªSURYHQDQWG¶(WDWVG¶RULJLQHGLIIpUHQWVSRXUURQWH[HUFHUHQJURXSH
HQ(VSDJQHDLQVLTX¶XQRXSOXVLHXUV©DYRFDWVLQVFULWVªSURYHQDQWG¶(WDWVG¶RULJLQHGLIIpUHQWVHW
XQ RX SOXVLHXUV DYRFDWV H[HUoDQW VRXV OHXU WLWUH HVSDJQROHQ GHPHXUDQW pJDOHPHQW VRXPLV j OD
UpJOHPHQWDWLRQPHQWLRQQpHGDQVOHSDUDJUDSKHSUpFpGHQW
G /HV © DYRFDWV LQVFULWV ª QH SRXUURQW SDV H[HUFHU HQ (VSDJQH HQ TXDOLWp GH PHPEUHV GH OHXU
JURXSH VL FH JURXSH FRPSRUWH GHV SHUVRQQHV H[WpULHXUHV j OD SURIHVVLRQ DYHF OHVTXHOOHV OHV
DYRFDWV H[HUoDQW VRXV OHXU WLWUH HVSDJQRO /H JURXSH VHUD FRQVLGpUp FRPPH FRPSRUWDQW GHV
SHUVRQQHV H[WpULHXUHV j OD SURIHVVLRQ ORUVTXH FHOOHVFL QH UpXQLVVHQW SDV OHV FRQGLWLRQV G¶DYRFDW
GpILQLHV GDQV OH SRLQW D GH O¶DUWLFOH GH FH 'pFUHW 5R\DO VRQW HQ SRVVHVVLRQ WRWDOHPHQW RX
SDUWLHOOHPHQW GX FDSLWDO GX JURXSH XWLOLVHQW OD GpQRPLQDWLRQ DYHF ODTXHOOH H[HUFH OH JURXSH RX
H[HUFHQWOHSRXYRLUGHGpFLVLRQGDQVOHJURXSHHQIDLWRXHQGURLW
/RUVTXHOHVUqJOHVIRQGDPHQWDOHVUpJLVVDQWXQWHOJURXSHG
DYRFDWVGDQVO
eWDWPHPEHUG
RULJLQH
VRQWLQFRPSDWLEOHVDYHFOHVUqJOHVHVSDJQROHVHQYLJXHXUO¶(VSDJQHSHXWV¶RSSRVHUjO
RXYHUWXUH
G
XQHVXFFXUVDOHRXG
XQHDJHQFHVXUVRQWHUULWRLUH
/HV EDUUHDX[ GDQV OH FDGUH GH OHXUV FRPSpWHQFHV YHLOOHURQW j O¶DFFRPSOLVVHPHQW GH FHV
QRUPHV$FHWHIIHWVLQpFHVVDLUHLOVGHPDQGHURQWjO¶DXWRULWpFRPSpWHQWHGHO¶(WDWG¶RULJLQHWRXWH
LQIRUPDWLRQ FRPSOpPHQWDLUH UHODWLYH j OD UpJOHPHQWDWLRQ LQWHUQH GH O¶H[HUFLFH HQ JURXSH GH OD
SURIHVVLRQ
$UWLFOH0HQWLRQGHO¶DSSDUWHQDQFHjXQJURXSH
4XHOOHVTXHVRLHQWOHVPRGDOLWpVG¶DSUqVOHVTXHOOHVOHV©DYRFDWVLQVFULWVªH[HUFHQWOHXUSURIHVVLRQ
HQ(VSDJQHHWVDQVSUpMXGLFHGHVQRUPHVpQRQFpHVGDQVO¶DUWLFOHSUpFpGHQWVLGDQVO¶(WDWG¶RULJLQH
LOVFRQVWLWXHQWXQJURXSHLOVSHXYHQWIDLUHPHQWLRQGHODGpQRPLQDWLRQGXJURXSHGXUDQWO¶H[HUFLFH
GHOHXUDFWLYLWpSURIHVVLRQQHOOHHQ(VSDJQH'DQVFHFDVLOVGHYURQWpJDOHPHQWLQGLTXHUODIRUPH
MXULGLTXHGXJURXSHHWOHVQRPVGHVPHPEUHVGXJURXSHH[HUoDQWOHXUDFWLYLWpHQ(VSDJQH
&+$3,75(,,,
,QWpJUDWLRQGDQVODSURIHVVLRQ
$UWLFOH'URLWjO¶LQWpJUDWLRQHQWDQWTX¶DYRFDWHVSDJQRO
/HVDYRFDWVTXLH[HUFHQWHQ(VSDJQHVRXVOHXUWLWUHSURIHVVLRQQHOG¶RULJLQHHWTXLRQWIRUPDOLVp
OHXULQVFULSWLRQGDQVXQEDUUHDXFRQIRUPpPHQWDX[VWLSXODWLRQVGHODVHFWLRQDGXFKDSLWUH,,GH
FH'pFUHW5R\DOSRXUURQWVROOLFLWHUHWREWHQLUO¶LQWpJUDWLRQGDQVODSURIHVVLRQVDQVDYRLUjUHFRXULUj
ODSURFpGXUHGHUHFRQQDLVVDQFHGHOHXUWLWUHSURIHVVLRQQHO
WHOTXHUpJOHPHQWpGDQVO¶2UGUHGX0LQLVWqUHGHOD-XVWLFHGXDYULOTXLVHGpYHORSSHGDQV
OH 'pFUHW 5R\DO GX RFWREUH FRQFHUQDQW OHV SURIHVVLRQV G¶DYRFDW HW G¶DYRXp j
FRQGLWLRQ GH MXVWLILHU XQH DFWLYLWp HIIHFWLYH HW UpJXOLqUH HQ (VSDJQH G¶XQH GXUpHPLQLPDOH GH WURLV
DQVFRQIRUPpPHQWjODSURFpGXUHHWDX[PRGDOLWpVpWDEOLHVGDQVOHVDUWLFOHVVXLYDQWV
$X[ HIIHWV GH FH TXL HVW VWLSXOp GDQV FH 'pFUHW 5R\DO RQ FRQVLGqUHUD © DFWLYLWp HIIHFWLYH HW
UpJXOLqUHªO¶H[HUFLFHHIIHFWLIGHO¶DFWLYLWpSURIHVVLRQQHOOHSURSUHGHO¶DYRFDWVDQVDXWUHLQWHUUXSWLRQ
TXHFHOOHVTXLGpFRXOHQWGHVpYpQHPHQWVGHODYLHFRXUDQWH
$UWLFOH3URFpGXUHSRXUO¶LQVFULSWLRQDXEDUUHDX
'qVO¶pFRXOHPHQWGHWURLVDQQpHVjFRPSWHUGHODIRUPDOLVDWLRQGHO¶LQVFULSWLRQGDQVXQEDUUHDX
OHV DYRFDWV TXL H[HUFHQW HQ (VSDJQH VRXV XQ WLWUH SURIHVVLRQQHO G¶RULJLQH SRXUURQW VROOLFLWHU
O¶LQFRUSRUDWLRQ j FH EDUUHDXHQ SUpVHQWDQW OD UHTXrWH FRUUHVSRQGDQWH DFFRPSDJQpH GH WRXW
GRFXPHQWHWWRXWHLQIRUPDWLRQXWLOHVQRWDPPHQWUHODWLYHDXQRPEUHHWjODQDWXUHGHVDIIDLUHVTX¶LOV
RQWpWXGLpHV
$ODUpFHSWLRQGHODUHTXrWHG¶LQVFULSWLRQOHEDUUHDXDQDO\VHUDHWMXJHUDWRXWHO¶LQIRUPDWLRQHWOHV
GRFXPHQWVSUpVHQWpVSDUOHGHPDQGHXU
(Q FDV GH EHVRLQ OH EDUUHDX SHXW LQYLWHU O¶DYRFDW j IRXUQLU RUDOHPHQW RX SDU pFULW GHV
FODULILFDWLRQVRXGHVSUpFLVLRQVDGGLWLRQQHOOHVUHODWLYHVDX[LQIRUPDWLRQVHWGRFXPHQWVSUpVHQWpV
$YDQW G¶DGRSWHU OD UpVROXWLRQ FRUUHVSRQGDQWH OH EDUUHDX VROOLFLWHUD XQ UDSSRUW DX &RQVHLO
*pQpUDOGHV$YRFDWV(VSDJQROV
$UWLFOH5pVROXWLRQGHODSURFpGXUH
6XLWHjO¶DFFRPSOLVVHPHQWGHVGpPDUFKHVDQWpULHXUHVHWGDQVXQGpODLGHWURLVPRLVjSDUWLUGHOD
UHTXrWH G¶LQVFULSWLRQ OH EDUUHDX DGRSWHUD OD GpFLVLRQ FRUUHVSRQGDQWH TXL FRQWLHQGUD XQ GHV
SURQRQFpVVXLYDQWV
D5HIXVG¶LQVFULSWLRQHQFRQVLGpUDWLRQG¶XQPDQTXHGHMXVWLILFDWLRQGHO¶H[HUFLFHHIIHFWLIHWUpJXOLHU
HQ (VSDJQH G¶DX PRLQV WURLV DQV GDQV OHV WHUPHV GH O¶DUWLFOH GH FH 'pFUHW 5R\DO RX HQ
FRQVLGpUDWLRQG¶H[LVWHQFHGHPRWLIVG
RUGUHSXEOLFUHODWLIVjGHVSRXUVXLWHVGLVFLSOLQDLUHVSODLQWHV
RXLQFLGHQWVGHTXHOTXHDXWUHJHQUH
E ,QWpJUDWLRQ GX GHPDQGHXU DX EDUUHDX HVSDJQRO VDQV DYRLU j UHFRXULU j OD SURFpGXUH GH
UHFRQQDLVVDQFHGXWLWUHSURIHVVLRQQHOUpJOHPHQWpHSDUO¶2UGUHGX0LQLVWqUHGHOD-XVWLFHGXDYULO
HQ WDQW TXH MXVWLILpH VRQ DFWLYLWp HIIHFWLYH HW UpJXOLqUH HQ (VSDJQH G¶XQH GXUpH PLQLPXP GH
WURLVDQVGDQVOHGRPDLQHGXGURLW(VSDJQRODLQVLTXHGDQVFHOXLGXGURLWFRPPXQDXWDLUH
F([LJHQFHGHVRXPHWWUHOHGHPDQGHXUjXQHQWUHWLHQDXEDUUHDXFDUELHQTXHO¶DYRFDWDLWMXVWLILp
XQH DFWLYLWp HIIHFWLYH HW UpJXOLqUH HQ (VSDJQH G¶XQH GXUpH PLQLPXP GH WURLV DQV FHOOHFL D pWp
G¶XQHGXUpHLQIpULHXUHGDQVOHVPDWLqUHVUHODWLYHVDXGURLWHVSDJQRO'DQVFHFDVDSUqVO¶HQWUHWLHQ
TXL D SRXU REMHW OD YpULILFDWLRQ GX FDUDFWqUH HIIHFWLI HW UpJXOLHU GH O¶DFWLYLWp H[HUFpHHW DSUqV DYRLU
pWXGLp WRXWH O¶LQIRUPDWLRQ HW GRFXPHQWDWLRQ DSSRUWpHV HQ UDSSRUW DYHF OHV GRVVLHUV WUDLWpV SDU OH
GHPDQGHXU HW HQ UDSSRUW DYHF VHV FRQQDLVVDQFHV HW VRQ H[SHULHQFH SURIHVVLRQQHOOH HQ GURLW
HVSDJQRODLQVLTXHVDSDUWLFLSDWLRQjGHVFRXUVRXGHVVpPLQDLUHVSRUWDQWVXUOHGURLWHQTXHVWLRQ
\FRPSULVOHVQRUPHVUHODWLYHVj
O¶H[HUFLFH GH OD SURIHVVLRQ HW OD GpRQWRORJLH OH EDUUHDX GpFLGHUD ILQDOHPHQW VRLW G¶DXWRULVHU
O¶LQWpJUDWLRQGHO¶DYRFDWGDQVODSURIHVVLRQVDQVDYRLUjUHFRXULUjODSURFpGXUHGHUHFRQQDLVVDQFH
GX WLWUH SURIHVVLRQQHO VRLW GH UHIXVHU FHWWH LQWpJUDWLRQ DLQVL TXH OHV HIIHWV TXL SURFqGHQW GDQV
FKDTXHFDV
'DQV WRXV OHV FDV OD GpFLVLRQ DGRSWpH SDU OH EDUUHDX GHYUD rWUH G€PHQW PRWLYpH HW VHUD
VXVFHSWLEOH GHV PrPHV UHFRXUV MXULGLFWLRQQHOV GH GURLW LQWHUQH pWDEOLV HQ JpQpUDO SRXU OHV
SURFpGXUHVG¶LQVFULSWLRQHIIHFWXpHVSDUOHVGHPDQGHXUVGLVSRVDQWG¶XQWLWUHHVSDJQRO
$UWLFOH(IIHWVGHODUpVROXWLRQ
6L OH EDUUHDX UHIXVH ILQDOHPHQW O¶LQWpJUDWLRQ GDQV OD SURIHVVLRQ O¶LQWpUHVVp SRXUUD FRQWLQXHU
G¶H[HUFHUHQ(VSDJQHHQWDQWTX¶©DYRFDWLQVFULWªWRXWHQOXLUHVWDQWDSSOLFDEOHVOHVVSpFLDOLWpVHW
OLPLWDWLRQV pWDEOLHV GDQV OHV VHFWLRQV D HW D GX FKDSLWUH ,, GH FH 'pFUHW 5R\DO 'H PrPH LO
SRXUUDXWLOLVHUOHGURLWTXLUHYLHQWjWRXWHVOHVSHUVRQQHVTXLSRVVqGHQWXQ
WLWUH G¶DYRFDW GDQV XQ TXHOFRQTXH (WDW GH O¶8QLRQ HXURSpHQQH RX IDLVDQW SDUWLH GH O¶$FFRUG VXU
O¶(VSDFH (FRQRPLTXH (XURSpHQ TX¶HOOHV SRVVqGHQW RX QRQ OD FRQGLWLRQ G¶© DYRFDW LQVFULW ª GH
VROOLFLWHUODUHFRQQDLVVDQFHHQ(VSDJQHGHFHWLWUHSURIHVVLRQQHOHQDFFRUGDYHFFHTXLHVWVWLSXOp
GDQVO¶2UGUHGX0LQLVWqUHGHOD-XVWLFHGXDYULO
6LOHEDUUHDXGpFLGHG¶DXWRULVHUO¶LQWpJUDWLRQGDQVODSURIHVVLRQVDQVDYRLUUHFRXUVjODSURFpGXUH
UpJOHPHQWpH GDQV O¶2UGUH GX 0LQLVWqUH GH OD -XVWLFH GX DYULO O¶LQWpUHVVp GHYUD SURFpGHU
DX[GpPDUFKHVG¶LQVFULSWLRQUHTXLVHVSDUOHEDUUHDXSRXUREWHQLUO¶LQWpJUDWLRQjFHOXLFL
$FHVHIIHWVFKDTXHEDUUHDXpWDEOLUDOHVFRQGLWLRQVG¶LQVFULSWLRQjVXLYUHOHVTXHOOHVSHXYHQWLQFOXUH
O¶DERQQHPHQWGHTXRWDVVLOHSD\HPHQWGHFHOOHVFLQ¶DSDVpWpGpMjH[LJp
GDQVVDWRWDOLWpDXPRPHQWGHO¶LQVFULSWLRQHQDFFRUGDYHFFHTXLHVWVWLSXOpDX[DUWLFOHVHWGH
FH'pFUHW5R\DO
'€PHQW IRUPDOLVpH O¶LQVFULSWLRQ DX EDUUHDX O¶LQWpUHVVp VHUD FRQVLGpUp © DERJDGR ª j WRXV OHV
HIIHWVHW OXL VHURQW GRQF DSSOLFDEOHV VDQV DXFXQH VSpFLILFLWp QL TXHOFRQTXH OLPLWDWLRQ OHV QRUPHV
UpJXODWULFHVGHODSURIHVVLRQHQ(VSDJQHHWDXUDOHGURLWG¶XWLOLVHUOHWLWUHSURIHVVLRQQHOG¶©DERJDGR
ªHQ\DMRXWDQWV¶LOOHGpVLUHODPHQWLRQGXWLWUHSURIHVVLRQQHOG¶RULJLQH
$UWLFOH&RPPXQLFDWLRQGHODGpFLVLRQHWGHVLQVFULSWLRQVDX[EDUUHDX[
$SDUWLUGHODGpFLVLRQSULVHSDUOHEDUUHDXGDQVOHVWHUPHVGHFHTXLHVWVWLSXOpjO¶DUWLFOH
FHOOHFL VHUD WUDQVPLVH GDQV XQ GpODL PD[LPXP GH TXLQ]H MRXUV j O¶DXWRULWp FRPSpWHQWH GH
O¶(WDW G¶RULJLQH GH O¶LQWpUHVVp DX &RQVHLO *pQpUDO GHV $YRFDWV (VSDJQROV HW DX 0LQLVWqUH GH OD
-XVWLFH
(JDOHPHQW GDQV XQ GpODL GH TXLQ]H MRXUV j SDUWLU GH OHXU IRUPDOLVDWLRQ OHV LQVFULSWLRQV DX[
EDUUHDX[UpDOLVpHVHQIRQFWLRQGHFHTXLHVWVWLSXOpDXSRLQWGHO¶DUWLFOHVHURQWFRPPXQLTXpHV
DX[RUJDQLVPHVPHQWLRQQpVGDQVODVHFWLRQSUpFpGHQWH
$UWLFOH&RQILGHQWLDOLWpGHO¶LQIRUPDWLRQ
7RXWHV OHV DXWRULWpV HW RUJDQLVPHV D\DQW SULV SDUW j OD SURFpGXUH UpJOHPHQWpH SDU FH 'pFUHW
5R\DODVVXUHURQWODFRQILGHQWLDOLWpGHVLQIRUPDWLRQVpFKDQJpHV
/HV LQWpUHVVpV SRXUURQW VROOLFLWHU j WRXW PRPHQW OD UHVWLWXWLRQ GHV GRFXPHQWV SUpVHQWpV DX[
EDUUHDX[
&+$3,75(,9
1RUPHVDSSOLFDEOHVDX[DYRFDWVTXLH[HUFHQWGHIDoRQSHUPDQHQWHVRXVOHXUWLWUHHVSDJQROGDQV
G¶DXWUHV(WDWVPHPEUHV
$UWLFOH$XWRULWpFRPSpWHQWHSRXUFHUWLILHUODFRQGLWLRQG¶DYRFDW
/¶DXWRULWp FRPSpWHQWH SRXU FHUWLILHU GHYDQW OHV DXWRULWpV G¶DXWUHV (WDWV PHPEUHV GH OD FRQGLWLRQ
G¶DYRFDW HQ (VSDJQH WHOOH TX¶HOOH SDUDvW GpILQLH DX SRLQW D GH OD VHFWLRQ GH O¶DUWLFOH GH OD
GLUHFWLYH&(HVWOHEDUUHDXTXLFRUUHVSRQGjOD]RQHJpRJUDSKLTXHGXGRPLFLOHSURIHVVLRQQHO
XQLTXHRXSULQFLSDOGHO¶LQWpUHVVp
$UWLFOH ,QIRUPDWLRQ UHODWLYH DX[ DYRFDWV GLVSRVDQW G¶XQ WLWUH HVSDJQRO TXL V¶LQVFULYHQW GDQV
G¶DXWUHV(WDWVPHPEUHV
4XDQG XQ DYRFDW HQ SRVVHVVLRQ G¶XQWLWUH HVSDJQRO V¶LQVFULW GHYDQWO¶DXWRULWp FRPSpWHQWHG¶XQ
DXWUH (WDW PHPEUH SRXU \ H[HUFHU GH IDoRQ SHUPDQHQWH HQ EDVH j FH WLWUH LO FRUUHVSRQGUD DX
EDUUHDX GH OD ]RQH JpRJUDSKLTXH GX GRPLFLOH SURIHVVLRQQHO XQLTXH RX SULQFLSDO GH O¶LQWpUHVVp GH
UHFHYRLUODFRPPXQLFDWLRQTXHGRLWUHPHWWUHO¶DXWRULWpFRPSpWHQWHGHO¶(WDWPHPEUHG¶DFFXHLO
/HV EDUUHDX[ HVSDJQROV GHYURQW WHQLU j MRXU XQH OLVWH GHV DYRFDWV FLWpV GDQV OD VHFWLRQ
SUpFpGHQWHDILQGHSRUWHUjWHUPHOHVREOLJDWLRQVG¶LQIRUPDWLRQHWGHFROODERUDWLRQVWLSXOpHVGDQVOD
GLUHFWLYH &( HWHQ SDUWLFXOLHU O¶REOLJDWLRQ GH FRPPXQLTXHU j O¶DXWRULWp FRPSpWHQWH GH O¶(WDW
PHPEUH G¶DFFXHLO O¶HQJDJHPHQW GH SURFpGXUHV GLVFLSOLQDLUHV VL HOOHV DYDLHQW OLHXHQ JDUDQWLVVDQW
WRXMRXUVODFRQILGHQWLDOLWpGHO¶LQIRUPDWLRQpFKDQJpH
/DOLVWHGHVDYRFDWVPHQWLRQQpHGDQVOHSDUDJUDSKHSUpFpGHQWDLQVLTXHWRXWHPRGLILFDWLRQTXL
DOLHXVHUDWUDQVPLVHSDUOHVEDUUHDX[DX&RQVHLO*pQpUDOGHV$YRFDWV(VSDJQROVHWDX0LQLVWqUH
GHOD-XVWLFH
'LVSRVLWLRQ VXSSOpPHQWDLUH XQLTXH &RQVHLOV GHV %DUUHDX[ GHV &RPPXQDXWpV $XWRQRPHV 'DQV
OHV &RPPXQDXWpV $XWRQRPHV R LO H[LVWH GHV &RQVHLOV GHV %DUUHDX[ GH OD &RPPXQDXWp
$XWRQRPH OHV FRPPXQLFDWLRQV UpJOHPHQWpHV GDQV OH SUpVHQW 'pFUHW 5R\DO HQWUH OH &RQVHLO
*pQpUDOGHV$YRFDWV(VSDJQROVHWOHVEDUUHDX[pWDEOLVGDQVOHXUV]RQHVJpRJUDSKLTXHVDXURQWOLHX
PR\HQQDQWOH&RQVHLOGH%DUUHDX[GHOD&RPPXQDXWp$XWRQRPH
FRUUHVSRQGDQW
5HSXEEOLFD6ORYHQD
D QR]LRQLJHQHUDOL
³1HOOD 5HSXEEOLFD GL 6ORYHQLD XQ DYYRFDWR FRQ WLWROR XQLYHUVLWDULR SXz HVHUFLWDUH XQD VHULH GL
SURIHVVLRQL FRPSUHVH TXHOOH GL JLXGLFH DVVLVWHQWH OHJDOH SURFXUDWRUH DYYRFDWR GHOOR 6WDWR
DYYRFDWRHQRWDLRSRLFKpWDOLSURIHVVLRQLIDQQRSDUWHGHOO
DPPLQLVWUD]LRQHGHOODJLXVWL]LD
*LXGLFL
/RVWDWXVGHLJLXGLFLqUHJRODPHQWDWRGDJOLDUWLFROLGDDGHOOD&RVWLWX]LRQHVORYHQDHGDOOD
OHJJHVXOVHUYL]LRJLXGL]LDULR,JLXGLFLVRQRHOHWWLGDOO
$VVHPEOHDQD]LRQDOHVORYHQDVXOODSURSRVWD
GHO &RQVLJOLR JLXGL]LDULR /
LQFDULFR GL JLXGLFH q SHUPDQHQWH , UHTXLVLWL LQWHUPLQL GL HWj H OH DOWUH
FRQGL]LRQLSHUO
HOH]LRQHVRQRVWDELOLWLSHUOHJJH3HUDFFHGHUHDOO
LQFDULFRGLJLXGLFHqQHFHVVDULR
HVVHUH FLWWDGLQR VORYHQR H DYHUH XQD FRQRVFHQ]D DWWLYD GHOOD OLQJXD VORYHQD DYHUH OH DGHJXDWH
FDSDFLWj SURIHVVLRQDOL HG HVVHUH LQ EXRQD VDOXWH DYHUH DOPHQR DQQL DYHU DFTXLVLWR LO WLWROR
SURIHVVLRQDOH GL DYYRFDWR FRQ WLWROR XQLYHUVLWDULRLQ 6ORYHQLD R DYHUH XQWLWRORULFRQRVFLXWR GL XQD
IDFROWj GL OHJJH DOO
HVWHUR DYHU VXSHUDWR O
HVDPH GL 6WDWR LQ OHJJH H HVVHUH LGRQHR D VYROJHUH
FRPSLWLJLXGL]LDUL*OLVWLSHQGLGHLJLXGLFLVRQRVWDELOLWLGDOODOHJJHUHODWLYRDOVHUYL]LRJLXGL]LDULRVXOOD
VWHVVD EDVH XWLOL]]DWD SHU TXHOOL GHL PHPEUL GHOO
$VVHPEOHD QD]LRQDOH , JLXGLFL KDQQR VRQR
IXQ]LRQDUL SXEEOLFL PD VRQR VRJJHWWL DOOH QRUPH GHOOD &RVWLWX]LRQH H DOOH GLVSRVL]LRQL GL OHJJH
QHOO
HVHUFL]LRGHOOHORURIXQ]LRQL/
HVHUFL]LRGHOOHIXQ]LRQLGLJLXGLFHQRQqFRPSDWLELOHFRQIXQ]LRQL
VYROWH SUHVVR DOWUL RUJDQL GHOOR 6WDWR HQWL ORFDOL DXWRQRPL H RUJDQLVPL GL SDUWLWL SROLWLFL H FRQ DOWUL
FRPSLWL HG DWWLYLWj FRPH SUHYLVWR GDOOD OHJJH 1RQ q SUHYLVWD XQD VSHFLDOL]]D]LRQH IRUPDOH SHU L
JLXGLFL,OVHWWRUHJLXULGLFRQHOTXDOHRSHUDSUHYDOHQWHPHQWHLOJLXGLFHqGHILQLWRQHOO
RUJDQL]]D]LRQH
LQWHUQD GHL VLQJROL WULEXQDOL FKH SHU ULVROYHUH L VLQJROL WLSL GL FRQWURYHUVLD KDQQR GLYHUVL VHWWRUL
JLXULGLFL DL TXDOL VRQR DVVHJQDWL L JLXGLFL VHFRQGR LO SURJUDPPD GL ODYRUR DQQXDOH ,O &RQVLJOLR
JLXGL]LDULRVORYHQRGHFLGHLQPHULWRDOOHSURPR]LRQLHDOO
DXPHQWRGHOOHUHWULEX]LRQL7DOHRUJDQLVPR
SUHVHQWD LQROWUH XQD SURSRVWD DOO
$VVHPEOHD QD]LRQDOH SHU OD ULPR]LRQH GL XQ JLXGLFH GDO VXR
LQFDULFR JLXGL]LDULR VH QHOO
HVHUFL]LR GHOOH VXH IXQ]LRQL HJOL YLROD OD &RVWLWX]LRQH R LQIUDQJH
JUDYHPHQWH OD OHJJH R VH FRPPHWWH GHOLEHUDWDPHQWH XQ UHDWR DEXVDQGR GHOOH VXH IXQ]LRQL /H
PRGDOLWj GL SURPR]LRQH GHL JLXGLFL LQ FDULFD VRQR SUHFLVDWL QHOO
RUJDQL]]D]LRQH GHL WULEXQDOL LQ
6ORYHQLD,JLXGLFLSRVVRQRHVVHUHJLXGLFLFLUFRQGDULDOLJLXGLFLGLVWUHWWXDOLJLXGLFLVXSHULRULRJLXGLFL
VXSUHPL,JLXGLFLDSSDUWHQJRQRDO&RQVLJOLRIRUHQVHFKHID SDUWHGHOO
DVVRFLD]LRQHLQWHUQD]LRQDOH
IRUHQVH
$VVLVWHQWLJLXGL]LDUL
8Q DVVLVWHQWH JLXGL]LDULR q XQ GLSHQGHQWH GHO WULEXQDOH FRQVWDWXV GLIXQ]LRQDULR /H VXH IXQ]LRQL
VRQRSUHFLVDWHQHOODOHJJHVXLWULEXQDOLHODUHJRODPHQWD]LRQHJLXGL]LDULDHSLLQSDUWLFRODUHQHOOH
QRUPHGLSURFHGXUDSHULVLQJROLVHWWRULJLXULGLFL,OFRPSLWRSULQFLSDOHGLXQDVVLVWHQWHJLXGL]LDULRXQ
JLXULVWDFRQWLWRORXQLYHUVLWDULRFKHKDVXSHUDWRO
HVDPHGL6WDWRLQOHJJHqDVVLVWHUHLOJLXGLFH*OL
DVVLVWHQWL JLXGL]LDUL SUHSDUDQR L SURFHVVL LQWHUURJDQR OH SDUWL ULFHYRQR OH ULFKLHVWH GL YHUEDOL H
UHGLJRQRGHFLVLRQLVXSURFHGXUHGLHVHFX]LRQHTXHVWLRQLFDWDVWDOLQRQFRQWURYHUVHHVRVSHVH*OL
DVVLVWHQWL JLXGL]LDUL SHUFHSLVFRQR XQR VWLSHQGLR VWDELOLWR SHU OHJJH H ULFHYRQR OD QRPLQD
FRUULVSRQGHQWHFRPHGHILQLWRQHOODOHJJHVXLGLSHQGHQWLSXEEOLFL
3URFXUDWRULGHOOR6WDWR
$LVHQVLGHOO
DUWLFRORGHOOD&RVWLWX]LRQHL3URFXUDWRULGHOOR6WDWRSUHVHQWDQRHVRVWHQJRQRFDSL
G
DFFXVDHGKDQQRDOWULSRWHULSUHYLVWLGDOODOHJJH/
RUJDQL]]D]LRQHHGLSRWHULGHL3URFXUDWRULGHOOR
6WDWR VRQR VWDELOLWL GDOOD UHODWLYD OHJJH LQ PDWHULD 3HU TXDQWR ULJXDUGD L GLULWWL FKH ULVXOWDQR
GDOO
LQTXDGUDPHQWRFRPHIXQ]LRQDULRLQ6ORYHQLDLO3URFXUDWRUHGHOOR6WDWRKDXQRVWDWXVLGHQWLFRD
TXHOOR GL XQ JLXGLFH VDOYR DOWULPHQWL SUHYLVWR GDOOD OHJJH VXL 3URFXUDWRUL GHOOR 6WDWR /D
UHPXQHUD]LRQH GHL 3URFXUDWRUL GHOOR 6WDWR q FROOHJDWD D TXHOOD GHL PHPEUL GHOO
$VVHPEOHD
QD]LRQDOH 6L WUDWWD GL IXQ]LRQDUL SXEEOLFL FKH VYROJRQR OH SURSULH IXQ]LRQL SUHVVR JOL XIILFL GHOOD
3URFXUD GL 6WDWR 6RQR QRPLQDWLGDO JRYHUQRVORYHQR VX SURSRVWD GHO 0LQLVWHUR GHOOD*LXVWL]LD,O
0LQLVWUR SURSRQH L FDQGLGDWL GRSR DYHU FRQVXOWDWR LO &RQVLJOLR GHO 3URFXUDWRUH GHOOR 6WDWR /H
FRQGL]LRQLFKHGHYRQRVRGGLVIDUHLFDQGLGDWLDOSRVWRGL3URFXUDWRUHGHOOR6WDWRVRQRDQDORJKHD
TXHOOH SUHYLVWH SHU OD QRPLQDDG XQLQFDULFRJLXGL]LDULR/DVSHFLDOL]]D]LRQH GHL 3URFXUDWRUL GHOOR
6WDWRGLSHQGHGDOO
RUJDQL]]D]LRQHLQWHUQDGHOO
XIILFLRLQWHUHVVDWR,3URFXUDWRULGHOOR6WDWRVYROJRQR
OH SURSULH IXQ]LRQL FRQIRUPHPHQWH DOOD &RVWLWX]LRQH H DOOH QRUPH JLXULGLFKH /
LQFDULFR GL
3URFXUDWRUH GHOOR 6WDWR QRQ q FRPSDWLELOH FRQ IXQ]LRQL VYROWH SUHVVR DOWUL RUJDQL GHOOR 6WDWR HQWL
ORFDOLDXWRQRPLHRUJDQLVPLGLSDUWLWLSROLWLFLHFRQDOWULFRPSLWLHGDWWLYLWjFRPHSUHYLVWRGDOODOHJJH
*OLXIILFLGHO3URFXUDWRUHGHOOR6WDWRVRQRRUJDQL]]DWLLQXIILFLGLVWUHWWXDOLGHOOD3URFXUDGL6WDWRXIILFL
VXSHULRULGHOOD3URFXUDGL6WDWRHGXIILFLRVXSUHPRGHOOD3URFXUDGL6WDWRDQFKHOHSURPR]LRQLGHL
3URFXUDWRULGHOOR6WDWRDYYHQJRQRVXOODEDVHGLWDOHRUJDQL]]D]LRQH,3URFXUDWRULGHOOR6WDWRKDQQR
LQROWUHGHJOLDVVLVWHQWLLOFXLVWDWXVHFRQGL]LRQLGLQRPLQDHTXLYDOJRQRDTXHOOLGHLJLXGLFLORFDOL
$YYRFDWLGHOOR6WDWR
,OUXROR GHOO
$YYRFDWR GHOOR 6WDWR q GHILQLWR QHOOD UHODWLYDOHJJH LQPDWHULD /
$YYRFDWXUD*HQHUDOH
GHOOR6WDWRUDSSUHVHQWDLQJLXGL]LROR6WDWRLVXRLRUJDQLVPLHDJHQ]LHXIILFLDOLFKHFRQVLVWRQRGL
SHUVRQHJLXULGLFKHHVYROJHDOWUHIXQ]LRQLFRPHSUHYLVWRGDOODOHJJH/HPDQVLRQLGHOO
$YYRFDWXUD
JHQHUDOHGHOOR6WDWRVRQRVYROWHGDOO
$YYRFDWR*HQHUDOHGHOOR6WDWRGDJOL$YYRFDWLGHOOR6WDWRHGDL
ORUR DVVLVWHQWL *OL $YYRFDWL GHOOR 6WDWR H L ORUR DVVLVWHQWL VRQR QRPLQDWL GDO JRYHUQR VORYHQR VX
SURSRVWD GHO 0LQLVWHUR GHOOD *LXVWL]LD SUHYLD FRQVXOWD]LRQH GHO 3URFXUDWRUH *HQHUDOH GHOOR 6WDWR
/
LQFDULFRGXUDRWWRDQQLFRQSRVVLELOLWjGLULQQRYR/HFRQGL]LRQLSHUODQRPLQDDG$YYRFDWRGHOOR
6WDWRVRQRLGHQWLFKHDTXHOOHULFKLHVWHSHUOHIXQ]LRQLJLXGL]LDULHFRQUHTXLVLWLVXSSOHPHQWDULUHODWLYL
DOO
HVSHULHQ]D SUDWLFD *OL $YYRFDWL GHOOR 6WDWR VYROJRQR OH SURSULH IXQ]LRQL FRQIRUPHPHQWH DOOD
FRVWLWX]LRQH H DOOH QRUPH JLXULGLFKH 'HYRQR UDSSUHVHQWDUHOR 6WDWR H[ RIILFLR /DUHPXQHUD]LRQH
GHOO
$YYRFDWRGHOOR6WDWRqFROOHJDWDDTXHOODGHLPHPEULGHOO
$VVHPEOHDQD]LRQDOH/HGLVSRVL]LRQL
UHODWLYH DOO
LQFRPSDWLELOLWj GHOOH IXQ]LRQL GL JLXGLFH VL DSSOLFDQR PXWDWLV PXWDQGLV DL FRPSLWL
GHOO
$YYRFDWRGHOOR6WDWR
$YYRFDWXUD
/
DUWLFROR GHOOD &RVWLWX]LRQH VORYHQD VDQFLVFH FKH O
DYYRFDWXUD q XQ VHUYL]LR LQGLSHQGHQWH
DOO
LQWHUQRGHOVLVWHPDJLXGL]LDULRHGqUHJRODPHQWDWRSHUOHJJH/DOHJJHVXOODSURIHVVLRQHIRUHQVH
SUHYHGH FKH QHOO
HVHUFL]LR GHOOH VXH IXQ]LRQL XQ DYYRFDWR IRUQLVFD FRQVXOHQ]D JLXULGLFD
UDSSUHVHQWLHGLIHQGDOHSDUWLLQJLXGL]LRGLQDQ]LDLWULEXQDOLHDGDOWULRUJDQLVPLGHOOR6WDWRUHGLJD
GRFXPHQWLHUDSSUHVHQWLOHSDUWLQHLORURUDSSRUWLJLXULGLFL6ROWDQWRXQDYYRFDWRSXzUDSSUHVHQWDUH
XQD SDUWH LQ JLXGL]LR GLHWUR FRPSHQVR VDOYR DOWULPHQWL GLVSRVWR SHU OHJJH 8Q DYYRFDWR GHYH
VRGGLVIDUHOHVHJXHQWLFRQGL]LRQL
HVVHUHFLWWDGLQRVORYHQR
HVVHUHLGRQHRDVYROJHUHODSURIHVVLRQHHGLJRGHUHGLEXRQDVDOXWHJHQHUDOH
DYHUHDFTXLVLWRLOWLWRORSURIHVVLRQDOHGLDYYRFDWRFRQWLWRORXQLYHUVLWDULRLQ6ORYHQLDRDYHURWWHQXWR
XQWLWRORDOO
HVWHURSUHVVRXQDIDFROWjGLOHJJHULFRQRVFLXWDGDOOD5HSXEEOLFDGL6ORYHQLD
DYHUVXSHUDWRO
HVDPHGL6WDWRLQOHJJH
DYHUHTXDWWURDQQLGLHVSHULHQ]DSUDWLFDFRPHJLXULVWDGLFXLDOPHQRXQDQQRSUHVVRXQRVWXGLRGL
DYYRFDWR
DYHUHXQDFRQRVFHQ]DDWWLYDGHOODOLQJXDVORYHQD
HVVHUHFRQVLGHUDWRDIILGDELOHSHUVYROJHUHOHIXQ]LRQLGLDYYRFDWR
GLVSRUUHGHJOLVWUXPHQWLHGHLORFDOLDGDWWLHQHFHVVDULSHUVYROJHUHOHIXQ]LRQLGLDYYRFDWR
8QDYYRFDWRVWUDQLHURFKHDEELDDFTXLVLWRLOGLULWWRGLHVHUFLWDUHODSURIHVVLRQHGLDYYRFDWRQHOVXR
SDHVH G
RULJLQH SXz VYROJHUH QHOOD 5HSXEEOLFD GL 6ORYHQLDDOOH FRQGL]LRQL VWDELOLWH GDOODOHJJH OH
VHJXHQWLDWWLYLWj
VYROJHUHPDQVLRQLGLDYYRFDWR
HVHUFLWDUHODSURIHVVLRQHGLDYYRFDWRVXOODEDVHGHOWLWRORDFTXLVLWRQHOVXRSDHVHG
RULJLQH
HVHUFLWDUHODSURIHVVLRQHGLDYYRFDWRFRQLOWLWRORGLDYYRFDWR
3HUSDHVHG
RULJLQHVLLQWHQGHLOSDHVHQHOTXDOHO
DYYRFDWRKDLOGLULWWRGLHVHUFLWDUHODSURIHVVLRQH
GLDYYRFDWRFRQLOWLWRORRWWHQXWRFRQIRUPHPHQWHDOOHGLVSRVL]LRQLGLWDOHSDHVH
$JOL VFRSL GHOOD OHJJH LQ PDWHULD VXPPHQ]LRQDWD JOL DYYRFDWL GL DOWUL 6WDWL PHPEUL GHOO
8QLRQH
HXURSHD KDQQR LO GLULWWR GL HVHUFLWDUH OD SURIHVVLRQH GL DYYRFDWR LQ TXDOVLDVL 6WDWR PHPEUR VXOOD
EDVHGHOWLWRORRWWHQXWRFRQIRUPHPHQWHDOOHQRUPHGHOSDHVHLQTXHVWLRQH
/
HVHUFL]LRGHOODSURIHVVLRQHGLDYYRFDWRqLQFRPSDWLELOHFRQOHVHJXHQWLDWWLYLWj
DOWUHDWWLYLWjSURIHVVLRQDOLWUDQQHFKHQHOVHWWRUHVFLHQWLILFRGLGDWWLFRDUWLVWLFRRSXEEOLFLWDULR
PDQVLRQLUHWULEXLWHGDOOR6WDWR
IXQ]LRQLQRWDULOL
IXQ]LRQLGLUHWWLYHLQXQ
D]LHQGD
DOWUHPDQVLRQLLQFRQWUDVWRFRQODULVSHWWDELOLWjHO
LQGLSHQGHQ]DGHOODSURIHVVLRQHGLDYYRFDWR
8Q DYYRFDWR QRQ SXz SXEEOLFL]]DUH OH SURSULH DWWLYLWj (JOL SXz HVHUFLWDUH LQGLYLGXDOPHQWH R IDU
SDUWH GL XQR VWXGLR OHJDOH ,O GLULWWR GL VYROJHUH OD SURIHVVLRQH GL DYYRFDWR VL RWWLHQH PHGLDQWH
O
LVFUL]LRQH DOO
DOER SURIHVVLRQDOH SUHVVR O
2UGLQH GHJOL $YYRFDWL *OL DYYRFDWL FKH UDJJLXQJRQR LO
OLYHOOR ULFKLHVWR R O
RULHQWDPHQWR GL IRUPD]LRQH VSHFLDOLVWLFD ULFKLHVWR SRVVRQR D FRQGL]LRQL
VSHFLILFKH ULFKLHGHUH DOO
2UGLQH GHJOL $YYRFDWL LO ULFRQRVFLPHQWR GHOOR VWDWXV GL DYYRFDWR
VSHFLDOL]]DWR/
2UGLQHGHJOL$YYRFDWLqODSULQFLSDOHRUJDQL]]D]LRQHIRUHQVHHGKDLSURSULGLULWWLHG
LOSURSULRVWDWXWR3HUHVVHUHLVFULWWLDOO
$OERGHJOLDYYRFDWLVORYHQLJOLDYYRFDWLSURYHQLHQWLGDDOWUL
SDHVLGHYRQRVXSHUDUHXQHVDPHVXOOHORURFRQRVFHQ]HGHOVLVWHPDJLXGL]LDULRVORYHQR,OGHFUHWR
VXOO
HVDPHFKHGHYRQRVRVWHQHUHJOLDYYRFDWLVWUDQLHULSUHYHGHLQPRGRGHWWDJOLDWRLOFRQWHQXWRHOD
SURFHGXUD GL GHWWR HVDPH *OL RQRUDUL SHU L VHUYL]L IRUQLWL GD XQ DYYRFDWR VRQR UHJRODPHQWDWL GDO
WDULIIDULRSXEEOLFDWRGDOO
2UGLQHGHJOLDYYRFDWLHDSSURYDWRGDO0LQLVWURGHOOD*LXVWL]LD
1RWDULDWR
/
DUWLFRORVHFRQGRFRPPDGHOOD&RVWLWX]LRQHVORYHQDVWDWXLVFHFKHLOQRWDULDWRqXQVHUYL]LR
SXEEOLFRUHJRODWRSHUOHJJH/DUHODWLYDOHJJHLQPDWHULDSUHYHGHFKHLQRWDLLQTXDQWRSHUVRQHFKH
JRGRQRGLSXEEOLFDILGXFLDUHGLJRQRGRFXPHQWLSXEEOLFLLQPHULWRDTXHVWLRQLOHJDOLGLFKLDUD]LRQLGL
LQWHQWLHIDWWLGDFXLGHULYDQRGLULWWLFXVWRGLVFRQRGRFXPHQWLGHQDURHWLWROLSHUFRQVHJQDUOLDWHU]LR
DG RUJDQLVPL GHOOR 6WDWR VHJXRQR OH LVWUX]LRQL GHL WULEXQDOL VYROJRQR OH PDQVLRQL FKH SRVVRQR
HVVHUHORURDIILGDWHFRQIRUPHPHQWHDOODOHJJH3HUHVVHUHQRPLQDWRXQQRWDLRGHYHVRGGLVIDUHOH
VHJXHQWLFRQGL]LRQL
HVVHUHFLWWDGLQRVORYHQR
HVVHUHLGRQHRDGHVHUFLWDUHODSURIHVVLRQHHGLJRGHUHGLEXRQDVDOXWHJHQHUDOH
DYHUHDFTXLVLWRLOWLWRORSURIHVVLRQDOHGLJLXULVWDFRQWLWRORXQLYHUVLWDULRLQ6ORYHQLDRDYHURWWHQXWR
XQWLWRORDOO
HVWHURSUHVVRXQDIDFROWjGLOHJJHULFRQRVFLXWDGDOOD5HSXEEOLFDGL6ORYHQLD
DYHUVXSHUDWRO
HVDPHGL6WDWRLQOHJJH
DYHUHTXDWWURDQQLGLHVSHULHQ]DSUDWLFDFRPHJLXULVWDGLFXLDOPHQRXQDQQRSUHVVRXQWULEXQDOH
XQRVWXGLROHJDOHRO
$YYRFDWXUDGHOOR6WDWR
HVVHUHFRQVLGHUDWRDIILGDELOHSHUVYROJHUHOHIXQ]LRQLGLQRWDLR
DYHUHXQDFRQRVFHQ]DDWWLYDGHOODOLQJXDVORYHQD
GLVSRUUHGHJOLVWUXPHQWLHGHOODVHGHDGDWWLHQHFHVVDULSHUVYROJHUHOHIXQ]LRQLGLQRWDLR
QRQDYHUVXSHUDWRLDQQLGLHWj
)DWWHVDOYHOHFRQGL]LRQLSUHYLVWHDOSXQWRGLFXLVRSUDDQFKHLFLWWDGLQLVWUDQLHULFKHVRGGLVIDQR
JOLDOWULUHTXLVLWLSRVVRQRHVVHUHQRPLQDWLQRWDLFRQULVHUYDGLUHFLSURFLWjGLIDWWRHGLGLULWWR
/H IXQ]LRQL GL QRWDLR VRQR LQFRPSDWLELOL FRQ TXHOOH GL DYYRFDWR R GL TXDOVLDVL DOWUR LQFDULFR R
IXQ]LRQHUHWULEXLWL
, QRWDL QRQ VRQR DXWRUL]]DWL D VYROJHUH PDQVLRQL LQFRPSDWLELOL FRQ OD ULVSHWWDELOLWj H O
LQWHJULWj
ULFKLHVWHSHUO
HVHUFL]LRGHOOHIXQ]LRQLGLQRWDLRRFKHSRVVRQRPLQDUHODILGXFLDQHOO
LPSDU]LDOLWjGHO
QRWDLRRQHOODFUHGLELOLWjGHLGRFXPHQWLGDHVVLUHGDWWL
, QRWDL YHQJRQR QRPLQDWL VX SRVWL YDFDQWL GDO 0LQLVWUR GHOOD *LXVWL]LD 3ULPD GHOOD QRPLQD YLHQH
ULFKLHVWR LO SDUHUH GHOO
2UGLQH GHL QRWDL GHOOD 6ORYHQLD,O QXPHUR GHL QRWDL q OLPLWDWR HG q VWDELOLWR
VXOODEDVHGHLOLPLWLILVVDWLGDO0LQLVWHURGHOOD*LXVWL]LD,QJHQHUDOHYLHQHQRPLQDWRXQQRWDLRSHU
RJQL WHUULWRULR GL FRPSHWHQ]D GL XQ WULEXQDOH FLUFRQGDULDOH R TXDQGR OD GHQVLWj GHPRJUDILFD R
O
DWWLYLWj HFRQRPLFD VRQR FRQVLGHUHYROL XQ QRWDLR SHU RJQL DELWDQWL 3ULPD GL DVVXPHUH OH
SURSULH IXQ]LRQL LO QRWDLR SUHVWD JLXUDPHQWR GLQDQ]L DO SUHVLGHQWH GHO WULEXQDOH VXSHULRUH
FRPSHWHQWH 1HL FDVL GL LUUHJRODULWj SUHYLVWL GDOOD OHJJH LO QRWDLR YLHQH ULPRVVR GDOO
LQFDULFR GDO
0LQLVWURGLJLXVWL]LD/
2UGLQHGHLQRWDLqODSULQFLSDOHRUJDQL]]D]LRQHQRWDULOH
,Q 6ORYHQLD JOL REEOLJKL H OH FRQGL]LRQL LQ PDWHULD GL UDSSUHVHQWD]LRQH GD SDUWH GL DYYRFDWL
VSHFLDOL]]DWLVRQRVSHFLILFDWHDSDUWHQHOOHQRUPHGLSURFHGXUD,QOLQHDGLSULQFLSLRLQXQWULEXQDOH
FLUFRQGDULDOHOHSDUWLSRVVRQRHVVHUHUDSSUHVHQWDWHDQFKHGDXQDSHUVRQDFKHQRQqXQDYYRFDWR
RFKHQRQKDVRVWHQXWRO
HVDPHGL6WDWRLQOHJJH7XWWDYLDGLQDQ]LXQWULEXQDOHGLVWUHWWXDOHRXQ
WULEXQDOHGLJUDGRVXSHULRUHOHSDUWLSRVVRQRHVVHUHUDSSUHVHQWDWHVROWDQWRGDXQDYYRFDWRRGD
DOWUD SHUVRQD FKH DEELD VXSHUDWR O
HVDPH GL 6WDWR H FKH QH SUHVHQWL DO JLXGLFH OD UHODWLYD SURYD
'LVSRVL]LRQL VSHFLDOL VL DSSOLFDQR LQ PDWHULD SHQDOH OD OHJJH GL SURFHGXUD SHQDOH VWDELOLVFH OH
FRQGL]LRQLSHUODUDSSUHVHQWD]LRQHGHOOHSDUWLGDXQDYYRFDWRG
XIILFLR
E 7KH2IILFLDO*D]HWWHRIWKH5HSXEOLFRI6ORYHQLD1RGDWHG$SULO
2IILFLDO*D]HWWHRIWKH5HSXEOLFRI6ORYHQLD1RGDWHG0D\±'HFLVLRQ
E\WKH&RQVWLWXWLRQDO&RXUW2IILFLDO*D]HWWHRIWKH5HSXEOLFRI6ORYHQLD1R
GDWHG$SULO
,%$6,&3529,6,216
$UWLFOH
7KH%DUDVDSDUWRIMXVWLFHVKDOOEHDQDXWRQRPRXVDQGLQGHSHQGHQWVHUYLFH
/DZ\HUVDQGRUODG\ODZ\HUVVKDOOEHHQJDJHGLQWKH%DUDVDIUHHODQFHSURIHVVLRQ
7KHULJKWWRWKHODZSUDFWLFHVKDOOEHDFTXLUHGZLWKWKHDGPLVVLRQWRWKH%DU
$UWLFOH
:LWKLQ WKH VFRSH RI KLV ODZ SUDFWLFH WKH ODZ\HU VKDOO JLYH OHJDO DGYLFHUHSUHVHQW DQG GHIHQG KLV
FOLHQWVLQFRXUWVDQGLQIURQWRIRWKHUDXWKRULWLHVGUDZXSGRFXPHQWVDQGDFWRQKLVFOLHQWV
EHKDOILQ
WKHLUOHJDOUHODWLRQVKLSV
8QOHVV RWKHUZLVH SURYLGHG E\ WKH ODZ LW LV H[FOXVLYHO\ E\ WKH ODZ\HU WKDW D FOLHQW PD\ EH
UHSUHVHQWHGLQFRXUWVDJDLQVWUHPXQHUDWLRQ
$UWLFOHD
$ IRUHLJQ ODZ\HU ZKR KDV DFTXLUHG WKH ULJKW WR SUDFWLVH KLV SURIHVVLRQ LQ KLV SDUHQW FRXQWU\PD\
SHUIRUPLQWKH5HSXEOLFRI6ORYHQLDXQGHUWKHWHUPVDQGFRQGLWLRQVVSHFLILHGKHUHLQWKHIROORZLQJ
VHUYLFHV
/DZ\HU
VVHUYLFHV
/HJDOSURIHVVLRQDSSHUWDLQLQJWRWKHSURIHVVLRQDOWLWOHDFTXLUHGLQKLVSDUHQWFRXQWU\
/HJDOSURIHVVLRQDSSHUWDLQLQJWRWKHSURIHVVLRQDOWLWOHRIODZ\HU
$SDUHQWFRXQWU\LVWKHFRXQWU\ZKHUHWKHODZ\HULVHQWLWOHGWRSUDFWLVHKLVOHJDOSURIHVVLRQXQGHU
WKHSURIHVVLRQDOWLWOHDFTXLUHGXQGHUWKHUHJXODWLRQVRIWKHUHVSHFWLYHFRXQWU\
3XUVXDQWWRWKLV$FWDODZ\HUIURPDIRUHLJQFRXQWU\WKDWLVPHPEHURIWKH(XURSHDQ8QLRQLVWKH
ODZ\HU ZKR LV HQWLWOHG WR SUDFWLVH KLV OHJDO SURIHVVLRQ LQ RQH RI WKH PHPEHU FRXQWULHV RI WKH
(XURSHDQ 8QLRQ XQGHU WKH SURIHVVLRQDO WLWOH DFTXLUHG LQ FRPSOLDQFH ZLWK WKH UHJXODWLRQV RI WKH
UHVSHFWLYHFRXQWU\
$UWLFOH
7KHODZ\HUVKDOOEHDXWRQRPRXVDQGLQGHSHQGHQWLQKLVSUDFWLFH
$UWLFOH
7KH ODZ\HU PD\ SUDFWLVH KLV SURIHVVLRQ LQGLYLGXDOO\ RU ZLWKLQ D ODZ ILUP LQ FRPSOLDQFH ZLWK WKH
SURYLVLRQVKHUHRI
7KHSURYLVLRQVKHUHRIUHODWLQJWRDQLQGLYLGXDOODZ\HUVKDOODOVRDSSO\WRDODZILUPXQOHVVRWKHUZLVH
SURYLGHGKHUHLQ
,,/$:<(56
5,*+76$1'2%/,*$7,216
$UWLFOH
7KH ODZ\HU VKDOO IUHHO\ GHFLGH ZKHWKHU WR DVVXPH WKH UHSUHVHQWDWLRQ RI WKH FOLHQW ZKR KDV
DGGUHVVHGKLPVHOIWRKLP
7KHODZ\HUVKDOOQRWUHIXVHWKHUHSUHVHQWDWLRQRIWKHFOLHQWLIDSSRLQWHGIRUWKHFOLHQW
VGHIHQGHURU
PDQGDWRU\E\WKHFRXUWLQFRPSOLDQFHZLWKWKHODZ7KHODZ\HUPD\RQO\UHIXVHKLVUHSUHVHQWDWLRQLI
WKHUHH[LVWUHDVRQVIRUZKLFKKHLVREOLJHGWRUHIXVHWKHUHSUHVHQWDWLRQRUIRURWKHUMXVWLILHGUHDVRQV
7KH ODZ\HU VKDOO UHIXVH WKH UHSUHVHQWDWLRQ LI KH KDV UHSUHVHQWHG WKH RSSRVLQJ SDUW\LQWKH VDPH
FDVHLIWKHRSSRVLQJSDUW\KDVEHHQUHSUHVHQWHGE\DODZ\HUZRUNLQJLQWKHVDPHODZRIILFHRULIDV
D SURVSHFWLYH HQWUDQW RU SXSLO KH ZRUNHG ZLWK D ODZ\HU UHSUHVHQWLQJ WKH RSSRVLQJ SDUW\ LI LQ WKH
VDPHFDVHKHDFWHGDVMXGJHDWWRUQH\JHQHUDODXWKRUL]HGRIILFLDORIWKH+RPH2IILFHRUDVRIILFLDO
LQDGPLQLVWUDWLYHSURFHHGLQJVDVZHOODV LQRWKHUFDVHVVSHFLILHGE\WKHODZ
$UWLFOH
7KHODZ\HUVKDOOUHVSHFWWKHFRQILGHQWLDOLW\RIDOOLQIRUPDWLRQHQWUXVWHGWRKLPE\KLVFOLHQW
7KHGXW\UHIHUUHGWRLQWKHSUHFHGLQJSDUDJUDSKVKDOODOVREHELQGLQJXSRQRWKHUSHUVRQVZRUNLQJLQ
WKHODZRIILFH
$UWLFOH
7KH ODZ\HU VKDOO QRW EH VXEMHFW WR GHWHQWLRQ LQ FULPLQDO SURFHGXUH LQWURGXFHG DJDLQVW KLP IRU
VXVSLFLRQ RI FULPLQDO RIIHQVH FRPPLWWHG DW SUDFWLVLQJ WKH OHJDO SURIHVVLRQ ZLWKRXW SUHOLPLQDU\
FRQVHQWRIWKH6HQDWHRIWKUHHMXGJHVRIDKLJKHUFRXUWHVWDEOLVKHGRQWKHWHUULWRU\RIWKHFRXUWRI
ILUVWLQVWDQFHZKHUHWKHSURFHGXUHLVFRQGXFWHG
7KHRUGLQDQFHRIGHWHQWLRQVKDOOEHFRPPXQLFDWHGE\WKHFRXUWWRWKH%DU$VVRFLDWLRQRI6ORYHQLD
$UWLFOH
$QLQYHVWLJDWLRQRIWKHODZRIILFHVKDOOEHSHUPLWWHGRQO\VXEMHFWWRDQRUGLQDQFHRIWKHFRPSHWHQW
FRXUW DQG RQO\ ZLWK UHIHUHQFH WR WKH UHFRUGV DQG REMHFWV H[SOLFLWO\ VWDWHG LQ WKH RUGLQDQFH RI
LQYHVWLJDWLRQ7KHLQYHVWLJDWLRQVKDOOQRWDIIHFWWKHFRQILGHQWLDOLW\RIRWKHUGRFXPHQWVDQGREMHFWV
3UHVHQW DW WKH LQYHVWLJDWLRQ RI WKH ODZ RIILFH VKDOO EH D UHSUHVHQWDWLYH RI WKH %DU $VVRFLDWLRQ RI
6ORYHQLD
$UWLFOH
7KH%DU$VVRFLDWLRQRI6ORYHQLDVKDOOLQVXUHWKHODZ\HUDJDLQVWUHVSRQVLELOLW\IRUGDPDJHWKDWWKH
FOLHQWPLJKWLQFXUZLWKUHIHUHQFHWRWKH ODZSUDFWLFH
7KHSULPHVKDOOEHSDLGRXWRIWKHODZ\HU
VLQVXUDQFHIHHWRWKH%DU$VVRFLDWLRQ
$UWLFOH
*RYHUQPHQWDOERGLHVRUJDQL]DWLRQVDQGLQGLYLGXDOVZLWKSXEOLFSRZHUVRIDWWRUQH\VKDOOSURYLGHWKH
ODZ\HUZLWKWKHLQIRUPDWLRQUHTXLUHGDWKLVODZSUDFWLFHUHODWLQJWRLQGLYLGXDOFDVH
7KH ODZ\HU VKDOO EH HQWLWOHG WR UHTXLUH IURPGDWDEDVH DGPLQLVWUDWRUV WKH SHUVRQDO GDWD ZKHQHYHU
UHTXLUHGIRUSURFHGXUDODFWVZLWKLQWKHVFRSHRIWKHFOLHQW
VUHSUHVHQWDWLRQ
7KHODZ\HUVKDOOQRWKDYHWKHULJKWUHIHUUHGWRLQWKHSUHFHGLQJSDUDJUDSKLIUHIHUHQFHLVPDGHWR
WKHSHUVRQDOGDWDDFFRUGLQJWRVSHFLILFOHJDOSURYLVLRQVDFFHVVLEOHRQO\WRDXWKRUL]HGERGLHV
$UWLFOH
7KHODZ\HUVKDOOKDYHWKHULJKWWRXVHZLWKLQWKHVFRSHRIWKHODZDQGKLVSRZHURIDWWRUQH\DQ\
DSSHDOZKLFKKHFRQVLGHUVXVHIXOWRWKHFOLHQWKHLVUHSUHVHQWLQJ
$WUHSUHVHQWDWLRQRIWKHFOLHQWWKHODZ\HUVKDOODFWFRQVFLHQWLRXVO\KRQHVWO\ZLWKGXHGLOLJHQFHDQG
LQFRPSOLDQFHZLWKWKHUXOHVRISURIHVVLRQDOFRQGXFW
$UWLFOH
7KHSRZHURIDWWRUQH\PD\EHDQ\WLPHFDQFHOOHGE\ERWKWKHFOLHQWDQGWKHODZ\HU
8SRQFDQFHOODWLRQRIWKHSRZHURIDWWRUQH\WKHODZ\HUVKDOODFWIRUWKHUHVSHFWLYHFOLHQWIRUDQRWKHU
PRQWKLIKHLVUHTXLUHGWRSUHYHQWIURPDQ\GDPDJHWKDWWKHFOLHQWPLJKWLQFXULQWKLVWLPH
7KHGXW\UHIHUUHGWRLQWKHSUHFHGLQJSDUDJUDSKVKDOOQRWEHELQGLQJXSRQWKHODZ\HULIWKHSRZHURI
DWWRUQH\LVFDQFHOOHGE\WKHFOLHQW
$UWLFOH
7KHODZ\HULVQRWREOLJHGWRUHWXUQWKHSRZHURIDWWRUQH\WRWKHFOLHQWZKHUHDVWKHFOLHQWLVHQWLWOHG
WR UHTXLUH WKDW WKH FDQFHOODWLRQ RI WKH SRZHU RI DWWRUQH\ EH QRWHG RQ WKH SRZHU RI DWWRUQH\ E\
KLPVHOI
$UWLFOH
8SRQWHUPLQDWLRQRIUHSUHVHQWDWLRQWKHODZ\HUVKDOOKDQGRXWWRWKHFOLHQWWKHRULJLQDOFRSLHVRIKLV
GRFXPHQWVDQGUHFRUGVLQFOXGLQJWKRVHDFTXLUHGLQFRPSOLDQFHZLWK$UWLFOHKHUHRI
,IWKH ODZ\HU
V SHUIRUPDQFH DQG FRVWV UHPDLQ XQSDLGWKH ODZ\HU VKDOO KDYH WKH ULJKWWR RUGHUIRU
KLPVHOI DW WKH FOLHQW
V FRVW WKH WUDQVFULSWLRQ RI WKH GRFXPHQWV UHTXLUHG IRU LGHQWLILFDWLRQ RI WKH
SD\PHQWIRUKLVSHUIRUPDQFHDQGFRVWV
7KH ODZ\HU VKDOO QRW EH REOLJHG WR KDQG RXW WR WKH FOLHQW WKH GUDIW UHFRUGV FOLHQW
V OHWWHUV WR WKH
ODZ\HU QRU RWKHU FRQILGHQWLDO OHWWHUV DQG SURRIV DERXW ERWK WKH HIIHFWHG DQG VWLOO RXWVWDQGLQJ
SD\PHQWV2QWKHFOLHQW
VGHPDQGDQGDWKLVFRVWVWKHODZ\HUVKDOOKDQGRXWWRKLPWKHUHVSHFWLYH
WUDQVFULSWLRQV
7KH ODZ\HU VKDOO NHHS WKH UHFRUGV IRU ILYH \HDUV XSRQ WHUPLQDWLRQ RI WKH FOLHQW
V UHSUHVHQWDWLRQ
8SRQ WKH ODSVH RI WKLV WLPH KH VKDOO GHVWUR\ WKHP LQ WKH SUHVHQFH RI D FRPPLVVLRQ LQ WKH ZD\
VSHFLILHGE\WKHE\ODZVRIWKH%DU$VVRFLDWLRQRI6ORYHQLD
$UWLFOH
7KHODZ\HUVKDOODSSO\KLVVHDODQGKLVVLJQDWXUHWRHYHU\DSSOLFDWLRQDQGGRFXPHQWGUDZQXSE\
KLP
$UWLFOH
$WUHSUHVHQWDWLRQRIFOLHQWVWKHODZ\HUPD\EHUHSODFHGE\DODZ\HUIURPWKHVDPHODZRIILFHDQG
ZLWKLQWKHOLPLWVRIWKHODZE\DSURVSHFWLYHHQWUDQWHPSOR\HGZLWKKLPDQGRUE\DSXSLOZRUNLQJLQ
KLVRIILFHVXEVWLWXWLRQ
([FHSW LQ WKH FDVHV UHIHUUHG WR LQ WKH SUHFHGLQJ SDUDJUDSK VXEVWLWXWLRQ E\ DQ RWKHU ODZ\HU VKDOO
RQO\EHDFFHSWDEOHIRULQGLYLGXDOSURFHVVWDVNVXQOHVVH[SOLFLWO\REMHFWHGWRLWE\WKHFOLHQW
7KHSURVSHFWLYHHQWUDQWDQGWKHSXSLOVKDOOSURYHWKHLULGHQWLW\ZLWKWKHLGHQWLILFDWLRQFDUG
$UWLFOH
7KHODZ\HUVKDOOEHHQWLWOHGWRWKHSD\PHQWIRUKLVSHUIRUPDQFHDQGWRWKHUHLPEXUVHPHQWRIFRVWV
UHODWHGWRWKHSHUIRUPHGWDVNDFFRUGLQJWRWKHODZ\HU
VIHH
7KHODZ\HUVKDOOEHHQWLWOHGWRKLJKHUSD\PHQWIRUKLVSHUIRUPDQFHWKDQGHVHUYLQJDFFRUGLQJWRWKH
ODZ\HU
VIHHLIVRDJUHHGZLWKWKHFOLHQWLQZULWLQJ
,QSURSHUW\UHODWHGPDWWHUVWKHODZ\HUPD\DJUHHZLWKWKHFOLHQWRQVXFKSD\PHQWWKDWLQVWHDGRIWKH
SD\PHQWDFFRUGLQJWRWKHODZ\HU
VIHHKHPD\FODLPDWPD[LPXPDSHUFHQWVKDUHRIWKHDPRXQW
DZDUGHGWRWKHFOLHQWE\WKHFRXUW7KHDJUHHPHQWVKDOOEHPDGHLQZULWLQJ
$UWLFOH
7KH ODZ\HU VKDOO KDYH WKH ULJKW WR UHWDLQ IURP WKH DPRXQWV RI PRQH\ UHFHLYHG IRU KLV FOLHQW WKH
DPRXQWRIWKHDJUHHGSD\PHQWDQGFRVWVIRUKLVSHUIRUPDQFH7KHODZ\HUVKDOOLVVXHWRKLVFOLHQWD
VWDWHPHQWRIDFFRXQW
$UWLFOH
7KHODZ\HU
VIHHVKDOOEHDGRSWHGE\WKH%DU$VVRFLDWLRQRI6ORYHQLDLQDJUHHPHQWZLWKWKH0LQLVWHU
RI-XVWLFH
$UWLFOH
$W GHFLVLRQPDNLQJ RQ VSHFLILFDWLRQ RI SD\PHQW DQG FRPSHQVDWLRQ RI FRVWV LQFXUUHG WKURXJK
ODZ\HU
VUHSUHVHQWDWLRQLQSURFHGXUHVFRXUWVDQGRWKHUERGLHVVKDOOXVHWKHODZ\HU
VIHH
7KH SD\PHQW DQG WKH FRVWV VKDOO EH DFFRXQWHG DFFRUGLQJ WR WKH ODZ\HU
V IHH LQ IRUFH RQ WKH
GHFLVLRQGDWHXQOHVVRWKHUZLVHSURYLGHGE\WKHODZ\HU
VIHHIRULQGLYLGXDOFDVHV
$UWLFOH
,QFRPSDWLEOHZLWKOHJDOSURIHVVLRQDUH
3UDFWLVLQJRIRWKHUMREVDYHLQWKHILHOGVRIVFLHQFHWHDFKLQJDUWRUMRXUQDOLVP
3UDFWLVLQJRISDLGFLYLOVHUYLFH
5XQQLQJRIDQRWDU\
VRIILFH
%HORQJLQJWRWKHH[HFXWLYHVRIWKHFRPSDQ\
3HUIRUPDQFHRIRWKHUMREVFRQWUDU\WRJRRGUHSXWDWLRQDQGLQGHSHQGHQFHRIWKHOHJDOSURIHVVLRQ
7KHODZ\HUVKDOOQRWDGYHUWLVHKLVDFWLYLW\
$UWLFOH
7KHODZ\HUVKDOOSUDFWLVHKLVOHJDOSURIHVVLRQYLUWXDOO\DQGSHUPDQHQWO\
,IWKHODZ\HULVHOHFWHGRUDSSRLQWHGWRDSXEOLFRIILFHUHTXLULQJSURIHVVLRQDOHQJDJHPHQWKLVOHJDO
SURIHVVLRQVKDOOEHVXVSHQGHGIRUWKHWHUPRIKLVRIILFH
,QWKHFDVHUHIHUUHGWRLQWKHSUHFHGLQJSDUDJUDSKDVZHOODVLQRWKHUFDVHVZKHQWKHODZ\HUIRU
MXVWLILHG UHDVRQV FDQQRW SUDFWLVH KLV OHJDO SURIHVVLRQIRUD ORQJHU SHULRG RI WLPHWKH ODZ\HU VKDOO
DJUHH ZLWK VRPH RWKHU ODZ\HU DERXW JHQHUDO VXEVWLWXWLRQ RU DERXWWHPSRUDU\ WDNHRYHU RI KLVODZ
RIILFHDQGVKDOOLQIRUPWKH%DU$VVRFLDWLRQRI6ORYHQLDWKHUHRI
,ISULRUWRWKHWDNHXSRIWKHSXEOLFRIILFHDQGRULQGXHWLPHWKHODZ\HUIDLOVWRDFWLQFRPSOLDQFHZLWK
WKH SURYLVLRQ RI WKH SUHFHGLQJ SDUDJUDSK WKH SHUVRQ WHPSRUDULO\ WDNLQJ RYHU KLV RIILFH VKDOO EH
DSSRLQWHGE\WKH%DU$VVRFLDWLRQRI6ORYHQLD
$UWLFOH
7KH ODZ\HU VKDOO EH IUHH WR FKRRVH DQG FKDQJH KLV UHJLVWHUHG RIILFH DQG VKDOO SULRU WR HDFK
FKDQJLQJRIORFDWLRQLQIRUPWKH%DU$VVRFLDWLRQRI6ORYHQLDWKHUHRI
7KHODZ\HUFDQQRWKDYHDVXEVLGLDU\RIKLVODZRIILFHLQWKH5HSXEOLFRI6ORYHQLD
$UWLFOH
:KHQSUDFWLVLQJKLVOHJDOSURIHVVLRQLQWKHFRXUWWKHODZ\HUVKDOOZHDUDQRIILFLDOJRZQ
7KH W\SH RI WKH RIILFLDO JRZQ DQGWKH H[DPSOHVRIZHDULQJLWVKDOOEHVSHFLILHGE\WKH0LQLVWHURI
-XVWLFH
,,,5,*+72)35$&7,6,1*7+(/(*$/352)(66,21
$UWLFOH
7KHOHJDOSURIHVVLRQFDQEHSUDFWLVHGE\HYHU\ERG\ZKRIXOILOOVWKHIROORZLQJWHUPVDQGFRQGLWLRQV
7REHDFLWL]HQRIWKH5HSXEOLFRI6ORYHQLD
7REHEXVLQHVVDFWLYHDQGLQJHQHUDOKHDOWKFRQGLWLRQ
7RKROGWKHSURIHVVLRQDOWLWOHRI%DFKHORURI/DZ%/DZDFTXLUHGLQWKH5HSXEOLFRI6ORYHQLDRU
WRKROGD%DFKHORU
V'HJUHHLQ/DZDFTXLUHGDEURDGDQGUHFRJQL]HGLQWKH5HSXEOLFRI6ORYHQLD
7RKDYHSDVVHGWKHVWDWHH[DPLQDWLRQRIOHJDOSURIHVVLRQ
7RKDYHIRXU\HDUV
SUDFWLFDOH[SHULHQFHDVD%DFKHORURI/DZWKHUHRIDWOHDVWRQH\HDUZLWKD
ODZ\HU
7RKDYHDQDFWLYHFRPPDQGRIWKH6ORYHQLDQODQJXDJH
7REHUHOLDEOHIRUSUDFWLVLQJWKHOHJDOSURIHVVLRQ
7RGLVSRVHRIHTXLSPHQWDQGSUHPLVHVUHTXLUHGDQGVXLWDEOHIRUSUDFWLVLQJWKHOHJDOSURIHVVLRQ
2QH \HDU
V SUDFWLFH ZLWK D ODZ\HU VKDOO EH LGHQWLFDO WR WKH SUDFWLFH RI WKH VDPH GXUDWLRQ ZLWK D
QRWDU\SXEOLF
7KHFRQGLWLRQUHIHUUHGWRLQ,WHPRIWKHILUVWSDUDJUDSKRIWKLV$UWLFOHVKDOODOVREHIXOILOOHGE\WKH
SHUVRQZKRKDVQRWFRPSOHWHGWKHPLQLPXPRQH\HDU
VSUDFWLFHLQWKHODZRIILFHLIKHKDVKHOGWKH
RIILFHRIMXGJHSXEOLFSURVHFXWRURUSXEOLFDWWRUQH\IRUDWOHDVWILYH\HDUV
$UWLFOHGHOHWHG
$FWRQ0RGLILFDWLRQVDQG$PHQGPHQWVRIWKH%DU$FW2IILFLDO*D]HWWHRIWKH5HSXEOLFRI6ORYHQLD
1R
$UWLFOH
:KR KDV EHHQ FRQGHPQHG IRU FULPLQDO RIIHQVH IRU ZKLFK KH KDV EHHQ PRUDOO\ XQGHVHUYLQJ WR
SUDFWLVHWKHOHJDOSURIHVVLRQRUZKREHKDYHVLQWKHZD\WKDWLWFDQEHMXVWO\LQIHUUHGIURPKLVDFWV
WKDW KH ZLOO QRW SUDFWLVH KLV OHJDO SURIHVVLRQ IDLUO\ DQG FRQVFLHQWLRXVO\ VKDOO QRW EH FRQVLGHUHG
UHOLDEOHIRUSUDFWLVLQJWKHOHJDOSURIHVVLRQ
,I WKH DSSOLFDWLRQ IRU DGPLVVLRQ WR WKH %DU LV UHMHFWHG IRU WKH UHDVRQV VSHFLILHG LQ WKH SUHFHGLQJ
SDUDJUDSK QR QHZ DSSOLFDWLRQ IRU HQWU\ FDQ EH HQWHUHG EHIRUH WKH ODSVH RI WZR \HDUV DIWHU WKH
HIIHFWLYHGDWHRIWKHUHMHFWLYHGHFLVLRQ
,IWKHDSSOLFDWLRQIRUDGPLVVLRQWRWKH%DULVILOHGE\DSHUVRQVXEMHFWWRFULPLQDOSURFHGXUHGXHWR
LQWHQWLRQDOFULPLQDORIIHQVHSURVHFXWHGRQWKHRIILFLDOGXW\WKHGHFLVLRQRQWKHDGPLVVLRQWRWKH%DU
VKDOOEHSRVWSRQHGWLOOWKHHIIHFWRIWKHGHFLVLRQXQGHUWKHDERYHSURFHGXUH
$UWLFOHDEURJDWHG
$UWLFOH
,Q FDVH RI VXEVHTXHQW GLVFRYHU\ RI WKH IDFWV LQGLFDWLQJWKDW DW HQWU\ WKH ODZ\HU IDLOHG WRIXOILOOWKH
FRQGLWLRQV VSHFLILHG E\ WKH ODZ WKH SURFHGXUH IRU DGPLVVLRQ WR WKH %DU VKDOO EH UHVXPHG
LUUHVSHFWLYHRIWKHWLPHLQWHUYDO
,I ZLWK UHIHUHQFH WR WKH GDWD FROOHFWHG LQ WKH SUHFHGLQJ DQG UHVXPHG SURFHGXUH WKH SUHFHGLQJ
GHFLVLRQQHHGVWREHUHSODFHGE\DQHZRQHXQGHUZKLFKDGPLVVLRQWRWKH%DULVQRWDOORZHGWKH
SUHFHGLQJ GHFLVLRQ VKDOOEHFRPH QXOO DQG YRLG DQGWKH DGPLVVLRQWRWKH %DU ZLWK SRVWHULRU HIIHFW
VKDOOEHUHYRNHG
$UWLFOH
7KHODZ\HUVKDOOEHGLVEDUUHG
,IKHGLHV
,IKHGHFODUHVLQZULWLQJWKDWKHGRHVQRWZDQWWRSUDFWLVHWKHOHJDOSURIHVVLRQDQ\PRUH
,IKHLVVHQWHQFHGE\DQHIIHFWLYHMXGJPHQWWRDSXQLVKPHQWRIVL[PRQWKLPSULVRQPHQWRUWRD
PRUHVHYHUHSXQLVKPHQWLQFDVHRIDQLQWHQWLRQDOFULPLQDORIIHQVHSURVHFXWHGXQGHURIILFLDOGXW\
,QFDVHRISURWHFWLYHRUVHFXULW\PHDVXUHLPSRVHGXSRQKLPDVSURKLELWLRQWRSUDFWLVHWKHOHJDO
SURIHVVLRQ
,IKHLVHQJDJHGLQDFWLYLWLHVWKDWDUHLQFRPSDWLEOHZLWKJRRGUHSXWDWLRQDQGLQGHSHQGHQFHRIWKH
ODZ\HU$UWLFOH
,IZLWKRXWMXVWLILHGUHDVRQKHKDVQRWSUDFWLVHGWKHOHJDOSURIHVVLRQIRUPRUHWKDQRQH\HDU
,IKHLVGLVFRYHUHGQRWWRFRPSO\DQ\PRUHZLWKWKHOHJDOO\SUHVFULEHGWHUPVDQGFRQGLWLRQVIRU
SUDFWLVLQJWKHOHJDOSURIHVVLRQ
,IWKHDGPLVVLRQWRWKH%DUKDVEHFRPHQXOODQGYRLG
,QFDVHRILPSRVLWLRQRIDGLVFLSOLQDU\PHDVXUHLQYROYLQJGHSULYDWLRQRIWKHULJKWWRSUDFWLVHWKH
OHJDOSURIHVVLRQ
,IWKH/DZ)LUPLVWHUPLQDWHGVXEMHFWWRWKHFRPSOHWHGEDQNUXSWF\RUOLTXLGDWLRQSURFHGXUHVRULI
WKHODZ\HUZLWKGUDZVIURPWKH/DZ)LUPDQGZLWKLQRQHPRQWKGRHVQRWSURFHHGE\SUDFWLVLQJKLV
OHJDOSURIHVVLRQLQGLYLGXDOO\RUDVDSDUWQHUWRVRPHRWKHU/DZ)LUP
$ IRUHLJQ ODZ\HU HQWLWOHG WR SUDFWLVH KLV OHJDO SURIHVVLRQ LQ WKH 5HSXEOLF RI 6ORYHQLD XQGHU WKH
SURIHVVLRQDOWLWOHIURPKLVSDUHQWFRXQWU\VKDOODOVREHGLVEDUUHGLIKHLVQRPRUHHQWLWOHGWRSUDFWLVH
KLVOHJDOSURIHVVLRQLQKLVSDUHQWFRXQWU\
$UWLFOH
7KH5ROOVKDOOEHNHSWE\WKH%DU$VVRFLDWLRQRI6ORYHQLD
7KH5ROOVKDOOFRQVLVWRI
7KH5ROORIODZ\HUV±FLWL]HQVRIWKH5HSXEOLFRI6ORYHQLD
7KH5ROORIIRUHLJQODZ\HUVHQWLWOHGWRSUDFWLVHWKHLUOHJDOSURIHVVLRQLQWKH5HSXEOLFRI6ORYHQLD
XQGHUWKHSURIHVVLRQDOWLWOHRIODZ\HU
7KH 5ROO RIIRUHLJQ ODZ\HUV HQWLWOHG WR SUDFWLVH WKHLUOHJDOSURIHVVLRQ XQGHU WKH SURIHVVLRQDO WLWOH
IURPKLVSDUHQWFRXQWU\
7KHDGPLVVLRQWRWKH%DUDQGRUWKHGLVEDUULQJVKDOOEHVXEMHFWWRWKHGHFLVLRQRIWKHERG\VSHFLILHG
E\WKHE\ODZVRIWKH%DU$VVRFLDWLRQRI6ORYHQLDLQWKHDGPLQLVWUDWLYHSURFHGXUH
1RDSSHDOVKDOOEHILOHGDJDLQVWWKHGHFLVLRQRIWKHERG\UHIHUUHGWRLQWKHSUHFHGLQJSDUDJUDSK
7KHGHFLVLRQLVVXHGLQWKHSURFHGXUHRIDGPLVVLRQWRWKH%DUDQGRUGLVEDUULQJVKDOOEHVHQWE\WKH
ERG\UHIHUUHGWRLQWKHVHFRQGSDUDJUDSKKHUHRIWRWKH0LQLVWU\RI-XVWLFHZLWKLQILIWHHQGD\VDIWHU
EHLQJLVVXHG
7KH0LQLVWU\RI-XVWLFHPD\FRPPHQFHDFLYLODGPLQLVWUDWLYHOLWLJDWLRQDJDLQVWWKHGHFLVLRQUHIHUUHG
WRLQWKHSUHFHGLQJSDUDJUDSKLILWLQYROYHVWKHEUHDFKRIWKHODZWRWKHEHQHILWRIWKHLQGLYLGXDO
7KH GLVEDUULQJ IRU WKH UHDVRQV VWDWHG LQ ,WHPV DQG RI WKH SUHFHGLQJ DUWLFOH VKDOO WDNH SODFH
VXEMHFW WR D YDOLG GHFLVLRQ DQG WKH GLVEDUULQJ IRU WKH UHDVRQ VWDWHG LQ 3DUD RI WKH SUHFHGLQJ
$UWLFOHVKDOOEHHIIHFWHGRQWKHEDVLVRIWKHQRWLFHE\WKHFRPSHWHQWERG\IURPWKHODZ\HU
VSDUHQW
FRXQWU\
$UWLFOH
3ULRUWRWKHDGPLVVLRQWRWKH%DUWKHODZ\HUVKDOOPDNHWKHIROORZLQJRDWKLQIURQWRIWKH3UHVLGHQWRI
WKH%DU$VVRFLDWLRQRI6ORYHQLD,VZHDUWRREVHUYH
WKH OHJDOV\VWHP RIWKH 5HSXEOLF RI 6ORYHQLD DQGWRSUDFWLVH WKH OHJDO SURIHVVLRQFRQVFLHQWLRXVO\
KRQHVWO\DQGZLWKGXHGLJQLW\
2Q DGPLVVLRQ WR WKH %DU WKH %DU $VVRFLDWLRQ RI 6ORYHQLD VKDOOLVVXH WR WKH ODZ\HU D SURIHVVLRQDO
LGHQWLW\FDUG
,QDIRUHLJQODZ\HU
VSURIHVVLRQDOLGHQWLW\FDUGLWLVQHFHVVDU\WRHQWHUWKHSURIHVVLRQDOWLWOHWKDWWKH
IRUHLJQODZ\HULVHQWLWOHGWRXVHLQDFFRUGDQFHZLWKWKLV$FWDVZHOODVWKHDXWKRULW\KHLVUHJLVWHUHG
ZLWKLQKLVSDUHQWFRXQWU\
$UWLFOH
7KHODZ\HUZKRKDVEHHQDZDUGHGWKHWLWOHRIVSHFLDOLVWLQDFHUWDLQVXEMHFWRUWKHDFDGHPLFWLWOHRI
0DVWHURI/DZVKDOORQKLVGHPDQGEHUHFRJQL]HGWKHVWDWXVRIVSHFLDOLVWODZ\HUSURYLGHGWKDWKH
KDVSUDFWLVHGWKHOHJDOSURIHVVLRQDQGRUKDVKHOGDMXGLFLDORIILFHLQWKHFODLPHGGRPDLQIRUDWOHDVW
ILYH\HDUV
7KHODZ\HUZKRKDVEHHQHOHFWHGDVVLVWDQWVHQLRUOHFWXUHUDVVRFLDWHSURIHVVRURUIXOOSURIHVVRURI
WKH)DFXOW\RI/DZVKDOOEHUHFRJQL]HGWKHVWDWXVRIODZ\HUVSHFLDOL]HGLQWKHOHJDOGRPDLQZKHUH
KHSUDFWLFHGKLVSHGDJRJLFDODQGVFLHQWLILFZRUNHYHQLIKHGRHVQRWIXOILOOWKHFRQGLWLRQVRIWKHILYH
\HDUV
SUDFWLFHUHTXLUHGLQWKHSUHFHGLQJSDUDJUDSK
7KHUHTXLUHPHQWUHIHUUHGWRLQWKHILUVWSDUDJUDSKRIWKLV$UWLFOHVKDOOEHVXEMHFWWRWKHGHFLVLRQRI
WKHERG\UHIHUUHGWRLQWKHWKLUGSDUDJUDSKRI$UWLFOHKHUHRI7KHUHVKDOOEHQRDSSHDODJDLQVWLWV
GHFLVLRQ
$UWLFOH
7KH ODZ\HU PD\ LQGLFDWH ZLWK KLV QDPH WKH OHJDO GRPDLQ IRU ZKLFK KH KDV EHHQ UHFRJQL]HG WKH
VWDWXVRIVSHFLDOLVWODZ\HUDVZHOODVWKHSURIHVVLRQDOWLWOHKHLVHQWLWOHGWRXVHLQDFFRUGDQFHZLWK
WKH$FW
,,,$ 3(5)250$1&( 2) 6(59,&(6 $1' 35$&7,&,1* 2) /(*$/ 352)(66,21 %<
)25(,*1/$:<(56,17+(5(38%/,&2)6/29(1,$
$UWLFOHD
7KHODZ\HUIURPDIRUHLJQFRXQWU\WKDWLVPHPEHURIWKH(XURSHDQ8QLRQVKDOOEHHQWHUHGLQWRWKH
5ROORIIRUHLJQODZ\HUVWKDWDUHDOORZHGWRSUDFWLVHWKHLUOHJDOSURIHVVLRQLQWKH5HSXEOLFRI6ORYHQLD
XQGHUWKHLUSURIHVVLRQDOWLWOHRIODZ\HULQFOXGLQJDOOKLVULJKWVDQGREOLJDWLRQVDVVRFLDWHGZLWKWKH
SUDFWLVLQJ RI WKH OHJDO SURIHVVLRQ SURYLGHG WKDW LW PHHWV WKH WHUPV DQG FRQGLWLRQV UHIHUUHG WR LQ
,WHPVDQGWKURXJKRI3DUDRI$UWLFOHKHUHRIDQGSURYLGHGWKDWKHSDVVHVWKHH[DPLQDWLRQ
WHVWLQJWKHNQRZOHGJHRIWKHOHJDORUGHURIWKH5HSXEOLFRI6ORYHQLD
7KH ODZ\HU VKDOO HQFORVH WR KLV DSSOLFDWLRQ IRU HQWU\ LQWR WKH 5ROO UHIHUUHG WR LQ WKH SUHFHGLQJ
SDUDJUDSK WKH &HUWLILFDWH RI &LWL]HQVKLS WKH HYLGHQFH WKDW KH LV HQWLWOHG WR SUDFWLVH KLV OHJDO
SURIHVVLRQLQKLVSDUHQWFRXQWU\DVZHOODVRWKHUHYLGHQFHV WKDWSURYHWKHIXOILOOPHQWRIWKHWHUPV
DQGFRQGLWLRQVUHIHUUHGWRLQWKHSUHFHGLQJSDUDJUDSK
7KHWHUPVDQGFRQGLWLRQVUHIHUUHGWRLQ,WHPVDQGRI3DUDRI$UWLFOHKHUHRIVKDOOEHSURYHG
ZLWK WKH FHUWLILFDWH LVVXHG LQ DFFRUGDQFH ZLWK WKH UHJXODWLRQV RI WKH ODZ\HU
V SDUHQW FRXQWU\ 7KH
SLHFHVRIHYLGHQFHVKDOOQRWEHROGHUWKDQWKUHHPRQWKVDQGVKDOOEHVXEPLWWHGXQGHUWKHIRUPRID
FHUWLILHGWUDQVODWLRQLQWR6ORYHQHODQJXDJH
7KHH[DPLQDWLRQWHVWLQJWKHNQRZOHGJHRIWKHOHJDORUGHURIWKH5HSXEOLFRI6ORYHQLDUHIHUUHGWRLQ
3DUDKHUHDERYHVKDOOEHWDNHQLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKHDFWWKDWUHJXODWHVWKH
VWDWHH[DPLQDWLRQLQOHJDOSURIHVVLRQ$UWLFOHE
7KHODZ\HUIURPDIRUHLJQFRXQWU\WKDWLVPHPEHURIWKH(XURSHDQ8QLRQVKDOOEHHQWHUHGLQWRWKH
5ROORIIRUHLJQODZ\HUVWKDWDUHDOORZHGWRSUDFWLVHWKHLUOHJDOSURIHVVLRQLQWKH5HSXEOLFRI6ORYHQLD
XQGHU WKH SURIHVVLRQDO WLWOH IURP KLV SDUHQW FRXQWU\ LI KH VXEPLWV WKHFHUWLILFDWH RI EHLQJ HQWHUHG
ZLWKWKHFRPSHWHQWDXWKRULW\RIKLVSDUHQWFRXQWU\
7KH ODZ\HU VKDOO HQFORVH WR KLV DSSOLFDWLRQ IRU HQWU\ LQWR WKH 5ROO UHIHUUHG WR LQ WKH SUHFHGLQJ
SDUDJUDSK WKH &HUWLILFDWH RI &LWL]HQVKLS WKH SLHFH RI HYLGHQFH RI LQVXUDQFHDJDLQVW SURIHVVLRQDO
OLDELOLW\ DV ZHOO DV WKH QRWLFH DQG WKH HYLGHQFHV RQ WKH SRVVLEOH PHPEHUVKLS LQ ODZ ILUPV LQ KLV
SDUHQWFRXQWU\RULQDQ\RWKHUFRXQWU\
7KHODZ\HUHQWHUHGLQWRWKH5ROOLQDFFRUGDQFHZLWKWKHSURYLVLRQUHIHUUHGWRLQ3DUDKHUHDERYH
VKDOOEHH[HPSWRIWKHLQVXUDQFHUHIHUUHGWRLQ$UWLFOHKHUHRILQZKROHRULQSDUWLIKHEHQHILWVLQ
ZKROHRULQSDUWIURPDQHTXLYDOHQWLQVXUDQFHLQKLVSDUHQWFRXQWU\
,QWKH5ROOHQWHULQJSURFHHGLQJUHIHUUHGWRLQWKHILUVWSDUDJUDSKKHUHRIWKHSURYLVLRQRI,WHPRI
3DUDRI$UWLFOHKHUHRIVKDOODSSO\PXWDWLVPXWDQGL
7KHSLHFHVRIHYLGHQFHUHIHUUHGWRLQ3DUDDQG3DUDKHUHDERYHVKDOOQRWEHROGHUWKDQWKUHH
PRQWKVDQGVKDOOEHVXEPLWWHGXQGHUWKHIRUPRIDFHUWLILHGWUDQVODWLRQLQWR6ORYHQHODQJXDJH
7KH%DU$VVRFLDWLRQRI6ORYHQLDVKDOOLQIRUPWKHFRPSHWHQWDXWKRULW\RIWKHODZ\HU
VSDUHQWFRXQWU\
DERXWWKHHQWU\LQWRWKH5ROOVXFKDVUHIHUUHGWRLQ3DUDKHUHDERYH
7KH ODZ\HU HQWHUHG LQWR WKH 5ROO RQ WKH EDVLV RI 3DUD KHUHDERYH VKDOO SHUIRUP KLV OHJDO
SURIHVVLRQ DFWXDOO\ DQG SHUPDQHQWO\ WKHUHE\ XVLQJ KLV SURIHVVLRQDO WLWOH IURP KLV SDUHQW
FRXQWU\H[SUHVVHGLQWKHRIILFLDOODQJXDJHRULQRQHRIWKHRIILFLDOODQJXDJHVRIKLVSDUHQWFRXQWU\
DQGLQGLFDWLQJWKHDXWKRULW\KHLVHQWHUHGZLWKLQKLVSDUHQWFRXQWU\
$UWLFOHF
7KHODZ\HUUHIHUUHGWRLQWKHSUHFHGLQJ$UWLFOHPD\JLYHOHJDODGYLFHRQWKHOHJLVODWLRQRIKLVSDUHQW
FRXQWU\RQWKHOHJLVODWLRQRIWKH(XURSHDQ8QLRQRQWKHLQWHUQDWLRQDOODZDQGRQWKHOHJLVODWLRQRI
WKH5HSXEOLFRI6ORYHQLD
,QWKHSHUIRUPDQFHRIODZ\HU
VVHUYLFHVUHODWHGWRWKHUHSUHVHQWDWLRQRIFOLHQWVEHIRUHWKHFRXUWVLQ
WKH 5HSXEOLF RI 6ORYHQLD WKH ODZ\HU UHIHUUHG WR LQ WKH SUHFHGLQJ $UWLFOH VKDOO FRRSHUDWH ZLWK WKH
ODZ\HU ZKR LV HQWLWOHG LQ WKH 5HSXEOLF RI 6ORYHQLD WR SUDFWLVH KLV OHJDO SURIHVVLRQ XQGHU WKH
SURIHVVLRQDOWLWOHRIODZ\HU
7KHODZ\HUUHIHUUHGWRLQWKHSUHFHGLQJ$UWLFOHFDQQRW
EHHOHFWHGLQWRWKHERGLHVRIWKH%DU$VVRFLDWLRQRI6ORYHQLD
WUDLQWKHSXSLOVDQGSURVSHFWLYHHQWUDQWV
EHDSSRLQWHGWKHSUR[\RIWKHFOLHQWWKDWLVIXOO\H[HPSWIURPWKHSD\PHQWRIWKHFRVWVRISURFHGXUH
RU DVVLVWDQFH LQ DFFRUGDQFH ZLWK WKH $FW UHJXODWLQJ WKH SURFHGXUH EHIRUH WKH FRXUWV RU OHJDO
DVVLVWDQFHRUEHDSSRLQWHGDWWRUQH\H[RIILFLR
$UWLFOHG
7KHODZ\HUIURPDIRUHLJQFRXQWU\WKDWLVPHPEHURIWKH(XURSHDQ8QLRQVKDOOEHHQWHUHGLQWRWKH
5ROORIIRUHLJQODZ\HUVWKDWDUHDOORZHGWRSUDFWLVHWKHLUOHJDOSURIHVVLRQLQWKH5HSXEOLFRI6ORYHQLD
XQGHUWKHSURIHVVLRQDOWLWOHRIODZ\HULUUHVSHFWLYHRIWKHWHUPVDQGFRQGLWLRQVUHIHUUHGWRLQ$UWLFOH
D KHUHRI SURYLGHG WKDW KH KDV DFWXDOO\ DQG SHUPDQHQWO\ SHUIRUPHG KLV SURIHVVLRQ LQ WKH
5HSXEOLFRI6ORYHQLDRQWKHEDVLVRI$UWLFOHEKHUHRIIRUDWOHDVWWKUHH\HDUV
,QWKHSURFHHGLQJRIHQWHULQJLQWRWKH5ROOWKHSUHUHTXLVLWHUHIHUUHGWRLQWKHSUHFHGLQJSDUDJUDSK
VKDOO EH SURYHG WKURXJK WKH VXEPLVVLRQ RI WKH OLVW RI WKH PDWWHUV KDQGOHG E\ WKH ODZ\HU
DFFRPSDQLHGE\WKHUHVSHFWLYHFDVHQXPEHUFRQWHQWVWLPHSHULRGW\SHDQGH[WHQWRIDFWLYLW\DV
ZHOO DV SKDVH RI WKH SURFHGXUH LQFOXGLQJ WKH HQFORVHG FRSLHV RI GRFXPHQWV DSSOLFDWLRQV DQG
SURWRFROVLQWKHIRUPVHFXULQJWKHFRQILGHQWLDOLW\RISHUVRQDOGDWD
7KH ODZ\HU HQWHUHG LQWR WKH 5ROORQWKH EDVLV RI 3DUD KHUHDERYH LV HQWLWOHG WRXVH LQ KLV OHJDO
SUDFWLVHWKHSURIHVVLRQDOWLWOHIURPKLVSDUHQWFRXQWU\H[SUHVVHGLQWKHRIILFLDOODQJXDJHRULQRQHRI
WKHRIILFLDOODQJXDJHVRIKLVSDUHQWFRXQWU\WRJHWKHUZLWKWKHWLWOHRIODZ\HU
$UWLFOHH
7KHODZ\HUIURPDIRUHLJQFRXQWU\WKDWLVPHPEHURIWKH(XURSHDQ8QLRQZKRLVQRWHQWHUHGLQWR
WKH 5ROO RI IRUHLJQ ODZ\HUV RQ WKH EDVLV RI $UWLFOHV D E RU G KHUHDERYH PD\ SHUIRUP
LQGLYLGXDOVHUYLFHVDSSXUWHQDQWWRWKHSUDFWLVHRIWKHOHJDOSURIHVVLRQVXFKDVLQDFFRUGDQFHZLWK
WKHSURYLVLRQVRI3DUDDQG3DUDRI$UWLFOHFKHUHRI
7KH ODZ\HU ZKR LQWHQGV WR SHUIRUP KLV VHUYLFHV RQ WKH EDVLV RI WKH SUHFHGLQJ SDUDJUDSK VKDOO
LQIRUPWKH%DU$VVRFLDWLRQRI6ORYHQLDWKHUHRILQZULWLQJE\VXEPLWWLQJWKHSLHFHRIHYLGHQFHRQWKH
TXDOLILFDWLRQIRUSUDFWLVLQJWKHOHJDOSURIHVVLRQDVZHOODVWKHSLHFHRIHYLGHQFHRILQVXUDQFHDJDLQVW
SURIHVVLRQDOOLDELOLW\ LQ KLV SDUHQW FRXQWU\ ZKHUHE\ WKH SURYLVLRQ RI 3DUD RI $UWLFOH EKHUHRI
VKDOOEHDSSOLHGPXWDWLVPXWDQGL,QKLVQRWLFHKHVKDOOVWDWHWKHDGGUHVVRULQGLFDWHKLVSUR[\IRU
VHUYLFHVLQWKH5HSXEOLFRI6ORYHQLD
2QWKHEDVLVRIWKHQRWLFHDQGWKHSLHFHVRIHYLGHQFHUHIHUUHGWRLQWKHSUHFHGLQJSDUDJUDSKWKH
%DU $VVRFLDWLRQ RI 6ORYHQLD VKDOO LVVXH WR WKH ODZ\HU DQ DFNQRZOHGJPHQW RI UHFHLSW RI WKH
DSSOLFDWLRQIRUSHUIRUPDQFHRIVHUYLFHV
2QWKHGHPDQGRIWKHFRPSHWHQWERGLHVWKHODZ\HUUHIHUUHGWRLQ3DUDKHUHDERYHVKDOOVXEPLW
WKHDFNQRZOHGJPHQWRIUHFHLSWUHIHUUHGWRLQWKHSUHFHGLQJSDUDJUDSK
7KHODZ\HUIURPDIRUHLJQFRXQWU\±DPHPEHURIWKH(XURSHDQ8QLRQZKRKDVEHHQUHIXVHGWKH
HQWU\LQWRWKH5ROOLQWKH5HSXEOLFRI6ORYHQLDGXHWRWKHQRQIXOILOOPHQWRIWKHFRQGLWLRQUHIHUUHGWR
LQ,WHPRI3DUDRI$UWLFOHKHUHRIFDQQRWSHUIRUPODZ\HU
VVHUYLFHVLQWKH5HSXEOLFRI6ORYHQLD
$UWLFOHI
:KHQ SHUIRUPLQJ KLV VHUYLFHV WKH ODZ\HU UHIHUUHG WR LQ WKH SUHFHGLQJ $UWLFOH VKDOO FRQVLGHU WKH
UXOHVRIWKHFRGHRIFRQGXFWDSSOLFDEOHWRODZ\HUVLQWKH5HSXEOLFRI6ORYHQLD
:KHQ SHUIRUPLQJ LQGLYLGXDO VHUYLFHV LQ WKH 5HSXEOLF RI 6ORYHQLD WKH ODZ\HU VKDOO XVH WKH
SURIHVVLRQDOWLWOHIURPKLVSDUHQWFRXQWU\VXFKDVH[SUHVVHGLQWKHRIILFLDOODQJXDJHRULQRQHRIWKH
RIILFLDO ODQJXDJHV RI KLV SDUHQW FRXQWU\WKHUHE\ LQGLFDWLQJDOVRWKH SURIHVVLRQDO RUJDQL]DWLRQWKDW
KDVLVVXHGKLPWKHOLFHQFHIRUSUDFWLVLQJWKHOHJDOSURIHVVLRQLQKLVSDUHQWFRXQWU\
7KH ODZ\HU UHIHUUHG WR LQ WKH SUHFHGLQJ SDUDJUDSK VKDOO EHDU WKH GLVFLSOLQDU\ UHVSRQVLELOLW\
KHUHXQGHU DV LI KH ZHUH HQWHUHG LQWR WKH 5ROO 7KH GLVFLSOLQDU\ SHQDOWLHV DQG WKH WHPSRUDU\
PHDVXUHV ZLWK D UHVWULFWLYH HIIHFW RQ WKH ODZ\HU PD\ RQO\ EH LPSRVHG ZLWK WKH YDOLGLW\ LQ WKH
5HSXEOLF RI 6ORYHQLD ,QVWHDG RI WKH GLVFLSOLQDU\ SHQDOW\ RI GLVEDUULQJ WKHUH PD\ EH LPSRVHG WKH
SURKLELWLRQRISHUIRUPLQJWKHVHUYLFHVLQWKH5HSXEOLFRI6ORYHQLD
$UWLFOHJ
7KHODZ\HUIURPDIRUHLJQFRXQWU\RWKHUDPHPEHURIWKH(XURSHDQ8QLRQZKRLVHQWLWOHGWRSUDFWLVH
WKH OHJDO SURIHVVLRQ LQ WKH FRXQWU\ RWKHU WKDQ D PHPEHU RI WKH (XURSHDQ 8QLRQ LV DOORZHG WR
SHUIRUP ODZ\HU
V VHUYLFHV DQGRU WR SUDFWLVH WKH OHJDO SURIHVVLRQ XQGHU WKH WHUPV DQG FRQGLWLRQV
VSHFLILHGKHUHLQIRUWKHODZ\HUVIURPDIRUHLJQFRXQWU\WKDWLVDPHPEHURIWKH(XURSHDQ8QLRQLQ
$UWLFOH D KHUHRI SURYLGHG WKDW WKH FRQGLWLRQ RI DFWXDO PXWXDOLW\ KDV EHHQ IXOILOOHG7KH OHJDO
GRPDLQ IRU ZKLFK WKH ODZ\HU LV UHFRJQL]HG WKH VWDWXV RI VSHFLDOLVW PD\ EH LQGLFDWHG ZLWK WKH
ODZ\HU
VQDPHRUZLWKWKHUHJLVWHUHGQDPHRIWKH/DZ)LUPZKHUHWKHVSHFLDOLVWODZ\HUEHORQJVWR
DVPHPEHU
,9/$:),50
$UWLFOH
$/DZ)LUPPD\EHHVWDEOLVKHGDVDFLYLO/DZ)LUPRUDVD/DZ)LUPZLWKWKHVWDWXVRIOHJDOHQWLW\
$/DZ)LUPZLWKWKHVWDWXVRIOHJDOHQWLW\PD\EHHVWDEOLVKHGDVDFRPSDQ\ZLWKXQOLPLWHGSHUVRQDO
OLDELOLW\RISDUWQHUVIRUWKH/DZ)LUP
VREOLJDWLRQVKHUHDIWHU/DZ)LUP
$UWLFOH
7KHHVWDEOLVKPHQWDQGRSHUDWLRQRIWKH/DZ)LUPVKDOOEHVXEMHFWWRWKHUHJXODWLRQVRQFRPPHUFLDO
FRPSDQLHVXQOHVVRWKHUZLVHSURYLGHGE\WKLVODZ
$UWLFOH
7KHDFWLYLW\RIWKH/DZ)LUPVKDOOEHOLPLWHGWRSUDFWLVLQJWKHOHJDOSURIHVVLRQ
3DUWQHUVLQD/DZ)LUPPD\RQO\EHODZ\HUV
0DQDJHPHQWRIWKHDIIDLUVRID/DZ)LUPFDQQRWEHHQWUXVWHGWRDSHUVRQRWKHUWKDQODZ\HU
$UWLFOH
7KH UHJLVWHUHG QDPH RI WKH /DZ )LUP VKDOO QHFHVVDULO\ FRQWDLQ DQ DGGLWLRQDO LQGLFDWLRQ RI /DZ
)LUPH[SUHVVHGZLWKWKHDEEUHYLDWLRQRS
7KHQDPHRIDIRUPHUSDUWQHUPD\ZLWKKLVFRQVHQWRUZLWKKLVKHLUV
FRQVHQWUHPDLQSUHVHUYHGLQ
WKH UHJLVWHUHG QDPH RI WKH /DZ )LUPUHIHUUHG WR LQ WKH SUHFHGLQJ SDUDJUDSK IRU DWPD[LPXPILYH
\HDUVZLWKDGGLWLRQDOLQGLFDWLRQIRUPHUDFFRPSDQ\LQJKLVQDPH
$UWLFOH
(QFORVHGWRWKHDSSOLFDWLRQIRUHQWU\RIWKH/DZ)LUPLQWRWKH&RXUW5HJLVWU\VKDOOEHWKHFRQVHQWRI
WKH%DU$VVRFLDWLRQRI6ORYHQLD
7KHFRQVHQWUHIHUUHGWRLQWKHSUHFHGLQJSDUDJUDSKVKDOOEHLVVXHGE\WKHERG\UHIHUUHGWRLQWKH
VHFRQGSDUDJUDSKRI$UWLFOHKHUHRI1RDSSHDODJDLQVWWKHDERYHGHFLVLRQVKDOOEHSRVVLEOH
7KHFRQVHQWPD\RQO\EHUHIXVHGLIWKHWHUPVDQGFRQGLWLRQVVSHFLILHGKHUHLQIRUHVWDEOLVKPHQWDQG
RSHUDWLRQRID/DZ)LUPKDYHQRWEHHQIXOILOOHG
,I ZLWKLQ WZR PRQWKV DIWHU WKH UHTXHVW IRU FRQVHQW WKH FRPSHWHQW ERG\ UHIHUUHG WR LQ WKH VHFRQG
SDUDJUDSKIDLOVWRPDNHWKHGHFLVLRQWKHFRQVHQWVKDOOEHFRQVLGHUHGDVJLYHQ
$UWLFOH
,QFDVHRIQRQIXOILOOPHQWRIWKHWHUPVDQGFRQGLWLRQVRQWKHRUJDQL]DWLRQDQGRSHUDWLRQRIWKH/DZ
)LUPWKH/DZ)LUPVKDOOEHWHUPLQDWHGXQGHUOLTXLGDWLRQSURFHGXUH
7KH WHUPLQDWLRQ RI WKH /DZ )LUP IRU WKH UHDVRQV UHIHUUHG WR LQ WKH SUHFHGLQJ SDUDJUDSK VKDOO EH
LGHQWLILHGE\WKHFRXUWRQWKHSURSRVDORIDQ\RIWKHSDUWQHUVRURIWKH%DU$VVRFLDWLRQRI6ORYHQLD
3ULRUWRWKHGHFLVLRQDERXWWHUPLQDWLRQWKHFRXUWVKDOOLPSRVHXSRQWKH/DZ)LUPDWPD[LPXPDVL[
PRQWKSHULRGIRUFRRUGLQDWLRQRILWVRUJDQL]DWLRQDQGRSHUDWLRQZLWKWKHSURYLVLRQVKHUHRI
9%$5$662&,$7,21
$UWLFOH
/DZ\HUVSUDFWLVLQJWKHOHJDOSURIHVVLRQLQWKH5HSXEOLFRI6ORYHQLDVKDOOQHFHVVDULO\DVVRFLDWHLQWR
WKH%DU$VVRFLDWLRQRI6ORYHQLDKHUHDIWHUUHIHUUHGWRDV%DU$VVRFLDWLRQ
$UWLFOH
7KH%DU$VVRFLDWLRQVKDOOSXUVXHDQGGLVFXVVWKHSUREOHPVRIODZ\HUV
SUDFWLFHLWVKDOOSURYLGHIRU
XQLIRUPGHYHORSPHQWRIWKH%DUVLWVKDOODGRSWWKH&RGHRI&RQGXFWDQGVKDOOSHUIRUPRWKHUWDVNV
VSHFLILHGE\WKHODZ
7KH %DU $VVRFLDWLRQ VKDOO FRRSHUDWH ZLWK EDU RUJDQL]DWLRQV RI RWKHU FRXQWULHV $W WKHLU PXWXDO
FRRSHUDWLRQ LQ WKH SURFHHGLQJV IRU DFTXLVLWLRQ RI WKH ULJKW WR SUDFWLVH WKH OHJDO SURIHVVLRQ LQ D
IRUHLJQFRXQWU\WKH%DU$VVRFLDWLRQVKDOONHHSWKHFRQILGHQWLDOLW\RIWKHH[FKDQJHGGDWD
$UWLFOH
7KH%DU$VVRFLDWLRQVKDOOEHDOHJDOHQWLW\
7KH$VVHPEO\VKDOOEHWKHKLJKHVWERG\RIWKH%DU$VVRFLDWLRQ
$UWLFOH
7KHE\ODZVRIWKH%DU$VVRFLDWLRQVKDOOVSHFLI\LQGHWDLOWKHWDVNVDQGWKHRUJDQL]DWLRQRIWKH%DU
$VVRFLDWLRQ WKH WDVNV RI WKH $VVHPEO\ DQG RWKHU %DU $VVRFLDWLRQ ERGLHV WKH SDUWLFLSDWLRQ RI
SURVSHFWLYH HQWUDQWV DQG SXSLOV DW WKH RSHUDWLRQ RI WKH %DU $VVRFLDWLRQ ERGLHV WKH PHWKRG RI
SURYLGLQJ WKH DVVHWV IRU RSHUDWLRQ RI WKH %DU $VVRFLDWLRQ DV ZHOO DV RWKHU LVVXHV UHOHYDQW IRU
RSHUDWLRQRIWKH%DU$VVRFLDWLRQ
7KH E\ODZV RI WKH %DU $VVRFLDWLRQ VKDOO EH VXEMHFW WR WKH FRQVHQW RI WKH JRYHUQPHQW RI WKH
5HSXEOLFRI6ORYHQLD
9,383,/6
$UWLFOH
7KH SHUVRQ XQGHUJRLQJ WKH WUDLQLQJ ZLWK D ODZ\HU IRU DFTXLULQJ WKH ULJKW WR WDNH WKH &RPPRQ
3URIHVVLRQDO ([DPLQDWLRQLQ FRPSOLDQFH ZLWKWKH SURYLVLRQV VSHFLILHG KHUHLQ DQG LQ D VSHFLDO ODZ
VKDOOKROGWKHVWDWXVRIDSXSLO
7KHSXSLOFDQVWDUWKLVSXSLOODJHXSRQKLVHQWU\RQWRWKH/LVWRI3XSLOV
7KHHQWU\RQWRWKH/LVWUHIHUUHGWRLQWKHSUHFHGLQJSDUDJUDSKVKDOOEHVXEMHFWWRWKHGHFLVLRQRIWKH
ERG\ UHIHUUHG WR LQ WKH WKLUG SDUDJUDSK RI $UWLFOH KHUHRI 7KHUH VKDOO EH QR DSSHDO DJDLQVW LWV
GHFLVLRQ
2QWKHHQWU\RQWRWKH/LVWRI3XSLOVWKH%DU$VVRFLDWLRQVKDOOLVVXHWRWKHSXSLOKLVLGHQWLW\FDUG
$UWLFOH
7KHSXSLOODJHVKDOOEHSURYLGHGE\WKH%DU$VVRFLDWLRQ
,IWKH SXSLO IDLOVWR SURYLGH IRU KLV SXSLOODJH E\ KLPVHOIWKH %DU $VVRFLDWLRQ VKDOO SURYLGH KLPWKH
SXSLOODJHZLWKDODZ\HURUD/DZ)LUPDWWKHODWHVWZLWKLQWKUHHPRQWKVDIWHUWKHHIIHFWLYHGDWHRIWKH
GHFLVLRQRQWKHHQWU\RQWRWKH/LVWRI3XSLOV
$UWLFOH
7KHODZ\HUVKDOOFDUHIRUSURIHVVLRQDOWUDLQLQJRIKLVSXSLODQGVKDOOHQDEOHKLPWRXQGHUJRDOOURXQG
WUDLQLQJIRULQGHSHQGHQWSUDFWLFHRIKLVOHJDOSURIHVVLRQ
7KHSXSLOVKDOOQRWSUDFWLVHKLVOHJDOSURIHVVLRQLQGHSHQGHQWO\DQGLQKLVRZQQDPH
$UWLFOH
7KHWLPHRIWKHSXSLOODJHLQDODZRIILFHVKDOOEHLQFOXGHGRQWRWKHFRPSXOVRU\RQH\HDU
VSUDFWLFH
VSHFLILHG DV D SUHUHTXLVLWH IRU DFTXLVLWLRQ RI WKH ULJKW WR WKH OHJDO SUDFWLFH ,WHP RI WKH ILUVW
SDUDJUDSKRI$UWLFOH
$UWLFOH
7KHSXSLOVKDOOEHGHOHWHGIURPWKH/LVWRI3XSLOV
,IKHGHFODUHVWKDWKHLVQRWZLOOLQJWRFRQWLQXHKLVSXSLOODJHLQWKHODZRIILFH
,ILWLVGLVFRYHUHGWKDWKHGRHVQRWDQ\PRUHFRPSO\ZLWKWKHWHUPVDQGFRQGLWLRQVRISXSLOODJH
VXFKDVVSHFLILHGE\WKHODZ
,I KH GRHV QRWSUDFWLVH KLV SXSLOODJH ZLWK DODZ\HU ZLWKRXWMXVWLILHG UHDVRQIRUPRUH WKDQ WKUHH
PRQWKV
8SRQH[SLUDWLRQRIWKHWLPHVFKHGXOHGIRUSXSLOODJHLQWKHODZRIILFH
,IKHLVLPSRVHGWKHGLVFLSOLQDU\ PHDVXUHRIGHQ\LQJWKHULJKWWRSXSLOODJHLQDODZRIILFH
7KHGHOHWLRQIRUWKHUHDVRQVSHFLILHGLQ,WHPRIWKHSUHFHGLQJSDUDJUDSKVKDOOEHHIIHFWHGRQWKH
EDVLVRIWKHYDOLGGHFLVLRQRIWKHGLVFLSOLQDU\ERG\
9,,35263(&7,9((175$176
$UWLFOH
/DEHOOHGDVSURVSHFWLYHHQWUDQWPD\EHWKHSHUVRQZKRIXOILOOVWKHWHUPVDQGFRQGLWLRQVVSHFLILHGLQ
LWHPV WKURXJK DV ZHOO DV DQG RI WKH ILUVW SDUDJUDSK RI $UWLFOH KHUHRI DQG ZKR KDV
DFTXLUHGWKHFRQVHQWRIWKHODZ\HURURIWKH/DZ)LUPZKHUHKHZLOOEHHPSOR\HG
$UWLFOH
7KHSURVSHFWLYHHQWUDQWPD\VWDUWKLVSUDFWLFHLQWKHODZRIILFHDIWHUEHLQJHQWHUHGRQWRWKH/LVWRI
3URVSHFWLYH(QWUDQWVNHSWE\WKH%DU$VVRFLDWLRQ
(QWHUHGRQWRWKH/LVWRI3URVSHFWLYH(QWUDQWVVXEMHFWWRWKHSULQFLSOHRIPXWXDOLW\PD\DOVREHD
IRUHLJQFLWL]HQSURYLGHGWKDWKHIXOILOOVWKHWHUPVDQGFRQGLWLRQVVSHFLILHGLQLWHPVWKURXJKDV
ZHOODVDQGRIWKHILUVWSDUDJUDSKRI$UWLFOHKHUHRIDQGWKDWKHKDVDFTXLUHGWKHFRQVHQWRI
WKHODZ\HURURIWKH/DZ)LUPZKHUHKHZLOOEHHPSOR\HG
$UWLFOH
7KHHQWU\RQWRWKH/LVWRI3URVSHFWLYH(QWUDQWVVKDOOEHVXEMHFWWRWKHGHFLVLRQRIWKHERG\UHIHUUHG
WRLQWKHVHFRQGSDUDJUDSKRI$UWLFOHKHUHRI7KHUHVKDOOEHQRDSSHDODJDLQVWLWVGHFLVLRQ
7KH DSSOLFDWLRQ IRU HQWU\ LQWR WKH /LVW RI 3URVSHFWLYH (QWUDQWV VKDOO EH DFFRPSDQLHG E\ WKH
GHFODUDWLRQRIWKHODZ\HUDQGRU/DZ)LUPWKDWWKHSURVSHFWLYHHQWUDQWZLOOZRUNLQWKHODZRIILFH
$UWLFOH
2QWKHHQWU\RQWRWKH/LVWRI3URVSHFWLYH(QWUDQWVWKH%DU$VVRFLDWLRQVKDOOLVVXHWRWKHSURVSHFWLYH
HQWUDQWKLVLGHQWLW\FDUG
$UWLFOH
7KHSURVSHFWLYHHQWUDQWVKDOOQRWSUDFWLVHWKHOHJDOSURIHVVLRQLQGHSHQGHQWO\DQGLQKLVRZQQDPH
$UWLFOH
7KHSURVSHFWLYHHQWUDQWFDQUHSODFHWKHODZ\HUDWDOOWDVNVUHIHUUHGWRLQ$UWLFOHKHUHRIEXWFDQQRW
UHSODFH KLP DW UHSUHVHQWDWLRQ LQ WKH 6XSUHPH &RXUW RI WKH 5HSXEOLF RI 6ORYHQLD QRU LQ WKH
&RQVWLWXWLRQDO&RXUWRIWKH5HSXEOLFRI6ORYHQLD
$UWLFOH
7KH SURVSHFWLYH HQWUDQW VKDOO FRQFOXGH ZLWK WKH ODZ\HU D ODERXU FRQWUDFW IRU WKH WHUP RI KLV
HPSOR\PHQWLQWKHODZRIILFH
$UWLFOH
,I WKH SURVSHFWLYH HQWUDQW FKDQJHV WKH ODZ RIILFH KH VKDOO QRW EH GHOHWHG IURP WKH /LVW RI
3URVSHFWLYH(QWUDQWV
7KHSURVSHFWLYHHQWUDQWVKDOOLQIRUPWKH%DU$VVRFLDWLRQRIKLVFRQWLQXDWLRQRISUDFWLVHLQDQRWKHU
ODZRIILFHDQGVKDOOHQFORVHWRKLVQRWHWKHGHFODUDWLRQRIWKHODZ\HUDQGRURIWKH/DZ)LUPZKHUH
KHZLOOFRQWLQXHKLVSUDFWLVH
$UWLFOH
7KHSURVSHFWLYHHQWUDQWVKDOOEHGHOHWHGIURPWKH/LVWRI3URVSHFWLYH(QWUDQWV
,IKHGHFODUHVWKDWKHLVQRWZLOOLQJWRFRQWLQXHKLVSUDFWLVHLQWKHODZRIILFH
,IWKHODZ\HUFDQFHOVWKH/DERXU&RQWUDFWDQGWKHSURVSHFWLYHHQWUDQWIDLOVWRHQWHULQWRD/DERXU
&RQWUDFWZLWKDQRWKHUODZ\HUZLWKLQHLJKWGD\V
,ILWLVGLVFRYHUHGWKDWKHGRHVQRWDQ\PRUHFRPSO\ZLWKWKHWHUPVDQGFRQGLWLRQVRISURVSHFWLYH
HQWUDQW
VSUDFWLVHVXFKDVVSHFLILHGE\WKHODZ
,IKHLVLPSRVHGWKHGLVFLSOLQDU\PHDVXUHRIGHQ\LQJWKHULJKWWRSUDFWLVHLQDODZRIILFH
7KHGHOHWLRQIRUWKHUHDVRQVSHFLILHGLQ,WHPRIWKHSUHFHGLQJSDUDJUDSKVKDOOEHHIIHFWHGRQWKH
EDVLVRIWKHYDOLGGHFLVLRQRIWKHGLVFLSOLQDU\ERG\
9,,,',6&,3/,1$5<5(63216,%,/,7<2)/$:<(56
383,/6$1'35263(&7,9((175$176
$UWLFOH
7KHODZ\HUVKDOOSUDFWLVHKLVOHJDOSURIHVVLRQFRQVFLHQWLRXVO\DQGVKDOOEHKHOGUHVSRQVLEOHIRUWKH
UHVSHFWLYHEUHDFKHV
7KH SXSLO DQG WKH SURVSHFWLYH HQWUDQWVKDOO GRWKHLU SUDFWLFH LQ WKHODZ RIILFH FRQVFLHQWLRXVO\ DQG
VKDOOEHKHOGUHVSRQVLEOHIRUWKHUHVSHFWLYHEUHDFKHV
$UWLFOH
7KH E\ODZV RIWKH %DU $VVRFLDWLRQ VKDOO VSHFLI\WKH DFWVWKDW LQYROYH WKH EUHDFK RI GXWLHV LQ WKH
SUDFWLFHRIOHJDOSURIHVVLRQDVZHOODVWKHDFWVWKDWLQYROYHWKHEUHDFKRIFRQVFLHQWLRXVSUDFWLFHDQG
SXSLOODJHLQWKHODZRIILFH
$UWLFOH
,QWKHGLVFLSOLQDU\SURFHHGLQJVDJDLQVWODZ\HUVDQGSURVSHFWLYHHQWUDQWVWKHUHVKDOOEHLPSRVHGWKH
IROORZLQJGLVFLSOLQDU\PHDVXUHVZDUQLQJUHSULPDQGILQHDQGGHQLDORIWKHULJKWWRSUDFWLVHWKHOHJDO
SURIHVVLRQRUWKHSUDFWLFHLQDODZRIILFH
,Q WKH GLVFLSOLQDU\ SURFHHGLQJV DJDLQVW SXSLOV WKHUH VKDOO EH LPSRVHG WKH IROORZLQJ GLVFLSOLQDU\
PHDVXUHVZDUQLQJUHSULPDQGDQGGHQLDORIWKHULJKWWRSXSLOODJHLQDODZRIILFH
7KHGHQLDORIWKHULJKWWRSUDFWLVHWKHOHJDOSURIHVVLRQPD\EHLPSRVHGIRUDILYH\HDUV
SHULRGDQG
WKHGHQLDORIWKHULJKWWRSUDFWLFHDQGRUSXSLOODJHLQDODZRIILFHIRUDSHULRGRIXSWRWKUHH\HDUV
$UWLFOH
$ILQHPD\EHLPSRVHGZLWKLQWKHOLPLWVVSHFLILHGE\WKH%DU$VVRFLDWLRQZLWKDJHQHUDOHQDFWPHQW
7KH GLVFLSOLQDU\ PHDVXUH LQYROYLQJ WKH GHQLDO RI WKH ULJKW WR SUDFWLFH DQGRU SXSLOODJH LQ WKH ODZ
RIILFH PD\ EH VSHFLILHG DQG LPSRVHG RQO\ LQ FDVH RI VHYHUH EUHDFKHV DW SUDFWLVLQJ RI OHJDO
SURIHVVLRQSUDFWLFHRUSXSLOODJHLQWKHODZ
RIILFHGXHWRZKLFKWKHODZ\HULVQRWFRQVLGHUHGUHOLDEOHIRUSUDFWLVLQJWKHOHJDOSURIHVVLRQVHHWKH
ILUVWSDUDJUDSKRI
$UWLFOH
$UWLFOH
,Q FDVH RI GLVFLSOLQDU\ SURFHHGLQJV LQWURGXFHG IRU EUHDFK RI WKH GXW\ IRU ZKLFK LW LV SRVVLEOH WR
LPSRVHWKHGLVFLSOLQDU\PHDVXUHLQYROYLQJWKHGHQLDORIWKHULJKWWRSUDFWLVHWKHOHJDOSURIHVVLRQWKH
SUDFWLFH DQGRU SXSLOODJH LQ WKH ODZ RIILFH WKH GLVFLSOLQDU\ ERG\ PD\ LPSRVH RQ WKH ODZ\HU WKH
SURVSHFWLYHHQWUDQWRUWKHSXSLOWHPSRUDU\SURKLELWLRQRISUDFWLVLQJWKHOHJDOSURIHVVLRQSUDFWLFHRU
SXSLOODJHLQWKHODZRIILFH
7KH WHPSRUDU\ SURKLELWLRQ PD\ ODVW WLOO WKH FRQFOXVLRQ RI WKH GLVFLSOLQDU\ SURFHHGLQJV \HW DW
PD[LPXPWKUHHPRQWKV
$UWLFOHD
7KH GHPDQG IRU WKH LPSRVLWLRQ RI WKH GLVFLSOLQDU\ SURFHHGLQJ DJDLQVW D IRUHLJQ ODZ\HU WKDW KDV
EHHQ HQWHUHG LQWR WKH 5ROO RI IRUHLJQ ODZ\HUV LQ DFFRUGDQFH ZLWK $UWLFOH E KHUHRI VKDOO EH
FRQYH\HGE\WKHGLVFLSOLQDU\SURVHFXWRUWRWKHFRPSHWHQWDXWKRULW\LQWKHODZ\HU
VSDUHQWFRXQWU\
'LVFLSOLQDU\ERGLHVDUHREOLJHGWRHQDEOHWKHFRPSHWHQWDXWKRULWLHVRIWKHODZ\HU
VSDUHQWFRXQWU\WR
SDUWLFLSDWHLQWKHSURFHHGLQJZLWKWKHLUSURSRVDOVLQIDYRXURIWKHODZ\HU
'LVFLSOLQDU\ SHQDOWLHV DQG WHPSRUDU\ PHDVXUHV WKDW LPSRVH D UHVWULFWLRQ RQ WKH ODZ\HU
V SUDFWLVH
PD\RQO\EHSURQRXQFHGZLWKWKHYDOLGLW\LQWKH5HSXEOLFRI6ORYHQLD
,IWKHFRPSHWHQWDXWKRULW\IURPWKHODZ\HU
VSDUHQWFRXQWU\WHPSRUDULO\RUSHUPDQHQWO\GHSULYHVWKH
ODZ\HU RI KLV OLFHQFH IRU SUDFWLVLQJWKH OHJDO SURIHVVLRQ VXFKPHDVXUH LQYROYHV WKH SURKLELWLRQ RI
SUDFWLVLQJWKHOHJDOSURIHVVLRQLQWKH5HSXEOLFRI6ORYHQLD
)XUWKHUPRUH 3DUD KHUHDERYH VKDOO DSSO\ PXWDWLV PXWDQGL LQ WKH HYHQW RI LQWURGXFWLRQ RI WKH
GLVFLSOLQDU\SURFHHGLQJDJDLQVWWKHODZ\HUZKRLVDOVRHQWLWOHGWRSHUIRUPWKHOHJDOSURIHVVLRQLQD
IRUHLJQFRXQWU\
$UWLFOH
'LVFLSOLQDU\PDWWHUVDJDLQVWWKHODZ\HUWKHSURVSHFWLYHHQWUDQWDQGRUWKHSXSLOVKDOOEHVXEMHFWWR
WKH GHFLVLRQ RI WKH GLVFLSOLQDU\ FRPPLVVLRQH[FHSW LQ WKH PDWWHUV ZKLFK LQ FRPSOLDQFH ZLWK WKH
SURYLVLRQVVSHFLILHGKHUHLQIDOOXQGHUWKHFRPSHWHQFHRIWKH'LVFLSOLQDU\%RDUG
,QIURQWRIWKHGLVFLSOLQDU\FRPPLVVLRQDQGLQWKH'LVFLSOLQDU\%RDUGWKHFKDUJHVKDOOEHUHSUHVHQWHG
E\WKHGLVFLSOLQDU\SURVHFXWRUHOHFWHGE\WKH$VVHPEO\RIWKH%DU$VVRFLDWLRQ
7KH3UHVLGHQWDQGWKHPHPEHUVRIGLVFLSOLQDU\FRPPLVVLRQVRIWKHILUVWDQGWKHVHFRQGLQVWDQFHV
DVZHOODVWKHGLVFLSOLQDU\SURVHFXWRUVKDOOEHHOHFWHGE\WKH$VVHPEO\RIWKH%DU$VVRFLDWLRQRXWRI
WKHODZ\HUVIRUWKHWHUPVSHFLILHGE\WKHE\ODZVRIWKH%DU$VVRFLDWLRQ
)XUWKHU GHWDLOV DERXW GLVFLSOLQDU\ ERGLHV UHIHUUHG WR LQ WKH SUHFHGLQJ SDUDJUDSK DV ZHOO DV WKHLU
FRPSRVLWLRQVKDOOEHVSHFLILHGE\WKHE\ODZVRIWKH%DU$VVRFLDWLRQ
$UWLFOH
'LVFLSOLQDU\PDWWHUVGXHWRWKHEUHDFKRIWKHOHJDOGXWLHVIRUZKLFKLWLVSRVVLEOHWRGHQ\WKHULJKWWR
SUDFWLVHWKHOHJDOSURIHVVLRQWKHSUDFWLFHDQGRUWKHSXSLOODJHLQWKHODZRIILFHVKDOOEHVXEMHFWWR
WKH GHFLVLRQ RI WKH 'LVFLSOLQDU\ %RDUG LQ WKH 6HQDWH WKDW FRQVLVWV RI WZR MXGJHV RI WKH 6XSUHPH
&RXUW RI WKH 5HSXEOLF RI 6ORYHQLD DQG RI WKUHH ODZ\HUV 7KH 3UHVLGHQW RI WKH 6HQDWH VKDOO EH D
MXGJH
$QDSSHDODJDLQVWWKHGHFLVLRQRIWKH'LVFLSOLQDU\%RDUGUHIHUUHGWRLQWKHSUHFHGLQJSDUDJUDSKPD\
EHILOHGDQGVKDOOEHVXEMHFWWRWKHGHFLVLRQRIWKH6XSUHPH&RXUWRI6ORYHQLDLQWKH6HQDWHRIILYH
MXGJHV
8QOHVV RWKHUZLVH SURYLGHG KHUHLQ WKH SURFHGXUH LQ WKH 'LVFLSOLQDU\ %RDUG VKDOO IROORZ WKH
SURYLVLRQVRIWKH/DZRI&ULPLQDO3URFHGXUH
$UWLFOH
%RWK MXGJHV PHPEHUV RI WKH 'LVFLSOLQDU\ %RDUG 6HQDWH VKDOO EH DSSRLQWHG LQ DGYDQFH ZLWK WKH
DQQXDOWLPHVFKHGXOHRIDFWLYLWLHVRIWKH6XSUHPH&RXUWRIWKH5HSXEOLFRI6ORYHQLD7KHODZ\HUV
PHPEHUVRIWKH6HQDWHVKDOOEHHOHFWHGE\WKH$VVHPEO\RIWKH%DU$VVRFLDWLRQIRUDWZR\HDUV
WHUP
7KH PHPEHUV RI WKH 'LVFLSOLQDU\ %RDUG 6HQDWH VKDOO KDYH GHSXWLHV ZKR VKDOO DFW DV PHPEHUV
ZKHQHYHU IRU VHSDUDWLRQ RU DQ\ RWKHU MXVWLILHG UHDVRQ WKH ODWWHU FDQQRW SHUIRUP WKHLU RIILFHV 7KH
GHSXWLHVVKDOOEHDSSRLQWHGDQGRUHOHFWHGLQWKHVDPHZD\DVWKHPHPEHUVRIWKH6HQDWH
7KHPHPEHUVRIWKH6HQDWHIURPDPRQJODZ\HUVDQGWKHLUGHSXWLHVFDQQRWKROGDQ\RWKHURIILFHVLQ
WKH%DU$VVRFLDWLRQERGLHVQRUFDQWKH\EHHPSOR\HGLQWKHH[SHUWWHDPRIWKH%DU$VVRFLDWLRQ
$UWLFOH
7KH GLVFLSOLQDU\ SURVHFXWRU VKDOO UHTXLUH WKH LQWURGXFWLRQ RI WKH GLVFLSOLQDU\ SURFHHGLQJV LI KH LV
LQIRUPHG RI WKH IDFWV DQG HYLGHQFHV RQ WKH EDVLV ZKHUHRI LW LV SRVVLEOH WR VRXQGO\ LQIHU WKDW WKH
ODZ\HUDQGRUWKHSURVSHFWLYHHQWUDQWRUWKHSXSLOKDVYLRODWHGKLVGXW\
,Q KLV GHPDQG IRU LQWURGXFWLRQ RI WKH GLVFLSOLQDU\ SURFHHGLQJV WKH GLVFLSOLQDU\ SURVHFXWRU VKDOO
VSHFLI\WKHEUHDFKRIGXW\DVZHOODVVWDWHWKHIDFWVDQGSURSRVHHYLGHQFHVWREHVXEPLWWHGIRUWKHLU
LGHQWLILFDWLRQ
2QWKHGHPDQGRIWKH3UHVLGHQWRIWKH&RXUWDQGWKH0LQLVWHURI-XVWLFHWKHGLVFLSOLQDU\SURVHFXWRU
VKDOOUHTXLUHWKHLQWURGXFWLRQRIWKHGLVFLSOLQDU\SURFHHGLQJVLQIURQWRIWKH'LVFLSOLQDU\%RDUG
$UWLFOH
2QFH WKH 'LVFLSOLQDU\ &RPPLWWHH RI WKH ILUVW LQVWDQFH UHFHLYHV WKH GHPDQG RI WKH GLVFLSOLQDU\
SURVHFXWRUIRULQWURGXFWLRQRIWKHGLVFLSOLQDU\SURFHHGLQJVLWVKDOOVHQGLWWRWKHODZ\HUDQGRUWRWKH
SURVSHFWLYH HQWUDQW RU WKH SXSLO DJDLQVW ZKRP WKH GHPDQG KDV EHHQ ILOHG VR WKDW WKH ODWWHU FDQ
PDNHDUHSO\WRWKHVWDWHPHQWVRIWKHGHPDQG
8SRQ UHFHLSW RI WKH UHSO\ WKH 3UHVLGHQW RI WKH 'LVFLSOLQDU\ &RPPLWWHH RI WKH ILUVW LQVWDQFH VKDOO
RUGHUDSUHOLPLQDU\LQYHVWLJDWLRQLIUHTXLUHG
$UWLFOH
7KH'LVFLSOLQDU\&RPPLWWHHRIWKHILUVWLQVWDQFHVKDOOSDVVWKHGHFLVLRQXSRQWKHRUDOWULDO
7KH RUDO WULDO VKDOO QRW EH SXEOLFH[FHSW RQ H[SOLFLW GHPDQG RI WKH ODZ\HU DQGRU WKH SURVSHFWLYH
HQWUDQWRUWKHSXSLODJDLQVWZKRPWKHGLVFLSOLQDU\SURFHHGLQJVKDVEHHQLQSURJUHVV
$UWLFOH
$QDSSHDODJDLQVWWKHGHFLVLRQRIWKH'LVFLSOLQDU\&RPPLWWHHRIWKHILUVWLQVWDQFHPD\EHILOHGZLWKLQ
ILIWHHQGD\V
7KHDSSHDOPD\EHILOHGE\WKHODZ\HUDQGRUE\WKHSURVSHFWLYHHQWUDQWRUE\WKHSXSLOVXEMHFWWR
WKHGLVFLSOLQDU\SURFHHGLQJVDQGE\WKHGLVFLSOLQDU\SURVHFXWRU
7KHDSSHDOVKDOOEHVXEMHFWWRWKHGHFLVLRQRIWKH'LVFLSOLQDU\&RPPLWWHHRIWKHVHFRQGLQVWDQFH
ZLWKRXWRUDOWULDO
$UWLFOH
)XUWKHUGHWDLOVRQWKHSURFHHGLQJVLQIURQWRIWKH'LVFLSOLQDU\&RPPLWWHHVKDOOEHUHJXODWHGE\WKH
E\ODZVRIWKH%DU$VVRFLDWLRQ
9,,,$3(1$/3529,6,216
$UWLFOHD
$ ILQH RI DWOHDVW 6,7 VKDOO EH LPSRVHGIRU DQ RIIHQVH XSRQ D OHJDO HQWLW\ RWKHU WKDQ D
OHJDOILUPKHUHXQGHULISHUIRUPLQJVHUYLFHVUHIHUUHGWRLQWKHVHFRQGSDUDJUDSKRI$UWLFOHKHUHRI
DJDLQVWUHPXQHUDWLRQ
$ILQHRIDWOHDVW6,7VKDOOEHLPSRVHGIRUDQRIIHQVHXSRQDQDWXUDOSHUVRQWKDWFRQWUDU\WR
WKHSURYLVLRQRIWKHVHFRQGSDUDJUDSKRI$UWLFOHKHUHRISHUIRUPVWKHVHUYLFHVUHIHUUHGWRLQWKH
VHFRQGSDUDJUDSKRI$UWLFOHKHUHRIDJDLQVWUHPXQHUDWLRQ
$ILQHRIDWOHDVW6,7VKDOOEHLPSRVHGIRUDQRIIHQVHXSRQDIRUHLJQODZ\HUWKDWSHUIRUPV
ODZ\HU
V VHUYLFHV RU SUDFWLVHV KLV OHJDO SURIHVVLRQ LQ WKH 5HSXEOLF RI 6ORYHQLD FRQWUDU\ WR WKH
SURYLVLRQVRIFKDSWHU,,,$KHUHRI
$UWLFOHE
$ILQHRIDWOHDVW6,7VKDOOEHLPSRVHGXSRQWKHODZ\HUZKRDGYHUWLVHVKLVDFWLYLW\3DUD
RI$UWLFOH
;,75$16,7,21$/$1'),1$/3529,6,216
$UWLFOH
7KH%DU$VVRFLDWLRQVKDOOPDWFKWKHE\ODZVDQGRWKHUJHQHUDOHQDFWPHQWVRIWKH%DU$VVRFLDWLRQ
ZLWKWKHSURYLVLRQVVSHFLILHGLQWKLV/DZZLWKLQVL[PRQWKVDIWHULWVHQIRUFHPHQW
$UWLFOH
7KHODZ\HUVDGPLWWHGWRWKH%DURQWKHEDVLVRIWKHH[LVWLQJUHJXODWLRQVVKDOOFRQWLQXHZRUNLQJLQ
FRPSOLDQFHZLWKWKHSURYLVLRQVVSHFLILHGKHUHLQ
7KHODZ\HUVUHIHUUHGWRLQWKHSUHFHGLQJSDUDJUDSKDVZHOODVWKHSHUVRQVZKRDUHLQFRPSOLDQFH
ZLWK WKH SURYLVLRQ RI $UWLFOH KHUHRI HQWLWOHG WR EH DGPLWWHG WR WKH %DU LQ FRPSOLDQFH ZLWK WKH
UHJXODWLRQVLQIRUFHVKDOOQRWEHVXEMHFWWRWKHSURYLVLRQRI$UWLFOHKHUHRI
7KHODZ\HUVDFWLYHLQOHJDODLGVHUYLFHVFDQFRQWLQXHSUDFWLVLQJWKHOHJDOSURIHVVLRQLIWKH\PDQDJH
WRFRRUGLQDWHWKHLURUJDQL]DWLRQDQGRSHUDWLRQZLWKWKHSURYLVLRQVRIWKLV/DZZLWKLQVL[PRQWKVDIWHU
LWVHQIRUFHPHQW
%\WKHHQIRUFHPHQWRIWKH/DZWKDWZLOOUHJXODWHWKHSURFHHGLQJVLQ/DERXUDQG6RFLDO&RXUWVWKH
SHUVRQV KLUHG RU HPSOR\HG E\ 7UDGH 8QLRQ 2UJDQL]DWLRQVIRU UHSUHVHQWDWLRQ RI WKHLUPHPEHUV LQ
ODERXU DQG VRFLDO GLVSXWHV VKDOO KDYH WKH ULJKW WR UHSUHVHQW LQ WKH FRXUWV FRPSHWHQW IRU WKH
UHVSHFWLYH GLVSXWHVHYHQ XSRQ WKH HQIRUFHPHQW RIWKLV /DZHYHQ LI QRWODZ\HUV SURYLGHG WKDWWKH\
FRPSO\ZLWKWKHWHUPVDQGFRQGLWLRQVVSHFLILHGLQ,WHPVWKURXJKRIWKHILUVWSDUDJUDSKRI$UWLFOH
KHUHRI
$UWLFOH
:LWKUHIHUHQFHWRWKHSURYLVLRQVRIWKHWKLUGSDUDJUDSKRI$UWLFOHWKHWKLUGSDUDJUDSKRI$UWLFOH
DQG$UWLFOHKHUHRIWKHSUDFWLFHDQGRURIILFHRIWKHSXEOLFSURVHFXWRUVKDOOEHPDGHHTXDOZLWK
WKRVHRIWKHVWDWHSURVHFXWRU
$UWLFOH
%\ WKH HQIRUFHPHQW RI WKH ODZ UHJXODWLQJ WKH VWDWH H[DPLQDWLRQ LQ OHJDO SURIHVVLRQ LW VKDOO EH
FRQVLGHUHG WKDW WKH SHUVRQ KDYLQJ SDVVHG WKH &RPPRQ 3URIHVVLRQDO ([DPLQDWLRQ RU DQ\ RWKHU
H[DPLQDWLRQ E\ ODZ LGHQWLFDO ZLWK WKH &RPPRQ 3URIHVVLRQDO ([DPLQDWLRQ VKDOO EH FRQVLGHUHG WR
FRPSO\ZLWKWKHWHUPDQGFRQGLWLRQUHIHUUHGWRLQ,WHPRIWKHILUVWSDUDJUDSKRI$UWLFOHKHUHRI
$UWLFOH
7KH DSSOLFDWLRQV IRU DGPLVVLRQ WR WKH %DU ILOHG SULRU WR WKH HQIRUFHPHQW RI WKLV ODZ EXW QRW \HW
DQVZHUHGVKDOOEHWUHDWHGDQGDFFHSWHGIRUDGPLVVLRQWRWKH%DURQWKHEDVLVRIWKHUHJXODWLRQVLQ
IRUFHKLWKHUWR
$FLYLODGPLQLVWUDWLYHOLWLJDWLRQPD\EHILOHGDJDLQVWWKHGHFLVLRQZKHUHXQGHUWKHSHUVRQVUHIHUUHGWR
LQWKHSUHFHGLQJSDUDJUDSKDUHUHIXVHGDGPLVVLRQWRWKH%DU
$UWLFOH
7KHSHUVRQDWWKHHQIRUFHPHQWRIWKLV/DZHQWHUHGLQWRWKH/LVWRI3XSLOVVKDOOFRQWLQXHKLVSUDFWLFH
DVSURVSHFWLYHHQWUDQWSURYLGHGWKDWKHKDVSDVVHGWKH&RPPRQ3URIHVVLRQDO([DPLQDWLRQ
7KHSHUVRQUHIHUUHGWRLQWKHSUHFHGLQJSDUDJUDSKZKRKDVQRWSDVVHGWKH&RPPRQ3URIHVVLRQDO
([DPLQDWLRQVKDOOFRQWLQXHKLVSXSLOODJHLQFRPSOLDQFHZLWKWKHUHJXODWLRQVLQIRUFHKLWKHUWR
7KHSURVSHFWLYHHQWUDQWUHIHUUHGWRLQWKHILUVWSDUDJUDSKKHUHLQDERYHDQGWKHSXSLOUHIHUUHGWRLQ
WKH SUHFHGLQJ SDUDJUDSK VKDOO EH HQWLWOHG WR DSSO\ IRU DGPLVVLRQWR WKH %DU XQGHU WKH WHUPV DQG
FRQGLWLRQVVSHFLILHGLQWKHSUHFHGLQJ$UWLFOH
7KH%DU$VVRFLDWLRQVKDOOLVVXHWKHLGHQWLW\FDUGVRQWKHHQWU\LQWRWKH/LVWRI3URVSHFWLYH(QWUDQWV
DQGWKH/LVWRI3XSLOVDWWKHODWHVWZLWKLQRQHPRQWKDIWHUWKHHQIRUFHPHQWRIWKLV/DZ
$UWLFOH
7KHSHUVRQZKRKDVEHHQGLVEDUUHGIRUHOHFWLRQRUDSSRLQWPHQWWRDSURIHVVLRQDOJRYHUQPHQWRIILFH
SULRUWRWKHHQIRUFHPHQWRIWKLV/DZVKDOOKDYHKLVVWDWXVUHVWRUHGXQGHURIILFLDOGXW\
7KHSHUVRQUHIHUUHGWRLQWKHSUHFHGLQJSDUDJUDSKVKDOOEHFRQVLGHUHGWRKDYHKLVSUDFWLFHRIWKH
OHJDOSURIHVVLRQVXVSHQGHG$UWLFOH
7KH%DU$VVRFLDWLRQVKDOOLVVXHWKHRUGLQDQFHUHIHUUHGWRLQWKHILUVWSDUDJUDSKKHUHLQDERYHDWWKH
ODWHVWZLWKLQRQHPRQWKDIWHUWKHHQIRUFHPHQWRIWKLV/DZ
$UWLFOH
7KH SURYLVLRQ RI $UWLFOH KHUHRI VKDOO EH EURXJKW LQWR XVH RQ WKH GD\ RI DSSOLFDWLRQ RI WKH
SURYLVLRQVUHODWLQJWRWKHRIILFLDOJRZQVRIMXGJHVDQGVWDWHSURVHFXWRUV
$UWLFOH
2QWKHHIIHFWLYHGDWHRIWKLV/DZWKH/DZ\HUVVKDOOFHDVHWREHVXEMHFWWRWKHSURYLVLRQVRI$UWLFOHV
DQG RI WKH /DZ RI 3XSLOODJH 3URIHVVLRQDO ([DPLQDWLRQV DQG ,PSURYHPHQW RI 3URIHVVLRQDO
4XDOLILFDWLRQ RI (PSOR\HHV LQ 6WDWH $GPLQLVWUDWLRQ DQG -XVWLFH 2IILFLDO *D]HWWH RI WKH 6RFLDOLVW
5HSXEOLFRI6ORYHQLD1RDQG
$UWLFOH
7LOOWKHDGRSWLRQRIUHJXODWLRQVRQFRPPHUFLDOFRPSDQLHVWKHHVWDEOLVKPHQWDQGRSHUDWLRQRID/DZ
)LUPVKDOOEHVXEMHFWWR WKHUHJXODWLRQVLQIRUFHIRUHQWHUSULVHV
$UWLFOH
2QWKHHIIHFWLYHGDWHRIWKLV/DZWKH/DZRI/HJDO$LGVKDOOEHFRPHQXOODQGYRLG2IILFLDO*D]HWWH
RIWKH6RFLDOLVW5HSXEOLFRI6ORYHQLD1R
),1$/3529,6,21
,QDFFRUGDQFH ZLWKWKH SURYLVLRQVRIWKH $FW RQ 0RGLILFDWLRQV DQG $PHQGPHQWV RIWKH %DU $FW 2IILFLDO*D]HWWHRIWKH5HSXEOLFRI6ORYHQLD1R
7KLV$FWVKDOOHQWHULQIRUFHRQWKHILIWHHQWKGD\XSRQLWVSXEOLFDWLRQLQWKH2IILFLDO*D]HWWHRIWKH
5HSXEOLFRI6ORYHQLDH[FHSWIRUWKHSURYLVLRQVRI$UWLFOHVDQGDVZHOODVWKURXJKKHUHRIWKDW
VKDOO HQWHU LQ IRUFH RQ WKH GD\ RI IXOO PHPEHUVKLS RI WKH 5HSXEOLF RI 6ORYHQLD LQ WKH (XURSHDQ
&RPPXQLWLHVDFWLYHZLWKLQWKHVFRSHRIWKH(XURSHDQ8QLRQ
5HSXEEOLFD)LQODQGHVH
D QR]LRQLJHQHUDOL
-XJHV
/HVMXJHVVRQWOHVUHSUpVHQWDQWVGHODMXVWLFHLQGpSHQGDQWH2QUHQFRQWUHGHVMXJHVDXSUqVGHOD
&RXU VXSUrPH GHV FRXUV G¶DSSHO HW GHV WULEXQDX[ GH JUDQGH LQVWDQFH GX WULEXQDO DGPLQLVWUDWLI
VXSUrPHHWGHVWULEXQDX[DGPLQLVWUDWLIVDLQVLTXHGXWULEXQDOGHVDVVXUDQFHVVRFLDOHVGXWULEXQDO
GXWUDYDLOHWGXWULEXQDOGHODFRQVRPPDWLRQHWGHODFRQFXUUHQFH/HVMXJHVVRQWGHVIRQFWLRQQDLUHV
LQDPRYLEOHV,OVQHSHXYHQWrWUHGpPLVGHOHXUIRQFWLRQTXHSDUXQHGpFLVLRQG¶XQWULEXQDO,OVQH
SHXYHQWSDVQRQSOXVrWUHPXWpVVDQVOHXUFRQVHQWHPHQW
7RXWFLWR\HQILQODQGDLVpTXLWDEOHGpWHQWHXUG¶XQGLSO{PHG¶pWXGHVVXSpULHXUHVFDQGLGDWXUHHQGURLW
TXLDSURXYpSDUVRQDFWLRQDQWpULHXUHDXVHLQG¶XQWULEXQDORXG¶XQHDXWUHDFWLYLWpTX¶LOSRVVqGHOHV
FRQQDLVVDQFHV UHTXLVHV SRXU DVVXPHU FHWWH IRQFWLRQ DYHF VXFFqV HW OHV FDSDFLWpV SHUVRQQHOOHV
QpFHVVDLUHV SHXW rWUH QRPPp DX SRVWH GH MXJH /HV SUpVLGHQWV HW PHPEUHV GHV WULEXQDX[
VXSUrPHV GRLYHQW rWUH UHFRQQXV SRXU OHXU FRQQDLVVDQFH GH OD ORL /HV SUpVLGHQWV GHV WULEXQDX[
VXSUrPHVHWGHVDXWUHVWULEXQDX[GRLYHQWHQRXWUHSRVVpGHUGHVFRPSpWHQFHVGHGLUHFWLRQ7RXV
OHVMXJHVGRLYHQWSUrWHUVHUPHQWDYDQWG¶HQWUHUHQIRQFWLRQ
8Q VWDJH DXSUqV G¶XQ WULEXQDO FRQVWLWXH XQH H[SpULHQFH XWLOH YRLUH LQGLVSHQVDEOH SRXU FHX[ TXL
YHXOHQW DFFpGHU j OD IRQFWLRQ GH MXJH 7RXW GpWHQWHXU G¶XQGLSO{PH G¶pWXGHV VXSpULHXUHV GH GURLW
SHXW LQWURGXLUH XQH GHPDQGH GH VWDJH DX WULEXQDO GH SUHPLHU GHJUp GDQV OH FDGUH GXTXHO LO
WUDYDLOOHUD SHQGDQW XQ DQ HQ WDQW TXH QRWDLUH (Q )LQODQGH OHV VWDJLDLUHV HQ WULEXQDO TXH O¶RQ
DSSHOOHGRQF©QRWDLUHVªV¶RFFXSHQWGHFHUWDLQHVDIIDLUHVG¶XQMXJHQRPPp/HVDQFLHQVVWDJLDLUHV
SHXYHQWGHPDQGHUOHWLWUHGHMXJHGHUpVHUYH
1RPLQDWLRQGHVMXJHV
&¶HVWOHSUpVLGHQWGHOD5pSXEOLTXHTXLQRPPHOHVMXJHV$YDQWFHODODFRPPLVVLRQLQGpSHQGDQWH
GH VpOHFWLRQ GHV MXJHV SUpSDUH HW UpGLJH j O¶LQWHQWLRQ GX &RQVHLO GHPLQLVWUHV XQH SURSRVLWLRQ GH
QRPLQDWLRQjVRXPHWWUHDXSUpVLGHQWGHOD5pSXEOLTXH
3DUPL OHV SUpURJDWLYHV GH OD FRPPLVVLRQ GH VpOHFWLRQ GHV MXJHV ILJXUHQW HQWUH DXWUHV OHV
SURSRVLWLRQV UHODWLYHV j OD QRPLQDWLRQ GHV SUpVLGHQWV HW GHV FRQVHLOOHUV GHV FRXUV G¶DSSHO GHV
DUELWUHVSULQFLSDX[HWGHVMXJHVGHVWULEXQDX[DGPLQLVWUDWLIVDLQVLTXHGHVSUpVLGHQWVHWGHVMXJHV
GHVWULEXQDX[G¶LQVWDQFH/DFRPPLVVLRQQ¶LQWHUYLHQWSDVGDQVODQRPLQDWLRQGHVSUpVLGHQWVHWGHV
PHPEUHVGHODFRXUVXSUrPHHWGXWULEXQDODGPLQLVWUDWLIVXSUrPH/DFRXUVXSUrPHHWOHWULEXQDO
DGPLQLVWUDWLIVXSUrPHpPHWWHQWXQHSURSRVLWLRQIRQGpHSRXUODGpVLJQDWLRQGHOHXUVPHPEUHVTXL
HVWWUDQVPLVHDX&RQVHLOGHPLQLVWUHVHQYXHGHVDVRXPLVVLRQDXSUpVLGHQWGHOD5pSXEOLTXH
/H&RQVHLOGHPLQLVWUHVGpVLJQHODFRPPLVVLRQGHVpOHFWLRQGHVMXJHVSRXUXQHGXUpHGHFLQTDQV
/HV PHPEUHV GH OD FRPPLVVLRQ UHSUpVHQWHQW OHV WULEXQDX[ OHV SURFXUHXUV OHV EDUUHDX[ HW OH
PRQGHDFDGpPLTXH/DFRXUVXSUrPHpOLWXQSUpVLGHQWHWOHWULEXQDODGPLQLVWUDWLIVXSUrPHXQYLFH
SUpVLGHQW6HXOVGHVFLWR\HQVILQODQGDLVSHXYHQWrWUHQRPPpVjODIRQFWLRQGHMXJH
$VVHVVHXUVFLWR\HQV
'DQV OHV WULEXQDX[ GH SUHPLHU GHJUp ILQODQGDLV RQ UHQFRQWUH RXWUH OHV MXJHV GHV SURIDQHV RX
DVVHVVHXUVFLWR\HQV &HX[FL SDUWLFLSHQW HVVHQWLHOOHPHQW DX UqJOHPHQW GHV OLWLJHV &HUWDLQHV
DIIDLUHV UHOHYDQW GX GURLW IDPLOLDO SHXYHQW pJDOHPHQW rWUH UpVROXHV DX VHLQ GX FROOqJH GHV
DVVHVVHXUVFLWR\HQV&KDTXHDVVHVVHXUSRVVqGHXQHYRL[GpOLEpUDWLYH
/¶DVVHVVHXUGRLWrWUHXQFLWR\HQILQODQGDLVHWKDELWHUGDQVXQHFRPPXQHGHODMXULGLFWLRQGXWULEXQDO
GHSUHPLHUGHJUp,OQHSHXWrWUHIDLOOLQLPLVVRXVWXWHOOHHWGRLWrWUHFDSDEOHG¶H[HUFHUODIRQFWLRQ
G¶DVVHVVHXUFLWR\HQ/HVSHUVRQQHVkJpHVGHPRLQVGHDQVRXGHSOXVGHDQVQHSHXYHQW
rWUH GpVLJQpHV DVVHVVHXUVFLWR\HQV /¶DVVHVVHXUFLWR\HQ GRLW rWUH XQ SURIDQH LPSDUWLDO F¶HVW
SRXUTXRL GHV SHUVRQQHV RFFXSDQW XQH IRQFWLRQ GDQV XQ WULEXQDO FRXUDQW RX XQ pWDEOLVVHPHQW
SpQLWHQWLDLUH RX H[HUoDQW HQ WDQW TXH SURFXUHXU RIILFLHO RX SRVVpGDQW XQH IRUPDWLRQ HQ GURLW QH
SHXYHQWrWUHGpVLJQpHV/¶DVVHVVHXUFLWR\HQQHSHXWSDVQRQSOXVV¶RFFXSHUG¶H[pFXWLRQVIRUFpHV
QLrWUHPrOpjGHVHQTXrWHVFULPLQHOOHVRXDXFRQWU{OHGRXDQLHURXSROLFLHU
/H FRQVHLO PXQLFLSDO GpVLJQH OHV DVVHVVHXUVFLWR\HQV SRXU XQH GXUpH FRUUHVSRQGDQW j VRQ
PDQGDQWjVDYRLUTXDWUHDQV/DWHQGDQFHHVWTXHFKDTXHDVVHVVHXUDVVLVWHDXPD[LPXPj
MRXUQpHVGHVpDQFHSDUDQ$LQVLPrPHOHVSHUVRQQHVH[HUoDQWXQHSURIHVVLRQSHXYHQWDVVXPHU
ODIRQFWLRQG¶DVVHVVHXUFLWR\HQVDQVUHQFRQWUHUGHJUDQGHVGLIILFXOWpV/HVDVVHVVHXUVFLWR\HQVRQW
GURLW j XQ GpGRPPDJHPHQW /¶eWDW OHXU SDLH VXU VHV GHQLHUV XQ PRQWDQW MRXUQDOLHU DLQVL TX¶XQ
GpGRPPDJHPHQWSRXUOHPDQTXHjJDJQHUHWOHVIUDLVGHGpSODFHPHQW
,QIRUPDWLRQVFRPSOpPHQWDLUHV
/HVDVVHVVHXUVFLWR\HQVGHVWULEXQDX[GHSUHPLHUGHJUp
3URFXUHXUV
/HVSURFXUHXUVRSqUHQWDXVHLQGHVFROOqJHVGHVSURFXUHXUV&HVRQWGHVIRQFWLRQQDLUHVGHO¶eWDW
3DU OHXU IRUPDWLRQ OHV SURFXUHXUV VRQW GHV PDJLVWUDWV F¶HVWjGLUH TX¶LOV SRVVqGHQW XQ GLSO{PH
G¶pWXGHVVXSpULHXUHVFDQGLGDWXUHHQGURLW*pQpUDOHPHQWOHVSURFXUHXUVVRQWpJDOHPHQWMXJHVGH
UpVHUYHHQG¶DXWUHVWHUPHVLOVRQWHIIHFWXpXQVWDJHG¶XQDQDXSUqVG¶XQWULEXQDOGHSUHPLHUGHJUp
/¶H[SpULHQFHSURIHVVLRQQHOOHSHXWrWUHXWLOHGDQVODGHPDQGHGHQRPLQDWLRQDXSRVWHG¶DGMRLQWDX
SURFXUHXU/HVIRQFWLRQVG¶DGMRLQWDXSURFXUHXUVRQWOLPLWpHVjXQDQFHVRQWGHVSpULRGHVGHVWDJH
HW GH IRUPDWLRQ SDVVpHV DXSUqV GHV FROOqJHV GHV SURFXUHXUV /H VWDJH HQJOREH XQH DFWLYLWp GH
SURFXUHXU HW XQ H[DPHQ ILQDO 8QH SHUVRQQH D\DQW UpXVVL VRQ VWDJH HW VRQ H[DPHQ ILQDO SHXW
GHPDQGHU OD QRPLQDWLRQ DX SRVWH GH SURFXUHXU GH VXEGLYLVLRQ 7RXWH SHUVRQQH SRVVpGDQW XQH
DXWUH IRUPDWLRQ GHPDJLVWUDW SHXW GHPDQGHU j rWUH QRPPpH SURFXUHXU 'DQV OD SOXSDUW GHV FDV
XQH H[SpULHQFH SURIHVVLRQQHOOH GH SOXVLHXUV DQQpHV HVW H[LJpH SRXU DFFpGHU j OD IRQFWLRQ GH
SURFXUHXUSHUPDQHQW
/D PLVVLRQ GHV SURFXUHXUV FRQVLVWH j YHLOOHU j FH TXH OHV DXWHXUV GH GpOLWV UpSRQGHQW GH OHXUV
DFWHV (Q )LQODQGH OHV HQTXrWHV VRQW GX UHVVRUW GH OD SROLFH 8QH IRLV O¶HQTXrWH ERXFOpH OH
SURFXUHXUpYDOXHVLXQGpOLWDpWpFRPPLVHWV¶LO\DVXIILVDPPHQWGHSUHXYHVSRXUGHVSRXUVXLWHV
pYHQWXHOOHV /¶DFFXVDWLRQ GRLW VH SRVHU OD TXHVWLRQ TXDQG LO \ D GHV UDLVRQV GH GRXWHU GH OD
FXOSDELOLWp /H SURFXUHXU D WRXWHIRLV OH GURLW GDQV GH WHOOHV VLWXDWLRQV G¶DEDQGRQQHU O¶DFFXVDWLRQ
VDQVpYRTXHUVpSDUpPHQWOHVFDVSUpYXVSDUODORL
/H SURFXUHXU GRLW rWUH REMHFWLI LO GRLW pJDOHPHQW WHQLU FRPSWH GHV GpFODUDWLRQV DOODQW jO¶HQFRQWUH
GHVVRXSoRQV,OGRLWGpFLGHUHQWRXWHLQGpSHQGDQFHHWDXWRQRPLHHWVLXQGpOLWDpWpFRPPLVLOQH
SHXWSHQVHUjVRQSURSUHLQWpUrWPDLVGRLWDJLUSRXUOHELHQGHODVRFLpWp
&ROOqJHGHVSURFXUHXUVGHOD5pSXEOLTXH
/H FROOqJH GHV SURFXUHXUV GH OD 5pSXEOLTXH V¶RFFXSH HQ WDQW TX¶DXWRULWp JRXYHUQHPHQWDOH GHV
FRQGLWLRQV GH WUDYDLO GHV SURFXUHXUV HW H[HUFH OHV IRQFWLRQV G¶eWDWPDMRU GHV SURFXUHXUV GH OD
5pSXEOLTXH /H FROOqJH GHV SURFXUHXUV GH OD 5pSXEOLTXH UDVVHPEOH GHV SURFXUHXUV SXEOLFV TXL
WUDLWHQWHQVHPEOHGHVJUDQGHVDIIDLUHVFULPLQHOOHV/HXUMXULGLFWLRQV¶pWHQGjWRXWOHSD\V'DQVOHV
DIIDLUHVWUDLWpHVHQSUHPLqUHLQVWDQFHSDUXQHFRXUG¶DSSHOOHSURFXUHXUSXEOLFHVWXQSURFXUHXU
/H FROOqJH GHV SURFXUHXUV HVW SUpVLGp SDU SURFXUHXU GH OD 5pSXEOLTXH TXL H[HUFH OH SRXYRLU
SHUVRQQHOHWLQGpSHQGDQWGHFRQGXLWHGHO¶DFFXVDWLRQ
/H SURFXUHXU GH OD 5pSXEOLTXH GLULJH HW GpYHORSSH O¶DFWLYLWp GHV SURFXUHXUV LO FRQWU{OH OHV
SURFXUHXUV VXERUGRQQpV QRPPH OHV SURFXUHXUV SUHQG OHV GpFLVLRQV JpQpUDOHV FRQFHUQDQW OHV
SURFXUHXUV,OSHXWVHFKDUJHUGHUpVRXGUHXQHDIIDLUHUHOHYDQWG¶XQDXWUHSURFXUHXUHWGpFLGHUGH
FRQILHUO¶DFFXVDWLRQTX¶LODFRQFOXHjXQSURFXUHXUVXERUGRQQp/HSURFXUHXUGHOD5pSXEOLTXHSHXW
pJDOHPHQWPHQHUO¶DFFXVDWLRQjO¶LQWpULHXUGHOD+DXWHFRXUGHMXVWLFHTXDQGOHSDUOHPHQWDGpFLGp
GH ODQFHU XQH SURFpGXUH FRQWUH OH SUpVLGHQW GH OD 5pSXEOLTXH RX XQ PHPEUH GX &RQVHLO GH
PLQLVWUHV
/HV DGMRLQWV DX SURFXUHXU GH OD 5pSXEOLTXH MRXLVVHQW GHV PrPHV SRXYRLUV GH GpFLVLRQ TXH OH
SURFXUHXUGHOD5pSXEOLTXHSRXUOHVDIIDLUHVVRXPLVHVjOHXUH[DPHQHWDJLVVHQWHQUHPSODFHPHQW
GXSURFXUHXUGHOD5pSXEOLTXH
/HV SURFXUHXUV GH W\SH SDUWLFXOLHU SDU H[HPSOH OH PpGLDWHXU GX SDUOHPHQW HW OH FKDQFHOLHU GH OD
MXVWLFHQHSHXYHQWPHQHUO¶DFFXVDWLRQTXHGDQVGHVFDVELHQGpWHUPLQpV
,QIRUPDWLRQVFRPSOpPHQWDLUHV
/HFROOqJHGHVSURFXUHXUVGHOD5pSXEOLTXH +XLVVLHUV
/HV KXLVVLHUVRSqUHQWDXVHLQ GHV WULEXQDX[ GH SUHPLHU GHJUp ,OV QH GRLYHQW SDV rWUH HW QH VRQW
VRXYHQWSDVGHVPDJLVWUDWVGHIRUPDWLRQ&HVRQWGHVIRQFWLRQQDLUHVGHO¶eWDW
6L XQH QRWLILFDWLRQ QH SHXW DYRLU OLHX SDU OHV PR\HQV FRQYHQWLRQQHOV FRPPH OH FRXUULHU SRVWDO
VLPSOHRXDYHFDFFXVpGHUpFHSWLRQO¶KXLVVLHUODWUDQVPHWDXSDUWLFXOLHUFRQFHUQp
9RLUpJDOHPHQWODSDJH1RWLILFDWLRQGHGRFXPHQWV)LQODQGH
2IILFHVGHVH[pFXWLRQVIRUFpHV
/HVH[pFXWLRQVIRUFpHVVRQWPHQpHVSDUGHVKXLVVLHUVORFDX[jVDYRLUOHVEDLOOLVGHVXEGLYLVLRQOHV
RIILFLHUV GH MXVWLFH UXUDOH HW OH EDLOOL GH OD SURYLQFH G¶$KYHQDQPDD ,OV VRQW DVVLVWpV SDU GHV
KXLVVLHUVDX[LOLDLUHVTXLJqUHQWGDQVODSUDWLTXHODPDMHXUHSDUWLHGHVH[pFXWLRQVIRUFpHV(QRXWUH
O¶RIILFHGHVH[pFXWLRQVIRUFpHVV
RFFXSHpJDOHPHQWGXSHUVRQQHOGHODFKDQFHOOHULH/HVKXLVVLHUV
FKDUJpVGHVH[pFXWLRQVIRUFpHVVRQWGHVIRQFWLRQQDLUHVGHO¶eWDW
/DGLUHFWLRQJpQpUDOHHWOHFRQWU{OHGHVRIILFHVGHVH[pFXWLRQVIRUFpHVLQFRPEHQWDXPLQLVWqUHGHOD
MXVWLFH/HVDFWLYLWpVGHGLUHFWLRQHWGHFRQWU{OHVRQWpJDOHPHQWPHQpHVSDUOHVFKHIVGHVVHUYLFHV
MXULGLTXHVGHVSUpIHFWXUHV&HX[FLFRQQDLVVHQWHQWUHDXWUHVGHVDSSHOVH[WUDRUGLQDLUHVSRXUYLFH
GHSURFpGXUH1LOHPLQLVWqUHGHODMXVWLFHQLOHFKHIGXVHUYLFHMXULGLTXHQ¶RQWWRXWHIRLVOHSRXYRLU
G¶DQQXOHURXGHPRGLILHUXQHVDLVLHRXXQHDXWUHPHVXUH
/RUV G¶XQH H[pFXWLRQ IRUFpH LO HVW JpQpUDOHPHQW TXHVWLRQ GX UHFRXYUHPHQW GH FUpDQFHV PDLV
G¶DXWUHVUHYHQGLFDWLRQVSHXYHQWrWUHUpDOLVpHVSDUFHELDLV/DYDOLGLWpGHODFUpDQFHHVWYpULILpHHW
O¶REOLJDWLRQGHSDLHPHQWGXGpELWHXUpYDOXpHSHQGDQWOHSURFqV6LOHVGpFLVLRQVMXGLFLDLUHVQHVRQW
SDV UHVSHFWpHV VXU XQH EDVH YRORQWDLUH HOOHV VRQW PLVHV HQ °XYUH SDU XQH H[pFXWLRQ IRUFpH
&HUWDLQHV FUpDQFHV SDU H[HPSOH OHV LPS{WV HW OHV FRWLVDWLRQV VRFLDOHV SHXYHQW rWUH UHFRXYUpHV
VDQVGpFLVLRQG¶XQWULEXQDO
/HV VDQFWLRQV ILQDQFLqUHV SpQDOHV FRPPH OHV DPHQGHV HW OHV DPHQGHV IRUIDLWDLUHV VRQW
UHFRXYUpHV SDU OH ELDLV G¶XQH H[pFXWLRQ IRUFpH /HV RIILFHV GHV H[pFXWLRQV IRUFpHV VH FKDUJHQW
pJDOHPHQW GH OD PLVH HQ °XYUH GHV H[SXOVLRQV GHV VDLVLHV FRQVHUYDWRLUHV RUGRQQpHV SDU OHV
WULEXQDX[HWGHVGpFLVLRQVUHODWLYHVjODJDUGHGHVHQIDQWVHWDXGURLWGHYLVLWH
/DPLVVLRQGHVRIILFHVGHVH[pFXWLRQVIRUFpHVFRQVLVWHjYHLOOHUjO¶LQWpUrWWDQWGXFUpDQFLHUTXHGX
GpELWHXU &HV VHUYLFHV HVVDLHQW GRQF TXH OH GpELWHXU SDLH YRORQWDLUHPHQW VD GHWWH 6L DXFXQ
SDLHPHQW Q¶HVW HIIHFWXp LOV SURFqGHQW j XQH VDLVLH VXU OH VDODLUH OD SHQVLRQ OHV UHYHQXV
SURIHVVLRQQHOV RX OHV ELHQV /HV ELHQV VDLVLV SHXYHQW rWUH YHQGXV 9RLU 9HQWHV DX[ HQFKqUHV
SXEOLTXHV
,QIRUPDWLRQVFRPSOpPHQWDLUHV
/
H[pFXWLRQIRUFpH
$YRFDWV
/DSURIHVVLRQG¶DYRFDWHVWUpJLHSDUODOpJLVODWLRQILQODQGDLVH/¶XWLOLVDWHXUGXWLWUHG¶DYRFDWGRLWrWUH
XQ PDJLVWUDW DFFHSWp SDU O¶RUGUH GHV DYRFDWV HW UpSRQGUH j FHUWDLQHV H[LJHQFHV HQ PDWLqUH GH
FRPSpWHQFHV/¶RUGUHGHVDYRFDWVILQODQGDLVFRPSWHTXHOTXHPHPEUHV
,O Q¶H[LVWH SDV HQ )LQODQGH GH PRQRSROH GHV DYRFDWV HW G¶DXWUHV SHUVRQQHV TXH GHV PDJLVWUDWV
SURIHVVLRQQHOV SHXYHQW RIIULU GHV VHUYLFHV MXULGLTXHV /HV DYRFDWV VRQW WHQXV j O¶REOLJDWLRQ GH
GLVFUpWLRQ
/¶RUGUHGHVDYRFDWVVHFKDUJHGXFRQWU{OHSURIHVVLRQQHOGHVDYRFDWVGHVDXWUHVPDJLVWUDWVDFWLIV
GDQVOHVFDELQHWVG¶DYRFDWVHWGHVFRQVHLOOHUVMXULGLTXHVSXEOLFV/HVDXWUHVSHUVRQQHVRIIUDQWXQH
DLGHMXULGLTXHQHVRQWSDVYLVpHVSDUOHFRQWU{OHSUHVFULWSDUODORL/HVDYRFDWVTXLQHUHVSHFWHQW
SDVODORLVXUODSURIHVVLRQRXODGpRQWRORJLHSHXYHQWrWUHHQGHUQLHUUHVVRUWUDGLpVGXEDUUHDX/H
FRQVHLOGH O¶RUGUH GRLWWHQLUXQ UHJLVWUH GHV DYRFDWV HW XQ UHJLVWUH FRPPXQDXWDLUH HW GRLW SUHQGUH
WRXWHVOHVGLVSRVLWLRQVHQODPDWLqUH
([LJHQFHVHQPDWLqUHGHFRPSpWHQFHGHVDYRFDWV
3HXWrWUHDFFHSWpHQWDQWTX¶DYRFDWWRXWFLWR\HQILQODQGDLVRXRULJLQDLUHG¶XQDXWUHSD\VGHO¶(VSDFH
pFRQRPLTXH HXURSpHQ GH SOXV GH DQV TXL D pWp MXJp LQWqJUH HW PRQWUDQW GHV DSWLWXGHV HW
KDELWXGHV GH YLH OXL SHUPHWWDQW G¶H[HUFHU OD SURIHVVLRQ &HWWH SHUVRQQH GRLW DYRLU SUpVHQWHU OH
PpPRLUHREOLJDWRLUHHQ)LQODQGHSRXUODIRQFWLRQGHMXJHHWSRVVpGHUOHVFRPSpWHQFHVQpFHVVDLUHV
jO¶H[HUFLFHGHODIRQFWLRQG¶DYRFDWHWXQHH[SpULHQFHGHODSURIHVVLRQ(OOHQHSHXWrWUHHQIDLOOLWHQL
DYRLUpWpPLVHVRXVWXWHOOH
&RQIRUPpPHQW DX[ REOLJDWLRQV LQWHUQDWLRQDOHV HQ YLJXHXU HQ )LQODQGH WRXWH SHUVRQQH QH
UpSRQGDQW SDV DX[ H[LJHQFHV UHODWLYHV DX PpPRLUH j O¶H[SpULHQFH PDLV TXL SRVVqGH OHV
FRPSpWHQFHV QpFHVVDLUHV j O¶H[HUFLFH GH OD SURIHVVLRQ G¶DYRFDW GDQV XQ DXWUH SD\V GH O¶(VSDFH
pFRQRPLTXHHXURSpHQSHXWpJDOHPHQWrWUHDFFHSWpHHQWDQWTX¶DYRFDW&HWWHSHUVRQQHGRLWDORUV
SUpVHQWHUXQHDWWHVWDWLRQGHO¶RUGUHGHVDYRFDWVGHVRQSD\VLQGLTXDQWTX¶HOOHFRQQDvWVXIILVDPPHQW
ODOpJLVODWLRQILQODQGDLVHHWO¶H[HUFLFHGHODSURIHVVLRQG¶DYRFDWHQ)LQODQGH
8QH SHUVRQQH SHXW pJDOHPHQW rWUH DFFHSWpH HQ WDQW TX¶DYRFDW VDQV SUpVHQWHU O¶H[DPHQ VL HOOH
SRVVqGH OHV FRPSpWHQFHV QpFHVVDLUHV j O¶H[HUFLFH GH OD SURIHVVLRQ G¶DYRFDW GDQV XQ DXWUH eWDW
PHPEUH GH O¶8QLRQ HXURSpHQQH /¶DJUpPHQW VDQV H[DPHQ LPSOLTXH WRXWHIRLV TXH OD SHUVRQQH
FRQFHUQpHDLWpWpLQVFULWHSHQGDQWWURLVDQVVRXVVRQWLWUHRULJLQHODXUHJLVWUHWHQXSDUO¶RUGUHGHV
DYRFDWVF¶HVWjGLUHHQWDQWTXHSHUVRQQHKDELOLWpHjH[HUFHUODSURIHVVLRQG¶DYRFDWGDQVXQDXWUH
eWDW PHPEUH UHJLVWUH FRPPXQDXWDLUH (Q RXWUH HOOH GRLW SURXYHU DYRLU H[HUFp UpJXOLqUHPHQW OD
SURIHVVLRQG¶DYRFDWHQ)LQODQGHDXPRLQVSHQGDQWFHWWHSpULRGH
/DGLUHFWLYH&(GX3DUOHPHQWHXURSpHQHWGX&RQVHLOYLVDQWjIDFLOLWHUO
H[HUFLFHSHUPDQHQWGH
ODSURIHVVLRQG
DYRFDWGDQVXQeWDWPHPEUHDXWUHTXHFHOXLRODTXDOLILFDWLRQDpWpDFTXLVHDpWp
WUDQVSRVpHHQ)LQODQGHSDUODORLPRGLILDQWODORLVXUODSURIHVVLRQG¶DYRFDW
'pRQWRORJLH
/HV DYRFDWV GRLYHQW PHQHU OHV PLVVLRQV TXL OHXU VRQW FRQILpHV GH PDQLqUH KRQQrWH HW
FRQVFLHQFLHXVH HW UHVSHFWHU OD GpRQWRORJLH GDQV WRXWHV OHXUV DFWLYLWpV 'HV REOLJDWLRQV pWKLTXHV
GpFRXODQWGHODGpRQWRORJLHVRQWDLQVLDSSDUXHVVXUODEDVHGHVH[SpULHQFHVSURSUHVGHVDYRFDWV
&HOOHVFLUHIOqWHQW G¶DLOOHXUVO¶LGpHPRUDOH GRPLQDQWH GDQV OD VRFLpWp HW O¶LGpH TXH OHV FLWR\HQV VH
IRQWGHODGpIHQVHGHOHXUVGURLWVGHVDYRFDWVHWGHOHXUVLPSRUWDQFHHWREOLJDWLRQV(OOHVPRQWUHQW
FHTXHOHVFLWR\HQVDWWHQGHQWG¶XQERQDYRFDW
,QIRUPDWLRQVFRPSOpPHQWDLUHV
/
RUGUHGHVDYRFDWVILQODQGDLV
&RQVHLOOHUVMXULGLTXHVSXEOLFV
/HVFRQVHLOOHUVMXULGLTXHVSXEOLFVVRQWGHVPDJLVWUDWVRXGHVDYRFDWVWUDYDLOODQWGDQVOHVVHUYLFHV
G¶DLGHMXULGLTXHRUJDQLVpVSDUO¶eWDW&HVRQWGHVIRQFWLRQQDLUHVGHO¶eWDW,OVVRQWQRPPpVSDUOH
PLQLVWUHGHODMXVWLFH
/HPLQLVWqUHGHODMXVWLFHJqUHOHVVHUYLFHVG¶DLGHMXULGLTXH
/HV SHUVRQQHV VRXKDLWDQW DFFpGHU DX SRVWH GH FRQVHLOOHU MXULGLTXH SXEOLF GRLYHQW SRVVpGHU XQ
GLSO{PHG¶pWXGHVVXSpULHXUHVFDQGLGDWXUHHQGURLWHWXQHH[SpULHQFHVXIILVDQWHGHODSURIHVVLRQ
G¶DYRFDWHWGHVDFWLYLWpVGHVMXJHV*pQpUDOHPHQWOHVFRQVHLOOHUVMXULGLTXHVSXEOLFVVRQWpJDOHPHQW
GHVMXJHVGHUpVHUYH
/DPLVVLRQGHVFRQVHLOOHUVMXULGLTXHVSXEOLFVHVWLGHQWLTXHjFHOOHGHVDYRFDWVHWLOVGRLYHQWGRQF
UHVSHFWHUODGpRQWRORJLH,OVVRQWSRXUFHODVRXPLVDXFRQWU{OHGHO¶RUGUHGHVDYRFDWV/DPDMRULWp
GHV FRQVHLOOHUV MXULGLTXHV SXEOLFV VRQW LQVFULWV j O¶RUGUH GHV DYRFDWV /HV FRQVHLOOHUV MXULGLTXHV
SXEOLFVDJLVVHQWHQWRXWHVLQGpSHQGDQFHHWDXWRQRPLH
,QIRUPDWLRQVFRPSOpPHQWDLUHV
/HVFRQVHLOOHUVMXULGLTXHVSXEOLFV
1RWDLUHVSXEOLFV
(Q)LQODQGHO¶DFWLYLWpGHQRWDLUHSXEOLFHVWUpJLHSDUODORL/HVQRWDLUHVSXEOLFVRSqUHQWDXVHLQGH
OD PXQLFLSDOLWp HW GH O¶DGPLQLVWUDWLRQ GH OD VXEGLYLVLRQ ,OV GRLYHQW SRVVpGHU XQ GLSO{PH G¶pWXGHV
VXSpULHXUHVFDQGLGDWXUHHQGURLW
0DOJUpGHQRPEUHXVHVUHVVHPEODQFHVO¶DFWLYLWpGHQRWDLUHSXEOLFHQ)LQODQGHGLIIqUHIRUWHPHQWGH
O¶DFWLYLWp GH QRWDLUH DLOOHXUV HQ (XURSH HW DX[ eWDWV8QLV (Q )LQODQGH OHV QRWDLUHV SXEOLFV VRQW
WRXMRXUVGHVIRQFWLRQQDLUHVGHO¶eWDW,OVQHVRQWWRXWHIRLVSDVGHVQRWDLUHVSXEOLFVjSOHLQWHPSV
PDLV ODPDMRULWp GHV IRQFWLRQQDLUHV H[HUoDQW OD SURIHVVLRQ GH QRWDLUH SXEOLF VRQW GHV RIILFLHUV GH
O¶eWDW FLYLO (Q )LQODQGH O¶REOLJDWLRQ GH TXDOLILFDWLRQ SUpYXH GDQV OHV FRQYHQWLRQV UHODWLYHV DX[
FRPSpWHQFHV QpFHVVDLUHV SRXU OHV DIIDLUHV UHOHYDQW GX GURLW SDUWLFXOLHU QH V¶DSSOLTXH SDV DX[
QRWDLUHV SXEOLFV /H VHXO FRQWUDW HQWUH SHUVRQQHV LPSRVDQW XQH UHFRQQDLVVDQFH SXEOLTXH HVW HQ
)LQODQGHOHGRQG¶LPPHXEOHV
/HV QRWDLUHV SXEOLFV VRQW FKDUJpV HQWUH DXWUHV GH OD OpJDOLVDWLRQ GH VLJQDWXUHV GH FRSLHV HW
G¶pWDWV GH VHUYLFHV ,OV SHXYHQW pJDOHPHQW GpOLYUHU GHV DSRVWLOOHV FHUWLILDQW TXH OH VLJQDWDLUH GX
GRFXPHQWDRFFXSpODIRQFWLRQLQGLTXpHGDQV OHGRFXPHQWHWTX¶LOGLVSRVDLWGXGURLWGHOHVLJQHU
,QIRUPDWLRQVFRPSOpPHQWDLUHV
/HVPXQLFLSDOLWpV
5HFRQQDLVVDQFHGHVTXDOLILFDWLRQVGHVFLWR\HQVGHO¶8((((
/DGLUHFWLYH&((GX&RQVHLOUHODWLYHjXQV\VWqPHJpQpUDOGHUHFRQQDLVVDQFHGHVGLSO{PHV
G¶HQVHLJQHPHQWVXSpULHXUTXLVDQFWLRQQHQWGHVIRUPDWLRQVSURIHVVLRQQHOOHVG¶XQHGXUpHPLQLPDOH
GHWURLVDQVDpWpWUDQVSRVpHGDQVODOpJLVODWLRQILQODQGDLVHSDUODORLDLQVLTXHSDUOH
GpFUHWGX&RQVHLOGHPLQLVWUHV
/D ORL UHSUHQG OHV FRQGLWLRQV GHV UqJOHV FRPPXQDXWDLUHV HQ PDWLqUH GH YDOLGLWp GHV GLSO{PHV
FHUWLILFDWVHWDXWUHVGRFXPHQWVDWWHVWDQWGHO¶DSWLWXGHjH[HUFHUXQHIRQFWLRQRXXQHSURIHVVLRQHW
GHGURLWG¶H[HUFHUHQ)LQODQGH
&RQIRUPpPHQWjODUqJOHJpQpUDOHV¶LOHVWH[LJpXQFHUWDLQQLYHDXGHIRUPDWLRQSRXUODFHUWLILFDWLRQ
GHVTXDOLILFDWLRQVRXO¶H[HUFLFHG¶XQHSURIHVVLRQHQ)LQODQGHXQGRFXPHQWpPLVGDQVXQSD\VWLHUV
SRVVqGHODPrPHYDOLGLWpSRXUDXWDQWTX¶LOVRLWPHQWLRQQpGDQVOHVUqJOHVFRPPXQDXWDLUHV
$X FDV R OD IRUPDWLRQ VXLYLH RX OD SURIHVVLRQ H[HUFpH GDQV XQ SD\V WLHUV VHUDLHQW
VXEVWDQWLHOOHPHQWGLIIpUHQWHVGHODSUDWLTXHHQYLJXHXUHQ)LQODQGHOHGHPDQGHXUSHXWrWUHLQYLWpj
HIIHFWXHUXQHSpULRGHG¶DGDSWDWLRQRXjSUpVHQWHUXQH[DPHQG¶DSWLWXGHUHODWLIjODIRUPDWLRQVXLYLH
RXjODSURIHVVLRQH[HUFpHGDQVFHSD\VWLHUV
6LODGHPDQGHSRUWHVXUODFDSDFLWpG¶RFFXSHUXQHIRQFWLRQRXH[HUFHUXQHDFWLYLWpSRXUOHVTXHOOHV
XQGLSO{PHGHFDQGLGDWXUHHQGURLWRXGHQRWDLUHHVWH[LJpOHGHPDQGHXUGRLWSUpVHQWHUO¶H[DPHQ
G¶DSWLWXGHDXSUqVGHO¶XQLYHUVLWpG¶+HOVLQNL
/DGpFLVLRQILQDOHVXUOHVDSWLWXGHVHVWGXUHVVRUWGHODGLUHFWLRQJpQpUDOHGHO¶HQVHLJQHPHQWª
E 3DUXj+HOVLQNLOHGpFHPEUH1ž²ORLPRGLILDQWODORLUHODWLYHDX[
DYRFDWV
$UWLFOH
/HVVWDWXWVGHO
DVVRFLDWLRQGHVDYRFDWVGRLYHQWLQFOXUH
OHQRPGHO
DVVRFLDWLRQ
ODFRPPXQHGXSD\VRO
DVVRFLDWLRQHVWGRPLFLOLpH
O
REMHWGHO
DVVRFLDWLRQ
OHV FRWLVDWLRQV GRQW WRXW PHPEUH HVW WHQX GH V
DFTXLWWHU HW OHV PRGDOLWpV GH IL[DWLRQ SRXU FHV
FRWLVDWLRQV
ODFRPSRVLWLRQGXFRQVHLOG
DGPLQLVWUDWLRQGHO
DVVRFLDWLRQHWVRQPDQGDW
ODGDWHGHODFO{WXUHGHVFRPSWHVHWOHFRQWU{OHGHVFRPSWHVHWGHODJHVWLRQGHO
DVVRFLDWLRQ
ODFRPSRVLWLRQHWO
RUJDQLVDWLRQGHVDFWLYLWpVGHODGpOpJDWLRQHWODGDWHGHO
DVVHPEOpHRUGLQDLUH
GHODGpOpJDWLRQHWVLHOOHVVRQWPXOWLSOHVOHVTXHVWLRQVjWUDLWHUORUVGHFKDTXHDVVHPEOpH
OHVPRGDOLWpVVHORQOHVTXHOOHVO
DVVRFLDWLRQDGUHVVHGHVFRPPXQLFDWLRQVjVHVPHPEUHV
O
RUJDQLVDWLRQGXSRXYRLUGHFRQWU{OHHWGHGLVFLSOLQHTX
H[HUFHQWOHFRQVHLOG
DGPLQLVWUDWLRQHWOD
FRPPLVVLRQGLVFLSOLQDLUHVXUOHVPHPEUHV
OHGURLWGHWRXWHSHUVRQQHQRQPHPEUHGHO
DVVRFLDWLRQG
DFFpGHUjO
DUELWUDJHG
XQOLWLJHHQWUH
HOOHPrPHXQPHPEUHGHO
DVVRFLDWLRQHWODVRFLpWpSRXUODTXHOOHFHGHUQLHUDDJLFRQFHUQDQWOHV
DFWLYLWpVG
DYRFDWRXOHVDFWLYLWpVDVVRFLpHVH[HUFpHVSDUFHPHPEUHHW
ODGHVWLQDWLRQGHVIRQGVGHO
DVVRFLDWLRQHQFDVGHGLVVROXWLRQRXGHFHVVDWLRQG
DFWLYLWpV
$UWLFOH
6DQV SUpMXGLFH DX[ GLVSRVLWLRQV GX SDUDJUDSKH HU DOLQpD HW GX SDUDJUDSKH SRXUUD rWUH
DXWRULVp j H[HUFHU OD SURIHVVLRQ G
DYRFDW WRXW GHPDQGHXU YLVp DX SDUDJUDSKH HU TXL GpWLHQW OD
TXDOLILFDWLRQSURIHVVLRQQHOOHQpFHVVDLUHSRXUH[HUFHUFHWWHSURIHVVLRQGDQVXQDXWUH(WDWPHPEUH
GHO
8QLRQHXURSpHQQH/
DXWRULVDWLRQYLVpHDXSUpVHQWSDUDJUDSKHHVWGRQQpHjFRQGLWLRQTXHOH
GHPDQGHXUVRLWLQVFULWGHSXLVWURLVDQVDXUHJLVWUH8(YLVpDXSDUDJUDSKHHUGHO
DUWLFOHWHUHW
WHQXH SDU O
DVVRFLDWLRQ GHV DYRFDWV HW TX
LOIDVVH SUHXYH FRQIRUPpPHQW DX[PRGDOLWpV SUpFLVpHV
SDU OD GpFLVLRQ GX PLQLVWqUH GH OD -XVWLFH Qž UHODWLYH j OD IL[DWLRQ GHV VWDWXWV GH
O
DVVRFLDWLRQGHVDYRFDWVG
DYRLUH[HUFpODSURIHVVLRQG
DYRFDWG
XQHPDQLqUHUpJXOLqUHHQ)LQODQGH
SHQGDQWDXPRLQVFHVWURLVDQV
$UWLFOH
/HFRQVHLOG
DGPLQLVWUDWLRQGHO
DVVRFLDWLRQGHVDYRFDWVGRLWWHQLUXQUHJLVWUHG
DYRFDWVDLQVLTX
XQ
UHJLVWUH 8( YLVp DX SDUDJUDSKH HU GH O
DUWLFOH WHU HW IDLUH SDUYHQLU DQQXHOOHPHQW XQ H[WUDLW GH
FKDTXH UHJLVWUH DX PLQLVWqUH GH OD -XVWLFH /H FRQVHLO GRLW UHPHWWUH FHV UHJLVWUHV j O
LQVSHFWLRQ
SXEOLTXHHWWRXWHSHUVRQQHDOHGURLWGHVHIDLUHOLYUHUXQHFRSLHGHFHVUHJLVWUHVHQWRWDOLWpRXHQ
SDUWLHPR\HQQDQWXQHUpPXQpUDWLRQUDLVRQQDEOH
$UWLFOHWHU
7RXW DYRFDW DXWRULVp j H[HUFHU OD SURIHVVLRQ G
DYRFDW GDQV XQ DXWUH (WDW PHPEUH D OH GURLW GH
V
LQVFULUH DX UHJLVWUH WHQX SDU O
DVVRFLDWLRQ GHV DYRFDWV HW UHODWLI DX[ DYRFDWV DXWRULVpV j H[HUFHU
GDQVXQDXWUH(WDWPHPEUHVRXVOHXUWLWUHSURIHVVLRQQHOG
RULJLQHUHJLVWUH8(
/HVGLVSRVLWLRQVGHODORLHWGHODGpFLVLRQGXPLQLVWqUHGHOD-XVWLFHUHODWLYHjODIL[DWLRQGHVVWDWXWV
GHO
DVVRFLDWLRQGHVDYRFDWVDSSOLFDEOHVjO
DYRFDWV
DSSOLTXHQWPXWDWLVPXWDQGLVjO
DYRFDWLQVFULW
DX UHJLVWUH 8( /
DYRFDW LQVFULW DX UHJLVWUH 8( GRLW VH FRQIRUPHU DX[ GLVSRVLWLRQV DSSOLFDEOHV j
O
H[HUFLFHGHODSURIHVVLRQG
DYRFDWHQ)LQODQGH
$YDQW G
RXYULU XQH SURFpGXUH GLVFLSOLQDLUH j O
HQFRQWUH G
XQ DYRFDW LQVFULW DX UHJLVWUH 8(
O
DVVRFLDWLRQGHVDYRFDWVGRLWHQLQIRUPHUO
DXWRULWpFRPSpWHQWHGHO
(WDWPHPEUHG
RULJLQH
6DQVSUpMXGLFHDXSRXYRLUGpFLVLRQQHOGHO
DVVRFLDWLRQGHVDYRFDWVFHOOHFLFRRSqUHWRXWDXORQJGH
ODSURFpGXUHGLVFLSOLQDLUHDYHFO
DXWRULWpFRPSpWHQWHGHO
(WDWPHPEUHG
RULJLQH
$UWLFOHELV
/D FRPPLVVLRQ GLVFLSOLQDLUH HVW FRPSRVpH GX SUpVLGHQW GX YLFHSUpVLGHQW HW GH VHSW PHPEUHV
RUGLQDLUHVHWGHOHXUVVHSWVXSSOpDQWVSHUVRQQHOOHPHQWGpVLJQpVpOXVSDUODGpOpJDWLRQ3DUPLFHV
PHPEUHV GHX[ PHPEUHV RUGLQDLUHV DLQVL TXH OHXUV VXSSOpDQWV SHUVRQQHOV GRLYHQW rWUH pOXV HQ
GHKRUV GX FRUSV G
DYRFDWVHW OHXU DSWLWXGH HQ WDQW TXH PHPEUHV GX FRQVHLO G
DGPLQLVWUDWLRQ GRLW
IDLUHREMHWG
XQDYLVGXPLQLVWqUHGHOD-XVWLFH
$UWLFOH
7RXWDYRFDWLQVFULWDXUHJLVWUH8(HQHVWUDGLpFRQIRUPpPHQWDX[PrPHVFRQGLWLRQVTX
XQDYRFDW
SRXUUDrWUHH[FOXGHO
DVVRFLDWLRQGHVDYRFDWV
$UWLFOH
7RXWH SHUVRQQH H[FOXH GH O
DVVRFLDWLRQ GHV DYRFDWV RX UDGLpH GX UHJLVWUH 8( j OD VXLWH G
XQH
SURFpGXUHGLVFLSOLQDLUHQHSRXUUDGHQRXYHDXrWUHDGPLVHDXVHLQGHO
DVVRFLDWLRQRXLQVFULWHDX
UHJLVWUH8(TX
DSUqVWURLVDQVpFRXOpVGHVRQH[FOXVLRQRXGHVDUDGLDWLRQ
$UWLFOH
'DQV OD PHVXUH R O
DYRFDW FHVVH G
H[HUFHU VD SURIHVVLRQ RX V
LO Q
D SOXV FRQIRUPpPHQW j XQ
FULWqUHPHQWLRQQpDXSDUDJUDSKHGHO
DUWLFOHOHGURLWG
H[HUFHUODSURIHVVLRQG
DYRFDWLOHVWWHQX
GHGHPDQGHUODILQGHVRQDGKpVLRQjO
DVVRFLDWLRQGHVDYRFDWV$XFDVRLOQ
\SURFpGHUDLWSDV
VDQV GpODL OH FRQVHLO G
DGPLQLVWUDWLRQ GRLW FRQVLGpUHU G
RIILFH TX
LO Q
HVW SOXV PHPEUH GH
O
DVVRFLDWLRQHWOHUDGLHUGXUHJLVWUHG
DYRFDWV
'DQV OD PHVXUH R O
DYRFDW LQVFULW DX UHJLVWUH 8( FHVVH G
rWUH DYRFDW GDQV VRQ (WDW PHPEUH
G
RULJLQHLOHVWUD\pGXUHJLVWUH8(
$UWLFOH
7RXWH SHUVRQQH GRQW OD GHPDQGH YLVpH DX SDUDJUDSKH GH O
DUWLFOH RX DX SDUDJUDSKH HU GH
O
DUWLFOHDpWpUHIXVpHRXTXLQ
DSDVpWpLQVFULWHDXUHJLVWUH8(RXTXLDpWpH[FOXHGHO
DVVRFLDWLRQ
GHVDYRFDWVRXjO
HQFRQWUHGHODTXHOOHXQDYHUWLVVHPHQWSXEOLFDpWpRUGRQQpRXTXLDpWpUDGLpH
GXUHJLVWUHGHVDYRFDWVRXGXUHJLVWUH8(DOHGURLWGHVHSRXUYRLUHQDSSHOFRQWUHODGpFLVLRQGX
FRQVHLOG
DGPLQLVWUDWLRQHWGHODFRPPLVVLRQGLVFLSOLQDLUHDXSUqVGHOD
&RXUG
DSSHOGH+HOVLQNL
5HSXEEOLFD5RPHQD
D /DZIRUWKHRUJDQL]DWLRQDQGSUDFWLFHRIWKHODZ\HU¶VSURIHVVLRQ/DZQR
DQGE\/DZQR
&+$37(5,
*HQHUDOSURYLVLRQV
³$UWLFOH
7KHODZ\HU¶VSURIHVVLRQVKDOOEHIUHHDQGLQGHSHQGHQWEDVHGRQDQDXWRQRPRXVRUJDQL]DWLRQ
DQGIXQFWLRQLQJXQGHUWKHWHUPVRIWKHODZDQGWKHE\ODZRIWKHSURIHVVLRQ
7KHODZ\HU¶VSURIHVVLRQVKDOORQO\EHSUDFWLVHGE\ODZ\HUVDSSHDULQJLQWKHWDEOHRIWKHEDUWKH\
EHORQJ WR D EDU ZKLFKLVDPHPEHU RIWKH 1DWLRQDO $VVRFLDWLRQ RI WKH 5RPDQLDQ %DUVKHUHDIWHU
FDOOHG81%5
7KH HVWDEOLVKPHQW DQG IXQFWLRQLQJ RI EDUV RXWVLGH WKH 81%5 VKDOO EH SURKLELWHG 7KH
GRFXPHQWVIRUWKHLUFRQVWLWXWLRQDQGUHJLVWUDWLRQVKDOOEHQXOODQGYRLG
$UWLFOH
,QWKHH[HUFLVHRIKLVKHUSURIHVVLRQDODZ\HUVKDOOEHLQGHSHQGHQWDQGRQO\VXEMHFWWRWKHODZ
WKHE\ODZRIWKHSURIHVVLRQDQGWKHFRGHRIFRQGXFW
$ODZ\HUVKDOOSURPRWHDQGGHIHQGKXPDQULJKWVIUHHGRPVDQGOHJLWLPDWHLQWHUHVWV
$ODZ\HUVKDOOEHHQWLWOHGWRDVVLVWDQGUHSUHVHQWQDWXUDODQGOHJDOHQWLWLHVEHIRUHWKHFRXUWVRI
MXGLFLDO DXWKRULW\ DQG RWKHU MXULVGLFWLRQDO ERGLHV FULPLQDO LQTXLU\ ERGLHV SXEOLF DXWKRULWLHV DQG
LQVWLWXWLRQVDVZHOODVEHIRUHRWKHUQDWXUDORUOHJDOHQWLWLHVZKRZKLFKVKDOOKDYHWKHREOLJDWLRQWR
IDFLOLWDWHWKHODZ\HU¶VXQKLQGHUHGDFWLYLW\XQGHUWKHWHUPVRIWKHODZ
$Q\RQHVKDOOEHHQWLWOHGWRFKRRVHKLVKHULWVODZ\HUIUHHO\
,QWKHH[HUFLVHRIRQH¶VULJKWWRGHIHQFHDODZ\HUVKDOOKDYHWKHULJKWDQGREOLJDWLRQWRSHUVLVWLQ
JHWWLQJIUHHDFFHVVWRMXVWLFHDIDLUODZVXLWDQGZLWKLQDUHDVRQDEOHWLPHGHOD\
$UWLFOH
$ODZ\HU¶VDFWLYLW\VKDOOEHUHSUHVHQWHGE\
DOHJDOFRQVXOWDQF\DQGSHWLWLRQV
E OHJDO DVVLVWDQFH DQG UHSUHVHQWDWLRQ EHIRUH FRXUWV RI ODZ FULPLQDO LQTXLU\ ERGLHV MXULVGLFWLRQDO
DXWKRULWLHVQRWDULHVSXEOLFDQGMXGLFLDOH[HFXWRUVSXEOLFDGPLQLVWUDWLRQERGLHVDQGLQVWLWXWLRQVDV
ZHOODVRWKHUOHJDOHQWLWLHVXQGHUWKHWHUPVRIWKHODZ
FGUDZLQJXSOHJDOGRFXPHQWVDQGFHUWLI\LQJWKHSDUWLHV¶LGHQWLWLHVDQGWKHFRQWHQWVDQGGDWHVRI
GRFXPHQWVVXEPLWWHGIRUDXWKHQWLFDWLRQ
G DVVLVWDQFH DQG UHSUHVHQWDWLRQ RI LQWHUHVWHG QDWXUDO RU OHJDO HQWLWLHV EHIRUH RWKHU SXEOLF
DXWKRULWLHV ZLWK SURYLVLRQV IRU FHUWLI\LQJ WKH SDUWLHV¶ LGHQWLWLHV WKH DQG FRQWHQWV DQG GDWHV RI
FRQFOXGHGGRFXPHQWV
HGHIHQFHDQGUHSUHVHQWDWLRQXVLQJVSHFLILFPHDQVRIWKHOHJLWLPDWHULJKWVDQGLQWHUHVWVRIQDWXUDO
DQG OHJDO HQWLWLHV LQ WKHLU UHODWLRQVKLSV ZLWK SXEOLF DXWKRULWLHV LQVWLWXWLRQV DQG DQ\ 5RPDQLDQ RU
IRUHLJQHQWLW\
IPHGLDWLRQDFWLYLWLHV
JILGXFLDU\DFWLYLWLHVFRQVLVWLQJRIUHFHLYLQJLQGHSRVLWRQEHKDOIDQGDWWKHH[SHQVHRIWKHFOLHQW
ILQDQFLDOIXQGVDQGJRRGVUHVXOWLQJIURPWKHVDOHRUH[HFXWLRQRIH[HFXWRU\WLWOHVDIWHUWKHHQGRID
VXFFHVVLRQSURFHGXUHRUOLTXLGDWLRQDVZHOODVWKHSODFHPHQWDQGJRRGXVHRI
/DZQRZDVSXEOLVKHGLQWKH2IILFLDO*D]HWWHRI5RPDQLD3DUW,QRRI-XQH
DQGZDVUHSXEOLVKHGLQWKH2IILFLDO*D]HWWHRI5RPDQLD3DUW,QRRI0DUFKEDVHGRQ
DUWLFOH 9 RI /DZ QR SXEOLVKHG LQ WKH 2IILFLDO*D]HWWH RI 5RPDQLD 3DUW, QR RI 'HFHPEHUDQDGHTXDWHQXPEHULQJEHLQJJLYHQWRSDUDJUDSKVDQGDUWLFOHV6XEVHTXHQWWRLW
EHLQJUHSXEOLVKHGWKHODZZDVDPHQGHGE\/DZQRSXEOLVKHGLQWKH2IILFLDO*D]HWWHRI
5RPDQLD3DUW,QRRI$XJXVW/DZQRSXEOLVKHGLQWKH2IILFLDO*D]HWWHRI
5RPDQLD3DUW,QRRI0D\/DZQRSXEOLVKHGLQWKH2IILFLDO*D]HWWHRI
5RPDQLD3DUW,QRRI-XQHDQG*RYHUQPHQW2UGLQDQFHQRSXEOLVKHGLQ
WKH2IILFLDO*D]HWWHRI5RPDQLD3DUW,QRRI$XJXVWDSSURYHGE\/DZQR
SXEOLVKHGLQWKH2IILFLDO*D]HWWHRI5RPDQLD3DUW,QRRI1RYHPEHU$PHQGPHQWV
DQGDGGLWLRQVVKDOOEHIRXQGLQWKHFRQWHQWVRIWKHGRFXPHQWWKHVHRQEHKDOIDQGDWWKHH[SHQVH
RIWKHFOLHQWDGPLQLVWUDWLRQRIIXQGVRUYDOXDEOHVLQZKLFKWKHODWWHUKDYHEHHQSODFHG
KWHPSRUDU\HVWDEOLVKPHQWRIWUDGLQJFRPSDQLHV¶KHDGRIILFHVDWWKHODZ\HU¶VSURIHVVLRQDORIILFH
WKHUHJLVWUDWLRQRIVXFKFRPSDQLHVRQEHKDOIDQGDWWKHH[SHQVHRIWKHFOLHQWRILQWHUHVWVKDUHV
VKDUHVRUVWRFNRIFRPSDQLHVWKXVUHJLVWHUHG
LWKHDFWLYLWLHVVWLSXODWHGXQGHUJDQGKPD\WDNHSODFHEDVHGRQDQHZOHJDODVVLVWDQFHFRQWUDFW
MDQ\PHDQVDQGZD\VW\SLFDORIWKHULJKWWRGHIHQFHXQGHUWKHWHUPVRIWKHODZ
7KHDFWLYLWLHVVWLSXODWHGXQGHUSDUDJUDSKVKDOORQO\EHSUDFWLVHGE\DODZ\HUXQOHVVWKHODZ
VWLSXODWHVRWKHUZLVH´
$UWLFOH
$ODZ\HUVKDOOEHSURWHFWHGE\WKHODZLQH[HUFLVLQJKLVKHUSURIHVVLRQDQGLQFRQQHFWLRQZLWKLW
$UWLFOH
7KH IRUPV RI SUDFWLVLQJ WKH ODZ\HU¶V SURIHVVLRQ VKDOO EH RSWLRQDOO\ LQGLYLGXDO ODZ RIILFHV
DVVRFLDWHGODZRIILFHVSURIHVVLRQDOFLYLOFRPSDQLHVRUOLPLWHGOLDELOLW\SURIHVVLRQDOFLYLOFRPSDQLHV
$Q LQGLYLGXDO ODZ RIILFH PD\ EH XVHG E\ D SHUPDQHQW ODZ\HU DORQH RU WRJHWKHU ZLWK RWKHU
FROODERUDWLQJODZ\HUVZLWKDYLHZWRH[HUFLVLQJKLVKHUSURIHVVLRQ
,QGLYLGXDO ODZ RIILFHV PD\ EHFRPH DVVRFLDWHG IRU WKH SXUSRVH RI MRLQWO\ H[HUFLVLQJ WKH
SURIHVVLRQ WKH ULJKWV DQG REOLJDWLRQV RI ODZ\HUV ZKR KROG DVVRFLDWHG ODZ RIILFHV VKDOO UHPDLQ
SHUVRQDO DQG PD\ QRW EH WUDQVIHUUHG $FFRUGLQJO\ LQGLYLGXDO ODZ RIILFHV PD\ DOVR EHFRPH
DVVRFLDWHGZLWKSURIHVVLRQDOFLYLOFRPSDQLHV
,QGLYLGXDOODZRIILFHVPD\IRUPJURXSVLQRUGHUWRFUHDWHWHFKQLFDOHFRQRPLFIDFLOLWLHVLQYLHZRI
H[HUFLVLQJWKHODZ\HU¶VSURIHVVLRQDQGVKDOOSUHVHUYHWKHLULQGLYLGXDOLW\LQWKHLUUHODWLRQVKLSVZLWKWKH
FOLHQWV
$ SURIHVVLRQDO FLYLO FRPSDQ\ VKDOO EH HVWDEOLVKHG E\ WZR RU PRUH SHUPDQHQW ODZ\HUV
&ROODERUDWLQJ ODZ\HUV RU SDLG ODZ\HUV PD\ DOVR SUDFWLVH WKHLU SURIHVVLRQ LQ D SURIHVVLRQDO FLYLO
FRPSDQ\$SURIHVVLRQDOFLYLOFRPSDQ\DQGWKHODZ\HUVZKRSUDFWLVHZLWKLQLWPD\QRWSURYLGHOHJDO
DVVLVWDQFHWRSHUVRQVKDYLQJFRQIOLFWLQJLQWHUHVWV
/DZ RIILFH JURXSV DVVRFLDWHG ODZ RIILFHV SURIHVVLRQDO FLYLO FRPSDQLHV DQG OLPLWHGOLDELOLW\
SURIHVVLRQDOFLYLOFRPSDQLHVPD\DOVRKDYHDMRLQWSURSHUW\
$ODZ\HUPD\FKDQJHWKHIRUPRISUDFWLVLQJWKHSURIHVVLRQDWDQ\WLPHSURYLGHGWKHEDUKHVKH
EHORQJVWRKDVEHHQQRWLILHG
$ODZ\HUPD\QRWSUDFWLVHKLVKHUSURIHVVLRQLQVHYHUDOIRUPVRIH[HUFLVLQJLWDWWKHVDPHWLPH
7KHIRUPVRISURIHVVLRQSUDFWLVLQJPD\RQO\EHDOLHQDWHGXVLQJGRFXPHQWVFRQFOXGHGEHWZHHQ
OLYLQJSHUVRQVEHWZHHQSHUPDQHQWODZ\HUVDQGFXUUHQWO\LQWKHH[HUFLVHRIWKHLUSURIHVVLRQRUPD\
EHOLTXLGDWHGRQWHUPLQDWLRQRIWKHLUFDSDFLWLHVREVHUYLQJWKHUHJLPHQRILQYHVWPHQWVUHJXODWHGE\
WKHSUHVHQWODZ
$UWLFOH $ OLPLWHGOLDELOLW\ SURIHVVLRQDO FLYLO FRPSDQ\ VKDOO EH FRQVWLWXWHG E\ SDUWQHUVKLS
EHWZHHQDWOHDVWSHUPDQHQWODZ\HUVDQGFXUUHQWO\SUDFWLVLQJWKHLUSURIHVVLRQLWVKDOOEHDOHJDO
HQWLW\DQGVKDOOKDYHLWVRZQDVVHWV7KHSDUWQHUV¶FRQWULEXWLRQVWRWKHUHJLVWHUHGFDSLWDOPD\EHLQ
LQGXVWU\LQFDVKRULQNLQGRUUHSUHVHQWHGE\WKHLUSURIHVVLRQDODFWLYLW\LQFOXGLQJWKHFOLHQWHOHWKH\
EULQJZLWKWKHP7KHUHJLVWHUHGFDSLWDORIWKHFRPSDQ\VKDOOEHUHSUHVHQWHGE\WUDQVPLVVLEOHDQG
QHJRWLDEOHVKDUHVDQGVKDOOEHDWOHDVWWKHHTXLYDOHQWRI(85
6KDUHWUDQVIHUPD\RQO\EHPDGHWRODZ\HUVLQWKH H[HUFLVHRIWKHLUSURIHVVLRQ7KHSURIHVVLRQDO
DFWLYLW\ VKDOO EH FDUULHG RXW E\ SDUWQHU ODZ\HUV FROODERUDWRU ODZ\HUV DQG SDLG ODZ\HUV /DZ\HUV
ZKRSUDFWLVHWKHLUSURIHVVLRQZLWKLQDOLPLWHGOLDELOLW\SURIHVVLRQDOFLYLOFRPSDQ\VKDOORQO\DVVXPH
SURIHVVLRQDOOLDELOLW\ZLWKLQWKHOLPLWVRIWKHUHJLVWHUHGFDSLWDOVXEVFULEHGDQGGHSRVLWHG
$ OLPLWHGOLDELOLW\ SURIHVVLRQDO FLYLO FRPSDQ\ VKDOO EHFRPH D OHJDO HQWLW\ RQ WKH GDWH RI
UHJLVWUDWLRQ ZLWK WKH EDU RI WKH GHFLVLRQ LVVXHG E\ WKH &RXQFLO RI WKH EDU ZLWKLQ WKH MXULVGLFWLRQDO
GLVWULFWRIZKLFKLWVPDLQKHDGRIILFHLVORFDWHG
/LPLWHGOLDELOLW\SURIHVVLRQDOFLYLOFRPSDQLHVVKDOOEHVXEMHFWWRSURILWWD[
$UWLFOH±
$Q\ODZ\HULUUHVSHFWLYHRIWKHIRUPRISURIHVVLRQH[HUFLVHPD\FRQFOXGHFROODERUDWLRQFRQYHQWLRQV
ZLWK H[SHUWV RU RWKHU VSHFLDOLVWV XQGHU WKH WHUPV RI WKH ODZ 3URIHVVLRQDO FLYLO FRPSDQLHV DQG
OLPLWHGOLDELOLW\SURIHVVLRQDOFLYLOFRPSDQLHVPD\RQO\FRQFOXGHVXFKFRQYHQWLRQVZLWKWKHFRQVHQW
RIDOOSDUWQHUV
$UWLFOH
7KHIRUPVRIH[HUFLVLQJWKHODZ\HU¶VSURIHVVLRQDQGODZRIILFHJURXSVVKDOOEHLQGLYLGXDOLVHGE\
QDPHDVIROORZV
DIRULQGLYLGXDOODZRIILFHVQDPHRIWKHKROGHUODZ\HUIROORZHGE\WKHSKUDVHODZRIILFH
EIRUDVVRFLDWHGODZRIILFHVQDPHVRIDOOKROGHUVIROORZHGE\WKHSKUDVHDVVRFLDWHGODZRIILFHV
F IRU SURIHVVLRQDO FLYLO FRPSDQLHV DQG OLPLWHGOLDELOLW\ SURIHVVLRQDO FLYLO FRPSDQLHV QDPH RI DW
OHDVWRQHSDUWQHUIROORZHGE\WKHSKUDVHFLYLOODZILUPRUDVDSSOLFDEOHOLPLWHGOLDELOLW\FLYLOODZILUP
GIRUODZRIILFHJURXSVQDPHRIHDFKODZRIILFHKROGHUIROORZHGE\WKHSKUDVHJURXSODZRIILFHV
7KH GHQRPLQDWLRQ RI WKH SURIHVVLRQ H[HUFLVH IRUP LQGLYLGXDOLVHG DFFRUGLQJ WR SDUDJUDSK PD\ DOVR EH NHSW DIWHU WKH GHDWK RU GHSDUWXUH RI RQH RI WKH DVVRFLDWHVSDUWQHUV ZLWKWKH ODWWHU¶V
FRQVHQW RUDV DSSOLFDEOH ZLWK WKH FRQVHQW RI WKH KHLU RIWKH GHFHDVHGH[SUHVVHG LQ DQ DXWKHQWLF
IRUP
7KHGHQRPLQDWLRQVVWLSXODWHGXQGHUSDUDJUDSKVKDOODSSHDURQWKHVLJQVRIVXFKODZRIILFHV
RUFRPSDQLHVXQGHUWKHWHUPVVWLSXODWHGE\WKHE\ODZRIWKHSURIHVVLRQ
$VIDUDVDOOIRUPVRISURIHVVLRQH[HUFLVHE\IRUHLJQODZ\HUVDUHFRQFHUQHGRQHPD\XVHWKH
GHQRPLQDWLRQDQGWKHQDPHRIWKHSURIHVVLRQH[HUFLVHIRUPLQIRUFHLQ5RPDQLDRUDEURDGXQGHU
WKHWHUPVRIWKHSUHVHQWDUWLFOH
$UWLFOH
7KH FRQYHQWLRQV RI ODZ RIILFH JURXS HVWDEOLVKPHQW RU DVVRFLDWLRQ WKH FRQVWLWXWLQJ GHHGV RI
SURIHVVLRQDOFLYLOODZFRPSDQLHVDQGOLPLWHGOLDELOLW\SURIHVVLRQDOFLYLOODZFRPSDQLHVDVZHOODVWKH
FRQYHQWLRQV VWLSXODWHG XQGHU DUWLFOH VKDOO EH FRQFOXGHG LQ ZULWLQJ REVHUYLQJ WKH EDVLF
UHTXLUHPHQWVVWLSXODWHGE\WKHODZDQGWKHE\ODZRIWKHSURIHVVLRQ
7KH&RXQFLORIWKHEDUKDYLQJEHHQQRWLILHGVKDOOFKHFNWKDWWKHWHUPVRIWKHODZDUHEHLQJPHW
DQG ZKHQ WKLVLV WKH FDVH VKDOO RUGHU FRQYHQWLRQ UHJLVWUDWLRQ ZLWKLQ RQHPRQWK IURP DSSOLFDWLRQ
EHLQJILOHG
$Q\SHUVRQZKREHOLHYHVKHVKHLVKDUPHGDVIDUDVDOHJLWLPDWHULJKWRULQWHUHVWRIKLVKHUVLV
FRQFHUQHG PD\ ILOH D FRPSODLQW DJDLQVW WKH &RXQFLO RI WKH EDU¶V GHFLVLRQ ZLWK WKH SURIHVVLRQDO
MXULVGLFWLRQERGLHVXQGHUWKHWHUPVRIWKHSUHVHQWODZDQGWKHE\ODZRIWKHSURIHVVLRQ
%DUVVKDOONHHSVHSDUDWHUHFRUGVRIODZ\HUVSHUHDFKSURIHVVLRQH[HUFLVHIRUP
$UWLFOH
%DUV DQG WKH 81%5 VKDOO PDNH VXUH WKH TXDOLILHG H[HUFLVH RI WKH ULJKW WR GHIHQFH WKH
SURIHVVLRQDOFRPSHWHQFHDQGGLVFLSOLQHDQGWKHSURWHFWLRQRIPHPEHUODZ\HU¶VGLJQLW\DQGKRQRXU
DUHEHLQJHQIRUFHG
2QO\RQHEDUPHPEHURIWKH81%5VKDOOH[LVWLQHDFKFRXQW\KDYLQJLWVKHDGRIILFHLQWKH
FDSLWDORIWKDWFRXQW\
(DFKEDUVKDOORUJDQLVHDQGHQVXUHWKHIXQFWLRQLQJRIDMXGLFLDODVVLVWDQFHVHUYLFHDWWDFKHGWR
HDFKFLYLOFRXUW7KH&RXQFLORIWKHEDUVKDOOEHUHVSRQVLEOHIRUWKHRUJDQLVDWLRQDQGIXQFWLRQLQJRI
WKDWVHUYLFH´
$UWLFOH
$ODZ\HUVKDOOKDYHWKHREOLJDWLRQWRNHHSSURIHVVLRQDOVHFUHF\UHJDUGLQJDQ\DVSHFWRIWKHFDXVH
HQWUXVWHGWRKLPKHUXQOHVVWKHODZH[SUHVVO\VWLSXODWHVRWKHUZLVH
$UWLFOH
$SHUVRQZKRFRPSOLHVZLWKWKHIROORZLQJFRQGLWLRQVPD\EHPHPEHURIDEDULQ5RPDQLD
DKHVKHLVD5RPDQLDQFLWL]HQDQGKROGHURIFLYLODQGSROLWLFDOULJKWV
EKHVKHLVDODZIDFXOW\JUDGXDWHRUDGRFWRURIODZ3K'
FKHVKHLVQRWLQRQHRIWKHXQZRUWKLQHVVFDVHVVWLSXODWHGE\WKHSUHVHQWODZ
GKHVKHLVPHGLFDOO\ILWWRSUDFWLVHWKHODZ\HU¶VSURIHVVLRQ
&RPSOLDQFH ZLWK WKH FRQGLWLRQ VWLSXODWHG XQGHU OHWWHU G RI SDUDJUDSK VKDOO EH SURYHQ E\
PHDQV RI D PHGLFDO FHUWLILFDWH RI JRRG KHDOWK LVVXHG RQ WKH EDVLV RI WKH ILQGLQJV E\ D PHGLFDO
ERDUGFRQVWLWXWHGXQGHUWKHWHUPVVWLSXODWHGE\WKHE\ODZRIWKHSURIHVVLRQ
$UWLFOH
$ PHPEHU RI D EDU IURP DQRWKHU FRXQWU\ PD\ SUDFWLVH WKH ODZ\HU¶V SURIHVVLRQ LQ 5RPDQLD
SURYLGHGKHVKHPHHWVWKHFRQGLWLRQVVWLSXODWHGE\WKHODZH[FHSWIRUWKHRQHFRQFHUQLQJ5RPDQLDQ
FLWL]HQVKLS
,Q RUGHU WR SURYLGH OHJDO FRQVXOWDQF\ RQ 5RPDQLDQ ODZ D IRUHLJQ ODZ\HU VKDOO KDYH WKH
REOLJDWLRQ WR WDNH DQ H[DPLQDWLRQ FKHFNLQJ KLVKHU NQRZOHGJH RI 5RPDQLDQ ODZ DQG 5RPDQLDQ
ODQJXDJHRUJDQLVHGE\WKH81%5
$IRUHLJQODZ\HUPD\SUDFWLVHWKHODZ\HU¶VSURIHVVLRQLQ5RPDQLDZLWKLQRQHRIWKHRUJDQLVDWLRQ
IRUPVVWLSXODWHGXQGHUDUWLFOHDWKLVKHUFKRLFH
$ IRUHLJQ ODZ\HUPD\ QRW VXEPLW RUDO RU ZULWWHQ FRQFOXVLRQV EHIRUH WKH FRXUWV RIODZ DQG WKH
RWKHUMXULVGLFWLRQDODQGMXGLFLDOERGLHVH[FHSWIRULQWHUQDWLRQDODUELWUDWLRQRQHV
7KHIHHVGXHWRDIRUHLJQODZ\HUVKDOOEHUHFRUGHGDQGIXOO\SDLGLQ5RPDQLD
$IRUHLJQODZ\HUZKRSUDFWLVHVKLVKHUSURIHVVLRQLQ5RPDQLDVKDOOKDYHWKHREOLJDWLRQWRVLJQLQ
WRWKHVSHFLDOWDEOHNHSWE\HDFKEDUDQGVKDOOEHVXEMHFWWRWKHSURYLVLRQVRIWKHSUHVHQWODZWKH
E\ODZRIWKHSURIHVVLRQDQGWKHFRGHRIFRQGXFW´
$UWLFOH
7KHIROORZLQJSHUVRQVVKDOOEHGHHPHGXQZRUWK\RIEHLQJDODZ\HU
D D SHUVRQ KDYLQJ UHFHLYHG D ILQDO VHQWHQFH WR SULVRQ E\ FRXUW GHFUHH IRU DQ LQWHQWLRQDO FULPH
ZKLFKLVOLNHO\WRKDUPSURIHVVLRQDOSUHVWLJH
EDSHUVRQKDYLQJFRPPLWWHGDEXVHVWKDWKDYHYLRODWHGIXQGDPHQWDOKXPDQULJKWVDQGIUHHGRPV
DVHVWDEOLVKHGE\FRXUWGHFUHH
F D SHUVRQ ZKR KDV UHFHLYHG D VHQWHQFH SURKLELWLQJ KLPKHU IURP H[HUFLVLQJ WKH ODZ\HU¶V
SURIHVVLRQIRUDWLPHGXUDWLRQVHWE\DFRXUWRUGLVFLSOLQDU\GHFUHH
GDIUDXGXOHQWO\EDQNUXSWSHUVRQHYHQUHKDELOLWDWHG
$UWLFOH
3UDFWLVLQJWKHODZ\HU¶VSURIHVVLRQVKDOOEHLQFRPSDWLEOHZLWK
DDSDLGDFWLYLW\ZLWKLQDQRWKHUSURIHVVLRQWKDQWKHODZ\HU¶VRQH
ERFFXSDWLRQVDIIHFWLQJWKHGLJQLW\DQGLQGHSHQGHQFHRIWKHODZ\HU¶VSURIHVVLRQRUJRRG PDQQHUV
FWKHGLUHFWSUDFWLVHRIPDWHULDOWUDGHDFWLRQV
$UWLFOH
3UDFWLVLQJWKHODZ\HU¶VSURIHVVLRQVKDOOEHFRPSDWLEOHZLWK
DWKHFDSDFLW\RIGHSXW\RUVHQDWRUFRXQFLOORULQORFDORUFRXQW\FRXQFLOV
³EWHDFKLQJDFWLYLWLHVDQGRIILFHVLQKLJKHUOHJDOHGXFDWLRQ´
FOLWHUDU\DQGSXEOLVKLQJDFWLYLW\
³GWKHFDSDFLW\RIDUELWUDWRUPHGLDWRUFRQFLOLDWRURUQHJRWLDWRUWD[DGYLVRUDGYLVRULQLQWHOOHFWXDO
SURSHUW\ DGYLVRU LQ LQGXVWULDO SURSHUW\ OLFHQVHG WUDQVODWRU DGPLQLVWUDWRU RU OLTXLGDWRU ZLWKLQ WKH
SURFHGXUHVRIMXGLFLDOUHRUJDQLVDWLRQRUOLTXLGDWLRQXQGHUWKHWHUPVRIWKHODZ
$UWLFOH
7KHDFFHSWDQFHWRSURIHVVLRQVKDOOEHREWDLQHGEDVHGRQDQH[DPLQDWLRQRUJDQLVHGE\WKHEDU
XQGHUWKHSURYLVLRQVRIWKHSUHVHQWODZDQGWKHE\ODZRIWKHSURIHVVLRQ
7KHIROORZLQJSHUVRQVPD\EHDFFHSWHGWRWKHSURIHVVLRQRQUHTXHVWEHLQJH[HPSWHGIURPDQ
H[DPLQDWLRQ
DDKROGHURIWKHGRFWRURIODZ¶V3K'GLSORPD
EDSHUVRQZKRE\WKHGDWHRIEHLQJDFFHSWHGWRWKHODZ\HU¶VSURIHVVLRQKDVDFWHGDVDMXGJH
SXEOLFSURVHFXWRUQRWDU\SXEOLFOHJDODGYLVRURUMXULVWIRUDWOHDVW\HDUVDQGLIVXFKDFWLYLW\KDV
QRWEHHQWHUPLQDWHGIRUGLVFLSOLQDU\UHDVRQVWKDWPDNHKLPKHUXQZRUWK\RIWKHODZ\HU¶VSURIHVVLRQ
7KHSHUVRQVZKRKHOGWKHRIILFHRIMXGJHZLWKWKH+LJK&RXUWRI&DVVDWLRQDQG-XVWLFHVKDOOEH
H[HPSWHGIURPWKHSURYLVLRQVRISDUDJUDSK
$UWLFOH$SHUVRQZKRPHHWVWKHUHTXLUHPHQWVVWLSXODWHGE\WKHODZIRUEHLQJDFFHSWHGWRWKH
ODZ\HU¶VSURIHVVLRQPD\DSSO\IRUWKLVDWOHDVW\HDUVEHIRUHUHDFKLQJWKHVWDQGDUGUHWLUHPHQWDJH
LQWKHSHQVLRQDQGVRFLDOVHFXULW\V\VWHPKHVKHEHORQJVWR´
$UWLFOH
$WWKHEHJLQQLQJRIWKHODZ\HU¶VSURIHVVLRQSUDFWLVLQJDODZ\HUVKDOOEHREOLJHGWRFRPSOHWHD
WZR\HDUSURIHVVLRQDOWUDLQLQJWHUPGXULQJZKLFKWLPHKHVKHVKDOOKDYHWKHFDSDFLW\RIODZ\HURQ
SUREDWLRQ
³7KHFRQGLWLRQVIRUFRPSOHWLQJWKHWHUPWKHULJKWVDQGREOLJDWLRQVRIWKHODZ\HURQSUREDWLRQRI
WKHVXSHUYLVLQJODZ\HUDVZHOODVWKRVHRIWKHEDUWRZDUGVWKHPVKDOOEHUHJXODWHGE\WKHE\ODZRI
WKHSURIHVVLRQ´
7KH WUDLQLQJ WHUP VKDOO EH VXVSHQGHG LI WKH ODZ\HU VKRXOG VHUYH LQ WKH PLOLWDU\ RU EH
FRQFHQWUDWHG LI KHVKH LV RXW RIWKH SURIHVVLRQ IRU JRRG JURXQGV RU LI WKH SURIHVVLRQDO JXLGDQFH
VKRXOGEHWHUPLQDWHGZLWKRXWWKHODZ\HURQSUREDWLRQEHLQJDWIDXOW7KHSULRUWHUPSHULRGDOUHDG\
FRPSOHWHGVKDOOEHWDNHQLQWRFRQVLGHUDWLRQZKHQFDOFXODWLQJWHUPFRPSOHWLRQ
$IWHU WKH WUDLQLQJ WHUP LV FRPSOHWHG WKH ODZ\HU RQ SUREDWLRQ VKDOO WDNH WKH H[DPLQDWLRQ IRU
SHUPDQHQWODZ\HU
$ODZ\HURQSUREDWLRQZKRKDVIDLOHGWKUHHWLPHVLQWKHH[DPLQDWLRQIRUSHUPDQHQWODZ\HUVKDOO
EHGLVEDUUHG
$UWLFOH
7KH DFWLYLW\ RI D ODZ\HU RQ SUREDWLRQPD\ RQO\ EH JXLGHG E\ SHUPDQHQWODZ\HUV ZLWK DOHQJWK RI
VHUYLFHRIDWOHDVW\HDUVLQWKDWFDSDFLW\DQGZKRHQMR\JRRGSURIHVVLRQDOUHSXWDWLRQ
$UWLFOH
7KH FDSDFLW\ RI SHUPDQHQW ODZ\HU VKDOO EH DFTXLUHG E\ WKH ODZ\HUV RQ SUREDWLRQ ZKR KDYH
SDVVHGWKHH[DPLQDWLRQIRUSHUPDQHQWODZ\HUXQGHUWKHWHUPVRIDUWLFOHDVZHOODVWKHODZ\HUV
ZKR KDYH SDVVHG WKH JUDGXDWLRQ H[DPLQDWLRQ DW WKH 1DWLRQDO ,QVWLWXWH IRU WKH 7UDLQLQJ DQG WKH
,PSURYHPHQWRI/DZ\HUVXQGHUWKHWHUPVVWLSXODWHGE\WKHE\ODZRIWKHSURIHVVLRQ
7KHFDSDFLW\RISHUPDQHQWODZ\HUVKDOOEHDFTXLUHGE\DSHUVRQZKRKDVEHHQUHJLVWHUHGWRWKH
SURIHVVLRQ XQGHU WKH WHUPV RI DUWLFOH LI KHVKH DFTXLUHG D SHUPDQHQW VWDWXV LQ WKH OHJDO
SRVLWLRQKHVKHXVHGWRSUDFWLVHEHIRUHEHLQJDFFHSWHGWRWKHODZ\HU¶VSURIHVVLRQ
$SHUVRQUHJLVWHUHGWRWKHSURIHVVLRQXQGHUDUWLFOHVKDOODFTXLUHWKHSHUPDQHQWODZ\HU¶V
FDSDFLW\LIKHVKHKDVSDVVHGDQH[DPLQDWLRQIRUSHUPDQHQWVWDWXVLQWKHOHJDORIILFHKHVKHKDG
KHOG EHIRUH 7KRVH ZKR GR QRWILOOWKH FRQGLWLRQVUHJDUGLQJWKH OHQJWK RI VHUYLFH LQ WKHLU SUHYLRXV
RIILFHVKDOOEHERXQGWRWDNHWKHH[DPLQDWLRQIRUSHUPDQHQWODZ\HU
/DZ\HUVZKRDUHIRUPHUMXGJHVPD\QRWVXEPLWFRQFOXVLRQVZLWKWKHFRXUWWKH\XVHGWRIXQFWLRQ
ZLWK DQG IRUPHU SXEOLF SURVHFXWRUV RU SROLFH RIILFHUV PD\ QRW SURYLGH OHJDO DVVLVWDQFH WR WKH
FULPLQDOLQTXLU\XQLWZKHUHWKH\XVHGWRFDUU\RXWWKHLUDFWLYLW\IRU\HDUVDIWHUWKHWHUPLQDWLRQRI
WKDWRIILFH
$UWLFOH
7KHODZ\HU¶VSURIHVVLRQPD\QRWEHSUDFWLVHGLQFLYLOFRXUWVFULPLQDOFRXUWVVSHFLDOLVHGFRXUWV
DQG DSSHDO FRXUWV DV ZHOO DV SXEOLF SURVHFXWRU¶V RIILFHV DWWDFKHG WR VXFK FRXUWV ZKHUH WKH
ODZ\HU¶VUHODWLYHVVSRXVHRULQODZVGRZQWRWKHWKLUGOHYHOLQFOXVLYHZRUN´
$UWLFOH
:KHQVLJQLQJLQWRWKHEDUDODZ\HUVKDOOWDNHWKH IROORZLQJRDWKEHIRUHWKH&RXQFLORIWKHEDU
, VZHDU WR REVHUYH DQG XSKROG WKH &RQVWLWXWLRQ DQG WKH ODZV RI WKH FRXQWU\ KXPDQ ULJKWV DQG
IUHHGRPVDQGWRSUDFWLVHWKHODZ\HU¶VSURIHVVLRQLQKRQHVW\DQGGLJQLW\6RKHOSPH*RG
7KHRDWKPD\DOVREHWDNHQZLWKRXWWKHUHOLJLRXVIRUPXOD
,IWKLVLVWKHFDVHWKHRDWKVKDOOVWDUWZLWKWKHZRUGV,VZHDURQP\KRQRXUDQGFRQVFLHQFH
$UWLFOH
$ODZ\HURQSUREDWLRQPD\RQO\VXEPLWFRQFOXVLRQVZLWKFLYLOFRXUWVDQGPD\DVVLVWRUUHSUHVHQW
SDUWLHVEHIRUHWKHERGLHVDQGLQVWLWXWLRQVVWLSXODWHGXQGHUDUWLFOH
$SHUPDQHQWODZ\HUVKDOOEHHQWLWOHGWRVXEPLWFRQFOXVLRQVZLWKDOOWKHFRXUWVRIODZH[FHSWIRU
WKH +LJK &RXUW RI &DVVDWLRQ DQG -XVWLFH DQG WKH &RQVWLWXWLRQDO &RXUW ZKHUH KHVKH PD\ VXEPLW
FRQFOXVLRQVLIKHVKHKDVDQXQLQWHUUXSWHGOHQJWKRIVHUYLFHLQWKHSURIHVVLRQRIDWOHDVW\HDUV
IURPEHFRPLQJSHUPDQHQW´
$UWLFOH
%DUVVKDOOKDYHWKHREOLJDWLRQWRGUDZXSRQDQDQQXDOEDVLVWDEOHVRISHUPDQHQWODZ\HUVDQG
ODZ\HUVRQSUREDWLRQLQDQDOSKDEHWLFDORUGHUVWDWLQJWKHLUIXOOQDPHVVFLHQWLILFGHJUHHVGDWHRI
VLJQLQJLQWRWKHEDUSURIHVVLRQDOKHDGRIILFHIRUPRISUDFWLVLQJWKHSURIHVVLRQDQGFRXUWVRIODZ
ZKHUHWKH\DUHHQWLWOHGWRVXEPLWFRQFOXVLRQV
³ 7KH VHFRQG SDUW RI WKH WDEOH VKDOO EH FRPSULVHG RI DVVRFLDWHG ODZ RIILFHV SURIHVVLRQDO FLYLO
FRPSDQLHV DQG OLPLWHGOLDELOLW\ SURIHVVLRQDO FLYLO FRPSDQLHV VWDWLQJ WKHLU KHDG RIILFHV DQG WKH
ODZ\HUVFRPSULVLQJWKHP
%DUVVKDOOVHHWKDWWKHDQQXDO7DEOHRI/DZ\HUVDQGWKHFKDQJHVRFFXUUHGDUHEHLQJVHQWDWWKH
EHJLQQLQJRIHDFK\HDUWRWKHFRXUWVRIODZFULPLQDOLQTXLU\ERGLHVDQGDGPLQLVWUDWLYHDXWKRULWLHVRI
WKDWFRXQW\RURI%XFKDUHVWPXQLFLSDOLW\DVZHOODVWRWKH81%5´
$UWLFOH
7KH&RXQFLORIWKHEDUVKDOOLVVXHGHFLVLRQVIRUWUDQVIHUULQJODZ\HUVWRWKHWDEOHRILQFRPSDWLEOH
ODZ\HUVRQUHTXHVWRUH[RIILFLRZKHUHDVRQH¶VUHSODFHPHQWRQWKH7DEOHRI/DZ\HUVHQWLWOHGWR
SUDFWLVH WKH SURIHVVLRQ VKDOO RQO\ EH GRQH RQ UHTXHVW DIWHU WKH LQFRPSDWLELOLW\ FRQGLWLRQ KDV
FHDVHG
³ :KHQ WKHUH LV LQFRPSDWLELOLW\ WKH GHFLVLRQ RI DFFHSWDQFH WR WKH SURIHVVLRQ VKDOO RQO\ EH
HIIHFWLYHDVRIWKHGDWHWKHLQFRPSDWLELOLW\FRQGLWLRQKDVFHDVHGZKLFKPXVWEHVROYHGZLWKLQWZR
PRQWKVIURPGHFLVLRQLVVXDQFH
$UWLFOH
3UDFWLVLQJDQ\OHJDODVVLVWDQFHDFWLYLW\W\SLFDORIWKHODZ\HU¶VSURIHVVLRQDQGVWLSXODWHGXQGHUDUWLFOH
E\DQDWXUDORUOHJDOHQWLW\WKDWKDVQRWWKHFDSDFLW\RIODZ\HUUHJLVWHUHGZLWKDEDUDQGGRHVQRW
ILJXUH RQ WKH WDEOH RI WKDW EDU VKDOO FRQVWLWXWH D FULPH DQG VKDOO EH SXQLVKHG XQGHU WKH FULPLQDO
ODZ´
6(&7,21
(QGLQJDQGVXVSHQVLRQRIWKHODZ\HU¶VFDSDFLW\
³$UWLFOH7KHODZ\HU¶VFDSDFLW\VKDOOHQG
DIROORZLQJRQH¶VZULWWHQUHQXQFLDWLRQWRSUDFWLVHWKHSURIHVVLRQ
EDVDUHVXOWRIRQH¶VGHDWK
F LI D PHDVXUH RI H[SXOVLRQ IURP WKH SURIHVVLRQ KDV EHHQ WDNHQ DJDLQVW WKDW ODZ\HU DV D
GLVFLSOLQDU\VDQFWLRQ
GLIVXFKODZ\HUKDVUHFHLYHGDILQDOVHQWHQFHIRUDQDFWLRQLQFULPLQDWHGE\FULPLQDOODZDQGZKLFK
UHQGHUVKLPKHUXQZRUWK\RIEHLQJDODZ\HUDFFRUGLQJWRWKHODZ
$UWLFOH
7KHODZ\HU¶VFDSDFLW\VKDOOEHVXVSHQGHG
DLIWKHUHLVLQFRPSDWLELOLW\IRUWKHGXUDWLRQRIVXFKDFRQGLWLRQ
EGXULQJRQH¶VLQWHUGLFWLRQWRSUDFWLVHRUGHUHGE\DFRXUWRUGLVFLSOLQDU\GHFUHH
F LI KHVKH KDV IDLOHG WR IXOO\ SD\ RU KHVKH KDV SDLG RQO\ SDUWLDOO\ WKH IHHV DQG SURIHVVLRQDO
FRQWULEXWLRQV WR WKH EDU WR WKH 81%5 DQG WR WKH ODZ\HU¶V RZQ VRFLDO VHFXULW\ V\VWHP IRU PRQWKVIURPVXFKSD\PHQWVEHLQJRYHUGXHDQGXQWLODOOWKHGHEWVKDYHEHHQSDLG
GIROORZLQJDZULWWHQUHTXHVWE\DODZ\HU´
&+$37(5,,,
/DZ\HU¶VULJKWVDQGGXWLHV
6(&7,21
/DZ\HU¶VULJKWV
$UWLFOH
$ODZ\HU DSSHDULQJ RQWKH EDU¶VWDEOH VKDOO EH HQWLWOHG WR DVVLVW DQG UHSUHVHQW DQ\ QDWXUDORU
OHJDOHQWLW\EDVHGRQDFRQWUDFWFRQFOXGHGLQDZULWWHQIRUPZKLFKDFTXLUHVDVXUHGDWHDIWHUEHLQJ
UHFRUGHGLQWKHRIILFLDOUHJLVWUDWLRQERRN
³$ODZ\HUDVZHOODVKLVKHUFOLHQWVKDOOEHHQWLWOHGWRJLYHXSWKHOHJDODVVLVWDQFHFRQWUDFWRUWR
DPHQGLWEDVHGRQPXWXDOFRQVHQWXQGHUWKHWHUPVVWLSXODWHGE\WKHE\ODZRIWKHSURIHVVLRQ
7KHFOLHQW¶VXQLODWHUDOUHQXQFLDWLRQVKDOOQRWFRQVWLWXWHDFDXVHIRUH[HPSWLRQIURPWKHSD\PHQWRI
WKHGXHIHHIRUWKHODZVHUYLFHVSHUIRUPHGDVZHOODVIRUFRYHULQJWKHH[SHQVHVLQFXUUHGE\WKH
ODZ\HULQWKHLQWHUHVWRIWKHFOLHQW¶VODZVXLW
$UWLFOH
$ODZ\HUVKDOOEHHQWLWOHGWRHOHFWDQGEH HOHFWHGWRWKHSURIHVVLRQ¶VPDQDJLQJERGLHVXQGHUWKH
WHUPVVWLSXODWHGE\WKHSUHVHQWODZDQGWKHE\ODZ
³$UWLFOH
)RU KLVKHU SURIHVVLRQDO DFWLYLW\ D ODZ\HU VKDOO EH HQWLWOHG WR D IHH DQG WR DOO WKH H[SHQVHV
LQFXUUHGLQWKHLQWHUHVWRIKLVKHUFOLHQW¶VODZVXLWEHLQJFRYHUHG
)RUWKLVSXUSRVHDODZ\HUPD\RSHQDEDQNDFFRXQWIRUFDVKLQJLQWKHIHHVDQGDQRWKHURQHIRU
GHSRVLWLQJWKH DPRXQWV UHFHLYHG IURP WKH FOLHQWIRUODZ VXLW H[SHQVHV LQWKH ODWWHU¶VLQWHUHVW 7KH
ZD\RIPDQDJLQJWKHDPRXQWVWKDWKDYHEHHQKDQGHGRYHUWRWKHODZ\HUE\WKHFOLHQWIRUODZVXLW
H[SHQVHVLQKLVKHULQWHUHVWVVKDOOEHVHWRXWLQWKHFRQYHQWLRQEHWZHHQWKHODZ\HUDQGWKHFOLHQW
XQGHUWKHWHUPVVWLSXODWHGE\WKHE\ODZRIWKHSURIHVVLRQ
7KH OHJDO DVVLVWDQFH FRQWUDFW ODZIXOO\ FRQFOXGHG VKDOO EH DQ H[HFXWRU\ WLWOH 7KH FLYLO FRXUW
KDYLQJMXULVGLFWLRQRYHUWKHODZ\HU¶VSURIHVVLRQDOKHDGRIILFHVKDOOKDYHFRPSHWHQFHIRUYHVWLQJLW
ZLWK DQ H[HFXWRU\ IRUPXOD 7KH RYHUGXH IHHV DQG RWKHU H[SHQVHV LQFXUUHG E\ WKH ODZ\HU LQ WKH
LQWHUHVWRIKLVKHUFOLHQW¶VODZVXLWVKDOOEHUHFRYHUHGDFFRUGLQJWRWKHSURYLVLRQVRIWKHE\ODZRIWKH
SURIHVVLRQ
$UWLFOH
/HJDOFRQWHVWVDQGFRPSODLQWVDJDLQVWODZ\HU¶VIHHVVKDOOEHVROYHGE\WKHSUHVLGHQWRIWKHEDU7KH
SUHVLGHQW¶VGHFLVLRQPD\EHDSSHDOHGZLWKWKH&RXQFLORIWKHEDU´
$UWLFOH
/DZ\HUVVKDOOKDYHWKHLURZQVRFLDOVHFXULW\V\VWHP
7KHVRFLDOVHFXULW\V\VWHPRIODZ\HUVVKDOOEHUHJXODWHGE\WKHODZDQGVKDOOEHEDVHGRQWKHLU
FRQWULEXWLRQVDVZHOODVRWKHUVRXUFHVVWLSXODWHGE\WKHODZRUWKH%\ODZRIWKH/DZ\HUV¶,QVXUDQFH
+RXVH
7KHWLPHVHUYHGDVDODZ\HUVKDOOEHGHHPHGOHQJWKRIVHUYLFH
$UWLFOH
,Q RUGHUWR HQVXUH SURIHVVLRQDO VHFUHF\WKH SURIHVVLRQDO GRFXPHQWV DQG SDSHUZRUNIRXQG RQ
WKHODZ\HURULQKLVKHUODZRIILFHVKDOOEHLQYLRODEOH
$VHDUFKRIDODZ\HURURIKLVKHUUHVLGHQFHRUODZRIILFHRUWDNLQJZULWVDQGJRRGVLQFXVWRG\PD\
RQO\EHPDGHE\DSXEOLFSURVHFXWRUEDVHGRQDZDUUDQWLVVXHGXQGHUWKHWHUPVRIWKHODZ
$UWLFOH±
7KH FRQWDFWEHWZHHQ D ODZ\HU DQGKLVKHUFOLHQWPD\ QRW EH KLQGHUHG RU FRQWUROOHG GLUHFWO\ RU
LQGLUHFWO\E\DQ\VWDWHERG\
,I D FOLHQW LV XQGHU DUUHVW RU SODFHG LQ GHWHQWLRQ WKH DGPLQLVWUDWLRQ RI WKH DUUHVW RU GHWHQWLRQ
IDFLOLW\VKDOOKDYHWKHREOLJDWLRQWRWDNHDOOQHFHVVDU\VWHSVIRUFRPSO\LQJZLWKWKHULJKWVVWLSXODWHG
XQGHUSDUDJUDSK
$UWLFOH
,QGLYLGXDO ODZ\HUV DVVRFLDWHG ODZ RIILFHV SURIHVVLRQDO FLYLO FRPSDQLHV DQG OLPLWHGOLDELOLW\
SURIHVVLRQDOFLYLOFRPSDQLHVVKDOOEHHQWLWOHGWRDSURIHVVLRQDOKHDGRIILFH
ZLWKLQWKHMXULVGLFWLRQDOGLVWULFWRIWKHEDUWKH\DUHUHJLVWHUHGZLWKDQGWRVHFRQGDU\RIILFHVLQVRPH
RWKHU5RPDQLDQRUIRUHLJQEDUVLQZKRVHUHFRUGVWKH\DSSHDU
$UWLFOH
7KH 0LQLVWU\ RI -XVWLFH VKDOO SURYLGH WKH QHFHVVDU\ VSDFHV IRU ODZ\HU¶V DFWLYLWLHV LQ WKH
KHDGTXDUWHUVRIWKHFRXUWVRIODZ
$UWLFOH
,Q WKH H[HUFLVH RI WKHLU SURIHVVLRQ ODZ\HUV VKDOO EH SURWHFWHG E\ WKH ODZ DQG PD\ QRW EH
DVVLPLODWHGWRFLYLOVHUYDQWVRURWKHUHPSOR\HHV
,QVXOWV VODQGHULQJ RU WKUHDWV DJDLQVW D ODZ\HU ZKLOH H[HUFLVLQJ KLVKHU SURIHVVLRQ DQG LQ
FRQQHFWLRQZLWKLWVKDOOEHSXQLVKDEOHE\SULVRQIURPPRQWKVWR\HDUVRUDILQH
%DWWHULQJRURWKHUDFWVRIYLROHQFHDJDLQVWDODZ\HUXQGHUWKHWHUPVRISDUDJUDSKVKDOOEH
SXQLVKDEOHE\SULVRQIURPPRQWKVWR\HDUV
$FULPLQDODFWLRQVKDOOEHVWDUWHGIROORZLQJWKHSULRUFRPSODLQWE\WKHLQMXUHGSDUW\DQGIRUWKH
DFWLRQV VWLSXODWHG XQGHU SDUDJUDSK H[RIILFLR WRR ,I WKH SULRU FRPSODLQW LV ZLWKGUDZQ RU WKH
SDUWLHVUHDFKDQDJUHHPHQWDQ\FULPLQDOOLDELOLW\VKDOOEHUHPRYHG
³$ODZ\HUVKDOOKDYHWKHREOLJDWLRQWRREVHUYHWKHVROHPQLW\RIWKHFRXUWEHLQJKHOGQRWWRXVH
ZRUGVRUSKUDVHVOLDEOHWRKDUPWKHDXWKRULW\GLJQLW\DQGKRQRXURIWKHFRXUWWKHSXEOLFSURVHFXWRU
WKHRWKHUODZ\HUVDQGWKHSDUWLHVRUWKHLUUHSUHVHQWDWLYHVWRWKHODZVXLW
$ODZ\HUVKDOOQRWEHFULPLQDOO\OLDEOHIRUVWDWHPHQWVPDGHRUDOO\RULQZULWLQJLQDQDGHTXDWH
IRUPDQGLQFRPSOLDQFHZLWKWKHSURYLVLRQVRISDUDJUDSKEHIRUHFRXUWVRIODZFULPLQDOLQTXLU\
ERGLHVRURWKHUMXULVGLFWLRQDODGPLQLVWUDWLYHERGLHVRQO\LIVXFKVWDWHPHQWVDUHLQFRQQHFWLRQZLWK
WKDWFDXVH¶VGHIHQFHDQGQHFHVVDU\IRUHVWDEOLVKLQJWKHWUXWK
7KH ODZ\HU¶VIDLOXUH WR FRPSO\ ZLWK WKH SURYLVLRQV RI SDUDJUDSKV DQG VKDOO FRQVWLWXWH D
VHULRXVGLVFLSOLQHGHSDUWXUH'LVFLSOLQDU\OLDELOLW\VKDOOQRWSUHFOXGHFULPLQDORUFLYLOOHJDOOLDELOLW\DV
DSSOLFDEOH
$UWLFOH 7KH FULPLQDO LQTXLU\ DJDLQVW DQG SURVHFXWLRQ RI D ODZ\HU IRU FULPLQDO DFWLRQV
SHUSHWUDWHGLQWKHH[HUFLVHRIKLVKHUSURIHVVLRQRULQUHODWLRQWRLWPD\RQO\WDNHSODFHEDVHGRQWKH
DSSURYDOE\WKHJHQHUDOSXEOLFSURVHFXWRURIWKHSXEOLFSURVHFXWRU¶VRIILFHDWWDFKHGWRWKHDSSHDO
FRXUWLQZKRVHMXULVGLFWLRQDOGLVWULFWWKHDFWLRQVKDYHEHHQSHUSHWUDWHG´
6(&7,21
'XWLHVRIODZ\HUV
$UWLFOH
$ ODZ\HU VKDOO EH ERXQGWRWKRURXJKO\ VWXG\ WKH FDVHV HQWUXVWHG WR KLPKHUWDNHQ E\ KLPKHU RU
UHFHLYHGH[RIILFLRWRDSSHDUEHIRUHWKHFRXUWRQHDFKGHDGOLQHVHWE\WKHFRXUWWKHFULPLQDOLQTXLU\
ERGLHV RU RWKHU LQVWLWXWLRQV EDVHG RQ WKH PDQGDWH HQWUXVWHG WR KLPKHU WR VKRZ FRQVFLRXVQHVV
DQGSURIHVVLRQDOLQWHJULW\WRSOHDGZLWKGLJQLW\EHIRUHWKHMXGJHVDQGWKHSDUWLHVLQWKHODZVXLWWR
VXEPLWZULWWHQFRQFOXVLRQVRUQRWHVZKHQHYHUWKHQDWXUHRUGLIILFXOW\RIWKHFDXVHUHTXLUHVLWRUWKH
FRXUWRIODZVRRUGHUV7KHODZ\HU¶VIDLOXUHWRPHHWVXFKSURIHVVLRQDOGXWLHVWKDWPD\EHLPSXWDEOH
WRKLPKHUVKDOOFRQVWLWXWHDGLVFLSOLQHGHSDUWXUH´
$UWLFOH
$ODZ\HUVKDOOKDYHWKHREOLJDWLRQWRSURYLGHOHJDODVVLVWDQFHIRUZKLFKKHVKHKDVEHHQDVVLJQHG
H[RIILFLRRUIUHHRIFKDUJHE\WKHEDU
$UWLFOH
$ODZ\HUVKDOOKDYHWKHREOLJDWLRQWRPDNHDQLQVXUDQFHIRUSURIHVVLRQDOOLDELOLW\XQGHUWKHWHUPV
VWLSXODWHGE\WKHE\ODZRIWKHSURIHVVLRQ
$UWLFOH
$ODZ\HUVKDOOKDYHWKHREOLJDWLRQWRSDUWLFLSDWHLQDOOWKHPHHWLQJVVXPPRQHGE\WKH&RXQFLORIWKH
EDU LQ WKH SURIHVVLRQDO DFWLYLWLHV DQG PHHWLQJV RI WKH PDQDJLQJ ERGLHV KHVKH EHORQJV WR
5HSHDWHGDEVHQFHVDQGZLWKRXWJRRGJURXQGVVKDOOFRQVWLWXWHDGLVFLSOLQHGHSDUWXUH
$UWLFOH
$ ODZ\HU VKDOO KDYH WKH REOLJDWLRQ WR NHHS WKH UHFRUGV UHTXLUHG E\ WKH ODZ DQG WKH E\ODZ DV
UHJDUGVWKHFDXVHVKHVKHLVHQJDJHGLQDQGWRSD\RQDUHJXODUEDVLVDQGLQGXHWLPHWKHIHHV
DQG FRQWULEXWLRQV VHW IRU WKH HVWDEOLVKPHQW RI WKH EDU EXGJHW DQG WKH IXQGV RI WKH /DZ\HUV¶
,QVXUDQFH +RXVH RI 5RPDQLD DQG LWV EUDQFKHV 7KH 81%5 EXGJHW VKDOO EH FRPSULVHG RI WKH
FRQWULEXWLRQVE\WKHEDUVVHWRXWXQGHUWKHODZDQGWKHE\ODZRIWKHSURIHVVLRQ
$UWLFOH
$ ODZ\HU VKDOO EH ERXQG WR UHWXUQ WKH GRFXPHQWV HQWUXVWHG WR KLPKHU WR WKH SHUVRQ IURP ZKRP
KHVKHUHFHLYHGWKHP
$UWLFOH
$ODZ\HUPD\QRWDVVLVWRUUHSUHVHQWSDUWLHVZLWKFRQIOLFWLQJLQWHUHVWVLQWKHVDPHFDXVHRULQ
UHODWHGFDXVHVDQGPD\QRWSOHDGDJDLQVWDSDUW\KDYLQJSUHYLRXVO\FRQVXOWHGKLPKHUDERXWWKH
DFWXDOGLVSXWHGDVSHFWVRIWKHFDXVH
$ ODZ\HUPD\ QRW EH KHDUG DV D ZLWQHVV DQGPD\ QRW SURYLGH LQIRUPDWLRQWR DQ\ DXWKRULW\ RU
SHUVRQ UHJDUGLQJ D FDXVH HQWUXVWHG WR KLPKHU XQOHVV KHVKH KDV WKH SULRU H[SUHVV DQG ZULWWHQ
FRQVHQWRIDOOKLVKHUFOLHQWVLQWHUHVWHGLQWKHFDXVH
7KH ZLWQHVV¶ FDSDFLW\ VKDOO WDNH SUHFHGHQFH WR WKDW RI ODZ\HU DV UHJDUGV WKH DFWLRQV DQG
FLUFXPVWDQFHV KHVKH EHFDPH DFTXDLQWHG ZLWK EHIRUH KDYLQJ EHFRPH WKH GHIHQGHU RU
UHSUHVHQWDWLYHRIDQ\SDUW\LQYROYHGLQWKHFDXVH
,IKHDUGDVDZLWQHVVDODZ\HUPD\QRORQJHUFDUU\RXWDQ\SURIHVVLRQDODFWLYLW\LQWKDWFDXVH
$ ODZ\HU PD\ QRW DFW DV DQ H[SHUW RU WUDQVODWRU LQ D FDXVH LQ ZKLFK KHVKH LV KLUHG DV D
GHIHQGHU
$UWLFOH
$ODZ\HUVKDOOKDYHWKHREOLJDWLRQWRZHDUDUREHEHIRUHWKHFRXUWVRIODZ
7KHFKDUDFWHULVWLFVRIWKHUREHVKDOOEHWKRVHVHWRXWLQWKHE\ODZRIWKHSURIHVVLRQ
:HDULQJ WKH UREH RXWVLGH WKH SUHFLQFWV RIWKH FRXUWV RIODZ VKDOO EH SURKLELWHGH[FHSW ZKHQ D
ODZ\HU LV GHOHJDWHG E\ WKH ERGLHV RI WKH SURIHVVLRQ WR UHSUHVHQW WKH EDU RI WKH 81%5 RQ DQ
RFFDVLRQWKDWUHTXLUHVWKDWDWWLUH´
$UWLFOH
$ODZ\HUVKDOOEHSURKLELWHGIURPXVLQJHLWKHUGLUHFWO\RUE\PHDQVRILQWHUPHGLDULHVSURFHGXUHV
WKDWDUHLQFRPSDWLEOHZLWKSURIHVVLRQDOGLJQLW\IRUWKHSXUSRVHRIDWWUDFWLQJFOLHQWV
$ ODZ\HU VKDOO DOVR EH SURKLELWHG IURP XVLQJ DGYHUWLVLQJ RU SXEOLFLW\ PHDQV IRU WKH VDPH
SXUSRVH
7KHE\ODZVKDOOVHWRXWWKHLQVWDQFHVZKHQDQGWKHH[WHQWWRZKLFKDODZ\HUPD\LQIRUPWKHSXEOLF
LQFRQQHFWLRQZLWKWKHSUDFWLFHRIKLVKHUSURIHVVLRQ
&+$37(5,9
2UJDQLVDWLRQRIWKHODZ\HU¶VSURIHVVLRQ
6(&7,21
%DU
$UWLFOH
7KH ODZ\HU¶V SURIHVVLRQ VKDOO EH RUJDQLVHG DQG VKDOO RSHUDWH EDVHG RQ WKH SULQFLSOH RI
DXWRQRP\ZLWKLQWKHOLPLWVRIWKHFRPSHWHQFHVWLSXODWHGLQWKHSUHVHQWODZ
7KHPDQDJLQJERGLHVRIWKHODZ\HU¶VSURIHVVLRQVKDOORQO\EHHOHFWHGE\PHDQVRIVHFUHWEDOORW
&ROOHJLDWH PDQDJLQJ ERGLHV VKDOO RQO\ PDNH GHFLVLRQV E\ PHDQV RI D VKRZ RI KDQGV
'HOLEHUDWLRQVDQGYRWLQJVKDOOFRQVWLWXWHDSURIHVVLRQDOVHFUHW
$UWLFOH
$EDUVKDOOEHFRPSULVHGRIDOOWKHODZ\HUVLQDFRXQW\RULQ%XFKDUHVWPXQLFLSDOLW\7KHKHDG
RIILFHRIWKHEDUVKDOOEHORFDWHGLQWKHFRXQW\FDSLWDORU%XFKDUHVWPXQLFLSDOLW\UHVSHFWLYHO\
$EDUVKDOODFWDVDOHJDOHQWLW\KDYLQJLWVRZQDVVHWVDQGLWVRZQEXGJHW
7KHFRQWULEXWLRQE\WKHODZ\HUVLQPDNLQJXSWKHEXGJHWVKDOOEHVHWRXWE\WKH&RXQFLORIWKH
EDU
7KHEDUDVVHWVPD\EHXVHGLQDFWLYLWLHVWKDWJHQHUDWHUHYHQXHVXQGHUWKHWHUPVRIWKHODZ
$UWLFOH
7KHEDU¶VPDQDJLQJERGLHVVKDOOEHDVIROORZV
DJHQHUDOPHHWLQJ
EFRXQFLO
FSUHVLGHQW
$UWLFOH
7KHJHQHUDOPHHWLQJVKDOOEHFRPSULVHGRIDOOWKHODZ\HUVDSSHDULQJLQWKHEDU¶V7DEOHDVEHLQJ
HQWLWOHGWRSUDFWLVHWKHSURIHVVLRQ
7KHSRZHUVRIWKHJHQHUDOPHHWLQJVKDOOEHDVIROORZV
DWRVHWRXWVWHSVIRUSUDFWLVLQJWKHSURIHVVLRQLQWKDWEDUZLWKLQWKHOLPLWVRIWKHODZDQGWKHE\
ODZ
EWRHOHFWDQGGLVPLVVWKHSUHVLGHQWRIWKHEDUWKHFRXQFLOPHPEHUVWKHPHPEHUVRIWKHERDUGRI
DXGLWRUVDQGWKRVHRIWKH'LVFLSOLQDU\&RPPLWWHH
7KH SUHVLGHQW RI WKH EDU VKDOO EH HOHFWHG IRU D \HDU WHUP RI RIILFH DQG PD\ RQO\ EH UHHOHFWHG
RQFH
7KH SUHVLGHQW RI WKH EDU VKDOO EH HOHFWHG IURP DPRQJVW WKH ODZ\HUV ZLWK D PLQLPXP OHQJWK RI
VHUYLFHRI\HDUVLQWKHSURIHVVLRQ
FWRHOHFWWKHEDU¶VGHOHJDWHVWRWKH/DZ\HUV¶&RQJUHVV
G WR DSSURYH WKH EDU¶V GUDIW EXGJHW DQG GLVFKDUJH WKH FRXQFLO DV UHJDUGV LWV DFWLYLW\ DQG
DGPLQLVWUDWLRQ
$UWLFOH
$QRUGLQDU\JHQHUDOPHHWLQJVKDOOUHXQLWHRQDQDQQXDOEDVLVGXULQJWKHILUVWTXDUWHUIROORZLQJ
VXPPRQLQJE\WKH&RXQFLORIWKHEDU
³7KHVXPPRQLQJVKDOOEHSRVWHGDWWKHEDUKHDGRIILFHDWWKHKHDGRIILFHVRIDVVLVWDQFHRIILFHV
LQWKDWFRXQW\DQGSXEOLVKHGLQDORFDOQHZVSDSHUDWOHDVWGD\VEHIRUHWKHGDWHVHW´
$QH[WUDRUGLQDU\JHQHUDOPHHWLQJPD\EHVXPPRQHGE\WKH&RXQFLORIWKHEDURUWKHERDUGRI
DXGLWRUV
)ROORZLQJ WKH UHTXHVW E\ RYHU RQH WKLUG RI DOO WKH EDU PHPEHUV WKH FRXQFLO VKDOO KDYH WKH
REOLJDWLRQWRVXPPRQDQH[WUDRUGLQDU\JHQHUDOPHHWLQJQRODWHUWKDQGD\VIURPWKHUHFHLSWRIWKH
UHTXHVW,QWKLVLQVWDQFHWKHVXPPRQLQJSURFHGXUHVKDOODSSO\DWOHDVWGD\VEHIRUHWKHGDWHVHW
7KH JHQHUDO PHHWLQJ VHVVLRQ VKDOO EH FKDLUHG E\ WKH SUHVLGHQW RI WKH EDU WRJHWKHU ZLWK PHPEHUV HOHFWHG E\ PHDQV RI D VKRZ RI KDQGV E\ WKH SHRSOH SUHVHQW RQH RI ZKRP VKDOO EH
GHVLJQDWHG DV D VHFUHWDU\ ,Q WKH HYHQW WKH SUHVLGHQW RI WKH EDU RU FRXQFLO PHPEHUV DUH EHLQJ
HOHFWHG RU GLVPLVVHG QRQH RI WKHP VKDOO EH LQFOXGHG LQ WKH SUHVLGLXP DQG WKH VHVVLRQ VKDOO EH
FKDLUHGE\WKHROGHVWPHPEHUSUHVHQW
$UWLFOH
7KHJHQHUDOPHHWLQJVKDOOEHODZIXOO\FRQVWLWXWHGLQWKHSUHVHQFHRIWKHPDMRULW\RILWVPHPEHUV
,IWKHODZIXOQXPEHULVQRWPHWWKHJHQHUDOPHHWLQJSUHVLGLXPLQWKHSUHVHQFHRIWKHSHRSOH
WKHUHVKDOOVHWRXWDQHZJHQHUDOPHHWLQJQRODWHUWKDQGD\V
7KH&RXQFLORIWKHEDUVKDOOKDYHWKHREOLJDWLRQWRFRPSOHWHWKHVXPPRQLQJSURFHGXUHDWOHDVW
GD\VEHIRUHWKHGDWHVHW
7KH JHQHUDOPHHWLQJ VXPPRQHG XQGHU WKHVH FLUFXPVWDQFHV VKDOO EH ODZIXOO\ FRQVWLWXWHG ZLWK
WKHSDUWLFLSDWLRQRIDWOHDVWRQHWKLUGRIDOOLWVPHPEHUV
³ *HQHUDO PHHWLQJV IRU HOHFWLQJ WKH EDU PDQDJLQJ ERGLHV VKDOO EH ODZIXOO\ FRQVWLWXWHG LQ WKH
SUHVHQFHRIWKHPDMRULW\RIWKHEDUPHPEHUV$VIDUDV%XFKDUHVW%DULVFRQFHUQHGWKHHOHFWLRQRI
WKHEDUPDQDJLQJERGLHVVKDOOEHGRQHDIWHUWKHHOHFWLQJUHSUHVHQWDWLYHVDUHGHVLJQDWHGDFFRUGLQJ
WRWKHSURFHGXUHVHWRXWE\WKHE\ODZRIWKHSURIHVVLRQ
*HQHUDO PHHWLQJ GHFLVLRQV VKDOO EH PDGH EDVHG RQ WKH YRWH RI WKH PDMRULW\ RI WKH PHPEHUV
SUHVHQWH[FHSWZKHQWKHODZVWLSXODWHVDQRWKHUVHVVLRQDQGYRWLQJTXRUXP´
$UWLFOH
$&RXQFLORIWKHEDUVKDOOEHFRPSULVHGRIWRPHPEHUVHOHFWHGIRUD\HDUWHUPRIRIILFH
7KHSUHVLGHQWDQGWKHYLFHSUHVLGHQWRIWKHEDUVKDOOEHLQFOXGHGLQWKDWQXPEHU
7KHSRZHUVRIWKH&RXQFLORIWKHEDUVKDOOEHDVIROORZV
D WR DGRSW GHFLVLRQV IRU WKH LPSOHPHQWDWLRQ RI DQG WKH FRPSOLDQFH ZLWK WKH SURYLVLRQV RI WKH
SUHVHQWODZDQGWKHE\ODZRIWKHSURIHVVLRQ
EWRLPSOHPHQWWKHGHFLVLRQVPDGHE\WKH&RXQFLORI81%5DQGWKHJHQHUDOPHHWLQJRIWKDWEDU
FWRSUHSDUHDPHQGDQGSXEOLVKWKHDQQXDO7DEOHRI/DZ\HUVPHPEHUVRIWKHEDUDQGWRQRWLI\LW
WRWKHFRPSHWHQWDXWKRULWLHV
G WR WDNH VWHSV IRU WKH RUJDQLVDWLRQ RI SURIHVVLRQDO GLVFLSOLQH DQG GHRQWRORJLFDO FKHFNV IRU WKH
VROXWLRQRIZULWWHQQRWHVDQGFRPSODLQWVXQGHUWKHWHUPVVWLSXODWHGE\WKHODZDQGWKHE\ODZRIWKH
SURIHVVLRQ
H WR FKHFN DQG ILQG WKDW WKH ODZIXO FRQGLWLRQV KDYH EHHQ PHW DV UHJDUGV WKH DSSOLFDWLRQV IRU
DFFHSWDQFH WR WKH SURIHVVLRQ DQG WR DSSURYH RQH¶V DFFHSWDQFH WR WKH SURIHVVLRQ EDVHG RQ DQ
H[DPLQDWLRQRUZLWKH[HPSWLRQIURPH[DPLQDWLRQ
IWRPDNHDGHFLVLRQRQDQLQFRPSDWLELOLW\FRQGLWLRQDQGLWVWHUPLQDWLRQ
JWRVROYHWUDQVIHUDSSOLFDWLRQVLQFRPSOLDQFHZLWKWKHSURYLVLRQVRIWKHODZDQGWKHE\ODZRIWKH
SURIHVVLRQ
KWRFKHFNDQGILQGWKDWWKHSDSHUVIRUWKHFRQVWLWXWLRQRIDPHQGPHQWWRDQGFKDQJHLQWKHIRUPV
RISUDFWLVLQJWKHSURIHVVLRQDVZHOODVWKHJURXSLQJRUSURIHVVLRQDOFROODERUDWLRQFRQYHQWLRQVPHHW
WKH UHTXLUHPHQWV VWLSXODWHG E\ WKH ODZ DQG WKH E\ODZ RI WKH SURIHVVLRQ WR RUJDQLVH DQG NHHS
UHFRUGVRIVXFKGRFXPHQWV
LWRFRRUGLQDWHWKHDFWLYLW\RIWKHEUDQFKHVRUVXEVLGLDULHVRIWKH/DZ\HUV¶,QVXUDQFH+RXVHZLWKLQ
LWVMXULVGLFWLRQDOGLVWULFW
MWRRUJDQLVHWHUPOHFWXUHVDQGVWXG\FLUFOHVDQGWRKDYHWKHEDU¶VSXEOLFDWLRQVSULQWHG
NWRRUJDQLVHDQGJXLGHWKHDFWLYLW\RIOHJDODVVLVWDQFHVHUYLFHVLQWKDWFRXQW\DFFRUGLQJWRWKHODZ
DQGWKHE\ODZRIWKHSURIHVVLRQ
OWRQRWLI\WKH'LVFLSOLQDU\&RPPLWWHHIRUMXGJLQJGLVFLSOLQDU\GHSDUWXUHVE\ODZ\HUV
P WR VXVSHQG IURP WKH H[HUFLVH RI WKH SURIHVVLRQ IRU DV ORQJ DV WKH IDLOXUH WR SD\ WKH IHHV
VXEVLGHVDODZ\HUZKRIDLOVWRSD\WKHIHHVDQGFRQWULEXWLRQVVWLSXODWHGE\WKHODZDQGWKHE\ODZ
RIWKHSURIHVVLRQZLWKLQPRQWKVDIWHUWKH\EHFRPHRYHUGXHLIZDUQHGDERXWWKHQRQSD\PHQWDQG
VWLOOQRWPHHWLQJWKHREOLJDWLRQ
QWRVROYHOHJDOFRQWHVWVDJDLQVWWKHSUHVLGHQWRIWKHEDU¶VGHFLVLRQDVUHJDUGVODZ\HU¶VIHHV
RWRVHWDFRQWULEXWLRQVKDUHIRUWKHODZ\HUVWRZDUGVWKHEDUEXGJHW
SWRDFFHSWGRQDWLRQVDQGOHJDWHVPDGHWRWKHEDU
TWRDSSURYHWKHOLVWRISRVLWLRQVDQGWRKLUHEDUSHUVRQQHO
UWRGUDZXSWKHDQQXDOGUDIWEXGJHWWREHVXEPLWWHGWRWKHJHQHUDOPHHWLQJDQGWRPDQDJHWKH
EDUDVVHWV
VWRSUHVHQWWKHDQQXDOUHSRUWRIWKHFRXQFLO¶VDQGSUHVLGHQW¶VDFWLYLW\RIFXUUHQWDGPLQLVWUDWLRQDQG
RIEDUDVVHWVDGPLQLVWUDWLRQIRUDSSURYDO
WWRHOHFWWKHYLFHSUHVLGHQWRIWKHEDU
XWRVROYHFRPSODLQWVDQGOHJDOFRQWHVWVDJDLQVWGHFLVLRQVE\WKHSUHVLGHQWRIWKHEDU
YWRFDUU\RXWDQ\RWKHUSRZHUVVWLSXODWHGE\WKHODZRUGHFLGHGXSRQE\WKH&RXQFLORI81%5RU
WKH81%5H[HFXWLYHEXUHDX
$UWLFOH
$&RXQFLORIWKHEDUVKDOOZRUNODZIXOO\LQWKHSUHVHQFHRIWZRWKLUGVRIWKHQXPEHURILWVPHPEHUV
DQGPDNHYDOLGGHFLVLRQVEDVHGRQWKHYRWHE\WKHPDMRULW\RIWKHPHPEHUVSUHVHQW
$UWLFOH
7KHSUHVLGHQWRIWKHEDUVKDOOKDYHWKHIROORZLQJSRZHUV
DWRUHSUHVHQWWKHEDULQLWVUHODWLRQVKLSVZLWKQDWXUDODQGOHJDOHQWLWLHVHLWKHU5RPDQLDQRUIRUHLJQ
EWRVXPPRQDQGWRFKDLUWKHPHHWLQJVRIWKH&RXQFLORIWKHEDU
FWRDSSURYHDSSOLFDWLRQVIRUIUHHOHJDODVVLVWDQFH
GWRH[HUFLVHWKHZD\VRIDSSHDODJDLQVWGHFLVLRQVE\WKH'LVFLSOLQDU\&RPPLWWHHDQGGHFLVLRQVE\
WKH&RXQFLORIWKHEDUIRUZKLFKZD\VRIDSSHDODUHEHLQJVWLSXODWHG
HWRRUGHUEDUH[SHQGLWXUHV
I WR WDNH VWHSV UHJDUGLQJ EDU PDQDJHPHQW IRU ZKLFK WKH JHQHUDO PHHWLQJ RU WKH EDU KDYH QR
FRPSHWHQFH
³JWRFDUU\RXWDQ\RWKHUSRZHUVVWLSXODWHGE\WKHODZRUGHFLGHGXSRQE\WKH81%5PDQDJLQJ
ERGLHVDQGIRUZKLFKKHVKHKDVFRPSHWHQFH
7KH YLFHSUHVLGHQW RI WKH EDU VKDOO UHSODFH WKH SUHVLGHQW RQ WKH ODWWHU¶V UHTXHVW RU LQ KLVKHU
DEVHQFH
,IWKHSUHVLGHQWDQGWKHYLFHSUHVLGHQWRIWKHEDUVKRXOGEHWHPSRUDULO\XQDEOHWRFDUU\RXWWKHLU
SRVLWLRQVWKH&RXQFLORIWKHEDUPD\GHOHJDWHDQDGYLVRUWRFDUU\RXWSDUWRIRUDOOWKHSUHVLGHQW¶V
SRZHUV
$W%XFKDUHVW%DUWKH&RXQFLORIWKHEDUVKDOOHOHFWWZRYLFHSUHVLGHQWV7KHSUHVLGHQWRIWKHEDU
VKDOO EH UHSODFHG RQ UHTXHVW RU LQ KLVKHU DEVHQFH E\ WKH YLFHSUHVLGHQW KHVKH GHVLJQDWHV LQ
ZULWLQJ
$UWLFOH
$ODZ\HUZKRLVGLVVDWLVILHGZLWKWKHSUHVLGHQWRIWKHEDU¶VGHFLVLRQPD\DSSHDOLWEHIRUHWKH&RXQFLO
RIWKHEDU
6(&7,21
1DWLRQDO$VVRFLDWLRQRIWKH5RPDQLDQ%DUV81%5
$UWLFOH
7KH1DWLRQDO$VVRFLDWLRQRIWKH5RPDQLDQ%DUV81%5VKDOOEHFRPSULVHGRIDOOWKHEDUVLQ
5RPDQLDDQGLWVKHDGRIILFHVKDOOEHLQWKHFRXQWU\¶VFDSLWDO%XFKDUHVW0XQLFLSDOLW\
7KH81%5VKDOOEHDSXEOLFLQWHUHVWOHJDOHQWLW\KDYLQJLWVRZQDVVHWVDQGLWVRZQEXGJHW
7KH81%5EXGJHWVKDOOEHPDGHXSRIWKHFRQWULEXWLRQVE\EDUVLQWKHVKDUHVVHWRXWE\WKH
/DZ\HUV¶&RQJUHVV
7KH81%5DVVHWVPD\DOVREHXVHGLQDFWLYLWLHVWKDWJHQHUDWHUHYHQXHVXQGHUWKHWHUPVRIWKH
ODZ
$EDURIODZ\HUVVKDOORQO\EHFRQVWLWXWHGDQGIXQFWLRQZLWKLQWKH81%5XQGHUWKHSUHVHQW
ODZDQGWKHE\ODZRIWKHSURIHVVLRQ
7KH81%5VKDOOEHWKHULJKWIXOVXFFHVVRUWRWKH5RPDQLDQ%DU$VVRFLDWLRQ
$UWLFOH
7KH81%5PDQDJLQJERGLHVVKDOOEHDVIROORZV
DWKH/DZ\HUV¶&RQJUHVV
EWKH&RXQFLORI81%5
FWKH81%56WDQGLQJ&RPPLWWHH
GWKH3UHVLGHQWRI81%5
7KHIROORZLQJERGLHVVKDOOEHVHWXSDQGVKDOOIXQFWLRQZLWKLQWKH81%5
DWKH&HQWUDOERDUGRIDXGLWRUV
EWKH&HQWUDO'LVFLSOLQDU\&RPPLWWHH
FWKHWHFKQLFDODGPLQLVWUDWLYHSHUVRQQHO
$UWLFOH
7KH /DZ\HUV¶ &RQJUHVV VKDOO EH FRQVWLWXWHG IURP GHOHJDWHV RI HDFK EDU DFFRUGLQJ WR WKH
UHSUHVHQWDWLRQVWDQGDUGHVWDEOLVKHGE\WKHE\ODZRIWKHSURIHVVLRQDQGIURPWKHPHPEHUVRIWKH
&RXQFLORI81%5
7KH/DZ\HUV¶&RQJUHVVVKDOOUHXQLWHRQDQDQQXDOEDVLVLQDQRUGLQDU\VHVVLRQIROORZLQJWKH
VXPPRQLQJE\WKH&RXQFLORI81%5
$WWKHUHTXHVWE\DWOHDVWRQHWKLUGRIWKHQXPEHURIEDUVWKH&RXQFLORI81%5VKDOOKDYHWKH
REOLJDWLRQWRVXPPRQWKH/DZ\HUV¶&RQJUHVVLQDQH[WUDRUGLQDU\VHVVLRQ´
$UWLFOH
7KHFRQJUHVVVKDOOEHVXPPRQHGDWOHDVWRQHPRQWKEHIRUHWKHGDWHVHWE\ZULWWHQQRWLILFDWLRQ
VHQWWRWKHEDUVDQGSXEOLVKHGLQDFHQWUDOQHZVSDSHU
7KH&RXQFLOVRIWKHEDUVVKDOOKDYHWKHREOLJDWLRQWRSRVWWKHGDWHRIVXPPRQLQJDQGWKHDJHQGDDW
WKHEDU¶VKHDGRIILFHDQGDWWKHFRXUWVRIODZZLWKLQWKHLUMXULVGLFWLRQDOGLVWULFW
%DUVVKDOOEHERXQGWRHOHFWWKHLUGHOHJDWHVDWOHDVWGD\VEHIRUHWKHFRQJUHVV
7KH &RQJUHVV VKDOO EH ODZIXOO\ FRQVWLWXWHG LQ WKH SUHVHQFH RI WZR WKLUGV RI WKH QXPEHU RI LWV
PHPEHUVDQGVKDOODGRSWGHFLVLRQVEDVHGRQWKHYRWHVRIWKHPDMRULW\RIWKHPHPEHUVSUHVHQW
$UWLFOH
7KH/DZ\HUV¶&RQJUHVVVKDOOKDYHWKHIROORZLQJSRZHUV
DWRUHYLHZDQGWRDSSURYHWKHDQQXDOUHSRUWE\WKH&RXQFLORI81%5
EWRHOHFWWKH&HQWUDO%RDUGRI$XGLWRUVDQGWKH0DQDJLQJ%RDUGRIWKH/DZ\HUV¶,QVXUDQFH+RXVH
FWRIRUZDUGSURSRVDOVRQWKHODZ\HU¶VSURIHVVLRQWRWKHDXWKRULWLHVHQWLWOHGWRDOHJLVODWLYHLQLWLDWLYH
GWR DGRSWDQGWR DPHQG WKH E\ODZ RI WKH SURIHVVLRQ DQGWKH E\ODZ RIWKH /DZ\HUV¶ ,QVXUDQFH
+RXVHLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKHSUHVHQWODZDQGEDVHGRQGUDIWVSUHSDUHGE\WKH
&RXQFLORI81%5
H WR DGRSW GHFLVLRQV UHJDUGLQJ WKH UHODWLRQVKLSV EHWZHHQ EDUV WKH LPSURYHPHQW RI SURIHVVLRQDO
WUDLQLQJDQGWKHFRPSOLDQFHZLWKWKHSURIHVVLRQ¶VUXOHVRIFRQGXFW
I WR HOHFW DQG GLVPLVV WKH PHPEHUV RI WKH &HQWUDO 'LVFLSOLQDU\ &RPPLWWHH (DFK EDU VKDOO EH
HQWLWOHG WR SURSRVH RQH FDQGLGDWH IRU WKH &HQWUDO 'LVFLSOLQDU\ &RPPLWWHH 7KH FRPSHWHQFH DQG
MXGJLQJSURFHHGLQJVRIWKH&HQWUDO'LVFLSOLQDU\&RPPLWWHHVKDOOEHVHWRXWLQWKHE\ODZ
JWRDSSURYHWKHDQQXDOEXGJHWRIWKH/DZ\HUV¶,QVXUDQFH+RXVHDQGWKHDQQXDOEXGJHWH[HFXWLRQ
KWRDSSURYHWKHDQQXDOEXGJHWRIWKH81%5DQGLWVDQQXDOEXGJHWH[HFXWLRQDQGWRVHWRXWWKH
FRQWULEXWLRQVKDUHRIEDUVWRWKHHVWDEOLVKPHQWRIWKH81%5EXGJHW7KHQHFHVVDU\H[SHQGLWXUHV
IRUWKHRUJDQLVDWLRQRIFRQJUHVVHVVKDOOEHFRYHUHGE\ HDFKEDUGHSHQGLQJRQWKHQXPEHURILWV
UHSUHVHQWDWLYHV´
&RQJUHVVGHFLVLRQVVKDOOEHILQDODQGPDQGDWRU\WRDOOWKHERGLHVRIWKHSURIHVVLRQ
$UWLFOH
7KH &RXQFLO RI 81%5 VKDOO EH FRPSULVHG RI WKH SUHVLGHQWV RI WKH EDUV DQG WKH EDUV¶
UHSUHVHQWDWLYHV HOHFWHG DFFRUGLQJ WR WKH UHSUHVHQWDWLRQ VWDQGDUG VHW RXW LQ WKH E\ODZ RI WKH
SURIHVVLRQ
7KH &RXQFLO RI 81%5PHPEHUV¶ WHUP RI RIILFH VKDOOEH \HDUV ,I WKH RIILFH RI DQ\ RQH RI
WKHP VKRXOG FHDVH KLVKHU VXEVWLWXWH VKDOO WDNH RYHU WKH RIILFH IRU WKH UHPDLQLQJ WHUP 7KH
VXEVWLWXWHVKDOOEHGHVLJQDWHGXQGHUWKHWHUPVVWLSXODWHGXQGHUSDUDJUDSK
,IWKHSUHVLGHQWRIDEDUVKRXOGEHUHSODFHGWKHQHZSUHVLGHQWVKDOOULJKWIXOO\UHSODFHKLVKHU
SUHGHFHVVRU7KHRWKHUYDFDQFLHVVKDOOEHILOOHGLQDWWKHQH[W/DZ\HUV¶&RQJUHVV
³ 7KH &RXQFLO RI 81%5 VKDOO UHXQLWH RQ D TXDUWHUO\ EDVLV IROORZLQJ WKH VXPPRQLQJ E\ WKH
3UHVLGHQWRI81%57KHVXPPRQLQJVKDOOEHVHQWDWOHDVWGD\VEHIRUHWKHPHHWLQJGDWH
$W WKH UHTXHVW RI DW OHDVW RQH WKLUG RI WKH QXPEHU RI PHPEHUV RI WKH &RXQFLO RI 81%5 RU
XQGHUH[FHSWLRQDOFLUFXPVWDQFHVWKH3UHVLGHQWRI81%5VKDOOVXPPRQWKH&RXQFLORI81%5
LQDQH[WUDRUGLQDU\PHHWLQJQRODWHUWKDQGD\VIURPWKHGDWHRIUHTXHVWRURIWKHHYHQWFDOOLQJIRU
LW
7KH&RXQFLORI81%5VKDOOZRUNYDOLGO\LQWKHSUHVHQFHRIDWOHDVWWZRWKLUGVRIWKHQXPEHURI
LWV PHPEHUV DQG VKDOO DGRSW YDOLG GHFLVLRQV EDVHG RQ WKH YRWHV RI WKH PDMRULW\ RI PHPEHUV
SUHVHQW
$UWLFOH
7KH&RXQFLORI81%5VKDOOKDYHWKHIROORZLQJSRZHUV
DLWVKDOOEHWKHUHSUHVHQWDWLYHDQGGHOLEHUDWLYHERG\RIWKHEDUVLQ5RPDQLDDQGVKDOOHQVXUHWKH
81%5SHUPDQHQWDFWLYLW\
ELWVKDOOSXWLQWRHIIHFWWKHGHFLVLRQVE\WKH/DZ\HUV¶&RQJUHVV
FLWVKDOOVROYHDQ\LVVXHVUHJDUGLQJWKHODZ\HU¶VSURIHVVLRQEHWZHHQWKHVHVVLRQVRIWKH/DZ\HUV¶
&RQJUHVVH[FHSWIRUWKRVHZKLFKEHORQJWRWKHVROHFRPSHWHQFHRIWKH/DZ\HUV¶&RQJUHVV
GLWVKDOOH[HUFLVHFRQWURORYHUWKHDFWLYLW\DQGGHFLVLRQVE\WKH81%56WDQGLQJ&RPPLWWHH
HLWVKDOORUJDQLVHWKHH[DPLQDWLRQWKDWWHVWVWKHIRUHLJQODZ\HUV¶NQRZOHGJHRI5RPDQLDQODZDQG
5RPDQLDQODQJXDJH
ILWVKDOORUJDQLVHDQGUXQWKHDFWLYLW\RIWKH1DWLRQDO,QVWLWXWHIRUWKH7UDLQLQJDQGWKH,PSURYHPHQW
RI /DZ\HUVHVWDEOLVKHG DV D QRQSURILW SULYDWHODZ OHJDO HQWLW\ DQG ZKLFK GRHV QRW EHORQJ WR WKH
QDWLRQDOHGXFDWLRQDOV\VWHPDQGLVQRWVXEMHFWWRDXWKRULVDWLRQDQGDFFUHGLWDWLRQSURFHGXUHV
J LW VKDOO DGRSW GHFLVLRQV LQ DOO LVVXHV UHJDUGLQJ WKH SURIHVVLRQDO WUDLQLQJ DQG LPSURYHPHQW RI
ODZ\HUVDVZHOODVUHFRPPHQGDWLRQVRQWKHUHODWLRQVKLSVEHWZHHQEDUV
K LW VKDOO HQVXUH WKH HTXDO FKDUDFWHU RI WKH H[DPLQDWLRQ IRU DFFHSWDQFH WR DQG EHFRPLQJ D
SHUPDQHQWODZ\HULQWKHSURIHVVLRQ
LLWVKDOORUJDQLVHDQGPRQLWRUWKH81%5JHQHUDOVWDWLVWLFVVHUYLFH
MLWVKDOORUJDQLVHDQGKDYHWKH81%5SXEOLFDWLRQVSXEOLVKHGDQGVXSSRUWEDUV¶SXEOLFDWLRQV
NLWVKDOOGUDZXSWKH81%5GUDIWEXGJHWDQGVXEPLWLWWRWKH/DZ\HUV¶&RQJUHVVIRUDSSURYDODV
ZHOODVWKHDQQXDOEXGJHWH[HFXWLRQRIWKH81%5EXGJHW
OLWVKDOOSUHSDUHWKHDQQXDOUHSRUWRQWKH81%5DFWLYLW\DQGDVVHWVDGPLQLVWUDWLRQDQGVXEPLWLW
WRWKH/DZ\HUV¶&RQJUHVVIRUDSSURYDO
PLW VKDOOLQVLVW WRZDUGV WKH DFFRPSOLVKPHQW RIWKH 81%5 EXGJHW DQG WKH EDUVLPSOHPHQWLQJ
WKHGHFLVLRQVDGRSWHGE\WKH/DZ\HUV¶&RQJUHVVDQGWKH&RXQFLORI81%5
Q LW VKDOO HOHFW IRU D \HDU WHUP RI RIILFH DQG GLVPLVV WKH SUHVLGHQW DQG YLFHSUHVLGHQWV RI
81%5DQGWKHPHPEHUVRIWKH81%56WDQGLQJ&RPPLWWHHIURPDPRQJVWLWVPHPEHUVZKR
DUHODZ\HUVZLWKDOHQJWKRIVHUYLFHRI\HDUVLQWKHSURIHVVLRQ
R LW VKDOO FKHFN WKDWWKH GHFLVLRQV RI DFFHSWDQFH WRWKH SURIHVVLRQPDGH E\ WKH &RXQFLOV RIWKH
EDUVDUHODZIXODQGKDYHJRRGJURXQGVDWWKHUHTXHVWRIWKHSHUVRQVFRQFHUQHG
SLW VKDOO FDQFHO EDU¶V GHFLVLRQV RQ JURXQGV RI XQODZIXOQHVV DQG VROYH WKH FRPSODLQWV DQGOHJDO
FRQWHVWVILOHGDJDLQVWGHFLVLRQVDGRSWHGE\WKH&RXQFLOVRIWKHEDUVLQWKHLQVWDQFHVVWLSXODWHGE\
WKHODZDQGWKHE\ODZRIWKHSURIHVVLRQ
TLWVKDOOHVWDEOLVKWKH/DZ\HUV¶&HQWUDO+RXVHRI&UHGLWDQG6XSSRUWDQGFRQWUROLWVDFWLYLW\
ULWVKDOOFRRUGLQDWHWKHDFWLYLW\RIWKH/DZ\HUV¶,QVXUDQFH+RXVHDQGDGRSWLWVUHJXODWLRQV
VLWVKDOODOVRFDUU\RXWRWKHUSRZHUVVWLSXODWHGE\WKHODZDQGDGRSWGHFLVLRQVLQWKHLQWHUHVWRI
WKHSURIHVVLRQLQFRPSOLDQFHZLWKWKHODZ
WIROORZLQJWKH SURSRVDO E\WKH 81%5 6WDQGLQJ &RPPLWWHH LW VKDOO FRQIHUWKH WLWOH RI 81%5
KRQRUDU\PHPEHURU81%5KRQRUDU\SUHVLGHQWUHVSHFWLYHO\
$UWLFOH
7KH 81%5 6WDQGLQJ &RPPLWWHH VKDOO EH FRPSULVHG RI PHPEHUV RI ZKRP DUH
UHSUHVHQWDWLYHVRI%XFKDUHVW%DUDQGRIZKRPDUHUHSUHVHQWDWLYHVRIWKHRWKHU5RPDQLDQEDUV
7KHSUHVLGHQWDQGYLFHSUHVLGHQWVRI81%5VKDOOEHULJKWIXOPHPEHUVRIWKH81%56WDQGLQJ
&RPPLWWHHDQGVKDOOEHLQFOXGHGLQWKHPHPEHUV
7KHWHUPRIRIILFHRIWKH81%56WDQGLQJ&RPPLWWHHPHPEHUVVKDOOEHRI\HDUV,IWKHRIILFHRI
D81%56WDQGLQJ&RPPLWWHHPHPEHUVKRXOGFHDVHKLVKHUVXEVWLWXWHVKDOOEHGHVLJQDWHGXVLQJ
WKH VDPH FULWHULD DQG VXFK VXEVWLWXWH VKDOO VHUYH IRU WKH UHPDLQLQJ WHUP RI RIILFH 2QH RI WKH
PHPEHUV RI WKH 81%5 6WDQGLQJ &RPPLWWHH VKDOO DFW DV LWV VHFUHWDU\ DQG KHVKH VKDOO EH
GHVLJQDWHGE\YRWHRIWKH81%56WDQGLQJ&RPPLWWHH
7KH3UHVLGHQWRI81%5VKDOODOVREHWKHSUHVLGHQWRIWKH81%56WDQGLQJ&RPPLWWHH
$UWLFOH
7KHSRZHUVRIWKH81%56WDQGLQJ&RPPLWWHHVKDOOEHDVIROORZV
DLWVKDOOEHWKHH[HFXWLYHERG\RIWKH&RXQFLORI81%5ZLWKDSHUPDQHQWDFWLYLW\DQGDFWLQJDV
DOLDLVRQZLWKWKH81%5EDUV
ELWVKDOOSXWLQWRHIIHFWWKHGHFLVLRQVE\WKH/DZ\HUV¶&RQJUHVVDQGWKH&RXQFLORI81%5DQG
PRQLWRUWKHH[HFXWLRQRIVXFKGHFLVLRQVE\EDUVDGRSWLQJDGHTXDWHGHFLVLRQV
F LW VKDOO RUJDQLVH WKH VHUYLFHV RI WKH &RXQFLO RI 81%5 DQG LWV RZQ VHUYLFHV DQG KLUH WKHLU
SHUVRQQHO
GLWVKDOOHQVXUHWKHEXGJHWH[HFXWLRQDQGPRQLWRUKRZWKHUHVRXUFHVRIWKH81%5EXGJHWDUH
DWWDLQHG
HLWVKDOODFFHSWGRQDWLRQVDQGOHJDWHVPDGHWRWKH81%5
ILWVKDOOLVVXHH[HFXWRU\GHFLVLRQVLQPHHWLQJLWVSRZHUV
7KH81%56WDQGLQJ&RPPLWWHHVKDOOEHFKDLUHGE\WKH3UHVLGHQWRI81%5DQGVKDOOZRUN
DQGPDNHGHFLVLRQVYDOLGO\LQWKHSUHVHQFHRIWKHPDMRULW\RILWVPHPEHUV
7KH81%56WDQGLQJ&RPPLWWHHVKDOODOVRFDUU\RXWRWKHU SRZHUVVHWRXWE\WKHODZRUWKH
KLJKHUERGLHVRIWKHSURIHVVLRQ
$UWLFOH
7KHSRZHUVRIWKH3UHVLGHQWRI81%5VKDOOEHDVIROORZV
DWRUHSUHVHQWWKH81%5LQLWVUHODWLRQVKLSVZLWKQDWXUDODQGOHJDOHQWLWLHVERWKLQ5RPDQLDDQG
DEURDG
EWRFRQFOXGHFRQYHQWLRQVDJUHHPHQWVDQGFRQWUDFWVRQEHKDOIRIWKH81%5ZLWKWKH&RXQFLO
RI81%5¶VDXWKRULVDWLRQ
FWRVXPPRQDQGFKDLUWKHPHHWLQJVRIWKH&RXQFLORI81%5DQGWKRVHRIWKH81%56WDQGLQJ
&RPPLWWHH
GWRRUGHUWKH81%5EXGJHWDQGH[WUDEXGJHWH[SHQGLWXUHV
HWRVLJQWKHGRFXPHQWVRIWKH&RXQFLORI81%5DQG6WDQGLQJ&RPPLWWHH
IWRPRQLWRUWKHUHODWLRQVKLSVEHWZHHQWKHSURIHVVLRQ¶VFHQWUDOVWUXFWXUHVDQGEDUVDVZHOODVWKH
UHODWLRQVKLSVEHWZHHQEDUV
JWRSURYLGHVXSSRUWDQGKHOSWREDUVLQWKHLUUHODWLRQVKLSVZLWKWKHFHQWUDODQGORFDODXWKRULWLHV
KWRVHHWKDWWKHDGHTXDWHFRQGLWLRQVDUHEHLQJHQVXUHGIRUWKHDFWLYLWLHVRIWKHODZ\HUVZLWKWKH
FRXUWVRIODZDQGFULPLQDOLQTXLU\ERGLHV
7KHSUHVLGHQWVKDOOEHVXEVWLWXWHGDWKLVKHUUHTXHVWRULQKLVKHUDEVHQFHE\WKHYLFHSUHVLGHQW
GHVLJQDWHGE\KLPKHUIRUWKLVSXUSRVH
$UWLFOH
7KH &RXQFLO RI 81%5 VKDOO HVWDEOLVKWKH QHFHVVDU\ SHUVRQQHO IRUWKH 3UHVLGHQW RI 81%5WR
FDUU\RXWKLVKHUSRZHUV
&+$37(59
-XGLFLDODVVLVWDQFH
$UWLFOH
7KHEDUVKDOOSURYLGHMXGLFLDODVVLVWDQFHLQDOOFDVHVZKHUHGHIHQFHLVPDQGDWRU\XQGHUWKHODZ
DVZHOODVDWWKHUHTXHVWRIWKHFRXUWVRIODZFULPLQDOLQTXLU\ERGLHVRUORFDOSXEOLFDGPLQLVWUDWLRQ
ERGLHV ZKHQLWLV EHOLHYHG WKDWWKH SHUVRQVLQ TXHVWLRQ DUH REYLRXVO\ XQDEOH WR SD\ WKH ODZ\HU¶V
IHH
,QH[FHSWLRQDOFDVHVLIWKHULJKWVRIWKHSHUVRQODFNLQJPDWHULDOPHDQVZHUHWREHSUHMXGLFHG
EHFDXVHRIWKHGHOD\WKHSUHVLGHQWRIWKHEDUPD\DSSURYHWKHSURYLVLRQRIIUHHDVVLVWDQFH
7KHEDUVKDOORUJDQLVHMXGLFLDODVVLVWDQFHVHUYLFHVDWWKHKHDGRIILFHVRIDOOFRXUWVRIODZLQWKDW
FRXQW\SURYLGLQJMXGLFLDODVVLVWDQFHDQGZLWKWKHORFDOFULPLQDOLQTXLU\ERGLHVHDFKRIWKHPEHLQJ
UXQ E\ D SHUPDQHQW ODZ\HU DSSRLQWHG E\ WKH &RXQFLO RI WKH EDU DOO VXFK VHUYLFHV VKDOO EH FR
RUGLQDWHGE\DFRXQFLOPHPEHU
$UWLFOH
,QFDXVHVZKHUHMXGLFLDODVVLVWDQFHLVSURYLGHGH[RIILFLRDWWKHUHTXHVWRIWKHFRXUWVRIODZRU
FULPLQDOLQTXLU\ERGLHVWKHODZ\HU¶VIHHVVKDOOEHSDLGIURPWKHIXQGVRIWKH0LQLVWU\RI-XVWLFH
,Q FDXVHV ZKHUH MXGLFLDO DVVLVWDQFH LV SURYLGHG H[RIILFLR DW WKH UHTXHVW RI ORFDO SXEOLF
DGPLQLVWUDWLRQERGLHVWKHODZ\HU¶VIHHVVKDOOEHSDLGIURPWKHIXQGVRIVXFKERGLHV
&+$37(59,
'LVFLSOLQDU\OLDELOLW\
$UWLFOH
$ ODZ\HU VKDOO EH OLDEOH DV UHJDUGV GLVFLSOLQH IRU IDLOXUH WR FRPSO\ ZLWK WKH SURYLVLRQV RI WKH
SUHVHQWODZRUWKHE\ODZIRUIDLOXUHWRFRPSO\ZLWKWKHPDQGDWRU\GHFLVLRQVDGRSWHGE\DEDURU
WKH $VVRFLDWLRQ¶VPDQDJLQJ ERGLHV DV ZHOO DVIRU DQ\ DFWLRQV SHUSHWUDWHG LQ FRQQHFWLRQ ZLWK WKH
SURIHVVLRQ RU RXWVLGH LW ZKLFK DUH OLDEOH WR FDXVH SUHMXGLFH WR WKH KRQRXU DQG SUHVWLJH RI WKH
SURIHVVLRQRUWKHLQVWLWXWLRQ
7KHODZ\HUZKRUXQVWKHMXGLFLDODVVLVWDQFHVHUYLFHDWWDFKHGWRHDFKFRXUWRIODZVKDOOKDYHWKH
REOLJDWLRQRIQRWLI\LQJWKH&RXQFLORIWKHEDULQZULWLQJDERXWWKHDFWLRQVSHUSHWUDWHGE\DQ\ODZ\HU
XQGHUWKHWHUPVRIWKHSURYLVLRQVRISDUDJUDSK
7KHFRXUWVRIODZDQGWKHSXEOLFSURVHFXWRU¶VRIILFHVRIWKH'HSDUWPHQWRIWKH3XEOLF3URVHFXWRU
VKDOOKDYHWKHREOLJDWLRQWRIRUZDUGDQ\FRPSODLQWILOHGDJDLQVWDODZ\HUWRKLVKHUEDUDQGQRWLI\LW
DERXWDQ\FULPLQDOLQTXLU\RUSURVHFXWLRQDFWLRQVWDUWHGDJDLQVWDODZ\HU
$UWLFOH
7KH FRPSHWHQFH IRU WKH LQYHVWLJDWLRQ RI WKH GLVFLSOLQH GHSDUWXUH DQG WKH XQGHUWDNLQJ RI D
GLVFLSOLQDU\DFWLRQVKDOOEHORQJWRWKH&RXQFLORIWKHEDU
³ 7KH FRPSHWHQFH IRU WKH LQYHVWLJDWLRQ RI WKH GLVFLSOLQH GHSDUWXUH DQG WKH XQGHUWDNLQJ RI D
GLVFLSOLQDU\DFWLRQFRQFHUQLQJSUHVLGHQWVRIWKHEDUVDQGPHPEHUVLQWKH&RXQFLORI81%5VKDOO
EHORQJ WR WKH &RXQFLO RI 81%5 7KH SHUVRQ XQGHU LQYHVWLJDWLRQ RU EHLQJ SURVHFXWHG VKDOO QRW
SDUWLFLSDWHLQWKHGHFLVLRQPDNLQJ
7KHPHPEHUVRIWKH6WDQGLQJ&RPPLWWHHZKRDUHXQGHULQYHVWLJDWLRQPD\QRWSDUWLFLSDWHLQWKH
GHEDWHVDLPHGDWPDNLQJWKHGHFLVLRQIRUWKHLPSOHPHQWDWLRQRIDGLVFLSOLQDU\DFWLRQ
,QDOOFDVHVDGLVFLSOLQDU\DFWLRQPD\EHWDNHQQRODWHUWKDQRQH\HDUIURPWKHGDWHRQZKLFK
WKHGLVFLSOLQHGHSDUWXUHZDVFRPPLWWHG
$UWLFOH
:LWKLQHDFKEDUD'LVFLSOLQDU\&RPPLWWHHVKDOOEHRUJDQLVHGDQGVKDOOIXQFWLRQWKDWZLOOMXGJH
DVDILUVWFRXUWFRPSULVHGRIPHPEHUVWKHGLVFLSOLQHGHSDUWXUHVFRPPLWWHGE\ODZ\HUVEHORQJLQJ
WRWKDWEDU
³:LWKLQWKH81%5WKH&HQWUDO'LVFLSOLQDU\&RPPLWWHHVKDOOEHRUJDQLVHGDQGVKDOOIXQFWLRQ
MXGJLQJ
DDVDILUVWFRXUWFRPSULVHGRIPHPEHUVWKHGLVFLSOLQHGHSDUWXUHVFRPPLWWHGE\WKH&RXQFLORI
81%5PHPEHUVDQGSUHVLGHQWVRIWKHEDUV
EOHJDOFRQWHVWVLQDFRXUWFRPSULVHGRIPHPEHUVDFFRUGLQJWRWKHSURYLVLRQVRIWKHE\ODZRI
WKHSURIHVVLRQ
7KHDSSHDOILOHGDJDLQVWDGLVFLSOLQDU\GHFLVLRQE\WKH&HQWUDO'LVFLSOLQDU\&RPPLWWHHDVDILUVW
FRXUW VKDOO EH MXGJHG E\ WKH &RXQFLO RI 81%5 FRQVWLWXWHG DV D GLVFLSOLQDU\ FRXUW LQ LWV
SOHQXPH[FHSWIRUWKHSHUVRQLQYROYHGLQWKHFDXVH
7KHLQWHUHVWHGSDUW\PD\ILOHDQDSSHDODJDLQVWWKHGHFLVLRQVPDGHDFFRUGLQJWRSDUDJUDSKV
DQGZLWKWKH'LYLVLRQRI&RQWHQWLRXV&LYLO'LVSXWHVRI%XFKDUHVW$SSHDO&RXUWWKHGHFLVLRQRI
ZKLFKVKDOOEHILQDODQGLUUHYRFDEOH
7KHSURFHGXUHRIMXGJLQJGLVFLSOLQHGHSDUWXUHVVKDOOEHVHWRXWLQWKHE\ODZRIWKHSURIHVVLRQ
DQGFRPSOHWHGE\WKHSURYLVLRQVRIWKH&LYLOSURFHGXUHFRGH
$UWLFOH
'LVFLSOLQDU\VDQFWLRQVVKDOOFRQVLVWRI
DDUHSULPDQG
EDZDUQLQJ
³FDILQHRI52/WRZKLFKZLOOEHFRPHSDUWRIWKHEDUEXGJHW7KHILQHVKDOOEH
SDLGZLWKLQGD\VIURPWKHGDWHRIWKHGLVFLSOLQDU\GHFLVLRQEHFRPLQJILQDO7KHIDLOXUHWRSD\WKH
ILQH ZLWKLQ WKH VHW GHOD\ VKDOO HQWDLO RQH¶V ULJKWIXO VXVSHQVLRQ IURPWKH H[HUFLVH RI WKH SURIHVVLRQ
XQWLOWKHDPRXQWLVSDLG7KHOLPLWVRIGLVFLSOLQDU\ILQHVVKDOOEHXSGDWHGRQDUHJXODUEDVLVE\WKH
&RXQFLORI81%5DFFRUGLQJWRLQIODWLRQUDWH
GDQLQWHUGLFWLRQWRSUDFWLVHWKHSURIHVVLRQIRUDWLPHSHULRGRIRQHPRQWKWRRQH\HDU
HRQH¶VH[SXOVLRQIURPWKHSURIHVVLRQ
'XULQJWKHLQWHUGLFWLRQSHULRGDODZ\HUPD\QRWSURYLGHDQ\OHJDODVVLVWDQFHZKDWVRHYHUPD\
QRWXVHKLVKHUODZ\HU¶VFDSDFLW\DQGPD\QRWSDUWLFLSDWHLQWKHDFWLYLW\RISURIHVVLRQDOERGLHV
$GLVFLSOLQDU\GHFLVLRQPD\EHDSSHDOHGE\WKHLQWHUHVWHGSHUVRQWKHSUHVLGHQWRIWKHEDURU
WKH$VVRFLDWLRQ¶VSUHVLGHQWZLWKLQGD\VIURPQRWLILFDWLRQ
$UWLFOH
,IDQREYLRXVDQGVHULRXVGLVFLSOLQHGHSDUWXUHKDVEHHQIRXQGWKHGLVFLSOLQDU\FRXUWPD\WDNH
WKH VWHS RI VXVSHQGLQJ WKH ODZ\HU LQ TXHVWLRQ IURP WKH SUDFWLFH RI WKH SURIHVVLRQ XQWLO WKH ILQDO
MXGJHPHQWRIWKHFDXVH
$Q DSSHDO PD\ EH ILOHG DJDLQVW WKH PHDVXUH WDNHQ LQ WKDW GHFLVLRQ ZLWKLQ GD\V IURP
QRWLILFDWLRQ
7KHDSSHDOVKDOOVXVSHQGWKHH[HFXWLRQDQGVKDOOEHVROYHGRQDQXUJHQWEDVLV
&+$37(59,,
/DZ\HUV¶,QVXUDQFH+RXVH
$UWLFOH
7KH/DZ\HUV¶,QVXUDQFH+RXVHVKDOOEHRUJDQLVHGDQGVKDOOIXQFWLRQZLWKLQWKH81%5IRUWKH
SXUSRVH RI HVWDEOLVKLQJ DQG JUDQWLQJ WKH SHQVLRQV DQG VRFLDO EHQHILWV GXH WR ODZ\HUV DQG WKHLU
VXFFHVVRUVKDYLQJWKHLURZQULJKWVWRSHQVLRQVXQGHUWKHWHUPVVWLSXODWHGE\WKHVSHFLDOODZ
7KH RUJDQLVDWLRQ DQG IXQFWLRQLQJ RI WKH /DZ\HUV¶ ,QVXUDQFH +RXVH VKDOO EH VHW RXW E\ WKH
/DZ\HUV¶&RQJUHVVLQWKH+RXVH¶VE\ODZ´
$UWLFOH
$OODFWLYHODZ\HUVUHWLUHGODZ\HUVDQGWKHLUVXFFHVVRUVZLWKRZQULJKWVWRSHQVLRQVDQGVRFLDO
EHQHILWVVKDOOEHPHPEHUVRIWKH/DZ\HUV¶,QVXUDQFH+RXVH
³$ODZ\HUUHJLVWHUHGZLWKDEDUDQGHQWLWOHGWRSUDFWLVHWKHSURIHVVLRQVKDOOKDYHWKHREOLJDWLRQWR
FRQWULEXWH WR WKH HVWDEOLVKPHQW RIWKH IXQG RIWKH /DZ\HUV¶,QVXUDQFH +RXVH +LVKHU FRQWULEXWLRQ
PD\QRWEHOHVVWKDQWKHDPRXQWVHWE\WKH&RXQFLORI81%5VRWKDWLWPD\FRYHUWKHFXUUHQW
SD\PHQWQHHGVRIWKH/DZ\HUV¶,QVXUDQFH+RXVH/DZ\HUVPD\DOVRSDUWLFLSDWHLQRWKHUIRUPVRI
VRFLDOVHFXULWLHV´
$UWLFOH
7KH WLPH SHULRG GXULQJ ZKLFK D ODZ\HU DFWV DV D GHSXW\ RU D VHQDWRU VKDOO EH WDNHQ LQWR
FRQVLGHUDWLRQZKHQFDOFXODWLQJKLVKHUOHQJWKRIVHUYLFHLQWKHODZ\HU¶VSURIHVVLRQ7KHHPROXPHQWV
GXHWRPHPEHUVRIWKH3DUOLDPHQWDQGWKHRWKHUDPRXQWVRIPRQH\FDVKHGLQVKDOOEHUHJDUGHGDV
UHYHQXHV UHVXOWLQJ IURP RQH¶V SURIHVVLRQ DQG WDNHQ LQWR DFFRXQW ZKHQ WKH /DZ\HUV¶ ,QVXUDQFH
+RXVHGHFLGHVRQRQH¶VSHQVLRQ
7KHILQDQFLDOVHWWOHPHQWVEHWZHHQWKH/DZ\HUV¶,QVXUDQFH+RXVHDQGWKHSXEOLFVRFLDOVHFXULW\
V\VWHPVKDOOWDNHSODFHDFFRUGLQJWRWKHODZ
$UWLFOH
7KH /DZ\HUV¶ ,QVXUDQFH +RXVH VKDOO DFW DV D OHJDO HQWLW\ KDYLQJ LWV RZQ DVVHWV DQGLWV RZQ
EXGJHW ,WV KHDG RIILFH VKDOO EH LQ %XFKDUHVW PXQLFLSDOLW\ ,WV DVVHWV PD\ EH XVHG IRU HFRQRPLF
DFWLYLWLHV WKDW JHQHUDWH UHYHQXHV XQGHU WKH WHUPV RI WKH ODZ EDVHG RQ WKH FRQVHQW RI WKH
$VVRFLDWLRQ¶V&RXQFLO
7KH/DZ\HUV¶,QVXUDQFH+RXVHPD\HVWDEOLVKEUDQFKHVDQGVXEVLGLDULHVXQGHUWKHWHUPVDQG
XVLQJWKHSURFHGXUHVWLSXODWHGLQLWVRUJDQLVDWLRQDQGIXQFWLRQLQJ%\ODZ
$UWLFOH
7KH/DZ\HUV¶,QVXUDQFH+RXVHVKDOOEHUXQDQGPDQDJHGE\DERDUGFRPSULVHGRIPHPEHUV
RIZKRPVKDOOEHDFWLYHODZ\HUVDQGUHWLUHGODZ\HUVHOHFWHGE\WKH&RQJUHVVIRUD\HDUWHUPRI
RIILFH
³7KHERDUGVKDOOHOHFWDSUHVLGHQWDQGDYLFHSUHVLGHQWIURPDPRQJVWLWVPHPEHUV2QHRIWKH
PHPEHUVGHVLJQDWHGE\WKHSUHVLGHQWVKDOODOVRDFWDVDERDUGVHFUHWDU\´
$UWLFOH
7KHILQDQFLDODXGLWRIWKH/DZ\HUV¶,QVXUDQFH+RXVHVKDOOEHSHUIRUPHGE\WKHERDUGRIDXGLWRUV
FRPSULVHGRIPHPEHUVRIZKRPVKDOOEHDFWLYH ODZ\HUVDQGRQHDUHWLUHGODZ\HU
%DUVDQGODZ\HUVVKDOOKDYHWKHREOLJDWLRQWRPDNHDYDLODEOHWRWKHERDUGRIDXGLWRUVDQGWKH
ILQDQFLDOLQVSHFWRUVRIWKH/DZ\HUV¶,QVXUDQFH+RXVHDOOWKHGDWDRQWKHUHYHQXHVIURPZKLFKWKH
FRQWULEXWLRQVIRUWKHSHQVLRQDQGVRFLDOEHQHILWIXQGDUHEHLQJUHWDLQHG
&+$37(59,,
ZDVLQWURGXFHGE\/DZQRZKLFKVKDOOFRPHLQWRHIIHFWRQWKHGDWHRI5RPDQLD¶V
DFFHVVLRQWRWKH(XURSHDQ8QLRQ
E 3UDFWLVLQJWKHODZ\HU¶VSURIHVVLRQLQ5RPDQLDE\ODZ\HUVZKRKDYHREWDLQHGWKHLU
SURIHVVLRQDOTXDOLILFDWLRQLQRQHRIWKH0HPEHU6WDWHVRIWKH(XURSHDQ8QLRQRUWKH
(XURSHDQ(FRQRPLF6SDFH
$UWLFOH
7KH SURYLVLRQV RI WKH SUHVHQW FKDSWHU VKDOO DSSO\ WR ODZ\HUV KDYLQJ REWDLQHG WKHLU SURIHVVLRQDO
TXDOLILFDWLRQLQRQHRIWKH0HPEHU6WDWHVRIWKH(XURSHDQ8QLRQRUWKH(XURSHDQ(FRQRPLF6SDFH
ZKRSUDFWLVHWKHLUSURIHVVLRQRQWKH5RPDQLDQWHUULWRU\
DLQGHSHQGHQWO\RULQDVVRFLDWLRQ
EDVSDLGODZ\HUVLQ5RPDQLD
FE\SURYLGLQJVHUYLFHV
$UWLFOH
:LWKLQWKHPHDQLQJRIWKHSUHVHQWFKDSWHU
D D ODZ\HU VKDOO EH DQ\ SHUVRQ RULJLQDWLQJ IURP D 0HPEHU 6WDWH RI WKH (XURSHDQ 8QLRQ RU WKH
(XURSHDQ(FRQRPLF6SDFHZKRLVDXWKRULVHGWRFDUU\RXWKLVKHUSURIHVVLRQDODFWLYLWLHVXQGHUWKH
DGHTXDWHSURIHVVLRQDOWLWOHREWDLQHGLQD0HPEHU6WDWH
ED0HPEHU6WDWHRIRULJLQVKDOOEHWKH0HPEHU6WDWHRIWKH(XURSHDQ8QLRQRURIWKH(XURSHDQ
(FRQRPLF 6SDFH ZKHUH D ODZ\HU KDV REWDLQHG WKH ULJKW WR XVH RQH RI WKH SURIHVVLRQDO WLWOHV
VWLSXODWHGXQGHUDEHIRUHSUDFWLVLQJWKHODZ\HU¶VSURIHVVLRQLQ5RPDQLD
F D SURIHVVLRQDO WLWOH IURP WKH 0HPEHU 6WDWH RI RULJLQ VKDOO EH WKH SURIHVVLRQDO WLWOH XVHG LQ WKH
0HPEHU6WDWHZKHUHDODZ\HUKDVREWDLQHGWKHULJKWWRXVHWKDWWLWOHEHIRUHSUDFWLVLQJWKHODZ\HU¶V
SURIHVVLRQLQ5RPDQLD
GDJURXSVKDOOEHDQ\HQWLW\HLWKHUOHJDORUQRWRUJDQLVHGXQGHUWKHOHJLVODWLRQRID0HPEHU6WDWH
LQVLGHZKLFKODZ\HUVFDUU\RXWWKHLUSURIHVVLRQDODFWLYLWLHVWRJHWKHUXQGHUDMRLQWQDPH
HDSURIHVVLRQDOWLWOHIURP5RPDQLDVKDOOEHWKHSURIHVVLRQDOWLWOHXQGHUZKLFKDODZ\HUKDVEHHQ
HQWHUHGLQWKH7DEOHRI/DZ\HUVLQ5RPDQLD
IWKH FRPSHWHQW 5RPDQLDQ DXWKRULW\ VKDOO EH WKH VWUXFWXUH ZLWKLQWKH 1DWLRQDO $VVRFLDWLRQ RIWKH
5RPDQLDQ%DUVGHVLJQDWHGDFFRUGLQJWRWKHE\ODZ
$UWLFOH 7KHODZ\HUV ZKR SUDFWLVH LQ 5RPDQLD XQGHUWKH SURIHVVLRQDO WLWOH IURPWKH 0HPEHU
6WDWHRIRULJLQPD\FDUU\RXWWKHVDPHSURIHVVLRQDODFWLYLWLHVDVWKHODZ\HUVZKRSUDFWLVHXQGHUWKH
SURIHVVLRQDOWLWOHREWDLQHGLQ5RPDQLDPD\SURYLGHOHJDODVVLVWDQFHDQGPD\UHSUHVHQWQDWXUDORU
OHJDO HQWLWLHV EHIRUH 5RPDQLDQ FRXUWV RI ODZ UHJDUGLQJ WKH ODZ RI WKHLU 0HPEHU 6WDWH RI RULJLQ
FRPPXQLW\ ODZ LQWHUQDWLRQDO ODZ DV ZHOO DV 5RPDQLDQ ODZ LQ FRPSOLDQFH ZLWK WKH UXOHV RI
SURFHGXUHDSSOLFDEOHEHIRUH5RPDQLDQFRXUWVRIODZ
$UWLFOH
7KHODZ\HUVSUDFWLVLQJLQ5RPDQLDXQGHUWKHSURIHVVLRQDOWLWOHIURPWKH0HPEHU6WDWHRIRULJLQ
VKDOO XVH WKH GHQRPLQDWLRQ XQGHU ZKLFK WKH\ SUDFWLVH WKHLU SURIHVVLRQ LQ WKHLU 0HPEHU 6WDWH RI
RULJLQH[SUHVVHGLQWKHRIILFLDOODQJXDJHRULQRQHRIWKHRIILFLDOODQJXDJHVRIWKH0HPEHU6WDWHRI
RULJLQLQTXHVWLRQ
%HVLGHV WKH GHQRPLQDWLRQ VWLSXODWHG XQGHU SDUDJUDSK WKH GHQRPLQDWLRQ VKDOO DOVR VWDWH
DORQJVLGHWKHOHJDOIRUPRISUDFWLVLQJWKHSURIHVVLRQLQ5RPDQLDWKHOHJDOIRUPRIWKHJURXSLQWKH
0HPEHU6WDWHRIRULJLQ
7KHFRPSHWHQW5RPDQLDQDXWKRULW\PD\UHTXLUHDODZ\HUSUDFWLVLQJXQGHUWKHSURIHVVLRQDOWLWOH
REWDLQHGLQKLVKHU0HPEHU6WDWHRIRULJLQWRVWDWHWKHSURIHVVLRQDOJURXSKHVKHEHORQJVWRLQWKH
0HPEHU6WDWHRIRULJLQRUWKHMXGLFLDODXWKRULW\LQVLGHZKLFKKHVKHKDVEHHQDGPLWWHGWRSUDFWLVH
KLVKHUSURIHVVLRQDFFRUGLQJWRWKHODZRIWKH0HPEHU6WDWHRIRULJLQ
$ ODZ\HU ZKR REWDLQV DFFHSWDQFH WR WKH ODZ\HU¶V SURIHVVLRQ LQ 5RPDQLD XQGHU WKH WHUPV RI
DUWLFOHV RU VKDOO EH HQWLWOHG WR XVH WKH SURIHVVLRQDO WLWOH IURP KLVKHU 0HPEHU 6WDWH RI
RULJLQH[SUHVVHGLQWKHRIILFLDOODQJXDJHRULQRQHRIWKHRIILFLDOODQJXDJHVRIWKDW0HPEHU6WDWHRI
RULJLQDORQJVLGHDSURIHVVLRQDOWLWOHFRUUHVSRQGLQJWRWKHODZ\HU¶VSURIHVVLRQLQ5RPDQLD
$UWLFOH
5HJDUGOHVVRIWKHIRUPRISUDFWLVLQJWKHDFWLYLW\RQWKH5RPDQLDQWHUULWRU\ODZ\HUVZKRSUDFWLVH
XQGHU WKH SURIHVVLRQDO WLWOH IURP WKHLU 0HPEHU 6WDWH RI RULJLQ PD\ DW DQ\ WLPH UHTXHVW DQ
DFNQRZOHGJHPHQWRIWKHLUGLSORPDVZLWKDYLHZWREHLQJDGPLWWHGWRWKHODZ\HU¶VSURIHVVLRQDQG
SUDFWLVLQJLWXQGHUWKH5RPDQLDQSURIHVVLRQDOWLWOH
,QYLHZRIKDYLQJKLVKHUGLSORPDVDFNQRZOHGJHGLQ5RPDQLDWKHDSSOLFDQWVKDOOEHERXQGDW
KLVKHUFKRLFHWRHLWKHUWDNHDQH[DPLQDWLRQWHVWLQJKLVKHUNQRZOHGJHRUFRPSOHWHD\HDUWHUP
LQWKHILHOGRI5RPDQLDQODZ
7KH 1DWLRQDO $VVRFLDWLRQ RI WKH 5RPDQLDQ %DUV VKDOO VHW RXWWKHPHPEHUVKLS RI WKH ERDUGRI
HYDOXDWLRQDVZHOODVWKHFRQWHQWVDQGWKHSURJUHVVLRQRI WKHH[DPLQDWLRQRUWHUPDVDSSOLFDEOH
:KHQDQDSSOLFDWLRQIRUGLSORPDDFNQRZOHGJHPHQWLVVXEPLWWHGZLWKDYLHZWRGHWHUPLQLQJWKH
FRQWHQWV DQG SURJUHVVLRQ RI WKH H[DPLQDWLRQ RU WKH WHUP SHULRG WKH HYDOXDWLRQ ERDUG VKDOO ILUVW
FKHFNWKDWWKHSURIHVVLRQDOH[SHULHQFHDFTXLUHGE\WKHDSSOLFDQWLVVXFKWKDWLWFDQFRYHUHQWLUHO\RU
SDUWLDOO\WKHGLIIHUHQFHVEHWZHHQWKH5RPDQLDQODZDQGWKDWRIWKH0HPEHU6WDWHRIRULJLQZKHUH
WKH GLSORPD ZDV REWDLQHG LQ RUGHU WR JUDQW D SDUWLDO RU IXOO H[HPSWLRQ IURP FRPSOLDQFH ZLWK WKH
WHUPVVWLSXODWHGXQGHUSDUDJUDSK
7KH SURYLVLRQV RI WKH SUHVHQW DUWLFOH VKDOO EH FRPSOHWHG E\ WKH SURYLVLRQV RI WKH IUDPHZRUN
OHJLVODWLRQRQPXWXDODFNQRZOHGJHPHQWRISURIHVVLRQDOTXDOLILFDWLRQV
$UWLFOH
7KH 5RPDQLDQ FRPSHWHQW DXWKRULW\ DQG WKH FRPSHWHQW DXWKRULWLHV LQ WKH 0HPEHU 6WDWHV RI
RULJLQ VKDOO FROODERUDWH IRU DQ DGHTXDWH LPSOHPHQWDWLRQ RI WKH SURYLVLRQV RI WKH SUHVHQW ODZ WKH
LQIRUPDWLRQREWDLQHGLQVLGHWKLVFROODERUDWLRQEHLQJFRQILGHQWLDO
7KHFRPSHWHQWDXWKRULW\LQWKH0HPEHU6WDWHRIRULJLQPD\ILOHUHPDUNVGXULQJWKHGLVFLSOLQDU\
SURFHGXUHVWKDWWDNHSODFHDJDLQVWDODZ\HUSUDFWLVLQJXQGHUWKDWVWDWH¶VSURIHVVLRQDOWLWOH
6(&7,21
3HUPDQHQW SUDFWLVLQJ RI WKH SURIHVVLRQ LQ 5RPDQLD E\ ODZ\HUV KDYLQJ REWDLQHG WKHLU
SURIHVVLRQDO TXDOLILFDWLRQ LQ RQH RI WKH 0HPEHU 6WDWHV RI WKH (XURSHDQ 8QLRQ RU WKH
(XURSHDQ(FRQRPLF6SDFH
$UWLFOH
8QGHUWKHWHUPVRIWKHSUHVHQWVHFWLRQDQ\RQHRIWKHODZ\HUVVWLSXODWHGXQGHUDUWLFOHD
PD\FDUU\RXWWKHDFWLYLWLHVVWLSXODWHGXQGHUDUWLFOHRQWKH5RPDQLDQWHUULWRU\RQDSHUPDQHQW
EDVLVDQGXQGHUWKHSURIHVVLRQDOWLWOHIURPWKH0HPEHU6WDWHRIRULJLQ
/DZ\HUV ZKR SHUPDQHQWO\ SUDFWLVH WKHLU DFWLYLW\ RQ WKH 5RPDQLDQ WHUULWRU\ PD\ DFTXLUH WKH
SURIHVVLRQDO WLWOH LQ IRUFH LQ 5RPDQLD HLWKHU XQGHU WKH WHUPV VWLSXODWHG XQGHU DUWLFOH RU
DFFRUGLQJWRDUWLFOH
$UWLFOH
$ODZ\HUZKRZLVKHVWRSUDFWLVHLQ5RPDQLDXQGHUWKHSURIHVVLRQDOWLWOHIURPWKH0HPEHU6WDWH
ZKHUHKHVKHREWDLQHGKLVKHUSURIHVVLRQDOTXDOLILFDWLRQVKDOOEHHQWHUHGLQWKHVSHFLDOWDEOHNHSWE\
5RPDQLDQ EDUV XQGHU WKH WHUPV RI WKH SUHVHQW DUWLFOH DUWLFOH DQG WKH E\ODZ RI WKH
SURIHVVLRQ
7KHFRPSHWHQW5RPDQLDQDXWKRULW\VKDOOUHJLVWHUWKHDSSO\LQJODZ\HUDIWHUKHVKHKDVSURGXFHG
DFHUWLILFDWHVWDWLQJKLVKHUUHJLVWUDWLRQZLWKWKHFRPSHWHQWDXWKRULW\LQWKH0HPEHU6WDWHRIRULJLQ
7KH FRPSHWHQW 5RPDQLDQ DXWKRULW\ VKDOO LQIRUP WKH FRPSHWHQW DXWKRULW\ LQ WKH 0HPEHU 6WDWH RI
RULJLQDERXWWKHUHJLVWUDWLRQ
7KHFHUWLILFDWHVWLSXODWHGXQGHUSDUDJUDSKVKDOOEHLVVXHGQRPRUHWKDQPRQWKVEHIRUHWKH
DSSOLFDWLRQLVILOHGIRUSODFHPHQWRQWKH7DEOHRI/DZ\HUVLQ5RPDQLD
:KHQ SXEOLVKLQJ WKH QDPHV RI WKH ODZ\HUV UHJLVWHUHG LQ 5RPDQLD WKH FRPSHWHQW 5RPDQLDQ
DXWKRULW\VKDOODOVRSXEOLVKWKHQDPHVRIWKHODZ\HUVUHJLVWHUHGXQGHUWKHSUHVHQWVHFWLRQ
$UWLFOH
6WHSV VKDOO EH WDNHQ IRU ODZ\HUV ZKR SUDFWLVH XQGHU WKH SURIHVVLRQDO WLWOH IURP WKHLU 0HPEHU
6WDWHRIRULJLQWREHDGHTXDWHO\UHSUHVHQWHGLQWKHODZ\HUV¶SURIHVVLRQDODVVRFLDWLRQVLQ5RPDQLD
DFFRUGLQJWR WKH SURYLVLRQV RI WKH SUHVHQW ODZ DQG WKH E\ODZ RI WKH SURIHVVLRQ WKH\ VKDOO EH DW
OHDVWHQWLWOHGWRSDUWLFLSDWHLQWKHHOHFWLRQRIWKHPDQDJLQJERGLHVRIVXFKDVVRFLDWLRQV
/DZ\HUVZKRSUDFWLVHXQGHUWKHSURIHVVLRQDOWLWOHIURPWKHLU0HPEHU6WDWHRIRULJLQVKDOOKDYH
WKHREOLJDWLRQWRHLWKHUPDNHDQLQVXUDQFHIRUSURIHVVLRQDOOLDELOLW\XQGHUWKHWHUPVVWLSXODWHGE\WKH
E\ODZRIWKHSURIHVVLRQRUEHFRPHPHPEHUVRIWKH/DZ\HUV¶,QVXUDQFH+RXVHXQGHUWKHWHUPV
VWLSXODWHGXQGHUFKDSWHU9,,
/DZ\HUVPD\EHH[HPSWHGIURPWKHREOLJDWLRQVVWLSXODWHGXQGHUSDUDJUDSKLIWKH\SURYHWKH\
DUHLQSRVVHVVLRQRIDQLQVXUDQFHSDLGRUVRPHRWKHUVHFXULW\JLYHQXQGHUWKHWHUPVRIWKHODZIURP
WKH 0HPEHU6WDWHRIRULJLQDVORQJDVVXFKLQVXUDQFHRUVHFXULW\LVHTXLYDOHQWDVUHJDUGVWKHWHUPV
DQG FRYHUDJH ,I WKH FRYHUDJH LV RQO\ SDUWLDO WKH ODZ\HUV VKDOO KDYH WR FRQFOXGH DQ DGGLWLRQDO
LQVXUDQFH LQ RUGHU WR FRYHU WKH DVSHFWV QRW ILJXULQJ LQ WKHLU RULJLQDO LQVXUDQFH RU VHFXULW\ JLYHQ
DFFRUGLQJWRWKHUHJXODWLRQVRIWKH0HPEHU6WDWHRIRULJLQ
$UWLFOH
/DZ\HUVUHJLVWHUHGLQ5RPDQLDXQGHUWKHLUSURIHVVLRQDOWLWOHIURPWKH0HPEHU6WDWHRIRULJLQPD\
SUDFWLVH DV SDLG SHUVRQQHO IRU DQ\ RQH RI WKH IRUPV RI SUDFWLVLQJ WKH SURIHVVLRQ SHUPLWWHG IRU
ODZ\HUVSUDFWLVLQJXQGHUWKHSURIHVVLRQDOWLWOHREWDLQHGLQ5RPDQLD
$UWLFOH
/DZ\HUV ZKR SUDFWLVH LQ 5RPDQLD XQGHU WKH SURIHVVLRQDO WLWOH IURP WKHLU 0HPEHU 6WDWH RI RULJLQ
VKDOOEHVXEMHFWWRWKHVDPHUXOHVRISURIHVVLRQDOFRQGXFWVWLSXODWHGLQWKHSUHVHQWODZDQGLQWKH
E\ODZ RI WKH SURIHVVLRQ DV WKH ODZ\HUV ZKR SUDFWLVH XQGHU WKH SURIHVVLRQDO WLWOH REWDLQHG LQ
5RPDQLDIRUWKHDFWLYLWLHVFDUULHGRXWRQWKH5RPDQLDQWHUULWRU\
$UWLFOH
7KHODZ\HUVVWLSXODWHGLQWKHSUHVHQWFKDSWHUVKDOOEHOLDEOHDVIDUDVGLVFLSOLQHLVFRQFHUQHG
IRUWKHIDLOXUHWRFRPSO\ZLWKWKHSUHVHQWODZRUWKHE\ODZDFFRUGLQJWRWKHSURYLVLRQVRIFKDSWHU
9,
%HIRUHLQLWLDWLQJGLVFLSOLQDU\SURFHGXUHVDJDLQVWDODZ\HUZKRSUDFWLVHVXQGHUWKHSURIHVVLRQDO
WLWOHIURPWKH0HPEHU6WDWHRIRULJLQWKHFRPSHWHQW5RPDQLDQDXWKRULW\VKDOO
LQIRUP WKH FRPSHWHQW DXWKRULW\ LQ WKH 0HPEHU 6WDWH RI RULJLQ DV VRRQ DV SRVVLEOH SURYLGLQJ DOO
XVHIXOLQIRUPDWLRQLQWKHFDXVH
7KHFRPSHWHQW5RPDQLDQDXWKRULW\VKDOOFRRSHUDWHZLWKWKHFRPSHWHQWDXWKRULW\LQWKH0HPEHU
6WDWHRIRULJLQWKURXJKRXWWKHSURJUHVVLRQRIGLVFLSOLQDU\SURFHGXUHV
7KH FRPSHWHQW DXWKRULW\ LQ WKH 0HPEHU 6WDWH RI RULJLQ ZLWKGUDZLQJ RQ D SHUPDQHQW RU
WHPSRUDU\EDVLVRQH¶VDXWKRULVDWLRQWRSUDFWLVHWKHODZ\HU¶VSURIHVVLRQVKDOOFDXVHWKHPDQGDWRU\
LQWHUGLFWLRQHLWKHUWHPSRUDU\RUSHUPDQHQWRIWKHODZ\HULQTXHVWLRQWRSUDFWLVHLQ5RPDQLDXQGHU
WKHSURIHVVLRQDOWLWOHIURPWKH0HPEHU6WDWHRIRULJLQ
$UWLFOH
2QHRUVHYHUDOODZ\HUVIURPWKHVDPHJURXSRUWKHVDPH0HPEHU6WDWHZKRSUDFWLVHXQGHUWKH
SURIHVVLRQDO WLWOH IURP WKHLU 0HPEHU 6WDWH RI RULJLQ PD\ SUDFWLVH LQ 5RPDQLD E\ HVWDEOLVKLQJ D
VHFRQGDU\ RIILFH RI VXFK JURXS RUJDQLVHG DV DQ\ IRUP RI SUDFWLVLQJ WKH ODZ\HU¶V SURIHVVLRQ
VWLSXODWHGE\WKH5RPDQLDQODZ
7KH ODZ\HU¶V SURIHVVLRQ PD\ DOVR EH SUDFWLVHG ZLWKLQ WKH DVVRFLDWHG IRUPV VWLSXODWHG E\ WKH
5RPDQLDQODZDVIROORZV
DVHYHUDOODZ\HUVIURPYDULRXV0HPEHU6WDWHVZKRSUDFWLVH XQGHUWKHSURIHVVLRQDOWLWOHVIURPWKHLU
0HPEHU6WDWHVRIRULJLQ
ERQHRUVHYHUDORIWKHODZ\HUVVWLSXODWHGXQGHUDDQGRQHRUVHYHUDOODZ\HUVIURP5RPDQLD
$ODZ\HU ZKRLQWHQGV WR SUDFWLVH XQGHU WKH SURIHVVLRQDO WLWOH IURPWKH 0HPEHU 6WDWH RI RULJLQ
VKDOO LQIRUP WKH FRPSHWHQW 5RPDQLDQ DXWKRULW\ DERXW KLVKHU EHLQJ D PHPEHU RI D IRUP RI
SUDFWLVLQJWKHSURIHVVLRQLQWKH0HPEHU6WDWHRIRULJLQDQGSURYLGHDOOWKHUHOHYDQWGHWDLOVDERXW
VXFKJURXS
$UWLFOH
/DZ\HUV ZKR SUDFWLVH XQGHU WKH SURIHVVLRQDO WLWOH IURP WKHLU 0HPEHU 6WDWH RI RULJLQ DQG ZKR
FDUU\RXWWKHLUDFWLYLW\RQDQDFWXDODQGFRQVWDQWEDVLVIRUDSHULRGRIDWOHDVW\HDUVLQ5RPDQLD
LQWKHILHOGRI5RPDQLDQODZRUFRPPXQLW\ODZVKDOOEHDFFHSWHGWRWKHODZ\HU¶VSURIHVVLRQZLWKRXW
WKHP KDYLQJ WR FRPSO\ ZLWKWKH WHUPV VWLSXODWHG XQGHU DUWLFOH RQFRQGLWLRQ WKH\ REVHUYH WKH
SURYLVLRQVRIWKHSUHVHQWODZUHJDUGLQJWKHH[HUFLVHRIFLYLODQGSROLWLFDOULJKWVDQGXQZRUWKLQHVV
DQGLQFRPSDWLELOLW\FDVHV
%HIRUHWKHFRPSHWHQW5RPDQLDQDXWKRULW\WKHDSSOLFDQWVVKDOOKDYHWRSURYHWKH\KDYHFDUULHG
RXWDFRQVWDQWDFWLYLW\LQ5RPDQLDIRUDWOHDVW\HDUVLQWKHILHOGRI5RPDQLDQRUFRPPXQLW\ODZ7R
WKDWHIIHFW
DODZ\HUVVKDOOKDYHWRSURGXFHDOOUHOHYDQWLQIRUPDWLRQDQGGRFXPHQWVFRQFHUQLQJWKHQXPEHURI
FDXVHVLQZKLFKWKH\KDYHSURYLGHGOHJDODVVLVWDQFHDVZHOODVWKHLUQDWXUH
EWKHFRPSHWHQW5RPDQLDQDXWKRULW\PD\FKHFNWKHDFWXDOLW\DQGUHJXODULW\RIWKHDFWLYLW\FDUULHG
RXWDQGPD\DVNWKHODZ\HULQTXHVWLRQLIQHFHVVDU\WRSURYLGHFODULILFDWLRQVLQZULWLQJRURUDOO\DV
UHJDUGVWKHLQIRUPDWLRQDQGGRFXPHQWVVWLSXODWHGXQGHUD
/DZ\HUVZKRSUDFWLVHLQ5RPDQLDXQGHUWKHSURIHVVLRQDOWLWOHIURPWKHLU0HPEHU6WDWHRIRULJLQ
PD\DWDQ\WLPHDSSO\IRUWKHLUGLSORPDVWREHDFNQRZOHGJHGXQGHUWKHSURYLVLRQVRIDUWLFOH
ZLWKDYLHZWRREWDLQLQJWKHDFFHSWDQFHWRWKHODZ\HU¶VSURIHVVLRQLQ5RPDQLDDQGSUDFWLVLQJXQGHU
WKHSURIHVVLRQDOWLWOHWKXVREWDLQHG
/DZ\HUV ZKR SUDFWLVH XQGHUWKH SURIHVVLRQDO WLWOHIURPWKHLU 0HPEHU 6WDWH RI RULJLQ DQG KDYH
KDGDQDFWXDODQGFRQVWDQWSURIHVVLRQDODFWLYLW\LQ5RPDQLDIRUDSHULRGRIDWOHDVW\HDUVEXWIRUD
VKRUWHU SHULRG RI WLPH LQ WKH ILHOG RI 5RPDQLDQ ODZ PD\ REWDLQ DFFHSWDQFH WR WKH ODZ\HU¶V
SURIHVVLRQ DQG WKH ULJKW WR SUDFWLVH XQGHU WKH SURIHVVLRQDO WLWOH IURP 5RPDQLD ZLWKRXW KDYLQJ WR
PHHW WKH WHUPV VWLSXODWHG XQGHU DUWLFOH RQ FRQGLWLRQ WKH\ FRPSO\ ZLWK WKH SURYLVLRQV RI WKH
SUHVHQWODZRQWKHH[HUFLVHRIFLYLODQGSROLWLFDOULJKWVDQGXQZRUWKLQHVVDQGLQFRPSDWLELOLW\FDVHV
DFFRUGLQJWRWKHIROORZLQJSURFHGXUH
DWKHFRPSHWHQW5RPDQLDQDXWKRULW\VKDOOWDNHLQWRFRQVLGHUDWLRQDODZ\HU¶VDFWXDODQGFRQVWDQW
DFWLYLW\ FDUULHG RXW IRU DW OHDVW \HDUV SURIHVVLRQDO NQRZOHGJH DQG H[SHULHQFH DFTXLUHG LQ
5RPDQLD DV ZHOO DV DQ\ SDUWLFLSDWLRQV LQ OHFWXUHV DQG VHPLQDUV DERXW 5RPDQLDQ ODZ RU WKH
GHRQWRORJ\RIWKHODZ\HU¶VSURIHVVLRQ
E WKH DSSOLFDQW VKDOO PDNH DYDLODEOH WR WKH 5RPDQLDQ EDU DQ\ UHOHYDQW LQIRUPDWLRQ DQG
GRFXPHQWDWLRQHVSHFLDOO\DERXWFDXVHVLQZKLFKKHVKHKDVSURYLGHGOHJDODVVLVWDQFH
7KHGHFLVLRQE\WKHFRPSHWHQW5RPDQLDQDXWKRULW\QRWWRJUDQWDXWRPDWLFDFFHSWDQFHZKHQQR
SURRIKDVEHHQSURGXFHGWKDWWKHUHTXLUHPHQWVVWLSXODWHGXQGHUSDUDJUDSKVRUKDYHEHHQ
PHWVKDOOEHGRFXPHQWHGQRWLILHGWRWKHDSSOLFDQWDQGWKHEDUDQGVXEMHFWWRWKHZD\VRIDSSHDO
VWLSXODWHGE\WKHE\ODZRIWKHSURIHVVLRQ
$ODZ\HU¶VDFWXDODQGFRQVWDQWDFWLYLW\LQ5RPDQLDDQGKLVKHUDELOLW\WRIXUWKHUSXUVXHLWVKDOOEH
HYDOXDWHGEDVHGRQDQLQWHUYLHZKHOGEHIRUHWKHHYDOXDWLRQERDUGVWLSXODWHGXQGHUDUWLFOH
7KHFRPSHWHQW5RPDQLDQDXWKRULW\PD\E\PHDQVRIDGRFXPHQWHGGHFLVLRQDQGVXEMHFWWRWKH
ZD\V RI DSSHDO VWLSXODWHG E\ WKH E\ODZ RI WKH SURIHVVLRQ GHQ\ JUDQWLQJ WKH SURIHVVLRQDO WLWOH RI
ODZ\HULQ5RPDQLDWRWKHDSSO\LQJODZ\HULIWKLVLVEHOLHYHGWRKDUPWKHSXEOLFRUGHUDVDUHVXOWRI
GLVFLSOLQHGHSDUWXUHVFRPSODLQWVRULQFLGHQWVZKDWVRHYHU
7KHUHSUHVHQWDWLYHVRIWKH1DWLRQDO$VVRFLDWLRQRIWKH5RPDQLDQ%DUVVKDOOKDYHWKHREOLJDWLRQ
WRNHHSWKHFRQILGHQWLDOLW\RIWKHLQIRUPDWLRQUHFHLYHGRQWKHRFFDVLRQRIH[DPLQLQJDQDSSOLFDWLRQ
IRUJUDQWLQJDSURIHVVLRQDOWLWOHLQ5RPDQLD
6(&7,21
3UDFWLFHRIWKHODZ\HU¶VSURIHVVLRQE\PHDQVRIVHUYLFHVSURYLVLRQE\ODZ\HUVFRPLQJIURP
0HPEHU6WDWHVRIWKH(XURSHDQ8QLRQRUWKH(XURSHDQ(FRQRPLF6SDFH
$UWLFOH
8QGHUWKHWHUPVRIWKHSUHVHQWVHFWLRQODZ\HUVFRPLQJIURP0HPEHU6WDWHVRIWKH(XURSHDQ
8QLRQRUWKH(XURSHDQ(FRQRPLF6SDFHPD\FDUU\RXWLQ5RPDQLDSURIHVVLRQDODFWLYLWLHVWKDWFDQ
EHRFFDVLRQDOO\SHUIRUPHGXQGHUWKHIRUPRIVHUYLFHVSURYLVLRQ
7KHVHUYLFHVSURYLGLQJDFWLYLW\VWLSXODWHGXQGHUSDUDJUDSKVKDOOEHSHUIRUPHGLQ5RPDQLDE\
UHSUHVHQWLQJWKHOHJLWLPDWHULJKWVDQGLQWHUHVWVRIQDWXUDODQGOHJDOHQWLWLHVLQFRXUWVRIODZRUEHIRUH
WKH SXEOLF DXWKRULWLHV XQGHU WKH WHUPV VWLSXODWHG IRU ODZ\HUV UHVLGLQJ LQ WKLV VWDWH ZLWKRXW WKHP
KDYLQJWREHUHJLVWHUHGZLWKDEDU
)RUWKHH[HUFLVHRIRWKHUDFWLYLWLHVWKDQWKRVHPHQWLRQHGXQGHUSDUDJUDSKWKHODZ\HUVKDOO
REVHUYHWKHWHUPVDQGSURIHVVLRQDOFRQGXFWUHJXODWLRQVRIWKH0HPEHU6WDWHRIRULJLQDVZHOODV
WKH5RPDQLDQOHJLVODWLRQFRQFHUQLQJWKHODZ\HU¶VSURIHVVLRQHVSHFLDOO\DVUHJDUGVLQFRPSDWLELOLWLHV
SURIHVVLRQDOVHFUHF\UHODWLRQVKLSVEHWZHHQODZ\HUVLQWHUGLFWLRQIRUWKHVDPHODZ\HUWRUHSUHVHQW
WZR SDUWLHV KDYLQJ FRQIOLFWLQJ LQWHUHVWV DV ZHOO DV SXEOLFLW\ $ ODZ\HU ZKR LV QRW D UHVLGHQW RI
5RPDQLDVKDOORQO\EHERXQGWRFRPSO\ZLWKWKHVHUXOHVDVIDUDVWKHLUREVHUYDQFHLVREMHFWLYHO\
MXVWLILHGWRHQVXUHDIDLUSUDFWLFHRIWKHODZ\HU¶VDFWLYLWLHVSURIHVVLRQDOGLJQLW\DQGWKHFRPSOLDQFH
RIWKHUXOHVUHJDUGLQJLQFRPSDWLELOLW\
$UWLFOH
7KH FRPSHWHQW 5RPDQLDQ DXWKRULW\ VKDOO UHTXLUH D ODZ\HU SURYLGLQJ VHUYLFHV WR SURYH KLVKHU
ODZ\HU¶VFDSDFLW\
,I WKH REOLJDWLRQV VWLSXODWHG XQGHU DUWLFOH VKRXOG QRW EH PHW WKH FRPSHWHQW 5RPDQLDQ
DXWKRULW\VKDOOVHWRXWWKHFRQVHTXHQFHRIVXFKIDLOXUHDFFRUGLQJWRWKHE\ODZ
:KHQFKHFNLQJDFDVHRIQRQFRPSOLDQFHZLWKWKHREOLJDWLRQVVWLSXODWHGXQGHUDUWLFOHWKH
FRPSHWHQW 5RPDQLDQ DXWKRULW\ PD\ UHTXHVW DQ\ XVHIXO SURIHVVLRQDO LQIRUPDWLRQ UHJDUGLQJ WKH
SHUVRQSURYLGLQJVHUYLFHV
7KHFRPSHWHQW5RPDQLDQDXWKRULW\VKDOOLQIRUPWKHFRPSHWHQWDXWKRULW\LQWKH0HPEHU6WDWHRI
RULJLQ DERXW DQ\ GHFLVLRQ PDGH 7KH QRWLILFDWLRQV VWLSXODWHG E\ WKH SUHVHQW SDUDJUDSK VKDOO EH
FRQILGHQWLDO´
&+$37(59,,,
7UDQVLWLRQDODQGILQDOSURYLVLRQV
$UWLFOH±
7KHSUHVHQWODZVKDOOEHSXWLQWRHIIHFWDVIROORZV
D WKHFXUUHQWPDQDJLQJERGLHV RI WKH 5RPDQLDQ %DU $VVRFLDWLRQ VKDOO FRQWLQXH WR H[HUFLVH WKHLU
GXWLHVXQGHUWKHODZDQGWKHE\ODZRIWKHSURIHVVLRQDVPDQDJLQJERGLHVRIWKH81%5IRUWKH
HQWLUHOHQJWKRIWKHWHUPRIRIILFHIRUZKLFKWKH\ZHUHHOHFWHG
EWKH&RXQFLORI81%5VKDOOGUDZXSWKHGUDIWE\ODZRIWKHSURIHVVLRQDQGDGRSWLWQRODWHUWKDQ
GD\VIURPWKHGDWHRIWKHSUHVHQWODZFRPLQJLQWRHIIHFW7KHE\ODZRIWKHSURIHVVLRQVKDOOEH
SXEOLVKHGLQWKH2IILFLDO*D]HWWHRI5RPDQLD3DUW,
FWKHQHZIRUPVRIDVVRFLDWLRQIRUSUDFWLVLQJWKHODZ\HU¶VSURIHVVLRQVKDOORQO\EHRUJDQLVHGDQG
IXQFWLRQDIWHUWKHQHZE\ODZRIWKHSURIHVVLRQKDVFRPHLQWRHIIHFW
$UWLFOH
2Q WKH GDWH RI WKH SUHVHQW ODZ FRPLQJ LQWR HIIHFW WKH QDWXUDO RU OHJDO HQWLWLHV WKDW ZHUH
DXWKRULVHGEDVHGRQRWKHUODZVRUZHUHDSSURYHGEDVHGRQFRXUWGHFUHHVWRFDUU\RXWDFWLYLWLHVRI
FRQVXOWDQF\UHSUHVHQWDWLRQRUOHJDODVVLVWDQFHLQDQ\ILHOGVVKDOOULJKWIXOO\WHUPLQDWHWKHLUDFWLYLW\
3XUVXLQJVXFKDFWLYLWLHVVKDOOEHGHHPHGDFULPHSXQLVKDEOHXQGHUWKHFULPLQDOODZ
$OVR RQ WKH GDWH RI WKH SUHVHQW ODZ FRPLQJ LQWR HIIHFW WKH HIIHFWV RI DQ\ UHJXODWRU\
DGPLQLVWUDWLYHRUMXULVGLFWLRQDODFWVDFFRUGLQJWRZKLFKDFWLYLWLHVRIFRQVXOWDQF\UHSUHVHQWDWLRQDQG
OHJDODVVLVWDQFHFRQWUDU\WRWKHSURYLVLRQVRIWKHSUHVHQWODZZHUHDFNQRZOHGJHGRUDSSURYHGVKDOO
EHULJKWIXOO\WHUPLQDWHG
7KHSURYLVLRQVRISDUDJUDSKVDQGVKDOOQRWDSSO\WRWKHOHJDODGYLVRU¶VSURIHVVLRQZKLFK
VKDOOEHSUDFWLVHGXQGHUWKHSURYLVLRQVRI/DZQRRQWKHRUJDQLVDWLRQDQGSUDFWLVHRIWKH
OHJDODGYLVRU¶VSURIHVVLRQ
7KH&RXQFLOVRIWKHEDUVDQGWKHSUHVLGHQWVRIWKHEDUVVKDOOKDYHWKHREOLJDWLRQDQGDXWKRULW\WR
VHHWKDWWKHSURYLVLRQVRISDUDJUDSKVDQGDUHEHLQJSXWLQWRHIIHFWWDNLQJWKHODZIXOVWHSVIRU
WKDWSXUSRVH
$UWLFOH
2Q WKH GDWH RI WKH SUHVHQW ODZ FRPLQJ LQWR HIIHFW WKH GHQRPLQDWLRQ 5RPDQLDQ %DU $VVRFLDWLRQ
VKDOO EH UHSODFHG E\ WKH GHQRPLQDWLRQ 1DWLRQDO $VVRFLDWLRQ RI WKH 5RPDQLDQ %DUV LQ DOO WKH
UHJXODWRU\GRFXPHQWV
$UWLFOH
2QWKHGDWHRIWKHSUHVHQWODZFRPLQJLQWRHIIHFWDQ\FRQWUDU\SURYLVLRQVVKDOOEHUHSHDOHG´
127(
$FFRUGLQJWRDUWLFOHV,,DQG,,,RI/DZQRRQDPHQGLQJDQGFRPSOHWLQJ/DZQR
RQWKHRUJDQLVDWLRQDQGSUDFWLFHRIWKHODZ\HU¶VSURIHVVLRQ
$UWLFOH,,)RUHLJQODZ\HUVZKRSUDFWLVHWKHSURIHVVLRQLQ5RPDQLDLQYDULRXVIRUPVQRWVWLSXODWHG
E\WKHODZVKDOOKDYHWKHREOLJDWLRQWRHVWDEOLVKSURIHVVLRQDOFLYLOFRPSDQLHVDFFRUGLQJWRDUWLFOH
ZLWKLQ PRQWKV IURP WKH SUHVHQW ODZ FRPLQJ LQWR HIIHFW 7KH FRPSOLDQFH RSLQLRQ RI WKH
5RPDQLDQ%DU$VVRFLDWLRQVKDOOEHQHFHVVDU\IRURQH¶VDFFHSWDQFHWRDEDUDQGWKHUHJLVWUDWLRQRI
DSURIHVVLRQDOFLYLOFRPSDQ\
$IWHUWKHH[SLU\RIWKHPRQWKGHOD\WKHFULPLQDOLQTXLU\ERGLHVVKDOOVWDUWLQYHVWLJDWLRQVH[RIILFLR
RUDWWKHUHTXHVWRIWKH5RPDQLDQ%DU$VVRFLDWLRQRUWKHEDUFRQFHUQLQJWKHFULPHVWLSXODWHGXQGHU
DUWLFOHRIWKHSUHVHQWODZ
$UWLFOH,,,7KHILQHVWKDWVXSSO\WKHEDUEXGJHWDVVWLSXODWHGE\WKHSUHVHQWODZVKDOOEHXSGDWHG
RQDUHJXODUEDVLVGHSHQGLQJRQLQIODWLRQUDWHE\WKH&RXQFLORIWKH5RPDQLDQ%DU$VVRFLDWLRQ
5HSXEEOLFD3RODFFD
D QR]LRQLJHQHUDOL
©*,8',&,
, JLXGLFL FRVWLWXLVFRQR XQ JUXSSR VSHFLDOH QHOO
DPELWR GHOOH SURIHVVLRQL OHJDOL LQ TXDQWR ROWUH DOOH
SDUWLFRODULTXDOLILFKHQHFHVVDULHVLFRQWUDGGLVWLQJXRQRSULQFLSDOPHQWHSHUODORURLQGLSHQGHQ]D
,O SULQFLSLR GHOO
LQGLSHQGHQ]D GHL JLXGLFL q VDQFLWR GDOO
DUWLFROR FRPPD GHOOD FRVWLWX]LRQH
SRODFFD,QEDVHDWDOHDUWLFRORLJLXGLFLQHOO
DGHPSLPHQWRGHOOHORURIXQ]LRQLVRQRLQGLSHQGHQWLH
VRJJLDFFLRQR VROR DOOD FRVWLWX]LRQH H DOOH OHJJL &Lz VLJQLILFD FKH L JLXGLFL GD XQ ODWR VRQR
LQGLSHQGHQWL ULVSHWWR VLD DOOH SDUWL FKH DOOH DXWRULWj VWDWDOL H GDOO
DOWUR GHYRQR HVVHUH LPSDU]LDOL H
ULVSHWWDUH OH GLVSRVL]LRQL FRVWLWX]LRQDOL H OHJLVODWLYH DL VHQVL GHOOH TXDOL VYROJRQR WXWWH OH ORUR
IXQ]LRQL
, JLXGLFL VRQR QRPLQDWL D WHPSR LQGHWHUPLQDWR GDO SUHVLGHQWH GHOOD 5HSXEEOLFD VX ULFKLHVWD GHO
FRQVLJOLRQD]LRQDOHGHOODPDJLVWUDWXUD
3HU HVVHUH QRPLQDWR JLXGLFH GL XQ WULEXQDOH GLVWUHWWXDOH LO WULEXQDOH GL JUDGR JHUDUFKLFDPHQWH
LQIHULRUHqQHFHVVDULRHVVHUHFLWWDGLQRSRODFFRHGHWHQHUHSLHQLGLULWWLFLYLOLHGLFLWWDGLQDQ]DDYHUH
XQD UHSXWD]LRQH LPSHFFDELOH DYHU FRQVHJXLWROD ODXUHD LQJLXULVSUXGHQ]D LQ 3RORQLD RSSXUH DYHU
SRUWDWR D WHUPLQH DOO
HVWHUR XQ FRUVR GL VWXGL ULFRQRVFLXWR LQ 3RORQLD DYHUH XQR VWDWR GL VDOXWH
FRPSDWLELOH FRQ OH IXQ]LRQL GL JLXGLFH DYHUH DOPHQR DQQL GL HWj DYHU VXSHUDWR O
HVDPH SHU
JLXGLFH R SXEEOLFR PLQLVWHUR DYHU ODYRUDWR FRPH JLXGLFH DJJLXQWR R FRPH VRVWLWXWR SXEEOLFR
PLQLVWHURSHUDOPHQRWUHDQQLRFRPHIXQ]LRQDULRSUHVVRLWULEXQDOLSHUFLQTXHDQQL,UHTXLVLWLUHODWLYL
DOFRPSOHWDPHQWRGHOODIRUPD]LRQHOHJDOHHFRPHJLXGLFHQRQVLDSSOLFDQRDOOHSHUVRQHFKHVRQR
VWDWHJLXGLFLDJJLXQWLRIXQ]LRQDULGHLWULEXQDOLSHUDOPHQRVHLDQQLHFKHKDQQRVXSHUDWRO
HVDPH
SHU JLXGLFH , UHTXLVLWL UHODWLYL DO FRPSOHWDPHQWR GHOOD IRUPD]LRQH OHJDOH H FRPH JLXGLFH H
DOO
HVSHULHQ]D SURIHVVLRQDOH QRQ VL DSSOLFDQR DL SURIHVVRUL H DL GRWWRUL GL ULFHUFD FKH ODYRUDQR LQ
LVWLWXWLDFFDGHPLFL,QROWUHFKLDEELDODYRUDWRFRPHDYYRFDWRFRQVXOHQWHOHJDOHRQRWDLRSHUDOPHQR
WUH DQQL SXz HVVHUH QRPLQDWR JLXGLFH SUHVVR XQ WULEXQDOH GLVWUHWWXDOH 3HU TXDQWR ULJXDUGD LO
FRQIHULPHQWR GHOO
LQFDULFR GL JLXGLFH QHL WULEXQDOL GL JUDGR VXSHULRUH WULEXQDOL UHJLRQDOL H FRUWH
G
DSSHOOR DL FULWHUL VRSUD HOHQFDWL VL DJJLXQJH LO UHTXLVLWR GHOO
HVSHULHQ]D SURIHVVLRQDOH LQ DPELWR
JLXGL]LDULRRGLDOWUHSURIHVVLRQLOHJDOL
8Q FDQGLGDWR JLXGLFH GHYH LQQDQ]LWXWWR HVVHUH DSSURYDWR D VFUXWLQLR VHJUHWR GDOO
RUJDQR GL
DXWRJRYHUQR GHL JLXGLFL GL XQ GHWHUPLQDWR WULEXQDOH RVVLD O
DVVHPEOHD JHQHUDOH ,O FDQGLGDWR q
TXLQGL SUHVHQWDWR DO FRQVLJOLR QD]LRQDOH GHOOD PDJLVWUDWXUD SHU O
LQWHUPHGLDULR GHO PLQLVWUR GHOOD
*LXVWL]LD FKH SXz HVSULPHUH LO SURSULR SDUHUH 6XFFHVVLYDPHQWH LO FRQVLJOLR QD]LRQDOH GHOOD
PDJLVWUDWXUD DGRWWD D VFUXWLQLR VHJUHWR XQD GHOLEHUD]LRQH FRQ FXL SURSRQH LO FDQGLGDWR DO
SUHVLGHQWH FKH QRPLQD L JLXGLFL GHL WULEXQDOL GLVWUHWWXDOL UHJLRQDOL H GHOOH FRUWL G
DSSHOOR 8QD
SURPR]LRQHDXQWULEXQDOHGLJUDGRVXSHULRUHULFKLHGHODVWHVVDSURFHGXUDGLDSSURYD]LRQHHXQD
QXRYDQRPLQD
/
LQGLSHQGHQ]D GHL JLXGLFL q JDUDQWLWD GDOOD ORUR LQDPRYLELOLWj 8Q JLXGLFH SXz HVVHUH ULPRVVR
VRVSHVR R WUDVIHULWR SUHVVR XQ DOWUR WULEXQDOH R D XQ DOWUR LQFDULFR FRQWUR OD VXD YRORQWj VROR D
VHJXLWRGLXQDGHFLVLRQHGLXQWULEXQDOHFRPSUHVRXQWULEXQDOHGLVFLSOLQDUHHGHVFOXVLYDPHQWHQHL
FDVLSUHYLVWLGDOODOHJJHDUWLFRORGHOODFRVWLWX]LRQH
, JLXGLFL VRQR QRPLQDWL D WHPSR LQGHWHUPLQDWR DUWLFROR GHOOD FRVWLWX]LRQH &Lz VLJQLILFD FKH
XQD YROWD UDJJLXQWD O
HWj SHQVLRQDELOH DWWXDOPHQWH DQQL GLYHQWDQR JLXGLFL D ULSRVR
PDQWHQHQGRDOFXQLGHLORURGLULWWLHGREEOLJKL7XWWDYLDLOFRQVLJOLRQD]LRQDOHGHOODPDJLVWUDWXUDVX
ULFKLHVWDGHOJLXGLFHLQWHUHVVDWRSXzDXWRUL]]DUHLOJLXGLFHDSURVHJXLUHOHVXHIXQ]LRQLILQRDOO
HWjGL
DQQL
6HQ]D LO FRQVHQVR SUHOLPLQDUH GHO WULEXQDOH SUHYLVWR GDOOD OHJJH XQ JLXGLFH QRQ SXz HVVHUH
SHUVHJXLWRSHQDOPHQWHQpHVVHUHSULYDWRGHOODOLEHUWjLPPXQLWjGHLJLXGLFL8QJLXGLFHQRQSXz
HVVHUHGHWHQXWRRDUUHVWDWRDPHQRFKHVLDFROWRLQIODJUDQ]DGLUHDWRHODVXDGHWHQ]LRQHULVXOWL
QHFHVVDULD SHU JDUDQWLUH LO FRUUHWWR VYROJLPHQWR GHOOD JLXVWL]LD DUWLFROR GHOOD FRVWLWX]LRQH ,
JLXGLFL ULVSRQGRQR VROR GLQDQ]LDL WULEXQDOLGLVFLSOLQDUL FRVWLWXLWL GD JLXGLFL H LVWLWXLWL GDJOL RUJDQL GL
DXWRJRYHUQRGHLJLXGLFLSHUTXDOVLDVLYLROD]LRQHGHLORURGRYHULRSHUTXDOVLDVLLOOHFLWRPLQRUH
8Q JLXGLFH QRQ SXz HVVHUH PHPEUR GL SDUWLWL SROLWLFL R GL VLQGDFDWL Qp VYROJHUH DWWLYLWj SXEEOLFKH
LQFRPSDWLELOL FRQ LO SULQFLSLR GHOO
LQGLSHQGHQ]D GHL WULEXQDOL H GHL JLXGLFL DUWLFROR FRPPD GHOODFRVWLWX]LRQH,QROWUHXQJLXGLFHQRQSXzDFFHWWDUHDOFXQODYRURUHWULEXLWRVHQ]DLOFRQVHQVR
GHOOHDXWRULWjFRPSHWHQWL
,JLXGLFLVRQRDVVRJJHWWDWLDXQFRQVLJOLRGLDXWRJRYHUQRGHLJLXGLFL*OLRUJDQLGLWDOHFRQVLJOLRVRQR
O
DVVHPEOHDJHQHUDOHGHLJLXGLFLUHJLRQDOLHO
DVVHPEOHDJHQHUDOHGHLJLXGLFLGHOODFRUWHG
DSSHOOR
,OPLQLVWURGHOOD*LXVWL]LDVXSHUYLVLRQDOHDWWLYLWjDPPLQLVWUDWLYHGHLWULEXQDOL
/HGLVSRVL]LRQLVXOORVWDWXVGHLJLXGLFLHVXOODJDUDQ]LDGLLQGLSHQGHQ]DGHLJLXGLFLVRQRFRQWHQXWH
QHOODFRVWLWX]LRQHSRODFFDHQHOODOHJJHVXLWULEXQDOLFRPXQLGHOOXJOLR
38%%/,&,0,1,67(5,
/D IXQ]LRQH SULQFLSDOH GHOO
XIILFLR GHO SXEEOLFR PLQLVWHUR q YHJOLDUH VXOO¶RVVHUYDQ]D GHOOH OHJJL H
GHOO
RUGLQH H VRYULQWHQGHUH DOO
HVHUFL]LR GHOO
D]LRQH SHQDOH LYL FRPSUHVR OR VYROJLPHQWR R OD
VXSHUYLVLRQH GHL SURFHGLPHQWL SUHOLPLQDUL LQ PDWHULD SHQDOH , PDJLVWUDWL GHOO
XIILFLR GHO SXEEOLFR
PLQLVWHURHVHUFLWDQRO
D]LRQHSHQDOHGLQDQ]LDLWULEXQDOLFRPSLRQRDWWLLQYHVWLJDWLYLVXLUHDWLORWWDH
SUHYHQ]LRQH GHOOD FULPLQDOLWj H FRRSHUDQR FRQ DOWUL RUJDQL SHU SUHYHQLUH L UHDWL H DOWUH YLROD]LRQL
GHOODOHJJH
,QROWUH LQ PDWHULD FLYLOH LQ FRQIRUPLWj GHOO
DUWLFROR GHO FRGLFH GL SURFHGXUD FLYLOH LO SXEEOLFR
PLQLVWHUR SXz VHPSUH HVHUFLWDUH O
D]LRQH FLYLOH R LQWHUYHQLUH QHOOH FDXVH JLj SHQGHQWL TXDORUD OR
ULWHQJD QHFHVVDULR SHU OD WXWHOD GHOOD OHJJH GHOO¶RUGLQH GHL GLULWWL GHL FLWWDGLQL R GHOO
LQWHUHVVH
SXEEOLFR 3HU TXDQWR ULJXDUGD OH FRQWURYHUVLH QRQ SDWULPRQLDOL LQ PDWHULD GL GLULWWR GL IDPLJOLD LO
SXEEOLFRPLQLVWHURSXzHVHUFLWDUHO
D]LRQHFLYLOHVRORQHLFDVLSUHYLVWLGDOODOHJJH
1HOO
DPELWR GHO GLULWWR GL IDPLJOLD LO SXEEOLFR PLQLVWHUR SXz HVHUFLWDUH O
D]LRQH JLXGL]LDULD LQ
SDUWLFRODUH TXDORUD XQD SHUVRQD OHJLWWLPDWD DG DJLUH SHU LQFRPSHWHQ]D R DOWUR YDOLGRPRWLYR VLD
LQFDSDFH GL IDU YDOHUH LQ JLXGL]LR OH SURSULH SUHWHVH R VL DVWHQJD GDO IDUOR D GDQQR GHOO¶LQWHUHVVH
SXEEOLFR /
LQWHUYHQWR GHO SXEEOLFR PLQLVWHUR q RSSRUWXQR VRSUDWWXWWR QHOOH FDXVH LQ PDWHULD GL
DQQXOODPHQWR R SURYD GHOO¶HVLVWHQ]D GHO PDWULPRQLR GLVFRQRVFLPHQWR GL SDWHUQLWj R PDWHUQLWj
LPSXJQD]LRQH GHO ULFRQRVFLPHQWR GL XQ ILJOLR H GLFKLDUD]LRQH GHOO¶DVVROXWD LQYDOLGLWj GHO
ULFRQRVFLPHQWRGLXQILJOLRDGR]LRQHGDSDUWHGLVWUDQLHULRGDSDUWHGLFLWWDGLQLSRODFFKLUHVLGHQWL
DOO¶HVWHURDQQXOODPHQWRGLXQ
DGR]LRQHFHVVD]LRQHGHOODSRWHVWjJHQLWRULDOHRGHOODWXWHOD
,Q PDWHULD GL GLULWWR DPPLQLVWUDWLYR LO SXEEOLFR PLQLVWHUR LPSXJQD OH GHFLVLRQL DPPLQLVWUDWLYH
LOOHJLWWLPHHLQWHUYLHQHQHOOHFDXVHULJXDUGDQWLODOHJLWWLPLWjGHOOHGHFLVLRQLDPPLQLVWUDWLYH
/
XIILFLRGHOSXEEOLFRPLQLVWHURqFRPSRVWRGDOSURFXUDWRUHJHQHUDOH HGDLPDJLVWUDWLGHOOHVH]LRQL
FRPXQL H PLOLWDUL GHOO
XIILFLR GHO SXEEOLFR PLQLVWHUR IDFHQWL FDSR DO SURFXUDWRUH JHQHUDOH H GDL
PDJLVWUDWLGHOOD FRPPLVVLRQH SHU OD ORWWD DOOD FULPLQDOLWj FRQWUROD QD]LRQH SRODFFD ,O SURFXUDWRUH
JHQHUDOH q O¶DXWRULWj VXSUHPD GHOO
XIILFLR GHO SXEEOLFR PLQLVWHUR /D VXD IXQ]LRQH q HVHUFLWDWD GDO
PLQLVWUR GHOOD *LXVWL]LD , PDJLVWUDWL GHOOH VH]LRQL FRPXQL DSSDUWHQJRQR DOO
XIILFLR QD]LRQDOH GHO
SXEEOLFRPLQLVWHURHDJOLXIILFLGHOSXEEOLFRPLQLVWHURSUHVVROHFRUWLG¶DSSHOORHLWULEXQDOLUHJLRQDOLH
GLVWUHWWXDOL
/
XIILFLR GHO SXEEOLFRPLQLVWHUR KD XQD VWUXWWXUDJHUDUFKLFD,PDJLVWUDWL SXU HVVHQGR LQGLSHQGHQWL
QHOO¶HVHUFL]LRGHOOHIXQ]LRQLSUHYLVWHGDOODOHJJHVRQRWHQXWLDULVSHWWDUHJOLRUGLQLOHGLUHWWLYHHOH
LVWUX]LRQLGHLPDJLVWUDWLFXLIDQQRFDSR
, PDJLVWUDWL GHOOH VH]LRQL FRPXQL GHOO
XIILFLR GHO SXEEOLFR PLQLVWHUR VRQR QRPLQDWL GDO SURFXUDWRUH
JHQHUDOH
3HU HVVHUH QRPLQDWR PDJLVWUDWR GHOO
XIILFLR GHO SXEEOLFR PLQLVWHUR q QHFHVVDULR HVVHUH FLWWDGLQR
SRODFFR H GHWHQHUH SLHQL GLULWWL FLYLOL H GL FLWWDGLQDQ]D DYHUH XQD UHSXWD]LRQH LPSHFFDELOH DYHU
FRQVHJXLWRODODXUHDLQJLXULVSUXGHQ]DLQ3RORQLDRSSXUHDYHUSRUWDWRDWHUPLQHDOO¶HVWHURXQFRUVR
GL VWXGL ULFRQRVFLXWR LQ 3RORQLD DYHUH XQR VWDWR GL VDOXWH FRPSDWLELOH FRQ OH IXQ]LRQL GL SXEEOLFR
PLQLVWHUR DYHUH DOPHQR DQQL GL HWj DYHU VXSHUDWR O¶HVDPH SHU SXEEOLFR PLQLVWHUR R JLXGLFH
DYHUH ODYRUDWR FRPHVRVWLWXWR SXEEOLFRPLQLVWHUR R FRPH JLXGLFH DJJLXQWR SHUDOPHQR XQ DQQR R
DYHUHFRPSOHWDWRSUHVVRODVH]LRQHPLOLWDUHGHOO
XIILFLRGHOSXEEOLFRPLQLVWHURLOSHULRGRGLVHUYL]LR
VSHFLILFDWRQHOOHGLVSRVL]LRQLVXOVHUYL]LRPLOLWDUHGHLVROGDWLSURIHVVLRQLVWL
, SURIHVVRUL H L GRWWRUL GL ULFHUFD LQ VFLHQ]H JLXULGLFKH SUHVVR OH XQLYHUVLWj SRODFFKH O¶DFFDGHPLD
GHOOHVFLHQ]HSRODFFDRLVWLWXWLDFFDGHPLFLLJLXGLFLLJLXGLFLPLOLWDULJOLDYYRFDWLLFRQVXOHQWLOHJDOLH
LFRQVXOHQWLGHOO
XIILFLRGHOSURFXUDWRUHJHQHUDOHGHOODWHVRUHULDGL6WDWRFKHDEELDQRVYROWRODORUR
SURIHVVLRQH R PDQWHQXWR LO ORUR LQFDULFR SHU DOPHQR WUH DQQL SRVVRQR HVVHUH QRPLQDWL PDJLVWUDWL
GHOO
XIILFLRGHOSXEEOLFRPLQLVWHURVHQ]DO
REEOLJRGLDYHUHVXSHUDWRO
HVDPHSHUSXEEOLFRPLQLVWHURH
GLDYHUHFRPSOHWDWRODIRUPD]LRQHFRPHSXEEOLFRPLQLVWHURLQRWDLSRVVRQRHVVHUHQRPLQDWLSUHYLR
VXSHUDPHQWRGHOO¶HVDPHPDVHQ]DO
REEOLJRGLDYHUHFRPSOHWDWRODIRUPD]LRQHSURIHVVLRQDOH
, PDJLVWUDWL GHOO
XIILFLR GHO SXEEOLFR PLQLVWHUR VRQR QRPLQDWL D WHPSR LQGHWHUPLQDWR &Lz VLJQLILFD
FKH XQD YROWDUDJJLXQWDO¶HWj SHQVLRQDELOH GLYHQWDQRPDJLVWUDWL D ULSRVRPDQWHQHQGR DOFXQL GHL
ORURGLULWWLHGREEOLJKL
8Q PDJLVWUDWR SXz HVVHUH GHVWLQDWR DG DOWUR LQFDULFR VROR VH YL DFFRQVHQWH ,Q FDVR GL VFRUUHWWD
FRQGRWWDSURIHVVLRQDOHLQFOXVDTXDOXQTXHYLROD]LRQHHYLGHQWHHJUDYHGHOOHGLVSRVL]LRQLGLOHJJHH
GHOOD GLJQLWj GHOOH IXQ]LRQL GL SXEEOLFR PLQLVWHUR QHL FRQIURQWL GHO PDJLVWUDWR q DYYLDWR XQ
SURFHGLPHQWR GLVFLSOLQDUH GLQDQ]L D XQ WULEXQDOH FRPSRVWR GD PDJLVWUDWL GHOO
XIILFLR GHO SXEEOLFR
PLQLVWHUR
$QDORJDPHQWH DL JLXGLFL L PDJLVWUDWL GHOO
XIILFLR GHO SXEEOLFR PLQLVWHUR KDQQR GLULWWR DOO¶LPPXQLWj
SHUWDQWR QRQ SRVVRQR HVVHUH SHUVHJXLWL SHQDOPHQWH VHQ]D LO FRQVHQVR GHO WULEXQDOH GLVFLSOLQDUH
FRPSHWHQWHQpHVVHUHSULYDWLGHOODOLEHUWjVHQ]DLOFRQVHQVRGHOVXSHULRUHJHUDUFKLFR/
LPPXQLWj
QRQVLDSSOLFDLQFDVRGLIODJUDQ]DGLUHDWR
'XUDQWHLOVXRPDQGDWRLOPDJLVWUDWRGHOO
XIILFLRGHOSXEEOLFRPLQLVWHURQRQSXzHVVHUHPHPEURGL
SDUWLWLSROLWLFLQpSDUWHFLSDUHDGDWWLYLWjSROLWLFKH
8QPDJLVWUDWRGHOO
XIILFLRGHOSXEEOLFRPLQLVWHURQRQSXzVYROJHUHDOWUHDWWLYLWjSURIHVVLRQDOLHFFHWWR
O
LQVHJQDPHQWRRODULFHUFDDFFDGHPLFDQpDOWUHDWWLYLWjUHWULEXLWHFKHSRVVDQRLQWHUIHULUHFRQLVXRL
GRYHULSURIHVVLRQDOLRSUHJLXGLFDUHODILGXFLDQHOODVXDLPSDU]LDOLWjRODGLJQLWjGHOO
XIILFLRGLSXEEOLFR
PLQLVWHUR LQFOXVH OH DWWLYLWj FRPPHUFLDOL R O
DVVXQ]LRQH GL LQFDULFKL LQ RUJDQL GL JHVWLRQH GL HQWL
FRPPHUFLDOL
/RVWDWXVGHLPDJLVWUDWLGHOO
XIILFLRGHOSXEEOLFRPLQLVWHURHLORURGLULWWLHGREEOLJKLVRQRGLVFLSOLQDWL
GDOODOHJJHGHOJLXJQRVXOO
XIILFLRGHOSXEEOLFRPLQLVWHUR
8)),&,$/,*,8',=,$5,
*OL XIILFLDOL JLXGL]LDUL VRQR IXQ]LRQDUL SXEEOLFL FKH VYROJRQR OH ORUR IXQ]LRQL SUHVVR L WULEXQDOL
GLVWUHWWXDOL 6RQR LQFDULFDWL GL DWWLYLWj HVHFXWLYH QHOOH FDXVH FLYLOL H GL DOWUH DWWLYLWj SUHYLVWH GD
VSHFLILFKHGLVSRVL]LRQLGLOHJJHDGHVHPSLRVWLODUHO
LQYHQWDULRHVXULFKLHVWDGHOWULEXQDOHRGHO
SXEEOLFRPLQLVWHUR HODERUDUH XQD UHOD]LRQH VXL IDWWL GL FDXVD SULPD GHOO
DYYLR GHO SURFHGLPHQWR R
SULPDGHOODSURQXQFLD GHOOD VHQWHQ]D,QROWUH JOL XIILFLDOL JLXGL]LDULVRQR DXWRUL]]DWL D FRQVHJQDUH
QRWLILFKH GHO WULEXQDOH DYYLVL RSSRVL]LRQL FLWD]LRQL LQ JLXGL]LR HG DOWUL GRFXPHQWL VRJJHWWL D
FRQIHUPD GL ULFH]LRQH H D WHUPLQL GL FRQVHJQD 6YROJRQR DOWUHVu IXQ]LRQL GL VXSHUYLVLRQH XIILFLDOH
VXOOH DVWH SXEEOLFKH YRORQWDULH FRQIHUPDQGRO
RIIHUWD SL EDVVD R SL DOWD 3HU O
HVHFX]LRQH GHOOH
DWWLYLWj LQ PDWHULD GL HVHFX]LRQH H GL TXHOOH SUHYLVWH SHU OHJJH JOL XIILFLDOL JLXGL]LDUL SHUFHSLVFRQR
RQRUDUL
*OLXIILFLDOLJLXGL]LDULKDQQRVHGHHGHVSOHWDQROHIXQ]LRQLQHOO
DPELWRGHOO
DUHDORURDVVHJQDWDIHUPR
UHVWDQGR FKH XQ FUHGLWRUH q OLEHUR GL VFHJOLHUH TXDOVLDVL XIILFLDOH JLXGL]LDULR QHOO
DPELWR GHOOD
JLXULVGL]LRQH GHOOD FRUWH G
DSSHOOR /
DUHD GHOO
XIILFLDOH JLXGL]LDULR FRSUH O
DUHD GL JLXULVGL]LRQH GHO
WULEXQDOH GLVWUHWWXDOH XQD SDUWH GL WDOH DUHD R O
DUHD GL JLXULVGL]LRQH GL SL WULEXQDOL GLVWUHWWXDOL ,O
PLQLVWUR GHOOD *LXVWL]LD SXEEOLFD DQQXDOPHQWH XQ HOHQFR GHOOH DUHH H GHOOH VHGL DXWRUL]]DWH GHJOL
XIILFLDOLJLXGL]LDUL
1HOO
HVSOHWDPHQWRGHLVXRLGRYHULO
XIILFLDOHJLXGL]LDULRqVRJJHWWRVRORDOOHOHJJLHDOOHVHQWHQ]HGHO
WULEXQDOH /D VXSHUYLVLRQH GHOOD FRUUHWWH]]D IRUPDOH GHOOH DWWLYLWj GHOO
XIILFLDOH JLXGL]LDULR VSHWWD DO
SUHVLGHQWH GHO WULEXQDOH GLVWUHWWXDOH SUHVVRLO TXDOHO
XIILFLDOH JLXGL]LDULR VYROJH OH VXH IXQ]LRQL /D
VXSHUYLVLRQH FRPSOHVVLYD GHOOH DWWLYLWj GHJOL XIILFLDOL JLXGL]LDUL H GHOOH DWWLYLWj GHOO
RUJDQR GL
DXWRJRYHUQRGHJOLXIILFLDOLJLXGL]LDULFRPSHWHDOPLQLVWURGHOOD*LXVWL]LD
3HU HVVHUH QRPLQDWR XIILFLDOH JLXGL]LDULR q QHFHVVDULR HVVHUH FLWWDGLQR SRODFFR H GHWHQHUH SLHQL
GLULWWLFLYLOLHGLFLWWDGLQDQ]DDYHUHXQDUHSXWD]LRQHLPSHFFDELOHDYHUFRQFOXVRXQFRUVRGLVWXGLGL
OLYHOOR XQLYHUVLWDULR LQ JLXULVSUXGHQ]D R LQ VFLHQ]H GHOO
DPPLQLVWUD]LRQH DYHU FRPSOHWDWR OD
IRUPD]LRQHFRPHXIILFLDOHJLXGL]LDULRDYHUVXSHUDWRO
HVDPHSHUXIILFLDOHJLXGL]LDULRHDYHUHDOPHQR
DQQLGLHWj,JLXGLFLLSXEEOLFLPLQLVWHULJOLDYYRFDWLLFRQVXOHQWLOHJDOLLQRWDLHOHSHUVRQHFKH
KDQQR FRPSOHWDWRODIRUPD]LRQH FRPH JLXGLFH SXEEOLFRPLQLVWHUR DYYRFDWR FRQVXOHQWH OHJDOH R
QRWDLRQRQFKpOHSHUVRQHFKHKDQQRFRQVHJXLWRXQGRWWRUDWRGLULFHUFDLQVFLHQ]HJLXULGLFKHVRQR
HVHQWLGDOO
REEOLJRGHOODIRUPD]LRQHHGHOO
HVDPH
*OL XIILFLDOL JLXGL]LDUL HOHJJRQR L ORUR RUJDQL GL DXWRJRYHUQR FKH FRPSUHQGRQR XQD FRQIHUHQ]D
QD]LRQDOH XQ FRQVLJOLR QD]LRQDOH OH DVVHPEOHH JHQHUDOL GHJOL XIILFLDOL JLXGL]LDUL GHJOL RUGLQL GHJOL
XIILFLDOLJLXGL]LDULHJOLRUGLQLGHJOLXIILFLDOLJLXGL]LDUL
/HIXQ]LRQLGHJOLXIILFLDOLJLXGL]LDULHODVWUXWWXUDGHLORURRUJDQLGLDXWRJRYHUQRVRQRUHJRODWHGDOOD
OHJJHGHODJRVWRVXJOLXIILFLDOLJLXGL]LDULGHOWULEXQDOHHVXOODSURFHGXUDGLHVHFX]LRQH
127$,
,O VHUYL]LR QRWDULOH KD OR VFRSR GL WXWHODUH OD FHUWH]]D GHJOL DWWL JLXULGLFL H OD ORUR FRQIRUPLWj DOOD
OHJLVOD]LRQHYLJHQWH7DOHVHUYL]LRqVYROWRGDLQRWDLRVVLDSHUVRQHGHSRVLWDULHGLSXEEOLFDILGXFLD
QRPLQDWHSHUUHGLJHUHJOLDWWLFKHOHSDUWLGHYRQRRYRJOLRQRVWLSXODUHLQIRUPDQRWDULOH
/H SULQFLSDOL IXQ]LRQL QRWDULOL VRQR OD UHGD]LRQH GL DWWL QRWDULOL H GL YHUEDOL OD FHUWLILFD]LRQH H
O
DXWHQWLFD]LRQH GL GRFXPHQWL OD UHGD]LRQH GL SURWHVWL ULJXDUGDQWL YDJOLD FDPELDUL H DVVHJQL OD
ULFH]LRQH GL GLFKLDUD]LRQL GL DFFHWWD]LRQH R GL ULQXQFLD GL HUHGLWj H O
DFFHWWD]LRQH GL GHSRVLWL YDUL
1HOO
HVHUFL]LR GHOOH VXH IXQ]LRQL LO QRWDLR DJLVFH FRPH SHUVRQD GHSRVLWDULD GL SXEEOLFD ILGXFLD H
EHQHILFLD GHOOD WXWHOD FRQFHVVD DL IXQ]LRQDUL SXEEOLFL *OL DWWL QRWDULOL UHGDWWL GDO QRWDLR
FRQIRUPHPHQWHDOODOHJJHKDQQRQDWXUDGLGRFXPHQWLXIILFLDOL
$WWXDOPHQWH LQ 3RORQLD HVLVWRQR XQ RUJDQR GL DXWRJRYHUQR GHL QRWDL H XIILFL QRWDULOL SULYDWL
/¶LVFUL]LRQHDOO
RUJDQRGLDXWRJRYHUQRqREEOLJDWRULDHFRVWLWXLVFHXQUHTXLVLWRSHUSRWHUSUDWLFDUHOD
SURIHVVLRQHGLQRWDLR/¶RUJDQRGLDXWRJRYHUQRGHLQRWDLFRPSUHQGHJOLRUGLQLGHLQRWDLHLOFRQVLJOLR
QD]LRQDOHGHLQRWDL
, QRWDL VRQR QRPLQDWL H GHVWLWXLWL GDO PLQLVWUR GHOOD *LXVWL]LD VHQWLWR LO SDUHUH GHOO
RUGLQH QRWDULOH
FRPSHWHQWH 3HU HVVHUH QRPLQDWR QRWDLRq QHFHVVDULR HVVHUH FLWWDGLQR SRODFFR H GHWHQHUH SLHQL
GLULWWL FLYLOL H GL FLWWDGLQDQ]D DYHUH XQD UHSXWD]LRQH LPSHFFDELOH DYHU FRQVHJXLWR OD ODXUHD LQ
JLXULVSUXGHQ]DLQ3RORQLDRSSXUHDYHUSRUWDWRDWHUPLQHDOO¶HVWHURXQFRUVRGLVWXGLULFRQRVFLXWRLQ
3RORQLD DYHU FRPSOHWDWR OD IRUPD]LRQH FRPH QRWDLR DYHU VXSHUDWR O¶HVDPH SHU QRWDLR DYHU
ODYRUDWR FRPH DVVLVWHQWH QRWDLR SHU DOPHQR WUH DQQL H DYHUH DOPHQR DQQL GL HWj 3RVVRQR
HVVHUHQRPLQDWLQRWDLDQFKHLSURIHVVRULHLGRWWRULGLULFHUFDLQVFLHQ]HJLXULGLFKHLJLXGLFLLSXEEOLFL
PLQLVWHULJOLDYYRFDWLHLFRQVXOHQWLOHJDOLFKHDEELDQRSUDWLFDWRODORURSURIHVVLRQHSHUDOPHQRWUH
DQQL
/D VWUXWWXUD GHO VHUYL]LR QRWDULOH H OH IXQ]LRQL GHL QRWDL VRQR UHJRODWH GDOOD OHJJH GHO IHEEUDLR
± OHJJHQRWDULOH
$992&$7,
/
DYYRFDWXUDqGLUHWWDIRUQLUHDVVLVWHQ]DOHJDOH HFRRSHUDUH DOODWXWHODGHLGLULWWLHGHOOHOLEHUWjGHL
FLWWDGLQL H DOOD IRUPXOD]LRQH H DOO
DSSOLFD]LRQH GHOOD OHJJH , FRPSLWL GHOO
DYYRFDWR VRQR IRUQLUH
DVVLVWHQ]D OHJDOH VRSUDWWXWWR FRQVXOHQ]D OHJDOH UHGLJHUH SDUHUL OHJDOL VWLODUH SURJHWWL GL OHJJH H
SUHVHQ]LDUH GLQDQ]L DL WULEXQDOL H DOOH LVWLWX]LRQL XIILFLDOL 7DOH DVVLVWHQ]D q IRUQLWD DL VLQJROL H DL
VRJJHWWLFROOHWWLYLDYHQWLFDUDWWHUHFRPPHUFLDOHRGLDOWURWLSR
/¶DYYRFDWXUDqRUJDQL]]DWDVXOODEDVHGHLSULQFLSLGHOO
DXWRJRYHUQRSURIHVVLRQDOHHGqFRPSRVWDGD
RUGLQL GHJOL DYYRFDWL 7DOL RUGLQL FRPSUHQGRQR JOL DYYRFDWL H L SUDWLFDQWL DYYRFDWL DYHQWL LO
GRPLFLOLR SURIHVVLRQDOH QHOOD FLUFRVFUL]LRQH GHOO
RUGLQH /D SURIHVVLRQH GL DYYRFDWR SXz HVVHUH
SUDWLFDWDVRORGDJOLLVFULWWLDOO¶DOERGHOO
RUGLQHGHJOLDYYRFDWLQHOODFXLFLUFRVFUL]LRQHO
DYYRFDWRKDLO
SURSULR LO GRPLFLOLR SURIHVVLRQDOH /¶LVFUL]LRQH DOO¶DOER q REEOLJDWRULD /¶RUJDQR GL DXWRJRYHUQR
QD]LRQDOHGHJOLDYYRFDWLqLOFRQVLJOLRVXSUHPRGHJOLDYYRFDWL
3HU LVFULYHUVL DOO
DOER GHJOL DYYRFDWL q QHFHVVDULR DYHUH XQD UHSXWD]LRQH LPSHFFDELOH H XQD
FRQGRWWDSDVVDWDFKHJDUDQWLVFDLOFRUUHWWRVYROJLPHQWRGHOODSURIHVVLRQHGHWHQHUHSLHQLGLULWWLFLYLOL
H SLHQD FDSDFLWj JLXULGLFD DYHU FRQVHJXLWR OD ODXUHD LQ JLXULVSUXGHQ]D LQ 3RORQLD RSSXUH DYHU
SRUWDWR D WHUPLQH DOO¶HVWHUR XQ FRUVR GL VWXGL LQ JLXULVSUXGHQ]D ULFRQRVFLXWR LQ 3RORQLD DYHU
FRPSOHWDWR OD IRUPD]LRQH FRPH DYYRFDWR LQ 3RORQLD H DYHU VXSHUDWR O¶HVDPH SHU DYYRFDWR *OL
XOWLPLGXHUHTXLVLWLQRQVLDSSOLFDQRDLSURIHVVRULHDLGRWWRULGLULFHUFDLQVFLHQ]HJLXULGLFKHDFRORUR
FKHKDQQRVXSHUDWRO
HVDPHSHUJLXGLFHSXEEOLFRPLQLVWHURFRQVXOHQWHOHJDOHRQRWDLRHDFRORUR
FKHKDQQRHVSOHWDWRIXQ]LRQLGLFRQVXOHQWHSUHVVRO
XIILFLRGHOSURFXUDWRUHJHQHUDOHGHOODWHVRUHULD
GL 6WDWR SHU DOPHQR WUH DQQL , GRWWRUL GL ULFHUFD LQ VFLHQ]H JLXULGLFKH H OH SHUVRQH FKH KDQQR
ODYRUDWRFRPHIXQ]LRQDULGHOWULEXQDOHRFRPHJLXGLFLDJJLXQWLSHUDOPHQRDQQLLQXQSHULRGRQRQ
VXSHULRUHDDQQLSRVVRQRVRVWHQHUHO¶HVDPHSHUDYYRFDWRVHQ]DO¶REEOLJRGLDYHUFRPSOHWDWROD
IRUPD]LRQHFRPHDYYRFDWR
/¶RUJDQL]]D]LRQH H OH IXQ]LRQL GHOO
DYYRFDWXUD VRQR UHJRODWH GDOOD OHJJH GHO PDJJLR ±
OHJJHVXOO
DYYRFDWXUD
/DIRUQLWXUDGLDVVLVWHQ]DOHJDOHGDSDUWHGLDYYRFDWLVWUDQLHULLQ3RORQLDqGLVFLSOLQDWDGDOODOHJJH
GHOOXJOLR
&2168/(17,/(*$/,
/DSURIHVVLRQHGLFRQVXOHQWHOHJDOHFRQVLVWHQHOIRUQLUHDVVLVWHQ]DOHJDOHLQSDUWLFRODUHFRQVXOHQ]D
OHJDOH UHGLJHUH SDUHUL OHJDOL VWLODUH SURJHWWL GL OHJJH H SUHVHQ]LDUH GLQDQ]L DL WULEXQDOL H DOOH
LVWLWX]LRQLXIILFLDOL
,FRQVXOHQWLOHJDOLSRVVRQRIRUQLUHDVVLVWHQ]DOHJDOHDHQWLDYHQWLFDUDWWHUHFRPPHUFLDOHRGLDOWUR
WLSRHDVLQJROLFKHQRQVYROJRQRSURIHVVLRQDOPHQWHDWWLYLWjFRPPHUFLDOLQRQSRVVRQRWXWWDYLDDJLUH
FRPHGLIHQVRULQHLSURFHGLPHQWLSHQDOLHQHLSURFHGLPHQWLUHODWLYLDUHDWLILVFDOL
,FRQVXOHQWLOHJDOLSRVVRQRHVHUFLWDUHODORURSURIHVVLRQHFRPHOLEHULSURIHVVLRQLVWLHVYROJHUHDQFKH
DOWUHDWWLYLWjSURIHVVLRQDOLDGHVHPSLRODYRUDWRULGLSHQGHQWL
,FRQVXOHQWLOHJDOLVRQRRUJDQL]]DWLVXOODEDVHGHLSULQFLSLGHOO
DXWRJRYHUQRSURIHVVLRQDOH/¶RUJDQR
SURIHVVLRQDOH GL DXWRJRYHUQR GHL FRQVXOHQWL OHJDOL q LQGLSHQGHQWH QHOOR VYROJLPHQWR GHOOH SURSULH
IXQ]LRQLHGqVRJJHWWRVRORDOODOHJJH
*OLRUJDQLGLDXWRJRYHUQRDYHQWLSHUVRQDOLWjJLXULGLFDVRQRJOLRUGLQLUHJLRQDOLGHLFRQVXOHQWLOHJDOLH
LO FRQVLJOLR QD]LRQDOH GHL FRQVXOHQWL OHJDOL /D VXSHUYLVLRQH GHOO¶RUJDQR GL DXWRJRYHUQR VSHWWD DO
PLQLVWURGHOOD*LXVWL]LD
/
HVHUFL]LRGHOODSURIHVVLRQHGLFRQVXOHQWHOHJDOHqVXERUGLQDWDDOO¶LVFUL]LRQHDOO¶DOERGHLFRQVXOHQWL
OHJDOLHDOODSUHVWD]LRQHGLXQJLXUDPHQWR
3HULVFULYHUVLDOO
DOERGHLFRQVXOHQWLOHJDOLqQHFHVVDULRDYHUFRQVHJXLWRODODXUHDLQJLXULVSUXGHQ]D
LQ3RORQLDGHWHQHUHSLHQLGLULWWLFLYLOLHSLHQDFDSDFLWjJLXULGLFDDYHUHXQDUHSXWD]LRQHLPSHFFDELOH
HXQDFRQGRWWDSDVVDWDFKHJDUDQWLVFDLOFRUUHWWRVYROJLPHQWRGHOODSURIHVVLRQHDYHUFRPSOHWDWROD
IRUPD]LRQH FRPH FRQVXOHQWH OHJDOH LQ 3RORQLD H DYHU VXSHUDWR O¶HVDPH SHU FRQVXOHQWH OHJDOH ,
UHTXLVLWL GHO FRPSOHWDPHQWR GHOOD IRUPD]LRQH FRPH FRQVXOHQWH OHJDOH H GHO VXSHUDPHQWR
GHOO
HVDPH SHU FRQVXOHQWH OHJDOH QRQ VL DSSOLFDQR DL SURIHVVRUL H DL GRWWRUL GL ULFHUFD LQ VFLHQ]H
JLXULGLFKHDFRORURFKHKDQQRVXSHUDWRO
HVDPHSHUJLXGLFHSXEEOLFRPLQLVWHURDYYRFDWRRQRWDLR
HDFRORURFKHKDQQRHVSOHWDWRIXQ]LRQLGLFRQVXOHQWHSUHVVRO
XIILFLRGHOSURFXUDWRUHJHQHUDOHGHOOD
WHVRUHULD GL 6WDWR SHU DOPHQR WUH DQQL , GRWWRUL GL ULFHUFD LQ VFLHQ]H JLXULGLFKH H OH SHUVRQH FKH
KDQQR ODYRUDWR FRPH IXQ]LRQDUL GHO WULEXQDOH R FRPH JLXGLFL DJJLXQWL SHU DOPHQR DQQL LQ XQ
SHULRGRQRQVXSHULRUHDDQQLSRVVRQRVRVWHQHUHO¶HVDPHSHUFRQVXOHQWHOHJDOHVHQ]DO¶REEOLJRGL
DYHUFRPSOHWDWRODIRUPD]LRQHFRPHFRQVXOHQWHOHJDOH
/¶RUJDQL]]D]LRQH H L FRPSLWL GHL FRQVXOHQWL OHJDOL VRQR UHJRODWH GDOOD OHJJH GHO OXJOLR VXL
FRQVXOHQWLOHJDOL
/DIRUQLWXUDGLDVVLVWHQ]DOHJDOHGDSDUWHGLDYYRFDWLVWUDQLHULLQ3RORQLDqGLVFLSOLQDWDGDOODOHJJH
GHOOXJOLRª
E $&7 RI -XO\ RQ WKH SURYLVLRQ E\ IRUHLJQ ODZ\HUV RI OHJDO DVVLVWDQFH LQ WKH
5HSXEOLFRI3RODQG
6HFWLRQ,
*HQHUDOSURYLVLRQV
$UWLFOH
7KLV $FW UHJXODWHV WKH FRQGLWLRQV IRU WKH SURYLVLRQ RI OHJDO DVVLVWDQFH LQ 3RODQG E\ IRUHLJQ
ODZ\HUV
/HJDO DVVLVWDQFH VKDOO PHDQ DFWLYLWLHV ZLWKLQ WKH VFRSH FRUUHVSRQGLQJ WR WKH SRZHUV RI DQ
DGYRFDWHRUDOHJDOFRXQVHOORUDQGVKDOOLQFOXGHLQSDUWLFXODUJLYLQJOHJDODGYLFHDQGOHJDORSLQLRQV
GUDIWLQJOHJDODFWVDQGDSSHDULQJEHIRUHFRXUWVDQGSXEOLFDJHQFLHV
$UWLFOH
7KHWHUPVXVHGLQWKLV$FWVKDOOKDYHWKHIROORZLQJPHDQLQJ
IRUHLJQ ODZ\HU ± D ODZ\HU IURP WKH (XURSHDQ 8QLRQ RU D ODZ\HU IURP RXWVLGH WKH (XURSHDQ
8QLRQ
ODZ\HUIURPWKH(XURSHDQ8QLRQ±DSHUVRQZKRLVDQDWLRQDORID(XURSHDQ8QLRQ0HPEHU
6WDWH DXWKRULVHG WR SXUVXH KLVKHU SURIHVVLRQDO DFWLYLWLHV XQGHU RQH RI WKH SURIHVVLRQDO WLWOHV
FRQIHUUHGLQD(XURSHDQ8QLRQ0HPEHU6WDWHDVVSHFLILHGLQWKH6FKHGXOHDQQH[HGWRWKLV$FW
ODZ\HUIURPRXWVLGHWKH(XURSHDQ8QLRQ±DSHUVRQZKRLVQRWDQDWLRQDORID(XURSHDQ8QLRQ
0HPEHU 6WDWH DXWKRULVHG WR SXUVXH KLVKHU SURIHVVLRQDO DFWLYLWLHV XQGHU RQH RI WKH SURIHVVLRQDO
WLWOHVUHIHUUHGWRLQSDUDJUDSKDVZHOODVDSHUVRQZKRXQGHUWKHSURIHVVLRQDOWLWOHFRQIHUUHGLQD
VWDWHZKLFKLVQRWD0HPEHURIWKH(XURSHDQ8QLRQLVDXWKRULVHGWRSUDFWLVHDSURIHVVLRQZKLFK
FRUUHVSRQGV LQ UHVSHFW RI HGXFDWLRQ FRPSHWHQFHV DQG EDVLF SULQFLSOHV FRQFHUQLQJ WKH
RUJDQLVDWLRQDQGSUDFWLVLQJWKHSURIHVVLRQWRWKHSURIHVVLRQRIDGYRFDWHRUOHJDOFRXQVHOORU
FURVVERUGHU VHUYLFH D VLQJOH RU D WHPSRUDU\ DFWLYLW\ ZLWKLQ WKH VFRSH RI OHJDO DVVLVWDQFH
SHUIRUPHG LQ WKH 5HSXEOLF RI 3RODQG E\ D IRUHLJQ ODZ\HU SUDFWLVLQJ KLVKHU SURIHVVLRQ RQ D
SHUPDQHQWEDVLVLQDQRWKHUVWDWH
SUDFWLFHRQDSHUPDQHQWEDVLV±SHUPDQHQWDQGV\VWHPDWLFSURYLVLRQRIOHJDODVVLVWDQFHE\D
IRUHLJQODZ\HULQWKH5HSXEOLFRI3RODQG
KRPH VWDWH ± WKH VWDWH LQ ZKLFK D IRUHLJQ ODZ\HU DFTXLUHG WKH ULJKW WR XVH RQH RI WKH
SURIHVVLRQDOWLWOHVUHIHUUHGWRLQSDUDJUDSKVDQG
6HFWLRQ,,
3UDFWLFHRIWKHSURIHVVLRQRQDSHUPDQHQWEDVLV
&KDSWHU
&RPPRQSURYLVLRQV
$UWLFOH
6XEMHFWWRUHFLSURFLW\XQOHVVWKHLQWHUQDWLRQDODJUHHPHQWVUDWLILHGE\WKH5HSXEOLFRI3RODQGRUWKH
SURYLVLRQV RI WKH LQWHUQDWLRQDO RUJDQLVDWLRQV WKH 5HSXEOLF RI 3RODQG LV D PHPEHU WKHUHWR SURYLGH
RWKHUZLVH IRUHLJQ ODZ\HUV VKDOO EH HQWLWOHG WR SUDFWLVH WKHLU SURIHVVLRQ RQ D SHUPDQHQW EDVLV
SXUVXDQWWRWKHSURYLVLRQVRIWKLV6HFWLRQDIWHUKDYLQJEHHQHQWHUHGRQWRRQHRIWKHOLVWVRIIRUHLJQ
ODZ\HUV NHSW E\ 'LVWULFW %DU &RXQFLOV RU E\ &RXQFLOV RI 'LVWULFW &KDPEHUV RI /HJDO &RXQVHOORUV
KHUHLQDIWHUUHIHUUHGWRDVWKHOLVW
$UWLFOH
/DZ\HUV IURP WKH (XURSHDQ 8QLRQ ZKR DUH JRLQJ WR SURYLGH OHJDODVVLVWDQFH ZLWKLQWKH VFRSH
FRUUHVSRQGLQJWRWKHSURIHVVLRQRIDGYRFDWHDQGODZ\HUVIURPRXWVLGHWKH(XURSHDQ8QLRQZKRVH
SURIHVVLRQDOWLWOHHQWLWOHVWKHPWRSUDFWLVHDSURIHVVLRQFRUUHVSRQGLQJWRWKHSURIHVVLRQRIDGYRFDWH
VKDOOEHHQWHUHGRQWKHOLVWNHSWE\WKH'LVWULFW%DU&RXQFLOV
/DZ\HUV IURP WKH(XURSHDQ 8QLRQ ZKR DUH JRLQJ WR SURYLGH OHJDODVVLVWDQFH ZLWKLQWKH VFRSH
FRUUHVSRQGLQJWRWKHSURIHVVLRQRIOHJDOFRXQVHOORUDQGODZ\HUVIURPRXWVLGHWKH(XURSHDQ8QLRQ
ZKRVH SURIHVVLRQDO WLWOH HQWLWOHV WKHP WR SUDFWLVH D SURIHVVLRQ FRUUHVSRQGLQJ WR WKHSURIHVVLRQ RI
OHJDO FRXQVHOORU VKDOO EH HQWHUHG RQ WKH OLVW NHSW E\ WKH &RXQFLOV RI 'LVWULFW &KDPEHUV RI /HJDO
&RXQVHOORUV
7KH 'LVWULFW %DU &RXQFLOV DQG WKH &RXQFLOV RI 'LVWULFW &KDPEHUV RI /HJDO &RXQVHOORUV VKDOO
WUDQVPLWRQDQDQQXDOEDVLV±QRWODWHUWKDQ0DUFKFHUWLILHGFRSLHVRIWKHOLVWVNHSWE\WKHPWR
WKH FRPSHWHQW SUHVLGHQWV RI DSSHOODWH SURYLQFLDO DQG DGPLQLVWUDWLYH FRXUWV DQG WR WKH FRPSHWHQW
DSSHOODWHDQGSURYLQFLDOSXEOLFSURVHFXWRUV7KH'LVWULFW%DU&RXQFLOVDOVRWUDQVPLWFHUWLILHGFRSLHV
RIWKHOLVWWRWKH&HQWUDO%DU&RXQFLODQGWKH&RXQFLOVRI'LVWULFW&KDPEHUVRI/HJDO&RXQVHOORUV±
WRWKH1DWLRQDO&RXQFLORI/HJDO&RXQVHOORUV7KH\VKDOODOVRQRWLI\DQ\FKDQJHVPDGHRQWKHOLVWV
ZLWKLQGD\VDIWHUPDNLQJWKHP
$UWLFOH
7KHOLVWVKDOOFRQVLVWRIDSDUWLQZKLFKODZ\HUVIURPWKH(XURSHDQ8QLRQDUHHQWHUHGDQGDSDUW
LQZKLFKODZ\HUVIURPRXWVLGHWKH(XURSHDQ8QLRQDUHHQWHUHG
7KHIROORZLQJGDWDRQIRUHLJQODZ\HUVVKDOOEHGLVFORVHGRQWKHOLVWILUVWQDPHDQGVXUQDPHGDWH
DQG SODFH RI ELUWK SODFH RI UHVLGHQFH DGGUHVV RIILFH DGGUHVV SURIHVVLRQDO WLWOH FRQIHUUHG LQ D
KRPH VWDWH $GGLWLRQDOO\ QDPH DQG EXVLQHVV DGGUHVV RI WKH JURXSLQJ WR ZKLFK D IRUHLJQ ODZ\HU
EHORQJVLQKLVKHUKRPHVWDWHDVZHOODVQDPHRIDFRPSHWHQWDXWKRULW\RIDKRPHVWDWHWKDWLVVXHG
DFHUWLILFDWHDWWHVWLQJKLVKHUUHJLVWUDWLRQLQWKDWVWDWHDVDSHUVRQHQWLWOHGWRSUDFWLVHWKHSURIHVVLRQ
XQGHURQHRIWKHSURIHVVLRQDOWLWOHVUHIHUUHGWRLQDUWLFOHVXESDUDJUDSKVRUVKDOOEHGLVFORVHG
RQWKHOLVW
7KHGHWDLOHGPDQQHULQZKLFKWKHOLVWLVWREHNHSWVKDOOEHVSHFLILHGE\WKH&HQWUDO%DU&RXQFLO
DQGWKH1DWLRQDO&RXQFLORI/HJDO&RXQVHOORUV
$UWLFOH
(QWU\RQWKHOLVWVKDOOEHPDGHXSRQWKHDSSOLFDWLRQRIWKHLQWHUHVWHGSHUVRQ
$ IRUHLJQ ODZ\HU DSSO\LQJ IRU HQWU\ RQ WKH OLVW NHSW E\ WKH 'LVWULFW %DU &RXQFLO VKDOO VXEPLW DQ
DSSOLFDWLRQ WR WKH FRXQFLO ZKLFK LV FRPSHWHQW ZLWK UHJDUG WR WKH ORFDWLRQ RI KLVKHU IXWXUH
SURIHVVLRQDORIILFHDVLQGLFDWHGLQWKHUHTXHVW$IRUHLJQODZ\HUDSSO\LQJIRUHQWU\RQWKHOLVWNHSWE\
WKH &RXQFLO RI 'LVWULFW &KDPEHU RI /HJDO &RXQVHOORUV VKDOO VXEPLW DQ DSSOLFDWLRQ WR WKH FRXQFLO
ZKLFKLVFRPSHWHQWZLWKUHJDUGWRWKHORFDWLRQRIKLVKHUIXWXUHSURIHVVLRQDORIILFHDVLQGLFDWHGLQ
WKHUHTXHVWDQGLIWKHSURIHVVLRQLVWREHSUDFWLVHGXQGHUHPSOR\PHQWUHODWLRQVKLSWRWKHFRXQFLO
FRPSHWHQWZLWKUHJDUGWRWKHVHDWRIWKHIXWXUHHPSOR\HUDVLQGLFDWHGLQWKHUHTXHVW
7KHDSSOLFDWLRQVKDOOEHDFFRPSDQLHGE\
D FHUWLILFDWH LVVXHG E\ WKH FRPSHWHQW DXWKRULW\ RI WKH KRPH VWDWH DWWHVWLQJ WKDW WKH SHUVRQ
DSSO\LQJ IRU HQWU\ KDV EHHQ UHJLVWHUHG LQ WKDW VWDWH DV D SHUVRQ HQWLWOHG WR SUDFWLVH KLVKHU
SURIHVVLRQXQGHURQHRIWKHSURIHVVLRQDOWLWOHVUHIHUUHGWRLQDUWLFOHSDUDJUDSKRUWKHDXWKRULW\
WR ZKLFK WKH UHTXHVW LV EHLQJ VXEPLWWHG PD\ UHIXVH WR DFFHSW WKH FHUWLILFDWH LI PRUH WKDQ WKUHH
PRQWKVKDYHHODSVHGIURPWKHGDWHRILWVLVVXDQFHDGRFXPHQWDWWHVWLQJWKHFLWL]HQVKLSRIWKH
SHUVRQDSSO\LQJIRUHQWU\
7KHDSSOLFDWLRQIRUHQWU\VKDOOEHPDGHLQWKH3ROLVKODQJXDJH7KHUHPDLQLQJGRFXPHQWVLIQRW
PDGH LQ WKLV ODQJXDJH VKDOO EH VXEPLWWHG WRJHWKHU ZLWK D WUDQVODWLRQ LQWR WKH 3ROLVK ODQJXDJH
FHUWLILHGE\DVZRUQWUDQVODWRU
$UWLFOH
(QWU\RQWKHOLVWDVZHOODVUHPRYDOIURPWKHOLVWVKDOOEHGHFLGHGXSRQE\WKH'LVWULFW%DU&RXQFLO
RUWKH&RXQFLORI'LVWULFW&KDPEHURI/HJDO&RXQVHOORUV5HIXVDORIWKHHQWU\RQWKHOLVWPD\WDNH
SODFHRQO\LIWKHLQWHUHVWHGSHUVRQGRHVQRWVDWLVI\WKHFRQGLWLRQVVSHFLILHGLQWKHDFW
7KHSURFHGXUHDQGWKHUHVROXWLRQVDGRSWHGE\WKH'LVWULFW%DU&RXQFLOLQUHVSHFWRIHQWU\RQWKH
OLVWRUUHPRYDOIURPWKHOLVWVKDOOEHJRYHUQHGDFFRUGLQJO\E\WKHSURYLVLRQVRIDUWLFOH
DQGVHFWLRQ9,RIWKH$FWRI0D\±/DZRQWKH%DU-RXUQDORI/DZV±']81RLWHP
DQG1RLWHPRI1RLWHPRI1RLWHPRI1RLWHP
RI1RLWHPRI1RLWHPRI1RLWHP1RLWHPDQG1R
LWHPRI1RLWHPRI1RLWHPRI1RLWHPDQG1R
LWHP RI 1R LWHP DQG RI 1R LWHP 7KH SURFHGXUH DQG
UHVROXWLRQVDGRSWHGE\WKH&RXQFLORI'LVWULFW&KDPEHURI/HJDO&RXQVHOORUVLQUHVSHFWRIHQWU\RQ
WKH OLVW RU UHPRYDO IURP WKH OLVW VKDOO EH JRYHUQHG UHVSHFWLYHO\ E\ WKH SURYLVLRQV RI DUWLFOH SDUDJUDSKDUWLFOHVDQGRIWKH$FWRI-XO\RQOHJDOFRXQVHOORUV']81R
LWHPRI1RLWHPRI1RLWHPRI1RLWHPRI1R
LWHPRI1RLWHPDQG1RLWHPDQGRI1RLWHPDQG1R
LWHPRI1RLWHPDQGRIQRLWHP
5HPRYDO IURP WKH OLVW LQGHSHQGHQWO\ IURP FDXVHV GHVFULEHG LQ WKH SURYLVLRQV UHIHUUHG WR LQ
SDUDJUDSKWDNHVSODFHDOVRZKHQDIRUHLJQODZ\HULQKLVKHUKRPHVWDWHKDVEHHQGHSULYHGRI
WKHULJKWRISUDFWLVLQJSHUPDQHQWO\RUWHPSRUDULO\WKHSURIHVVLRQUHIHUUHGWRLQDUWLFOHSDUDJUDSK
RURUZKHQKHVKHKDVEHHQHQWHUHGRQWRWKHOLVWRIDGYRFDWHVRUDOLVWRIOHJDOFRXQVHOORUV
,QRUGHUWRILQGRIZKHWKHUWKHSURIHVVLRQDSHUVRQDSSO\LQJIRUHQWU\RQWKHOLVWLVDXWKRULVHGWR
SUDFWLVH FRUUHVSRQGV WR WKH SURIHVVLRQ RI DGYRFDWH RU OHJDO FRXQVHOORU WKH FRXQFLO UHIHUUHG WRLQ
SDUDJUDSKPD\UHTXHVWWKH0LQLVWHURI-XVWLFHIRUSURYLGLQJWKHWH[WRIDUHOHYDQWIRUHLJQODZ7KH
FRXQFLOPD\DOVRUHTXHVWWKH0LQLVWHURI-XVWLFHZKHQLWLVQHFHVVDU\WRILQGRIWKHUHLVDUHFLSURFLW\
UHIHUUHGWRLQDUWLFOHIURPDKRPHVWDWHRIDSHUVRQDSSO\LQJIRUHQWU\RQWKHOLVW
7KH 'LVWULFW %DU &RXQFLO DQG WKH &RXQFLO RI 'LVWULFW &KDPEHU RI /HJDO &RXQVHOORUV VKDOO QRWLI\
SURPSWO\WKHFRPSHWHQWDXWKRULW\LQWKHIRUHLJQODZ\HU
VKRPHVWDWHRIKLVKHUKDYLQJEHHQHQWHUHG
RQWKHOLVWRIKDYLQJEHHQUHIXVHGRIHQWU\RQWKHOLVWRUUHPRYHGIURPWKHOLVW
$UWLFOH
:KHQSUDFWLVLQJWKHSURIHVVLRQRQDSHUPDQHQWEDVLVDIRUHLJQODZ\HUHQWHUHGRQWKHOLVWVKDOOXVH
WKHSURIHVVLRQDOWLWOHFRQIHUUHGLQWKHKRPHVWDWHDVH[SUHVVHGLQWKHRIILFLDOODQJXDJHRIWKDWVWDWH
LQGLFDWLQJ WKH SURIHVVLRQDO ERG\ RI ZKLFK KHVKH LV D PHPEHU LQ KLVKHU KRPH VWDWH RU WKH FRXUW
EHIRUH ZKLFK KH LV HQWLWOHG WR SUDFWLVH SXUVXDQW WR WKH ODZV RI WKDW VWDWH DV ZHOO DV LQIRUPDWLRQ
ZKHWKHU WKH IRUHLJQ ODZ\HU SUDFWLVHV RQ D SHUPDQHQW EDVLV WKH SURIHVVLRQ ZLWKLQ WKH VFRSH
FRUUHVSRQGLQJWRWKHSURIHVVLRQRIDGYRFDWHRUWRWKHSURIHVVLRQRIOHJDOFRXQVHOORU7RWKLVHQGWKH
OLVWRQZKLFKWKHIRUHLJQODZ\HUKDVEHHQ HQWHUHGVKRXOGEHLQGLFDWHGSURYLGLQJWKHQDPHRIWKH
ERG\LWLVNHSWE\
$UWLFOH
$IRUHLJQODZ\HUZKRLQKLVKHUKRPHVWDWHEHORQJVWRDJURXSLQJZKRVHSXUSRVHLVWRSXUVXH
MRLQW SUDFWLFH LQ SURYLGLQJ OHJDO DVVLVWDQFH VKDOO EH HQWLWOHG WR HPSOR\ DSDUW IURP KLVKHU
SURIHVVLRQDOWLWOHWKHQDPHRIWKDWJURXSLQJ
7KH IDFW RI EHORQJLQJ WR D JURXSLQJ UHIHUUHG WR LQ SDUDJUDSK VKDOO EH QRWLILHG E\ WKH IRUHLJQ
ODZ\HU WR WKH ERG\ WKDW NHHSV WKH OLVW RQ ZKLFK WKH ODZ\HU KDV EHHQ HQWHUHG 6XFK LQIRUPDWLRQ
VKRXOGLQGLFDWHWKHQDPHRIWKHJURXSLQJLWVEXVLQHVVDGGUHVVDVZHOODVLWVOHJDOIRUPDQGXSRQ
WKHUHTXHVWRIWKHERG\WKDWNHHSVWKHOLVWDOVRWKHILUVWQDPHVDQGVXUQDPHVRIRWKHUPHPEHUVRI
WKHJURXSLQJ
$UWLFOH
$ IRUHLJQ ODZ\HU GHSHQGLQJ RQ ZKLFK OLVW KHVKH KDV EHHQ HQWHUHG RQWR VKDOO EH VXEMHFW WR
GLVFLSOLQDU\ UHVSRQVLELOLW\ SXUVXDQW WR WKH SURYLVLRQV RQ GLVFLSOLQDU\ UHVSRQVLELOLW\ RI DGYRFDWHV RU
GLVFLSOLQDU\UHVSRQVLELOLW\RIOHJDOFRXQVHOORUV
,QSODFHRIWKHSHQDOW\RIVXVSHQVLRQLQFDUU\LQJRXWSURIHVVLRQDODFWLYLWLHVRIDQDGYRFDWHRUWKH
SHQDOW\ RI VXVSHQVLRQ LQ FDUU\LQJ RXW SURIHVVLRQDO DFWLYLWLHV RI D OHJDO FRXQVHOORU WKH SHQDOW\ RI
VXVSHQVLRQ RI WKH ULJKW WR SURYLGH OHJDO DVVLVWDQFH LQ WKH 5HSXEOLF RI 3RODQGIRU WKH SHULRG IURP
WKUHHPRQWKVWRILYH\HDUVVKDOOEHDSSOLHG,QSODFHRIWKHSHQDOW\RIH[SXOVLRQIURPWKH%DUDQGWKH
SHQDOW\RIGHSULYDWLRQRIWKHULJKWWRSUDFWLVHWKHSURIHVVLRQRIOHJDOFRXQVHOORUWKHSHQDOW\RIEDQ
RQWKHSURYLVLRQRIOHJDODVVLVWDQFHLQWKH5HSXEOLFRI3RODQGVKDOOEHDSSOLHG
7KH GLVFLSOLQDU\ FRXUW VKDOO VHUYH SURPSWO\ RQ WKH FRPSHWHQW DXWKRULW\ RI WKH IRUHLJQ ODZ\HU
V
KRPHVWDWHFHUWLILHGFRSLHVRI
WKH LQGLFWPHQW RU WKH PRWLRQ RI WKH DXWKRULVHG GLVFLSOLQDU\ FRPPLVVLRQHU IRU WKH LQVWLWXWLRQ RI
GLVFLSOLQDU\SURFHHGLQJV WRJHWKHUZLWKLQIRUPDWLRQRQWKHULJKWVUHVXOWLQJIURPSDUDJUDSK
MXGJHPHQWVDQGGHFLVLRQVUHQGHUHGLQWKHFRXUVHRIWKHGLVFLSOLQDU\SURFHHGLQJV
PHDVXUHVRIDSSHDO
7KH DXWKRULW\ UHIHUUHG WR LQ SDUDJUDSK DW HDFK VWDJH RI WKH GLVFLSOLQDU\ SURFHHGLQJV PD\
SUHVHQWLWVSRVLWLRQLQWKHPDWWHUWRWKHGLVFLSOLQDU\FRXUWDQGLWVUHSUHVHQWDWLYHPD\WDNHSDUWLQWKH
WULDODOVRZKHQWKHFDVHLVKHDUGDWDQRQSXEOLFVLWWLQJ
,Q FDVHV UHIHUUHG WRLQ DUWLFOH SDUDJUDSK RIWKH $FW± /DZ RQWKH %DU DQGLQ DUWLFOH SDUDJUDSKRIWKH$FWRQOHJDOFRXQVHOORUVWKHGHDQRIWKH'LVWULFW%DU&RXQFLOZKRLPSRVHGWKH
SHQDOW\RIDGPRQLWLRQRQWKHIRUHLJQODZ\HURUWKHGHDQRIWKH&RXQFLORI'LVWULFW&KDPEHURI/HJDO
&RXQVHOORUV ZKR JDYH KLP D ZDUQLQJ VKDOO VHUYH RQ WKH DXWKRULW\ UHIHUUHG WR LQ SDUDJUDSK D
FHUWLILHG FRS\ RI WKH QRWLILFDWLRQ RI WKH SHQDOW\ RI DGPRQLWLRQ KDYLQJ EHHQ LPSRVHG RU D ZDUQLQJ
KDYLQJEHHQJLYHQDVZHOODVDFHUWLILHGFRS\RIWKHDSSHDOLIILOHG
$UWLFOH
$IRUHLJQODZ\HUVKDOOEHVXEMHFWWRPDQGDWRU\FLYLOOLDELOLW\LQVXUDQFHDJDLQVWGDPDJHGRQHLQWKH
SURYLVLRQ RI OHJDO DVVLVWDQFH SXUVXDQW WR WKH SULQFLSOHV DSSOLFDEOH WR DGYRFDWHV RU WKH SULQFLSOHV
DSSOLFDEOHWROHJDOFRXQVHOORUVGHSHQGLQJRQZKLFKOLVWKHVKHKDVEHHQHQWHUHGRQWR
7KHREOLJDWLRQVSHFLILHGLQSDUDJUDSKVKDOOEHZDLYHGLQUHVSHFWRISHUVRQVZKRFDQSURYHWKDW
WKH\DUHFRYHUHGE\LQVXUDQFHRUDJXDUDQWHHWDNHQRXWSXUVXDQWWKHODZVRIWKHLUKRPHVWDWHDQG
WKDWWKHFRQGLWLRQVDQGVFRSHRIVXFKLQVXUDQFHRUJXDUDQWHHDUHHTXLYDOHQWWRWKHFRQGLWLRQVDQG
VFRSHRIWKHLQVXUDQFHUHIHUUHGWRLQSDUDJUDSK:KHUHWKHHTXLYDOHQFHLVRQO\SDUWLDOWKHIRUHLJQ
ODZ\HUVKDOOEHREOLJHGWRHQWHULQWRDQDJUHHPHQWSURYLGLQJIRUDGGLWLRQDOLQVXUDQFHRUDGGLWLRQDO
JXDUDQWHH
$ IRUHLJQ ODZ\HU LV REOLJHG WR VXEPLW RQ DQ DQQXDO EDVLV D SURRI RI WKH LQVXUDQFH RU WKH
JXDUDQWHHUHIHUUHGWRLQSDUDJUDSKWRWKHDXWKRULW\WKDWNHHSVWKHOLVWKHVKHKDVEHHQ HQWHUHG
RQWR 7KH VXEPLWWHG GRFXPHQWV LI QRW PDGHLQ WKH 3ROLVK ODQJXDJH VKDOO EH DFFRPSDQLHG E\ D
WUDQVODWLRQLQWRWKH3ROLVKODQJXDJHFHUWLILHGE\DVZRUQWUDQVODWRU
$UWLFOH
$ IRUHLJQ ODZ\HU VKDOO EH REOLJHG WR VXEPLW WR WKH DXWKRULW\ WKDW NHHSV WKH OLVW KHVKH KDV EHHQ
HQWHUHGRQWRRQDQDQQXDOEDVLVDFHUWLILFDWHLVVXHGE\WKHFRPSHWHQWDXWKRULW\RIKLVKHUKRPH
VWDWH DWWHVWLQJ WKDW KHVKH KDV EHHQ UHJLVWHUHG LQ WKDW VWDWH DV D SHUVRQ HQWLWOHG WR SUDFWLVH WKH
SURIHVVLRQXQGHURQHRIWKHWLWOHVUHIHUUHGWRLQDUWLFOHSDUDJUDSKRU
&KDSWHU
3UDFWLFHRIWKHSURIHVVLRQRQDSHUPDQHQWEDVLVE\ODZ\HUVIURPWKH(XURSHDQ8QLRQ
$UWLFOH
$ODZ\HUIURPWKH(XURSHDQ8QLRQHQWHUHGRQWKHOLVWNHSWE\WKH'LVWULFW%DU&RXQFLOLVHQWLWOHG
WRSUDFWLVHWKHSURIHVVLRQRQDSHUPDQHQWEDVLVZLWKLQWKHVFRSHFRUUHVSRQGLQJWRWKHSURIHVVLRQRI
DGYRFDWH ZKHUHDV D ODZ\HU HQWHUHG RQ WKH OLVW NHSW E\ WKH &RXQFLO RI 'LVWULFW &KDPEHU RI /HJDO
&RXQVHOORUV±ZLWKLQWKHVFRSHFRUUHVSRQGLQJWRWKHSURIHVVLRQRIOHJDOFRXQVHOORU
7KHFKRLFHRIWKHOLVWVKDOOEHPDGHE\WKH(XURSHDQ8QLRQODZ\HUFRQFHUQHG
$UWLFOH
8QOHVVVWLSXODWHGRWKHUZLVHE\VWDWXWHDODZ\HUIURPWKH(XURSHDQ8QLRQHQWHUHGRQWKHOLVWNHSW
E\WKH'LVWULFW%DU&RXQFLOVKDOOKDYHWKHVDPHULJKWVDQGREOLJDWLRQVDVDQDGYRFDWHDQGDODZ\HU
HQWHUHG RQ WKH OLVW NHSW E\ WKH &RXQFLO RI 'LVWULFW &KDPEHU RI /HJDO &RXQVHOORUV VKDOO KDYH WKH
VDPHULJKWVDQGREOLJDWLRQVDVDOHJDOFRXQVHOORU7KLVFRQFHUQVDOVRWKHREOLJDWLRQWRREVHUYHWKH
UXOHVRISURIHVVLRQDOFRQGXFW
$UWLFOH
$ ODZ\HU IURP WKH (XURSHDQ 8QLRQ HQWHUHG RQ WKH OLVW NHSW E\ WKH 'LVWULFW %DU &RXQFLO PD\
SUDFWLVHWKHSURIHVVLRQRQDSHUPDQHQWEDVLVLQDQLQGLYLGXDORIILFHLQDQDGYRFDWHV
SUDFWLFHXQLW
ZLWKLQDUHJLVWHUHGSDUWQHUVKLSFLYLOSDUWQHUVKLSOLPLWHGSDUWQHUVKLSRUDSURIHVVLRQDOSDUWQHUVKLS
$ODZ\HUIURPWKH(XURSHDQ8QLRQHQWHUHGRQWKHOLVWNHSWE\WKH&RXQFLORI'LVWULFW&KDPEHURI
/HJDO &RXQVHOORUV PD\ SUDFWLVH WKH SURIHVVLRQ RQ D SHUPDQHQW EDVLV XQGHU HPSOR\PHQW
UHODWLRQVKLSXQGHUDFLYLOODZFRQWUDFWLQDQLQGLYLGXDORIILFHZLWKLQDUHJLVWHUHGSDUWQHUVKLSFLYLO
SDUWQHUVKLSOLPLWHGSDUWQHUVKLSRUDSURIHVVLRQDOSDUWQHUVKLS
$ODZ\HUIURPWKH(XURSHDQ8QLRQHQWHUHGRQWKHOLVWNHSWE\WKH&RXQFLORI'LVWULFW&KDPEHURI
/HJDO &RXQVHOORUV PD\ SURYLGH OHJDO DVVLVWDQFH WR QDWXUDO SHUVRQV RQO\ LI KHVKH SUDFWLVHV WKH
SURIHVVLRQLQDQLQGLYLGXDORIILFHRULQSDUWQHUVKLSVUHIHUUHGWRLQSDUDJUDSKDQGLVQRWDWWKHVDPH
WLPHXQGHUHPSOR\PHQWUHODWLRQVKLS
7KH VROH REMHFW RI DFWLYLW\ RI WKH SDUWQHUVKLSV UHIHUUHG WR LQ SDUDJUDSKV DQG PD\ EH WKH
SURYLVLRQRIOHJDODVVLVWDQFH3DUWQHUVLQDFLYLOSDUWQHUVKLSDQGDSURIHVVLRQDOSDUWQHUVKLSPD\RQO\
EHODZ\HUVIURPWKH(XURSHDQ8QLRQDGYRFDWHVDQGOHJDOFRXQVHOORUVDQGSDUWQHUVLQDUHJLVWHUHG
SDUWQHUVKLS RU JHQHUDO SDUWQHUV LQ D OLPLWHG SDUWQHUVKLS PD\ DOVR EH ODZ\HUV IURP RXWVLGH WKH
(XURSHDQ8QLRQ
$UWLFOH
8SRQEHLQJ HQWHUHG RQ WKH OLVW DODZ\HUIURPWKH (XURSHDQ 8QLRQ EHFRPHV DPHPEHU RI WKH
UHOHYDQWDGYRFDWHV
FKDPEHURUUHOHYDQWFKDPEHURIOHJDOFRXQVHOORUV
%HLQJDPHPEHURIWKHDGYRFDWHV
FKDPEHURUWKHFKDPEHURIOHJDOFRXQVHOORUVDODZ\HUIURP
WKH(XURSHDQ8QLRQVKDOOH[HUFLVHDOOULJKWVDQGREOLJDWLRQVYHVWHGLQWKHPHPEHUVRISURIHVVLRQDO
VHOIJRYHUQPHQWERGLHVZLWKWKHH[FHSWLRQRISDVVLYHHOHFWRUDOULJKWV
$UWLFOH
:KHQ FDUU\LQJ RXW DQ DFWLYLW\ ZKLFK FRQVLVWV LQ UHSUHVHQWLQJ D FOLHQW LQ SURFHHGLQJV LQ ZKLFK
SXUVXDQW WR WKH SURYLVLRQV LQ IRUFH WKH SDUW\ FRQFHUQHG LV UHTXLUHG WR EH UHSUHVHQWHG E\ DQ
DGYRFDWH RU D OHJDO FRXQVHOORU D ODZ\HU IURP WKH (XURSHDQ 8QLRQ VKDOO EH REOLJHG WR ZRUN LQ
FRQMXQFWLRQ ZLWK D SHUVRQ SUDFWLVLQJ RQH RI WKRVH SURIHVVLRQV ,Q FDVHV ZKHUH FOLHQW
V
UHSUHVHQWDWLRQE\DOHJDOFRXQVHOORULVQRWDGPLVVLEOHDODZ\HUIURPWKH(XURSHDQ8QLRQVKDOOEH
REOLJHGWRZRUNLQFRQMXQFWLRQZLWKDQDGYRFDWH
'HWDLOHGFRQGLWLRQVDQGWKHPDQQHURIZRUNLQJLQFRQMXQFWLRQUHIHUUHGWRLQSDUDJUDSKVKDOOEH
VSHFLILHGLQDQDJUHHPHQWFRQFOXGHGE\DODZ\HUIURPWKH(XURSHDQ8QLRQZLWKWKHDGYRFDWHRUWKH
OHJDO FRXQVHOORU FRQFHUQHG :KHQ HQWHULQJ LQWR DQ DJUHHPHQW WKH SDUWLHV VKRXOG WDNH LQWR
FRQVLGHUDWLRQWKDWWKHSXUSRVHRIZRUNLQJLQFRQMXQFWLRQLVWRHQDEOHDODZ\HUIURPWKH(XURSHDQ
8QLRQ WR SURSHUO\ SHUIRUP KLVKHU REOLJDWLRQV WRZDUGV WKH FOLHQW DV ZHOO DV WRZDUGV WKH DXWKRULW\
FRQGXFWLQJ WKH SURFHHGLQJV DQG LQ SDUWLFXODU WR HQVXUH D ODZ\HU¶V IURP WKH (XURSHDQ 8QLRQ
FRPSOLDQFHZLWKWKHELQGLQJSURFHGXUDOUXOHVDQGWKHUXOHVRISURIHVVLRQDOFRQGXFW
7KHDJUHHPHQWUHIHUUHGWRLQSDUDJUDSKVKDOOQRWJLYHULVHWRDQ\REOLJDWLRQVRQWKHSDUWWKH
DGYRFDWHRUWKHOHJDOFRXQVHOORUWRZDUGVWKHFOLHQWRIDODZ\HUIURPWKH(XURSHDQ8QLRQXQOHVVWKH
SDUWLHVWRWKHDJUHHPHQWKDYHDJUHHGRWKHUZLVH
$ ODZ\HU IURP WKH (XURSHDQ 8QLRQ XSRQ WKH ILUVW DFWLRQ KHVKH WDNHV VKDOO VXEPLW WKH
DJUHHPHQWUHIHUUHGWRLQSDUDJUDSKWRWKHDXWKRULW\FRQGXFWLQJWKHSURFHHGLQJV,QWKHFDVHWKLV
REOLJDWLRQLVQRWIXOILOOHGWKHDXWKRULW\FRQFHUQHGVKDOOGHVLJQDWHDQDSSURSULDWHGDWHIRUDODZ\HU
IURP WKH (XURSHDQ 8QLRQ WR UHPHG\ WKH GHILFLHQF\ ,Q RUGHU WR GHWHUPLQH WKH FRQVHTXHQFHV RI
IDLOXUHWRUHPHG\WKHGHILFLHQF\LQGXHWLPHWKHSURYLVLRQVFRQFHUQLQJDODFNRISRZHURIDWWRUQH\RU
RIDXWKRULVDWLRQIRUGHIHQFHVKDOODSSO\UHVSHFWLYHO\
&KDSWHU
3UDFWLFHRIWKHSURIHVVLRQRQDSHUPDQHQWEDVLVE\ODZ\HUVIURPRXWVLGHWKH(XURSHDQ8QLRQ
$UWLFOH
$ODZ\HUIURPRXWVLGHWKH(XURSHDQ8QLRQHQWHUHGRQWKHOLVWNHSWE\WKH'LVWULFW%DU&RXQFLOVKDOO
EH HQWLWOHG ZKHQ SUDFWLVLQJWKH SURIHVVLRQ RQ D SHUPDQHQWEDVLVVROHO\WR JLYH OHJDO DGYLVH DQG
SUHSDUHOHJDORSLQLRQVRQGRPHVWLFODZRIKLVKHUKRPHVWDWHDQGRQLQWHUQDWLRQDOODZZLWKLQWKH
VFRSH FRUUHVSRQGLQJ WR WKH SURIHVVLRQ RI DGYRFDWH DQG D ODZ\HU HQWHUHG RQ WKH OLVW NHSW E\ WKH
&RXQFLORI'LVWULFW&KDPEHURI/HJDO&RXQVHOORUVVKDOOEHHQWLWOHGZKHQSUDFWLVLQJWKHSURIHVVLRQ
RQ D SHUPDQHQW EDVLV VROHO\WR JLYH OHJDO DGYLVH DQG SUHSDUH OHJDO RSLQLRQV RQ GRPHVWLFODZ RI
KLVKHUKRPHVWDWHDQGRQLQWHUQDWLRQDOODZ±ZLWKLQWKHVFRSHFRUUHVSRQGLQJWRWKHSURIHVVLRQRI
OHJDOFRXQVHOORU
$UWLFOH
,QRUGHUWRSUDFWLVHWKHSURIHVVLRQRQDSHUPDQHQWEDVLVODZ\HUIURPRXWVLGHWKH(XURSHDQ8QLRQ
PD\RQO\HVWDEOLVK
DUHJLVWHUHGSDUWQHUVKLSLQZKLFKSDUWQHUVDUHH[FOXVLYHO\
DIRUHLJQODZ\HUVRU
EDGYRFDWHVRU
FOHJDOFRXQVHOORUVRU
OLPLWHGSDUWQHUVKLSLQZKLFKJHQHUDOSDUWQHUVDUHH[FOXVLYHO\
DIRUHLJQODZ\HUVRU
EDGYRFDWHVRU
FOHJDOFRXQVHOORUV
$UWLFOH
:KHQSUDFWLVLQJWKHSURIHVVLRQDODZ\HUIURPRXWVLGHWKH(XURSHDQ8QLRQGHSHQGLQJRQZKLFK
OLVWKHVKHKDVEHHQHQWHUHGRQWRVKDOOEHVXEMHFWWRWKHFRQGLWLRQVRISUDFWLVLQJWKHSURIHVVLRQDQG
UXOHVRISURIHVVLRQDOFRQGXFWZKLFKDSSO\WRDGYRFDWHVRUZKLFKDSSO\WROHJDOFRXQVHOORUV
$ODZ\HUIURPRXWVLGH WKH (XURSHDQ 8QLRQ VKDOO SD\ WKH 'LVWULFW %DU &RXQFLO RUWKH &RXQFLO RI
'LVWULFW&KDPEHURI/HJDO&RXQVHOORUVNHHSLQJWKHOLVWRQZKLFKDODZ\HULVHQWHUHGDQDQQXDOIHHLQ
DPRXQWRIDKDOIRIWKHFRQWULEXWLRQSDLGUHVSHFWLYHO\E\DGYRFDWHVRUOHJDOFRXQVHOORUV
6HFWLRQ,,,
(QWU\RQWKHOLVWRIDGYRFDWHVRUWKHOLVWRIOHJDOFRXQVHOORUVRIDODZ\HUIURPWKH(XURSHDQ8QLRQRU
D QDWLRQDO RI D (XURSHDQ 8QLRQ 0HPEHU 6WDWH KDYLQJ SURIHVVLRQDO TXDOLILFDWLRQV UHTXLUHG WR
SUDFWLVHWKHSURIHVVLRQXQGHURQHRIWKHWLWOHVUHIHUUHGWRLQDUWLFOHSDUDJUDSK
$UWLFOH
:LWKLQWKHVFRSHQRWUHJXODWHGE\WKHSURYLVLRQVRIWKLVVHFWLRQSURFHHGLQJVLQYROYLQJHQWU\RQWKH
OLVWRIDGYRFDWHVRURQWKHOLVWRIOHJDOFRXQVHOORUVRIDODZ\HUIURPWKH(XURSHDQ8QLRQRUDQDWLRQDO
RI D (XURSHDQ 8QLRQ 0HPEHU 6WDWH KDYLQJ SURIHVVLRQDO TXDOLILFDWLRQV UHTXLUHG WR SUDFWLVH WKH
SURIHVVLRQ XQGHU RQH RI WKH WLWOHV UHIHUUHG WR LQ DUWLFOH SDUDJUDSK VKDOO EH JRYHUQHG E\ WKH
SURYLVLRQVRIWKH$FW±/DZRQWKH%DURUE\WKHSURYLVLRQVRIWKH$FWRQOHJDOFRXQVHOORUV
$UWLFOH
$ ODZ\HU IURP WKH (XURSHDQ 8QLRQ RU D QDWLRQDO RI D (XURSHDQ 8QLRQ 0HPEHU 6WDWH KDYLQJ
SURIHVVLRQDOTXDOLILFDWLRQVUHTXLUHGWRSUDFWLVHWKHSURIHVVLRQXQGHURQHRIWKHWLWOHVUHIHUUHGWRLQ
DUWLFOHSDUDJUDSKPD\EHHQWHUHGRQWKHOLVWRIDGYRFDWHVRUWKHOLVWRIOHJDOFRXQVHOORUVLI
KHVDWLVILHVWKHFRQGLWLRQVVSHFLILHGLQDUWLFOHSDUDJUDSKVDQGRIWKH$FW±/DZRQWKH
%DURULQDUWLFOHSDUDJUDSKVXESDUDJUDSKVRIWKH$FWRQOHJDOFRXQVHOORUV
NQRZVWKH3ROLVKODQJXDJHLQLWVVSRNHQDQGZULWWHQIRUP
SDVVHVDQDSWLWXGHWHVW
,IWKHSURIHVVLRQDOTXDOLILFDWLRQVRIDODZ\HUIURPWKH(XURSHDQ8QLRQRUDQDWLRQDORID(XURSHDQ
8QLRQ0HPEHU6WDWHUHIHUUHGWRLQSDUDJUDSKKDYHEHHQDFTXLUHGDVDUHVXOWRIHGXFDWLRQZKLFK
LQZKROHRUPDLQO\WRRNSODFHRXWVLGHWKHWHUULWRU\RIWKH(XURSHDQ8QLRQ0HPEHU6WDWHVHQWU\RQ
WKHOLVWRIDGYRFDWHVRUWKHOLVWRIOHJDOFRXQVHOORUVVKDOOEHDGGLWLRQDOO\VXEMHFWWRDWOHDVWDWKUHH
\HDUSUDFWLVHRIWKHSURIHVVLRQXQGHURQHRIWKHWLWOHVUHIHUUHGWRLQDUWLFOHSDUDJUDSKFRQILUPHG
E\ WKH FRPSHWHQW DXWKRULW\ RI WKH (XURSHDQ 8QLRQ 0HPEHU 6WDWH ZKLFK KDV UHFRJQLVHG WKRVH
TXDOLILFDWLRQV
$UWLFOH
$Q DSSOLFDWLRQ IRU HQWU\ RQ WKH OLVW RI DGYRFDWHV RU WKH OLVW RI OHJDO FRXQVHOORUV VKRXOG EH
DFFRPSDQLHGE\
DGRFXPHQWDWWHVWLQJWKDWWKHFDQGLGDWHLVDQDWLRQDORID(XURSHDQ8QLRQ0HPEHU6WDWH
D FHUWLILFDWH LVVXHG E\ WKH FRPSHWHQW DXWKRULW\ RI WKH (XURSHDQ 8QLRQ 0HPEHU 6WDWH DWWHVWLQJ
WKDWWKH FDQGLGDWH KDV SURIHVVLRQDO TXDOLILFDWLRQV UHTXLUHG LQ WKDW VWDWH WR SUDFWLVH WKH SURIHVVLRQ
XQGHURQHRIWKHWLWOHVUHIHUUHGWRLQDUWLFOHSDUDJUDSKRUDWWHVWLQJWKDWWKHFDQGLGDWHKDVEHHQ
UHJLVWHUHGLQWKDWVWDWHDVDSHUVRQHQWLWOHGWRSUDFWLVHWKHSURIHVVLRQXQGHURQHRIWKHWLWOHVUHIHUUHG
WRLQDUWLFOHSDUDJUDSKWKHDXWKRULW\WRZKLFKWKHDSSOLFDWLRQIRUHQWU\LVVXEPLWWHGPD\UHIXVH
WRDFFHSWWKHFHUWLILFDWHLIPRUHWKDQWKUHHPRQWKVKDYHHODSVHGVLQFHWKHGDWHRILWVLVVXDQFH
LQWKHFDVHUHIHUUHGWRLQDUWLFOHSDUDJUDSK±DFHUWLILFDWHLVVXHGE\WKHFRPSHWHQWDXWKRULW\
RIWKH(XURSHDQ8QLRQ0HPEHU6WDWHFRQILUPLQJWKDWWKHFDQGLGDWHSUDFWLVHGLQWKDWFRXQWU\IRUDW
OHDVWWKUHH\HDUVWKHSURIHVVLRQXQGHURQHRIWKHWLWOHVUHIHUUHGWRLQDUWLFOHSDUDJUDSK
7KH DSSOLFDWLRQ IRU HQWU\ RQ WKH OLVW VKRXOG EH PDGH LQ WKH 3ROLVK ODQJXDJH 7KH HQFORVHG
GRFXPHQWVLIQRWPDGHLQWKDWODQJXDJHVKRXOGEHVXEPLWWHGWRJHWKHUZLWKDWUDQVODWLRQLQWRWKH
3ROLVKODQJXDJHFHUWLILHGE\DVZRUQWUDQVODWRU
7KHDSSOLFDWLRQIRUHQWU\RQWKHOLVWVKRXOGEHFRQVLGHUHGZLWKLQIRXUPRQWKVIURPLWVVXEPLVVLRQ
WRJHWKHU ZLWK DOOWKH UHTXLUHG HQFORVXUHVDQGLQWKH FDVH UHIHUUHG WR LQ DUWLFOH SDUDJUDSK ±
SURPSWO\DIWHUREWDLQLQJWKHUHVXOWVRIWKHUHSHDWHGDSWLWXGHWHVW
$UWLFOH
7KH'LVWULFW%DU&RXQFLORUWKH&RXQFLORI'LVWULFW&KDPEHURI/HJDO&RXQVHOORUVFRPSHWHQWWRDGRSW
D UHVROXWLRQ RQ HQWU\ RQ WKH OLVW RI DGYRFDWHV RU WKH &RXQFLO RI 'LVWULFW &KDPEHU RI /HJDO
&RXQVHOORUVFRPSHWHQWWRDGRSWDUHVROXWLRQRQHQWU\RQWKHOLVWRIOHJDOFRXQVHOORUVPD\DGGUHVV
WKHFRPSHWHQWSURIHVVLRQDOERG\RURWKHUFRPSHWHQWDXWKRULW\RIWKHKRPHVWDWHRIWKHFDQGLGDWHLQ
RUGHU WR YHULI\ ZKHWKHU KHVKH PHHWV WKH FRQGLWLRQV UHIHUUHG WR LQ DUW SDUDJUDSK VXESDUDJUDSK
$UWLFOH
7KHDSWLWXGHWHVWVKDOOFRYHUWKHSURIHVVLRQDONQRZOHGJHRIWKHFDQGLGDWHDQGLWVDLPLVWRHYDOXDWH
WKH VNLOOV QHHGHG WR SUDFWLVH WKH SURIHVVLRQ RI DGYRFDWH RU WKH SURIHVVLRQ RI OHJDO FRXQVHOORU LQ
FRQQHFWLRQ ZLWK WKH UHTXLUHPHQWV ODLG GRZQ WR DGYRFDWHV DQG OHJDO FRXQVHOORUV SUDFWLVLQJ WKHLU
SURIHVVLRQVRQWKHWHUULWRU\RIWKH5HSXEOLFRI3RODQG6XFKHYDOXDWLRQPXVWWDNHLQWRDFFRXQWWKH
IDFW WKDW WKH FDQGLGDWH DOUHDG\ SRVVHVVHV SURIHVVLRQDO TXDOLILFDWLRQV UHTXLUHG LQ WKH (XURSHDQ
8QLRQ 0HPEHU 6WDWH WR SUDFWLVH WKH SURIHVVLRQ XQGHU RQH RI WKH WLWOHV UHIHUUHG WR LQ DUWLFOH SDUDJUDSK
$UWLFOH
7KHDSWLWXGHWHVWIRUFDQGLGDWHVZKRDSSO\IRUHQWU\RQWKHOLVWRIDGYRFDWHVLVFRQGXFWHGE\WKH
'LVWULFW%DU&RXQFLODQGIRUFDQGLGDWHVZKRDSSO\IRUHQWU\RQWKHOLVWRIOHJDOFRXQVHOORUV±E\WKH
&RXQFLORI'LVWULFW&KDPEHURI/HJDO&RXQVHOORUVDW/DZLQZKRVHGLVWULFWWKHFDQGLGDWHLQWHQGVWR
EHHQWHUHGRQWKHOLVW
7KHGHWDLOHGUHJXODWLRQVRIFRQGXFWLQJWKHDSWLWXGHWHVWIRUFDQGLGDWHVZKRDSSO\IRUHQWU\RQWKH
OLVW RI DGYRFDWHV VKDOO EH DGRSWHG E\ WKH &HQWUDO %DU &RXQFLO DQG IRU FDQGLGDWHV ZKR DSSO\ IRU
HQWU\RQWKHOLVWRIOHJDOFRXQVHOORUV±E\WKH1DWLRQDO&RXQFLORI/HJDO&RXQVHOORUV
$UWLFOH
7KH DSWLWXGH WHVW VKDOO EH WDNHQ EHIRUH DQ H[DPLQDWLRQ FRPPLVVLRQ 7KH FRPSRVLWLRQ RI WKH
H[DPLQDWLRQ FRPPLVVLRQ WKH PDQQHU RI DSSRLQWLQJ LWV PHPEHUV DQG WKH SURFHHGLQJV RI WKH
FRPPLVVLRQ VKDOO EH HVWDEOLVKHG E\ WKH UHJXODWLRQV UHIHUUHG WR LQ DUWLFOH SDUDJUDSK 7KH
FRPPLVVLRQVKDOODOVRLQFOXGHDUHSUHVHQWDWLYHRIWKH0LQLVWU\RI-XVWLFH
$UWLFOH
7KHDSWLWXGHWHVWVKDOOEHFRQGXFWHGLQWKH3ROLVKODQJXDJHDQGVKDOOFRQVLVWRIDZULWWHQSDUWDQG
DQRUDOSDUW
7KHZULWWHQSDUWVKDOOFRYHUWKHHODERUDWLRQRIWZRWRSLFVRQHRQWKHFLYLOODZDQGWKHRWKHURQD
VXEMHFWVHOHFWHGE\WKHFDQGLGDWH7KHPRGHRIHODERUDWLRQRIWKHILUVWWRSLFDQGWKHOLVWRIVXEMHFWV
IURPZKLFKWKHFDQGLGDWHVHOHFWVWKHRWKHUVXEMHFWVKDOOEHVSHFLILHGE\WKHUHJXODWLRQVUHIHUUHGWR
LQDUWLFOHSDUDJUDSK
7KHRUDOSDUWVKDOOFRYHU
WZR VXEMHFWV VHOHFWHG E\ WKH FDQGLGDWH IURP WKH OLVW UHIHUUHG WR LQ SDUDJUDSK KRZHYHU WKH
FDQGLGDWHPD\RQO\VHOHFWWKRVHVXEMHFWVZKLFKKDYHQRWEHHQHODERUDWHGE\KLPLQWKHZULWWHQSDUW
RIWKHDSWLWXGHWHVW
WKH SULQFLSOHV RI RUJDQLVDWLRQ DQG RSHUDWLRQ RI WKH SURIHVVLRQDO VHOIJRYHUQPHQW ERGLHV WKH
FRQGLWLRQVRISUDFWLVLQJWKHSURIHVVLRQDQGWKHUXOHVRISURIHVVLRQDOFRQGXFW
,QRUGHUIRUWKHFDQGLGDWHWREHDGPLWWHGWRWKHRUDOSDUWRIWKHWHVWKHVKHPXVWREWDLQDSRVLWLYH
PDUNLQDWOHDVWRQHVXEMHFWLQWKHZULWWHQSDUW,QWKHHYHQWDQHJDWLYHPDUNKDVEHHQREWDLQHGLQ
ERWKVXEMHFWVLQWKHZULWWHQSDUWWKHZKROHWHVWVKDOOEHFRQVLGHUHGWRKDYHEHHQIDLOHG
$UWLFOH
7KH H[DPLQDWLRQ FRPPLVVLRQ VKDOO FRQVLGHU WKH DSWLWXGH WHVW DV SDVVHG RU IDLOHG WDNLQJ LQWR
DFFRXQWWKHPDUNVREWDLQHGE\WKHFDQGLGDWHLQLQGLYLGXDOVXEMHFWVLQWKHZULWWHQSDUWDQGLQWKHRUDO
SDUW
7KHFRPPLVVLRQVKDOOFRQVLGHUWKHWHVWDVIDLOHGLIWKHFDQGLGDWHKDVREWDLQHGQHJDWLYHPDUNVLQ
DWOHDVWWZRVXEMHFWV7KHREWDLQPHQWE\WKHFDQGLGDWHRIDQHJDWLYHPDUNLQRQHVXEMHFWVKDOOQRW
SUHYHQW WKH H[DPLQDWLRQ WR EH FRQVLGHUHG DV SDVVHG LI LQ WKH FRPPLVVLRQ
V RSLQLRQ WKH PDUNV
REWDLQHGE\WKHFDQGLGDWHLQWKHUHPDLQLQJVXEMHFWVSURYLGHJURXQGVIRUEHOLHIWKDWWKHFDQGLGDWHLV
FDSDEOHRISUDFWLVLQJWKHSURIHVVLRQ
$UWLFOH
7KHUHVXOWVRIWKHDSWLWXGHWHVWVKDOOQRWEHVXEMHFWWRDSSHDO
,QWKHHYHQWWKHDSWLWXGHWHVWKDVEHHQIDLOHGLWPD\EHUHSHDWHGXSRQWKHFDQGLGDWH
VUHTXHVW
VXEPLWWHG ZLWKLQ WZR ZHHNV IURP WKH FRPSOHWLRQ RI WKH WHVW WHVW FDQ EH UHSHDWHG RQO\ RQFH
KRZHYHUWKHUHSHDWHGWHVWPD\QRWWDNHSODFHVRRQHUWKDQDIWHUPRQWKVIURPWKHFRPSOHWLRQRI
WKHSUHYLRXVWHVW
$UWLFOH
7KH'LVWULFW%DU&RXQFLOFRPSHWHQWWRDGRSWDUHVROXWLRQRQHQWU\RQWKHOLVWRIDGYRFDWHVRUWKH
&RXQFLORI'LVWULFW&KDPEHURI/HJDO&RXQVHOORUVFRPSHWHQWWRDGRSWDUHVROXWLRQRQHQWU\RQWKH
OLVWRIOHJDOFRXQVHOORUVVKDOOH[HPSWDODZ\HUIURPWKH(XURSHDQ8QLRQXSRQKLVKHUUHTXHVWIURP
WKHUHTXLUHPHQWWRSDVVWKHDSWLWXGHWHVWLIKHVKHSURYHVWKDWIRUWKHSHULRGRIDWOHDVWWKUHH\HDUV
KHVKH SXUVXHG HIIHFWLYHO\ DQG UHJXODUO\ LQ DFFRUGDQFH ZLWK WKH SULQFLSOHV ODLG GRZQ LQ WKH
SURYLVLRQVRI&KDSWHUVDQGRI6HFWLRQ,,DSUDFWLFHRQDSHUPDQHQWEDVLVLQODZLQIRUFHLQWKH
5HSXEOLFRI3RODQGLQFOXGLQJWKH(XURSHDQ8QLRQODZ
5HJXODUSXUVXLWRISUDFWLFHPHDQVH[HUFLVLQJLWZLWKRXWDQ\LQWHUUXSWLRQRWKHUWKDQWKDWUHVXOWLQJ
IURPWKHHYHQWVDQGUHTXLUHPHQWVRIHYHU\GD\OLIH
,Q RUGHU WR SURYH HIIHFWLYH DQG UHJXODU SXUVXLW RI SUDFWLFH UHIHUUHG WR LQ SDUDJUDSK D ODZ\HU
IURPWKH(XURSHDQ8QLRQVKRXOGHQFORVHWRWKHUHTXHVWIRUEHLQJH[HPSWHGIURPWKHREOLJDWLRQWR
WDNHWKHWHVWDOLVWRIFDVHVKHVKHKDVKDQGOHGLQGLFDWLQJWKHLUUHIHUHQFHQXPEHUVVXEMHFWPDWWHU
SHULRGRIGXUDWLRQDQGDFWLRQVWDNHQLQWKHFDVHV
7KH FRPSHWHQW 'LVWULFW %DU &RXQFLO RU WKH FRPSHWHQW &RXQFLO RI 'LVWULFW &KDPEHU RI /HJDO
&RXQVHOORUVPD\UHTXHVWDODZ\HUIURPWKH(XURSHDQ8QLRQWRDSSHDULQSHUVRQLQRUGHUWRSUHVHQW
DGGLWLRQDOLQIRUPDWLRQRUH[SODQDWLRQVUHJDUGLQJWKHSXUVXLWRISUDFWLFHUHIHUUHGWRLQSDUDJUDSK
$UWLFOH
7KH FRXQFLO UHIHUUHG WR LQ DUWLFOH SDUDJUDSK XSRQ WKH UHTXHVW RI D ODZ\HU IURP WKH
(XURSHDQ 8QLRQ PD\ H[HPSW KLPKHU IURP WKH REOLJDWLRQ WR WDNH WKH WHVW LI KHVKH SURYHV WKDW
KHVKH ZDV SXUVXLQJ HIIHFWLYHO\ DQG UHJXODUO\ LQ DFFRUGDQFH ZLWK WKH SULQFLSOHV VSHFLILHG LQ WKH
SURYLVLRQVRI&KDSWHUVDQG6HFWLRQ,,SUDFWLFHRQDSHUPDQHQWEDVLVIRUWKHSHULRGRIDWOHDVW
\HDUVKRZHYHUIRUDVKRUWHUSHULRGLQODZUHIHUUHGWRLQDUWLFOHSDUDJUDSK
:KHQ DGRSWLQJ D UHVROXWLRQ RQ H[HPSWLRQ IURP WKH DSWLWXGH WHVW WKH &RXQFLO VKDOO WDNH LQWR
DFFRXQWWKHVFRSHDQGWKHVXEMHFWPDWWHURIWKHSUHYLRXVSUDFWLFHRIDODZ\HUIURPWKH(XURSHDQ
8QLRQDVZHOODVKLVKHUNQRZOHGJHDQGH[SHULHQFHRIWKH3ROLVKODZLQFOXGLQJKLVKHUSDUWLFLSDWLRQ
LQWUDLQLQJLQWKLVILHOG
7KHSURYLVLRQVRIDUWLFOHSDUDJUDSKVVKDOOEHDSSOLHGDFFRUGLQJO\
7KH FRPSHWHQW 'LVWULFW %DU &RXQFLO RU WKH FRPSHWHQW &RXQFLO RI 'LVWULFW &KDPEHU RI /HJDO
&RXQVHOORUVVKDOOFRQGXFWDQLQWHUYLHZZLWKWKHODZ\HUIURPWKH(XURSHDQ8QLRQLQRUGHUWRYHULI\
ZKHWKHUKHVKHHIIHFWLYHO\DQGUHJXODUO\SXUVXHGSUDFWLFHRQDSHUPDQHQWEDVLVLQSDUWLFXODULQWKH
3ROLVK ODZ DQG ZKHWKHU KHVKH LV DEOH WR SXUVXH WKLV SUDFWLFH LQ WKH OLJKW RI WKH NQRZOHGJH DQG
H[SHULHQFHKHVKHSRVVHVVHVLQWKHILHOGRI3ROLVKODZ
$UWLFOH
7KHUHVROXWLRQVRIWKH'LVWULFW%DU&RXQFLODQGWKHUHVROXWLRQVRIWKH&RXQFLORI'LVWULFW&KDPEHU
RI/HJDO&RXQVHOORUVRQH[HPSWLRQIURPWKHDSWLWXGHWHVWVKRXOGLQFOXGHIDFWXDODQGOHJDOJURXQGV
WKHUHIRU
$UHVROXWLRQUHIXVLQJH[HPSWLRQIURPWKHDSWLWXGHWHVWPD\EHDSSHDOHGE\WKHODZ\HUIURPWKH
(XURSHDQ8QLRQ
DUHVROXWLRQRIWKH'LVWULFW%DU&RXQFLO±WRWKH&HQWUDO%DU&RXQFLO
DUHVROXWLRQRIWKH&RXQFLORI'LVWULFW&KDPEHURI/HJDO&RXQVHOORUV±WRWKH1DWLRQDO&RXQFLORI
/HJDO&RXQVHOORUV
7KHDSSHDOVKDOOEHVXEPLWWHGZLWKLQGD\VIURPWKHGDWHRIVHUYLFHRIDFHUWLILHGFRS\RIWKH
UHVROXWLRQ
$UWLFOH
$ODZ\HUIURPWKH(XURSHDQ8QLRQHQWHUHGRQWKHOLVWRIDGYRFDWHVRURQWKHOLVWRIOHJDOFRXQVHOORUV
VKDOO EH HQWLWOHG WR XVH LQ DGGLWLRQ WR WKH WLWOH RI DGYRFDWH RU WKH WLWOH RI OHJDO FRXQVHOORU WKH
SURIHVVLRQDOWLWOHFRQIHUUHGLQKLVKHUKRPHVWDWHDVH[SUHVVHGLQWKHRIILFLDOODQJXDJHRIWKDWVWDWH
6HFWLRQ,9
3URYLVLRQRIFURVVERUGHUVHUYLFHV
&KDSWHU
3URYLVLRQRIFURVVERUGHUVHUYLFHVE\ODZ\HUVIURPWKH(XURSHDQ8QLRQ
$UWLFOH
$ODZ\HUIURPWKH(XURSHDQ8QLRQVKDOOEHHQWLWOHGWRSURYLGHFURVVERUGHUVHUYLFHVXVLQJWKH
SURIHVVLRQDOWLWOHFRQIHUUHGLQWKHKRPHVWDWHH[SUHVVHGLQWKHRIILFLDOODQJXDJHRIWKDWVWDWHZLWKWKH
GHVLJQDWLRQRIWKHKRPHVWDWHSURIHVVLRQDORUJDQLVDWLRQRIZKLFKKHLVDPHPEHURURIWKHFRXUW
EHIRUHZKLFKKHVKHLVHQWLWOHGWRSUDFWLVHLQDFFRUGDQFHZLWKWKHODZVRIWKDWVWDWH
8QGHUWKHHQWLWOHPHQWUHIHUUHGWRLQSDUDJUDSKDODZ\HUIURPWKH(XURSHDQ8QLRQPD\H[HFXWH
DQ\DFWLYLWLHVWKDWIDOOZLWKLQWKHHQWLWOHPHQWRIDQDGYRFDWHRUDOHJDOFRXQVHOORU
$UWLFOH
:KHQ SURYLGLQJ FURVVERUGHU VHUYLFHV ZKLFK FRQVLVW LQ UHSUHVHQWLQJ D FOLHQW LQ SURFHHGLQJV
EHIRUHFRXUWVRURWKHUSXEOLFDXWKRULWLHVDODZ\HUIURPWKH(XURSHDQ8QLRQLVVXEMHFWWRWKHVDPH
FRQGLWLRQV RI SUDFWLVLQJ WKH SURIHVVLRQ DV WKRVH DSSOLHG ZLWK UHVSHFW WR DQ DGYRFDWH RU D OHJDO
FRXQVHOORU ZLWK WKH H[FHSWLRQ RI WKH FRQGLWLRQV UHJDUGLQJ D UHVLGHQFH RU HQWU\ RQ WKH OLVW RI
DGYRFDWHVRUOHJDOFRXQVHOORUV
$ODZ\HUIURPWKH(XURSHDQ8QLRQVKDOOEHREOLJHGWRREVHUYHWKHUXOHVRISURIHVVLRQDOFRQGXFW
ZKLFKDSSO\WRDGYRFDWHVRUZKLFKDSSO\WROHJDOFRXQVHOORUVWDNLQJLQWRFRQVLGHUDWLRQWKHUXOHVRI
SURIHVVLRQDOFRQGXFWZKLFKDSSO\LQKLVKHUKRPHVWDWH+RZHYHULQFDVHVZKHUHUHSUHVHQWDWLRQRI
DFOLHQWE\DOHJDOFRXQVHOORULVQRWDGPLVVLEOHWKHODZ\HUIURPWKH(XURSHDQ8QLRQVKDOORQO\EH
VXEMHFWWRWKHUXOHVRISURIHVVLRQDOFRQGXFWDSSOLFDEOHWRDGYRFDWHVWDNLQJLQWRFRQVLGHUDWLRQWKH
UXOHVRISURIHVVLRQDOFRQGXFWZKLFKDSSO\LQKLVKHUKRPHVWDWH
$UWLFOH
:KHQSURYLGLQJFURVVERUGHUVHUYLFHVRWKHUWKDQWKRVHPHQWLRQHGLQDUWLFOHSDUDJUDSKD
ODZ\HU IURP WKH (XURSHDQ 8QLRQ VKDOO EH REOLJHG WR REVHUYH WKH FRQGLWLRQV RI SUDFWLVLQJ WKH
SURIHVVLRQLQIRUFHLQKLVKHUKRPHVWDWHWDNLQJLQWRFRQVLGHUDWLRQWKHFRQGLWLRQVRISUDFWLVLQJWKH
SURIHVVLRQ DSSOLFDEOH WR DGYRFDWHV RU OHJDO FRXQVHOORUV LI WKH REVHUYDQFH RI WKH ODWWHU FRQGLWLRQV
PD\EHUHTXLUHGIURPDSHUVRQZKRGRHVQRWSUDFWLFHWKHSURIHVVLRQRQDSHUPDQHQWEDVLVDQGLI
WKLV LV MXVWLILHG WR HQVXUH WKH SURSHU SXUVXLW RI SURIHVVLRQDO DFWLYLWLHV DQG WKH SUHVHUYDWLRQ RI WKH
GLJQLW\RIWKHSURIHVVLRQ
3DUDJUDSKVKDOODSSO\DFFRUGLQJO\WRWKHREVHUYDQFHRIWKHUXOHVRISURIHVVLRQDOFRQGXFW
$UWLFOH
:KHQ SURYLGLQJ D FURVVERUGHU VHUYLFH ZKLFK FRQVLVWV LQ UHSUHVHQWLQJ D FOLHQW LQ SURFHHGLQJV
ZKHUHSXUVXDQWWRWKHSURYLVLRQVLQIRUFHWKHSDUW\FRQFHUQHGLVUHTXLUHGWREHUHSUHVHQWHGE\DQ
DGYRFDWH RU D OHJDO FRXQVHOORU D ODZ\HU IURP WKH (XURSHDQ 8QLRQ VKDOO EH REOLJHG WR ZRUN LQ
FRQMXQFWLRQ ZLWK D SHUVRQ SUDFWLVLQJ RQH RI WKRVH SURIHVVLRQV +RZHYHU LQ FDVHV ZKHUH
UHSUHVHQWLQJ D FOLHQW E\ D OHJDO FRXQVHOORU LV QRW DGPLVVLEOH D ODZ\HU IURP WKH (XURSHDQ 8QLRQ
VKDOOEHREOLJHGWRZRUNLQFRQMXQFWLRQZLWKDQDGYRFDWH
$UWLFOHSDUDJUDSKVVKDOOEHDSSOLHGDFFRUGLQJO\
$UWLFOH
$ODZ\HU IURP WKH (XURSHDQ 8QLRQUHSUHVHQWLQJ DFOLHQWLQ SURFHHGLQJV EHIRUH FRXUWV RU RWKHU
SXEOLFDXWKRULWLHVVKDOOEHREOLJHGWRLQGLFDWHWRWKHDXWKRULW\FRQGXFWLQJWKHSURFHHGLQJVDSHUVRQ
IRU VHUYLFH LQ WKH 5HSXEOLF RI 3RODQG ,Q WKH FDVH D ODZ\HU IURP WKH (XURSHDQ 8QLRQ ZRUNV LQ
FRQMXQFWLRQ ZLWK DQ DGYRFDWH RU D OHJDO FRXQVHOORU LQ DFFRUGDQFH ZLWK DUWLFOH LW VKDOO EH
SUHVXPHGWKDWWKLVDGYRFDWHRUWKLVOHJDOFRXQVHOORULVWKHDXWKRULVHGSHUVRQ
,QWKHFDVHQRSHUVRQDXWKRULVHGIRUVHUYLFHLQWKH5HSXEOLFRI3RODQGKDVEHHQLQGLFDWHGDQ\
GRFXPHQW IRU D ODZ\HU IURP WKH (XURSHDQ 8QLRQ VKDOO EH VHUYHG RQ WKH SDUW\ UHSUHVHQWHG E\
KLPKHULIWKDWSDUW\KDVLWVSODFHRIUHVLGHQFHRULWVVHDWLQWKH5HSXEOLFRI3RODQG,QRWKHUFDVHV
WKH GRFXPHQW VKDOO EH OHIW LQ WKH FDVH ILOHV DQG GHHPHG WR KDYH EHHQ VHUYHG 7KH DXWKRULW\
FRQGXFWLQJWKHSURFHHGLQJVVKDOOEHREOLJHGWRQRWLI\WKLVWRWKHODZ\HUIURPWKH(XURSHDQ8QLRQ
XSRQWKHILUVWVHUYLFH
$UWLFOH
$ODZ\HUIURPWKH(XURSHDQ8QLRQVKDOOEHREOLJHGXSRQWKHILUVWDFWLRQXQGHUWDNHQE\KLPKHU
ZLWKLQWKHFRXUWSURFHHGLQJVWRDWWDFKWRWKHFDVHILOHVDGRFXPHQWDWWHVWLQJWKDWKHVKHKDVEHHQ
UHJLVWHUHG LQ WKH KRPH VWDWH DV D SHUVRQ HQWLWOHG WR SUDFWLVH WKH SURIHVVLRQ XQGHU RQH RI WKH
SURIHVVLRQDO WLWOHV UHIHUUHG WRLQ DUWLFOH VXESDUDJUDSK DQG LQIRUPWKH GHDQ RI WKH 'LVWULFW %DU
&RXQFLORUWKHGHDQRIWKH&RXQFLORI'LVWULFW&KDPEHURI/HJDO&RXQVHOORUVFRPSHWHQWZLWKUHJDUG
WRWKHVHDWRIWKHFRXUWDERXWSURYLGLQJWKHFURVVERUGHUVHUYLFH
$ SXEOLF DXWKRULW\ RWKHU WKDQ WKH FRXUW EHIRUH ZKLFK D ODZ\HU IURP WKH (XURSHDQ 8QLRQ LV
XQGHUWDNLQJ DQ DFWLRQ WKH GHDQ RI WKH 'LVWULFW %DU &RXQFLO RU WKH GHDQ RI WKH &RXQFLO RI 'LVWULFW
&KDPEHURI/HJDO&RXQVHOORUVFRPSHWHQWZLWKUHJDUGWRWKHSODFHZKHUHWKHDFWLRQLVWDNHQPD\
DWDQ\WLPHUHTXHVWIURPDODZ\HUIURPWKH(XURSHDQ8QLRQWKHVXEPLVVLRQRIDGRFXPHQWUHIHUUHG
WRLQSDUDJUDSK
,IWKHGRFXPHQWLVQRWPDGHLQWKH3ROLVKODQJXDJHWKHODZ\HUIURPWKH(XURSHDQ8QLRQVKRXOG
DWWDFKDWUDQVODWLRQWKHUHRILQWRWKH3ROLVKODQJXDJHFHUWLILHGE\DVZRUQWUDQVODWRU
$UWLFOH
$FXOSDEOH LQIULQJHPHQW E\ D ODZ\HU IURPWKH (XURSHDQ8QLRQRI WKH REOLJDWLRQ WR REVHUYH WKH
FRQGLWLRQVRISUDFWLVLQJWKHSURIHVVLRQRURIWKHUXOHVRISURIHVVLRQDOFRQGXFWUHIHUUHGWRLQDUWLFOHV
DQGVKDOOEHVXEMHFWWRGLVFLSOLQDU\UHVSRQVLELOLW\DFFRUGLQJWRWKHSURYLVLRQVRQGLVFLSOLQDU\
UHVSRQVLELOLW\RIDGYRFDWHVRUWKHSURYLVLRQVRQGLVFLSOLQDU\UHVSRQVLELOLW\RIOHJDOFRXQVHOORUV
$UWLFOHSDUDJUDSKVVKDOODSSO\DFFRUGLQJO\
&KDSWHU
3URYLVLRQRIFURVVERUGHUVHUYLFHVE\ODZ\HUVIURPRXWVLGHWKH(XURSHDQ8QLRQ
$UWLFOH 6XEMHFW WR UHFLSURFLW\ XQOHVV WKH LQWHUQDWLRQDO DJUHHPHQWV UDWLILHG E\ WKH 5HSXEOLF RI
3RODQG RU WKH SURYLVLRQV RI WKH LQWHUQDWLRQDO RUJDQLVDWLRQV WKH 5HSXEOLF RI 3RODQG LV D PHPEHU
WKHUHWR SURYLGH RWKHUZLVH D ODZ\HU IURP RXWVLGH WKH (XURSHDQ 8QLRQ VKDOO EH HQWLWOHG WR SURYLGH
FURVVERUGHU VHUYLFHV WKDW FRQVLVW H[FOXVLYHO\ RI D UHSUHVHQWDWLRQ LQ FLYLO SURFHHGLQJV RI D SDUW\
EHLQJ D QDWLRQDO RI RU EHORQJLQJ WR D VWDWH LQ ZKLFK WKH ODZ\HU LV DXWKRULVHG WR SUDFWLVH WKH
SURIHVVLRQ
$UWLFOH :LWK UHVSHFW WR D ODZ\HU IURP RXWVLGH WKH (XURSHDQ 8QLRQ SURYLGLQJ D VHUYLFH LQ
DFFRUGDQFH ZLWK DUWLFOH WKH SURYLVLRQV RI DUWLFOH SDUDJUDSK DQG RI DUWLFOHV VKDOO
DSSO\DFFRUGLQJO\
RPLVVLV
5HJQR8QLWR
D QR]LRQLJHQHUDOL
,QJKLOWHUUDH*DOOHV
©*LXGLFL
&ULWHULGLQRPLQD
'LYHUVDPHQWHGDTXDQWRDYYLHQHLQPROWLDOWULSDHVLHXURSHLSHUGLYHQWDUHJLXGLFHLQ,QJKLOWHUUDHLQ
*DOOHV RFFRUUH SULPD HVVHUH DYYRFDWL VROLFLWRUV R EDUULVWHUV 3HU SRWHU HVVHUH QRPLQDWL JLXGLFL
RFFRUUH HVVHUH FLWWDGLQL GHO 5HJQR 8QLWR GHOOD 5HSXEEOLFD G¶,UODQGD R GL XQ SDHVH GHO
&RPPRQZHDOWK H RFFRUUH DYHUH HVHUFLWDWR FRPH DYYRFDWL SHU XQ SHULRGR GL WHPSR PLQLPR
VSHFLILFDWRGDOODOHJJHDVHFRQGDGHOWLSRGLLQFDULFRLQJHQHUHSHUSHULRGLGLDOPHQRVHWWHRGLHFL
DQQL7XWWDYLDQHOODUHDOWjLJLXGLFLFKHYHQJRQRQRPLQDWLKDQQRGLVROLWRHVHUFLWDWRO¶DYYRFDWXUD
SHU DOPHQR YHQWL DQQL 3HUWDQWR DELWXDOPHQWH JOL DYYRFDWL GLYHQWDQR JLXGLFL D PHWj GHOOD ORUR
FDUULHUDRDFDUULHUDDYDQ]DWD
3ULPDGLHVVHUHSUHVLLQFRQVLGHUD]LRQHSHUXQLQFDULFRFRPHJLXGLFHDWHPSRSLHQRGHYRQRDYHU
HVHUFLWDWR IXQ]LRQL GL JLXGLFH D WHPSR SDU]LDOH &Lz YXRO GLUH FKH JOL DYYRFDWL VRQR QRPLQDWL
LQL]LDOPHQWHSHULQFDULFKLDWHPSRSDU]LDOHSHULTXDOLGHYRQRHVHUFLWDUHOHIXQ]LRQLGLJLXGLFLSHUXQ
FHUWR SHULRGR GL JLRUQL DOO¶DQQR GL VROLWR DOO¶LQFLUFD XQD YHQWLQD PD QHO IUDWWHPSR FRQWLQXDQR D
HVHUFLWDUHFRPHEDUULVWHURVROLFLWRU'RSRGXHRWUHDQQLGLVHUYL]LRXQJLXGLFHDWHPSRSDU]LDOHSXz
SUHVHQWDUHGRPDQGDSHUGLYHQWDUHJLXGLFHDWHPSRSLHQR,JLXGLFLDWHPSRSLHQRHVHUFLWDQROHORUR
IXQ]LRQLILQRDOFRPSLPHQWRGHOƒDQQRGLHWj
3URFHGXUDGLQRPLQD
/¶LWHU SHU OD QRPLQD LQ ,QJKLOWHUUD H LQ *DOOHV q VWDWR PRGLILFDWR $WWXDOPHQWH LO /RUG &KDQFHOORU
PLQLVWURGHOOD*LXVWL]LDFKHqPHPEURGHOJRYHUQRKDODUHVSRQVDELOLWjSHUVRQDOHGHOODQRPLQDR
HVSULPHLOVXRSDUHUHVXWXWWLLPHPEULGHOOHSURIHVVLRQLOHJDOLLQ,QJKLOWHUUDH*DOOHVH,UODQGDGHO
1RUGHDOFXQLPHPEULGLWULEXQDOLQRPLQDWLLQ6FR]LD/HQRPLQHDLJUDGLSLHOHYDWLVRQRHIIHWWXDWH
GDOOD 5HJLQD VX UDFFRPDQGD]LRQH GHO 3ULPR PLQLVWUR SUHYLR SDUHUH DQFKH LQ WDO FDVR GHO /RUG
&KDQFHOORU
/D PDJJLRU SDUWH GHOOH QRPLQH GL JLXGLFL WRJDWL D WHPSR SLHQR VRQR HIIHWWXDWH XQLFDPHQWH
PHGLDQWHLQYLWRSHUWXWWLJOLDOWULLQFDULFKLGDPDJLVWUDWRRFFRUUHSUHVHQWDUHODSURSULDFDQGLGDWXUD
FKH YLHQH YDJOLDWD LQ EDVH D VSHFLILFL FULWHUL GL QRPLQD FKH YHQJRQR SXEEOLFDWL , FDQGLGDWL FKH
VRGGLVIDQR DO PHJOLR L FULWHUL GL QRPLQD VRQR LQYLWDWL D SUHVHQWDUVL SUHVVR XQ DSSRVLWR FHQWUR QHO
TXDOHVLVYROJHLOFROORTXLRDOWHUPLQHGHOTXDOHYLHQHXOWHULRUPHQWHYDOXWDWDODORURLGRQHLWjVXOOD
EDVH GHL VXGGHWWL FULWHUL /D FRPPLVVLRQH LQFDULFDWD GHOOD VHOH]LRQH q IRUPDWD GDL PHPEUL GHO
VLVWHPDJLXGL]LDULRLQFDULFDLQTXHOPRPHQWRFKHULIHULVFRQRDO/RUG&KDQFHOORUHGDSHUVRQDOHQRQ
ODXUHDWRLQJLXULVSUXGHQ]DVHOH]LRQDWRVSHFLILFDPHQWHFLRqSHUVRQHVHQ]DLOWLWRORGLDYYRFDWRRGL
DOWUDSURIHVVLRQHOHJDOH
,QGLSHQGHQ]DGHOODPDJLVWUDWXUD
/¶LQGLSHQGHQ]DGHOODPDJLVWUDWXUDLPSOLFDFKHLJLXGLFL GHFLGRQROHFDXVHLQEDVHDOSURSULROLEHUR
FRQYLQFLPHQWRDOULSDURGDTXDOVLDVLLQIOXHQ]DHVWHUQD,QSDUWLFRODUHqLQWHUHVVHGHOODJLXVWL]LDFKH
L JLXGLFL ULPDQJDQR LQGLSHQGHQWL QHOO¶HVHUFL]LR GHOOH IXQ]LRQL H FKH QRQ VLDQR VXERUGLQDWL DOOH
RSLQLRQLRDOFRQWUROORGHOJRYHUQR1HVVXQJLXGLFHSXzHVVHUHGLUHWWRUHGLXQ¶LPSUHVDFRPPHUFLDOH
QpGHYHVXELUHSUHVVLRQLGDVLQJROLRGDJUXSSLFRQXQLQWHUHVVHDOO¶HVLWRGHOODFDXVD,QTXDOVLDVL
FDXVDLOJLXGLFHGHYHDPPLQLVWUDUHODJLXVWL]LDVHFRQGRODOHJJHHVHFRQGROHFLUFRVWDQ]HGHOFDVR
LQGLSHQGHQWHPHQWHGDOO¶HYHQWXDOHLPSRSRODULWjGHOODVXDGHFLVLRQH
/¶LQGLSHQGHQ]DGHLJLXGLFLQRQVLJQLILFDVHPSOLFHPHQWHLQGLSHQGHQ]DULVSHWWRDOOHLQIOXHQ]HHVWHUQH
PD DQFKH ULVSHWWR DL FROOHJKL 1HVVXQ JLXGLFH DQFRUFKp DXWRUHYROH SXz VXJJHULUH D XQ DOWUR
JLXGLFH LO PRGR GL HVHUFLWDUH OH VXH IXQ]LRQL QHL YDUL SURFHGLPHQWL , JLXGLFL SRVVRQR FKLHGHUH LO
SDUHUH GHL FROOHJKL H WHUUDQQR FRQWR GHOOH RSLQLRQL HVSUHVVH GD DOWUL JLXGLFL LQ DOWUL FDVL WHQHQGR
SUHVHQWHWXWWDYLDODJLXULVSUXGHQ]DGHOOHJLXULVGL]LRQLVXSHULRULFKHKDYDORUHYLQFRODQWH
,O PLQLVWUR GHOOD *LXVWL]LD QRQ SXz FRPPHQWDUH R LQWHUYHQLUH VXOOH GHFLVLRQL JLXGL]LDULH R VXO
FRPSRUWDPHQWR GL XQ JLXGLFH QHO FRUVR GHO SURFHGLPHQWR &RORUR FKH QRQ VRQR VRGGLVIDWWL GHOOH
GHFLVLRQL R GHO FRPSRUWDPHQWR GHL JLXGLFL SRVVRQR LQ OLQHD GL SULQFLSLRLPSXJQDUOH GLQDQ]L D XQ
JLXGLFHGLJUDGRVXSHULRUH
5HWULEX]LRQH
,O 6HQLRU 6DODULHV 5HYLHZ %RG\ HQWH GL UHYLVLRQH GHJOL VWLSHQGL q XQ RUJDQR LQGLSHQGHQWH FKH
WUDVPHWWHUDFFRPDQGD]LRQLDOJRYHUQRVXJOLVWLSHQGLGLYDULHFDWHJRULHFRPSUHVDODPDJLVWUDWXUD,O
JRYHUQR WLHQH FRQWR GHOOH UDFFRPDQGD]LRQL DQQXDOPHQWH SULPD GL GHFLGHUH VXL OLYHOOL GHL QXRYL
VWLSHQGL , QXRYL OLYHOOL VDODULDOL HQWUDQR LQ YLJRUH LO ƒ DSULOH GL RJQL DQQR Ê SRVVLELOH FRQRVFHUH
O¶DPPRQWDUH
GHJOL
VWLSHQGL
LQ
YLJRUH
DO
VHJXHQWH
LQGLUL]]R
KWWSZZZGFDJRYXNMXGLFLDOVDOIUKWPSDUW
&DWHJRULHGLJLXGLFL
,YDULWLSLGLJLXGLFLLQ,QJKLOWHUUDHLQ*DOOHVVRQRGHVFULWWLQHOVLWRGHOO¶2UJDQL]]D]LRQHGHOVLVWHPD
JLXGL]LDULRLQ,QJKLOWHUUDH*DOOHVKWWSHFHXURSDHXFLYLOMXVWLFHRUJBMXVWLFHRUJBMXVWLFHBHQJBLWKWP
1HOFRUVRGHJOLDQQLVLqVYLOXSSDWDODSUDVVLVHFRQGRODTXDOHFRVuFRPHJLXGLFLGLGLYHUVROLYHOOR
KDQQRWUDWWDWRFDXVHGLFRPSOHVVLWjGLIIHUHQWHDQDORJDPHQWHJLXGLFLFRQLQFDULFKLHVWDWXVGLYHUVL
DOFXQLDWHPSRSLHQRDOWULDWHPSRSDU]LDOHKDQQRHVHUFLWDWRLQWDOLRUJDQLJLXULVGL]LRQDOL
,JLXGLFLWRJDWLGLSLDOWROLYHOORVRQRLTXDWWURFDSLGLYLVLRQHVHJXHQWL
,O³/RUG&KLHI-XVWLFH´SUHVLGHQWHGHO7ULEXQDOHVXSUHPRG¶,QJKLOWHUUDH*DOOHV±qLOJLXGLFHWRJDWR
GL UDQJR SL HOHYDWR LQ ,QJKLOWHUUD H *DOOHV H SUHVLHGH OD VH]LRQH SHQDOH GHOOD &RXUW RI $SSHDO
&RUWHG¶DSSHOORQRQFKpOD4XHHQ¶V%HQFK'LYLVLRQGHOOD+LJK&RXUW
,O³0DVWHURIWKH5ROOV´±QHOODJHUDUFKLDGHLJLXGLFLRFFXSDLOOLYHOORVXFFHVVLYRSUHVLHGHODVH]LRQH
FLYLOHGHOOD&RUWHG¶DSSHOOR
,O9LFH&KDQFHOORU±LO/RUG&KDQFHOORUqLOSUHVLGHQWHGHOOD³&KDQFHU\'LYLVLRQRIWKH+LJK&RXUW´LQ
SUDWLFDLOYLFHFDQFHOOLHUHIDOHIXQ]LRQLGHOFDSRGLYLVLRQH
3UHVLGHQWRIWKH)DPLO\'LYLVLRQ±qLOJLXGLFHDFDSRGHOOD)DPLO\'LYLVLRQGHOOD+LJK&RXUW
,SULQFLSDOLJLXGLFLDWHPSRSLHQRVRQRLVHJXHQWL
/RUGV RI $SSHDO LQ 2UGLQDU\ ± GHQRPLQDWL DQFKH ³/DZ /RUGV´ HVHUFLWDQR OH ORUR IXQ]LRQL QHOOD
+RXVH RI /RUGV H UDSSUHVHQWDQR O¶XOWLPRJUDGR GL JLXGL]LRQHO 5HJQR 8QLWR 3XU HVVHQGRPHPEUL
GHOOD+RXVHRI/RUGVLQSUDWLFDL/DZ/RUGVQRQSDUWHFLSDQRDOOHGLVFXVVLRQLGHOOHOHJJLLQVHQRDOOD
+RXVHRI/RUGVVDOYRTXDQGRYHQJDQRWUDWWDWHPDWHULHJLXULGLFKH
/RUGV-XVWLFHVRI$SSHDO±HVHUFLWDQROHORURIXQ]LRQLQHOOD&RXUWRI$SSHDOFKHWUDWWDFDXVHSHQDOL
HFLYLOL
+LJK&RXUW-XGJHV±HVHUFLWDQROHORURIXQ]LRQLQHOOD+LJK&RXUWRYHYHQJRQRWUDWWDWHOHFDXVHFLYLOL
SL FRPSOHVVH PD DQFKH L FDVL SL JUDYL H GHOLFDWL QHOOD VHGH GHOOD &URZQ &RXUW DG HVHPSLR
O¶RPLFLGLR
&LUFXLW -XGJHV *LXGLFL LWLQHUDQWL ± UDSSUHVHQWDQR LO OLYHOOR VXFFHVVLYR GRSR L JLXGLFL GHOOD +LJK
&RXUWHVRQRFRPSHWHQWLSHUFDXVHGLGLULWWRSHQDOHFLYLOHHGLULWWRGLIDPLJOLD
'LVWULFW -XGJHV ± WUDWWDQR FDVL FLYLOL /D PDJJLRU SDUWH GHOOH FDXVH YLHQH WUDWWDWD LQ FDPHUD GL
FRQVLJOLRFLRqODWUDWWD]LRQHQRQDYYLHQHLQXGLHQ]DSXEEOLFD(VVLVRQRFRPSHWHQWLSHUOHFDXVHGL
XQD ³FRXQW\ FRXUW´ QHL OLPLWL GHO YDORUH SUHYLVWR FKH YLHQH ULYLVWR SHULRGLFDPHQWH 3HU OH FDXVH
VXSHULRULDOOLPLWH SUHYLVWRLQ JHQHUH q FRPSHWHQWH XQ &LUFXLW-XGJH, 'LVWULFW -XGJHVLQILQH VRQR
FRPSHWHQWLSHUROWUHO¶GLWXWWRLOFRQWHQ]LRVRFLYLOHLQ,QJKLOWHUUDHQHO*DOOHV
'LVWULFW -XGJHV 0DJLVWUDWHV¶ &RXUWV ± LQ SDVVDWR FRQRVFLXWL FRPH 6WLSHQGLDU\ 0DJLVWUDWHV
(VHUFLWDQR OH ORUR IXQ]LRQL QHOOH PDJLVWUDWHV¶ FRXUWV H WUDWWDQR OR VWHVVR WLSR GL FDXVH GHL JLXGLFL
RQRUDUL YHGL LQIUD PD SRVVRQR LQ SDUWLFRODUH SUHVWDUH DVVLVWHQ]D QHOO¶LSRWHVL GL FRQWURYHUVLH SL
OXQJKHHFRPSOHVVH
0DVWHUV DQG 5HJLVWUDUV RI WKH 6XSUHPH &RXUW ± VRQR IXQ]LRQDUL GHOOD 6XSUHPH &RXUW H WUDWWDQR
SDUWH GHO FRQWHQ]LRVR GHOOD +LJK &RXUW,4XHHQ¶V %HQFK DQG &KDQFHU\ 0DVWHUV DQG %DQNUXSWF\
5HJLVWUDUV FDQFHOOLHUL WUDWWDQR OD PDJJLRU SDUWH GHO ODYRUR DPPLQLVWUDWLYR GHL SURSUL VHWWRUL GL
JLXULVGL]LRQHHLQDOFXQHFLUFRVWDQ]HSRVVRQRJLXGLFDUH,7D[LQJ0DVWHUVFRUUHQWHPHQWHFKLDPDWL
&RVWV-XGJHVKDQQRLOFRPSLWRGLFDOFRODUHOHVSHVHGLJLXGL]LRGHLSURFHVVLGLQDQ]LDOOD6XSUHPH
&RXUWPDVLSURQXQFLDQRDQFKHVXOOHLPSXJQD]LRQLFRQWURODOLTXLGD]LRQHGHOOHVSHVHRSHUDWHGDOOD
&URZQ&RXUWWULEXQDOHFRPSHWHQWHSHUOHFDXVHSHQDOL
, JLXGLFL D WHPSR SDU]LDOH VRQR GL VROLWR QRPLQDWL SHU XQ SHULRGR GL DOPHQR FLQTXH DQQL FRQ
DSSOLFD]LRQHLQWXWWLLFDVLGHOOLPLWHGLHWjVXSHULRUHFRUULVSRQGHQWH/HILJXUHSULQFLSDOLGLJLXGLFLD
WHPSRSDU]LDOHVRQROHVHJXHQWL
'HSXW\ +LJK &RXUW -XGJHV ± KDQQR L UHTXLVLWL SHU HVVHUH QRPLQDWL JLXGLFL GHOOD +LJK &RXUW H
SRVVRQRHVHUFLWDUHOHORURIXQ]LRQLGLWDQWRLQWDQWRLQXQDRSLGHOOH'LYLVLRQVGHOOD+LJK&RXUW
5HFRUGHUV ± KDQQR FRPSHWHQ]D VLPLOH D TXHOOD GHO &LUFXLW -XGJH PD LQ JHQHUH WUDWWDQR OH
FRQWURYHUVLHPHQRFRPSOHVVHRJUDYLFKHVLSUHVHQWDQR
'HSXW\'LVWULFW-XGJHV±HVHUFLWDQROHORURIXQ]LRQLQHOOHFRXQW\FRXUWVHQHLGLVWULFWUHJLVWULHVGHOOD
+LJK&RXUWWUDWWDQRLFDVLPHQRFRPSOHVVLFKHULHQWUDQRQHOODFRPSHWHQ]DGHL'LVWULFW-XGJHV
'HSXW\ 'LVWULFW -XGJHV 0DJLVWUDWHV¶ &RXUWV ± LQ SUHFHGHQ]D FKLDPDWL FRPH $FWLQJ 6WLSHQGLDU\
0DJLVWUDWHV WUDWWDQR FDXVH DQDORJDPHQWH DL ORUR FROOHJKL GL SDUL JUDGR FKH HVHUFLWDQR D WHPSR
SLHQR
'HSXW\0DVWHUVDQG5HJLVWUDUVRIWKH6XSUHPH&RXUWWUDWWDQRFDXVHDQDORJDPHQWHDLORURFROOHJKL
GLSDULJUDGRFKHHVHUFLWDQRDWHPSRSLHQR
$OWUHILJXUH
2OWUHDTXHOOLWUDGL]LRQDOLLQ,QJKLOWHUUDH*DOOHVYLVRQRDOWULRUJDQLJLXULVGL]LRQDOLFRPSHWHQWLLQYDULH
PDWHULH LPPLJUD]LRQH LPSRVWH VDOXWH PHQWDOH IRQGL H SURSULHWj LPPRELOLDUL WUDVSRUWR H
FRQWURYHUVLH GL ODYRUR 7UD L FRPSRQHQWL ILJXUDQR FRQVXOHQWL R SHULWL JLXGL]LDUL FRPH PHGLFL H
SHUVRQHQRQDSSDUWHQHQWLDOOHSURIHVVLRQLOHJDOLWXWWDYLDLOSUHVLGHQWHqTXDVLVHPSUHGLIRUPD]LRQH
JLXULGLFD,OPLQLVWURGHOOD*LXVWL]LDqLQROWUHUHVSRQVDELOHSHUODQRPLQDGHLPHPEULHGHLSUHVLGHQWL
GHJOLRUJDQLJLXULVGL]LRQDOL&RPHLQRFFDVLRQHGLDOWUHQRPLQHJLXGL]LDULHLFDQGLGDWLSHUQRPLQHD
WHPSRSLHQRGLVROLWRKDQQRLQSUHFHGHQ]DDFTXLVLWRVXIILFLHQWHHVSHULHQ]DDWWUDYHUVRO¶HVHUFL]LRD
WHPSRSDU]LDOH
8OWHULRULLQIRUPD]LRQL
'HSDUWPHQWIRU&RQVWLWXWLRQDO$IIDLUV
-XGLFLDO6WXGLHV%RDUGUHVSRQVDELOHSHUODIRUPD]LRQHGHLPDJLVWUDWL
/D\0DJLVWUDWHVJLXGLFLRQRUDUL
,OD\PDJLVWUDWHVPHJOLRFRQRVFLXWLFRPHJLXGLFLGLSDFHWUDWWDQRROWUHLOGLWXWWLOHFDXVHSHQDOL
LQ ,QJKLOWHUUD H LQ *DOOHV 1RQ KDQQR WLWROL GDO SXQWR GL YLVWD GHOOD TXDOLILFD JLXULGLFROHJDOH H QRQ
YHQJRQR UHWULEXLWL , FLWWDGLQL VWUDQLHUL SRVVRQR GLYHQWDUH PDJLVWUDWL VH VRQR UHVLGHQWL QHO 5HJQR
8QLWR
,JLXGLFLRQRUDULHVHUFLWDQRDWHPSRSDU]LDOHGL VROLWRFRQXQDFRPSRVL]LRQHFROOHJLDOHEHQFKGL
WUH JLXGLFL GL FXL XQR KD ULFHYXWR OD IRUPD]LRQH SHU VYROJHUH OH IXQ]LRQL GL SUHVLGHQWH GLULJH LO
FROOHJLRQHOOHVXHDWWLYLWjHVHQHIDSRUWDYRFH,JLXGLFLVRQRFRDGLXYDWLGDXQDVVLVWHQWHFOHUNFKH
OL FRQVLJOLD VXO SLDQR JLXULGLFR H SURFHGXUDOH 9L VRQR ROWUH PDJLVWUDWL FKH HVHUFLWDQR OH
IXQ]LRQL D OLYHOOR ORFDOH WUDWWDQGR FDXVH SHQDOL UHODWLYDPHQWH PHQR JUDYL IXUWL GL PLQRUH HQWLWj
GDQQHJJLDPHQWL GLVRUGLQL SXEEOLFL H LQIUD]LRQL DO &RGLFH VWUDGDOH QRQFKp XQD VHULH GL TXHVWLRQL
FRQFHUQHQWLTXHVWLRQLGLGLULWWRGLIDPLJOLDQRQFKpOHGRPDQGHSHUULODVFLRGLOLFHQ]HSHUVSDFFLRGL
DOFROLFL , FROOHJL GL PDJLVWUDWL GHYRQR ULVSHFFKLDUH OH FRPXQLWj GL FXL VRQR DO VHUYL]LR H GHYRQR
HVHUFLWDUHOHORURIXQ]LRQLDOPHQRPH]]HJLRUQDWHDOO¶DQQR
/HPRGDOLWjGHOODQRPLQDHGHOODIRUPD]LRQHGHLJLXGLFLRQRUDULVRQRGLYHUVHGDTXHOOHGHLJLXGLFL
WRJDWL,OPLQLVWURGHOOD*LXVWL]LDQRPLQDLJLXGLFLVXLQGLFD]LRQHGHLFRPLWDWLFRQVXOWLYLORFDOL,JLXGLFL
KDQQRO¶REEOLJRGLDQGDUHLQSHQVLRQHDDQQLHFKLXQTXHDEELDXQ¶HWjFRPSUHVDIUDLHL
DQQLSXzSUHVHQWDUHODSURSULDFDQGLGDWXUD
8OWHULRULLQIRUPD]LRQL
'HSDUWPHQWIRU&RQVWLWXWLRQDO$IIDLUV
7KH0DJLVWUDWHV¶$VVRFLDWLRQ
3URVHFXWRUV3URFXUDWRUL
,O&URZQ3URVHFXWLRQ6HUYLFH6HUYL]LRGLSURFXUDGHOOD&RURQD±&36qLQFDULFDWRGLHVDPLQDUH
HG HYHQWXDOPHQWHGLDYYLDUHSURFHGLPHQWLSHQDOLLQ,QJKLOWHUUDH*DOOHVLQVHJXLWRDLULVXOWDWLGHOOH
LQFKLHVWH FRQGRWWH GDOOD SROL]LD , &URZQ 3URVHFXWRUV LQROWUH YHQJRQR FRQVXOWDWL GDOOD SROL]LD VX
TXHVWLRQLUHODWLYHDSURFHGLPHQWLSHQDOL
,&URZQ3URVHFXWRUVVRQRIXQ]LRQDULHYHQJRQRDVVXQWLPHGLDQWHFRQFRUVRSXEEOLFR3UHVXSSRVWL
SHU OD QRPLQD VRQR OD TXDOLILFD FRPH VROLFLWRU DPPHVVR LQ ,QJKLOWHUUD H*DOOHV FRQ XQ FHUWLILFDWR
FRPSOHWR DWWHVWDQWH O¶HVHUFL]LR HIIHWWLYR GHOOD SURIHVVLRQH R OD TXDOLILFD FRPH EDUULVWHU LVFULWWR
DOO¶(QJOLVK %DU &RQVLJOLR GHOO¶2UGLQH FKH KD JLj FRPSLXWR LO VXR SUDWLFDQWDWR 2FFRUUH HVVHUH
FLWWDGLQL GHOO¶8QLRQH HXURSHD R GHO &RPPRQZHDOWK *OL DYYRFDWL FKH KDQQR RWWHQXWR O¶DELOLWD]LRQH
IXRUL GDOO¶,QJKLOWHUUD R GDO *DOOHV GHYRQR VXSHUDUH XQ WHVW VXOOH FRPSHWHQ]H JLXULGLFKH SULPD GL
RWWHQHUHO¶LQFDULFRFRPHPDJLVWUDWR
,OFRGLFHGHL&URZQ3URVHFXWRUV
,O FRGLFH GHL &URZQ 3URVHFXWRUV KWWSZZZFSVJRYXNYLFWLPVBZLWQHVVHVFRGHKWPO VWDELOLVFH L
SULQFLSLGLEDVHFKHL&URZQ3URVHFXWRUVGHYRQRRVVHUYDUHTXDQGRHPHWWRQRGHFLVLRQL
/DGHFLVLRQHGLDYYLDUHRPHQRXQ¶D]LRQHSHQDOHVLEDVDVXGXHFULWHULTXHOORUHODWLYRDOOHSURYHH
TXHOORUHODWLYRDOO¶LQWHUHVVHSXEEOLFR
, &URZQ 3URVHFXWRUV GHYRQR DYHU DFFHUWDWR FKH HVLVWDQR SURYH VXIILFLHQWL FKH IRUQLVFDQR OD
UHDOLVWLFDSURVSHWWLYDGLDUULYDUHDOODFRQGDQQDGLFLDVFXQLPSXWDWRSHURJQLFDSRG¶DFFXVDQHOTXDO
FDVRYDSUHVRLQFRQVLGHUD]LRQHLOSXEEOLFRLQWHUHVVHDSURFHGHUH
'L VROLWR O¶LQWHUHVVH SXEEOLFR DG DYYLDUH O¶D]LRQH SHQDOH GLSHQGH GDOOD JUDYLWj GHO UHDWR R GDOOD
FRQVLVWHQ]DGHJOLLQGL]L
)LJXUHGLSURFXUDWRUL
,OFDSRGHO&URZQ3URVHFXWLRQ6HUYLFHLO&36qLOGLUHWWRUHGHLSXEEOLFLPLQLVWHUL'LUHFWRURI3XEOLF
3URVHFXWLRQV ,O GLUHWWRUH LQWHUYLHQH VROWDQWR QHL SURFHGLPHQWL SL GLIILFLOL H GHOLFDWL FKH OD SROL]LD
WUDVPHWWHDO&36HGqJHUDUFKLFDPHQWHVXERUGLQDWRDOSURFXUDWRUHJHQHUDOHLOTXDOHULVSRQGHGHO
&36GLQDQ]LDO3DUODPHQWR
/D GLUH]LRQH FHQWUDOH GHO &36 q GLVORFDWD D /RQGUD <RUN H %LUPLQJKDP LO VHUYL]LR IXQ]LRQD
QHOO¶DPELWR GL XQD VWUXWWXUD GL ]RQH JHRJUDILFKH LQ ,QJKLOWHUUD H *DOOHV FKH FRLQFLGRQR FRQ OH
]RQHGLFRPSHWHQ]DGHOOHIRU]HGLSROL]LD2JQL]RQDKDDOODVXDWHVWDXQ&KLHI&URZQ3URVHFXWRU
&&3 UHVSRQVDELOH SHU L SURFHGLPHQWL DOO¶LQWHUQR GL HVVD $ /RQGUD LO &&3 q FRDGLXYDWR
GDOO¶$VVLVWDQW &KLHI &URZQ 3URVHFXWRUV 6HEEHQH L ³&&3V´ VLDQR GLUHWWDPHQWH UHVSRQVDELOL QHOOH
ULVSHWWLYH]RQHODPDJJLRUUHVSRQVDELOLWjGHOODJHVWLRQHHIILFDFHHG HIILFLHQWHGHOOD]RQDVSHWWDDL
GLUHWWRULDPPLQLVWUDWLYLGHOOD]RQDVWHVVD
ÊSRVVLELOHDYHUHGHWWDJOLVXJOLVWLSHQGLSHULYDULOLYHOOLGHL&URZQ3URVHFXWRUVWHOHIRQDQGRDO
SHUFKLFKLDPDGDO5HJQR8QLWR
8OWHULRULLQIRUPD]LRQL
7KH&URZQ3URVHFXWLRQ6HUYLFH
&OHUNVRIWKH&RXUW&DQFHOOLHUL
)DWWDHFFH]LRQHSHULPDJLVWUDWHV¶FRXUWVLFDQFHOOLHULHLOUHVWRGHOSHUVRQDOHQHOODPDJJLRUSDUWH
GHLWULEXQDOLLQ,QJKLOWHUUDHLQ*DOOHVQRQKDQQRO¶REEOLJRGLDYHUHXQDIRUPD]LRQHJLXULGLFDLQIDWWL
VRQRIXQ]LRQDULFKHWUDWWDQRTXHVWLRQLDPPLQLVWUDWLYHHGDQQRLOORURFRQWULEXWRDLJLXGLFLPDQRQ
SRVVRQRIRUQLUHSDUHULOHJDOL
,QTXDQWRIXQ]LRQDULGLSHQGRQRGDO6HUYL]LRJLXGL]LDULRGL6XD0DHVWj+HU0DMHVW\¶V&RXUW6HUYLFH
H L SRVWL SRVVRQR HVVHUH RFFXSDWL GD FLWWDGLQL SURYHQLHQWL GD TXDOVLDVL 6WDWRPHPEUR GHOO¶8QLRQH
HXURSHD
0DJLVWUDWHV¶&RXUWV
1HOOH PDJLVWUDWHV¶ FRXUWV LO UXROR GHL FDQFHOOLHUL q GLYHUVR &RPH VL q JLj DFFHQQDWR QHOOD SDUWH
UHODWLYD DL JLXGLFL L JLXGLFL RQRUDUL QRQ KDQQR ULFHYXWR XQD IRUPD]LRQH JLXULGLFD 6L EDVDQR VXO
SDUHUHGLFDQFHOOLHULFRQXQDIRUPD]LRQHJLXULGLFDTXHVWLXOWLPLVRQRGLVWLQWLLQGXHFDWHJRULH
-XVWLFHV¶&OHUNV
,-XVWLFHV¶&OHUNVVRQRLFRQVXOHQWLJLXULGLFLSULQFLSDOLGHLPDJLVWUDWL6LWUDWWDGLDYYRFDWLEDUULVWHUVR
VROLFLWRUVFKHKDQQRO¶DELOLWD]LRQHGDDOPHQRFLQTXHDQQL(VVLGDQQRSDUHULDLJLXGLFLVXTXHVWLRQL
GL GLULWWR VRVWDQ]LDOH H SURFHVVXDOH QHOO¶DPELWR GHOOD JLXULVGL]LRQH H DO GL IXRUL GL HVVD H VRQR
LQFDULFDWL GL GLULJHUH H GL IRUPDUH L FRQVXOHQWL JLXULGLFL 6RQR LQROWUH UHVSRQVDELOL GHOOD TXDOLWj GHL
VHUYL]L JLXULGLFL IRUQLWL H GHL SDUHUL OHJDOL QHOO¶DPELWR GHOOD ORUR ]RQD DPPLQLVWUDWLYD 1RQ FL VRQR
UHTXLVLWLGLFLWWDGLQDQ]DSHUODQRPLQD
/HJDO$GYLVHUVFKLDPDWLDQFKHFRXUWFOHUNV
, FRQVXOHQWL JLXULGLFL HVHUFLWDQR QHOO¶DPELWR GHO WULEXQDOH H FRQVLJOLDQR L PDJLVWUDWL VX TXHVWLRQL GL
GLULWWRVRVWDQ]LDOHGLSUDVVLOHJDOHHGLSURFHGXUD'LVROLWRKDQQRDYXWRXQDIRUPD]LRQHJLXULGLFDGL
VROLWRVROLFLWRUREDUULVWHU$QFKHLQTXHVWRFDVRQRQqULFKLHVWRQHVVXQUHTXLVLWRGLFLWWDGLQDQ]D
8OWHULRULLQIRUPD]LRQL
+HU0DMHVW\¶V&RXUW6HUYLFHKWWSZZZKPFRXUWVVHUYLFHJRYXN
'HSDUWPHQWIRU&RQVWLWXWLRQDO$IIDLUV
-XVWLFHV¶&OHUNV¶6RFLHW\
%DLOLIIV8IILFLDOLJLXGL]LDUL
(VLVWRQRLVHJXHQWLWLSLGLXIILFLDOLJLXGL]LDUL
+LJK&RXUW(QIRUFHPHQW2IILFHUV
3ULPDGHOƒDSULOHO¶HVHFX]LRQHGHOOHRUGLQDQ]HGHOOD+LJK&RXUWYHQLYDDIILGDWDDJOL³VKHULIIV´
D QRPH GHO FDSR +LJK 6KHULII GL TXHVWL XOWLPL H SHU XQD ]RQD VSHFLILFD 'RSR WDOH GDWD OH
RUGLQDQ]HGHOOD+LJK&RXUWYHQJRQRHVHJXLWHGDJOL(QIRUFHPHQW2IILFHUVGHOOD+LJK&RXUWQRPLQDWL
H DVVHJQDWL DL GLVWUHWWL GDO PLQLVWUR GHOOD *LXVWL]LD R GDO VXR GHOHJDWR (VVL VRQR LQFDULFDWL GL IDU
HVHJXLUHOHRUGLQDQ]HGHLWULEXQDOLUHFXSHUDQGROHVRPPHGRYXWHLQEDVHDXQDVHQWHQ]DGHOOD+LJK
&RXUWRXQWULEXQDOHGHOODFRQWHDWUDVPHVVDDOOD+LJK&RXUW3RVVRQRSLJQRUDUHHYHQGHUHGHLEHQL
SHU FRSULUH O¶DPPRQWDUH GHO GHELWR H SRVVRQR DQFKH HIIHWWXDUH H YHULILFDUH OD UHLPPLVVLRQH LQ
SRVVHVVRGHOOHSURSULHWjHODUHVWLWX]LRQHGHLEHQL
,EDLOLIIVGHOOD&RXQW\&RXUW
,O EDLOLII XIILFLDOH JLXGL]LDULRq XQ IXQ]LRQDULR SXEEOLFR GLSHQGHQWH GDO 6HUYL]LR JLXGL]LDULR GL 6XD
0DHVWj +HU 0DMHVW\¶V &RXUW 6HUYLFH FKH VL RFFXSD GHOO¶HVHFX]LRQH GL VHQWHQ]H H RUGLQDQ]H
HPHVVHHGHSRVLWDWHSUHVVROH&RXQW\&RXUWV7UDWWDQGRVLGLXQSRVWRFRPHIXQ]LRQDULRSXEEOLFR
SRVVRQR DFFHGHUYL WXWWL L FLWWDGLQL GHOO¶8QLRQH HXURSHD ,O EDLOLII HVHJXH RUGLQDQ]H GL HVHFX]LRQH
UHLPPLVVLRQHQHOSRVVHVVRLPPRELOLDUHSHUPH]]RGLRUGLQLGLUHVWLWX]LRQHGHLEHQLHOLUHFXSHUDLQ
EDVH D RUGLQL GL UHVWLWX]LRQH GHJOL VWHVVL /D QRUPDWLYD FRQFHUQHQWH O¶DWWLYLWj GHL EDLOLIIV LQFDULFDWL
GHOO¶HVHFX]LRQH GHOOH RUGLQDQ]H H GHL PDQGDWL ILJXUD DJOL DUWLFROL GHO &RXQW\ &RXUWV $FW
,SURFHGLPHQWLGLHVHFX]LRQHVRQRSUHYLVWLGDOOHQRUPHVXOODSURFHGXUDFLYLOH&LYLO3URFHGXUH
5XOHV*OLXIILFLDOLJLXGL]LDULGHOODFRXQW\FRXUWKDQQRDOWULFRPSLWLFRPSUHVDODQRWLILFDGLGRFXPHQWL
H GL PDQGDWL GL DUUHVWR PHGLDQWH FRQVHJQD DO GHVWLQDWDULR SHUVRQDOPHQWH D PDQL SURSULH /D
QRUPDWLYDFRQFHUQHQWHO¶DUUHVWRVLWURYDDJOLDUWLFROLGHO&RXQW\&RXUWV$FW
&HUWLILFDWHGEDLOLIIV
6LWUDWWDGLEDLOLIIV³SULYDWL´LQSRVVHVVRGLXQFHUWLILFDWRULODVFLDWRVHFRQGROHGLVSRVL]LRQLGHO'LVWUHVV
IRU 5HQW 5XOHV VRQR DXWRUL]]DWL GD XQ &LUFXLW -XGJH GL XQD FRXQW\ FRXUW ,O GLVWUHVV IRU UHQW
FRQVHQWHLOSLJQRUDPHQWRGHLEHQLPRELOLGHOWHQDQWDIILWWXDULRGDSDUWHGHO ODQGORUGSURSULHWDULR
SHU JDUDQWLUH LO SDJDPHQWR GHL FDQRQL GL DIILWWR DUUHWUDWL VHQ]D LQWHUYHQWR GHO JLXGLFH ,Q EDVH DG
DOWUH GLVSRVL]LRQL QRUPDWLYH q FRQVHQWLWR DL EDLOLIIV ULFRQRVFLXWL GL HVHJXLUH LO UHFXSHUR GL FUHGLWL
VSHFLILFLFRPHOHLPSRVWHFRPXQDOLFRXQFLOWD[HOHLPSRVWHIRQGLDULH
1RQFHUWLILFDWHGEDLOLIIV
6RQRDXWRUL]]DWLDUHFXSHUDUHVRPPHGRYXWHSHUYDULWLSLGLFUHGLWLSLJQRUDQGRHYHQGHQGREHQL
7XWWDYLD QRQ SRVVRQR SURFHGHUH DO UHFXSHUR GHL FUHGLWL SHU FDQRQL GL ORFD]LRQH PRURVL
FRQWUDYYHQ]LRQLSHULQIUD]LRQLDO&RGLFHVWUDGDOHWDVVHPXQLFLSDOLHLPSRVWHIRQGLDULHFRPPHUFLDOL
Qp SURFHGHUH DO UHFXSHUR GL LPSRUWL GRYXWL LQ IRU]D GL RUGLQDQ]H GHOOD +LJK &RXUW R GHOOH &RXQW\
FRXUWV
8OWHULRULLQIRUPD]LRQL
+HU0DMHVW\¶V&RXUW6HUYLFH
KWWSZZZKPFRXUWVVHUYLFHJRYXNLQIRDERXWHQIRUFHPHQWEDLOLIIVLQGH[KWP
&LYLO3URFHGXUH5XOHV
:KLWH3DSHURQ(IIHFWLYH(QIRUFHPHQW
(QIRUFHPHQW6HUYLFHV$VVRFLDWLRQKWWSZZZHQVDVRUJXN
$VVRFLDWLRQRI+LJK6KHULIIVRI(QJODQGDQG:DOHV
+LJK&RXUW(QIRUFHPHQW2IILFHUV$VVRFLDWLRQ
$YYRFDWL
/D SURIHVVLRQH IRUHQVH q FRPSRVWD GD GXH GLVWLQWH FDWHJRULH GL DYYRFDWL EDUULVWHUV H VROLFLWRUV
&LDVFXQRKDXQUXRORGLVWLQWRHGHILQLWR7XWWHOHSURIHVVLRQLOHJDOLVRQRDXWRUHJRODPHQWDWH,O%DU
&RXQFLO &RQVLJOLR GHOO¶2UGLQH GHJOL DYYRFDWL UHJRODPHQWD OD SURIHVVLRQH GL EDUULVWHU H OD /DZ
6RFLHW\TXHOODGLVROLFLWRU
6HEEHQHYLVLDQRDOFXQHIXQ]LRQLSHUOHTXDOLRFFRUUHDYYLDUHXQ¶D]LRQHDVVLVWLWLGDXQDYYRFDWRY
DG HVHPSLR JOLDUWLFROL GDO DO GHO 6ROLFLWRUV $FW GHO QHVVXQD QRUPD SUHYHGH FKH XQD
SHUVRQDGHEEDFRQVXOWDUHRHVVHUHUDSSUHVHQWDWDGDXQDYYRFDWRGLQDQ]LDOJLXGLFH,QDOFXQLFDVL
SLVHPSOLFLTXDOHLOUHFXSHURGLXQFUHGLWRO¶DWWRUHSXzFRQVLGHUDUHQRQQHFHVVDULRDIILGDUVLDXQ
DYYRFDWR,QJHQHUDOHWXWWDYLDQHOFDVRVLWUDWWLGLXQDGRPDQGDSHUXQDVRPPDVXSHULRUHD
*%3HLQSDUWLFRODUHVHFRPSUHQGHJOLLQWHUHVVLqFRQVLJOLDELOHULYROJHUVLDXQDYYRFDWRDOPHQRSHU
XQSDUHUH
D%DUULVWHU
,OEDUULVWHUqXQDYYRFDWRFKHqDELOLWDWRDSDWURFLQDUHGLQDQ]LDXQWULEXQDOH³SOHDGDWWKHEDU´&Lz
VLJQLILFDFKHqVWDWRDPPHVVRDOO¶2UGLQHWKH%DUGDLEHQFKHUVGLXQDGHOOHTXDWWURFRQIUDWHUQLWHGL
EDUULVWHUVOHIRXU,QQVRI&RXUW0LGGOH7HPSOH,QQHU7HPSOH*UD\¶V,QQDQG/LQFROQ¶V,QQHFKH
SXzUDSSUHVHQWDUHLOSURSULRFOLHQWHGLQDQ]LDXQD&RUWHSHUGLIHQGHUOR,EDUULVWHUVVRQRPROWRVLPLOL
DLVROLFLWRUVQHOVHQVRFKHSRVVRQRVSHFLDOL]]DUVLLQYDULVHWWRUL
&RPSLWLGHOEDUULVWHU
,EDUULVWHUVVRQRFRQVXOHQWLOHJDOLVSHFLDOL]]DWLLQGLYLGXDOLHDYYRFDWLFKHUDSSUHVHQWDQRODSDUWHLQ
JLXGL]LR 6RQR ODYRUDWRUL DXWRQRPL H ODYRUDQR LQ JUXSSL DVVRFLDWLLQ VWXGL OHJDOL FKDPEHUV FRQLO
WLWRORGL³µWHQDQW¶RIWKHFKDPEHUV´ORFDWDULRGHOORVWXGLROHJDOH2JQL³WHQDQW´GHYHFRQWULEXLUHDL
FRVWLGHOORVWXGLROHJDOH$FDSRGLRJQLJUXSSRGLVWXGLOHJDOLDVVRFLDWLILJXUDXQEDUULVWHUFRQOXQJD
HVSHULHQ]D FKH GLULJH LO ODYRUR GHL WHQDQWV 2JQL EDUULVWHU q FRPXQTXH LQGLSHQGHQWH GDJOL DOWUL
³WHQDQWV´HGHYHFRVWLWXLUHLOSURSULRSRUWDIRJOLRFOLHQWL
/DIRUPD]LRQHGHLEDUULVWHUVSHUPHWWHORURGLHVHUFLWDUHO¶DYYRFDWXUDFLRqGLUDSSUHVHQWDUHLFOLHQWL
GLQDQ]L DJOL RUJDQL JLXULVGL]LRQDOL GL JUDGR SL HOHYDWR4XHVWD QRQ q SHUzOD ORUR XQLFDIXQ]LRQH
SRLFKp SRVVRQR HVHUFLWDUH OD ORUR DWWLYLWj QHL FDPSL SL GLYHUVL GHOOD ORUR VSHFLDOL]]D]LRQH 'L
FRQVHJXHQ]DTXDQGRQRQFRPSDLRQRLQXGLHQ]DLEDUULVWHUVFRPHLVROLFLWRUVWUDVFRUURQRPROWR
WHPSR D GDUH FRQVXOHQ]H DL FOLHQWL H D HIIHWWXDUH ULFHUFKH JLXULVSUXGHQ]LDOL VXL FDVL DORUR DIILGDWL
QRQFKpDHIIHWWXDUHULFHUFKHHDGDJJLRUQDUVLQHOVHWWRUHLQFXLVRQRVSHFLDOL]]DWL$WWXDOPHQWHOD
ILJXUDGHOEDUULVWHUVLVWDVHPSUHSLHYROYHQGRYHUVRTXHOODGLJLXULVWDVSHFLDOL]]DWR$ELWXDOPHQWHL
EDUULVWHUVKDQQRFRQRVFHQ]HHGHVSHULHQ]DLQXQUDPRGHOGLULWWRHSHUFLzKDQQRVSHVVRLOFRPSLWR
GLFRQVLJOLDUHLVROLFLWRUVHGLIRUQLUHLOORURSDUHUHGLHVSHUWLQHLFDVLSLFRPSOHVVL
&RPSHWHQ]HQHFHVVDULHSHUGLYHQWDUHEDUULVWHU
&KL LQWHQGH GLYHQWDUH EDUULVWHU GHYH IUHTXHQWDUH LO %DU 9RFDWLRQDO &RXUVH %9& ± FRUVR
SURIHVVLRQDOHRUJDQL]]DWRGDOO¶2UGLQHGHJOLDYYRFDWL
, EDUULVWHUV GHYRQR DYHUH ILGXFLD QHOOH SURSULH FDSDFLWj RUDWRULH HG HVVHUH D SURSULR DJLRTXDQGR
SDUODQR LQ SXEEOLFR HVVHUH FDSDFL GL SHQVDUH UDSLGDPHQWH HG HVVHUH FRPSHWLWLYL 4XHVWL VRQR L
UHTXLVLWLQHFHVVDULVHFRQGRLO%DU&RXQFLO&RQVLJOLRGHOO¶2UGLQHGHJOLDYYRFDWL
%XRQDDWWLWXGLQHHEXRQLULVXOWDWLQHJOLVWXGLEXRQLULVXOWDWLDJOLHVDPLILQDOLLQ,QJKLOWHUUDH*DOOHV
µ$¶OHYHOVHDOPHQRXQ³8SSHU6HFRQG&ODVV+RQRXUV'HJUHH´
%XRQDDWWLWXGLQHDOODFRPXQLFD]LRQHVFULWWDHRUDOH
$WWLWXGLQHDOFDOFROR
$WWLWXGLQHDLFRQWDWWLLQWHUSHUVRQDOL
(IILFLHQ]D
&RPSHWHQ]HLQIRUPDWLFKHHDOOHWHOHFRPXQLFD]LRQL
5HVSRQVDELOLWjSURIHVVLRQDOH
,PSHJQRDOO¶DJJLRUQDPHQWRSURIHVVLRQDOHLQPRGRFRVWDQWH
4XHHQ¶V&RXQVHO
&LUFDLOGHLEDUULVWHUVFKHHVHUFLWDQRVRQR³4XHHQ¶V&RXQVHOV´R4&VFKHTXDQGRLOVRYUDQR
qXQUHVRQRTXDOLILFDWL.LQJ¶V&RXQVHOVR.&V3HUWUDGL]LRQHLOWLWRORGL4XHHQ¶V&RXQVHOqXQ
VHJQRGLVWLQWLYR,³4XHHQ¶V&RXQVHOV´WUDWWDQRLFDVLFRPSOHVVLHGLPDJJLRUHLPSRUWDQ]D'DO
DQFKHLVROLFLWRUVSRVVRQRGLYHQWDUH4XHHQ¶V&RXQVHO
$YYRFDWLSURYHQLHQWLGDSDHVLGHOO¶8QLRQHHXURSHDFKHHVHUFLWDQRLQ,QJKLOWHUUDHLQ*DOOHV
*OL DYYRFDWL GL DOWUL SDHVL HXURSHL FKH LQWHQGRQR HVHUFLWDUH LQ ,QJKLOWHUUD H LQ *DOOHV GHYRQR
SUHVHQWDUHGRPDQGDDO%DU&RXQFLO¶V-RLQW5HJXODWLRQV&RPPLWWHHIRUQHQGRODSURYDGHLORURWLWROL
6XFFHVVLYDPHQWHGHYRQRVXSHUDUHXQDSURYDDWWLWXGLQDOHH IUHTXHQWDUHXQFHUWRQXPHURGLFRUVL
3ULPD GL HVVHUH DELOLWDWL D HVHUFLWDUH FRPH EDUULVWHU JOL DYYRFDWL FKH KDQQR VXSHUDWR OD SURYD
DWWLWXGLQDOH GHYRQR HVVHUH DPPHVVL DO &RQVLJOLR GHOO¶2UGLQH GD XQR GHJOL ,QQV RI &RXUW SULPD
FLWDWL,QIXQ]LRQHGHLSUHFHGHQWLSHUVRQDOLGLFLDVFXQDYYRFDWRJOL,QQVGHFLGRQRLOWLSRHLOQXPHUR
GLFRUVLFKHGRYUjVHJXLUHLOFDQGLGDWRLQTXHVWLRQH
E6ROLFLWRUV
)XQ]LRQLGHOVROLFLWRU
/HIXQ]LRQLGHOVROLFLWRUVRQROHVHJXHQWLGDUHSDUHULHDVVLVWHUHLOFOLHQWHQHOODPDWHULDLQFXLVLq
VSHFLDOL]]DWR
,Q,QJKLOWHUUDHLQ*DOOHVHVHUFLWDQRROWUHVROLFLWRUV/DORURDWWLYLWjFRQVLVWHQHOGDUHDLFOLHQWL
SDUHULLQPDWHULHVSHFLILFKHSULYDWLLPSUHVHDVVRFLD]LRQL2QOXVHFFHUDSSUHVHQWDUOLGLQDQ]LDL
JLXGLFL /D PDJJLRU SDUWH GHL VROLFLWRUV ODYRUDQR LQ XQR VWXGLR SULYDWR FLRq QHOO¶DPELWR GL
XQ¶DVVRFLD]LRQHSURIHVVLRQDOHFKHRIIUHLVXRLVHUYL]LDFOLHQWLSXEEOLFLHSULYDWL3RVVRQRDVVLVWHUHL
FOLHQWLLQYDULVHWWRULGHOGLULWWRRVSHFLDOL]]DUVLLQXQXQLFRVHWWRUHLQSDUWLFRODUH$OWULODYRUDQRDOOH
GLSHQGHQ]H GHO JRYHUQR HG HQWL ORFDOL GDO &URZQ 3URVHFXWLRQ 6HUYLFH GDO ³0DJLVWUDWHV¶ &RXUWV
6HUYLFH´ RSSXUH SUHVVR RUJDQL]]D]LRQL FRPPHUFLDOL R LQGXVWULDOL R DOWUL HQWL ,O VROLFLWRU SXz
HVHUFLWDUHODSURIHVVLRQHQHOVHWWRUHFKHULWLHQHDOXLSLFRQIDFHQWH
, VROLFLWRUV DVVLVWRQR L FOLHQWL IRUQHQGR SDUHUL 1HO FDVR LQ FXL LQ XQD IDVH VXFFHVVLYD RFFRUUD
UDSSUHVHQWDUHLFOLHQWLGLQDQ]LDJOLRUJDQLJLXULVGL]LRQDOLGLJUDGRVXSHULRUHG¶,QJKLOWHUUDHGHO*DOOHV
LOVROLFLWRUVLULYROJHUjDXQEDUULVWHUDIILQFKpWUDWWLODFDXVDGLQDQ]LDOJLXGLFHFRPSHWHQWH7XWWDYLD
QRQqQHFHVVDULRFKHLOVROLFLWRUVLDIILGLDXQEDUULVWHUTXDQGRqDELOLWDWRDUDSSUHVHQWDUHLFOLHQWLLQ
RFFDVLRQHGLXGLHQ]HGLQDQ]LDGRUJDQLJLXULVGL]LRQDOLVXSHULRUL
4XDOLILFKH
6SHWWD DOOD /DZ 6RFLHW\ LO FRPSLWR GL VWDELOLUH OH QRUPH UHODWLYH DOO¶LQVHJQDPHQWR GHO GLULWWR H DL
WLURFLQLQHFHVVDULHGLYLJLODUHDIILQFKpLSUDWLFDQWLULFHYDQRXQDIRUPD]LRQHDPSLDHDSSURIRQGLWD,O
FRUVR GL IRUPD]LRQH HVLJH LO PDVVLPR LPSHJQR H FKLXQTXH LQWHQGD GLYHQLUH VROLFLWRU GHY¶HVVHUH
FRQVDSHYROH GHO WLSR GL LQYHVWLPHQWR ULFKLHVWR $WWXDOPHQWH FL VRQR PROWL SL VWXGHQWL ULVSHWWR DO
QXPHURGLFRQWUDWWLGLIRUPD]LRQHHLJUDQGLVWXGLOHJDOLSRVVRQRRSHUDUHXQDVHOH]LRQHWUDLPLJOLRUL
FDQGLGDWL
, VROLFLWRUV GHYRQR DYHUH EXRQH FDSDFLWj GL FRPXQLFD]LRQH VFULWWD H RUDOH H DWWLWXGLQH DL FRQWDWWL
LQWHUSHUVRQDOL2YYLDPHQWHqSUHIHULELOHFKHLOVROLFLWRUVLDFDSDFHGLUDJLRQDPHQWRORJLFRHLQJUDGR
GLHIIHWWXDUHULFHUFKHDFFXUDWHVXGHWHUPLQDWLWHPLHGL
SUHVHQWDUHOHLQIRUPD]LRQLRWWHQXWHLQPRGRFKLDURHVWUXWWXUDWR
$YYRFDWLSURYHQLHQWLGDDOWULSDHVLGHOO¶8QLRQHHXURSHDFKHHVHUFLWDQRLQ,QJKLOWHUUDH*DOOHV
$LVHQVLGHOODGLUHWWLYD&(VXOOR³VWDELOLPHQWRGHJOLDYYRFDWL´'LUHFWLYH(&XQDYYRFDWR
GHOO¶8QLRQHHXURSHDVWDELOLWRHLVFULWWRLQXQDOWUR6WDWRPHPEURSXzFKLHGHUHGLHVVHUHDPPHVVRD
HVHUFLWDUH LQ ,QJKLOWHUUD H LQ *DOOHV GRSR DYHU SUDWLFDWR LO GLULWWR LQJOHVH FRPSUHVR LO GLULWWR
FRPXQLWDULR SHU WUH DQQL VHQ]D GRYHU VXSHUDUH XQD SURYD DWWLWXGLQDOH *OL DYYRFDWL FKH KDQQR
SUDWLFDWR LO GLULWWR GHO 5HJQR 8QLWR SHU PHQR GL WUH DQQL SRVVRQR XJXDOPHQWH LQROWUDUH GRPDQGD
SXUFKp VLDQR LVFULWWL DOOD ³/DZ 6RFLHW\´ H DEELDQR HVHUFLWDWR XQ¶DWWLYLWj SURIHVVLRQDOH QHO 5HJQR
8QLWRSHUDOPHQRWUHDQQL*OLDOWULDYYRFDWLSRVVRQRSUHVHQWDUHGRPDQGDSHUDIIURQWDUHLO4XDOLILHG
/DZ\HUV¶7UDQVIHU7HVW
*OLDYYRFDWLGHOO¶8QLRQHHXURSHDFKHHVHUFLWDQRLQPRGRFRQWLQXDWRLQ,QJKLOWHUUDH*DOOHVSRVVRQR
VFHJOLHUH WUD OD SRVVLELOLWj GL LVFULYHUVL DOOD /DZ 6RFLHW\ VROLFLWRUV R DO %DU &RXQFLO EDUULVWHUV H
GHYRQR FRQIRUPDUVL DOOH QRUPH GHOO¶RUJDQLVPR GL UHJRODPHQWD]LRQH *OL DYYRFDWL LUODQGHVL KDQQR
LQYHFHO¶REEOLJRGLLVFULYHUVLDOOD/DZ6RFLHW\VHVLWUDWWDGLVROLFLWRUVHDO%DU&RXQFLOVHVLWUDWWDGL
EDUULVWHUV
3HUXOWHULRULLQIRUPD]LRQL
7KH%DU&RXQFLO
7KH/DZ6RFLHW\
1RWDL
/D SURIHVVLRQH QRWDULOH KD XQD WUDGL]LRQH FRQVROLGDWD GD VHFROL HG q XQD GHOOH WUH SL DQWLFKH
SURIHVVLRQL GHO 5HJQR 8QLWR ,O QRWDLR q XQ DYYRFDWR TXDOLILFDWR LQ JHQHUH XQ VROLFLWRU QRPLQDWR
GDOO¶DUFLYHVFRYR GL &DQWHUEXU\ OD FXL DWWLYLWj q GLVFLSOLQDWD GDOOD &RXUW RI )DFXOWLHV XQR GHL SL
DQWLFKLRUJDQLJLXULVGL]LRQDOLG¶,QJKLOWHUUD
, QRWDL VRQR VXERUGLQDWL DOOD UHJRODPHQWD]LRQH SURIHVVLRQDOH FRPH L VROLFLWRUV H VRQR REEOLJDWL D
ULQQRYDUHDQQXDOPHQWHLORURFHUWLILFDWLGLHVHUFL]LRGHOODSURIHVVLRQHVHPSUHFKpDEELDQRRVVHUYDWR
OHQRUPHSUHVFULWWH/¶DELOLWD]LRQHDHVHUFLWDUHODSURIHVVLRQHQRWDULOHqSHUVRQDOHHQRQSXzHVVHUH
WUDVPHVVD
7LWRORGLQRWDLR
,OWLWRORGLQRWDLRqDFFHVVLELOHDWXWWLLODXUHDWLHQRQVRORDLODXUHDWLLQ*LXULVSUXGHQ]D7XWWLLIXWXUL
QRWDLGHYRQRDYHURWWHQXWRXQFHUWLILFDWRGLLGRQHLWjDOO¶HVHUFL]LRGHOODSURIHVVLRQHQRWDULOH'LSORPD
LQ1RWDULDO3UDFWLFH,O³&RXUWVDQG/HJDO6HUYLFHV$FW´GHOLO0DVWHURI)DFXOWLHVKDLOSRWHUH
GLVWDELOLUHLOFRQWHQXWRGHOOHTXDOLILFKHQHFHVVDULH
6RQRILVVDWHGLVSRVL]LRQLVSHFLILFKHSHUJOLDYYRFDWLGHOO¶8(FKHLQWHQGRQRHVHUFLWDUHLQ,QJKLOWHUUDH
LQ*DOOHV(VVLGHYRQRSUHVHQWDUHXQDGRPDQGDGLGLVSHQVDSHUTXDQWRULJXDUGDLWLWROLULFKLHVWLLQ
,QJKLOWHUUDH*DOOHVSUHVVRLO1RWDULDO4XDOLILFDWLRQV%RDUG6XFFHVVLYDPHQWHGHYRQRVXSHUDUHXQD
SURYDQHOODTXDOHGHYRQRGLPRVWUDUHODSURSULDFRPSHWHQ]DSHUSRWHURWWHQHUHODFRQYDOLGDGHLWLWROL
FKHKDQQRRWWHQXWRQHLULVSHWWLYLSDHVLG¶RULJLQH
7LWROROHJDOHLQWHUQD]LRQDOPHQWHULFRQRVFLXWR
8QQRWDLRGHWLHQHXQVLJLOORXIILFLDOH&RQODILUPDHLOVLJLOORQRWDULOHFKHLOQRWDLRDSSRQHDOODILQHGL
RJQLDWWRTXHVW¶XOWLPRYLHQHULFRQRVFLXWRLQTXDVLWXWWLLSDHVLGHOPRQGRFRPHDWWRDXWHQWLFDWRGD
XQSXEEOLFRXIILFLDOHFKHIDSLHQDSURYD
)XQ]LRQLGHLQRWDL
6SHWWDDOQRWDLR
3UHSDUDUH DWWHVWDUH DXWHQWLFDUH H FHUWLILFDUH DWWL H DOWUL GRFXPHQWL ULFRQRVFLXWLLQWXWWR LOPRQGR
DSSRQHQGRODILUPDHLOVLJLOORQRWDULOH
5LODVFLDUHFRSLHDXWHQWLFKHGLDWWLSXEEOLFLFKHKDUHGDWWRHDXWHQWLFDWR
)DU SUHVWDUH JLXUDPHQWL H UDFFRJOLHUH GLFKLDUD]LRQL GD XWLOL]]DUH QHO FRUVR GL SURFHGLPHQWL LQ
,QJKLOWHUUD*DOOHVHDOWURYH
5HJLVWUDUH H FHUWLILFDUH WUDQVD]LRQL OHJDWH D SURFHGXUH QHJR]LDELOL H UHGLJHUH GRFXPHQWL XIILFLDOL
UHODWLYL D IDWWL FKH LQWHUYHQJRQR QHO FRUVR GL YLDJJL GL QDYL H DOOD ORUR QDYLJD]LRQH QRQFKp DO
WUDVSRUWRGLPHUFLGDSDUWHGHOOHQDYL
8OWHULRULLQIRUPD]LRQL
7KH1RWDULHV6RFLHW\
7KH)DFXOW\2IILFH
/HJDO([HFXWLYHV
6RQR DYYRFDWL VSHFLDOL]]DWL LQ SDUWLFRODUL VHWWRUL GHO GLULWWR 'HYRQR RWWHQHUH LO 3URIHVVLRQDO
4XDOLILFDWLRQLQ/DZGHOO¶,QVWLWXWHRI/HJDO([HFXWLYHV,/(;LQXQVHWWRUHGHOODSUDWLFDOHJDOH7DOH
WLWRORqGHOORVWHVVROLYHOORGLTXHOORULFKLHVWRSHULVROLFLWRUV,QROWUHHVVLGHYRQRGLPRVWUDUHGLDYHU
FRPSLXWR XQ¶HVSHULHQ]D SURIHVVLRQDOH SUHVVR XQ VROLFLWRU SHU XQ SHULRGR GL FLQTXH DQQL LQ XQR
VWXGLR OHJDOH R LQ XQ XIILFLR OHJDOH GL XQD LPSUHVD SULYDWD R GL XQ¶DPPLQLVWUD]LRQH ORFDOH R
QD]LRQDOH,PHPEULGLWDOHLVWLWXWRULFHYRQRRJQLDQQRXQFHUWLILFDWRFKHDWWHVWDO¶HVHUFL]LRHVROWDQWR
LPHPEULGHOO¶,/(;SRVVRQRXWLOL]]DUHO¶DSSHOODWLYRGLµ/HJDO([HFXWLYHV¶
/¶DWWLYLWjGHL/HJDO([HFXWLYHV
/¶DWWLYLWj GHL /HJDO H[HFXWLYHV q VLPLOH D TXHOOD GHL VROLFLWRUV PD q FDUDWWHUL]]DWD GDOOD
VSHFLDOL]]D]LRQH LQ XQ SDUWLFRODUH VHWWRUH GHO GLULWWR 1RQ KDQQR LO GLULWWR GL HVHUFLWDUH LQ PDQLHUD
LQGLSHQGHQWHPDSRVVRQRDVVXPHUHLQFDULFKLSHUSURFHVVLGLGLULWWRFLYLOHSHQDOHHPDWULPRQLDOH
6RQRUHPXQHUDWLPHGLDQWHRQRUDULLQXQRVWXGLROHJDOHSULYDWRLOORURODYRURqIDWWXUDWRGLUHWWDPHQWH
DLFOLHQWLHLQWDOPRGRFRQWULEXLVFRQRGLUHWWDPHQWHDJOLLQWURLWLGHOORVWXGLROHJDOH6LWUDWWDGLXQD
GLIIHUHQ]D LPSRUWDQWH FKH GLVWLQJXH L /HJDO ([HFXWLYHV GD DOWUH FDWHJRULH GL FROODERUDWRUL FKH
HVHUFLWDQRIXQ]LRQLGLSLRUGLQDULDDPPLQLVWUD]LRQH
, /HJDO ([HFXWLYHV VRQR FRQVLGHUDWL UDSSUHVHQWDQWL SULYDWL GHOOH VRFLHWj SHU OH TXDOL ODYRUDQR
WXWWDYLDVHODYRUDQRSHUXQPLQLVWHURKDQQRODTXDOLILFDGLIXQ]LRQDUL,PHPEULGHOO¶,/(;YHQJRQR
IRUPDWLSHUHVHUFLWDUHYDULHDWWLYLWjVSHFLDOL]]DWH
,FLWWDGLQLGLDOWUL6WDWLGHOO¶8(SRVVRQRSUHVHQWDUHGRPDQGDSHUHVVHUHGLVSHQVDWLGDOODIUHTXHQ]D
GHLFRUVLGLIRUPD]LRQHSUHVVRO¶,/(;/¶RSSRUWXQLWjGLFRQFHGHUHWDOHGLVSHQVDYLHQHYDOXWDWDFDVR
SHUFDVRª
,UODQGDGHOQRUG
RPLVVLV
$YYRFDWL
/DSURIHVVLRQHGLDYYRFDWRLQ,UODQGDGHO1RUGFRPSUHQGHGXHGLYHUVLUDPLEDUULVWHUVHVROLFLWRUV
FLDVFXQR FRQ XQ UXROR GLVWLQWR H GHILQLWR 6L WUDWWD GL XQD SURIHVVLRQH DXWRUHJRODPHQWDWD LO %DU
&RXQFLO RI 1RUWKHUQ ,UHODQG UHJRODPHQWD L EDUULVWHU H OD /DZ 6RFLHW\ RI 1RUWKHUQ ,UHODQG
UHJRODPHQWDLVROLFLWRUV
1RQYLqDOFXQREEOLJRGLIDUVLFRQVLJOLDUHRUDSSUHVHQWDUHGDXQDYYRFDWR,QVHPSOLFLFDVLGLGHELWL
XQOLWLJDQWHSXzQRQULWHQHUHQHFHVVDULRFRQVXOWDUHXQDYYRFDWR&RPHUHJRODJHQHUDOHWXWWDYLDLQ
FDVR GL FUHGLWL SHU LPSRUWL VXSHULRUL D … H LQ SDUWLFRODUH VH FLz LQFOXGH XQD ULFKLHVWD GL
ULVDUFLPHQWRGDQQLqFRQVLJOLDELOHFKLHGHUHDOPHQRODFRQVXOHQ]DGLXQOHJDOH
D%DUULVWHUV
, EDUULVWHUV FKH HVHUFLWDQR LQ PRGR LQGLSHQGHQWH VL GLYLGRQR LQ 4XHHQ¶V &RXQVHO FRQ PDJJLRUH
HVSHULHQ]D H -XQLRU &RXQVHO , EDUULVWHUV SRVVRQR HVVHUH DOWUHVu LPSLHJDWL SUHVVR
XQ¶RUJDQL]]D]LRQHSXEEOLFDRSULYDWDHIRUQLUHFRQVXOHQ]DOHJDOHVRORDWDOHRUJDQL]]D]LRQH
/D SURIHVVLRQH GL EDUULVWHU LQ ,UODQGD GHO 1RUG q GLVFLSOLQDWD GD XQ FRGLFH GHRQWRORJLFR FKH SXz
HVVHUHRWWHQXWRGDO%DU&RXQFLO
/HSRVVLELOLWjG¶HVHUFL]LRGHOODSURIHVVLRQHGLEDUULVWHUVLQ,UODQGDGHO1RUGSHUFLWWDGLQLGLDOWUL6WDWL
GHOO¶8QLRQH HXURSHD q UHJRODWD GDOOH GLUHWWLYH VXL GLSORPL GDOOD GLUHWWLYD VXOOR VWDELOLPHQWR H GDOOD
GLUHWWLYD VXL VHUYL]L 1RQ YL VRQR GLVSRVL]LRQL UHODWLYH DOO¶HVHUFL]LR GHOOD SURIHVVLRQH LQ ,UODQGD GHO
1RUGSHUDYYRFDWLGLSDHVLWHU]L
E6ROLFLWRUV
,OVROLFLWRUqJHQHUDOPHQWHLOSULPRSXQWRGLFRQWDWWRSHUFKLXQTXHFHUFKLXQDFRQVXOHQ]DOHJDOH9L
VRQR VWXGL LQ TXDVL RJQL FLWWj G¶,UODQGD GHO 1RUG H YL VRQR FLUFD VROLFLWRUV FKH DWWXDOPHQWH
HVHUFLWDQRQHOSDHVH,VROLFLWRUVIRUQLVFRQRJHQHUDOPHQWHDLFOLHQWLFRQVXOHQ]DJLXULGLFD6HLFOLHQWL
GHYRQRSRLHVVHUHUDSSUHVHQWDWLGDYDQWLDOOH&RUWLVXSHULRULLQ,UODQGDGHO1RUGLOVROLFLWRULQFDULFD
XQ EDUULVWHU GL SUHVHQWDUVL DOOH XGLHQ]H ,O EDUULVWHU WXWWDYLD QRQ VHPSUH q QHFHVVDULR SRLFKp L
VROLFLWRUVFKHSRVVLHGRQRLUHTXLVLWLULFKLHVWLSRVVRQRUDSSUHVHQWDUHLFOLHQWLQHOOH&RUWLVXSHULRUL
9LVRQRYDULDPELWLGLHVHUFL]LRGHOODSURIHVVLRQHGLVROLFLWRU
$WWLYLWjJHQHUDOH
,Q TXHVWR FDVR L VROLFLWRUV HVHUFLWDQR JHQHUDOPHQWH LQ VWXGL GL SLFFROH R PHGLH GLPHQVLRQL H
SUHVWDQR L SURSUL VHUYL]L RFFXSDQGRVL GHL SUREOHPL JLXULGLFL GHOOD FRPXQLWj ORFDOH 3RVVRQR
RFFXSDUVL GLWUDVIHULPHQWLGLSURSULHWjFRPSUDYHQGLWDGLLPPRELOLHWHUUHQLVYROJHUHULFHUFKHSHU
GRPDQGH GL LQGHQQL]]R GHULYDQWL GD OHVLRQL SHUVRQDOL IRUQLUH FRQVXOHQ]D H UDSSUHVHQWDUH L ORUR
FOLHQWL LQ WULEXQDOH SHU TXHVWLRQL SHQDOL R WUDWWDUH TXHVWLRQL UHODWLYH DO GLULWWR GL IDPLJOLD PLQRUL H
GLYRU]L3URYYHGRQRLQROWUHDOODUHGD]LRQHGLWHVWDPHQWLHVLRFFXSDQRGHOODJHVWLRQHGHOSDWULPRQLR
GLSHUVRQHGHIXQWH,VROLFLWRUVVSHVVRIRUQLVFRQRFRQVXOHQ]DDOOHLPSUHVHVXTXHVWLRQLDWWLQHQWLDO
GLULWWRGHOODYRURFRQWUDWWLHFRVWLWX]LRQHGLVRFLHWj
$OWULWLSLGLDWWLYLWj
,VROLFLWRUVSRVVRQRDQFKHODYRUDUHFRPHOHJDOLLQWHUQLLQRUJDQL]]D]LRQLFRPPHUFLDOLRLQGXVWULDOLLQ
PLQLVWHULRSUHVVRXQ¶DXWRULWjORFDOH
4XDOLILFKH
3HUSRWHULVFULYHUVLDOO¶DOERGHLVROLFLWRUV5ROORI6ROLFLWRUVLQ,UODQGDGHO1RUGRFFRUUHSRVVHGHUH
XQGLSORPDXQLYHUVLWDULRULFRQRVFLXWRLQJLXULVSUXGHQ]DRSSXUHXQGLSORPDXQLYHUVLWDULRLQXQ¶DOWUD
PDWHULD SRWHQGR GLPRVWUDUH GL DYHU DFTXLVLWR XQ OLYHOOR VRGGLVIDFHQWH GL FRQRVFHQ]H LQ VSHFLILFL
VHWWRUL$OWHUQDWLYDPHQWHSXzGLYHQWDUHVROLFLWRUFKLKDFRPSLXWRDQQLGLHWjHKDODYRUDWRFRPH
FOHUNRFRPHLPSLHJDWRSUHVVRXQVROLFLWRUSHUXQSHULRGRFRQWLQXDWLYRGLDQQLSRVVLHGHXQOLYHOOR
VRGGLVIDFHQWH GLLVWUX]LRQH H KD DFTXLVLWR XQ JUDGRDFFHWWDELOH GL FRQRVFHQ]D HG HVSHULHQ]D GHO
ODYRUR GL VROLFLWRU &KLXQTXH GHVLGHUL GLYHQWDUH VROLFLWRU GHYH VHJXLUH XQ WLURFLQLR H VXSHUDUH JOL
HVDPLWHQXWLGDOO¶,QVWLWXWHRI3URIHVVLRQDO/HJDO6WXGLHVGHOOD4XHHQ¶V8QLYHUVLW\%HOIDVW
(VHUFL]LR GHOOD SURIHVVLRQH GL VROLFLWRU LQ ,UODQGD GHO 1RUG GD SDUWH GL DYYRFDWL GL DOWUL SDHVL
GHOO¶8QLRQHHXURSHD
2JQLDYYRFDWRGLXQDOWUR6WDWRGHOO¶8QLRQHHXURSHDFKHqVWDELOLWRRFHUFDGLVWDELOLUVLQHO5HJQR
8QLWRHFKHGHVLGHUD HVHUFLWDUHLQ,UODQGDGHO1RUGDWWLYLWjSURIHVVLRQDOLUHJRODPHQWDWHGDOOD/DZ
6RFLHW\LQYLUWGHJOL(XURSHDQ&RPPXQLWLHV/DZ\HUV3UDFWLFH5HJXODWLRQVGHYHFKLHGHUH
O¶LVFUL]LRQHDOOD/DZ6RFLHW\
/D /DZ 6RFLHW\ DFFHWWHUj R ULILXWHUj O¶LVFUL]LRQH FRQIRUPHPHQWH DOOH GLVSRVL]LRQL GHOOD
UHJRODPHQWD]LRQH GHO 8QD YROWD FKH XQ DYYRFDWR HXURSHR q LVFULWWR DOOD /DZ 6RFLHW\ VL
DSSOLFKHUj DOOD VXD FRQGRWWD QHOOD VWHVVD PDQLHUD LQ FXL VL DSSOLFD DL VROLFLWRUV LUODQGHVL ± OD
UHJRODPHQWD]LRQHVWDELOLWDGDOOD/DZ6RFLHW\LQYLUWGHO6ROLFLWRUV1,2UGHU
&URZQ6ROLFLWRUH'HSDUWPHQWDO6ROLFLWRU
,O &URZQ 6ROLFLWRU H LO 'HSDUWPHQWDO 6ROLFLWRU ODYRUDQR SHU PLQLVWHUL RG RUJDQL JRYHUQDWLYL TXDORUD
VLDQRLPSOLFDWLLQFDXVH
2IILFLDO6ROLFLWRU
5DSSUHVHQWDJOLLQWHUHVVLGHLOLWLJDQWLLQFDVLLQFXLDOWULPHQWLQRQVDUHEEHURDGHJXDWDPHQWHWXWHODWL
6LWUDWWDDGHVHPSLRGLFDVLFKHFRLQYROJRQRPLQRULRSHUVRQHFKHQRQKDQQRQHVVXQRFKHGLIHQGD
LORURLQWHUHVVL
6FR]LD
/D0DJLVWUDWXUD
1RPLQH
7UDQQHLGXHJLXGLFLDYHQWLLOUDQJRSLHOHYDWRQHOODVFDODJHUDUFKLFDLO/RUG3UHVLGHQWRIWKH&RXUW
RI 6HVVLRQ H LO /RUG -XVWLFH &OHUN WXWWL JOLDOWULPDJLVWUDWL VFR]]HVL VRQR QRPLQDWLGDOOD 5HJLQD VX
UDFFRPDQGD]LRQH GHO SULPRPLQLVWUR VFR]]HVH $ WDOILQH LOSULPRPLQLVWURFRQVXOWD XQRUJDQLVPR
LQGLSHQGHQWH LO -XGLFLDO $SSRLQWPHQWV %RDUG SHUOD 6FR]LDLVWLWXLWR QHO FKH KDLOFRPSLWRGL
SURFHGHUH DOOD YDOXWD]LRQH GHL FDQGLGDWL DOOH IXQ]LRQL GL JLXGLFH GL 6KHULII 3ULQFLSDO H GL 6KHULII
FRPSUHVR OR 6KHULII D WHPSR SDU]LDOH H GL IRUQLUH XQ HOHQFR GHL FDQGLGDWL ULWHQXWL LGRQHL DOOD
QRPLQD3ULPDGLHVSULPHUHOHVXHUDFFRPDQGD]LRQLDOOD5HJLQDLOSULPRPLQLVWURGHYHFRQVXOWDUHLO
/RUG 3UHVLGHQW ,O -XGLFLDO $SSRLQWPHQWV %RDUG GLVSRQH GL XQ SURSULR RUJDQLFR GL VHJUHWHULD PD
XQDYROWDHVSUHVVHOHSURSULHYDOXWD]LRQLLQPHULWRDLFDQGLGDWLLOSURFHGLPHQWRSURVHJXHQHJOLXIILFL
GHOOR6FRWWLVK([HFXWLYH-XVWLFH'HSDUWPHQWPLQLVWHURGHOOD*LXVWL]LDVFR]]HVH
,O/RUG3UHVLGHQWHLO/RUG-XVWLFH&OHUNVRQRQRPLQDWLGDOOD5HJLQDVXUDFFRPDQGD]LRQHGHOSULPR
PLQLVWURGHO5HJQR8QLWRFKHQRQSXzUDFFRPDQGDUHXQDSHUVRQDGLYHUVDGDTXHOODSURSRVWDGDO
SULPRPLQLVWURVFR]]HVH
/HIXQ]LRQLGHOSDUWWLPHVKHULII
/HIXQ]LRQLGHOSDUWWLPH6KHULIIVRQRVWDWHLVWLWXLWHQHODLVHQVLGHOODOHJJHVFR]]HVHGHO
VXOOH FDX]LRQL H VXOOH QRPLQH JLXGL]LDULH HFF %DLO -XGLFLDO $SSRLQWPHQWV HWF 6FRWODQG $FW H
KDQQR VRVWLWXLWR TXHOOH GHO WHPSRUDU\ VKHULII, SDUWWLPH VKHULIIV VRQR QRPLQDWLSHU FLQTXH DQQL H
SRVVRQR HVVHUH QRPLQDWL SL YROWH FRPXQTXH HQWUR LO OLPLWH GL DQQL GL HWj 3RVVRQR HVVHUH
ULPRVVL GDOO¶XIILFLR VROR VX RUGLQH GL XQ WULEXQDO FRPPLVVLRQH GL LQFKLHVWD LVWLWXLWR SHU FRPSLHUH
LQGDJLQL SHU SUHVXQWD LQFDSDFLWj QHJOLJHQ]D R YLROD]LRQH GHJOL REEOLJKL GL VHUYL]LR $L VHQVL GHOOD
OHJJHVXPPHQ]LRQDWDLSDUWWLPHVKHULIIVLQVHUYL]LRQRQSRVVRQRHVVHUHSLGL
,SDUWWLPHVKHULIIVKDQQRSHUORSLLOFRPSLWRGLVRVWLWXLUHLSHUPDQHQWVKHULIIVDVVHQWL$OFXQLSDUW
WLPHVKHULIIVVRQRSHUPDQHQWVKHULIIVLQSHQVLRQHPDODPDJJLRUSDUWHGLHVVLVRQRDGYRFDWHVR
VROLFLWRUV
/HIXQ]LRQLGHOORVKHULII
/DVKHULIIFRXUWqXQRUJDQRJLXGL]LDULRORFDOHFRQFRPSHWHQ]DLQPDWHULDFLYLOHHSHQDOH3HUSRWHU
HVVHUHQRPLQDWLVKHULIIELVRJQDDYHUVYROWROHIXQ]LRQLGLDGYRFDWHRVROLFLWRUSHUDOPHQRDQQL,
FULWHULGLVFHOWDVRQRILVVDWLGDO-XGLFLDO$SSRLQWPHQWV%RDUGIRU6FRWODQGHOHUDFFRPDQGD]LRQLVRQR
IDWWHLQEDVHDLPHULWLGHOFDQGLGDWR7DOXQLKDQQRJLjHVHUFLWDWROHIXQ]LRQLGLSDUWWLPHVKHULIIVPD
FLzQRQFRVWLWXLVFHXQUHTXLVLWRHVVHQ]LDOH'DWRO¶HOHYDWRQXPHURGLFRPSHWHQ]HGHOORVKHULIISHU
SRWHUVYROJHUHWDOHIXQ]LRQHVRQRQHFHVVDULHDSSURIRQGLWHFRQRVFHQ]HGLRJQLVHWWRUHGHOGLULWWRH
GHLUHODWLYLDVSHWWLSUREDWRUL
3HUWXWWLJOLVKHULIIVQRPLQDWLGRSRLOO¶HWjSHQVLRQDELOHREEOLJDWRULDqDQQL5DJJLXQWLL
DQQLGLHWjJOLVKHULIIVSRVVRQRDULFKLHVWDDQGDUHLQSHQVLRQHPDLOSHQVLRQDPHQWRWUDLHL
DQQLFRPSRUWDXQDULGX]LRQHGHOO¶LPSRUWRGHOODSHQVLRQH
/HIXQ]LRQLGHOORVKHULIISULQFLSDO
/HIXQ]LRQLGHOORVKHULIISULQFLSDOVRQRXQLFKHQHOO¶DPELWRGHOODVWUXWWXUDJLXGL]LDULDGHO5HJQR8QLWR
)RQGDPHQWDOPHQWH OD 6FR]LD q GLYLVD LQ VHL FLUFRVFUL]LRQL JLXGL]LDULH VKHULIIGRPV RJQXQD GHOOH
TXDOL q SUHVLHGXWD GD XQR VKHULII SULQFLSDO D WHPSR SLHQR /R VKHULII SULQFLSDO HVSOLFDIXQ]LRQL VLD
JLXGL]LDULHFKHDPPLQLVWUDWLYHOHTXDOLFRPSUHQGRQRDGHVHPSLR
OHWUDGL]LRQDOLDWWULEX]LRQLJLXGL]LDULHWUDO¶DOWURIXQ]LRQLGLJLXGLFHGLDSSHOORLQPDWHULDFLYLOH
IXQ]LRQL JLXGL]LDULH H TXDVL MXGLFLDO IXQ]LRQL QRQ JLXGL]LDULH LQ VHQVR VWUHWWR PD FKH YDQQR
HVHUFLWDWHDSSOLFDQGROHUHJROHGLXQSURFHGLPHQWRJLXGL]LDULR>QGW@GLVFLSOLQDWHGDYDULHOHJJL
IXQ]LRQL GL QDWXUDDPPLQLVWUDWLYD FRQQHVVH DOIXQ]LRQDPHQWR GHJOL RUJDQL JLXULVGL]LRQDOL GHOODORUR
FLUFRVFUL]LRQH
IXQ]LRQLFHULPRQLDOLQHOO¶DPELWRGHOODORURFLUFRVFUL]LRQH
/HIXQ]LRQLGHO6HQDWRURIWKH&ROOHJHRI-XVWLFHLQ6FR]LDHGHL/RUGV&RPPLVVLRQHUVRI-XVWLFLDU\
/HIXQ]LRQLJLXGL]LDULHLQFOXGRQRO¶LQWHURODYRURGHOOD&RXUWRI6HVVLRQLQPDWHULDFLYLOHHGHOOD+LJK
&RXUWRI-XVWLFLDU\LQPDWHULDSHQDOH2JQLJLXGLFHDVVXPHLOWLWRORGL³/RUG´R³/DG\´VHJXLWRGDO
VXRFRJQRPHRGDXQWLWRORWHUULWRULDOH4XDQGRVRQRULXQLWLQHOOD&RXUWRI6HVVLRQLJLXGLFLVRQR
FKLDPDWL 6HQDWRUV RI WKH &ROOHJH RI -XVWLFH /D &RXUW RI 6HVVLRQ q GLUHWWD GDO /RUG 3UHVLGHQW
VHJXLWRJHUDUFKLFDPHQWHGDO/RUG-XVWLFH&OHUN(VVDVLGLYLGHLQGXHFDPHUHOD2XWHU+RXVHHOD
,QQHU +RXVH /D ,QQHU +RXVH VRVWDQ]LDOPHQWH q XQ JLXGLFH GL DSSHOOR DQFKH VH KD XQD OLPLWDWD
FRPSHWHQ]DDFRQRVFHUHGHWHUPLQDWLWLSLGLFRQWURYHUVLHLQSULPRJUDGR/DSURPR]LRQHSHUOD,QQHU
+RXVHDYYLHQHLQEDVHDOPHULWRHVXUDFFRPDQGD]LRQHGHO/RUG3UHVLGHQWHGHO/RUG-XVWLFH&OHUN
4XDQGR VLHGRQR QHOOD +LJK &RXUW RI -XVWLFLDU\ L JLXGLFL VRQR FKLDPDWL /RUGV &RPPLVVLRQHUV RI
-XVWLFLDU\ /D +LJK &RXUW RI -XVWLFLDU\ q SUHVLHGXWD GDO /RUG -XVWLFH *HQHUDO FKH q OD VWHVVD
SHUVRQDGHO/RUG3UHVLGHQWVHJXLWRJHUDUFKLFDPHQWHGDO/RUG-XVWLFH&OHUN
,O SHQVLRQDPHQWR REEOLJDWRULR q ILVVDWR DOO¶HWj GL DQQL 'RSR DQQL GL VHUYL]LR VL PDWXUD LO
GLULWWRDGXQDSHQVLRQHGLDQ]LDQLWjFRPSOHWD
$LJLXGLFLqULFKLHVWRLOSRVVHVVRGLYDULHFRPSHWHQ]HHTXDOLWjWUDFXLXQ¶RWWLPDFRQRVFHQ]DGHOOD
OHJLVOD]LRQH H GHOOD JLXULVSUXGHQ]D VFR]]HVH XQD VROLGD HVSHULHQ]D LQ PDWHULD SURFHVVXDOH
IDPLOLDULWj FRQ LO IXQ]LRQDPHQWR GHOOH FRXUWV LQWHJULWj RQHVWj EXRQ VHQVR VHQVR GHO GRYHUH H
GLOLJHQ]DSURIHVVLRQDOH3HUODQRPLQDGHLJLXGLFLVLDSSOLFDQRJOLVWHVVLFULWHULVWDELOLWLGDO-XGLFLDO
$SSRLQWPHQWV%RDUGIRU6FRWODQGFRPHHVSRVWRLQSUHFHGHQ]D
,QGLSHQGHQ]D
/¶LQGLSHQGHQ]DGHOJLXGLFHqXQHOHPHQWRHVVHQ]LDOHGHOVLVWHPDJLXULGLFRVFR]]HVH(VVDULFKLHGH
FKHLOJLXGLFHGHFLGDLFDVLVHFRQGRLOSURSULROLEHURFRQYLQFLPHQWRVHQ]DDOFXQDLQIOXHQ]DHVWHUQD
,Q SDUWLFRODUH JOL LQWHUHVVL GHOOD JLXVWL]LD HVLJRQR FKH L JLXGLFL QHOO¶HVHUFL]LR GHOOH ORUR IXQ]LRQL
UHVWLQRLQGLSHQGHQWLHQRQVLDQRVRJJHWWLDOOHGLUHWWLYHHDOFRQWUROORGHOJRYHUQR
5HWULEX]LRQH
,O6HQLRU6DODULHV5HYLHZ%RG\qXQRUJDQRLQGLSHQGHQWHFKHIDUDFFRPDQGD]LRQLDOJRYHUQRVXOOH
UHWULEX]LRQL GL GHWHUPLQDWH FDWHJRULH GL GLSHQGHQWL PDJLVWUDWL FRPSUHVL /R 6FRWWLVK ([HFXWLYH
-XVWLFH 'HSDUWPHQW q UHVSRQVDELOH GHO SDJDPHQWR GHOOH UHWULEX]LRQL GHO SHUVRQDOH JLXGL]LDULR H
GHJOL LPSHJQL ILQDQ]LDUL GHULYDQWL GDJOL REEOLJKL SUHYLGHQ]LDOL SHU LO SHUVRQDOH GHOO¶DPPLQLVWUD]LRQH
JLXGL]LDULDLQ6FR]LDÊSRVVLELOHFRQRVFHUHLOOLYHOORGHOOHUHWULEX]LRQLHGHOOHSHQVLRQL
'HQXQFHFRQWURODPDJLVWUDWXUD
&KLXQTXH SXz GHQXQFLDUH LO FRPSRUWDPHQWR GL XQ PHPEUR GHOOD PDJLVWUDWXUD 7XWWH OH GHQXQFH
VDUDQQRWUDWWDWHGDOOR6FRWWLVK([HFXWLYH-XVWLFH'HSDUWPHQWFKHULVSRQGHUjSHULVFULWWR7XWWDYLDLO
'HSDUWPHQWQRQSXzHVDPLQDUHOHGHQXQFHFRQWUROHGHFLVLRQLDGRWWDWHGDLJLXGLFLHGDJOL6KHULIIV
LQGLSHQGHQWLGDOO¶HVHFXWLYR/HGHQXQFHFRQWURGHFLVLRQLGLXQGHWHUPLQDWRSURFHGLPHQWRJLXGL]LDULR
SRVVRQRHVVHUHULIRUPDWHVRORGDXQDJLXULVGL]LRQHVXSHULRUH
$OWUHLQIRUPD]LRQL
,QIRUPD]LRQL FRPSOHPHQWDUL VXOOD QRPLQD GHLPDJLVWUDWLVFR]]HVL VRQR GLVSRQLELOL VXO VLWR ZHE GHO
-XGLFLDO
$SSRLQWPHQWV
%RDUG
IRU
6FRWODQG
DO
VHJXHQWH
LQGLUL]]R
ZZZMXGLFLDODSSRLQWPHQWVVFRWODQGJRYXN
RVXOVLWRZHEGHOOH6FRWWLVK&RXUWV6HUYLFHDOVHJXHQWHLQGLUL]]RZZZVFRWFRXUWVJRYXN
*LXGLFLGLSDFH-XVWLFHVRIWKH3HDFH
,OJLXGLFHGLSDFHQRQKDXQDIRUPD]LRQHJLXULGLFDHGHVHUFLWDOHIXQ]LRQLLQGLYLGXDOPHQWHRLQXQ
FROOHJLR GL WUH PHPEUL DVVLVWLWR GD XQ OHJDOO\ TXDOLILHG FOHUN R GD XQ OHJDO DVVHVVRU QHOOD 'LVWULFW
&RXUW/D'LVWULFW&RXUWRFFXSDLOOLYHOORSLEDVVRQHOODJHUDUFKLDGHJOLRUJDQLJLXGL]LDULLQ6FR]LDH
KD FRPSHWHQ]D VROR LQ FDVR GL UHDWLPLQRUL FRPHPLQDFFH DOO¶RUGLQH SXEEOLFR DWWL GL YDQGDOLVPR
HFFHVVRGLYHORFLWjHFF*ODVJRZqO¶XQLFROXRJRLQFXLHVLVWHXQDVWLSHQGLDU\PDJLVWUDWHFRXUWQHOOD
TXDOH OR VWLSHQGLDU\ PDJLVWUDWH q JLXGLFH PRQRFUDWLFR HG q XQ JLXULVWD ,Q WDOH VHGH KD JOL VWHVVL
SRWHULGHOORVKHULIIFKHGHFLGHVHQ]DJLXULD
,JLXGLFLGLSDFHVRQRQRPLQDWLGDLPLQLVWULSUHYLRSDUHUHGHO-3$GYLVRU\&RPPLWWHHV-3$&VXQ
RUJDQLVPRFRQVXOWLYRORFDOHQRQSUHYLVWRGDIRQWHOHJLVODWLYDFKHVYROJHOHSURSULHIXQ]LRQLLQXQD
GHWHUPLQDWD JLXULVGL]LRQH GHWHUPLQDWD ³&RPPLVVLRQ $UHD´ WHUULWRULDOPHQWH FRUULVSRQGHQWH D XQD
ORFDO DXWKRULW\ DUHD , FDQGLGDWL VRQR QRPLQDWL IXOO R VLJQLQJ MXVWLFHV , IXOO MXVWLFHV SRVVRQR
HIIHWWXDUHTXDOVLDVLDWWRDYHQWHQDWXUDJLXGL]LDULDFRPSUHVDODSDUWHFLSD]LRQHDOEHQFKQHOODGLVWULFW
FRXUW H ILUPDUH QRWLILFKH ZDUUDQWV , VLJQLQJ MXVWLFHV SRVVRQR HIIHWWXDUH VROR XQ FHUWR WLSR GL
IXQ]LRQLUHODWLYHDOODILUPDGHOGRFXPHQWLFRPHDGHVHPSLRDXWHQWLFDUHODILUPDGLGRFXPHQWL
3HUHVVHUHLGRQHLDOO¶HVHUFL]LRGHOOHIXQ]LRQLGL-XVWLFHVRIWKH3HDFHLFDQGLGDWLGHYRQRSRVVHGHUH
GHWHUPLQDWL UHTXLVLWL FDUDWWHUH LQWHJULWj FDSDFLWj GL FRPSUHQVLRQH WDOL TXDOLWj GHYRQR HVVHUH
ULFRQRVFLXWHGDOOHSHUVRQHFRQOHTXDOLHVVLYLYRQRHODYRUDQR'HYRQRDYHUHOHTXDOLWjQHFHVVDULH
LQWHOOLJHQ]DEXRQVHQVRHHVSHULHQ]DSHUFRPSUHQGHUHOHSHUVRQHFLWDWHDJLXGL]LRHLWHVWLPRQL
SHUYDOXWDUHOHORURSURYHSHUFRPSUHQGHUHLORURSUREOHPLHSHUDGRWWDUHOHGHFLVLRQLHOHVHQWHQ]H
SLRSSRUWXQH
$OWUHLQIRUPD]LRQL
3HUPDJJLRULLQIRUPD]LRQLVXOODJLXVWL]LDGLSDFHHVXOOH'LVWULFW&RXUWVVLSXzFRQVXOWDUHLOVLWRZHE
DOVHJXHQWHLQGLUL]]RZZZVFRWFRXUWVJRYXN
3HUVRQDOHGHLWULEXQDOL
/D 6FRWWLVK &RXUW 6HUYLFH q O¶DJHQ]LD FKH KD SULQFLSDOPHQWH LO FRPSLWR GL IRUQLUH L VHUYL]L
DPPLQLVWUDWLYL RUJDQL]]DWLYL H WHFQLFL QHFHVVDUL DOOD PDJLVWUDWXUD SHU JDUDQWLUH LO EXRQ
IXQ]LRQDPHQWRGHOOHFRXUWVHGLDVVLFXUDUHFKHDOOHSDUWLVLDRIIHUWRXQVHUYL]LRHIILFDFHHFRUWHVHÊ
XQ¶DJHQ]LD GHOOR 6FRWWLVK ([HFXWLYH -XVWLFH 'HSDUWPHQW PLQLVWHUR GHOOD *LXVWL]LD H LO VXR
SHUVRQDOHqFRPSRVWRGDIXQ]LRQDULFLYLOLQRQQHFHVVDULDPHQWHJLXULVWL
,O3ULQFLSDO&OHUNRI6HVVLRQDQG-XVWLFLDU\
,O 3ULQFLSDO &OHUNRI 6HVVLRQ DQG -XVWLFLDU\ q UHVSRQVDELOH GHOO¶DPPLQLVWUD]LRQH RUJDQL]]D]LRQH H
FRRUGLQDPHQWR GHO ODYRUR GHOOD &RXUW RI 6HVVLRQ GHOOD +LJK &RXUW RI -XVWLFLDU\ H GHOOD &RXUW RI
&ULPLQDO$SSHDO'LULJHOR6FRWWLVK&RXUW6HUYLFHLOVHUYL]LRJLXGL]LDULRVFR]]HVHQHOO¶DPELWRGHOOH
6XSUHPH &RXUWV HG KD XQD UHVSRQVDELOLWj JHQHUDOH SHU LO SHUVRQDOH GHOOH 6XSUHPH &RXUWV
FRPSUHVRO¶$FFRXQWDQWRI&RXUW¶V2IILFHHO¶2IILFHRIWKH3XEOLF*XDUGLDQ
'HSXW\3ULQFLSDO&OHUNRI-XVWLFLDU\
,O 'HSXW\ 3ULQFLSDO &OHUN RI -XVWLFLDU\ VHJUHWDULR SULQFLSDOH DJJLXQWR GL JLXVWL]LD GLSHQGH GDO
3ULQFLSDO&OHUNRI6HVVLRQDQG-XVWLFLDU\ÊUHVSRQVDELOHGHOO¶DPPLQLVWUD]LRQHGHO-XVWLFLDU\2IILFHH
GHOODSURJUDPPD]LRQHGHLODYRULGLFRQFHUWRFRQLO&URZQ2IILFHGHOOD+LJK&RXUW
'HSXW\3ULQFLSDO&OHUNRI6HVVLRQ
,O'HSXW\3ULQFLSDO&OHUNRI6HVVLRQGLSHQGHDQFK¶HJOLGDO3ULQFLSDO&OHUNRI6HVVLRQDQG-XVWLFLDU\
ÊUHVSRQVDELOHGHOO¶DPPLQLVWUD]LRQHGHOOHFDXVHFLYLOLQHOOH6XSUHPH&RXUWV,QTXDOLWjGL.HHSHURI
WKH 5ROOV q UHVSRQVDELOH DQFKH GHOOD SURJUDPPD]LRQH H GHOO¶DVVHJQD]LRQH GHOOD FDXVH DL JLXGLFL
GHOOH6XSUHPH&RXUWV
&OHUNVRI&RXUW±6XSUHPH&RXUWV
6LDODSULPDFKHODVHFRQGDVH]LRQHGLVSRQJRQRGLXQSURSULR'HSXWH&OHUNRI6HVVLRQORVWHVVR
YDOH SHU RJQL JLXGLFH GHOOD 2XWHU +RXVH , 'HSXWH &OHUNV VYROJRQR OH PDQVLRQL GHO IXQ]LRQDULR
JLXGL]LDULR H SURYYHGRQR DJOL DGHPSLPHQWL LQ PDWHULD FLYLOH R SHQDOH D VHFRQGD GHOOD PDWHULD
DWWULEXLWDDOJLXGLFH1HOODFULPLQDOFRXUWLOFOHUNqFKLDPDWR'HSXWH&OHUNRI-XVWLFLDU\,OFOHUNGLXQD
FULPLQDOFRXUWqWHQXWRDVHJXLUHLOJLXGLFHTXDQGRODFRXUWWLHQHVHVVLRQLLQGLIIHUHQWLOXRJKLGHOOD
6FR]LDDPRWLYRGHOVXRFDUDWWHUHLWLQHUDQWH
6KHULII&OHUNV
$OO¶DPPLQLVWUD]LRQH GHOOH 6KHULII &RXUWV SURYYHGRQR OR 6KHULII &OHUN ORFDOH H LO VXR SHUVRQDOH /R
6KHULII&OHUNqUHVSRQVDELOHGLWXWWLJOLDGHPSLPHQWLDPPLQLVWUDWLYLUHODWLYLDLSURFHVVLFLYLOLHSHQDOLH
GHOOH TXHVWLRQL UHODWLYH DL WHVWDPHQWL H DOOD VFHOWD GHJOL HVHFXWRUL WHVWDPHQWDUL GHOO¶HUHGLWj GL XQD
SHUVRQDGHFHGXWD
,&OHUNVRI&RXUWSURYYHGRQRDIILQFKpLJLXGLFLGLVSRQJDQRGHLGRFXPHQWLLGRQHLSHUODWUDWWD]LRQH
GHOOD FDXVD H DSSRUWDQR ORUR O¶HYHQWXDOH DVVLVWHQ]D DPPLQLVWUDWLYD ULFKLHVWD 3RVVRQR DQFKH
HVVHUHFRQYRFDWLGDOORVKHULIIHGDJOLDOWULXWHQWLGHOOHFRXUWVSHUGDUHLOORURSDUHUHVXOOHSURFHGXUH
,O FOHUN YHUEDOL]]D TXDQWR DFFDGH QHOOH FRXUWV SUHSDUD OH RUGLQDQ]H QHFHVVDULH H DVVLFXUD FKH
VLDQRVSHGLWHDOOHSDUWLLQWHUHVVDWH
,O SHUVRQDOH GHOOH FRXUWV SXz FRQVLJOLDUH OH SDUWL VXOOH SURFHGXUHPD QRQ SXz IRUQLUH FRQVXOHQ]D
OHJDOHQpFRQVLJOLDUHOHSDUWLVXOODPLJOLRUHD]LRQHGDHVSHULUH
*OL6KHULII&OHUNVVRQRDQFKHLQFDULFDWLGHOODULVFRVVLRQHGHOOHDPPHQGHSHQDOLHGHJOLLQGHQQL]]L
QRQFKpGHOODFLWD]LRQHHGHOODJHVWLRQHGHLPHPEULGHOODJLXULDQHOFDVRGLUHDWLSHQDOLJUDYLQHOOH
6KHULIIHQHOOH+LJK&RXUWV
$OWUHLQIRUPD]LRQL
3HULQIRUPD]LRQLFRPSOHPHQWDULVXOOR6FRWWLVK&RXUW6HUYLFHVLSUHJDGLYLVLWDUHLOVHJXHQWHVLWRZHE
DOO¶LQGLUL]]RZZZVFRWFRXUWVJRYXN
6HUYL]LDPPLQLVWUDWLYLGHO&URZQ2IILFHHGHO6HUYL]LRGHO3URFXUDWRU)LVFDO
,O &URZQ 2IILFH H LO 3URFXUDWRU )LVFDO 6HUYLFH FRVWLWXLVFRQR LO VHUYL]LR LQGLSHQGHQWH GHO SXEEOLFR
PLQLVWHURHVRQRFRPSHWHQWLDQFKHSHUOHLQGDJLQLLQFDVRGLPRUWHLQ6FR]LDÊXQPLQLVWHURGHO
JRYHUQR VFR]]HVH GLUHWWR GDO /RUG $GYRFDWH DVVLVWLWR GDO 6ROLFLWRU *HQHUDO IRU 6FRWODQG TXHVWL
XOWLPL VRQR FKLDPDWL 6FRWWLVK /DZ 2IILFHUV H VRQR PHPEUL GHOO¶HVHFXWLYR VFR]]HVH 6LD LO /RUG
$GYRFDWH FKH LO 6ROLFLWRU *HQHUDO VRQR QRPLQDWL GDOOD 5HJLQD VX UDFFRPDQGD]LRQH GHO SULPR
PLQLVWUR /D UDFFRPDQGD]LRQH GHO SULPR PLQLVWUR GHYH HVVHUH FRQIHUPDWD GDO 3DUODPHQWR
VFR]]HVH/¶LQGLSHQGHQ]DGHO/RUG$GYRFDWHqVDQFLWDQHOO¶DUWLFRORGHOOR6FRWODQG$FWGHO
&URZQ&RXQVHO
,O/RUG$GYRFDWHHLO6ROLFLWRU*HQHUDOVRQRDVVLVWLWLGDJOL$GYRFDWHV'HSXWHVHLQVLHPHIRUPDQRLO
&URZQ &RXQVHO *OL $GYRFDWHV 'HSXWHV JHQHUDOPHQWH VRQR PHPEUL HVSHUWL GHOOD )DFXOW\ RI
$GYRFDWHV QRPLQDWL SHU FLUFD WUH DQQL *OL $GYRFDWH 'HSXWHV ² FKH VRQR OLEHUL GL HVHUFLWDUH
SULYDWDPHQWH O¶DWWLYLWj IRUHQVH LQ PDWHULD FLYLOH ² DGRWWDQR OH ORUR GHFLVLRQL SULQFLSDOPHQWH QHL
SURFHGLPHQWL FKH SRUWDQR DOOD IRUPXOD]LRQH GHOO¶LPSXWD]LRQH LQGLFWPHQW H QHOOH LQGDJLQL VX
LQFLGHQWL PRUWDOL VYROJRQR IXQ]LRQH UHTXLUHQWH QHL SURFHGLPHQWL GLQDQ]L OD +LJK &RXUW
UDSSUHVHQWDQR OD &RURQD QHOO¶$SSHDO &RXUW H IRUQLVFRQR FRQVXOHQ]D DO 3URFXUDWRUV )LVFDO VX
TXHVWLRQLFRPSOHVVHRGHOLFDWH
&URZQ$JHQW
,O &URZQ $JHQW q LO GLUHWWRUH ³SHUPDQHQWH´ GHO PLQLVWHUR 6L WUDWWD GL XQ SURFXUDWRUH HVSHUWR
QRPLQDWRGDO3URFXUDWRU)LVFDO6HUYLFH+DIXQ]LRQLGLVROLFLWRUQHLFRQIURQWLGHO/RUG$GYRFDWHHGq
VXRFRQVXOHQWHSHUTXHVWLRQLSROLWLFKHHRSHUDWLYH,O&URZQ$JHQWqUHVSRQVDELOHGHOODGLUH]LRQHH
GHOODJHVWLRQHGHOPLQLVWHUR
,O'HSXW\&URZQ$JHQWRFFXSDLOVHFRQGRSRVWRQHOODVFDODJHUDUFKLFDGHO&URZQ2IILFHÊPHPEUR
HVSHUWRGHOSHUVRQDOHJLXULGLFRSHUPDQHQWHGHOVHYL]LRGLSURVHFXWLRQSXEEOLFRPLQLVWHUR
6HUYL]LRGHO3URFXUDWRU)LVFDO
,O VHUYL]LR GHO 3URFXUDWRU )LVFDO q IRUPDWR SULQFLSDOPHQWH GD VROLFLWRUV H GD TXDOFKH DYYRFDWR
LPSLHJDWLDWHPSRSLHQRLQTXDOLWjGLIXQ]LRQDULHFKHHVHUFLWDQROHORURIXQ]LRQLQHOOHGLYHUVH6KHULII
&RXUWVGLWXWWRLOWHUULWRULRVFR]]HVH+DQQRLOFRPSLWRGLLQGDJDUHHGLLVWUXLUHSURFHGLPHQWLSHQDOL
SHU UHDWL FRPSLXWL DOO¶LQWHUQR GHO ORUR GLVWUHWWR H GL SUHVHQWDUH LO FDVR GLQDQ]L DO WULEXQDOH 6RQR
DOWUHVu LQFDULFDWL GHL SURFHGLPHQWL GLQDQ]L DOOH 'LVWULFW &RXUWV ,O SURFXUDWRU ILVFDO q XQ RUJDQR
LQGLSHQGHQWH FKH SHUVHJXH O¶LQWHUHVVH SXEEOLFR H QRQ DJLVFH SHU FRQWR GHOOR VKHULII ,Q RJQL
FLUFRVFUL]LRQHJLXGL]LDULDVKHULIIGRPHVLVWHXQSURFXUDWRUILVFDOUHJLRQDOHFKH HVHUFLWDLOFRQWUROOR
VXWXWWLJOLDOWULSURFXUDWRUVILVFDOGHOODFLUFRVFUL]LRQH
,UHDWLSLJUDYLVRQRWUDVPHVVLDO&URZQ2IILFHSHUULFHYHUHOHLVWUX]LRQLHLQHFHVVDULUDJJXDJOLGHO
&URZQ&RXQVHO/DVHGHGHOPLQLVWHURqLO&URZQ2IILFHGL(GLPEXUJR
$OWUHLQIRUPD]LRQL
3HUXOWHULRULLQIRUPD]LRQLVXO&URZQ2IILFHHVXOVHUYL]LRGHO3URFXUDWRU)LVFDOVLSUHJDGLYLVLWDUHLO
VHJXHQWHVLWRZHEDOO¶LQGLUL]]RZZZFURZQRIILFHJRYXN
0HVVHQJHUVDW$UPVH6KHULII2IILFHUV
/HIXQ]LRQLGL0HVVHQJHUVDW$UPVHGL6KHULII2IILFHUVULVDOJRQRDFHQWLQDLDGLDQQLDGGLHWUR8Q
0HVVHQJHUDW$UPV q XQ DJHQWH GHOOD &RXUW RI 6HVVLRQ 3Xz VSRVWDUVL RYXQTXH QHO WHUULWRULR
VFR]]HVHHQRWLILFDUHGRFXPHQWLHGHFUHWLGHOOD&RXUWRI6HVVLRQ
/R 6KHULII 2IILFHU q XQ DJHQWH GHOOD 6KHULII FRXUW +D FRPSHWHQ]D VROR QHOO¶DUHD JHRJUDILFD
DVVHJQDWDJOL
,0HVVHQJHUVDW$UPVHJOL6KHULII2IILFHUVSUHVWDQRODORURDWWLYLWjLQVRFLHWjFRPPHUFLDOLSULYDWHHL
ORUR RQRUDULVRQR UHJRODPHQWDWL GDGLVSRVL]LRQL JRYHUQDWLYH /D 6RFLHW\RI 0HVVHQJHUVDW$UPV H
GHJOL6KHULII2IILFHUVUDSSUHVHQWDJOLLQWHUHVVLGHJOLDJHQWLRIILFHUVVFR]]HVLHFRVWLWXLVFHXQFDQDOH
GL FRPXQLFD]LRQH WUD JOL RIILFHUV RI FRXUW OH SURIHVVLRQL OHJDOL HFF 7XWWL L PHPEUL GHOOD 6RFLHW\
GHYRQR ULVSHWWDUH OD SURSULD &RQVWLWXWLRQ H LO FRGLFH GHRQWRORJLFR /D 6RFLHW\ RIIUH DQFKH FRUVL GL
IRUPD]LRQHSHULVXRLPHPEUL
$OWUHLQIRUPD]LRQL
3HU XOWHULRUL LQIRUPD]LRQL VXOOD 6RFLHW\ RI 0HVVHQJHUVDW$UPV H GHJOL 6KHULII2IILFHUV VL SUHJD GL
YLVLWDUHLOVHJXHQWHVLWRZHEDOO¶LQGLUL]]RZZZHGQHWFRXNaVPDVR
$YYRFDWL$GYRFDWHV
8Q DYYRFDWR WDOYROWD FKLDPDWR ³FRXQVHO´ q XQ JLXULVWD LQGLSHQGHQWH FKH q VWDWR DPPHVVR DOOD
)DFXOW\ RI $GYRFDWHV >XQ RUGLQH IRUHQVH QGW@ H TXLQGL SXz SDWURFLQDUH LQ TXDOLWj GL DYYRFDWR
GLQDQ]LDOOHFRUWLVFR]]HVL/D)DFXOW\RI$GYRFDWHVHVLVWHDOPHQRGDO/¶DPPLVVLRQHqHOHWWLYD
H VRJJHWWD DOOD SUHVHQWD]LRQH GL XQD GRPDQGD DOOD FRXUW H DO SDJDPHQWR GHL UHODWLYL GLULWWL *OL
HVDPLQDWRUL GHOOD )DFXOW\ RI $GYRFDWHV GHYRQR YDOXWDUH FKH OH FRPSHWHQ]H GHO FDQGLGDWR VLDQR
VRGGLVIDFHQWLVLDGDOSXQWRGLYLVWDGHOODFXOWXUDJHQHUDOHFKHGDOSXQWRGLYLVWDJLXULGLFR
/D)DFXOW\RI$GYRFDWHVqXQDVWUXWWXUDGHPRFUDWLFDGLUHWWDGDOGHFDQRHOHWWRGDWXWWLLPHPEULH
DVVLVWLWR GD DOWUH SHUVRQH LO YLFH GHFDQR LO WHVRULHUH LO &OHUN H LO FRQVHUYDWRUH GHOOD ELEOLRWHFD
GHJOLDYYRFDWL.HHSHURIWKH$GYRFDWHV/LEUDU\WXWWLHOHWWLGDLPHPEULLQVHUYL]LR,WLWRODULGLTXHVWL
SRVWL RIILFHEHDUHUV FRQWLQXDQR DG HVHUFLWDUH OD SURIHVVLRQH GL DYYRFDWR H QRQ ULFHYRQR XQD
UHWULEX]LRQH*OLRIILFHEHDUHUVVRQRFRDGLXYDWLGDXQFRQVLJOLRGLIDFROWjQRPLQDWRVXEDVHHOHWWLYD
HGDYDULFRPLWDWL
/D)DFXOW\RI$GYRFDWHVqXQµRUJDQR¶FKHVLDXWRUHJRODHFKHFRQWUROODOHDPPLVVLRQLHJOLDVSHWWL
GLVFLSOLQDUL,UHFODPLFRQWURJOLDYYRFDWLGHYRQRHVVHUHIDWWLSHULVFULWWRHWUDVPHVVLDOGHFDQRGHOOD
)DFXOW\6HQRQqVRGGLVIDWWRGHOPRGRLQFXLLOUHFODPRqVWDWRWUDWWDWRO¶LVWDQWHGHYHFRPXQLFDUOR
SHULVFULWWRDOOR6FRWWLVK/HJDO6HUYLFHV2PEXGVPDQHQWURVHLPHVLGDOULFHYLPHQWRGHOODGHFLVLRQH
GHOOD)DFXOW\
8QDYYRFDWRSXzHVVHUHLVWUXLWRGDXQVROLFLWRURGDXQPHPEURGLXQDOWURRUJDQLVPRSURIHVVLRQDOH
ULFRQRVFLXWRDWDOILQH*OLDYYRFDWLRIIURQRXQVHUYL]LRVSHFLDOL]]DWRHLQGLSHQGHQWH,QSDUWLFRODUH
*OL DYYRFDWL VL VSHFLDOL]]DQR QHOOD SUHSDUD]LRQH H QHOOD SUHVHQWD]LRQH GHOOH FDXVH GLQDQ]L D
TXDOVLDVLFRXUWVFR]]HVHFRPSUHVLJOLRUJDQLJLXULVGL]LRQDOLVXSHULRULWKH+LJK&RXUWRI-XVWLFLDU\
WKH&RXUWRI&ULPLQDO$SSHDOHWKH&RXUWRI6HVVLRQL-XGLFLDO&RPPLWWHHVGHOOD+RXVHRI/RUGVLO
3ULY\&RXQFLOOD&RUWHHXURSHDGHLGLULWWLGHOO¶XRPRHOD&RUWHGLJLXVWL]LDGHOOH&RPXQLWjHXURSHH
3RVVRQR SDWURFLQDUH GLQDQ]L D XQJUDQQXPHUR GL JLXULVGL]LRQL VSHFLDOLWULEXQDOV H LQWHUYHQLUH LQ
YDULSURFHGLPHQWLHLQGDJLQLJLXGL]LDOL
2IIURQR DQFKH FRQVXOHQ]D OHJDOH VX XQ¶DPSLD JDPPD GL TXHVWLRQL JLXULGLFKH GL FDUDWWHUH VLD
JHQHUDOH FKH VSHFLDOLVWLFR VSHVVR QRPLQDWH FRXQVHO¶V RSLQLRQ 8Q DYYRFDWR SXz IRUQLUH
FRQVXOHQ]DYHUEDOHLQXGLHQ]DLQWXWWDOD6FR]LD
'DOSXQWRGLYLVWDDPPLQLVWUDWLYRLFRXQVHOVVLGLYLGRQRLQGXHJUXSSLR³VWDEOHV´RJQXQRGHLTXDOL
GLVSRQH GL XQ DGYRFDWHV¶ FOHUN H GL DOPHQR XQ GHSXW\ ,O FOHUN DVVLVWH LO FRXQVHO JDUDQWHQGR LO
UHJRODUHIXQ]LRQDPHQWRGHLVXRLXIILFLILVVDLOFDOHQGDULRGHOOHXGLHQ]HHGHJOLDSSXQWDPHQWLHWUDWWD
FRQ L VROLFLWRUV LQ QRPH GHO FRXQVHO *OL RQRUDUL GHL FRXQVHOV VRQR WUDWWDELOL H SRVVRQR HVVHUH
GLVFXVVLFRQLOFOHUN
$OWUHLQIRUPD]LRQL
3HU XOWHULRUL LQIRUPD]LRQL VXOOH IXQ]LRQL GL XQ DGYRFDWH VL SUHJD GL YLVLWDUH LO VHJXHQWH VLWR ZHE
DOO¶LQGLUL]]RZZZDGYRFDWHVRUJXN
6ROLFLWRUV
, VROLFLWRUV SRVVRQR IRUQLUH SDUHUL VX RJQL TXHVWLRQH JLXULGLFD QHOOD PLVXUD LQ FXL GLVSRQJRQR GL
VXIILFLHQWL FRQRVFHQ]H JLXULGLFKH LQ PDWHULD 4XHVWD SUHVFUL]LRQH q FRQWHQXWD QHO ORUR &RGLFH
GHRQWRORJLFR,VROLFLWRUVWUDWWDQRWXWWLLWLSLGLTXHVWLRQLJLXULGLFKHFRPSUHVLLFRQWHQ]LRVLJOLDWWLGL
WUDVIHULPHQWRGLSURSULHWjHLWUXVWZRUN3RVVRQRSDWURFLQDUH GLQDQ]LDOOD&RUWHHXURSHDGHLGLULWWL
GHOO¶XRPR DOOH VKHULII H GLVWULFW FRXUWV H LQ WXWWL L WULEXQDOV FRPPLVVLRQL H DOWUL FROOHJL VDOYD
GLVSRVL]LRQHFRQWUDULDGLOHJJH0ROWLVROLFLWRUVHVHUFLWDQRODOLEHUDSURIHVVLRQHLQGLYLGXDOPHQWHRLQ
VRFLHWjGLSURIHVVLRQLVWLDOWULODYRUDQRSUHVVRJUDQGLLPSUHVHRDXWRULWjSXEEOLFKHRORFDOL
/¶DPPLVVLRQHDOUXRORGLVROLFLWRUFRQVHUYDWDGDOUHJLVWUDURIVROLFLWRUV>FRQVHUYDWRUHGHOO¶DOER@qIDWWD
VXGRPDQGDXQDYROWDFRQVHJXLWRXQGLSORPDXQLYHUVLWDULRLQJLXULVSUXGHQ]DRLQDOWHUQDWLYDGRSR
DYHU VXSHUDWR XQ HVDPH GL DELOLWD]LRQH DOOD SURIHVVLRQH H DYHU RWWHQXWR XQ GLSORPD LQ /HJDO
3UDFWLFH SUHVVR XQ¶XQLYHUVLWj VFR]]HVH H VYROWR XQ WLURFLQLR SUDWLFR QHOOR VWXGLR GL XQ VROLFLWRU LQ
DWWLYLWj8QVROLFLWRULQDWWLYLWjGHYHIDUVLULODVFLDUHDQQXDOPHQWHXQFHUWLILFDWRGLVHUYL]LR
/¶RUGLQH SURIHVVLRQDOH FXL GHYRQR HVVHUH LVFULWWL WXWWL L VROLFLWRUV LQ DWWLYLWj q OD /DZ 6RFLHW\ RI
6FRWODQG IRQGDWD QHO /D SURIHVVLRQH q GLVFLSOLQDWD GD XQD OHJJH GHO WKH 6ROLFLWRU
6FRWODQG $FW /D 6RFLHW\ VL RFFXSD GHJOL LQWHUHVVL GHL VROLFLWRUV LQ 6FR]LD H GHJOL LQWHUHVVL GHO
SXEEOLFRFRQQHVVLDOODSURIHVVLRQHROWUHFKHGLTXHVWLRQLUHODWLYHDOO¶DPPLVVLRQHDOODIRUPD]LRQHH
DOO¶LQVHJQDPHQWRSURIHVVLRQDOHDOODILVVD]LRQHGLVWDQGDUGHDOODGLVFLSOLQDGHOODSURIHVVLRQH
/¶DWWLYLWjGHOVROLFLWRUqUHJRODWDGDLSULQFLSLJHQHUDOLGHOODUDSSUHVHQWDQ]DODZRIDJHQF\/¶XIILFLR
GHOOHUHOD]LRQLFRQLFOLHQWLGHOOD/DZ6RFLHW\WUDWWDLUHFODPLUHODWLYLDOODFROSDSURIHVVLRQDOHHDOOD
SUHVWD]LRQHGLVHUYL]LSURIHVVLRQDOLLQDGHJXDWL/DOHJJHSXzFRQYHQLUHLQJLXGL]LRVROLFLWRUVGLQDQ]L
DOODFRPPLVVLRQHGLVFLSOLQDUHLQGLSHQGHQWHGHLVROLFWRUVVFR]]HVLLQGHSHQGHQW6FRWWLVK6ROLFLWRUV¶
'LVFLSOLQH 7ULEXQDO 6H LO FOLHQWH QRQ q VRGGLVIDWWR GHOOD WUDWWD]LRQH GHO UHFODPR SXz ULYROJHUVL DO
PHGLDWRUHGHLVHUYL]LJLXULGLFLVFR]]HVL6FRWWLVK/HJDO6HUYLFHV2PEXGVPDQ
$OWUHLQIRUPD]LRQL
3HU XOWHULRUL LQIRUPD]LRQL VXOOH IXQ]LRQL GL XQ VROLFLWRU VL SUHJD GL YLVLWDUH LO VHJXHQWH VLWR ZHE
DOO¶LQGLUL]]RZZZODZVFRWRUJXN
6ROLFLWRU$GYRFDWHV
, VROLFLWRUDGYRFDWHV VRQR VROLFLWRUV HVSHUWL FKH KDQQR VHJXLWR XQD IRUPD]LRQH VSHFLILFD SHU LO
SDWURFLQLRLQXGLHQ]D'DOKDQQRLOGLULWWRGLSDWURFLQDUHDOSDULGHJOLDYYRFDWLGLQDQ]LDOOD+LJK
&RXUWRI-XVWLFLDU\HDOOD&RXUWRI6HVVLRQ6RQRPHPEULGHOOD/DZ6RFLHW\RI6FRWODQGFKHQH
GLVFLSOLQDOHIXQ]LRQL
$OWUHLQIRUPD]LRQL
3HU XOWHULRULLQIRUPD]LRQL VXOOH IXQ]LRQL GHL VROLFLWRU DGYRFDWHV VL SUHJD GL YLVLWDUH LO VHJXHQWH VLWR
ZHEDOO¶LQGLUL]]RZZZVROLFLWRUDGYRFDWHVRUJ
1RWDL
/DSURIHVVLRQHGLQRWDLRqPROWRDQWLFD'LQRUPDLFDQGLGDWLSULPDGLGLYHQWDUHQRWDLGHYRQRDYHUH
O¶DELOLWD]LRQH DOOH IXQ]LRQL GL VROLFLWRU /¶DFFHVVR DOOH IXQ]LRQL GL QRWDLR DYYLHQH VXOOD EDVH GL XQD
GRPDQGD SUHVHQWDWD DOOD SULPD GLYLVLRQH GHOOD &RXUW RI 6HVVLRQ R VX GRPDQGD GL DFFHVVR DOOH
IXQ]LRQLGLVROLFLWRUHGLQRWDLRQRWDU\SXEOLF
, SURIHVVLRQLVWL LQGLSHQGHQWL QHO VHWWRUH GHJOL DWWL GL WUDVIHULPHQWR GHOOD SURSULHWj FRQYH\DQFLQJ
SUDFWLWLRQHU SRVVRQR HVHUFLWDUH OH IXQ]LRQL GL QRWDLR D FRQGL]LRQH FKH O¶HVHUFL]LR GL XQD GL WDOL
IXQ]LRQLVLDFRQQHVVDFRQDOWULVHUYL]LUHODWLYLDOWUDVIHULPHQWRGHOODSURSULHWjFRQYH\DQFLQJIRUQLWL
GDOORVWHVVRSURIHVVLRQLVWD
*LXULVWLHVSHUWLQHJOLDWWLGLWUDVIHULPHQWRGHOODSURSULHWj&RQYH\DQFLQJHQHOO¶DPPLQLVWUD]LRQHGHL
EHQL([HFXWU\3UDFWLWLRQHUV
,&RQYH\DQFLQJH([HFXWU\3UDFWLWLRQHUVIRUQLVFRQRULVSHWWLYDPHQWHFRQVXOHQ]HOHJDOLVXTXHVWLRQL
UHODWLYH DO WUDVIHULPHQWR GHO GLULWWR GL SURSULHWj H DOOD OLTXLGD]LRQH H DOO¶DPPLQLVWUD]LRQH GHOOH
VXFFHVVLRQL(VVLODYRUDQRSHULVROLFLWRUVHSHUOHDPPLQLVWUD]LRQLORFDOLRSSXUHLQTXDOLWjGLOLEHUL
SURIHVVLRQLVWL H LQ WDO FDVR IRUQLVFRQR XQ VHUYL]LR GLUHWWDPHQWH DO SXEEOLFR ,O FRQWUROOR VXL
SUDFWLWLRQHUVqDIILGDWRDOOD/DZ6RFLHW\RI6FRWODQG
5DSSUHVHQWDQ]DOHJDOH
4XDOXQTXH SHUVRQD PDJJLRUHQQH FRQ LO SLHQR SRVVHVVR GHOOH IDFROWj PHQWDOL FKH VLD SDUWH
SURFHVVXDOHLQXQSURFHVVRGLQDQ]LDXQDFRXUWRDXQWULEXQDOSXzFRPSDULUHHHVSRUUHOHSURSULH
UDJLRQL8QLQGLYLGXRQRQSXzFRPSDULUHRSDUODUHSHUFRQWRGHOFRQLXJHRGLXQJHQLWRUHGHOVXR
GDWRUHGLODYRURRGHOODVRFLHWjGHOODTXDOHqVRFLRVDOYRLOFDVRLQFXLVLDTXDOLILFDWRGDOSXQWRGL
YLVWDOHJDOH,QWXWWLLFDVLVXPPHQ]LRQDWLODSDUWHLQWHUHVVDWDGHYHHVVHUHUDSSUHVHQWDWDLQJLXGL]LR
5LFRQRVFLPHQWRGHLGLSORPLHFF
/D GLUHWWLYD FRPXQLWDULD VXOOD OLEHUD SUHVWD]LRQH GL VHUYL]L GD SDUWH GHJOL DYYRFDWL FRQVHQWH DJOL
DYYRFDWL GL DOWUL 6WDWL PHPEUL GHOO¶8QLRQH HXURSHD GL IRUQLUH D GHWHUPLQDWH FRQGL]LRQL VHUYL]L
RFFDVLRQDOLQHO5HJQR8QLWRFKHDOWULPHQWLSRWUHEEHURHVVHUHSUHVWDWLVRORGDDYYRFDWLEDUULVWHUVR
VROLFLWRUV
/DGLUHWWLYDGLVSRQHFKHJOLDYYRFDWLGLXQR6WDWRPHPEURSRVVRQRHVHUFLWDUHODORURSURIHVVLRQHLQ
PRGR SHUPDQHQWH LQ XQ DOWUR 6WDWR HXURSHR LQ YLUW GHOO¶DELOLWD]LRQH SURIHVVLRQDOH FRQVHJXLWD QHO
ORUR SDHVH G¶RULJLQH GRSR DQQL GL HVHUFL]LR GHOOD SURIHVVLRQH LQ PRGR HIIHWWLYR H UHJRODUH
O¶DYYRFDWRGLYHQWDDYYRFDWRLQWHJUDWRDFTXLVWDQGRLOGLULWWRGLXWLOL]]DUHLOWLWROR/DGLUHWWLYDqVWDWD
PRGLILFDWDGDJOLDFFRUGLVXOORVSD]LRHFRQRPLFRHXURSHR6((HGDJOLDFFRUGLFRQOD6YL]]HUDSHU
FRQIHULUH GLULWWL DQDORJKL DJOL DYYRFDWL GHL VHJXHQWL SDHVL 6YL]]HUD ,VODQGD /LHFKWHQVWHLQ H
1RUYHJLD,OUHJRODPHQWR³7KH(XURSHDQ&RPPXQLWLHV/DZ\HU¶V3UDFWLFH6FRWODQG5HJXODWLRQV´
GHOKDUHFHSLWRODGLUHWWLYDHXURSHD
,O UHJRODPHQWR ³&RPXQLWj HXURSHH´ GHO UHODWLYR DO ULFRQRVFLPHQWR GHOOH TXDOLILFD]LRQL
SURIHVVLRQDOL OHWWR LQ FRPELQDWR GLVSRVWR FRQ LO UHJRODPHQWR &RPXQLWj HXURSHH GHO VXOO¶HVHUFL]LRGHOODSURIHVVLRQHGLDYYRFDWR6FR]LDGLVSRQHFKHDGXQDYYRFDWRHXURSHRLVFULWWR
SXz HVVHUH FRQFHVVD OD GHURJD DOOH GLVSRVL]LRQL GL FXL DO UHJRODPHQWR GHO LQ DOWUL WHUPLQL
O¶LQWHUHVVDWRSXzFKLHGHUHGLHVVHUHGLVSHQVDWRGDOODSURYDDWWLWXGLQDOH,OFRQWHQXWRGLWDOHSURYDq
VWDELOLWRGDOOD)DFXOW\RI$YRFDWHVHGDOOD/DZ6RFLHW\RI6FRWODQG
*LELOWHUUD
³*LXGLFL
&ULWHULGLQRPLQD
'LYHUVDPHQWH GD TXDQWR DYYLHQH LQ PROWL DOWUL SDHVL HXURSHL SHU GLYHQWDUH JLXGLFH D *LELOWHUUD
RFFRUUH SULPD HVVHUH DYYRFDWL VROLFLWRU R EDUULVWHU 3HU SRWHU HVVHUH QRPLQDWL JLXGLFL RFFRUUH
HVVHUH FLWWDGLQL GL *LELOWHUUD GHO 5HJQR 8QLWR GHOOD 5HSXEEOLFD G¶,UODQGD R GL XQ SDHVH GHO
&RPPRQZHDOWK H RFFRUUH DYHUH HVHUFLWDWR FRPH DYYRFDWL SHU XQ SHULRGR GL WHPSR PLQLPR
VSHFLILFDWR GDOOD OHJJH D VHFRQGD GHO WLSR GL FDULFD 3HU OH IXQ]LRQL GL &KLHI -XVWLFH RI *LEUDOWDU
-XVWLFH RI $SSHDO R 3UHVLGHQW RI WKH &RXUW RI $SSHDO LO FDQGLGDWR GHYH DYHUH VYROWR O¶DWWLYLWj GL
DYYRFDWRSHUXQSHULRGRQRQLQIHULRUHDGLHFLDQQL,QSUDWLFDWXWWDYLDLJLXGLFLQRPLQDWLWHQGRQRDG
DYHUH FRPH DYYRFDWL XQ¶HVSHULHQ]D FLUFD YHQWHQQDOH *OL DYYRFDWL WHQGRQR SHUWDQWR D GLYHQWDUH
JLXGLFLDPHWjGHOODORURFDUULHUDRDFDUULHUDDYDQ]DWD
3HUOHIXQ]LRQLGL&KLHI-XVWLFH3UHVLGHQWRIWKH&RXUWRI$SSHDOR-XVWLFHRI$SSHDOLOFDQGLGDWR
GHYHLQROWUHHVVHUHRHVVHUHVWDWRJLXGLFHGLXQD&RUWHFRQFRPSHWHQ]DLOOLPLWDWDLQPDWHULDFLYLOH
HSHQDOHLQXQSDHVHGHO&RPPRQZHDOWKRQHOOD5HSXEEOLFDG¶,UODQGDRGLXQD&RUWHFRPSHWHQWHD
JLXGLFDUHLQJUDGRGLDSSHOORFRQWUROHGHFLVLRQLGLWDOLWULEXQDOL3HUOHIXQ]LRQLGL$GGLWLRQDO-XGJH
DOOD 6XSUHPH &RXUW GL *LELOWHUUD SRVVRQR HVVHUH DSSOLFDWH FRQGL]LRQL PHQR ULJRURVH EHQFKp VLD
FRPXQTXHULFKLHVWDXQ¶DPSLDHVSHULHQ]DLQPDWHULDGLGLULWWRFLYLOHHSHQDOH
3URFHGXUDGLQRPLQD
&RQIRUPHPHQWHDO*LEUDOWDU&RQVWLWXWLRQ2UGHULJLXGLFLVRQRQRPLQDWLGDOJRYHUQDWRUHGL*LELOWHUUD
, SRVWL YDFDQWL YHQJRQR JHQHUDOPHQWH SXEEOLFDWL 'DWH OH GLPHQVLRQL GHOOD JLXULVGL]LRQH YL q
DWWXDOPHQWHXQVRORSRVWRGL$GGLWLRQDO-XGJHROWUHDTXHOORGL&KLHI-XVWLFH
,QGLSHQGHQ]DJLXGL]LDULD
/¶LQGLSHQGHQ]D JLXGL]LDULD LPSOLFDFKH LJLXGLFLGHFLGDQR VXL FDVL VHFRQGR LOORUR JLXGL]LR H VHQ]D
DOFXQDLQIOXHQ]DHVWHUQD,QSDUWLFRODUHO¶LQWHUHVVHGHOODJLXVWL]LDYXROHFKHQHOORURODYRURLJLXGLFL
ULPDQJDQRLQGLSHQGHQWLULVSHWWRDOOHSRVL]LRQLRDOFRQWUROORGHOJRYHUQRHQRQYLVLDQRVRJJHWWL,
JLXGLFLQRQSRVVRQRHVVHUHGLUHWWRULGLXQ¶LPSUHVDFRPPHUFLDOHQpSRVVRQRHVVHUHLQIOXHQ]DWLGD
SUHVVLRQLGLVLQJROLLQGLYLGXLRGLJUXSSLFKHDEELDQRXQLQWHUHVVHQHOO¶HVLWRGLXQFDVR8QJLXGLFH
GHYHVHPSUHDPPLQLVWUDUHODJLXVWL]LDFRQIRUPHPHQWHDOOHOHJJLHVHFRQGROHFLUFRVWDQ]HGHOFDVR
FKHODVXDGHFLVLRQHVLDSRSRODUHRPHQR
,QGLSHQGHQ]DJLXGL]LDULDQRQVLJQLILFDWXWWDYLDVRORLQGLSHQGHQ]DGDLQIOXHQ]HHVWHUQHPDDQFKH
GDXQJLXGLFHULVSHWWRDXQDOWUR1HVVXQJLXGLFHSHUTXDQWRHPLQHQWHSXzGLUHDXQDOWURJLXGLFH
FRPHGHFLGHUHLQPHULWRDXQGDWRFDVR,JLXGLFLSRVVRQRFKLHGHUHLOSDUHUHGHLFROOHJKLHWHUUDQQR
FRQWR GHOOH SRVL]LRQL HVSUHVVH GD DOWUL JLXGLFL LQ DOWUL FDVL 'HYRQR FRPXQTXH FRQIRUPDUVL DOOH
VHQWHQ]HHPHVVHGDOOH&RUWLJHUDUFKLFDPHQWHVXSHULRULTXDORUDYLQFRODQWL
/H SHUVRQH QRQ VRGGLVIDWWH GHOOH GHFLVLRQL R GHO FRPSRUWDPHQWR GHL JLXGLFL SRVVRQR LQ OLQHD GL
SULQFLSLRSUHVHQWDUHULFRUVRSUHVVRXQD&RUWHJHUDUFKLFDPHQWHVXSHULRUH
5HWULEX]LRQH
3HUODFDULFDGL$GGLWLRQDO-XGJHGHOOD6XSUHPH&RXUWGL*LELOWHUUDORVWLSHQGLRDWWXDOHqGL…
ORUGHDOO¶DQQR3HUODFDULFDGL&KLHI-XVWLFHORVWLSHQGLRDWWXDOHqGL…ORUGHDOO¶DQQR
,YDULWLSLGLJLXGLFL
/HGLYHUVH&RUWLGL*LELOWHUUDVRQRGHVFULWWHLQ³2UJDQL]]D]LRQHGHOODJLXVWL]LD*LELOWHUUD´
3UHVLGHQWRIWKH&RXUWRI$SSHDO ±SUHVLHGHOD&RUWHG¶DSSHOORFLYLOHHSHQDOHGL*LELOWHUUD
-XVWLFHVRI$SSHDO±VRQRJLXGLFLIDFHQWLSDUWHGHOOD&RUWHG¶DSSHOORGL*LELOWHUUD9HQHVRQRGXH
ROWUHDO3UHVLGHQWH
&KLHI-XVWLFHGHOOD6XSUHPH&RXUWGL*LELOWHUUD±qLOSLDOWRJLXGLFHGL*LELOWHUUDHSUHVLHGHWXWWHOH
JLXULVGL]LRQLGHOOD6XSUHPH&RXUWÊLQROWUHPHPEURH[RIILFLRGHOOD&RUWHG¶DSSHOORGL*LELOWHUUD
$GGLWLRQDO-XGJH±SXzSUHVLHGHUHWXWWHOHYDULHJLXULVGL]LRQLGHOOD6XSUHPH&RXUW,QDVVHQ]DGHO
&KLHI-XVWLFHHVHUFLWDDQFKHOHVXHIXQ]LRQL
6WLSHQGLDU\0DJLVWUDWHV±IDQQRSDUWHGHOOD0DJLVWUDWHV¶FRXUWHVLRFFXSDQRGHJOLVWHVVLWLSLGLFDVL
GHL OD\ PDJLVWUDWHV L JLXGLFL RQRUDUL YHGL VRWWR PD SRVVRQR LQ SDUWLFRODUH DVVLVWHUH QHOO¶HVDPH
GHOOHTXHVWLRQLSLOXQJKHHSLFRPSOHVVH
5HJLVWUDUGHOOD6XSUHPH&RXUW±/HFDQGLGDWXUHVRQRVROOHFLWDWHTXDQGRYLqXQSRVWRYDFDQWH,
FDQGLGDWL GHYRQR HVVHUH EDUULVWHUV R VROLFLWRUV FRQ DOPHQR FLQTXH DQQL G¶HVSHULHQ]D 4XHVWR
IXQ]LRQDULR VYROJH OH IXQ]LRQL GL 0DVWHU JLXGLFH 5HJLVWUDUDXVLOLDULR GL JLXVWL]LD H &RVWV -XGJH
JLXGLFH GHOOH VSHVH Ê LQROWUH &RPPLVVLRQHU IRU 2DWKV SXz ULFHYHUH JLXUDPHQWL RDWKV R
GLFKLDUD]LRQL JLXUDWH 5HJLVWUDU SUHVVR OD &RUWH G¶DSSHOOR GL *LELOWHUUD 6KHULII GL *LELOWHUUD
$GPLUDOW\ 0DUVKDO XIILFLDOH JLXGL]LDULR SHU OD JLXULVGL]LRQH PDULWWLPD VRVWLWXWR GHO &RURQHU
SXEEOLFRXIILFLDOHLQFDULFDWRGLHIIHWWXDUHLQFKLHVWHVXRJQLGHFHVVRQRQGRYXWRDFDXVHQDWXUDOLH
$GPLQLVWUDWRU*HQHUDOILJXUDGHOGLULWWRVXFFHVVRULR
$OWUHFDULFKH
$ *LELOWHUUD HVLVWRQR DOWUH JLXULVGL]LRQL VSHFLDOL WULEXQDOV FKH VL RFFXSDQR GL GLYHUVH TXHVWLRQL
FRPHODVDOXWHPHQWDOHODVLFXUH]]DVRFLDOHOHSUHVWD]LRQLSUHYLGHQ]LDOLLWUDVSRUWLHO¶RFFXSD]LRQH
7UDLPHPEULGHLWULEXQDOVSRVVRQRHVVHUYLVSHFLDOLVWLRHVSHUWLFRQIRUPD]LRQHQRQJLXULGLFDFRPH
PHGLFLHDOWULODLFLPDLOSUHVLGHQWHqTXDVLVHPSUHXQJLXULVWD
8OWHULRULLQIRUPD]LRQL
-XGLFLDO6WXGLHV%RDUGUHVSRQVDELOHSHUODIRUPD]LRQHGHLJLXGLFL
*LXGLFLRQRUDUL/D\0DJLVWUDWHV
$*LELOWHUUDLJLXGLFLRQRUDULGHWWLDQFKHJLXGLFLGLSDFH-XVWLFHVRIWKH3HDFHR-3WUDWWDQRFDVL
PHQR JUDYL FRPH OH YLROD]LRQL GHO FRGLFH GHOOD VWUDGD 1RQ q ORUR ULFKLHVWD DOFXQD IRUPD]LRQH
JLXULGLFDHQRQVRQRUHPXQHUDWL
,JLXGLFLRQRUDULHVHUFLWDQRDWHPSRSDU]LDOHJHQHUDOPHQWHLQXQDFRPSRVL]LRQHFROOHJLDOHEHQFK
GLWUHJLXGLFLGLFXLXQRqIRUPDWRSHUVYROJHUHOHIXQ]LRQLGLSUHVLGHQWHJXLGDLOFROOHJLRQHOOHVXH
DWWLYLWjHVHQHIDSRUWDYRFH,JLXGLFLVRQRFRDGLXYDWLGDXQDVVLVWHQWHFOHUNFKHOLFRQVLJOLDVXO
SLDQRJLXULGLFRHSURFHGXUDOH(VVLHVDPLQDQROHSURYHHVLSURQXQFLDQRVXOFDVR6HXQDFFXVDWR
q JLXGLFDWR FROSHYROH R VL GLFKLDUD FROSHYROH GHFLGRQRODFRQGDQQD SL DSSURSULDWD (VDPLQDQR
FDVLSHQDOLUHODWLYDPHQWHPHQRJUDYLFRPHIXUWLGLPLQRUHHQWLWjGDQQHJJLDPHQWLGLVRUGLQLSXEEOLFL
H YLROD]LRQL GHOOD UHJRODPHQWD]LRQH VWUDGDOH 3RVVRQR DQFKH RFFXSDUVL GL XQD VHULH GL TXHVWLRQL
UHODWLYHDOODIDPLJOLDRDLPLQRULRGHOOHGRPDQGHGLOLFHQ]HSHUEDUSXEQLJKWFOXEHFDVHGDJLRFR
2UJDQLFKHSURPXRYRQRO¶D]LRQHJLXGL]LDULD3URVHFXWRUV
/D $WWRUQH\ *HQHUDO¶V &KDPEHUV KD LO FRPSLWR GL HVDPLQDUH L FDVL SHQDOL H RYH QHFHVVDULR
SURPXRYHUH O¶D]LRQH JLXGL]LDULD LQVHJXLWRDG LQGDJLQH GHOOD SROL]LD &RQVLJOLD LQROWUH OD SROL]LD VX
TXHVWLRQL UHODWLYH D FDVL SHQDOL 2OWUH DOO¶$WWRUQH\ *HQHUDO YL VRQR DWWXDOPHQWH DQFKH XQ 6HQLRU
&URZQ&RXQVHOHVHL&URZQ&RXQVHO7XWWHOHD]LRQLJLXGL]LDULHVRQRFRQGRWWHDQRPHGHOO¶$WWRUQH\
*HQHUDO
,&URZQ&RXQVHOVRQRIXQ]LRQDULSXEEOLFL3HUSRWHUDFFHGHUHDTXHVWDFDULFDL FDQGLGDWLGHYRQR
HVVHUHEDUULVWHUVDSSDUWHQHQWLDOO¶DYYRFDWXUD%DUG¶,QJKLOWHUUDH*DOOHVRSSXUHVROLFLWRUVDPPHVVL
LQ,QJKLOWHUUDH*DOOHVÊLQROWUHQHFHVVDULDO¶DSSDUWHQHQ]DDOO¶DYYRFDWXUDGL*LELOWHUUDSULPDGLSRWHU
HVHUFLWDUH'HYRQRLQROWUHHVVHUHFLWWDGLQLGHOO¶8QLRQHHXURSHDRGHO&RPPRQZHDOWK
,O&RGHIRU&URZQ3URVHFXWRUV
%HQFKp LO &RGH IRU &URZQ 3URVHFXWRUV LQ ,QJKLOWHUUD H LQ *DOOHV QRQ VL DSSOLFKL HVDWWDPHQWH D
*LELOWHUUD TXDQGR GHFLGH LQ PHULWR D GHL FDVL O¶$WWRUQH\ *HQHUDO¶V &KDPEHUV WHQGH D VHJXLUH OH
OLQHHGLUHWWULFLLYLVWDELOLWH
/DGHFLVLRQHGLSURPXRYHUHRPHQRO¶D]LRQHJLXGL]LDULDVLEDVDVXGXHFULWHULTXHOORSUREDWRULRH
TXHOORGHOSXEEOLFRLQWHUHVVH
/¶$WWRUQH\*HQHUDOGHYHHVVHUHFRQYLQWRFKHYLVLDQRSURYHVXIILFLHQWLSHUFRQILJXUDUHXQDUHDOLVWLFD
SRVVLELOLWj GL FRQGDQQD SHU RJQL DFFXVDWR H SHU RJQL FDSR GL LPSXWD]LRQH 'HYH YDOXWDUH TXDOL
SRVVRQR HVVHUH L FRQWHQXWLGHOOD GLIHVD H LQ FKHPRGR SRVVRQR LQIOXLUH VXOO¶LPSLDQWR DFFXVDWRULR
8QDUHDOLVWLFDSRVVLELOLWjGLFRQGDQQDqXQFULWHULRRJJHWWLYR&LzVLJQLILFDFKHYLVRQRSLSRVVLELOLWj
FKH XQD JLXULD R XQ FROOHJLR GL PDJLVWUDWL SURSULDPHQWH RULHQWDWL FRQIRUPHPHQWH DOOD OHJJH
FRQGDQQLQRO¶DFFXVDWRSHULOVXRFDSRG¶LPSXWD]LRQH
1HO GHFLGHUH VH YL VLDQR SURYH VXIILFLHQWL SHU SURPXRYHUH O¶D]LRQH JLXGL]LDULD O¶$WWRUQH\ *HQHUDO
GHYH YDOXWDUH VH WDOL SURYH SRVVRQR HVVHUH XWLOL]]DWH H VH VRQR DWWHQGLELOL,QPROWR FDVLOH SURYH
QRQGDQQRDOFXQSUREOHPDPDYLVRQRDQFKHFDVLLQFXLSRVVRQRQRQHVVHUHWDQWRVROLGHTXDQWR
VHPEUDYDQR LQL]LDOPHQWH /¶$WWRUQH\ *HQHUDO GHYH YDOXWDUH VH OH SURYH SRVVRQR HVVHUH XVDWH LQ
WULEXQDOH±DGHVHPSLRDOFXQHSURYHVDUDQQRHVFOXVHDFDXVDGHOPRGRLQFXLVRQRVWDWHUDFFROWHR
SHU DSSOLFD]LRQH GHOOD UHJROD FRQWUR O¶XVR GHOOH SURYH ³SHU VHQWLWR GLUH´ KHDUVD\ 'HYH DQFKH
VRSSHVDUHO¶DWWHQGLELOLWjGHOOHSURYH
,O SXEEOLFR LQWHUHVVH GHYH HVVHUH SUHVR LQ FRQVLGHUD]LRQH LQ RJQL FDVR LQ FXL YL VLDQR SURYH
VXIILFLHQWL SHU FRQILJXUDUH XQD UHDOLVWLFD SRVVLELOLWj GL FRQGDQQD /¶D]LRQH JLXGL]LDULD VDUj
JHQHUDOPHQWH SURPRVVD DPHQR FKH QRQ YL VLDQR IDWWRUL GL SXEEOLFR LQWHUHVVH FRQWUR WDOH D]LRQH
FKH SUHYDOJRQR FKLDUDPHQWH VX TXHOOL D IDYRUH %HQFKp YL SRVVDQR HVVHUH IDWWRUL GL SXEEOLFR
LQWHUHVVHFRQWURO¶DYYLRGHOO¶D]LRQHJLXGL]LDULDLQXQSDUWLFRODUHFDVRVSHVVRWDOHD]LRQHJLXGL]LDULD
VDUj FRPXQTXH DYYLDWD H WDOL IDWWRUL VDUDQQR SUHVHQWDWL DO WULEXQDOH DIILQFKp YHQJDQR SUHVL LQ
FRQVLGHUD]LRQHDOPRPHQWRGHOODSURQXQFLDGHOODFRQGDQQD
/¶$WWRUQH\ *HQHUDO GHYH VRSSHVDUH DWWHQWDPHQWH HG HTXDPHQWH L IDWWRUL SUR H FRQWUR O¶DYYLR
GHOO¶D]LRQH JLXGL]LDULD , IDWWRUL GL SXEEOLFR LQWHUHVVH FKH SRVVRQR LQIOXHQ]DUH OD GHFLVLRQH GL
SURPXRYHUHO¶D]LRQHJLXGL]LDULDGLSHQGRQRJHQHUDOPHQWHGDOODJUDYLWjGHOUHDWRRGDOODVLWXD]LRQH
GHO VRVSHWWDWR $OFXQL IDWWRUL SRVVRQR DFFHQWXDUH OD QHFHVVLWj GL XQ¶D]LRQH PD DOWUL SRVVRQR
VXJJHULUHFKHXQ¶DOWUDSURFHGXUDVDUHEEHSLLQGLFDWD
3URFHGXUDGLQRPLQD
, SRVWL YDFDQWL SHU OD IXQ]LRQH GL &URZQ &RXQVHO YHQJRQR JHQHUDOPHQWH SXEEOLFDWL VXOOD VWDPSD
ORFDOH , FDQGLGDWL GHYRQR FRPSLODUH XQ PRGXOR GL GRPDQGD GRFXPHQWDQGR LO SRVVHVVR GHOOH
FRPSHWHQ]HRGHLFULWHULFKLDYHSHULOSRVWRLQTXHVWLRQH,FDQGLGDWLFKHPDJJLRUPHQWHULVSRQGRQR
DTXHVWLFULWHULVRQRLQYLWDWLDSDUWHFLSDUHDXQFROORTXLRLQFXLYLHQHXOWHULRUPHQWHHVDPLQDWDODORUR
LGRQHLWj
7LSLGLSURVHFXWRUV
2OWUHDL&URZQ&RXQVHOYLqXQ6HQLRU&URZQ&RXQVHO/¶$WWRUQH\*HQHUDOGL*LELOWHUUDqLQYLUW
GHOOD &RVWLWX]LRQH GL *LELOWHUUD UHVSRQVDELOH GHOO¶HVHUFL]LR GL WXWWH OH D]LRQL JLXGL]LDULH ,O 6HQLRU
&URZQ&RXQVHOHLO&URZQ&RXQVHOSRVVRQRUDSSUHVHQWDUHO¶$WWRUQH\*HQHUDOLQWXWWHOHD]LRQL,Q
DOFXQLFDVLSXzLQWHUYHQLUHORVWHVVR$WWRUQH\*HQHUDO
/RVWLSHQGLRDWWXDOHGHO&URZQ&RXQVHOYDULDIUD…H…
&OHUNVRIWKH&RXUW
,FOHUNVHJOLDOWULLPSLHJDWLGHLWULEXQDOLGL*LELOWHUUDVRQRIXQ]LRQDULSXEEOLFLFRQXQDIRUPD]LRQHQRQ
JLXULGLFD LQFDULFDWL GL VYROJHUH PDQVLRQL DPPLQLVWUDWLYH 9HULILFDQR FKH L JLXGLFL DEELDPR L
GRFXPHQWLQHFHVVDULSHUSRWHUFRQGXUUHODWUDWWD]LRQHGHOOHFDXVHLQWULEXQDOHHIRUQLVFRQRTXDOVLDVL
DOWURVXSSRUWRDPPLQLVWUDWLYRGDORURULFKLHVWR
9L q SRL DOWUR SHUVRQDOH FRQ IXQ]LRQL VSHFLILFKH $OFXQL VL RFFXSDQR GL VWDELOLUH XQ HOHQFR GHOOH
FDXVHHXQFDOHQGDULRDOWULVPDOWLVFRQROHSUDWLFKHG¶XIILFLRHDOWULDQFRUDWHQJRQRLFRQWDWWLFRQJOL
XWHQWLGHOWULEXQDOH7DOHSHUVRQDOHSXzFRQVLJOLDUHJOLXWHQWLLQPHULWRDOOHSURFHGXUHGHOOH&RUWLPD
QRQ SXz IRUQLUH SDUHUL JLXULGLFL Qp UDFFRPDQGD]LRQL VXO WLSR GL D]LRQH FKH L OLWLJDQWL GRYUHEEHUR
LQWUDSUHQGHUH
,Q TXDQWR SXEEOLFL IXQ]LRQDUL VL WUDWWD GL SHUVRQDOH LPSLHJDWR GDO JRYHUQR GL *LELOWHUUD EHQFKp
GHEEDQRULVSRQGHUHDTXDOVLDVLLVWUX]LRQHSRVVDQRULFHYHUHGDO&KLHI-XVWLFHGL*LELOWHUUD
6KHULIIV
&RPHVRSUDLQGLFDWRODIXQ]LRQHGL6KHULIIULHQWUDQHOOHUHVSRQVDELOLWjGHO5HJLVWUDUGHOOD6XSUHPH
&RXUW
/R6KHULIIHVHJXHLZULWVRIILHULIDFLDVGHOOD&RUWHVXSUHPDXQDIRUPDGLHVHFX]LRQHFRQFHUQHQWH
XQD VHQWHQ]D GL FRQGDQQD DO SDJDPHQWR GL XQD VRPPD GL GHQDUR H OH RUGLQDQ]H LQ PDWHULD GL
SRVVHVVRHUHVWLWX]LRQHGLEHQL4XDQGROHVHQWHQ]HGHOOD6XSUHPH&RXUWGHYRQRHVVHUHHVHJXLWH
FROPHWRGRGHOODH[HFXWLRQVRQRJOL6KHULIIDGRFFXSDUVHQH
/R6KHULIIGL*LELOWHUUDSXzDQFKHQRPLQDUHVRVWLWXWLFKHDJLVFDQRDVXRQRPH
%DLOLIIV
,OEDLOLIIqXQIXQ]LRQDULRSXEEOLFRFKHVLRFFXSDGHOO¶HVHFX]LRQHGLVHQWHQ]HHRRUGLQDQ]HHPHVVH
VLDGDOOD6XSUHPH&RXUWFKHGDOOD&RXUWRI)LUVW,QVWDQFH,QTXDQWRSRVWRGLIXQ]LRQDULRSXEEOLFR
SRVVRQR DFFHGHUYL WXWWL L FLWWDGLQL GHOO¶8QLRQH HXURSHD ,O EDLOLII HVHJXH PDQGDWL GL HVHFX]LRQH
LPPHWWHQHOSRVVHVVRGLSURSULHWjLPPRELOLDUHWUDPLWHLZDUUDQWVRISRVVHVVLRQHUHFXSHUDEHQLLQ
IRU]D GHL PDQGDWL GL UHVWLWX]LRQH GHJOL VWHVVL ZDUUDQWV IRU UHWXUQ RI JRRGV /H SURFHGXUH GL
HVHFX]LRQHVRQRFRQWHQXWHQHOOH&LYLO3URFHGXUH5XOHV,QROWUHLOEDLOLIIVYROJHDOWULFRPSLWLTXDOLOH
QRWLILFKHGLGRFXPHQWLHGHLPDQGDWLGLDUUHVWRZDUUDQWVRIFRPPLWWDO(VHJXHLQILQHZDUUDQWVRI
DUUHVWLQSURFHGLPHQWLPDULWWLPL
8OWHULRULLQIRUPD]LRQL
&LYLO3URFHGXUH5XOHV
$YYRFDWL
$*LELOWHUUDYLVRQRGXHGLVWLQWHFDWHJRULHGLDYYRFDWLODZ\HUV±LEDUULVWHUVHLVROLFLWRUV,ORURUXROL
WXWWDYLDVLIRQGRQRFRVLFFKpLQUHDOWjRJQLDYYRFDWRHVHUFLWDVLDFRPHVROLFLWRUFKHFRPHEDUULVWHU
$OLYHOORSULYDWRODSURIHVVLRQHOHJDOHqGLVFLSOLQDWDGDO*HQHUDO&RXQFLORIWKH%DU
1RQYLqDOFXQREEOLJRGLIDUVLFRQVLJOLDUHRUDSSUHVHQWDUHGDXQDYYRFDWR,QVHPSOLFLFDVLGLGHELWL
XQOLWLJDQWHSXzQRQULWHQHUHQHFHVVDULRFRQVXOWDUHXQDYYRFDWR&RPHUHJRODJHQHUDOHWXWWDYLDLQ
FDVR GL FUHGLWL SHU LPSRUWL VXSHULRUL D … H LQ SDUWLFRODUH VH FLz LQFOXGH XQD ULFKLHVWD GL
ULVDUFLPHQWRGDQQLqFRQVLJOLDELOHFKLHGHUHDOPHQRODFRQVXOHQ]DGLXQOHJDOH
D%DUULVWHUV
,O EDUULVWHU q XQ DYYRFDWR FKH q VWDWR DELOLWDWR D HVHUFLWDUH GDL PHPEUL EHQFKHUV GL XQR GHL
TXDWWUR,QQV RI &RXUWDVVRFLD]LRQL SURIHVVLRQDOL GL DYYRFDWL RVVLD 0LGGOH 7HPSOH ,QQHU 7HPSOH
*UD\¶V,QQH/LQFROQ
V,QQHFKHqDXWRUL]]DWRDSDUWHFLSDUHDOOHXGLHQ]HSHUGLVFXWHUHODFDXVDGL
XQ FOLHQWH 'RSR LO FRQVHJXLPHQWR GHO GLSORPD XQLYHUVLWDULR LQ JLXULVSUXGHQ]D LO IXWXUR EDUULVWHU
GHYHIUHTXHQWDUHOD,QQVRI&RXUW6FKRRORI/DZHVXSHUDUQHJOLHVDPLILQDOLEDUILQDOH[DPV,O
WLURFLQLRGLXQDQQRFKHqREEOLJDWRULRLQ,QJKLOWHUUDHQHO*DOOHVQRQqQHFHVVDULRD*LELOWHUUD
&RPSLWLGHOEDUULVWHU
,EDUULVWHUVVRQRFRQVXOHQWLJLXULGLFLVSHFLDOL]]DWLHGHVHUFLWDQRGDYDQWLDOOD&RUWH3RVVRQRODYRUDUH
LQ SURSULR ,Q ,QJKLOWHUUD H QHO *DOOHV VRQR UDJJUXSSDWL LQ VWXGL FKDPEHUV D *LELOWHUUD GDWD OD
IXVLRQH GHL UXROL L EDUULVWHUV ODYRUDQR LQ VWXGL IDFHQGR IXQ]LRQL GL VROLFLWRUV DFWLQJ VROLFLWRU
6HFRQGRODSUDVVLLOEDUULVWHUFRQWULEXLVFHDLFRVWLGHOORVWXGLR
, EDUULVWHUV VRQR SULQFLSDOPHQWH IRUPDWL D UDSSUHVHQWDUH L ORUR FOLHQWL GDYDQWL D WXWWH OH &RUWL $
*LELOWHUUDWXWWDYLDODPDJJLRUSDUWHGHOWHPSRVLRFFXSDQRGLLQFRQWUDUHLFOLHQWLHVYROJHUHIXQ]LRQL
GLFRQVXOHQ]DWUDWWDQGRWXWWLJOLDVSHWWLGHOODFRQWURYHUVLDGDOODFRUULVSRQGHQ]DSUHFRQWHQ]LRVRDOOD
WUDWWD]LRQHGHOODFDXVDHODSDUWHFLSD]LRQHDOOHXGLHQ]HLQWULEXQDOHHIDFHQGRULFHUFKH$VHFRQGD
GHO VXR FDPSR GL VSHFLDOL]]D]LRQH LO EDUULVWHU SXz DG HVHPSLR FRQFHQWUDUVL VXOOH SUDWLFKH
FRPPHUFLDOLLQYHFHFKHVXLFRQWHQ]LRVL
/HFRPSHWHQ]HQHFHVVDULHSHUGLYHQWDUHEDUULVWHU
*OLVWXGHQWLGLJLXULVSUXGHQ]DGL*LELOWHUUDGHYRQRLQRJQLFDVRVXSHUDUHO¶HVDPHGLDYYRFDWXUDLQ
,QJKLOWHUUDH*DOOHVHGHVVHUHDPPHVVLDOO
HVHUFL]LR/DIRUPD]LRQHFKHGHYHHVVHUHVHJXLWDGDFKL
YXROH GLYHQWDUH EDUULVWHU VL FKLDPD %DU 9RFDWLRQDO &RXUVH %9& VL WUDWWD GL XQ FRUVR
HVVHQ]LDOPHQWHSUDWLFRGLXQDQQRGLUHWWRDIRUQLUHXQDIRUPD]LRQHVSHFLILFD8QFRUVRGLGXHDQQL
SDUWWLPH VL SXz DWWXDOPHQWH VHJXLUH VROR DOOD ,QQV RI &RXUW /DZ 6FKRRO *OL VWXGHQWL VRQR
LQFRUDJJLDWLDSDUWHFLSDUHDWXWWDXQDVHULHGLDWWLYLWjLQFOXVLVLPXOD]LRQLGLSURFHVVLGLEDWWLPHQWLH
EUHYLVWDJHVXSSOHPHQWDULFKHOLDLXWHUDQQRDVYLOXSSDUHOHFRPSHWHQ]HQHFHVVDULHPHQWUHLO%9&
FRQWULEXLVFH D SUHSDUDUOL DO WLURFLQLR GL PHVL H ROWUH /D PDJJLRU SDUWH GHOOH FRPSHWHQ]H
YHQJRQRDFTXLVLWHGDJOLVWXGHQWLSDUWHFLSDQGRDOOHDWWLYLWjHDWWUDYHUVRJLRFKLGLUXRORHODERUDQGR
SURJHWWL GL UDFFRPDQGD]LRQL QHJR]LDQGR VROX]LRQL D SUREOHPL OHJDOL H VWXGLDQGR OH SURFHGXUH
JLXULGLFKH
, EDUULVWHUV GHYRQR VDSHUVL HVSULPHUH LQ SXEEOLFR FRQ VLFXUH]]D H GLVLQYROWXUD HVVHUH EULOODQWL H
DPEL]LRVL,O%DU&RXQFLOLQGLFDFRPHQHFHVVDULLVHJXHQWLUHTXLVLWL
&DSDFLWj GL VWXGLR EXRQL ULVXOWDWL DJOL HVDPL VFRODVWLFL ILQDOL OLYHOOR ³$´ LQ ,QJKLOWHUUD H *DOOHV H
DOPHQR8SSHU6HFRQG&ODVV+RQRXUV'HJUHH
%XRQHFDSDFLWjGLFRPXQLFD]LRQHVFULWWDHRUDOH
&DSDFLWjPDWHPDWLFKH
&DSDFLWjUHOD]LRQDOL
(IILFLHQ]DSHUVRQDOH
&RPSHWHQ]HLQ7,
5HVSRQVDELOLWjSURIHVVLRQDOH
,PSHJQRDFRQWLQXDUHORVYLOXSSRSURIHVVLRQDOH
4XHHQ¶V&RXQVHO
&LUFDLOGHLEDUULVWHUFKHHVHUFLWDQRVRQR4XHHQ¶V&RXQVHOVR4&±R.LQJ¶V&RXQVHOV.&
VH LO PRQDUFD q XQ UH 7DOH WLWROR q WUDGL]LRQDOPHQWH XQ VHJQR GL GLVWLQ]LRQH SHU XQ DYYRFDWR ,
4XHHQ¶V&RXQVHOVWUDWWDQRLFDVLSLLPSRUWDQWLHFRPSOHVVL'DOSRVVRQRGLYHQWDUH4XHHQ¶V
&RXQVHOVDQFKHLVROLFLWRUV
5HWULEX]LRQHGHLEDUULVWHU
'LYHUVDPHQWH GD TXDQWR DFFDGH LQ ,QJKLOWHUUD H *DOOHV L EDUULVWHUV D *LELOWHUUD ULFHYRQR
JHQHUDOPHQWH XQR VWLSHQGLR ILVVR GDO ORUR VWXGLR WUDQQH TXDQGR ODYRUDQR LQ SURSULR HG
LQGLYLGXDOPHQWH 4XDQGR ODYRUDQR LQ XQR VWXGLR VRQR JHQHUDOPHQWH WHQXWL D SDUWHFLSDUH DL FRVWL
O
DPPRQWDUHGHOFRQWULEXWRSXzYDULDUHGDVWXGLRDVWXGLR8QFODVVLFRHVHPSLRqLOVHJXHQWHXQ
EDUULVWHU FRQ XQR VWLSHQGLR ILVVR DQQXR GRYUHEEH IDWWXUDUH RJQL DQQR DL FOLHQWL LQ RQRUDUL XQ
LPSRUWRSDULDWUHYROWHLOVXRVWLSHQGLR4XDQGRLOEDUULVWHUVXSHUDLOVXR³RELHWWLYR´SXzDVSHWWDUVL
GL ULFHYHUH XQ ERQXV FKH SXz UDSSUHVHQWDUH XQD SHUFHQWXDOH GHOO¶HFFHGHQWH ULVSHWWR DO VXR
³RELHWWLYR´
(VHUFL]LRGHOODSURIHVVLRQHD*LELOWHUUDGDSDUWHGLDYYRFDWLGLDOWULSDHVLGHOO¶8QLRQHHXURSHD
/DGLUHWWLYD&(GHO3DUODPHQWRHXURSHRHGHO&RQVLJOLRGHOIHEEUDLRYROWDDIDFLOLWDUH
O
HVHUFL]LRSHUPDQHQWHGHOODSURIHVVLRQHGLDYYRFDWRLQXQR6WDWRPHPEURGLYHUVRGDTXHOORLQFXLq
VWDWDDFTXLVWDWDODTXDOLILFDSURIHVVLRQDOHqLQYLJRUHD*LELOWHUUD
E6ROLFLWRUV
&RPSLWRGHOVROLFLWRU
&RPSLWR GHO VROLFLWRU q TXHOOR GL IRUQLUH FRQVXOHQ]D H DVVLVWHQ]D OHJDOH VSHFLDOLVWLFD $ *LELOWHUUD
WXWWDYLD GDWD OD IXVLRQH GHL UXROL LO ODYRUR GHO EDUULVWHU H GHO VROLFLWRU VL VRYUDSSRQJRQR
FRQVLGHUHYROPHQWH
*HQHUDOPHQWHLOODYRURGHOVROLFLWRUFRQVLVWHQHOIRUQLUHDLFOLHQWLSULYDWLLPSUHVHRUJDQL]]D]LRQLGL
YRORQWDULDWR H FDULWDWLYH HFF FRQVXOHQ]D OHJDOH VSHFLDOL]]DWD H QHO UDSSUHVHQWDUOL DQFKH LQ
WULEXQDOH/DPDJJLRUSDUWHODYRUDSULYDWDPHQWHLQDVVRFLD]LRQLGLVROLFLWRUVHEDUULVWHUVFKHRIIURQR
VHUYL]LDLFOLHQWL
,VROLFLWRUVRGDFWLQJVROLFLWRUVTXDQGRO¶DYYRFDWRqXQEDUULVWHUIRUQLVFRQRJHQHUDOPHQWHDLFOLHQWL
FRQVXOHQ]DJLXULGLFD6HLFOLHQWLGHYRQRSRLHVVHUHUDSSUHVHQWDWLGDYDQWLDOOH&RUWLGL*LELOWHUUDLO
VROLFLWRUSXzFRPXQTXHSUHVHQWDUVLDORURQRPHRLQFDULFDUHXQEDUULVWHUGLSUHVHQWDUVLDOOHXGLHQ]H
,O EDUULVWHU QRQ q VHPSUH QHFHVVDULR SRLFKp D *LELOWHUUD L VROLFLWRUV KDQQR JOL VWHVVL GLULWWL GL
SDUWHFLSDUHDOOHXGLHQ]HSRVVRQRFLRqUDSSUHVHQWDUHLFOLHQWLQHOOH&RUWLVXSHULRUL
9LVRQRYDULDPELWLGLHVHUFL]LRGHOODSURIHVVLRQHGLVROLFLWRU
$WWLYLWjSULYDWD
9LqXQQXPHURFRQVLGHUHYROHGLVWXGLOHJDOLD*LELOWHUUDFRPSRVWLGDVROLFLWRUVHEDUULVWHUVFRPH
DFWLQJVROLFLWRUVTXDOLILFDWL,OVROLFLWRURO¶DFWLQJVROLFLWRUqJHQHUDOPHQWHLOSULPRSXQWRGLFRQWDWWR
SHUFKLXQTXHFHUFKLXQDFRQVXOHQ]DOHJDOH/DGLPHQVLRQHGHJOLVWXGLOHJDOLYDULDHSXzDQGDUHGD
GLHFLTXLQGLFLVRFLDSLFFROLVWXGLLQFXLHVHUFLWDXQVRORDYYRFDWR,VROLFLWRUVHJOLDFWLQJVROLFLWRUV
VYROJRQRJHQHUDOPHQWHXQ¶DWWLYLWjQRQOLPLWDWDDVHWWRULVSHFLILFL3RVVRQRRFFXSDUVLGLWUDVIHULPHQWL
GL SURSULHWj FRPSUDYHQGLWD GL LPPRELOL H WHUUHQL VYROJHUH ULFHUFKH SHU GRPDQGH GL LQGHQQL]]R
GHULYDQWL GD OHVLRQL SHUVRQDOL IRUQLUH FRQVXOHQ]D H UDSSUHVHQWDUH L ORUR FOLHQWL LQ WULEXQDOH SHU
TXHVWLRQLSHQDOLRWUDWWDUHTXHVWLRQLUHODWLYHDOGLULWWRGLIDPLJOLDPLQRULHGLYRU]L3URYYHGRQRLQROWUH
DOODUHGD]LRQHGLWHVWDPHQWLHVLRFFXSDQRGHOODJHVWLRQHGHOSDWULPRQLRGLSHUVRQHGHIXQWH
,VROLFLWRUVHJOLDFWLQJVROLFLWRUVVSHVVRIRUQLVFRQRFRQVXOHQ]DDOOHLPSUHVHVXTXHVWLRQLDWWLQHQWLDO
GLULWWRGHOODYRURFRQWUDWWLHFRVWLWX]LRQHGLVRFLHWj
$WWLYLWjVSHFLDOL]]DWD
$OFXQL GHL SL JURVVL VWXGL GL *LELOWHUUD SRVVRQR DYHUH VH]LRQL VSHFLDOL]]DWH FKH VL RFFXSDQR GL
FOLHQWL FRPH JURVVH VRFLHWj H PXOWLQD]LRQDOL $OFXQL VWXGL SRVVRQR DQFKH DYHUH XIILFL GL
UDSSUHVHQWDQ]DQHLPDJJLRULFHQWULILQDQ]LDULHLPSUHQGLWRULDOLQHOPRQGR
3DWURFLQLRSHULPHQRDEELHQWL
0ROWLVWXGLKDQQRDYYRFDWLGLVSRVWLDUDSSUHVHQWDUHLQFDXVHFLYLOLOHJDODVVLVWDQFHHRSHQDOLOHJDO
DLGFOLHQWLFKHQRQSRVVRQRVRVWHQHUHLFRVWLGLXQVROLFLWRU4XHVWRWLSRGLSDWURFLQLRSXzHVVHUH
PROWRYDULRGLYRU]LROHVLRQLSHUVRQDOLUHDWL«
$OWULWLSLGLDWWLYLWj
1RQ WXWWL L VROLFLWRUV ODYRUDQR LQ VWXGL SULYDWL 3RVVRQR DQFKH ODYRUDUH FRPH OHJDOL LQWHUQL LQ
RUJDQL]]D]LRQLFRPPHUFLDOLRLQGXVWULDOLDGHVHPSLROHEDQFKH
4XDOLILFKH
/DPDJJLRUSDUWHGHLVROLFLWRUVFKHHVHUFLWDQRD*LELOWHUUDKDQQRRWWHQXWROHTXDOLILFKHQHFHVVDULH
QHO5HJQR8QLWRGRYHqOD/DZ6RFLHW\RUGLQHSURIHVVLRQDOHGHLVROLFLWRUVDVWDELOLUHOHQRUPHLQ
PDWHULD GL LQVHJQDPHQWR H IRUPD]LRQH JLXULGLFD FRQFHSLWH LQ PRGR FKH LO FDQGLGDWR ULFHYD XQD
IRUPD]LRQHYDVWDHDSSURIRQGLWD
1RQ q QHFHVVDULR FKH LO IXWXUR VROLFLWRU DEELD XQ GLSORPD XQLYHUVLWDULR LQ JLXULVSUXGHQ]D &KL KD
FRQVHJXLWR XQ GLSORPD XQLYHUVLWDULR LQ XQ¶DOWUD PDWHULD GHYH VHJXLUH XQ DQQR GL FRUVR D WHPSR
SLHQRRGXHDQQLDPHWjWHPSRFKHSRUWDDO&RPPRQ3URIHVVLRQDO([DPLQDWLRQ&3(RLOSRVW
JUDGXDWH 'LSORPD LQ /DZ 4XHVWL FRUVL IRUQLVFRQR OH FRQRVFHQ]H GL EDVH GL GLULWWR FKH VRQR
QHFHVVDULHSHUODTXDOLILFDGLVROLFLWRU'RSRDYHUFRQVHJXLWRLOGLSORPDXQLYHUVLWDULRLQOHJJHLO&3(
R LO 'LSORPD LQ /DZ RFFRUUH VHJXLUH XQ /HJDO 3UDFWLFH &RXUVH FKH FRVWLWXLVFH OD IRUPD]LRQH
SURIHVVLRQDOHSHULVROLFLWRUVHFKHGXUDXQDQQRDFFDGHPLFRRGXHDQQLVHVHJXLWRDPHWjWHPSR
,OFRUVRLQVHJQDO¶DSSOLFD]LRQHSUDWLFDGHOODOHJJHDOOHHVLJHQ]HGHLFOLHQWLHGqWHQXWRLQYDULFROOHJH
H XQLYHUVLWj 8QD YROWD FRPSOHWDWR LO /HJDO 3UDFWLFH &RXUVH /3& LO IXWXUR VROLFLWRU ILUPD XQ
FRQWUDWWR GL IRUPD]LRQH GL GXH DQQL FRQ XQR VWXGLR R FRQ XQ¶DOWUD VWUXWWXUD DXWRUL]]DWD FRPH XQ
HQWHORFDOHRLO&URZQ3URVHFXWLRQ6HUYLFHHDFTXLVLVFHFRVuHVSHULHQ]DSUDWLFDLQGLYHUVLVHWWRUL
GHOGLULWWR,QTXHVWDIDVHLOWLURFLQDQWHSHUFHSLVFHXQDUHWULEX]LRQH
/D IRUPD]LRQH q PROWR FRPSHWLWLYD H FKL LQWHQGH GLYHQWDUH VROLFLWRU GHYH HVVHUH FRQVDSHYROH
GHOO¶LPSHJQRULFKLHVWR
, VROLFLWRUV GHYRQR SRVVHGHUH EXRQH FDSDFLWj FRPXQLFDWLYH JHQHUDOL VLD VFULWWH FKH RUDOL FKH
LQWHUSHUVRQDOL'HYRQRSRVVHGHUHGLSUHIHUHQ]DFDSDFLWjGLULIOHVVLRQHORJLFDHGHVVHUHLQJUDGRGL
VWXGLDUHDFFXUDWDPHQWHJOLDUJRPHQWLHGLSUHVHQWDUHOHLQIRUPD]LRQLLQPDQLHUDFKLDUDHVWUXWWXUDWD
*XDGDJQRGHOVROLFLWRU
,OOLYHOORGLJXDGDJQRGLXQVROLFLWRUWLURFLQDQWHRDOO¶LQL]LRGHOODFDUULHUDSXzDQGDUHGD…D…
(VHUFL]LRGHOODSURIHVVLRQHD*LELOWHUUDGDSDUWHGLDYYRFDWLGLDOWULSDHVLGHOO¶8QLRQHHXURSHD
/DGLUHWWLYD&(GHO3DUODPHQWRHXURSHRHGHO&RQVLJOLRGHOIHEEUDLRYROWDDIDFLOLWDUH
O
HVHUFL]LRSHUPDQHQWHGHOODSURIHVVLRQHGLDYYRFDWRLQXQR6WDWRPHPEURGLYHUVRGDTXHOORLQFXLq
VWDWDDFTXLVWDWDODTXDOLILFDSURIHVVLRQDOHqLQYLJRUHD*LELOWHUUD
8QDYYRFDWRHXURSHRFKHGHVLGHUDVYROJHUHDWWLYLWjSURIHVVLRQDOLLQPRGRSHUPDQHQWHD*LELOWHUUD
LQEDVHDOWLWRORFRQVHJXLWRQHOVXRSDHVHGHYHIDUVLUHJLVWUDUHSUHVVRLO&KLHI-XVWLFH
8OWHULRULLQIRUPD]LRQL
7KH%DU&RXQFLO
7KH/DZ6RFLHW\
1RWDLR
4XHOOD GHO QRWDLR q XQD SURIHVVLRQH GL YHFFKLD WUDGL]LRQH LO WHU]R H SL DQWLFR UDPR GHOOD
SURIHVVLRQH OHJDOH QHO 5HJQR 8QLWR ,O QRWDLR q JHQHUDOPHQWH XQ DYYRFDWR FKH YLHQH QRPLQDWR
GDOO¶DUFLYHVFRYR GL &DQWHUEXU\ HG q VRJJHWWR DOODUHJRODPHQWD]LRQH GHOOD &RXUWRI )DFXOWLHVXQD
GHOOH&RUWLSLDQWLFKHLQ,QJKLOWHUUDH*DOOHV$*LELOWHUUDWXWWLLQRWDL3XEOLF1RWDULHVVRQRUHJLVWUDWL
SUHVVRLO5HJLVWUDUGHOOD6XSUHPH&RXUW
, QRWDL VRQR VRJJHWWL D XQD UHJRODPHQWD]LRQH SURIHVVLRQDOH VLPLOH D TXHOOD GHL VROLFLWRUV H VRQR
WHQXWL D ULQQRYDUH DQQXDOPHQWH LO FHUWLILFDWR GL HVHUFL]LR SURIHVVLRQDOH ± LO FKH q SRVVLELOH VROR D
FRQGL]LRQH GL VRGGLVIDUH DOOH QRUPH VWDELOLWH /D QRPLQD DQRWDLR q SHUVRQDOH H RJQL QRWDLRQH q
WLWRODUHDWLWRORLQGLYLGXDOH
,OUXRORGHLQRWDLD*LELOWHUUDqLQHVSDQVLRQH9LqVHPSUHSLULFKLHVWDSHULORURVHUYL]LVLDDILQL
FRPPHUFLDOL FKH SULYDWL &Lz q GRYXWR DOO¶DXPHQWR GHJOL VFDPEL FRPPHUFLDOL D OLYHOOR HXURSHR H
PRQGLDOHHGHOODPRELOLWjGHOOHSHUVRQH
4XDOLILFDGLQRWDLR
/¶RWWHQLPHQWR GHOOD TXDOLILFD GL QRWDLR q DSHUWR D WXWWL QRQ VROR DJOL DYYRFDWL 7XWWL L IXWXUL QRWDL
GHYRQRHVVHUHQRPLQDWLGDOO¶DUFLYHVFRYRGL&DQWHUEXU\SULPDGLSRWHUVLLVFULYHUHSUHVVRLO5HJLVWUDU
GHOOD6XSUHPH&RXUW
5LFRQRVFLPHQWRLQWHUQD]LRQDOHGHOORVWDWXVJLXULGLFR
,O QRWDLR GHWLHQH XQ VLJLOOR XIILFLDOH *OL DWWL GL XQ QRWDLR ILUPDWL H UHFDQWL LO VLJLOOR XIILFLDOH VRQR
ULFRQRVFLXWLQHOODPDJJLRUSDUWHGHLSDHVLGHOPRQGR
&RPSLWLGHOQRWDLR
,FRPSLWLGHOQRWDLRVRQRLVHJXHQWL
3UHSDUDUH DWWHVWDUH DXWHQWLFDUH H FHUWLILFDUH SHU XVR LQ TXDOVLDVL SDUWH GHO PRQGR DWWL H DOWUL
GRFXPHQWLUHFDQWLODVXDILUPDHLOVLJLOORXIILFLDOH4XHVWR VHUYHDUHQGHUOLDFFHWWDELOLFRPHSURYD
SHU L IDWWL GD OXL DWWHVWDWL R FRQIHUPDWL SUHVVR OH DXWRULWj SXEEOLFKH R JLXGL]LDULH GHO SDHVH LQ FXL
GHYRQRHVVHUHXWLOL]]DWL
5LODVFLDUHFRSLHDXWHQWLFKHGLDWWLSXEEOLFL
)DUSUHVWDUHJLXUDPHQWRHULFHYHUHGLFKLDUD]LRQLXWLOL]]DELOLLQSURFHGLPHQWLD*LELOWHUUDHDOWURYH
5HGLJHUH DWWL H FHUWLILFDUH WUDQVD]LRQL UHODWLYDPHQWH D SURFHGLPHQWL DYHQWL DG RJJHWWR WLWROL
WUDVIHULELOLHUHGLJHUHGRFXPHQWLXIILFLDOLUHODWLYLDOODQDYLJD]LRQHHDOWUDVSRUWRLQPDULQD
8OWHULRULLQIRUPD]LRQL
7KH1RWDULHV6RFLHW\
/HJDO([HFXWLYHV
,/HJDO([HFXWLYHVGHYRQRRWWHQHUHOD3URIHVVLRQDO4XDOLILFDWLRQLQ/DZSUHVVRO¶,QVWLWXWHRI/HJDO
([HFXWLYHV ,/(; LQ XQ DPELWR GHOOD SUDWLFD GHO GLULWWR GHOOR VWHVVR OLYHOOR GL TXHOOR ULFKLHVWR DL
VROLFLWRUV'HYRQRLQROWUHDYHUHFRPHPLQLPRFLQTXHDQQLGLHVSHULHQ]DVRWWRODVXSHUYLVLRQHGLXQ
VROLFLWRU LQ XQR VWXGLR OHJDOH R QHO VHUYL]LR JLXULGLFR GL XQ¶LPSUHVD SULYDWD R GL XQ RUJDQLVPR
SXEEOLFR DOLYHOORORFDOH R QD]LRQDOH2JQLDQQRYLHQH ULODVFLDWD DLPHPEUL GHOO¶,/(; XQ FHUWLILFDWR
SURIHVVLRQDOHHVRORORURSRVVRQRHVVHUHTXDOLILFDWLFRPH/HJDO([HFXWLYHV
/¶,/(;qO¶RUGLQHFKHUDSSUHVHQWDL/HJDO([HFXWLYHVHLWLURFLQDQWL/HJDO([HFXWLYHVHFKHGLIHQGH
LO ORUR UXROR H OD ORUR SRVL]LRQH QHOOD SURIHVVLRQH 6YROJH XQ UXROR IRQGDPHQWDOH QHO IRUQLUH XQD
IRUPD]LRQH JLXULGLFD FRPSOHWD H LQIOXLVFH VXOOH ULIRUPH OHJLVODWLYH /¶,/(; q VWDWR FUHDWR QHO FRQLOVRVWHJQRGHOOD/DZ6RFLHW\/D0DQDJLQJ&OHUNV
$VVRFLDWLRQGDFXLVLqVYLOXSSDWRO¶,/(;
HUDFRQVDSHYROHGHOIDWWRFKHLOSHUVRQDOHSDUDOHJDOHFKHODYRUDVXEDVHRQRUDULDHQHOODJHVWLRQH
GHJOL VWXGL YROHYD H DYHYD ELVRJQR GL XQD IRUPD]LRQH FKH SHUPHWWHVVH GL PLJOLRUDUH LO OLYHOOR
SURIHVVLRQDOH H GL EHQHILFLDUH GL XQ PDJJLRUH ULFRQRVFLPHQWR GHOOD SUHSDUD]LRQH H GHOOH
FRPSHWHQ]H , SURJUDPPL GL LQVHJQDPHQWR H GL IRUPD]LRQH GHOO¶,/(; VRQR DXPHQWDWL H VL VRQR
GLYHUVLILFDWLFRVLFFKpO
LVWLWXWRqLQJUDGRGLRIIULUHDWXWWLXQFDQDOHGLDFFHVVRDOODSURIHVVLRQHQHO
VHWWRUHJLXULGLFR
,OODYRURGHL/HJDO([HFXWLYHV
,OODYRURGHL/HJDO([HFXWLYHVFKHVRQRVSHFLDOL]]DWLLQXQFDPSRSDUWLFRODUHGHOGLULWWRqVLPLOHD
TXHOORGHLVROLFLWRUV,/HJDO([HFXWLYHVQRQSRVVRQRSHUzHVHUFLWDUHLQPRGRLQGLSHQGHQWH
3HUFHSLVFRQR XQ RQRUDULR ± QHJOL VWXGL SULYDWL LO ORUR ODYRUR q GLUHWWDPHQWH IDWWXUDWR DL FOLHQWL H
FRQWULEXLVFRQR GLUHWWDPHQWH DOOH HQWUDWH GHOOR VWXGLR 6L WUDWWD GL XQD GLIIHUHQ]D LPSRUWDQWH IUD L
/HJDO([HFXWLYHVHDOWULWLSLGLDVVLVWHQWLQHOVHWWRUHJLXULGLFRFKHWHQGRQRDVYROJHUHPDQVLRQLSL
GLURXWLQH
,OQRPHHLOORURVWDWXVGLPHPEULGHOO¶,/(;SXzILJXUDUHVXOODFDUWDLQWHVWDWDGHLVROLFLWRUVSUHVVRFXL
ODYRUDQR
,PHPEULGHOO¶,/(;VRQRIRUPDWLLQXQ¶DPSLDJDPPDGLDWWLYLWjVSHFLDOL]]DWH
&DXVH
$WWXDOPHQWH D *LELOWHUUD L /HJDO ([HFXWLYHV SRVVRQR DVVLVWHUH QHOOD SUHSDUD]LRQH GL FDXVH FLYLOL
SHQDOLHPDWULPRQLDOLPDQRQSRVVRQRSDUWHFLSDUHDOOHXGLHQ]HFRPHLORURFROOHJKLLQ,QJKLOWHUUDH
LQ*DOOHV
3RVVRQR DQFKH UDFFRJOLHUH WHVWLPRQLDQ]H GL HVSHUWL SUHSDUDUH QRWH DWWL GL FLWD]LRQH H DWWL JLXUDWL
QHO FRUVR GHO SURFHGLPHQWR SRVVRQR FKLHGHUH O¶LQWHUYHQWR GL XQ FRXQVHO H UDFFRJOLHUH GRFXPHQWL
SHUWLQHQWLSURYHHLQIRUPD]LRQL
1HLSURFHGLPHQWLGDYDQWLDLWULEXQDOVQHJOLDUELWUDWLHQHOOHLQFKLHVWHSXEEOLFKHSRVVRQRIRUPXODUH
RVVHUYD]LRQL VXL IDWWL VXOOH OHJJL H VXOOD SURFHGXUD SHU IDU Vu FKH LO FDVR VLD SRUWDWR GDYDQWL DOOH
&RUWL
/HUHVSRQVDELOLWjSURIHVVLRQDOLDXPHQWDQRFRQO¶HVSHULHQ]DHLPHPEULGHOO¶,/(;VRQRVXVFHWWLELOLGL
GLYHQWDUHXQRGHLSULQFLSDOLSXQWLGLFRQWDWWRSHUFOLHQWLFKHFKLHGRQRXQSDUHUHOHJDOH(VVLSRVVRQR
IUDO¶DOWURRFFXSDUVLGHLVHWWRULVHJXHQWL
3URSULHWjLPPRELOLDUH
, /HJDO ([HFXWLYHV SRVVRQR IRUQLUH FRQVXOHQ]D H UHGLJHUH GRFXPHQWL GL FRPSUDYHQGLWD GL EHQL
LPPRELOL FRPH FRQWUDWWL WUDVIHULPHQWL GL SURSULHWj ORFD]LRQL LSRWHFKH 3RVVRQR DOWUHVu IRUQLUH
FRQVXOHQ]H VX TXHVWLRQL UHODWLYH D GLULWWL GL SURSULHWj VHUYLW YLQFROL FRQILQL VFDULFR GHOOH DFTXH
GLULWWL GL SDVVDJJLR H SRVVRQR FROODERUDUH FRQ DOWUL HVSHUWL LQFOXVL SHULWL LPPRELOLDUL H DUFKLWHWWL
DELOLWDWL
7UXVWVWHVWDPHQWLHJHVWLRQHGHOSDWULPRQLR
3RVVRQR DQFKH DVVLVWHUH QHOOD SUHSDUD]LRQH GL WHVWDPHQWL H GL DWWL GL FRVWLWX]LRQH GL WUXVW H
RFFXSDUVLGLRPRORJD]LRQHGHLWHVWDPHQWLHUDSSUHVHQWDQ]D6RQRHVSHUWLLQPHULWRDOOHSURFHGXUH
GHL 3UREDWH 5HJLVWULHV 5HJLVWUL GHL WHVWDPHQWL RPRORJDWL QHOO¶DPELWR GHOO¶DPPLQLVWUD]LRQH GL
SDWULPRQL
'LULWWRVRFLHWDULRHFRPPHUFLDOH
$OFXQL /HJDO ([HFXWLYHV IRUQLVFRQR FRQVXOHQ]D VXOOD FRVWLWX]LRQH H OD JHVWLRQH GHOOH VRFLHWj
UHGLJRQR JOL VWDWXWL H IRUQLVFRQR SDUHUL DJOL DPPLQLVWUDWRUL DL VHJUHWDUL H DG DOWUR SHUVRQDOH VXJOL
REEOLJKL GL JHVWLRQH H GL FRQWUROOR 3RVVRQR DQFKH LQIRUPDUH LQ PHULWR DOOH OHJJL UHODWLYH DOOD
FRVWLWX]LRQHHDOODJHVWLRQHGLDVVRFLD]LRQLHVXTXHVWLRQLUHODWLYHDIDOOLPHQWLHLQVROYHQ]D
$PPLQLVWUD]LRQHSXEEOLFDORFDOH
$OWUL /HJDO ([HFXWLYHV SRVVLHGRQR FRQRVFHQ]H VXOOH IXQ]LRQL GHOOH SXEEOLFKH DXWRULWj R VXOOD
OHJLVOD]LRQHUHODWLYDDJOLDOORJJLO¶LVWUX]LRQHO¶XUEDQLVPRODVDQLWjSXEEOLFDO¶DVVLVWHQ]DVRFLDOHHLO
GLULWWRDPPLQLVWUDWLYR
5HWULEX]LRQH
,OOLYHOORGHOOHUHWULEX]LRQLYDULDDVHFRQGDGHOGDWRUHGLODYRURGHOOXRJRGHOODQDWXUDGHOOHPDQVLRQL
HGHOODFDSDFLWjGLODYRUDUHLQPRGRDXWRQRPR
E /(*$/352)(66,21(1*/$1'$1':$/(61257+(51,5(/$1'7KH(XURSHDQ
&RPPXQLWLHV/DZ\HU¶V3UDFWLFH5HJXODWLRQV
1RWD
/DGLVWLQ]LRQHWUDVROLFLWRUHEDUULVWHUUHQGHFRPSOLFDWDODGHVFUL]LRQHGHOODSUDWLFD
,O VROOLFLWR VYROJH IXQ]LRQL GL DYYRFDWR H GL QRWDLR QHO WUDVIHULPHQWR GL LPPRELOL H QHOOH SUDWLFKH
VXFFHVVRULH
1RUPDOPHQWHRSHUDSUHVVRJLXULVGL]LRQLLQIHULRULHVYROJHDWWLYLWjVWUDJLXGL]LDOH
,O EDUULVWHU HVHUFLWD SUHVVR OH JLXULVGL]LRQL VXSHULRULH SXz DQFKH QRQ DYHUH UDSSRUWL GLUHWWL FRQ LO
FOLHQWHDVVLVWLWRGDOVROOLFLWRU
,OUDSSRUWRWUDLGXHqGLFLUFDXQRDGLHFLHGqHVWUHPDPHQWHGLIILFLOHGLYHQLUHEDUULVWHULQTXDQWROH
UHJROHVRQROHJDWHDWUDGL]LRQL
,O SUDWLFDQWHSHU GLYHQLUH VROOLFLWRU GHYH DYHUH XQ WLWROR GL VWXGLR LGRQHRHG RWWHQHUH GDOOD /DZ
VRFLHW\ XQ DWWHVWDWRGL IUHTXHQWD]LRQH GL FRUVL GL GXUDWD DQQXDOH R ELHQQDOHD VHFRQGDGHO WHPSR
GHGLFDWR
6HJXHXQFRUVRGLSUDWLFDOHJDOHGDWHQHUVLSUHVVRXQ¶LVWLWXWRFRQWUROODWRGDOOD/DZ6RFLHW\GLGXUDWD
YDULDELOHDVHFRQGDGHOODIUHTXHQ]D
6XSHUDWD TXHVWD IDVH RFFRUUH XQD SUDWLFD GL GXHWUH R TXDWWUR DQQLVHPSUH D VHFRQGD GHOOD
IUHTXHQ]DSUHVVRXQRVWXGLROHJDOHFKHVLDULWHQXWRLGRQHRGDOOD/DZ6RFLHW\
,QTXHVWDIDVHLOSUDWLFDQWHGRYUjIUHTXHQWDUHXQFRUVRIRUPDWLYRGHQRPLQDWR6NLOOV&RXUVH
3HU RWWHQHUH LO WLWROR GL EDUULVWHU LO SHUFRUVR WHRULFR SUDWLFR q LGHQWLFR D TXHOOR GHO EDUULVWHUFRQ OD
GLIIHUHQ]DFKHELVRJQDHVVHUHDPPHVVLDO&RXQFLORI/HJDO(GXFDWLRQ
/H&KDPEHUVFKHULXQLVFRQRLEDUULVWHUVVRQRTXDWWURHSUHVVROHVWUXWWXUHGLXQDGLTXHVWHYDIDWWD
ODSUDWLFD
6HJXRQR FRUVL IRUPDWLYL YDUL H LO SUDWLFDQWDWR FKLDPDWR ³SXSLOODJH´WHUPLQD FRQ O¶LQYHVWLWXUD GHO
SUDWLFDQWHGHWWR³SXSLO´QHOJLRUQRGHO³FDOOGD\´
7XWWRTXHVWRQRQVLJQLILFDFKHLOSXSLOSRVVDWUDQTXLOODPHQWHHVHUFLWDUHODSURIHVVLRQHGLEDUULVWHUGL
IDWWR QXPHUR FKLXVRGLSHQGHQGR OD SURIHVVLRQH GDOOD DVVXQ]LRQH SUHVVR XQD GHOOH TXDWWUR
&KDPEHU
&RPLQJLQWRIRUFHLQDFFRUGDQFHZLWKUHJXODWLRQ
$55$1*(0(172)5(*8/$7,216
3$57,
,1752'8&725<
&LWDWLRQFRPPHQFHPHQWDQGWUDQVLWLRQDOSURYLVLRQV
,QWHUSUHWDWLRQ
3XUSRVHRI5HJXODWLRQV
&RPSHWHQWDXWKRULWLHV
([FKDQJHRILQIRUPDWLRQ
3$57,,
35$&7,&(2)352)(66,21$/$&7,9,7,(6%<$5(*,67(5('
(8523($1/$:<(5
3UDFWLFHRISURIHVVLRQDODFWLYLWLHV
7LWOHDQGGHVFULSWLRQWREHXVHGE\DUHJLVWHUHG(XURSHDQODZ\HU
-RLQWSUDFWLFH
1DPHRIMRLQWSUDFWLFH
1RWLILFDWLRQRIMRLQWSUDFWLFH
5HSUHVHQWDWLRQLQOHJDOSURFHHGLQJV
3URSHUW\WUDQVDFWLRQV
3UREDWH
/HJDODLG
3$57,,,
5(*,675$7,21
(VWDEOLVKPHQWDQGPDLQWHQDQFHRIUHJLVWHUVRI(XURSHDQODZ\HUV
$SSOLFDWLRQWREHHQWHUHGRQDUHJLVWHU
5HJLVWUDWLRQE\SURIHVVLRQDOERG\
5HVWULFWLRQVRQUHJLVWUDWLRQ
7LPHOLPLWIRUGHFLVLRQDQGQRWLILFDWLRQE\SURIHVVLRQDOERG\
$SSHDOE\(XURSHDQODZ\HU
2IIHQFHRISUHWHQGLQJWREHDUHJLVWHUHG(XURSHDQODZ\HU
&RVWVDQGIHHVRIDQXQUHJLVWHUHG(XURSHDQODZ\HU
(YLGHQFHRIUHJLVWUDWLRQ
3XEOLFDWLRQRIQDPHVRIUHJLVWHUHG(XURSHDQODZ\HUV
5XOHVRISURIHVVLRQDOFRQGXFWDSSOLFDEOH
'LVFLSOLQDU\SURFHHGLQJVDSSOLFDEOH
'LVFLSOLQDU\SURFHHGLQJVDJDLQVWDUHJLVWHUHG(XURSHDQODZ\HU
'LVFLSOLQDU\SURFHHGLQJVDJDLQVWDVROLFLWRURUEDUULVWHU
3$579
(175<,1727+(352)(66,212)62/,&,72525%$55,67(5
$SSOLFDWLRQE\UHJLVWHUHG(XURSHDQODZ\HU
'HFLVLRQE\SURIHVVLRQDOERG\
(YLGHQFHLQVXSSRUWRIDSSOLFDWLRQIRUH[HPSWLRQXQGHUUHJXODWLRQ
(YLGHQFHLQVXSSRUWRIDSSOLFDWLRQIRUH[HPSWLRQXQGHUUHJXODWLRQ
0HDQLQJRI³HIIHFWLYHO\DQGUHJXODUO\SXUVXHG´
7LPHOLPLWIRUGHFLVLRQDQGQRWLILFDWLRQE\SURIHVVLRQDOERG\
$SSHDOE\UHJLVWHUHG(XURSHDQODZ\HU
3UDFWLFHXQGHUWKHWLWOHRIVROLFLWRURUEDUULVWHU
3$579,
6833/(0(17$5<3529,6,216
0RGLILFDWLRQRIHQDFWPHQWV
6&+('8/(6
6FKHGXOH $SSHDOV FRQFHUQLQJ UHJLVWUDWLRQ DV D (XURSHDQ ODZ\HUH[HPSWLRQ IURP UHJXODWLRQ
ELLRIWKH
4XDOLILFDWLRQ5HJXODWLRQVDQGHQWU\LQWRWKHSURIHVVLRQRI6ROLFLWRURU
%DUULVWHU
6FKHGXOH&RPSHWHQWDXWKRULWLHV
6FKHGXOH0RGLILFDWLRQRIHQDFWPHQWV
6FKHGXOH([WHQVLRQRIHQDFWPHQWVLQUHODWLRQWRWKHUHJLVWUDWLRQRI(XURSHDQODZ\HUVZLWKWKH
/DZ6RFLHW\
6FKHGXOH([WHQVLRQRIHQDFWPHQWVLQUHODWLRQWRWKHUHJLVWUDWLRQRI(XURSHDQ ODZ\HUVZLWKWKH
/DZ6RFLHW\RI
1RUWKHUQ,UHODQG
7KH /RUG &KDQFHOORU EHLQJ D 0LQLVWHU GHVLJQDWHG D IRU WKH SXUSRVHV RI VHFWLRQ RI WKH
(XURSHDQ&RPPXQLWLHV$FWELQUHODWLRQWRPDWWHUVUHODWLQJWRWKHSUDFWLFHRIWKHSURIHVVLRQ
RI ODZ\HU LQ H[HUFLVH RI WKH SRZHUV FRQIHUUHG RQ KLP E\ WKDW VHFWLRQ PDNHV WKH IROORZLQJ
5HJXODWLRQV
3$57,
,1752'8&725<
&LWDWLRQFRPPHQFHPHQWDQGWUDQVLWLRQDOSURYLVLRQV
7KHVH5HJXODWLRQVPD\EHFLWHGDVWKH(XURSHDQ&RPPXQLWLHV/DZ\HU¶V3UDFWLFH5HJXODWLRQV
DQG VKDOO FRPH LQWR IRUFH RQ QG 0D\ H[FHSW IRU UHJXODWLRQV DQG ZKLFK VKDOO
FRPHLQWRIRUFHRQQG1RYHPEHU
:KHUH RQ QG 0D\ D (XURSHDQ ODZ\HU LV SUDFWLVLQJ SURIHVVLRQDO DFWLYLWLHV XQGHU KLV
KRPH SURIHVVLRQDO WLWOH RQ D SHUPDQHQW EDVLV LQ (QJODQG DQG :DOHV RU 1RUWKHUQ ,UHODQG RU
FRPPHQFHVVXFKSUDFWLFHE\VW1RYHPEHUKHVKDOODSSO\WREHUHJLVWHUHGLQDFFRUGDQFH
ZLWKUHJXODWLRQE\VW1RYHPEHUZKHUHKHLQWHQGVWRFRQWLQXHWRSUDFWLVHWKRVHDFWLYLWLHV
RQDSHUPDQHQWEDVLVDIWHUWKDWGDWH
2Q RU DIWHU QG 1RYHPEHU D (XURSHDQ ODZ\HU VKDOO QRW SUDFWLVH DV UHIHUUHG WR LQ
SDUDJUDSK ZLWKRXW EHLQJ UHJLVWHUHG LQ DFFRUGDQFH ZLWK UHJXODWLRQ XQOHVV KH ZDV DOUHDG\
SUDFWLVLQJ EHIRUH WKDW GDWH DQG KDV PDGH DQ DSSOLFDWLRQ IRU UHJLVWUDWLRQ ZKLFK KDV QRW EHHQ
GHWHUPLQHG
,QSDUDJUDSKVDQGDQDSSOLFDWLRQIRUUHJLVWUDWLRQVKDOODVDWDSDUWLFXODUGDWHEHWDNHQ
QRWWRKDYHEHHQGHWHUPLQHGLIDVDWWKDWGDWHWKHDSSOLFDQW
DKDVQRWUHFHLYHGDUHMHFWLRQRIKLVDSSOLFDWLRQDQGWKHSHULRGIRUVXFKDUHMHFWLRQRUDGHHPHG
UHMHFWLRQKDVQRW\HWH[SLUHGRU
ELVDSSHDOLQJDJDLQVWDUHMHFWLRQRIWKHDSSOLFDWLRQLQFOXGLQJDGHHPHGUHMHFWLRQDQGWKHDSSHDO
KDVQRWEHHQGHWHUPLQHG
5HJXODWLRQVEDQGVKDOOQRWDSSO\WRD(XURSHDQODZ\HUZKRVDWLVILHVDOOWKHIROORZLQJ
FRQGLWLRQV
DLPPHGLDWHO\EHIRUHQG1RYHPEHUKHZDVSUDFWLVLQJRQDSHUPDQHQWEDVLVLQDQ\SDUWRI
WKH8QLWHG.LQJGRP
E EHIRUH QG 1RYHPEHU KH DSSOLHG IRU UHJLVWUDWLRQ WR DQ\ RI WKH EDUULVWHUV¶ SURIHVVLRQDO
ERGLHV RU VROLFLWRUV¶ SURIHVVLRQDO ERGLHV RU WR WKH )DFXOW\ RI $GYRFDWHV RU WKH /DZ 6RFLHW\ RI
6FRWODQGDQG
FDVDWWKHGDWHLQTXHVWLRQKLVDSSOLFDWLRQIRUUHJLVWUDWLRQKDGQRWEHHQGHWHUPLQHG
,QWHUSUHWDWLRQ
,QWKHVH5HJXODWLRQVXQOHVVWKHFRQWH[WRWKHUZLVHUHTXLUHV³DSSHDOERG\´PHDQVWKHERG\RU
SHUVRQVSHFLILHGLQUHODWLRQWRWKDWSURIHVVLRQLQ6FKHGXOH
³EDUULVWHU´PHDQVLQUHODWLRQWR(QJODQGDQG:DOHVRU1RUWKHUQ,UHODQGDSHUVRQZKRLVDEDUULVWHU
RI(QJODQGDQG:DOHVRU1RUWKHUQ,UHODQGDVWKHFDVHPD\EH
³EDUULVWHUV¶ SURIHVVLRQDO ERGLHV´ PHDQV WKH ,QQV RI &RXUW DQG WKH *HQHUDO &RXQFLO RI WKH %DU RI
(QJODQGDQG:DOHVDQGWKH([HFXWLYH&RXQFLORIWKH,QQRI&RXUWRI1RUWKHUQ,UHODQG
³FRPSHWHQW DXWKRULW\´ LQ UHODWLRQ WR (QJODQG DQG:DOHV DQG 1RUWKHUQ ,UHODQG PHDQV DQ\ RI WKH
ERGLHVGHVLJQDWHGDVFRPSHWHQWDXWKRULWLHVE\UHJXODWLRQWRXQGHUWDNHWKHDFWLYLWLHVUHTXLUHGE\
WKH'LUHFWLYHVHWRXWLQWKDWUHJXODWLRQ
³WKH'LUHFWLYH´PHDQVWKH(XURSHDQ&RPPXQLWLHV3DUOLDPHQWDQG&RXQFLO'LUHFWLYH1R(&WR
IDFLOLWDWHSUDFWLFHRIWKHSURIHVVLRQRIODZ\HURQDSHUPDQHQWEDVLVLQFHUWDLQ6WDWHVRWKHUWKDQWKH
6WDWHLQZKLFKWKHSURIHVVLRQDOTXDOLILFDWLRQZDVREWDLQHG
³(XURSHDQODZ\HU´KDVWKHPHDQLQJJLYHQLQSDUDJUDSKVDQG
³KRPH 6WDWH´ PHDQV WKH 6WDWH LQ SDUDJUDSK LQ ZKLFK D (XURSHDQ ODZ\HU DFTXLUHG KLV
DXWKRULVDWLRQ WR SXUVXH SURIHVVLRQDO DFWLYLWLHV DQG LI KH LV DXWKRULVHG LQ PRUH WKDQ RQH RI WKRVH
6WDWHVLWVKDOOPHDQDQ\RIWKRVH6WDWHV
³KRPHSURIHVVLRQDOWLWOH´PHDQVLQUHODWLRQWRD(XURSHDQODZ\HUWKHSURIHVVLRQDOWLWOHRUDQ\RIWKH
SURIHVVLRQDO WLWOHV VSHFLILHG LQ UHODWLRQ WR KLV KRPH 6WDWH LQ SDUDJUDSK XQGHU ZKLFK KH LV
DXWKRULVHGLQKLVKRPH6WDWHWRSXUVXHSURIHVVLRQDODFWLYLWLHV
³,ULVK EDUULVWHU´PHDQV D (XURSHDQ ODZ\HU ZKRLV DXWKRULVHG LQ WKH 5HSXEOLF RI ,UHODQG WR SXUVXH
SURIHVVLRQDODFWLYLWLHVXQGHUWKHSURIHVVLRQDOWLWOHRIEDUULVWHUDQGZKRVHKRPH6WDWHLVWKH5HSXEOLF
RI,UHODQG
,ULVK VROLFLWRU´ PHDQV D (XURSHDQ ODZ\HU ZKR LV DXWKRULVHG LQ WKH 5HSXEOLF RI ,UHODQG WR SXUVXH
SURIHVVLRQDODFWLYLWLHVXQGHUWKHSURIHVVLRQDOWLWOHRIVROLFLWRUDQGZKRVHKRPH6WDWHLVWKH5HSXEOLF
RI,UHODQG
³PHPEHURIWKHSURIHVVLRQDOERG\´PHDQVDSUDFWLVLQJVROLFLWRURUEDUULVWHUDVWKHFDVH PD\EH
³4XDOLILFDWLRQ 5HJXODWLRQV´ PHDQV WKH (XURSHDQ &RPPXQLWLHV 5HFRJQLWLRQ RI 3URIHVVLRQDO
4XDOLILFDWLRQV5HJXODWLRQVD
³UHJLVWHUHG(XURSHDQODZ\HU´PHDQVD(XURSHDQODZ\HUZKRLVUHJLVWHUHGZLWKD
SURIHVVLRQDOERG\LQDFFRUGDQFHZLWKUHJXODWLRQDQGZKRVHUHJLVWUDWLRQKDVQRWEHHQZLWKGUDZQ
RUVXVSHQGHG
³SURIHVVLRQDOERG\´PHDQVVXEMHFWWRUHJXODWLRQDQ\RIWKHVROLFLWRUV¶SURIHVVLRQDOERGLHVRU
WKHEDUULVWHUV¶SURIHVVLRQDOERGLHV
³VROLFLWRU´PHDQVLQUHODWLRQWR(QJODQGDQG:DOHVRU1RUWKHUQ,UHODQGDSHUVRQZKRLVDVROLFLWRU
RI(QJODQGDQG:DOHVRU1RUWKHUQ,UHODQGDVWKHFDVHPD\EH
³VROLFLWRUV¶SURIHVVLRQDOERGLHV´PHDQVWKH/DZ6RFLHW\DQGWKH/DZ6RFLHW\RI1RUWKHUQ,UHODQG
,QWKHVH5HJXODWLRQV³(XURSHDQODZ\HU´PHDQVDSHUVRQZKRLV
DDQDWLRQDORIWKH8QLWHG.LQJGRPRURID6WDWHOLVWHGLQSDUDJUDSK
EDXWKRULVHGLQDQ\RIWKH6WDWHVOLVWHGLQSDUDJUDSKWRSXUVXHSURIHVVLRQDODFWLYLWLHVXQGHUDQ\
RIWKHSURIHVVLRQDOWLWOHVDSSHDULQJLQWKDWSDUDJUDSKDQG
FVXEMHFWWRSDUDJUDSKQRWDVROLFLWRURUEDUULVWHURUXQGHUWKHODZRI6FRWODQGDVROLFLWRURU
DGYRFDWH
:KHUHDSHUVRQLVD(XURSHDQODZ\HUUHJLVWHUHGZLWKPRUHWKDQRQHRIWKH IROORZLQJ
DWKHVROLFLWRUV¶SURIHVVLRQDOERGLHVRUWKHEDUULVWHUV¶SURIHVVLRQDOERGLHVRU
EWKH /DZ 6RFLHW\ RI 6FRWODQG RU WKH )DFXOW\ RI $GYRFDWHV DQG VXEVHTXHQWO\ DFTXLUHV WKH WLWOH
XVHGE\PHPEHUVRIRQHRIWKRVHERGLHVWKHQQRWZLWKVWDQGLQJSDUDJUDSKFWKDWSHUVRQVKDOO
FRQWLQXHWRIDOOZLWKLQWKHGHILQLWLRQRID(XURSHDQODZ\HULQUHODWLRQWRWKDWRWKHUSURIHVVLRQDOERG\
IRUWKHSHULRGWKDWKHUHPDLQVUHJLVWHUHGZLWKWKDWRWKHUSURIHVVLRQDOERG\
7KH6WDWHVDQGSURIHVVLRQDOWLWOHVUHIHUUHGWRLQWKHGHILQLWLRQRI(XURSHDQODZ\HULQSDUDJUDSK
DUHDVIROORZVRPLVVLV
8QOHVV WKH FRQWH[W RWKHUZLVH UHTXLUHV DQ\ UHIHUHQFH LQ WKHVH 5HJXODWLRQV WR D QXPEHUHG
UHJXODWLRQ 3DUW RU 6FKHGXOH LV D UHIHUHQFH WR D UHJXODWLRQ RU 3DUW RI RU D 6FKHGXOH WR WKHVH
5HJXODWLRQV
3XUSRVHRI5HJXODWLRQV
7KH SXUSRVH RI WKHVH 5HJXODWLRQV LV WR LPSOHPHQW WKH 'LUHFWLYH LQ (QJODQG DQG :DOHV DQG
1RUWKHUQ,UHODQG
7KHSURYLVLRQVRIWKHVH5HJXODWLRQVVKDOOKDYHHIIHFWIRUWKHSXUSRVHVRIIDFLOLWDWLQJWKHSUDFWLFH
RIWKHSURIHVVLRQRIODZ\HURQDSHUPDQHQWEDVLVE\D(XURSHDQODZ\HULQ(QJODQGDQG:DOHVDQG
1RUWKHUQ,UHODQG
7KHSURYLVLRQVRIWKHVH5HJXODWLRQVVKDOOQRWDIIHFWWKHSURYLVLRQRIVHUYLFHVE\ODZ\HUVZLWKLQ
WKHPHDQLQJRIWKH(XURSHDQ&RPPXQLWLHV6HUYLFHVRI/DZ\HUV2UGHUD
&RPSHWHQWDXWKRULWLHV
7KHERGLHVOLVWHGLQFROXPQRI6FKHGXOHVKDOOEHGHVLJQDWHGDVWKHFRPSHWHQWDXWKRULWLHVIRU
WKHSXUSRVHVRI
DUHFHLYLQJDSSOLFDWLRQVIRUUHJLVWUDWLRQE\(XURSHDQODZ\HUVXQGHU3DUW,,,RI WKHVH5HJXODWLRQV
EUHFHLYLQJDSSOLFDWLRQVIURPUHJLVWHUHG(XURSHDQODZ\HUVIRUHQWU\LQWRWKHSURIHVVLRQRIVROLFLWRU
RUEDUULVWHU
FWKHUHJXODWLRQRIUHJLVWHUHG(XURSHDQODZ\HUVUHJLVWHUHGZLWKWKHPDQG
GWKHSURYLVLRQRIFHUWLILFDWHVDWWHVWLQJWRWKHUHJLVWUDWLRQRIVROLFLWRUVRUEDUULVWHUVUHJLVWHUHGZLWK
WKHP
([FKDQJHRILQIRUPDWLRQ
,Q RUGHU WR IDFLOLWDWH WKH DSSOLFDWLRQ RI WKH 'LUHFWLYH DQG WR SUHYHQW LWV SURYLVLRQV IURP EHLQJ
PLVDSSOLHGDSURIHVVLRQDOERG\PD\VXSSO\WRRUUHFHLYHIURP
DDQRWKHUSURIHVVLRQDOERG\
EWKH)DFXOW\RI$GYRFDWHVRUWKH/DZ6RFLHW\RI6FRWODQGRU
F DQ DXWKRULW\ LQ DQ\ RI WKH 6WDWHV OLVWHG LQ UHJXODWLRQ ZKLFK KDV EHHQ GHVLJQDWHG E\ WKDW
6WDWH XQGHU WKH 'LUHFWLYH DV D FRPSHWHQW DXWKRULW\ LQ WKDW 6WDWH DQ\ LQIRUPDWLRQ UHODWLQJ WR D
(XURSHDQODZ\HURUWRDQ\SHUVRQZLWKZKRPKH MRLQWO\SUDFWLVHV
6XEMHFW WR SDUDJUDSK D SURIHVVLRQDO ERG\ VKDOO SUHVHUYH WKH FRQILGHQWLDOLW\ RI DQ\
LQIRUPDWLRQ UHFHLYHG LQ DFFRUGDQFH ZLWK SDUDJUDSK UHODWLQJ WR D (XURSHDQ ODZ\HU RU WR DQ\
SHUVRQZLWKZKRPKHMRLQWO\SUDFWLVHV
$ FRPSHWHQW DXWKRULW\ LQ (QJODQG DQG :DOHV RU 1RUWKHUQ ,UHODQG VKDOO SURYLGH D FHUWLILFDWH
DWWHVWLQJ WR WKH UHJLVWUDWLRQ RI D VROLFLWRU RU EDUULVWHU UHJLVWHUHG ZLWK LW DQG KLV DXWKRULVDWLRQ WR
SUDFWLVHZKHQUHTXHVWHGWRGRVRE\WKDWVROLFLWRURUEDUULVWHURUE\DFRPSHWHQWDXWKRULW\LQD6WDWH
OLVWHGLQUHJXODWLRQ
3$57,,
35$&7,&(2)352)(66,21$/$&7,9,7,(6%<$5(*,67(5('(8523($1/$:<(5
3UDFWLFHRISURIHVVLRQDODFWLYLWLHV
6XEMHFWWRWKHSURYLVLRQVRIWKHVH5HJXODWLRQVDUHJLVWHUHG(XURSHDQODZ\HUVKDOOEHHQWLWOHG
WRFDUU\RXWXQGHUKLVKRPHSURIHVVLRQDOWLWOHDQ\SURIHVVLRQDODFWLYLW\WKDWPD\ODZIXOO\EHFDUULHG
RXWE\DPHPEHURIWKHSURIHVVLRQDOERG\ZLWKZKLFKKHLVUHJLVWHUHGDQGDQ\HQDFWPHQWRUUXOHRI
ODZ RU SUDFWLFH ZLWK UHJDUG WR WKH FDUU\LQJ RXW RI SURIHVVLRQDO DFWLYLWLHV E\ PHPEHUV RI WKDW
SURIHVVLRQDOERG\VKDOOEHLQWHUSUHWHGDQGDSSOLHGDFFRUGLQJO\
$ UHJLVWHUHG (XURSHDQ ODZ\HU ZKR LV LQ VDODULHG HPSOR\PHQW PD\ FDUU\ RXW SURIHVVLRQDO
DFWLYLWLHV XQGHU KLV KRPH SURIHVVLRQDO WLWOH WR WKH VDPH H[WHQW WKDW DQ HPSOR\HG PHPEHU RI WKH
SURIHVVLRQDOERG\ZLWKZKLFKKHLVUHJLVWHUHGPD\GRVR
7LWOHDQGGHVFULSWLRQWREHXVHGE\DUHJLVWHUHG(XURSHDQODZ\HU
:KHUHDUHJLVWHUHG(XURSHDQODZ\HULVHQJDJHGLQ
DDQ\SURIHVVLRQDODFWLYLW\DXWKRULVHGE\WKHSURIHVVLRQDORUJDQLVDWLRQLQKLVKRPH6WDWHZKLFK
JDYHKLPWKHDXWKRULVDWLRQWRSUDFWLVHRU
EDQ\SURIHVVLRQDODFWLYLW\WKDWPD\EHFDUULHGRXWE\DPHPEHURIWKHSURIHVVLRQDOERG\ZLWK
ZKLFKKHLVUHJLVWHUHGKHVKDOOFRPSO\ZLWKWKHUHTXLUHPHQWVVHWRXWLQSDUDJUDSK
7KHUHTXLUHPHQWVUHIHUUHGWRLQSDUDJUDSKDUHWKDWDUHJLVWHUHG(XURSHDQODZ\HUVKDOO
DXVHKLVKRPHSURIHVVLRQDOWLWOHH[SUHVVHGLQDQRIILFLDOODQJXDJHRIKLVKRPH6WDWHLQDPDQQHU
ZKLFKDYRLGVFRQIXVLRQZLWKWKHWLWOHRIVROLFLWRUEDUULVWHURUDGYRFDWH
ELQGLFDWHWKHSURIHVVLRQDORUJDQLVDWLRQE\ZKLFKKHLVDXWKRULVHGWRSUDFWLVHRUWKHFRXUWRIODZ
EHIRUHZKLFKKHLVHQWLWOHGWRSUDFWLVHLQWKDW6WDWHDQG
F LQGLFDWHWKHSURIHVVLRQDOERG\ZLWKZKLFKKHLVUHJLVWHUHGLQWKH8QLWHG.LQJGRP
-RLQWSUDFWLFH
$UHJLVWHUHG(XURSHDQODZ\HUPD\FDUU\RXWSURIHVVLRQDODFWLYLWLHVXQGHUKLVKRPHSURIHVVLRQDO
WLWOHDVSDUWRIDMRLQWSUDFWLFH
DWRWKHVDPHH[WHQWDQGLQWKHVDPHPDQQHUDVDPHPEHURIWKHSURIHVVLRQDOERG\ZLWKZKLFKKH
LVUHJLVWHUHGPD\GRVRZLWK
LDPHPEHURIWKHSURIHVVLRQDOERG\ZLWKZKLFKKHLVUHJLVWHUHG
LLDUHJLVWHUHG(XURSHDQODZ\HUZKRLVUHJLVWHUHGZLWKWKHVDPHSURIHVVLRQDOERG\RU
LLLDQ\RWKHUSHUVRQSHUPLWWHGE\WKHSURIHVVLRQDOERG\ZLWKZKLFKKHLVUHJLVWHUHGRU
EZLWKDQRWKHU(XURSHDQODZ\HUZKRLVSUDFWLVLQJRQDSHUPDQHQWEDVLVXQGHUKLVKRPH
SURIHVVLRQDOWLWOHLQWKDWUHJLVWHUHG(XURSHDQODZ\HU¶VKRPH6WDWH
1DPHRIMRLQWSUDFWLFH
6XEMHFWWRSDUDJUDSKZKHUHDUHJLVWHUHG(XURSHDQODZ\HULVDPHPEHURIDMRLQWSUDFWLFHLQ
KLVKRPH6WDWHKH PD\XVHWKHQDPHRIWKDWSUDFWLFHZLWKKLVKRPH SURIHVVLRQDOWLWOHZKHQ
SUDFWLVLQJDVDUHJLVWHUHG(XURSHDQODZ\HU
5XOHVRIFRQGXFWRIWKHSURIHVVLRQDOERG\ZLWKZKLFKDUHJLVWHUHG(XURSHDQODZ\HULVUHJLVWHUHG
PD\SURKLELWWKHXVHE\KLPRIWKHQDPHRIDMRLQWSUDFWLFHWRWKHH[WHQWWKDW
DWKDWQDPHLVDOVRXVHGE\SHUVRQVZKRDUHQRW(XURSHDQODZ\HUVRUVROLFLWRUVRIDQ\SDUWRIWKH
8QLWHG.LQJGRPDQG
EWKRVHUXOHVSURKLELWPHPEHUVRIWKDWSURIHVVLRQDOERG\IURPXVLQJWKDWQDPH
1RWLILFDWLRQRIMRLQWSUDFWLFH
:KHUHD(XURSHDQODZ\HULVDPHPEHURIDMRLQWSUDFWLFHLQKLVKRPH6WDWHKHVKDOOLQIRUPWKH
SURIHVVLRQDOERG\ZLWKZKLFKKHLQWHQGVWRUHJLVWHUDQGSURYLGHLWZLWKWKHIROORZLQJLQIRUPDWLRQ
DWKHQDPHRIWKHMRLQWSUDFWLFH
EKLVSODFHRIEXVLQHVV
FWKHQDPHDQGSODFHRIEXVLQHVVRIDQ\PHPEHURIKLVMRLQWSUDFWLFH
GDQ\RWKHULQIRUPDWLRQDERXWWKHMRLQWSUDFWLFHUHTXHVWHGE\WKHSURIHVVLRQDOERG\
$(XURSHDQODZ\HUVKDOOQRWLI\WKDWSURIHVVLRQDOERG\RIDQ\FKDQJHVLQWKHLQIRUPDWLRQZKHWKHU
EHIRUHRUDIWHUUHJLVWUDWLRQ
5HSUHVHQWDWLRQLQOHJDOSURFHHGLQJV
6XEMHFW WR SDUDJUDSK QR HQDFWPHQW RU UXOH RI ODZ RU SUDFWLFH VKDOO SUHYHQW D UHJLVWHUHG
(XURSHDQ ODZ\HU IURP SXUVXLQJ SURIHVVLRQDO DFWLYLWLHV UHODWLQJ WR WKH UHSUHVHQWDWLRQ RI D FOLHQW LQ
DQ\ SURFHHGLQJV EHIRUH DQ\ FRXUW WULEXQDO RU SXEOLF DXWKRULW\ LQFOXGLQJ DGGUHVVLQJ WKH FRXUW
WULEXQDORUSXEOLFDXWKRULW\RQO\EHFDXVHKHLVQRWDVROLFLWRURUEDUULVWHU
,Q SURFHHGLQJV UHIHUUHG WR LQ SDUDJUDSK ZKHUH WKH SURIHVVLRQDO DFWLYLWLHV LQ TXHVWLRQPD\
EXW IRU WKHVH 5HJXODWLRQV EH ODZIXOO\ SURYLGHG RQO\ E\ D VROLFLWRU EDUULVWHU RU RWKHU TXDOLILHG
SHUVRQ D UHJLVWHUHG (XURSHDQ ODZ\HU VKDOO DFW LQ FRQMXQFWLRQ ZLWK D VROLFLWRU RU EDUULVWHU ZKR LV
HQWLWOHGWRSUDFWLVHEHIRUHWKHFRXUWWULEXQDORUSXEOLFDXWKRULW\FRQFHUQHGDQGZKRFRXOGODZIXOO\
SURYLGHWKRVHSURIHVVLRQDODFWLYLWLHV
7KHVROLFLWRURUEDUULVWHUUHIHUUHGWRLQSDUDJUDSKVKDOOZKHUHQHFHVVDU\EHDQVZHUDEOHWR
WKHFRXUWWULEXQDORUSXEOLFDXWKRULW\FRQFHUQHG
3URSHUW\WUDQVDFWLRQV
$ UHJLVWHUHG (XURSHDQ ODZ\HU LV QRW HQWLWOHG E\ YLUWXH RI UHJXODWLRQ WR SUHSDUH IRU
UHPXQHUDWLRQ DQ\ LQVWUXPHQW FUHDWLQJ RU WUDQVIHUULQJ DQ LQWHUHVW LQ ODQG XQOHVV KH KDV D KRPH
SURIHVVLRQDOWLWOHREWDLQHGLQ'HQPDUNWKH5HSXEOLFRI,UHODQG)LQODQGRU
6ZHGHQ
3UREDWH
$ UHJLVWHUHG (XURSHDQ ODZ\HU LV QRW HQWLWOHG E\ YLUWXH RI UHJXODWLRQ WR SUHSDUH IRU
UHPXQHUDWLRQDQ\LQVWUXPHQWIRUREWDLQLQJWLWOHWRDGPLQLVWHUWKHHVWDWHRIDGHFHDVHGSHUVRQXQOHVV
KHKDVDKRPHSURIHVVLRQDOWLWOHREWDLQHGLQ'HQPDUN*HUPDQ\WKH5HSXEOLFRI,UHODQG$XVWULD
)LQODQGRU6ZHGHQ
/HJDODLG
$ UHJLVWHUHG (XURSHDQ ODZ\HU PD\ SURYLGH SURIHVVLRQDO DFWLYLWLHV E\ ZD\ RI OHJDO DGYLFH DQG
DVVLVWDQFHRUOHJDODLGXQGHUWKHHQDFWPHQWVVSHFLILHGLQ3DUWRI6FKHGXOHDQGUHIHUHQFHVWRD
VROLFLWRUFRXQVHORUOHJDOUHSUHVHQWDWLYHLQWKRVHDQGDQ\RWKHUHQDFWPHQWVUHODWLQJWROHJDODGYLFH
DQGDVVLVWDQFHRUOHJDODLGVKDOOEHLQWHUSUHWHGDFFRUGLQJO\
3$57,,,
5(*,675$7,21
(VWDEOLVKPHQWDQGPDLQWHQDQFHRIUHJLVWHUVRI(XURSHDQODZ\HUV
(DFKSURIHVVLRQDOERG\VKDOOHVWDEOLVKDQGPDLQWDLQDUHJLVWHURIUHJLVWHUHG(XURSHDQODZ\HUV
$SSOLFDWLRQWREHHQWHUHGRQDUHJLVWHU
6XEMHFWWRUHJXODWLRQD(XURSHDQODZ\HUZKRZLVKHVWRSXUVXHSURIHVVLRQDODFWLYLWLHVXQGHU
KLVKRPHSURIHVVLRQDO WLWOHRQDSHUPDQHQWEDVLVLQ(QJODQGDQG:DOHVRU1RUWKHUQ,UHODQGVKDOO
DSSO\WREHHQWHUHGRQWKHUHJLVWHUPDLQWDLQHGE\DSURIHVVLRQDOERG\
$ (XURSHDQ ODZ\HU ZKR ZLVKHV WR UHJLVWHU ZLWK D SURIHVVLRQDO ERG\ LQ DFFRUGDQFH ZLWK
SDUDJUDSKVKDOOSURYLGHWKHSURIHVVLRQDOERG\ZLWKDFHUWLILFDWHFRQILUPLQJKLVUHJLVWUDWLRQZLWK
WKH FRPSHWHQW DXWKRULW\ LQ HDFK KRPH 6WDWH XQGHU ZKRVH KRPH SURIHVVLRQDO WLWOH KH LQWHQGV WR
SUDFWLVH
$SURIHVVLRQDOERG\PD\UHTXLUHWKDWWKHFHUWLILFDWHUHIHUUHGWRLQSDUDJUDSKVKDOOQRWKDYH
EHHQLVVXHGPRUHWKDQWKUHHPRQWKVEHIRUHWKHGDWHRIWKHDSSOLFDWLRQXQGHUWKLVUHJXODWLRQ
$QDSSOLFDWLRQIRUUHJLVWUDWLRQXQGHUWKLVUHJXODWLRQVKDOOFRPSO\ZLWKDQ\DSSOLFDEOHUHJXODWLRQV
PDGHE\WKHUHOHYDQWSURIHVVLRQDOERG\DQGEHDFFRPSDQLHGE\WKHDSSURSULDWHIHH
6XEMHFW WR UHJXODWLRQ D (XURSHDQ ODZ\HU PD\ DSSO\ WR EH HQWHUHG RQ WKH UHJLVWHUV
PDLQWDLQHGE\PRUHWKDQRQHSURIHVVLRQDOERG\
,QWKLVUHJXODWLRQ³SURIHVVLRQDOERG\´LQFOXGHVWKH/DZ6RFLHW\RI6FRWODQGDQGWKH)DFXOW\RI
$GYRFDWHV
5HJLVWUDWLRQE\SURIHVVLRQDOERG\
6XEMHFWWRUHJXODWLRQDSURIHVVLRQDOERG\VKDOOHQWHURQLWVUHJLVWHUWKHQDPHRID(XURSHDQ
ODZ\HUZKRDSSOLHVWRLWLQDFFRUGDQFHZLWKUHJXODWLRQ
:KHUH D SURIHVVLRQDO ERG\ UHJLVWHUV D (XURSHDQ ODZ\HU LQ DFFRUGDQFH ZLWK SDUDJUDSK LW
VKDOOLQIRUPWKH FRPSHWHQWDXWKRULW\LQWKHKRPH6WDWHRIWKH UHJLVWUDWLRQ
5HVWULFWLRQVRQUHJLVWUDWLRQ
$ (XURSHDQ ODZ\HU VKDOO QRW EH UHJLVWHUHG DW WKH VDPH WLPH ERWK ZLWK RQH RI WKH VROLFLWRUV¶
SURIHVVLRQDOERGLHVDQGZLWKRQHRIWKHEDUULVWHUV¶SURIHVVLRQDOERGLHV
$Q,ULVKVROLFLWRUVKDOOQRWEHHQWHUHGRQDUHJLVWHUPDLQWDLQHGXQGHUUHJXODWLRQE\DQ\RIWKH
EDUULVWHUV¶SURIHVVLRQDOERGLHV
$Q,ULVKEDUULVWHUVKDOOQRWEHHQWHUHGRQDUHJLVWHUPDLQWDLQHGXQGHUUHJXODWLRQE\DQ\RIWKH
VROLFLWRUV¶SURIHVVLRQDOERGLHV
$ (XURSHDQ ODZ\HU UHJLVWHUHG ZLWK WKH /DZ 6RFLHW\ RI 6FRWODQG VKDOO QRW EH HQWHUHG RQ D
UHJLVWHUPDLQWDLQHGXQGHUUHJXODWLRQE\DQ\RIWKHEDUULVWHUV¶SURIHVVLRQDOERGLHV
$(XURSHDQODZ\HUUHJLVWHUHGZLWKWKH)DFXOW\RI$GYRFDWHVVKDOOQRWEHHQWHUHGRQDUHJLVWHU
PDLQWDLQHGE\DQ\RIWKHVROLFLWRUV¶SURIHVVLRQDOERGLHV
7LPHOLPLWIRUGHFLVLRQDQGQRWLILFDWLRQE\SURIHVVLRQDOERG\
$SURIHVVLRQDOERG\VKDOOFRQVLGHUDQDSSOLFDWLRQIRUUHJLVWUDWLRQXQGHUUHJXODWLRQDVVRRQDV
LVUHDVRQDEO\SUDFWLFDEOHDQGVKDOOQRWLI\WKH(XURSHDQODZ\HURILWVGHFLVLRQDQGLIWKHDSSOLFDWLRQ
LVUHMHFWHGRUJUDQWHGVXEMHFWWRFRQGLWLRQVWKHUHDVRQVXSRQZKLFKWKHUHMHFWLRQRUWKHLPSRVLWLRQ
RI FRQGLWLRQV LV EDVHG ZLWKLQ IRXU PRQWKV RI UHFHLSW RI DQ DSSOLFDWLRQ FRPSO\LQJ ZLWK UHJXODWLRQ
DQG
:KHUHWKHSURIHVVLRQDOERG\IDLOVWRWDNHDGHFLVLRQDQGQRWLI\WKH(XURSHDQODZ\HUZLWKLQIRXU
PRQWKVLQDFFRUGDQFHZLWKSDUDJUDSKLWVKDOOEHGHHPHGWRKDYHWDNHQDGHFLVLRQWRUHMHFWKLV
DSSOLFDWLRQDQGWRKDYHQRWLILHGLWWRKLPRQWKHODVWGD\RI WKDWSHULRG
:KHUH D SURIHVVLRQDO ERG\ ZLWKGUDZV RU VXVSHQGV D UHJLVWUDWLRQLW VKDOO QRWLI\ WKH(XURSHDQ
ODZ\HURILWVGHFLVLRQDQGRIWKHUHDVRQVXSRQZKLFKWKHZLWKGUDZDORUVXVSHQVLRQLVEDVHG
$SSHDOE\(XURSHDQODZ\HU
:LWKLQWKUHHPRQWKVRIWKHQRWLILFDWLRQWRKLPRIWKHSURIHVVLRQDOERG\¶VGHFLVLRQRUODWHUZLWK
WKHSHUPLVVLRQRIWKHDSSHDOERG\WKH(XURSHDQODZ\HUPD\ DSSHDODJDLQVWWKHGHFLVLRQWRWKH
DSSHDOERG\VSHFLILHGLQ6FKHGXOH
$QDSSHDOERG\PD\IRUWKHSXUSRVHRIGHWHUPLQLQJDQ\DSSHDOXQGHUWKLV3DUW
DRUGHUWKHSURIHVVLRQDOERG\WRUHJLVWHUWKH(XURSHDQODZ\HU
EUHIXVHWKHDSSHDORU
FUHPLWWKHPDWWHUWRWKHSURIHVVLRQDOERG\ZLWKVXFKGLUHFWLRQVDVWKHDSSHDOERG\VHHVILW
7KHDSSHDOERG\VKDOOJLYHUHDVRQVIRULWVGHFLVLRQ
2IIHQFHRISUHWHQGLQJWREHDUHJLVWHUHG(XURSHDQODZ\HU
$ SHUVRQ ZKR LV QRW UHJLVWHUHG DV D (XURSHDQ ODZ\HU LQ DQ\ SDUW RI WKH 8QLWHG .LQJGRP
LQFOXGLQJDSHUVRQZKRVHUHJLVWUDWLRQKDVEHHQVXVSHQGHGDQG
D ZLOIXOO\ SUHWHQGV WR EH D UHJLVWHUHG (XURSHDQ ODZ\HU RU WDNHV RU XVHV DQ\ QDPH WLWOH
GHVLJQDWLRQRUGHVFULSWLRQLPSO\LQJWKDWKHLVDUHJLVWHUHG(XURSHDQODZ\HURU
EVXEMHFW WR SDUDJUDSKFDUULHV RQ SURIHVVLRQDO DFWLYLWLHV XQGHU RQH RI WKHSURIHVVLRQDO WLWOHV
OLVWHGLQUHJXODWLRQRUXQGHUDQ\QDPHGHVLJQDWLRQRUGHVFULSWLRQLPSO\LQJWKDWKHLVHQWLWOHGWR
SXUVXHWKRVHDFWLYLWLHVXQGHURQHRIWKRVHSURIHVVLRQDOWLWOHV
VKDOO EH JXLOW\ RIDQ RIIHQFH DQG OLDEOH RQ VXPPDU\ FRQYLFWLRQ WR DILQH QRW H[FHHGLQJ WKHIRXUWK
OHYHORQWKHVWDQGDUGVFDOH
3DUDJUDSKEVKDOOQRWDSSO\WRDSHUVRQZKRVDWLVILHVDQ\RIWKHIROORZLQJFRQGLWLRQV
DKHLVQRWDQDWLRQDORIWKH8QLWHG.LQJGRPRURIDQ\RIWKH6WDWHVOLVWHGLQUHJXODWLRQ
EKHLVDVROLFLWRURUEDUULVWHURUXQGHUWKHODZRI6FRWODQGDVROLFLWRURUDGYRFDWHRU
FKHLVSURYLGLQJVHUYLFHVZLWKLQWKHPHDQLQJRIWKH(XURSHDQ&RPPXQLWLHV6HUYLFHVRI/DZ\HUV
2UGHUDWWKHWLPHKLVDFWLYLWLHVIDOOZLWKLQSDUDJUDSKE
&RVWVDQGIHHVRIDQXQUHJLVWHUHG(XURSHDQODZ\HU
:KHUHD(XURSHDQODZ\HULVFDUU\LQJRQSURIHVVLRQDODFWLYLWLHVXQGHUKLVKRPHSURIHVVLRQDOWLWOHLQ
(QJODQGDQG:DOHVRU1RUWKHUQ,UHODQGEXWLVQRWUHJLVWHUHGDVD(XURSHDQODZ\HULQDQ\SDUWRIWKH
8QLWHG.LQJGRPLQFOXGLQJDSHUVRQZKRVHUHJLVWUDWLRQKDVEHHQVXVSHQGHGDQ\FRVWVRUIHHVLQ
UHVSHFWRIWKRVHDFWLYLWLHVVKDOOQRW
EHUHFRYHUDEOHE\KLPRUDQ\RWKHUSHUVRQ
(YLGHQFHRIUHJLVWUDWLRQ
$Q\FHUWLILFDWHSXUSRUWLQJWREHVLJQHGE\DQRIILFHURIDSURIHVVLRQDOERG\DQGVWDWLQJWKDWDSHUVRQ
DLVRULVQRWUHJLVWHUHGZLWKWKDWSURIHVVLRQDOERG\RU
EZDVRUZDVQRWUHJLVWHUHGZLWKWKDWSURIHVVLRQDOERG\GXULQJDSHULRGVSHFLILHGLQWKH
FHUWLILFDWHVKDOOXQOHVVWKHFRQWUDU\LVSURYHGEHHYLGHQFHRIWKDWIDFWDQGEHWDNHQWRKDYHEHHQ
VRVLJQHG
3XEOLFDWLRQRIQDPHVRIUHJLVWHUHG(XURSHDQODZ\HUV
:KHUHDSURIHVVLRQDOERG\SXEOLVKHVWKHQDPHVRIVROLFLWRUVRUEDUULVWHUVUHJLVWHUHGZLWKLWLW
VKDOODOVRSXEOLVKWKHQDPHVRIDQ\(XURSHDQODZ\HUVUHJLVWHUHGZLWKLW
,QWKLVUHJXODWLRQ³SXEOLVKHV´RU³SXEOLVK´LQFOXGHVWKHSURYLVLRQRILQIRUPDWLRQWRDOHJDO
SXEOLVKHU
3$57,9
5(*8/$7,21$1'',6&,3/,1(
5XOHVRISURIHVVLRQDOFRQGXFWDSSOLFDEOH
:KHUH D UHJLVWHUHG (XURSHDQ ODZ\HU LVSUDFWLVLQJ XQGHU KLV KRPH SURIHVVLRQDO WLWOHLQ WKH 8QLWHG
.LQJGRP KH VKDOO EH VXEMHFW WR WKH VDPH UXOHV RI SURIHVVLRQDO FRQGXFW DV D PHPEHU RI WKH
SURIHVVLRQDOERG\ZLWKZKLFKKHLVUHJLVWHUHGDQGLIKHLVUHJLVWHUHGZLWKPRUHWKDQRQHKHVKDOO
EH VXEMHFW WR WKH UXOHV RI SURIHVVLRQDO FRQGXFW RI DOO WKH SURIHVVLRQDO ERGLHV ZLWK ZKLFK KH LV
UHJLVWHUHG
'LVFLSOLQDU\SURFHHGLQJVDSSOLFDEOH
:KHUH D UHJLVWHUHG (XURSHDQ ODZ\HUIDLOVWR FRPSO\ ZLWK WKH UXOHV RI SURIHVVLRQDO FRQGXFW WR
ZKLFK KH LV VXEMHFW XQGHU UHJXODWLRQ KH VKDOO EH VXEMHFW WR WKH VDPH UXOHV RI SURFHGXUH
SHQDOWLHVDQGUHPHGLHVDVDPHPEHURIWKHSURIHVVLRQDOERG\ZLWKZKLFKWKH(XURSHDQODZ\HULV
UHJLVWHUHGDQGVKDOOLIDSSURSULDWHEHVXEMHFWWRGLVFLSOLQDU\SURFHHGLQJVEURXJKWE\DQDSSURSULDWH
DXWKRULW\
$Q\VDQFWLRQDJDLQVWDUHJLVWHUHG(XURSHDQODZ\HULQUHODWLRQWRGLVFLSOLQDU\SURFHHGLQJVPD\
LQFOXGHZLWKGUDZDORUVXVSHQVLRQRIKLVUHJLVWUDWLRQ
7KHDSSURSULDWHDXWKRULW\VKDOOJLYHUHDVRQVIRULWVGHFLVLRQ
,QWKLVUHJXODWLRQDQDSSURSULDWHDXWKRULW\PHDQV
D ZKHUH WKH UHJLVWHUHG (XURSHDQ ODZ\HU LV UHJLVWHUHG ZLWK RQH RI WKH VROLFLWRUV¶ SURIHVVLRQDO
ERGLHVDQDXWKRULW\KDYLQJGLVFLSOLQDU\MXULVGLFWLRQRYHUVROLFLWRUVLQ(QJODQGDQG:DOHVRU1RUWKHUQ
,UHODQGDVWKHFDVHPD\EH
E ZKHUH WKH UHJLVWHUHG (XURSHDQ ODZ\HU LV UHJLVWHUHG ZLWK RQH RI WKH EDUULVWHUV¶ SURIHVVLRQDO
ERGLHV DQ DXWKRULW\ KDYLQJ GLVFLSOLQDU\ MXULVGLFWLRQ RYHU EDUULVWHUV LQ (QJODQG DQG :DOHV RU
1RUWKHUQ,UHODQGDVWKHFDVHPD\EH
F ZKHUH WKH UHJLVWHUHG (XURSHDQ ODZ\HU LV UHJLVWHUHG ZLWK PRUH WKDQ RQH RI WKH VROLFLWRUV¶
SURIHVVLRQDO ERGLHV RU WKH EDUULVWHUV¶ SURIHVVLRQDO ERGLHV DQ DXWKRULW\ KDYLQJ GLVFLSOLQDU\
MXULVGLFWLRQ RYHU VROLFLWRUV RU EDUULVWHUV DV WKH FDVH PD\ EH LQ (QJODQG DQG :DOHV RU 1RUWKHUQ
,UHODQG
'LVFLSOLQDU\SURFHHGLQJVDJDLQVWDUHJLVWHUHG(XURSHDQODZ\HU
:KHUH D SURIHVVLRQDO ERG\ LQWHQGV WR EHJLQ GLVFLSOLQDU\ SURFHHGLQJV DJDLQVW D UHJLVWHUHG
(XURSHDQODZ\HULWVKDOO
DLQIRUPWKHFRPSHWHQWDXWKRULW\LQKLVKRPH6WDWHRIWKHLQWHQWLRQWREHJLQWKRVHSURFHHGLQJVDQG
IXUQLVKLWZLWKDOOWKHUHOHYDQWGHWDLOV
EFRRSHUDWHZLWKWKDWDXWKRULW\WKURXJKRXWWKRVHSURFHHGLQJVDQG
FLQIRUPWKDWDXWKRULW\RIWKHGHFLVLRQUHDFKHGLQWKRVHSURFHHGLQJVLQFOXGLQJWKHGHFLVLRQLQDQ\
DSSHDODVVRRQDVSUDFWLFDEOHDIWHUWKHGHFLVLRQLVJLYHQ
6XEMHFWWRSDUDJUDSKZKHUHWKHFRPSHWHQWDXWKRULW\LQWKHUHJLVWHUHG(XURSHDQODZ\HU¶V
KRPH6WDWHZLWKGUDZVKLVDXWKRULVDWLRQWRSUDFWLVHXQGHUWKHKRPHSURIHVVLRQDOWLWOHHLWKHU
WHPSRUDULO\RUSHUPDQHQWO\KLVUHJLVWUDWLRQZLWKWKHSURIHVVLRQDOERG\VKDOOEHDXWRPDWLFDOO\
ZLWKGUDZQWRWKHVDPHH[WHQW
:KHUHDUHJLVWHUHG(XURSHDQODZ\HULVDXWKRULVHGWRSUDFWLVHXQGHUDKRPH SURIHVVLRQDOWLWOHLQ
WZRRUPRUHKRPH6WDWHVKLVUHJLVWUDWLRQVKDOOEHZLWKGUDZQLQDFFRUGDQFHZLWKSDUDJUDSKRQO\
LIKLVDXWKRULVDWLRQWRSUDFWLVHXQGHUDKRPHSURIHVVLRQDOWLWOHKDVEHHQZLWKGUDZQLQDOOWKRVHKRPH
6WDWHV
:KHUHWKHUHLVDQDSSHDODJDLQVWDGHFLVLRQLQGLVFLSOLQDU\SURFHHGLQJVDJDLQVWDUHJLVWHUHG
(XURSHDQODZ\HUWKHERG\UHVSRQVLEOHIRUKHDULQJWKHDSSHDOVKDOODIIRUGWKHFRPSHWHQWDXWKRULW\
LQWKHUHJLVWHUHG(XURSHDQODZ\HU¶VKRPH6WDWHDQRSSRUWXQLW\WRPDNHUHSUHVHQWDWLRQVLQUHODWLRQ
WRWKDWDSSHDO
'LVFLSOLQDU\SURFHHGLQJVDJDLQVWDVROLFLWRURUEDUULVWHU
:KHUHDSURIHVVLRQDOERG\LQWHQGVWREHJLQGLVFLSOLQDU\SURFHHGLQJVDJDLQVWDVROLFLWRURU
EDUULVWHUSUDFWLVLQJLQD6WDWHOLVWHGLQUHJXODWLRQLWVKDOOLQIRUPWKHFRPSHWHQWDXWKRULW\LQWKDW
6WDWHRI
DWKHLQWHQWLRQWREHJLQWKRVHSURFHHGLQJVDQGIXUQLVKLWZLWKDOOWKH UHOHYDQWGHWDLOVDQG
EWKHGHFLVLRQUHDFKHGLQWKRVHSURFHHGLQJVLQFOXGLQJWKHGHFLVLRQLQDQ\DSSHDODVVRRQDV
SUDFWLFDEOHDIWHUWKHGHFLVLRQLVJLYHQ
3$579
(175<,1727+(352)(66,212)62/,&,72525%$55,67(5
$SSOLFDWLRQE\UHJLVWHUHG(XURSHDQODZ\HU
:KHUH D UHJLVWHUHG (XURSHDQ ODZ\HU DSSOLHV WR WKH SURIHVVLRQDO ERG\ ZKHUH KH KDV EHHQ
UHJLVWHUHG WR EHFRPH D VROLFLWRU RU EDUULVWHU DV WKH FDVH PD\ EH DQG WKDW SURIHVVLRQDO ERG\
UHTXLUHVKLPWRSDVVDQDSWLWXGHWHVWXQGHUUHJXODWLRQELLRIWKH4XDOLILFDWLRQ5HJXODWLRQVKH
PD\DSSO\WRWKHSURIHVVLRQDOERG\IRUDQH[HPSWLRQIURPWKDWUHTXLUHPHQWRQWKHJURXQGVWKDWKH
IDOOVZLWKLQSDUDJUDSKRURIWKLVUHJXODWLRQ
$SHUVRQIDOOVZLWKLQWKLVSDUDJUDSKLI
DKHLVD(XURSHDQODZ\HUDQGKDVEHHQUHJLVWHUHGZLWKWKDWSURIHVVLRQDOERG\IRUDWOHDVWWKUHH
\HDUVDQG
E KH KDV IRU D SHULRG RI DW OHDVW WKUHH \HDUV HIIHFWLYHO\ DQG UHJXODUO\ SXUVXHG LQ (QJODQG DQG
:DOHV RU 1RUWKHUQ ,UHODQG SURIHVVLRQDO DFWLYLWLHV XQGHU KLV KRPH SURIHVVLRQDO WLWOH LQ WKH ODZ RI
(QJODQGDQG:DOHVRU1RUWKHUQ,UHODQGDVWKHFDVHPD\EH
$SHUVRQIDOOVZLWKLQWKLVSDUDJUDSKLI
DKHLVD(XURSHDQODZ\HUDQGKDVEHHQUHJLVWHUHGZLWKWKDWSURIHVVLRQDOERG\IRUDWOHDVWWKUHH
\HDUVDQG
E KH KDV IRU D SHULRG RI DW OHDVW WKUHH \HDUV HIIHFWLYHO\ DQG UHJXODUO\ SXUVXHG LQ (QJODQG DQG
:DOHVRU1RUWKHUQ,UHODQGSURIHVVLRQDODFWLYLWLHVXQGHUKLVKRPH SURIHVVLRQDOWLWOHDQG
FKH KDV IRU D SHULRG RIOHVV WKDQ WKUHH \HDUV HIIHFWLYHO\DQG UHJXODUO\ SXUVXHG LQ(QJODQG DQG
:DOHV RU 1RUWKHUQ ,UHODQG SURIHVVLRQDO DFWLYLWLHV XQGHU KLV KRPH SURIHVVLRQDO WLWOH LQ WKH ODZ RI
(QJODQGDQG:DOHVRU1RUWKHUQ,UHODQG
DVWKHFDVHPD\EH
'HFLVLRQE\SURIHVVLRQDOERG\
6XEMHFW WR SDUDJUDSK WKH SURIHVVLRQDO ERG\ VKDOO JUDQW DQ H[HPSWLRQ DSSOLHG IRU XQGHU
UHJXODWLRQLILWFRQVLGHUVWKDWWKHUHTXLUHPHQWVXQGHUSDUDJUDSKRURIUHJXODWLRQKDYH
EHHQPHW
7KHUHJLVWUDWLRQRIDUHJLVWHUHG(XURSHDQODZ\HUVKDOOFHDVHIURPWKHGDWHKHLVJUDQWHGHQWU\
LQWRWKHSURIHVVLRQRIVROLFLWRURUEDUULVWHU
7KH SURIHVVLRQDO ERG\ PD\ UHIXVH WR JUDQW DQ H[HPSWLRQ LI LW FRQVLGHUV WKDW WKH UHJLVWHUHG
(XURSHDQODZ\HUZRXOGEHXQILWWRSUDFWLVHDVDVROLFLWRURUEDUULVWHU
(YLGHQFHLQVXSSRUWRIDSSOLFDWLRQIRUH[HPSWLRQXQGHUUHJXODWLRQ
:KHUHDUHJLVWHUHG(XURSHDQODZ\HUPDNHVDQDSSOLFDWLRQXQGHUSDUDJUDSK
RI UHJXODWLRQ KH VKDOO SURYLGH WKH SURIHVVLRQDO ERG\ ZLWK DQ\ UHOHYDQW LQIRUPDWLRQ DQG
GRFXPHQWVZKLFKLWPD\UHDVRQDEO\UHTXLUH
7KH SURIHVVLRQDO ERG\ PD\ YHULI\ WKH HIIHFWLYH DQG UHJXODU QDWXUH RI WKH SURIHVVLRQDO DFWLYLW\
SXUVXHG DQG PD\ LI QHFHVVDU\ UHTXHVW WKH UHJLVWHUHG (XURSHDQ ODZ\HU WR SURYLGH RUDOO\ RU LQ
ZULWLQJFODULILFDWLRQRIRUIXUWKHUGHWDLOVRQWKHLQIRUPDWLRQDQGGRFXPHQWVUHIHUUHGWRLQSDUDJUDSK
(YLGHQFHLQVXSSRUWRIDSSOLFDWLRQIRUH[HPSWLRQXQGHUUHJXODWLRQ
:KHUHDUHJLVWHUHG(XURSHDQODZ\HUPDNHVDQDSSOLFDWLRQXQGHUSDUDJUDSK
RI UHJXODWLRQ KH VKDOO SURYLGH WKH SURIHVVLRQDO ERG\ ZLWK DQ\ UHOHYDQW LQIRUPDWLRQ DQG
GRFXPHQWVLWPD\UHDVRQDEO\UHTXLUH
:KHQ GHFLGLQJ ZKHWKHU WR JUDQW DQ DSSOLFDWLRQ XQGHU SDUDJUDSK RI UHJXODWLRQ WKH
SURIHVVLRQDOERG\VKDOOWDNHLQWRDFFRXQWWKHSURIHVVLRQDODFWLYLWLHVWKHUHJLVWHUHG(XURSHDQODZ\HU
KDV SXUVXHG GXULQJ WKH SHULRG KH KDV EHHQ UHJLVWHUHG DQG DQ\ NQRZOHGJH DQG SURIHVVLRQDO
H[SHULHQFHKHKDVJDLQHGRIDQGDQ\WUDLQLQJKHKDVUHFHLYHGLQWKHODZRIDQ\SDUWRIWKH8QLWHG
.LQJGRPDQGWKHUXOHVRISURIHVVLRQDOFRQGXFWRIWKHSURIHVVLRQFRQFHUQHG
6XEMHFWWRSDUDJUDSKLQWKHFDVHRIDQDSSOLFDWLRQXQGHUSDUDJUDSKRIUHJXODWLRQWKH
SURIHVVLRQDO ERG\ VKDOO DVVHVV DQG YHULI\ WKH UHJLVWHUHG (XURSHDQ ODZ\HU¶V HIIHFWLYH DQG UHJXODU
SURIHVVLRQDODFWLYLW\DQGKLVFDSDFLW\WRFRQWLQXHWKHDFWLYLW\KHKDVSXUVXHGDWDQLQWHUYLHZ
:KHUH D SURIHVVLRQDO ERG\ EHOLHYHV WKDW DQ LQWHUYLHZ LV XQQHFHVVDU\ DQG LQWHQGV WR JUDQW DQ
DSSOLFDWLRQXQGHUSDUDJUDSKRIUHJXODWLRQLWPD\GLVSHQVHZLWKWKDW UHTXLUHPHQW
0HDQLQJRI³HIIHFWLYHO\DQGUHJXODUO\SXUVXHG´
)RUWKHSXUSRVHVRIUHJXODWLRQVWRDFWLYLWLHVVKDOOEHUHJDUGHGDVHIIHFWLYHO\DQGUHJXODUO\
SXUVXHGLIWKH\DUHDFWXDOO\H[HUFLVHGZLWKRXWDQ\LQWHUUXSWLRQRWKHUWKDQWKRVHUHVXOWLQJIURPWKH
HYHQWVRIHYHU\GD\OLIH
7LPHOLPLWIRUGHFLVLRQDQGQRWLILFDWLRQE\SURIHVVLRQDOERG\
$SURIHVVLRQDOERG\VKDOOFRQVLGHUDQDSSOLFDWLRQXQGHUUHJXODWLRQDVVRRQDVLVUHDVRQDEO\
SUDFWLFDEOH DQG VKDOO QRWLI\ WKH DSSOLFDQW RI LWV GHFLVLRQ DQG LI WKH DSSOLFDWLRQ LV UHMHFWHG WKH
UHDVRQVIRUWKHUHMHFWLRQZLWKLQIRXUPRQWKVRIUHFHLSWRIDOOWKHUHOHYDQWGRFXPHQWV
:KHUHWKHSURIHVVLRQDOERG\IDLOVWRWDNHDGHFLVLRQDQGQRWLI\WKHUHJLVWHUHG(XURSHDQODZ\HU
ZLWKLQIRXUPRQWKVLQDFFRUGDQFHZLWKSDUDJUDSKLWVKDOOEHGHHPHGWRKDYHWDNHQDGHFLVLRQWR
UHMHFWKLVDSSOLFDWLRQDQGWRKDYHQRWLILHGLWWRKLPRQWKHODVWGD\RIWKDWSHULRG
$SSHDOE\UHJLVWHUHG(XURSHDQODZ\HU
:LWKLQWKUHHPRQWKVRIWKHQRWLILFDWLRQWRKLPRIWKHSURIHVVLRQDOERG\¶VGHFLVLRQRUODWHUZLWK
WKHSHUPLVVLRQRIWKHDSSHDOERG\WKHUHJLVWHUHG(XURSHDQODZ\HUPD\DSSHDODJDLQVWWKHGHFLVLRQ
WRWKHDSSHDOERG\VSHFLILHGLQ6FKHGXOH
$QDSSHDOERG\PD\IRUWKHSXUSRVHRIGHWHUPLQLQJDQ\DSSHDOXQGHUWKLV3DUW
DJLYHWKHH[HPSWLRQDQGWKHDXWKRULVDWLRQWRHQWHULQWRWKHSURIHVVLRQRIVROLFLWRURUEDUULVWHUDV
WKHFDVHPD\EH
EUHIXVHWKHDSSHDORU
FUHPLWWKHPDWWHUWRWKHSURIHVVLRQDOERG\ZLWKVXFKGLUHFWLRQVDVWKHDSSHDOERG\VHHVILW
7KHDSSHDOERG\VKDOOJLYHUHDVRQVIRULWVGHFLVLRQ
3UDFWLFHXQGHUWKHWLWOHRIVROLFLWRURUEDUULVWHU
7KLVUHJXODWLRQDSSOLHVZKHUHDUHJLVWHUHG(XURSHDQODZ\HU³WKHODZ\HU´LVJUDQWHGHQWU\LQWR
WKHSURIHVVLRQRIVROLFLWRURUEDUULVWHU
6XEMHFW WR SDUDJUDSK WKH ODZ\HU VKDOO EH HQWLWOHG WR FRQWLQXH WR SUDFWLVH LQ (QJODQG DQG
:DOHVRU1RUWKHUQ,UHODQGDVWKHFDVHPD\EHXQGHUKLVKRPHSURIHVVLRQDO WLWOHDQGWRXVHKLV
KRPH SURIHVVLRQDO WLWOHH[SUHVVHG LQ DQ RIILFLDO ODQJXDJH RI KLV KRPH 6WDWH DORQJVLGH WKH WLWOH RI
VROLFLWRU RU EDUULVWHU SURYLGHG WKDW KH FRQWLQXHV WR EH DXWKRUL]HG LQ KLV KRPH 6WDWH WR SXUVXH
SURIHVVLRQDODFWLYLWLHVXQGHUWKDWWLWOH
)RU WKH SXUSRVHV RI UXOHV RI SURIHVVLRQDO FRQGXFW LQFOXGLQJ WKRVH UHODWLQJ WR GLVFLSOLQDU\ DQG
FRPSODLQWV SURFHGXUHV WKH ODZ\HU¶V FRQWLQXLQJ SUDFWLFH LQ WKH 8QLWHG .LQJGRP XQGHU KLV KRPH
SURIHVVLRQDOWLWOHVKDOOEHGHHPHGWRIRUPSDUWRIKLVSUDFWLFHDVDVROLFLWRURUEDUULVWHUDQGWKRVH
UXOHV VKDOO DSSO\ WR KLV SUDFWLFH XQGHU KLV KRPHSURIHVVLRQDO WLWOH DV WKH\ GR WR KLV SUDFWLFH DV D
VROLFLWRURUEDUULVWHU
:KHUHWKLVUHJXODWLRQDSSOLHVDODZ\HU¶VUHJLVWUDWLRQLQDFFRUGDQFHZLWKUHJXODWLRQZLWKWKH
SURIHVVLRQDOERG\ZKRVHWLWOHKHKDVDFTXLUHGVKDOOFHDVHIURPWKHGDWHKHLVHQWLWOHGWRXVHWKDW
WLWOH
3DUDJUDSKVKDOOQRWDIIHFWDQ\UHJLVWUDWLRQWKHODZ\HUPD\KDYHLQDQRWKHUSDUWRIWKH8QLWHG
.LQJGRP
3$579,
6833/(0(17$5<3529,6,216
0RGLILFDWLRQRIHQDFWPHQWV
7KH HQDFWPHQWV VSHFLILHG LQ 3DUW RI 6FKHGXOH EHLQJ HQDFWPHQWV ZKLFK UHVHUYH FHUWDLQ
DFWLYLWLHV WR VROLFLWRUV EDUULVWHUV DQG RWKHU TXDOLILHG SHUVRQV VKDOO EH LQWHUSUHWHG VXEMHFW WR
UHJXODWLRQVDQG
5HIHUHQFHVWRXQTXDOLILHGSHUVRQVKRZHYHUH[SUHVVHGLQWKHHQDFWPHQWVVSHFLILHGLQ3DUWRI
6FKHGXOHEHLQJHQDFWPHQWVUHODWLQJWRXQTXDOLILHGSHUVRQVDFWLQJDVVROLFLWRUVVKDOOQRWLQFOXGH
D UHJLVWHUHG (XURSHDQ ODZ\HU SXUVXLQJ SURIHVVLRQDO DFWLYLWLHV ZLWKLQ WKH PHDQLQJ RI WKHVH
5HJXODWLRQV
6FKHGXOH H[WHQVLRQ RI HQDFWPHQWV (QJODQG DQG :DOHV VKDOO DSSO\ LQ UHODWLRQ WR WKH
UHJLVWUDWLRQRI(XURSHDQODZ\HUVZLWKWKH/DZ6RFLHW\
6FKHGXOHH[WHQVLRQRIHQDFWPHQWV1RUWKHUQ,UHODQGVKDOODSSO\LQUHODWLRQWR
WKHUHJLVWUDWLRQRI(XURSHDQODZ\HUVZLWKWKH/DZ6RFLHW\RI1RUWKHUQ,UHODQG
6&+('8/(
$SSHDOVFRQFHUQLQJUHJLVWUDWLRQDVD(XURSHDQODZ\HUH[HPSWLRQIURPUHJXODWLRQELLRIWKH
4XDOLILFDWLRQ5HJXODWLRQVDQGHQWU\LQWRWKHSURIHVVLRQRI6ROLFLWRURU%DUULVWHU
&ROXPQ
&ROXPQ
3URIHVVLRQ
$SSHDO%RG\
6ROLFLWRU(QJODQGDQG:DOHV
7KH0DVWHURIWKH5ROOV
6ROLFLWRU1RUWKHUQ,UHODQG
1RUWKHUQ,UHODQG
7KH/RUG&KLHI-XVWLFHRI
%DUULVWHU(QJODQGDQG:DOHV
&RXUW
7KH9LVLWRUVWRWKH,QQVRI
%DUULVWHU1RUWKHUQ,UHODQG
WKH,QQRI&RXUW
7KH([HFXWLYH&RXQFLORI
RI1RUWKHUQ,UHODQG
6&+('8/(
&RPSHWHQWDXWKRULWLHV
&ROXPQ
&ROXPQ
3URIHVVLRQ
3URIHVVLRQDOERG\
6ROLFLWRU(QJODQGDQG:DOHV
7KH/DZ6RFLHW\
6ROLFLWRU1RUWKHUQ,UHODQG
1RUWKHUQ,UHODQG
7KH/DZ6RFLHW\RI
%DUULVWHU(QJODQGDQG:DOHV
*HQHUDO
7KH,QQVRI&RXUWDQGWKH
&RXQFLORIWKH%DURI
(QJODQGDQG
:DOHV
%DUULVWHU1RUWKHUQ,UHODQG
WKH,QQRI
7KH([HFXWLYH&RXQFLORI
&RXUWRI1RUWKHUQ,UHODQG
6&+('8/(
0RGLILFDWLRQRIHQDFWPHQWV
3$57
(QDFWPHQWVUHODWLQJWRWKHSURYLVLRQRIOHJDODGYLFHDQGDVVLVWDQFHDQGOHJDODLG
/HJDO$LG$GYLFHDQG$VVLVWDQFH1RUWKHUQ,UHODQG2UGHUD
/HJDO$LG$FWE
$FFHVVWR-XVWLFH$FWF
5HJXODWLRQ
3$57
(QDFWPHQWVUHVHUYLQJFHUWDLQDFWLYLWLHVWR6ROLFLWRUV%DUULVWHUVDQGRWKHUTXDOLILHGSHUVRQV
6ROLFLWRUV$FWGVHFWLRQVDQG
6ROLFLWRUV1RUWKHUQ,UHODQG2UGHUHDUWLFOHVDQG
&RXUWVDQG/HJDO6HUYLFHV$FWIVHFWLRQVDQG
5HJXODWLRQ
3$57
(QDFWPHQWVUHODWLQJWRXQTXDOLILHGSHUVRQVDFWLQJDV6ROLFLWRUV
6ROLFLWRUV$FWVHFWLRQV
6ROLFLWRUV1RUWKHUQ,UHODQG2UGHUDUWLFOHVDQG
6&+('8/(
5HJXODWLRQ
([WHQVLRQRIHQDFWPHQWVLQUHODWLRQWRWKHUHJLVWUDWLRQRI(XURSHDQODZ\HUVZLWKWKH/DZ6RFLHW\
7KH SRZHU WR PDNH UHJXODWLRQV XQGHU VHFWLRQ RI WKH 6ROLFLWRUV $FW D VKDOO DOVR EH
H[HUFLVDEOHLQUHODWLRQWRUHJLVWHUHG(XURSHDQODZ\HUV
7KH SRZHU WR PDNH UHJXODWLRQV XQGHU VHFWLRQ RI WKDW $FW VKDOO DOVR EH H[HUFLVDEOH LQ
UHODWLRQWRDQ\DSSHDOVWRWKH0DVWHURIWKH5ROOVDXWKRULVHGE\RUE\YLUWXHRIWKHVH5HJXODWLRQV
7KHSRZHUWRPDNHUXOHVXQGHU±
DVHFWLRQV$EDQGRIWKH6ROLFLWRUV$FWDQG
E VHFWLRQ RI WKH $GPLQLVWUDWLRQ RI -XVWLFH $FW F VKDOO DOVR EH H[HUFLVDEOH LQ UHODWLRQ WR
UHJLVWHUHG (XURSHDQ ODZ\HUV DQG IRU WKH SXUSRVHV RI VHFWLRQ RI WKH 6ROLFLWRUV $FW ³FRQWUROOHG WUXVW´VKDOOLQUHODWLRQ WR DUHJLVWHUHG (XURSHDQ ODZ\HUPHDQ DWUXVW RI ZKLFK KH LV D
VROHWUXVWHHRUFRWUXVWHHRQO\ZLWKRQHRUPRUHRIKLVSDUWQHUVRUHPSOR\HHV
7KHSRZHUWRPDNHUHJXODWLRQVXQGHUSDUDJUDSKDQGXQGHUSDUDJUDSKRI6FKHGXOH
WR WKH &RXUWV DQG /HJDO 6HUYLFHV $FW G VKDOO DOVR EH H[HUFLVDEOH LQ UHODWLRQ WR UHJLVWHUHG
(XURSHDQODZ\HUVDQGUHJXODWLRQVXQGHUSDUDJUDSKPD\DOVRSURYLGHIRUULJKWVRIDSSHDOWRWKH
0DVWHURIWKH5ROOVLQFRQQHFWLRQZLWKWKHPDNLQJDOWHUDWLRQDQGUHPRYDORIHQWULHVRQWKHUHJLVWHU
RI(XURSHDQODZ\HUV
$Q\RIWKHSRZHUVUHIHUUHGWRLQSDUDJUDSKPD\EHH[HUFLVHGVRDVWRPDNHGLIIHUHQWSURYLVLRQ
ZLWKUHVSHFWWRUHJLVWHUHG(XURSHDQODZ\HUV
7KHSRZHUWRPDNHUXOHVXQGHUSDUDJUDSKRI6FKHGXOHWRWKH&RXUWVDQG/HJDO6HUYLFHV
$FW VKDOO DOVR EH H[HUFLVDEOH LQ UHODWLRQ WR UHJLVWHUHG (XURSHDQ ODZ\HUV DQG LQ UHODWLRQ WR
VROLFLWRUVZKRKDYHEHHQUHJLVWHUHG(XURSHDQODZ\HUV
7KH SRZHU UHIHUUHG WR LQ SDUDJUDSK PD\ EH H[HUFLVHG VR DV WR PDNH GLIIHUHQW SURYLVLRQ ZLWK
UHVSHFWWRUHJLVWHUHG(XURSHDQODZ\HUVRUZLWKUHVSHFWWRVROLFLWRUVIURPWKHSURYLVLRQPDGHZLWK
UHVSHFWWRUHJLVWHUHGIRUHLJQODZ\HUV
3DUDJUDSK E RI 6FKHGXOH WR WKH &RXUWV DQG /HJDO 6HUYLFHV $FW VKDOO DSSO\ WR
UHJLVWHUHG(XURSHDQODZ\HUVDVLWDSSOLHVWRUHJLVWHUHGIRUHLJQODZ\HUVH[FHSWWKDWWKH&RXQFLOPD\
SUHVFULEH D GLIIHUHQW OHYHO RIIHH IRU UHJLVWHUHG (XURSHDQ ODZ\HUV DQG IRU GLIIHUHQW GHVFULSWLRQV RI
UHJLVWHUHG(XURSHDQODZ\HUV
3DUDJUDSKVDDQGRI6FKHGXOHWRWKDW$FWVKDOODSSO\WRUHJLVWHUHG
(XURSHDQODZ\HUVDVWKH\DSSO\WRUHJLVWHUHGIRUHLJQODZ\HUV
3DUDJUDSKV D F DQG RI 6FKHGXOH WR WKDW $FW VKDOO DSSO\ WR
UHJLVWHUHG(XURSHDQODZ\HUVLQUHVSHFWRIDSSHDOVDJDLQVWUHIXVDOWRUHQHZDUHJLVWUDWLRQRUIDLOXUH
WRGHDOZLWKDQDSSOLFDWLRQIRUUHQHZDORIUHJLVWUDWLRQZLWKLQDUHDVRQDEOHWLPH
6XEMHFWWRVXESDUDJUDSKSDUDJUDSKVDQGRI6FKHGXOHWRWKDW$FWVKDOODSSO\WR
UHJLVWHUHG(XURSHDQODZ\HUVDQGWRVROLFLWRUVZKRKDYHEHHQUHJLVWHUHG(XURSHDQODZ\HUVDVWKH\
DSSO\WRUHJLVWHUHGIRUHLJQODZ\HUVDQGIRUWKDWSXUSRVHWKHUHIHUHQFHWRDPXOWLQDWLRQDO
SDUWQHUVKLSRIZKLFKKHLVRUZDVDPHPEHU
VKDOO EH LQWHUSUHWHG DV D UHIHUHQFH WR KLV SUDFWLFH DV D UHJLVWHUHG (XURSHDQ ODZ\HU RU WR KLV
SUDFWLFHDVDVROLFLWRU
7KH&RXQFLOPD\PDNHGLIIHUHQWSURYLVLRQZLWKUHVSHFWWRUHJLVWHUHG(XURSHDQODZ\HUVRUZLWK
UHVSHFWWRVROLFLWRUVIURPWKHSURYLVLRQPDGHZLWKUHVSHFWWRUHJLVWHUHGIRUHLJQODZ\HUV
3DUDJUDSKV $D $ DQG %E RI 6FKHGXOH WR WKH 6ROLFLWRUV $FW
VKDOOQRWDSSO\WRVROLFLWRUVZKRKDYHEHHQUHJLVWHUHG(XURSHDQODZ\HUV
7KHSURYLVLRQVRIVHFWLRQV%F$%&GDQGRIWKDW$FW
VKDOO DSSO\ WR UHJLVWHUHG (XURSHDQ ODZ\HUV DV WKH\ DSSO\ WR VROLFLWRUVH[FHSW WKDW UHIHUHQFHV WR D
VROLFLWRU¶VSUDFWLVLQJFHUWLILFDWHVKDOOEHLQWHUSUHWHGDVUHIHUHQFHVWRDUHJLVWHUHG(XURSHDQODZ\HU¶V
UHJLVWUDWLRQ
6XEMHFWWRVXESDUDJUDSKVWRVHFWLRQRIWKDW$FWVKDOODSSO\WRUHJLVWHUHG(XURSHDQ
ODZ\HUVDVLWDSSOLHVWRVROLFLWRUV
:KHUHE\YLUWXHRIUXOHVPDGHXQGHUSDUDJUDSKERI6FKHGXOHWRWKH&RXUWVDQG/HJDO
6HUYLFHV $FW D UHJLVWHUHG (XURSHDQ ODZ\HU KDV EHHQ H[HPSWHG IURP SD\LQJ DQ LQLWLDO RU
DQQXDO FRQWULEXWLRQ RQWKH JURXQGV WKDWXQGHU WKH UXOHV RIKLV KRPH MXULVGLFWLRQ KH KDV FRYHUIRU
SUDFWLFHLQWKH8QLWHG.LQJGRPFRPSOHWHO\HTXLYDOHQWWRWKDWSURYLGHGE\WKH&RPSHQVDWLRQ)XQG
QRJUDQWVKDOOEHPDGH±
DXQGHUVHFWLRQDRIWKH6ROLFLWRUV$FWLQUHVSHFWRIDQ\DFWRUGHIDXOWRI
LWKHUHJLVWHUHG(XURSHDQODZ\HURU
LLVXEMHFWWRSDUDJUDSKDQHPSOR\HHRIWKDWUHJLVWHUHG(XURSHDQODZ\HUZKRLVQRWDVROLFLWRU
E XQGHU VHFWLRQ E RI WKDW $FW LQUHVSHFW RI DQ\ DFWRU GHIDXOW RIWKHUHJLVWHUHG (XURSHDQ
ODZ\HU
FXQGHUVHFWLRQFRIWKDW$FWWRWKHUHJLVWHUHG(XURSHDQODZ\HU
6XESDUDJUDSKDLLVKDOOQRWDSSO\WRDQHPSOR\HHZKRLVHPSOR\HGE\DSDUWQHUVKLSZKLFK
LQFOXGHVDWOHDVWRQHSHUVRQZKRLVQRWH[HPSWHGE\YLUWXHRIVXESDUDJUDSK
1R JUDQW VKDOO EH PDGH XQGHU VHFWLRQ RI WKDW $FW LQ UHVSHFW RI DQ\ DFW RU GHIDXOW RI D
UHJLVWHUHG(XURSHDQODZ\HURURIDQ\RIKLVHPSOR\HHVRUSDUWQHUVZKHUHVXFKDFWRUGHIDXOWWDNHV
SODFH RXWVLGH WKH 8QLWHG .LQJGRP XQOHVV WKH &RXQFLO LV VDWLVILHG WKDW WKH DFW RU GHIDXOW LV RU LV
FORVHO\FRQQHFWHGZLWKWKHDFWRUGHIDXOWRIDVROLFLWRURULVFORVHO\FRQQHFWHGZLWKWKHUHJLVWHUHG
(XURSHDQODZ\HU¶VSUDFWLFHLQWKH8QLWHG.LQJGRP
6HFWLRQRIDQG6FKHGXOHWRWKH6ROLFLWRUV$FWVKDOODSSO\WRUHJLVWHUHG(XURSHDQODZ\HUV
DVWKH\DSSO\WRVROLFLWRUVDQGIRUWKDWSXUSRVH±
D³FRQWUROOHGWUXVW´VKDOOLQUHODWLRQWRDUHJLVWHUHG(XURSHDQODZ\HUPHDQDWUXVWRIZKLFKKHLVD
VROHWUXVWHHRUFRWUXVWHHRQO\ZLWKRQHRUPRUHRIKLVSDUWQHUVRUHPSOR\HHV
EUHIHUHQFHVWRDVROLFLWRU¶VSUDFWLVLQJFHUWLILFDWHVKDOOEHLQWHUSUHWHGDVUHIHUHQFHVWRDUHJLVWHUHG
(XURSHDQODZ\HU¶VUHJLVWUDWLRQ
FUHIHUHQFHVWRDVROHVROLFLWRUVKDOOEHLQWHUSUHWHGDVUHIHUHQFHVWRDUHJLVWHUHG(XURSHDQODZ\HU
ZKRLVWKHVROHSULQFLSDOLQDSUDFWLFHDQGDOVRWRDUHJLVWHUHG(XURSHDQODZ\HUZKRLVLQSUDFWLFHLQ
SDUWQHUVKLS RQO\ ZLWK SHUVRQV ZKR DUH QRW VROLFLWRUV UHJLVWHUHG (XURSHDQ ODZ\HUV UHJLVWHUHG
IRUHLJQODZ\HUVRUUHFRJQLVHGERGLHVDQGLQVXFKFDVHWKRVHSRZHUVVKDOODOVREHH[HUFLVDEOHVR
DVWRDOWHURUDIIHFWWKHOHJDOULJKWVREOLJDWLRQVRUGXWLHVRIWKHUHJLVWHUHG(XURSHDQODZ\HU¶VILUP
DQG
GZKHUHDQ\RIWKHSRZHUVUHIHUUHGWRLQ3DUW,,RI6FKHGXOHWRWKDW$FWDUHH[HUFLVDEOHE\YLUWXH
RI DQ\ SURYLVLRQ VR DV WR DOWHU RU DIIHFW WKH OHJDO ULJKWV REOLJDWLRQV RU GXWLHV RI WKH ILUP RI D
UHJLVWHUHG (XURSHDQ ODZ\HU RU IRUPHU UHJLVWHUHG (XURSHDQ ODZ\HU WKRVH SRZHUV VKDOO DOVR EH
H[HUFLVDEOHVRDVWRDOWHUWKHOHJDOULJKWVREOLJDWLRQVDQGGXWLHVRIWKH PHPEHUVRIWKDWILUP
6HFWLRQV F DQG RIWKH 6ROLFLWRUV $FW
VKDOODSSO\WRUHJLVWHUHG(XURSHDQODZ\HUVDVWKH\DSSO\WRVROLFLWRUVDQGUHIHUHQFHVLQWKRVH
VHFWLRQVWRWKHUROOVKDOOIRUWKLVSXUSRVHEHLQWHUSUHWHGDVUHIHUHQFHVWRWKHUHJLVWHU
)RU WKH SXUSRVH RI HQDEOLQJ WKH /DZ 6RFLHW\ WR LVVXH FHUWLILFDWHV XQGHU 3DUW , RI WKH )LQDQFLDO
6HUYLFHV $FW D UHJXODWLRQ RI LQYHVWPHQW EXVLQHVV WR D UHJLVWHUHG (XURSHDQ ODZ\HU D
SDUWQHUVKLS LQ ZKLFK D UHJLVWHUHG (XURSHDQ ODZ\HU LV D SDUWQHU RU D UHFRJQLVHG ERG\ LQ WKH
PDQDJHPHQWDQGFRQWURORIZKLFKDUHJLVWHUHG(XURSHDQODZ\HULVFRQFHUQHG±
DWKH/DZ6RFLHW\VKDOOEHWDNHQWREHWKHDSSURSULDWHSURIHVVLRQDOERG\
EWKH UHJLVWHUHG (XURSHDQ ODZ\HU DQG DQ\ SDUWQHU RI KLVZKR LV D SHUVRQ DXWKRUL]HG LQ D VWDWH
OLVWHG LQ UHJXODWLRQ WR SXUVXH SURIHVVLRQDO DFWLYLWLHV XQGHU DQ\ RI WKH WLWOHV DSSHDULQJ LQ WKDW
SDUDJUDSKVKDOOEHWUHDWHG±
LDVLIWKH\ZHUHPHPEHUVRIWKH/DZ6RFLHW\DQG
LL DV LI WKH\ ZHUH VROLFLWRUV IRU WKH SXUSRVHV RI SDUDJUDSK RI 6FKHGXOH WR WKH )LQDQFLDO
6HUYLFHV$FWUHTXLUHPHQWVIRUUHFRJQLWLRQRISURIHVVLRQDOERG\
)RU WKH SXUSRVHV RI VHFWLRQ RI WKH ,QVROYHQF\ $FW D DQG WKH ,QVROYHQF\ 3UDFWLWLRQHUV
5HFRJQLVHG3URIHVVLRQDO%RGLHV2UGHUEUHJLVWHUHG(XURSHDQODZ\HUVDQGWKHLUSDUWQHUV
VKDOOEHGHHPHGWREH±
DSDUWRI WKHVROLFLWRUV¶SURIHVVLRQDQG
EVXEMHFWWRWKH/DZ6RFLHW\¶VUXOHVLQWKHSUDFWLFHRIWKHLUSURIHVVLRQ
6HFWLRQ RI WKH &RXQW\ &RXUWV $FW F VKDOO DSSO\ WR UHJLVWHUHG (XURSHDQ ODZ\HUV DV LW
DSSOLHVWRVROLFLWRUV
6HFWLRQRIWKH&RXUWVDQG/HJDO6HUYLFHV$FWVKDOOEHDPHQGHGDV IROORZV
,QVXEVHFWLRQWKHIROORZLQJVKDOOEHVXEVWLWXWHGIRUWKHGHILQLWLRQRI³PXOWLQDWLRQDOSDUWQHUVKLS´
±
³³PXOWLQDWLRQDO SDUWQHUVKLS´ PHDQV D SDUWQHUVKLS ZKRVH PHPEHUV FRQVLVW RI RQH RU PRUH
UHJLVWHUHGIRUHLJQODZ\HUVDQGRQHRUPRUHRWKHUODZ\HUVDVSHUPLWWHGE\UXOHVPDGHXQGHUVHFWLRQ
RIWKH6ROLFLWRUV$FW´
6HFWLRQRIWKH$GPLQLVWUDWLRQRI-XVWLFH$FWVKDOOEHDPHQGHGDVIROORZV
,QVXEVHFWLRQWKHIROORZLQJVKDOOEHVXEVWLWXWHGIRUVXESDUDJUDSKD±
³D PDNLQJ SURYLVLRQ DV WR WKH PDQDJHPHQW DQG FRQWURO E\ VROLFLWRUV RU UHJLVWHUHG (XURSHDQ
ODZ\HUVRUE\VXFKSHUVRQVDQGRWKHUODZ\HUVDVSHUPLWWHGE\UXOHVPDGHXQGHUWKLVVHFWLRQRI
ERGLHVFRUSRUDWHFDUU\LQJRQEXVLQHVVFRQVLVWLQJRIWKHSURYLVLRQRISURIHVVLRQDOVHUYLFHVVXFKDV
DUHSURYLGHGE\LQGLYLGXDOVSUDFWLVLQJDVVROLFLWRUVRUODZ\HUVRIRWKHUMXULVGLFWLRQV´
,QVXEVHFWLRQ
DWKHGHILQLWLRQRI³PXOWLQDWLRQDOSDUWQHUVKLS´VKDOOEHGHOHWHG
EIRUWKHGHILQLWLRQRI³UHJLVWHUHGIRUHLJQODZ\HU´WKHUHVKDOOEHVXEVWLWXWHGWKHIROORZLQJ
³³UHJLVWHUHG(XURSHDQODZ\HU´PHDQVDSHUVRQZKRLVUHJLVWHUHGZLWKWKH/DZ6RFLHW\XQGHU
UHJXODWLRQRIWKH(XURSHDQ&RPPXQLWLHV/DZ\HU¶V3UDFWLFH2UGHUG´
5HJLVWHUHG (XURSHDQ ODZ\HUV VKDOO EH DXWKRULVHG DGYRFDWHV DQG DXWKRUL]HG OLWLJDWRUV IRU WKH
SXUSRVHV RI WKH &RXUWV DQG /HJDO 6HUYLFHV $FW DQG IRU WKH SXUSRVHV RI RWKHU HQDFWPHQWV
ZKHUHHLWKHURIWKRVHWHUPVLVGHILQHGE\UHIHUHQFHWRWKH PHDQLQJLQWKDW$FW
,Q WKH (VWDWH $JHQWV $FW D WKH UHIHUHQFH WR D SUDFWLVLQJ VROLFLWRU LQ VHFWLRQ D ZKLFK
H[HPSWV VROLFLWRUV IURP WKDW $FW VKDOO EH LQWHUSUHWHG DV LQFOXGLQJ D UHIHUHQFH WR D UHJLVWHUHG
(XURSHDQODZ\HUDQGWKHSDUWQHURIDUHJLVWHUHG(XURSHDQODZ\HUSURYLGLQJSURIHVVLRQDOVHUYLFHV
LQDFFRUGDQFHZLWKUXOHVPDGHXQGHUVHFWLRQRIWKH6ROLFLWRUV$FW
,QWKH3DUWQHUVKLSV8QUHVWULFWHG6L]H1R5HJXODWLRQVEWKHUHIHUHQFHLQUHJXODWLRQWRD
SDUWQHUVKLSZKLFKLVDPXOWLQDWLRQDOSDUWQHUVKLSZLWKLQWKHPHDQLQJRIVHFWLRQRIWKH&RXUWV
DQG /HJDO 6HUYLFHV $FW VKDOO EH LQWHUSUHWHG DV LQFOXGLQJ UHIHUHQFH WR D SDUWQHUVKLS ZKLFK
LQFOXGHVRQHRUPRUHUHJLVWHUHG(XURSHDQODZ\HUVDQGZKLFKLVSURYLGLQJSURIHVVLRQDOVHUYLFHVLQ
DFFRUGDQFHZLWKUXOHVPDGHXQGHUVHFWLRQRIWKH6ROLFLWRUV$FW
,QWKH5HKDELOLWDWLRQRI2IIHQGHUV$FW([FHSWLRQV2UGHUFWKHUHIHUHQFHWR³VROLFLWRU´LQ
3DUW , RI 6FKHGXOH WR WKH 2UGHU VKDOO EH LQWHUSUHWHG DV LQFOXGLQJ UHIHUHQFH WR D UHJLVWHUHG
(XURSHDQODZ\HU
7KH 6ROLFLWRUV 1RQ&RQWHQWLRXV %XVLQHVV 5HPXQHUDWLRQ2UGHU G VKDOO DSSO\ WR UHJLVWHUHG
(XURSHDQODZ\HUVDVLWDSSOLHVWRVROLFLWRUV
5HJLVWHUHG (XURSHDQ ODZ\HUV VKDOO EH WUHDWHG DV LI WKH\ ZHUH RIILFHUV RIWKH6XSUHPH &RXUWDQG
VKDOOEHVXEMHFWWRWKHLQKHUHQWMXULVGLFWLRQRIWKDWFRXUWLQOLNHPDQQHUDQGWRWKHVDPHH[WHQWDVLI
WKH\ZHUHVROLFLWRUV
5HIHUHQFHV LQ WKH &KDUWHU WR VROLFLWRUV VKDOO EH GHHPHG WR LQFOXGH UHIHUHQFHV WR UHJLVWHUHG
(XURSHDQODZ\HUV
,QWKLVSDUDJUDSK³WKH&KDUWHU´KDVWKHVDPHPHDQLQJDVLWKDVLQVHFWLRQRIWKH6ROLFLWRUV
$FW
,QWKH%DQNLQJ$FW([HPSW7UDQVDFWLRQV5HJXODWLRQVHHDFKUHIHUHQFHLQUHJXODWLRQ
WR D ³SUDFWLVLQJ VROLFLWRU´ VKDOO EH LQWHUSUHWHG DV LQFOXGLQJ D UHIHUHQFH WR D UHJLVWHUHG (XURSHDQ
ODZ\HU DQG WKH SDUWQHU RI D UHJLVWHUHG (XURSHDQ ODZ\HU SURYLGLQJ SURIHVVLRQDO VHUYLFHV LQ
DFFRUGDQFHZLWKUXOHVPDGHXQGHUVHFWLRQRIWKH6ROLFLWRUV$FW
,Q6FKHGXOHWRWKH$GPLQLVWUDWLRQRI-XVWLFH$FWSDUDJUDSKEVKDOO DSSO\WRDGLUHFWRU
ZKRLVDUHJLVWHUHG(XURSHDQODZ\HUDVLWDSSOLHVWRDGLUHFWRUZKRLVDVROLFLWRUDQGUHIHUHQFHWR
WKHUROOVKDOOLQFOXGHUHIHUHQFHWRWKHUHJLVWHU
5HJXODWLRQ
6&+('8/(
([WHQVLRQRIHQDFWPHQWVLQUHODWLRQWRWKHUHJLVWUDWLRQRI(XURSHDQODZ\HUVZLWKWKH/DZ6RFLHW\RI
1RUWKHUQ,UHODQG
7KH SRZHU WR PDNH UXOHV DQG UHJXODWLRQV XQGHU DUWLFOH RI WKH 6ROLFLWRUV 1RUWKHUQ ,UHODQG
2UGHUVKDOODOVREHH[HUFLVDEOHLQUHODWLRQWRUHJLVWHUHG(XURSHDQODZ\HUV
7KHSRZHUWRPDNHUHJXODWLRQVXQGHUDUWLFOHV$DDQGVKDOODOVREH
H[HUFLVDEOHLQUHODWLRQ WRUHJLVWHUHG(XURSHDQODZ\HUV
7KH SURYLVLRQV RI DUWLFOHV DQG WR RI WKDW 2UGHU VKDOO DSSO\ WR UHJLVWHUHG
(XURSHDQODZ\HUVDVWKH\DSSO\WRVROLFLWRUVH[FHSWWKDW±
DUHIHUHQFHVWRDVROLFLWRU¶VSUDFWLVLQJFHUWLILFDWHVKDOOEHLQWHUSUHWHGDVUHIHUHQFHVWRDUHJLVWHUHG
(XURSHDQODZ\HU¶VUHJLVWUDWLRQDQG
EUHIHUHQFHVWRWKHUROOVKDOOEHLQWHUSUHWHGDVUHIHUHQFHVWRWKHUHJLVWHURI(XURSHDQODZ\HUV
$UWLFOHVWR$DWR+$DQGRIDQG6FKHGXOHV$DQG
WRWKDW2UGHUVKDOODSSO\WRUHJLVWHUHG(XURSHDQODZ\HUVDVWKH\DSSO\WRVROLFLWRUVH[FHSWWKDW±
DUHIHUHQFHVWRDVROLFLWRU¶VSUDFWLVLQJFHUWLILFDWHVKDOOEHLQWHUSUHWHGDVUHIHUHQFHVWRDUHJLVWHUHG
(XURSHDQODZ\HU¶VUHJLVWUDWLRQDQG
EUHIHUHQFHVWRWKH5ROOVKDOOEHLQWHUSUHWHGDVUHIHUHQFHVWRWKHUHJLVWHURI(XURSHDQODZ\HUV
$UWLFOH RI WKH &RXQW\ &RXUWV 1RUWKHUQ ,UHODQG 2UGHU E VKDOO DSSO\ WR UHJLVWHUHG
(XURSHDQODZ\HUVDVLWDSSOLHVWRVROLFLWRUV
,Q WKH (VWDWH $JHQWV $FW WKH UHIHUHQFH WR D SUDFWLVLQJ VROLFLWRU LQ VHFWLRQ D ZKLFK
H[HPSWV VROLFLWRUV IURP WKDW $FW VKDOO EH LQWHUSUHWHG DV LQFOXGLQJ D UHIHUHQFH WR D UHJLVWHUHG
(XURSHDQODZ\HUDQGWKHSDUWQHURIDUHJLVWHUHG(XURSHDQODZ\HUSURYLGLQJSURIHVVLRQDOVHUYLFHV
LQDFFRUGDQFHZLWKDUWLFOHRIWKH6ROLFLWRUV1RUWKHUQ,UHODQG2UGHU
,QWKH5HKDELOLWDWLRQRI2IIHQGHUV1RUWKHUQ,UHODQG2UGHUFWKHUHIHUHQFHVWR³VROLFLWRU´LQ
WKH2UGHUVKDOOEHLQWHUSUHWHGDVLQFOXGLQJUHIHUHQFHWRDUHJLVWHUHG(XURSHDQODZ\HU
7KH 6ROLFLWRUV 5HPXQHUDWLRQ 2UGHU 1RUWKHUQ ,UHODQG G VKDOO DSSO\ WR UHJLVWHUHG
(XURSHDQODZ\HUVDVLWDSSOLHVWRVROLFLWRUV
5HJLVWHUHG(XURSHDQODZ\HUVVKDOOEHWUHDWHGDVLIWKH\ZHUHRIILFHUVRIWKH6XSUHPH&RXUWRI
1RUWKHUQ,UHODQGDQGVKDOOEHVXEMHFWWRWKHLQKHUHQWMXULVGLFWLRQRIWKDWFRXUWLQOLNHPDQQHUDQGWR
WKHVDPHH[WHQWDVLIWKH\ZHUHVROLFLWRUV
(;3/$1$725<127(
7KLVQRWHLVQRWSDUWRIWKH5HJXODWLRQV
7KHVH 5HJXODWLRQV ZKLFK DUH PDGH XQGHU VHFWLRQ RI WKH (XURSHDQ &RPPXQLWLHV $FW JLYH HIIHFW WR (XURSHDQ &RPPXQLWLHV &RXQFLO 'LUHFWLYH 1R (& RI )HEUXDU\ 7KH
SXUSRVHRIWKH'LUHFWLYHLVWRIDFLOLWDWHWKHSUDFWLFHRIWKHSURIHVVLRQRIODZ\HURQDSHUPDQHQWEDVLV
LQDPHPEHU6WDWHRIWKH(XURSHDQ&RPPXQLW\RWKHUWKDQWKH6WDWHLQZKLFKWKHTXDOLILFDWLRQZDV
REWDLQHG
8QGHUWKHFRQGLWLRQVVSHFLILHGLQRUSHUPLWWHGE\WKH'LUHFWLYHD(XURSHDQODZ\HUPD\FDUU\RXW
SURIHVVLRQDO DFWLYLWLHV RWKHUZLVH UHVHUYHG WR VROLFLWRUV RU EDUULVWHUV DQG PD\ DSSO\ WR EHFRPH D
VROLFLWRURUEDUULVWHU
(67$%/,6+0(17',5(&7,9(7KH/DZ6RFLHW\RI1RUWKHUQ,UHODQG(XURSHDQ
&RPPXQLWLHV/DZ\HU¶V3UDFWLFH
5HJXODWLRQV
7KH&RXQFLORIWKH/DZ6RFLHW\RI1RUWKHUQ,UHODQGLQH[HUFLVHRIWKHSRZHUFRQIHUUHGLQWKHPE\
5HJXODWLRQDQG6FKHGXOH,,WRWKH(XURSHDQ&RPPXQLWLHV/DZ\HU¶V3UDFWLFH
5HJXODWLRQVDQGDOORWKHUSRZHUVHQDEOLQJWKHPLQWKDWEHKDOIDQGZLWKWKHFRQFXUUHQFHRI
WKH/RUG&KLHI-XVWLFHRI1RUWKHUQ,UHODQGKHUHE\PDNHWKHIROORZLQJ
5HJXODWLRQVIRUWKHSXUSRVHPHQWLRQHGLQ$UWLFOHRIWKHVDLG5HJXODWLRQV
7KHVH5HJXODWLRQVVKDOOEHFLWHGDVWKH³7KH/DZ6RFLHW\RI1RUWKHUQ,UHODQG(XURSHDQ
&RPPXQLWLHV /DZ\HU¶V 3UDFWLFH 5HJXODWLRQV ´DQG VKDOO FRPHLQWR RSHUDWLRQ RQ QG 0D\
D 7KH ,QWHUSUHWDWLRQ $FW 1, VKDOO DSSO\ WR WKH LQWHUSUHWDWLRQ RI WKHVH 5HJXODWLRQV DV LW
DSSOLHVWRD6WDWXWRU\LQVWUXPHQW
E2WKHUH[SUHVVLRQVLQWKHVH5HJXODWLRQVKDYHWKHPHDQLQJVDVVLJQHGWRWKHPE\WKH6ROLFLWRUV¶
1,2UGHURUWKH(XURSHDQ&RPPXQLWLHV/DZ\HU¶V3UDFWLFH5HJXODWLRQVKHUHLQDIWHU
UHIHUUHGWRDV³WKH2UGHU´DQGWKH³3ULQFLSDO5HJXODWLRQV´UHVSHFWLYHO\
$Q\(XURSHDQODZ\HUHVWDEOLVKHGRUVHHNLQJWREHHVWDEOLVKHGLQWKH8QLWHG.LQJGRPDQGZLVKLQJ
WR SXUVXH LQ 1RUWKHUQ ,UHODQG VXFK SURIHVVLRQDO DFWLYLWLHV DV IDOO WR EH UHJXODWHG E\ WKH 6RFLHW\
ZKLFK DUH VXEMHFWWRWKH 3ULQFLSDO 5HJXODWLRQV VKDOODSSO\WR EH UHJLVWHUHG E\ WKH 6RFLHW\ RQWKH
DSSOLFDWLRQIRUP5(/,FRQWDLQHGLQ6FKHGXOH,WRWKHVHUHJXODWLRQV
2Q UHFHLSW RI DQ DSSOLFDWLRQ SXUVXDQW WR 5HJXODWLRQ WKH 6RFLHW\ VKDOO JUDQW RU UHMHFW VXFK
UHJLVWUDWLRQLQDFFRUGDQFHZLWKWKHSURYLVLRQVRI5HJXODWLRQV±RIWKH3ULQFLSDO5HJXODWLRQV
D2QFHD(XURSHDQODZ\HUKDVEHHQUHJLVWHUHGZLWKWKH6RFLHW\LQDFFRUGDQFHZLWK5HJXODWLRQ
WKH5HJXODWLRQVVSHFLILHGLQSDUDJUDSKERIWKLV5HJXODWLRQPDGHE\WKH6RFLHW\SXUVXDQWWRLWV
SRZHUV XQGHU WKH 2UGHU LQ UHODWLRQ WR WKH SURIHVVLRQDO FRQGXFW RI VROLFLWRUV VKDOO DSSO\ WR WKH
SURIHVVLRQDO FRQGXFW RI WKH UHJLVWHUHG (XURSHDQ ODZ\HUV LQ WKH VDPH PDQQHU DV WKH\ DSSO\ WR
VROLFLWRUV
E7KH5HJXODWLRQVDSSOLHGWRWKHFRQGXFWRIUHJLVWHUHG(XURSHDQODZ\HUVE\SDUDJUDSKDRIWKLV
5HJXODWLRQDUH
L6ROLFLWRUV¶&RPSHQVDWLRQ)XQG5HJXODWLRQV
LL6ROLFLWRUV¶3URIHVVLRQDO,QGHPQLW\,QVXUDQFH5HJXODWLRQV
LLL6ROLFLWRUV¶3UDFWLFH5HJXODWLRQV
LY6ROLFLWRUV¶2YHUVHDV3UDFWLFH5HJXODWLRQV
Y6ROLFLWRUV¶3UDFWLFH&URVV%RUGHU&RGHRI&RQGXFW5HJXODWLRQV
YL6ROLFLWRUV¶3URSHUW\6HOOLQJ3UDFWLFH5HJXODWLRQV
YLL6ROLFLWRUV¶,QFRUSRUDWHG3UDFWLFH5HJXODWLRQV
YLLL6ROLFLWRUV¶'LVFLSOLQDU\3URFHHGLQJV5HJXODWLRQV
L[6ROLFLWRUV¶,QVROYHQF\3UDFWLWLRQHUV5HJXODWLRQV
[3UDFWLVLQJ&HUWLILFDWH5HJXODWLRQVDVDPHQGHG
[L6ROLFLWRUV¶3UDFWLFH4XDOLILHG$VVLVWDQW5HJXODWLRQV
[LL6ROLFLWRUV¶,QYHVWPHQW%XVLQHVV5XOHV
[LLL6ROLFLWRUV¶&RQIOLFWRI,QWHUHVW3UDFWLFH5HJXODWLRQV
[LY6ROLFLWRUV¶$GYHUWLVLQJ$PHQGPHQW5HJXODWLRQV
[Y6ROLFLWRUV¶$GYHUWLVLQJ3XEOLF5HODWLRQVDQG0DUNHWLQJ3UDFWLFH5HJXODWLRQV
[YL6ROLFLWRUV¶$FFRXQWV5HJXODWLRQV
F 5HIHUHQFHV WR ³VROLFLWRU´ DQG ³VROLFLWRUV´ LQ WKH SURYLVLRQV OLVWHG LQ SDUDJUDSK E RI WKLV
5HJXODWLRQ VKDOO ZKHUH DSSURSULDWH EH UHDG DV UHIHUHQFHV WR ³UHJLVWHUHG (XURSHDQ ODZ\HU´ RU
³UHJLVWHUHG(XURSHDQODZ\HUV´DVDSSURSULDWHDQGDOORWKHUWHUPVDQGUHIHUHQFHVWKHUHLQVKDOOEH
FRQVWUXHGDFFRUGLQJO\DQGLQDPDQQHUFRPSDWLEOHZLWKWKHSURYLVLRQVRIWKH3ULQFLSDO5HJXODWLRQV
F 6FRWWLVK 6WDWXWRU\ ,QVWUXPHQW 1R WKH (XURSHDQ &RPPXQLWLHV /DZ\HU
V
3UDFWLFH6FRWODQG
$55$1*(0(172)5(*8/$7,216
3$57,
,1752'8&725<
&LWDWLRQFRPPHQFHPHQWWUDQVLWLRQDODQGH[WHQW
7KHVH5HJXODWLRQVPD\EHFLWHGDVWKH(XURSHDQ&RPPXQLWLHV/DZ\HU
V3UDFWLFH6FRWODQG
5HJXODWLRQV DQGVKDOOFRPH LQWRIRUFH RQ QG 0D\ H[FHSW IRUUHJXODWLRQV DQG ZKLFKVKDOOFRPHLQWRIRUFHRQQG1RYHPEHU
:KHUH RQ QG 0D\ D (XURSHDQ ODZ\HU LV SUDFWLVLQJ SURIHVVLRQDO DFWLYLWLHV XQGHU KLV
KRPH SURIHVVLRQDO WLWOH RQ D SHUPDQHQW EDVLV LQ 6FRWODQG RU FRPPHQFHV VXFK SUDFWLFH E\ VW
1RYHPEHUKHVKDOODSSO\WREHUHJLVWHUHGLQDFFRUGDQFHZLWKUHJXODWLRQE\VW1RYHPEHU
ZKHUHKHLQWHQGVWRSUDFWLFHWKRVHDFWLYLWLHVRQDSHUPDQHQWEDVLVDIWHUWKDWGDWH
2Q RU DIWHU QG 1RYHPEHU D (XURSHDQ ODZ\HU VKDOO QRW SUDFWLVH DV UHIHUUHG WR LQ
SDUDJUDSK ZLWKRXW EHLQJ UHJLVWHUHG LQ DFFRUGDQFH ZLWK UHJXODWLRQ XQOHVV KH ZDV DOUHDG\
SUDFWLVLQJ EHIRUH WKDW GDWH DQG KDV PDGH DQ DSSOLFDWLRQ IRU UHJLVWUDWLRQ ZKLFK KDV QRW EHHQ
GHWHUPLQHG
,QSDUDJUDSKVDQGDQDSSOLFDWLRQIRUUHJLVWUDWLRQVKDOODVDWDSDUWLFXODUGDWHEHWDNHQ
QRWWRKDYHEHHQGHWHUPLQHGLIDVDWWKDWGDWHWKHDSSOLFDQW
DKDVQRWUHFHLYHGDUHMHFWLRQRIKLVDSSOLFDWLRQDQGWKHSHULRGIRUVXFKDUHMHFWLRQRUDGHHPHG
UHMHFWLRQKDVQRW\HWH[SLUHGRU
ELVDSSHDOLQJDJDLQVWDUHMHFWLRQRIWKHDSSOLFDWLRQLQFOXGLQJDGHHPHGUHMHFWLRQDQGWKHDSSHDO
KDVQRWEHHQGHWHUPLQHG
5HJXODWLRQVEDQGVKDOOQRWDSSO\WRD(XURSHDQODZ\HUZKLOVWWKDWODZ\HUVDWLVILHVDOO
WKHIROORZLQJFRQGLWLRQV
DLPPHGLDWHO\EHIRUHQG1RYHPEHUKHZDVSUDFWLVLQJRQDSHUPDQHQWEDVLVLQDQ\SDUWRI
WKH8QLWHG.LQJGRP
E EHIRUH QG 1RYHPEHU KH DSSOLHG IRU UHJLVWUDWLRQ WR DQ\ RI WKH EDUULVWHUV
SURIHVVLRQDO
ERGLHVRU(QJODQGDQG:DOHVRU1RUWKHUQ,UHODQGVROLFLWRUV
SURIHVVLRQDOERGLHVRUWRWKH)DFXOW\RI
$GYRFDWHVRUWKH/DZ6RFLHW\RI6FRWODQGDQG
FKLVDSSOLFDWLRQIRUUHJLVWUDWLRQKDVQRW\HWEHHQGHWHUPLQHG
7KHVH5HJXODWLRQVH[WHQGWR6FRWODQGDQGLQVRIDUDVWKH\H[WHQGEH\RQG6FRWODQGWKH\GRVR
RQO\DVDPDWWHURI6FRWVODZ
,QWHUSUHWDWLRQ
,QWKHVH5HJXODWLRQVXQOHVVWKHFRQWH[WRWKHUZLVHUHTXLUHV
DGYRFDWHPHDQVDPHPEHURIWKH)DFXOW\RI$GYRFDWHV
EDUULVWHU PHDQV D SHUVRQ ZKR LV D EDUULVWHU RI (QJODQG DQG :DOHV RU DV WKH FDVH PD\ EH
1RUWKHUQ,UHODQGDQGSUDFWLVLQJDVVXFK
EDUULVWHUV
SURIHVVLRQDO ERGLHV PHDQV WKH ,QQV RI &RXUW DQG WKH *HQHUDO &RXQFLO RI WKH %DU RI
(QJODQGDQG :DOHVDQGWKH([HFXWLYH&RXQFLORIWKH,QQRI&RXUWRI1RUWKHUQ,UHODQG
FRPSHWHQW DXWKRULW\ LQ UHODWLRQ WR 6FRWODQG PHDQV HLWKHU RI WKH ERGLHV GHVLJQDWHG DV D
FRPSHWHQWDXWKRULW\E\UHJXODWLRQWRXQGHUWDNHWKHDFWLYLWLHVUHTXLUHGE\WKH'LUHFWLYHVHWRXWLQ
WKDWUHJXODWLRQ
WKH'LUHFWLYHPHDQVRIWKH(XURSHDQ&RPPXQLWLHV3DUOLDPHQWDQG&RXQFLO'LUHFWLYH1R(&
WRIDFLOLWDWHSUDFWLFHRIWKHSURIHVVLRQRIODZ\HURQDSHUPDQHQWEDVLVLQFHUWDLQVWDWHVRWKHUWKDQ
WKH6WDWHLQZKLFKWKHSURIHVVLRQDOTXDOLILFDWLRQZDVREWDLQHG>@
(QJODQG DQG:DOHV RU 1RUWKHUQ ,UHODQG UHJLVWHUHG (XURSHDQ ODZ\HU PHDQV D (XURSHDQ ODZ\HU
ZKRLVUHJLVWHUHGZLWKRQHRIWKHEDUULVWHUV
SURIHVVLRQDOERGLHVRU(QJODQGDQG:DOHVRU1RUWKHUQ
,UHODQG VROLFLWRUV
SURIHVVLRQDO ERGLHV DQG ZKRVH UHJLVWUDWLRQ KDV QRW EHHQ ZLWKGUDZQ RU
VXVSHQGHG
(QJODQGDQG:DOHVRU1RUWKHUQ,UHODQGVROLFLWRUV
SURIHVVLRQDOERGLHVPHDQVWKH/DZ6RFLHW\DQG
WKH/DZ6RFLHW\RI1RUWKHUQ,UHODQGUHVSHFWLYHO\
(XURSHDQODZ\HUKDVWKHPHDQLQJJLYHQLQSDUDJUDSKVDQG
KRPH 6WDWH PHDQV WKH 6WDWH LQ SDUDJUDSK LQ ZKLFK D (XURSHDQ ODZ\HU DFTXLUHG KLV
DXWKRULVDWLRQ WR SXUVXH SURIHVVLRQDO DFWLYLWLHV DQG LI KH LV DXWKRULVHG LQ PRUH WKDQ RQH RI WKRVH
6WDWHVLWVKDOOPHDQDQ\RIWKRVH6WDWHV
KRPHSURIHVVLRQDOWLWOHPHDQVLQUHODWLRQWRD(XURSHDQODZ\HUWKHSURIHVVLRQDOWLWOHRUDQ\RIWKH
SURIHVVLRQDO WLWOHV VSHFLILHG LQ UHODWLRQ WR KLV KRPH 6WDWH LQ SDUDJUDSK XQGHU ZKLFK KH LV
DXWKRULVHGLQKLVKRPH6WDWHWRSXUVXHSURIHVVLRQDODFWLYLWLHV
,ULVK EDUULVWHUPHDQV D (XURSHDQ ODZ\HU ZKRLVDXWKRULVHG LQWKH 5HSXEOLF RI,UHODQGWR SXUVXH
SURIHVVLRQDODFWLYLWLHVXQGHUWKHSURIHVVLRQDOWLWOHRIEDUULVWHUDQGZKRVHKRPH6WDWHLVWKH5HSXEOLF
RI,UHODQG
,ULVK VROLFLWRU PHDQV D (XURSHDQ ODZ\HU ZKR LV DXWKRULVHG LQ WKH 5HSXEOLF RI ,UHODQG WR SXUVXH
SURIHVVLRQDODFWLYLWLHVXQGHUWKHSURIHVVLRQDOWLWOHRIVROLFLWRUDQGZKRVHKRPH6WDWHLVWKH5HSXEOLF
RI,UHODQG
PHPEHURIWKHSURIHVVLRQDOERG\PHDQVDSUDFWLVLQJVROLFLWRURUDGYRFDWHDVWKHFDVHPD\EH
SURIHVVLRQDOERG\PHDQVWKH/DZ6RFLHW\RI6FRWODQGRUWKH)DFXOW\RI$GYRFDWHV
4XDOLILFDWLRQ 5HJXODWLRQV PHDQV WKH (XURSHDQ &RPPXQLWLHV 5HFRJQLWLRQ RI 3URIHVVLRQDO
4XDOLILFDWLRQV5HJXODWLRQV>@
UHJLVWHUHG(XURSHDQODZ\HUPHDQVD(XURSHDQODZ\HUZKRLVUHJLVWHUHGZLWKDSURIHVVLRQDOERG\
LQDFFRUGDQFHZLWKUHJXODWLRQDQGZKRVHUHJLVWUDWLRQKDVQRWEHHQZLWKGUDZQRUVXVSHQGHG
VROLFLWRUVKDOOKDYHWKHVDPHPHDQLQJDVLQVHFWLRQRIWKH6ROLFLWRUV6FRWODQG$FW>@
VXSUHPH FRXUW PHDQV WKH &RXUW RI 6HVVLRQ WKH +LJK &RXUW RI -XVWLFLDU\ WKH /DQGV 9DOXDWLRQ
$SSHDO &RXUW WKH +RXVH RI /RUGV KHDULQJ DQ DSSHDO IURP WKH &RXUW RI 6HVVLRQ RU WKH -XGLFLDO
&RPPLWWHHRIWKH3ULY\&RXQFLOKHDULQJDUHIHUHQFHRUDQDSSHDOXQGHUWKH6FRWODQG$FW
,QWKHVH5HJXODWLRQV(XURSHDQODZ\HUPHDQVDSHUVRQZKRLV
DDQDWLRQDORIWKH8QLWHG.LQJGRPRURID6WDWHOLVWHGLQSDUDJUDSK
EDXWKRULVHGLQDQ\RIWKH6WDWHVOLVWHGLQSDUDJUDSKWRSXUVXHSURIHVVLRQDODFWLYLWLHVXQGHUDQ\
RIWKHSURIHVVLRQDOWLWOHVDSSHDULQJLQWKDWSDUDJUDSKDQG
FVXEMHFWWRSDUDJUDSKQRWDVROLFLWRURUDGYRFDWHRUXQGHUWKHODZRI(QJODQGDQG:DOHVRU
1RUWKHUQ,UHODQGDVROLFLWRURUEDUULVWHU
:KHUHDSHUVRQLVD(XURSHDQODZ\HUUHJLVWHUHGZLWKPRUHWKDQRQHRIWKHIROORZLQJ
DWKH/DZ6RFLHW\RI6FRWODQGRUWKH)DFXOW\RI$GYRFDWHVRU
E WKH (QJODQG DQG :DOHV RU 1RUWKHUQ ,UHODQG VROLFLWRUV
SURIHVVLRQDO ERGLHV RU WKH EDUULVWHUV
SURIHVVLRQDO ERGLHV DQG VXEVHTXHQWO\ DFTXLUHV WKH WLWOH XVHG E\ PHPEHUV RI RQH RI WKH ERGLHV
UHIHUUHGWRLQVXESDUDJUDSKEWKHQQRWZLWKVWDQGLQJSDUDJUDSKFWKDWSHUVRQVKDOOFRQWLQXHWR
IDOOZLWKLQWKHGHILQLWLRQRID(XURSHDQODZ\HULQUHODWLRQWRWKHUHOHYDQWSURIHVVLRQDOERG\UHIHUUHGWR
LQVXESDUDJUDSKDIRUWKHSHULRGWKDWKHUHPDLQVUHJLVWHUHGZLWKWKDWRWKHUSURIHVVLRQDOERG\
7KH6WDWHVDQGSURIHVVLRQDOWLWOHVUHIHUUHGWRLQWKHGHILQLWLRQRI(XURSHDQODZ\HULQSDUDJUDSK
DUHDVIROORZVRPLVVLV
)RUWKHSXUSRVHVRIUHJXODWLRQVGDQGUHJLVWUDWLRQZLWKWKH)DFXOW\RI$GYRFDWHV
VKDOOEHFRQVWUXHGDVPHPEHUVKLSRILW
8QOHVV WKH FRQWH[W RWKHUZLVH UHTXLUHV DQ\ UHIHUHQFH LQ WKHVH 5HJXODWLRQV WR D QXPEHUHG
UHJXODWLRQ 3DUW RU 6FKHGXOH LV D UHIHUHQFH WR D UHJXODWLRQ RU 3DUW RI RU D 6FKHGXOH WR WKHVH
5HJXODWLRQV DQG DQ\ UHIHUHQFH LQ D UHJXODWLRQ WR D QXPEHUHG SDUDJUDSK LV D UHIHUHQFH WR WKH
SDUDJUDSKEHDULQJWKDWQXPEHULQWKDWUHJXODWLRQ
3XUSRVHRI5HJXODWLRQV
7KHSXUSRVHRIWKHVH5HJXODWLRQVLVWRLPSOHPHQWWKH'LUHFWLYHLQRUDVUHJDUGV6FRWODQG
7KHSURYLVLRQVRIWKHVH5HJXODWLRQVVKDOOKDYHHIIHFWIRUWKHSXUSRVHRIIDFLOLWDWLQJWKHSUDFWLFH
RIWKHSURIHVVLRQRIODZ\HURQDSHUPDQHQWEDVLVE\D(XURSHDQODZ\HUUHJLVWHUHGRUUHJLVWHULQJLQ
6FRWODQG
5HIHUHQFHV LQ WKHVH UHJXODWLRQV WR SUDFWLFH RU SURIHVVLRQDO DFWLYLWLHV VKDOO QRW LQFOXGH WKH
SURYLVLRQ RI VHUYLFHV E\ ODZ\HUV ZLWKLQ WKH PHDQLQJ RI WKH (XURSHDQ &RPPXQLWLHV 6HUYLFHV RI
/DZ\HUV2UGHU>@
&RPSHWHQWDXWKRULWLHV
7KH/DZ6RFLHW\RI6FRWODQGLVGHVLJQDWHGDVWKHFRPSHWHQWDXWKRULW\IRUWKHSXUSRVHVRI
DUHFHLYLQJDSSOLFDWLRQVIRUUHJLVWUDWLRQE\(XURSHDQODZ\HUVXQGHU3DUW,,,RIWKHVH5HJXODWLRQV
EUHFHLYLQJDSSOLFDWLRQVIURPUHJLVWHUHG(XURSHDQODZ\HUVIRUHQWU\LQWRWKHSURIHVVLRQRIVROLFLWRU
FWKHUHJXODWLRQRIUHJLVWHUHG(XURSHDQODZ\HUVUHJLVWHUHGZLWK LWDQG
GWKHSURYLVLRQRIFHUWLILFDWHVDWWHVWLQJWRUHJLVWUDWLRQRIVROLFLWRUVZLWKLW
7KH)DFXOW\RI$GYRFDWHVLVGHVLJQDWHGDVWKHFRPSHWHQWDXWKRULW\IRUWKHSXUSRVHVRI
DUHFHLYLQJDSSOLFDWLRQVIRUUHJLVWUDWLRQE\(XURSHDQODZ\HUVXQGHU3DUW,,,RIWKHVH5HJXODWLRQV
E UHFHLYLQJ DSSOLFDWLRQV IURP UHJLVWHUHG (XURSHDQ ODZ\HUV IRU HQWU\ LQWR WKH SURIHVVLRQ RI
DGYRFDWH
FWKHUHJXODWLRQRIUHJLVWHUHG(XURSHDQODZ\HUVUHJLVWHUHGZLWKLWDQG
GWKHSURYLVLRQRIFHUWLILFDWHVDWWHVWLQJWRUHJLVWUDWLRQRIDGYRFDWHVZLWKLW
([FKDQJHRILQIRUPDWLRQ
,Q RUGHU WR IDFLOLWDWH WKH DSSOLFDWLRQ RI WKH 'LUHFWLYH DQG WR SUHYHQW LWV SURYLVLRQV IURP EHLQJ
PLVDSSOLHGDSURIHVVLRQDOERG\PD\VXSSO\WRRUUHFHLYHIURP
DDQRWKHUSURIHVVLRQDOERG\
E WKH (QJODQG DQG :DOHV RU 1RUWKHUQ ,UHODQG VROLFLWRUV
SURIHVVLRQDO ERGLHV RU EDUULVWHUV
SURIHVVLRQDOERGLHVRU
F DQ DXWKRULW\ LQ DQ\ RI WKH 6WDWHV OLVWHG LQ UHJXODWLRQ ZKLFK KDV EHHQ GHVLJQDWHG E\ WKDW
6WDWH XQGHU WKH 'LUHFWLYH DV D FRPSHWHQW DXWKRULW\ LQ WKDW 6WDWH DQ\ LQIRUPDWLRQ UHODWLQJ WR D
(XURSHDQODZ\HURUWRDQ\SHUVRQZLWKZKRPKH MRLQWO\SUDFWLVHV
6XEMHFW WR SDUDJUDSK RU DV RWKHUZLVH UHTXLUHG E\ ODZ LQ WKH LQWHUHVWV RI MXVWLFH D
SURIHVVLRQDOERG\VKDOOSUHVHUYHWKHFRQILGHQWLDOLW\RIDQ\LQIRUPDWLRQUHFHLYHGLQDFFRUGDQFHZLWK
SDUDJUDSKUHODWLQJWRD(XURSHDQODZ\HURUWRDQ\SHUVRQZLWKZKRPKHMRLQWO\SUDFWLVHV
$ FRPSHWHQW DXWKRULW\ LQ 6FRWODQG VKDOO SURYLGH D FHUWLILFDWH DWWHVWLQJ WR WKH UHJLVWUDWLRQ RI D
VROLFLWRURUDGYRFDWHUHJLVWHUHGZLWKLWDQGKLVDXWKRULVDWLRQWRSUDFWLVHZKHQUHTXHVWHGWRGRVRE\
WKDWVROLFLWRURUDGYRFDWHRUE\DFRPSHWHQWDXWKRULW\LQD6WDWHOLVWHGLQUHJXODWLRQ
3$57,,
35$&7,&(2)352)(66,21$/$&7,9,7,(6%<$5(*,67(5('(8523($1/$:<(5
3UDFWLFHRISURIHVVLRQDODFWLYLWLHV
6XEMHFWWRWKHSURYLVLRQVRIWKHVH5HJXODWLRQVDUHJLVWHUHG(XURSHDQODZ\HUVKDOOEHHQWLWOHGWR
FDUU\ RXW XQGHU KLV KRPH SURIHVVLRQDO WLWOH DQ\ SURIHVVLRQDO DFWLYLWLHV ZKHWKHU LQ 6FRWODQG RU
HOVHZKHUHWKDWPD\ODZIXOO\EHFDUULHGRXWE\DPHPEHURIWKHSURIHVVLRQDOERG\ZLWKZKLFKKHLV
UHJLVWHUHG DQG DQ\ HQDFWPHQW RU UXOH RI ODZ RU SUDFWLFH ZLWK UHJDUG WR WKH FDUU\LQJ RXW RI
SURIHVVLRQDO DFWLYLWLHV E\ PHPEHUV RI WKDW SURIHVVLRQDO ERG\ VKDOO EH LQWHUSUHWHG DQG DSSOLHG
DFFRUGLQJO\
$ UHJLVWHUHG (XURSHDQ ODZ\HU ZKR LV LQ VDODULHG HPSOR\PHQW PD\ FDUU\ RXW SURIHVVLRQDO
DFWLYLWLHVZKHWKHULQ6FRWODQGRUHOVHZKHUHXQGHUKLVKRPHSURIHVVLRQDOWLWOHWRWKHVDPHH[WHQWWKDW
DQHPSOR\HGPHPEHURIWKHSURIHVVLRQDOERG\ZLWKZKLFKKHLVUHJLVWHUHGPD\GRVR
7LWOHDQGGHVFULSWLRQWREHXVHGE\DUHJLVWHUHG(XURSHDQODZ\HU
:KHUHDUHJLVWHUHG(XURSHDQODZ\HULVHQJDJHGLQDQ\SURIHVVLRQDODFWLYLWLHVLQSXUVXDQFHRI
UHJXODWLRQKHVKDOOFRPSO\ZLWKWKHUHTXLUHPHQWVVHWRXWLQSDUDJUDSK
7KHUHTXLUHPHQWVUHIHUUHGWRLQSDUDJUDSKDUHWKDWDUHJLVWHUHG(XURSHDQODZ\HUVKDOO
DXVHKLVKRPHSURIHVVLRQDOWLWOHH[SUHVVHGLQDQRIILFLDOODQJXDJHRIKLVKRPH6WDWHLQDPDQQHU
ZKLFKDYRLGVFRQIXVLRQZLWKWKHWLWOHRIVROLFLWRURUDGYRFDWH
ELQGLFDWHWKHSURIHVVLRQDORUJDQLVDWLRQE\ZKLFKKHLVDXWKRULVHGWRSUDFWLVHRUWKHFRXUWRIODZ
EHIRUHZKLFKKHLVHQWLWOHGWRSUDFWLVHLQWKDW6WDWH
FLQGLFDWHWKHSURIHVVLRQDOERG\ZLWKZKLFKKHLVUHJLVWHUHGLQ6FRWODQGDQGWKDWKHLVDUHJLVWHUHG
(XURSHDQODZ\HUZLWKWKDWERG\DQG
GLIDSSOLFDEOHLQGLFDWHDQ\(QJODQGDQG:DOHVRU1RUWKHUQ,UHODQGVROLFLWRUV
SURIHVVLRQDOERGLHV
RUEDUULVWHUV
SURIHVVLRQDOERGLHVZLWKZKLFKKHPD\EHUHJLVWHUHGDQGWKDWKHLVDQ(QJODQGDQG
:DOHVRU1RUWKHUQ,UHODQGUHJLVWHUHG(XURSHDQODZ\HUZLWKWKDWERG\RUWKRVHERGLHV
-RLQWSUDFWLFH
:KHUHDUHJLVWHUHG(XURSHDQODZ\HUFDUULHVRXWSURIHVVLRQDODFWLYLWLHVLQSXUVXDQFHRIUHJXODWLRQ
XQGHUKLVKRPHSURIHVVLRQDOWLWOHDVSDUWRIDMRLQWSUDFWLFHKHVKDOOGRVRWRWKHVDPHH[WHQW
DQGLQWKHVDPHPDQQHUDVDPHPEHURIWKH SURIHVVLRQDOERG\ZLWKZKLFKKHLVUHJLVWHUHGPD\GR
VRZLWK
DDPHPEHURIWKHSURIHVVLRQDOERG\ZLWKZKLFKKHLVUHJLVWHUHG
EDUHJLVWHUHG(XURSHDQODZ\HUZKRLVUHJLVWHUHGZLWKWKHVDPHSURIHVVLRQDOERG\RU
FDQ\RWKHUSHUVRQSHUPLWWHGE\WKHSURIHVVLRQDOERG\ZLWKZKLFKKHLVUHJLVWHUHG
1DPHRIMRLQWSUDFWLFH
6XEMHFWWRSDUDJUDSKZKHUHDUHJLVWHUHG(XURSHDQODZ\HULVDPHPEHURIDMRLQWSUDFWLFHLQ
KLV KRPH 6WDWH KH PD\ XVH WKH QDPH RI WKDW SUDFWLFH ZLWK KLV KRPH SURIHVVLRQDO WLWOH ZKHQ
SUDFWLVLQJDVDUHJLVWHUHG(XURSHDQODZ\HU
5XOHVRIFRQGXFWRIWKHSURIHVVLRQDOERG\ZLWKZKLFKDUHJLVWHUHG(XURSHDQODZ\HULVUHJLVWHUHG
PD\SURKLELW
WKHXVHE\KLPRIWKHQDPHRIWKHMRLQWSUDFWLFHRIZKLFKKHLVDPHPEHULQWKHKRPH6WDWHWRWKH
H[WHQWWKDW
DWKDWQDPHLVDOVRXVHGE\SHUVRQVZKRDUHQRW(XURSHDQODZ\HUVRUVROLFLWRUVRIDQ\SDUWRIWKH
8QLWHG.LQJGRPDQG
EWKRVHUXOHVSURKLELWPHPEHUVRIWKDWSURIHVVLRQDOERG\ZKHWKHURUQRWSUDFWLVLQJDVVXFKIURP
XVLQJ WKDWQDPH
1RWLILFDWLRQRIMRLQWSUDFWLFH
:KHUHD(XURSHDQODZ\HULVDPHPEHURIDMRLQWSUDFWLFHLQKLVKRPH6WDWHKHVKDOOLQIRUPWKH
SURIHVVLRQDOERG\ZLWKZKLFKKHLQWHQGVWRUHJLVWHUDQGSURYLGHLWZLWKWKHIROORZLQJLQIRUPDWLRQ
DWKHQDPHRIWKHMRLQWSUDFWLFH
EKLVSODFHRIEXVLQHVV
FWKHQDPHDQGSODFHRIEXVLQHVVRIDQ\PHPEHURIKLVMRLQWSUDFWLFH
GDQ\RWKHUUHOHYDQWLQIRUPDWLRQDERXWWKHMRLQWSUDFWLFHUHTXHVWHGE\WKHSURIHVVLRQDOERG\
$(XURSHDQODZ\HUVKDOOQRWLI\WKDWSURIHVVLRQDOERG\RIDQ\FKDQJHVLQWKHLQIRUPDWLRQZKHWKHU
EHIRUHRU
DIWHUUHJLVWUDWLRQ
5HSUHVHQWDWLRQLQOHJDOSURFHHGLQJV
6XEMHFW WR SDUDJUDSKV DQG QR HQDFWPHQW RU UXOH RI ODZ RU SUDFWLFH VKDOO SUHYHQW D
UHJLVWHUHG(XURSHDQODZ\HUIURPSXUVXLQJSURIHVVLRQDODFWLYLWLHVUHODWLQJWRWKHUHSUHVHQWDWLRQRID
FOLHQW LQ DQ\ SURFHHGLQJV EHIRUH DQ\ FRXUW WULEXQDO RU SXEOLF DXWKRULW\ LQFOXGLQJ DGGUHVVLQJ WKH
FRXUWWULEXQDORUSXEOLFDXWKRULW\RQO\EHFDXVHKHLVQRWDVROLFLWRURUDGYRFDWH
,Q SURFHHGLQJV UHIHUUHG WR LQ SDUDJUDSK ZKHUH WKH SURIHVVLRQDO DFWLYLWLHV LQ TXHVWLRQPD\
EXW IRU WKHVH 5HJXODWLRQV EH ODZIXOO\ SURYLGHG RQO\ E\ D VROLFLWRU RU DGYRFDWH D UHJLVWHUHG
(XURSHDQ ODZ\HU VKDOO DFW LQ FRQMXQFWLRQ ZLWK D VROLFLWRU RU DGYRFDWH ZKR LV HQWLWOHG WR SUDFWLVH
EHIRUH WKH FRXUW WULEXQDO RU SXEOLF DXWKRULW\ FRQFHUQHG DQG ZKR FRXOG ODZIXOO\ SURYLGH WKRVH
SURIHVVLRQDODFWLYLWLHV
7KHVROLFLWRURUDGYRFDWHUHIHUUHGWRLQSDUDJUDSKVKDOOZKHUHQHFHVVDU\EHDQVZHUDEOHWR
WKHFRXUWWULEXQDORUSXEOLFDXWKRULW\FRQFHUQHGLQUHODWLRQWRWKHSURFHHGLQJV
$UHJLVWHUHG(XURSHDQODZ\HUVKDOOQRWKDYHDULJKWRIDXGLHQFHLQDVXSUHPHFRXUWXQOHVVKH
KDV FRPSOHWHG WKH FRXUVH RI WUDLQLQJ LQ HYLGHQFH SOHDGLQJ DQG SUDFWLFH LQ UHODWLRQ WR WKDW FRXUW
ZKLFKPXVWEHFRPSOHWHGE\DQ\PHPEHURIWKHSURIHVVLRQDOERG\ZLWKZKLFKKHLVUHJLVWHUHGZKR
VHHNVDULJKWRIDXGLHQFHLQWKDWFRXUW
3URSHUW\WUDQVDFWLRQV
$ UHJLVWHUHG (XURSHDQ ODZ\HU LV QRW HQWLWOHG E\ YLUWXH RI UHJXODWLRQ WR SUHSDUH IRU
UHPXQHUDWLRQ DQ\ GHHG FUHDWLQJ RU WUDQVIHUULQJ DQ LQWHUHVW LQ ODQG XQOHVV KH KDV D KRPH
SURIHVVLRQDOWLWOHREWDLQHGLQ'HQPDUNWKH5HSXEOLFRI,UHODQG)LQODQGRU6ZHGHQ
([HFXWULHV
$ UHJLVWHUHG (XURSHDQ ODZ\HU LV QRW HQWLWOHG E\ YLUWXH RI UHJXODWLRQ WR SUHSDUH IRU
UHPXQHUDWLRQDQ\GHHGIRUREWDLQLQJWLWOHWRDGPLQLVWHUWKHHVWDWHRIDGHFHDVHGSHUVRQXQOHVVKH
KDV D KRPH SURIHVVLRQDO WLWOH REWDLQHG LQ 'HQPDUN *HUPDQ\ WKH 5HSXEOLF RI ,UHODQG $XVWULD
)LQODQGRU6ZHGHQ
/HJDODLG
$ UHJLVWHUHG (XURSHDQ ODZ\HU PD\ SURYLGH SURIHVVLRQDO DFWLYLWLHV E\ ZD\ RI OHJDO DGYLFH DQG
DVVLVWDQFH RU OHJDO DLG XQGHU WKH /HJDO $LG 6FRWODQG $FW >@ DQG UHIHUHQFHV WR D VROLFLWRU
FRXQVHO RU OHJDO UHSUHVHQWDWLYH LQ WKDW DQG DQ\ RWKHU HQDFWPHQW UHODWLQJ WR OHJDO DGYLFH DQG
DVVLVWDQFHRUOHJDODLGVKDOOEHLQWHUSUHWHGDFFRUGLQJO\
3$57,,,
5(*,675$7,21
(VWDEOLVKPHQWDQGPDLQWHQDQFHRIUHJLVWHUVRIUHJLVWHUHG(XURSHDQODZ\HUV
(DFKRIWKHSURIHVVLRQDOERGLHVVKDOOHVWDEOLVKDQGPDLQWDLQDUHJLVWHURIUHJLVWHUHG(XURSHDQ
ODZ\HUV
$SSOLFDWLRQWREHHQWHUHGRQDUHJLVWHU
6XEMHFW WR SDUDJUDSK DQG UHJXODWLRQ D (XURSHDQ ODZ\HU ZKR ZLVKHV WR SXUVXH
SURIHVVLRQDO DFWLYLWLHV XQGHU KLV KRPH SURIHVVLRQDO WLWOH RQD SHUPDQHQW EDVLVLQ 6FRWODQG RU DQ\
RWKHU SDUW RI WKH 8QLWHG .LQJGRP VKDOO DSSO\ WR EH HQWHUHG RQ WKH UHJLVWHU PDLQWDLQHG E\ D
SURIHVVLRQDOERG\XQGHUUHJXODWLRQ
$ (XURSHDQ ODZ\HU ZKR ZLVKHV WR UHJLVWHU ZLWK D SURIHVVLRQDO ERG\ LQ DFFRUGDQFH ZLWK
SDUDJUDSK VKDOO SURYLGH WKH SURIHVVLRQDO ERG\ ZLWK FHUWLILFDWHV FRQILUPLQJ KLV UHJLVWUDWLRQ ZLWK
WKH FRPSHWHQW DXWKRULW\ LQ HDFK KRPH 6WDWH XQGHU ZKRVH KRPH SURIHVVLRQDO WLWOH KH LQWHQGV WR
SUDFWLVH
$SURIHVVLRQDOERG\PD\UHTXLUHWKDWWKHFHUWLILFDWHUHIHUUHGWRLQSDUDJUDSKVKDOOQRWKDYH
EHHQLVVXHGPRUHWKDQWKUHHPRQWKVEHIRUHWKHGDWHRIWKHDSSOLFDWLRQXQGHUWKLVUHJXODWLRQ
$Q DSSOLFDWLRQ IRU UHJLVWUDWLRQ XQGHU WKLV UHJXODWLRQ VKDOO FRPSO\ ZLWK DQ\ DSSOLFDEOH UXOHV RU
UHJXODWLRQVPDGHE\WKHUHOHYDQWSURIHVVLRQDOERG\DQGVKDOOEHDFFRPSDQLHGE\WKHDSSURSULDWH
IHH
6XEMHFWWRUHJXODWLRQDQDSSOLFDWLRQIRUUHJLVWUDWLRQXQGHUWKLVUHJXODWLRQVKDOOQRWEHDIIHFWHG
E\DQ\RWKHUDSSOLFDWLRQRUUHJLVWUDWLRQZLWKWKHEDUULVWHUV
SURIHVVLRQDOERGLHVRUWKH(QJODQGDQG
:DOHVRU1RUWKHUQ,UHODQGVROLFLWRUV
SURIHVVLRQDOERGLHV
3DUDJUDSKVKDOOQRWDSSO\WRD(XURSHDQODZ\HUZKRZLVKHVWRSXUVXHSURIHVVLRQDODFWLYLWLHV
XQGHUKLVKRPHSURIHVVLRQDOWLWOHRQDSHUPDQHQWEDVLVLQ6FRWODQGRUDQ\RWKHUSDUWRIWKH8QLWHG
.LQJGRP ZKHUH WKDW ODZ\HU LV DQ (QJODQG DQG :DOHV RU 1RUWKHUQ ,UHODQG UHJLVWHUHG (XURSHDQ
ODZ\HU
5HJLVWUDWLRQE\SURIHVVLRQDOERG\
6XEMHFWWRUHJXODWLRQDSURIHVVLRQDOERG\VKDOOHQWHURQLWVUHJLVWHUWKHQDPHRID(XURSHDQ
ODZ\HUZKRDSSOLHVWRLWLQDFFRUGDQFHZLWKUHJXODWLRQ
:KHUH D SURIHVVLRQDO ERG\ UHJLVWHUV D (XURSHDQ ODZ\HU LQ DFFRUGDQFH ZLWK SDUDJUDSK LW
VKDOOLQIRUPWKHFRPSHWHQWDXWKRULW\LQWKHKRPHVWDWHRIWKHUHJLVWUDWLRQ
5HVWULFWLRQVRQUHJLVWUDWLRQ
$ (XURSHDQ ODZ\HU VKDOO QRW EH UHJLVWHUHG DW WKH VDPH WLPH ERWK ZLWK WKH /DZ 6RFLHW\ RI
6FRWODQGDQGWKH)DFXOW\RI$GYRFDWHV
$Q,ULVKVROLFLWRUVKDOOQRWEHHQWHUHGRQDUHJLVWHUPDLQWDLQHGXQGHUUHJXODWLRQE\WKH)DFXOW\
RI$GYRFDWHV
$Q,ULVKEDUULVWHUVKDOOQRWEHHQWHUHGRQDUHJLVWHUPDLQWDLQHGXQGHUUHJXODWLRQE\WKH/DZ
6RFLHW\RI6FRWODQG
$(XURSHDQODZ\HUUHJLVWHUHGZLWKDQ\RIWKHEDUULVWHUV
SURIHVVLRQDOERGLHVVKDOOQRWEHHQWHUHG
RQDUHJLVWHUPDLQWDLQHGXQGHUUHJXODWLRQE\WKH/DZ6RFLHW\RI6FRWODQG
$ (XURSHDQ ODZ\HU UHJLVWHUHG ZLWK DQ\ RI WKH (QJODQG DQG :DOHV DQG 1RUWKHUQ ,UHODQG
VROLFLWRUV
SURIHVVLRQDOERGLHVVKDOOQRWEHHQWHUHGRQDUHJLVWHUPDLQWDLQHGXQGHUUHJXODWLRQE\
WKH)DFXOW\RI$GYRFDWHV
7LPHOLPLWIRUGHFLVLRQDQGQRWLILFDWLRQE\SURIHVVLRQDOERG\
$SURIHVVLRQDOERG\VKDOOFRQVLGHUDQDSSOLFDWLRQIRUUHJLVWUDWLRQXQGHUUHJXODWLRQDVVRRQDV
LVUHDVRQDEO\SUDFWLFDEOHDQGVKDOOQRWLI\WKH(XURSHDQODZ\HURILWVGHFLVLRQDQGLIWKHDSSOLFDWLRQ
LVUHMHFWHGRUJUDQWHGVXEMHFWWRFRQGLWLRQVWKHUHDVRQVXSRQZKLFKWKHUHMHFWLRQRUWKHLPSRVLWLRQ
RI FRQGLWLRQV LV EDVHG ZLWKLQ IRXU PRQWKV RI UHFHLSW RI DQ DSSOLFDWLRQ FRPSO\LQJ ZLWK UHJXODWLRQ
DQG
:KHUHWKHSURIHVVLRQDOERG\IDLOVWRWDNHDGHFLVLRQDQGQRWLI\WKH(XURSHDQODZ\HUZLWKLQIRXU
PRQWKVLQDFFRUGDQFHZLWKSDUDJUDSKLWVKDOOEHGHHPHGWRKDYHWDNHQDGHFLVLRQWRUHMHFWKLV
DSSOLFDWLRQDQGWRKDYHQRWLILHGLWWRKLPRQWKHODVWGD\RIWKDWSHULRG
:KHUHWKHSURIHVVLRQDOERG\ZLWKGUDZVRUVXVSHQGVDUHJLVWUDWLRQLWVKDOOQRWLI\WKH(XURSHDQ
ODZ\HURILWVGHFLVLRQDQGWKHUHDVRQVXSRQZKLFKWKHZLWKGUDZDORUVXVSHQVLRQLVEDVHG
$SSHDOE\(XURSHDQODZ\HU
:LWKLQWKUHHPRQWKVRIWKHQRWLILFDWLRQWRKLPRIWKHSURIHVVLRQDOERG\
VGHFLVLRQRUODWHUZLWK
WKHSHUPLVVLRQRIWKH&RXUWRI6HVVLRQWKH(XURSHDQODZ\HUPD\DSSHDODJDLQVWWKHGHFLVLRQE\
DSSHDOLQ)RUPWRWKH&RXUWRI6HVVLRQ>@
7KH&RXUWRI6HVVLRQPD\IRUWKHSXUSRVHRIGHWHUPLQLQJDQ\DSSHDOXQGHUWKLV3DUW
DRUGHUWKHSURIHVVLRQDOERG\WRUHJLVWHUWKH(XURSHDQODZ\HU
EUHIXVHWKHDSSHDORU
FUHPLWWKHPDWWHUWRWKHSURIHVVLRQDOERG\ZLWKVXFKGLUHFWLRQVDVLWVHHVILW
7KH&RXUWRI6HVVLRQVKDOOJLYHUHDVRQVIRULWVGHFLVLRQ
2IIHQFHRISUHWHQGLQJWREHDUHJLVWHUHG(XURSHDQODZ\HU
$SHUVRQZKRZLWKRXWEHLQJDUHJLVWHUHG(XURSHDQODZ\HU
D ZLOIXOO\ SUHWHQGV WR EH D UHJLVWHUHG (XURSHDQ ODZ\HU RU WDNHV RU XVHV DQ\ QDPH WLWOH
GHVLJQDWLRQRUGHVFULSWLRQLPSO\LQJWKDWKHLVDUHJLVWHUHG(XURSHDQODZ\HUZKHWKHULQ6FRWODQGRU
HOVHZKHUHRU
E VXEMHFW WR SDUDJUDSK FDUULHV RQ SURIHVVLRQDO DFWLYLWLHV LQ 6FRWODQG XQGHU RQH RI WKH
SURIHVVLRQDOWLWOHVOLVWHGLQUHJXODWLRQRUXQGHUDQ\QDPHGHVLJQDWLRQRUGHVFULSWLRQLPSO\LQJ
WKDWKHLVHQWLWOHGWRSXUVXHWKRVHDFWLYLWLHVXQGHURQHRIWKRVHSURIHVVLRQDOWLWOHV
VKDOOEHJXLOW\RIDQRIIHQFHDQGOLDEOHRQVXPPDU\FRQYLFWLRQWRDILQHQRWH[FHHGLQJOHYHORQWKH
VWDQGDUGVFDOH
3DUDJUDSKEVKDOOQRWDSSO\WRDSHUVRQZKRVDWLVILHVDQ\RIWKHIROORZLQJFRQGLWLRQV
DKHLVQRWDQDWLRQDORIWKH8QLWHG.LQJGRPRURIDQ\RIWKH6WDWHVOLVWHGLQUHJXODWLRQ
EKHLVDVROLFLWRURUDGYRFDWHXQGHUWKHODZRI6FRWODQGRUDVROLFLWRURUEDUULVWHUXQGHUWKHODZRI
(QJODQGDQG:DOHVRU1RUWKHUQ,UHODQG
FKHLVDQ(QJODQGDQG :DOHVRU1RUWKHUQ,UHODQGUHJLVWHUHG(XURSHDQODZ\HURU
GKHLVSURYLGLQJVHUYLFHVZLWKLQWKHPHDQLQJRIWKH(XURSHDQ&RPPXQLWLHV6HUYLFHVRI/DZ\HUV
2UGHU>@
)HHVUHZDUGVRXWOD\VDQGH[SHQVHVRIDQXQUHJLVWHUHG(XURSHDQODZ\HU
:KHUHD(XURSHDQODZ\HULVFDUU\LQJRQSURIHVVLRQDODFWLYLWLHVXQGHUKLVKRPHSURIHVVLRQDOWLWOHLQ
6FRWODQG DQ\ IHHV UHZDUGV RXWOD\V RU H[SHQVHV LQ UHVSHFW RI WKRVH DFWLYLWLHV VKDOO QRW EH
UHFRYHUDEOH E\ KLP RU DQ\ RWKHU SHUVRQ XQOHVV WKDW (XURSHDQ ODZ\HU LV D UHJLVWHUHG (XURSHDQ
ODZ\HURUDQ(QJODQGDQG:DOHVRU1RUWKHUQ,UHODQGUHJLVWHUHG(XURSHDQODZ\HU
(YLGHQFHRIUHJLVWUDWLRQ
$Q\ FHUWLILFDWH SXUSRUWLQJ WR EH VLJQHG E\ DQ RIILFHU RI D SURIHVVLRQDO ERG\ DQG VWDWLQJ WKDW D
SHUVRQ
DLVRULVQRWUHJLVWHUHGDVD(XURSHDQODZ\HUZLWKWKDWSURIHVVLRQDOERG\RU
E ZDV RU ZDV QRW UHJLVWHUHG ZLWK WKDW SURIHVVLRQDO ERG\ GXULQJ D SHULRG VSHFLILHG LQ WKH
FHUWLILFDWHVKDOOXQOHVVWKHFRQWUDU\LVSURYHGEHHYLGHQFHRIWKDWIDFWDQGEHWDNHQWRKDYHEHHQ
VRVLJQHG
3XEOLFDWLRQRIQDPHVRIUHJLVWHUHG(XURSHDQODZ\HUV
:KHUHDSURIHVVLRQDOERG\SXEOLVKHVWKHQDPHVRIVROLFLWRUVRUDGYRFDWHVUHJLVWHUHGZLWKLWLW
VKDOODOVRSXEOLVKWKHQDPHVRIDQ\(XURSHDQODZ\HUVUHJLVWHUHGZLWKLW
,Q WKLV UHJXODWLRQ SXEOLVKHV RU SXEOLVK LQFOXGHV WKH SURYLVLRQ RI LQIRUPDWLRQ WR D OHJDO
SXEOLVKHU
3$57,9
5(*8/$7,21$1'',6&,3/,1(
5XOHVRISURIHVVLRQDOFRQGXFWDSSOLFDEOH
:KHUHDUHJLVWHUHG(XURSHDQODZ\HULVSUDFWLVLQJXQGHUKLVKRPHSURIHVVLRQDOWLWOHZKHWKHULQ
6FRWODQGRUHOVHZKHUHKHVKDOOEHVXEMHFWWRWKHVDPHUXOHVRISURIHVVLRQDOFRQGXFWDVDPHPEHU
RIWKHSURIHVVLRQDOERG\ZLWKZKLFKKHLVUHJLVWHUHG
'LVFLSOLQDU\SURFHHGLQJVDSSOLFDEOH
:KHUH LW LV DOOHJHG WKDW D UHJLVWHUHG (XURSHDQ ODZ\HU KDV IDLOHG WR FRPSO\ ZLWK WKH UXOHV RI
SURIHVVLRQDO FRQGXFW WR ZKLFK KH LVVXEMHFW XQGHU UHJXODWLRQ KH VKDOO EH VXEMHFWWRWKH VDPH
UXOHVRISURFHGXUHSHQDOWLHVDQGUHPHGLHVDVDPHPEHURIWKHSURIHVVLRQDOERG\ZLWKZKLFKKHLV
UHJLVWHUHGDQGVKDOOLIDSSURSULDWHEHVXEMHFWWRGLVFLSOLQDU\ SURFHHGLQJVEURXJKWE\DQDSSURSULDWH
DXWKRULW\
$Q\VDQFWLRQDJDLQVWDUHJLVWHUHG(XURSHDQODZ\HULQUHODWLRQWRGLVFLSOLQDU\SURFHHGLQJVPD\
LQFOXGHZLWKGUDZDORUVXVSHQVLRQRIKLVUHJLVWUDWLRQ
7KHDSSURSULDWHDXWKRULW\VKDOOJLYHUHDVRQVIRULWVGHFLVLRQ
,QWKLVUHJXODWLRQDQDSSURSULDWHDXWKRULW\PHDQV
D ZKHUH WKH UHJLVWHUHG (XURSHDQ ODZ\HU LV UHJLVWHUHG ZLWK WKH /DZ 6RFLHW\ RI 6FRWODQG WKH
6FRWWLVK
6ROLFLWRUV
'LVFLSOLQH7ULEXQDO
EZKHUHWKHUHJLVWHUHG(XURSHDQODZ\HULVUHJLVWHUHGZLWKWKH)DFXOW\RI$GYRFDWHVWKDWERG\
'LVFLSOLQDU\SURFHHGLQJVDJDLQVWDUHJLVWHUHG(XURSHDQODZ\HU
:KHUH D SURIHVVLRQDO ERG\ LQWHQGV WR EHJLQ GLVFLSOLQDU\ SURFHHGLQJV DJDLQVW D UHJLVWHUHG
(XURSHDQODZ\HULWVKDOO
DLQIRUPWKHFRPSHWHQWDXWKRULW\LQKLVKRPH6WDWHDVVRRQDVSRVVLEOHRIWKHLQWHQWLRQWREHJLQ
WKRVHSURFHHGLQJVDQGIXUQLVKLWZLWKDOOWKHUHOHYDQWGHWDLOV
EFRRSHUDWHZLWKWKDWDXWKRULW\WKURXJKRXWWKRVHSURFHHGLQJVDQG
FLQIRUPWKDWDXWKRULW\RIWKHGHFLVLRQUHDFKHGLQWKRVHSURFHHGLQJVLQFOXGLQJWKHGHFLVLRQLQDQ\
DSSHDODVVRRQDVSUDFWLFDEOHDIWHUWKHGHFLVLRQLVJLYHQ
6XEMHFW WR SDUDJUDSK ZKHUH WKH FRPSHWHQW DXWKRULW\ LQ WKH UHJLVWHUHG (XURSHDQ ODZ\HU
V
KRPH 6WDWH ZLWKGUDZV KLV DXWKRULVDWLRQ WR SUDFWLVH XQGHU WKH KRPH SURIHVVLRQDO WLWOH HLWKHU
WHPSRUDULO\ RU SHUPDQHQWO\ KLV UHJLVWUDWLRQ ZLWK WKH SURIHVVLRQDO ERG\ VKDOO EH DXWRPDWLFDOO\
ZLWKGUDZQWRWKHVDPHH[WHQW
:KHUHDUHJLVWHUHG(XURSHDQODZ\HULVDXWKRULVHGWRSUDFWLVHXQGHUDKRPHSURIHVVLRQDOWLWOHLQ
WZRRUPRUHKRPH6WDWHVKLVUHJLVWUDWLRQVKDOOEHZLWKGUDZQLQDFFRUGDQFHZLWKSDUDJUDSKLIKLV
DXWKRULVDWLRQ WR SUDFWLFH XQGHU D KRPH SURIHVVLRQDO WLWOH KDV EHHQ ZLWKGUDZQ LQ RQH RU PRUH RI
WKRVHKRPH6WDWHV
:KHUH WKHUH LV DQ DSSHDO DJDLQVW D GHFLVLRQ LQ GLVFLSOLQDU\ SURFHHGLQJV DJDLQVW D UHJLVWHUHG
(XURSHDQODZ\HUWKHERG\UHVSRQVLEOHIRUKHDULQJWKHDSSHDOVKDOODIIRUGWKHFRPSHWHQWDXWKRULW\
LQWKHUHJLVWHUHG(XURSHDQODZ\HU
VKRPH6WDWHDQRSSRUWXQLW\WRPDNHUHSUHVHQWDWLRQVLQUHODWLRQ
WRWKDWDSSHDO
'LVFLSOLQDU\SURFHHGLQJVDJDLQVWDVROLFLWRURUDGYRFDWH
:KHUHDSURIHVVLRQDOERG\LQWHQGVWREHJLQGLVFLSOLQDU\SURFHHGLQJVDJDLQVWDVROLFLWRURUDGYRFDWH
SUDFWLFLQJLQD6WDWHOLVWHGLQUHJXODWLRQLWVKDOOLQIRUPWKHFRPSHWHQWDXWKRULW\LQWKDW6WDWHRI
DWKHLQWHQWLRQWREHJLQWKRVHSURFHHGLQJVDQGIXUQLVKLWZLWKDOORIWKHUHOHYDQWGHWDLOVDQG
E WKH GHFLVLRQ UHDFKHG LQ WKRVH SURFHHGLQJV LQFOXGLQJ WKH GHFLVLRQ LQ DQ\ DSSHDO DV VRRQ DV
SUDFWLFDEOHDIWHUWKHGHFLVLRQLVJLYHQ
3$579
(175<,1727+(352)(66,212)62/,&,72525$'92&$7(
$SSOLFDWLRQE\UHJLVWHUHG(XURSHDQODZ\HU
:KHUHDUHJLVWHUHG(XURSHDQODZ\HUDSSOLHVWRWKHSURIHVVLRQDOERG\ZLWKZKLFKKHKDVEHHQ
UHJLVWHUHG WR EHFRPH D VROLFLWRU RU DGYRFDWH DV WKH FDVH PD\ EH DQG WKDW SURIHVVLRQDO ERG\
UHTXLUHVKLPWRSDVVDQDSWLWXGHWHVWXQGHUUHJXODWLRQELLRIWKH4XDOLILFDWLRQ5HJXODWLRQVKH
PD\DSSO\WRWKHSURIHVVLRQDOERG\IRUDQH[HPSWLRQIURPWKDWUHTXLUHPHQWRQWKHJURXQGVWKDWKH
IDOOVZLWKLQSDUDJUDSKRURIWKLVUHJXODWLRQ
$SHUVRQIDOOVZLWKLQWKLVSDUDJUDSKLI
DKHLVD(XURSHDQODZ\HUDQGKDVEHHQUHJLVWHUHGZLWKWKDWSURIHVVLRQDOERG\IRUDWOHDVWWKUHH
\HDUVDQG
E KH KDV IRU D SHULRG RI DW OHDVW WKUHH \HDUV HIIHFWLYHO\ DQG UHJXODUO\ SXUVXHG LQ 6FRWODQG
SURIHVVLRQDODFWLYLWLHVLQDFFRUGDQFHZLWKUHJXODWLRQXQGHUKLVKRPHSURIHVVLRQDOWLWOHLQWKHODZ
RI6FRWODQGLQFOXGLQJ&RPPXQLW\ODZ
$SHUVRQIDOOVZLWKLQWKLVSDUDJUDSKLI
DKHLVD(XURSHDQODZ\HUDQGKDVEHHQUHJLVWHUHGZLWKWKDWSURIHVVLRQDOERG\IRUDWOHDVWWKUHH
\HDUV
E KH KDV IRU D SHULRG RI DW OHDVW WKUHH \HDUV HIIHFWLYHO\ DQG UHJXODUO\ SXUVXHG LQ 6FRWODQG
SURIHVVLRQDODFWLYLWLHVLQDFFRUGDQFHZLWKUHJXODWLRQXQGHUKLVKRPHSURIHVVLRQDOWLWOHDQG
F KH KDV IRU D SHULRG RI OHVV WKDQ WKUHH \HDUV HIIHFWLYHO\ DQG UHJXODUO\ SXUVXHG LQ 6FRWODQG
SURIHVVLRQDODFWLYLWLHVLQDFFRUGDQFHZLWKUHJXODWLRQXQGHUKLVKRPHSURIHVVLRQDOWLWOHLQWKHODZ
RI6FRWODQG
'HFLVLRQE\SURIHVVLRQDOERG\
6XEMHFW WR SDUDJUDSK WKH SURIHVVLRQDO ERG\ VKDOO JUDQW DQ H[HPSWLRQ DSSOLHG IRU XQGHU
UHJXODWLRQLILWFRQVLGHUVWKDWWKHUHTXLUHPHQWVXQGHUSDUDJUDSKRURIUHJXODWLRQKDYH
EHHQPHW
7KHUHJLVWUDWLRQRIDUHJLVWHUHG(XURSHDQODZ\HUVKDOOFHDVHIURPWKHGDWHKHLVJUDQWHGHQWU\
LQWRWKHSURIHVVLRQRIVROLFLWRURUDGYRFDWH
7KH SURIHVVLRQDO ERG\ PD\ UHIXVH WR JUDQW DQ H[HPSWLRQ LI LW FRQVLGHUV WKDW WKH UHJLVWHUHG
(XURSHDQODZ\HUZRXOGEHXQILWWRSUDFWLVHDVDVROLFLWRURUDGYRFDWH
(YLGHQFHLQVXSSRUWRIDSSOLFDWLRQIRUH[HPSWLRQXQGHUUHJXODWLRQ
:KHUHDUHJLVWHUHG(XURSHDQODZ\HUPDNHVDQDSSOLFDWLRQXQGHUSDUDJUDSKRIUHJXODWLRQ
KH VKDOO SURYLGH WKH SURIHVVLRQDO ERG\ ZLWK DQ\ UHOHYDQW LQIRUPDWLRQ DQG GRFXPHQWDWLRQ ZKLFK LW
PD\UHDVRQDEO\UHTXLUH
7KH SURIHVVLRQDO ERG\ PD\ YHULI\ WKH HIIHFWLYH DQG UHJXODU QDWXUH RI WKH SURIHVVLRQDO DFWLYLW\
SXUVXHG DQG PD\ LI QHFHVVDU\ UHTXHVW WKH UHJLVWHUHG (XURSHDQ ODZ\HU WR SURYLGH RUDOO\ RU LQ
ZULWLQJ FODULILFDWLRQ RI RU IXUWKHU GHWDLOV RQ WKH LQIRUPDWLRQ DQG GRFXPHQWDWLRQ UHIHUUHG WR LQ
SDUDJUDSK
(YLGHQFHLQVXSSRUWRIDSSOLFDWLRQIRUH[HPSWLRQXQGHUUHJXODWLRQ
:KHUHDUHJLVWHUHG(XURSHDQODZ\HUPDNHVDQDSSOLFDWLRQXQGHUSDUDJUDSKRIUHJXODWLRQ
KH VKDOO SURYLGH WKH SURIHVVLRQDO ERG\ ZLWK DQ\ UHOHYDQW LQIRUPDWLRQ DQG GRFXPHQWDWLRQ LW PD\
UHDVRQDEO\UHTXLUH
,Q GHFLGLQJ ZKHWKHU WR JUDQW DQ DSSOLFDWLRQ XQGHU SDUDJUDSK RI UHJXODWLRQ WKH
SURIHVVLRQDO ERG\ VKDOO WDNH LQWR DFFRXQW WKH SURIHVVLRQDO DFWLYLWLHV WKH UHJLVWHUHG (XURSHDQ
ODZ\HUKDVSXUVXHGGXULQJWKHSHULRGKHKDVEHHQUHJLVWHUHGDQGDQ\NQRZOHGJHDQGSURIHVVLRQDO
H[SHULHQFHKHKDVJDLQHGRIDQGDQ\WUDLQLQJKHKDVUHFHLYHGLQWKHODZRI6FRWODQGDQGWKHUXOHV
RISURIHVVLRQDOFRQGXFWRIWKHSURIHVVLRQFRQFHUQHG
6XEMHFWWRSDUDJUDSKLQWKHFDVHRIDQDSSOLFDWLRQXQGHUSDUDJUDSKRIUHJXODWLRQWKH
SURIHVVLRQDO ERG\ VKDOO E\ PHDQV RI DQ LQWHUYLHZ DVVHVV DQG YHULI\ WKH UHJLVWHUHG (XURSHDQ
ODZ\HU
VHIIHFWLYHDQGUHJXODUSURIHVVLRQDODFWLYLW\DQGKLVFDSDFLW\WRFRQWLQXHWKDWDFWLYLW\
:KHUH D SURIHVVLRQDO ERG\ EHOLHYHV WKDW DQ LQWHUYLHZ LV XQQHFHVVDU\ DQG LQWHQGV WR JUDQW DQ
DSSOLFDWLRQXQGHUSDUDJUDSKRIUHJXODWLRQLWPD\GLVSHQVHZLWKWKDWUHTXLUHPHQW
0HDQLQJRIHIIHFWLYHO\DQGUHJXODUO\SXUVXHG
)RUWKHSXUSRVHVRIUHJXODWLRQVWRDFWLYLWLHVVKDOOEHUHJDUGHGDVHIIHFWLYHO\DQGUHJXODUO\
SXUVXHG LI WKH\ DUH DFWXDOO\ H[HUFLVHG ZLWKRXW DQ\ LQWHUUXSWLRQ RWKHU WKDQ WKDW UHVXOWLQJ IURP WKH
HYHQWVRIHYHU\GD\OLIH
7LPHOLPLWIRUGHFLVLRQDQGQRWLILFDWLRQE\SURIHVVLRQDOERG\
$SURIHVVLRQDOERG\VKDOOFRQVLGHUDQDSSOLFDWLRQXQGHUUHJXODWLRQDVVRRQDVLVUHDVRQDEO\
SUDFWLFDEOH DQG VKDOO QRWLI\ WKH DSSOLFDQW RI LWV GHFLVLRQ DQG LI WKH DSSOLFDWLRQ LV UHMHFWHG WKH
UHDVRQV IRU WKH UHMHFWLRQ ZLWKLQ IRXU PRQWKV RI UHFHLSW RI DOO WKH UHOHYDQW LQIRUPDWLRQ DQG
GRFXPHQWDWLRQUHTXLUHGXQGHUUHJXODWLRQVDQG
:KHUHWKHSURIHVVLRQDOERG\IDLOVWRWDNHDGHFLVLRQDQGQRWLI\WKHUHJLVWHUHG(XURSHDQODZ\HU
ZLWKLQIRXUPRQWKVLQDFFRUGDQFHZLWKSDUDJUDSKLWVKDOOEHGHHPHGWRKDYHWDNHQDGHFLVLRQWR
UHMHFWKLVDSSOLFDWLRQDQGWRKDYHQRWLILHGLWWRKLPRQWKHODVWGD\RIWKDWSHULRG
$SSHDOE\UHJLVWHUHG(XURSHDQODZ\HU
:LWKLQWKUHHPRQWKVRIWKHQRWLILFDWLRQWRKLPRIWKHSURIHVVLRQDOERG\
VGHFLVLRQRUODWHUZLWK
WKH SHUPLVVLRQ RI WKH &RXUW RI 6HVVLRQ WKH UHJLVWHUHG (XURSHDQ ODZ\HU PD\ DSSHDO DJDLQVW WKH
GHFLVLRQE\DSSHDOLQ)RUPWRWKH&RXUWRI6HVVLRQ
7KH&RXUWRI6HVVLRQPD\IRUWKHSXUSRVHRIGHWHUPLQLQJDQ\DSSHDOXQGHUWKLV3DUW
DJUDQWWKHH[HPSWLRQDSSOLHGIRU
EUHIXVHWKHDSSHDORU
FUHPLWWKHPDWWHUWRWKHSURIHVVLRQDOERG\ZLWKVXFKGLUHFWLRQVDVWKHDSSHDOERG\VHHVILW
7KH&RXUWRI6HVVLRQVKDOOJLYHUHDVRQVIRULWVGHFLVLRQ
3UDFWLFHXQGHUWKHWLWOHRIVROLFLWRURUDGYRFDWH
7KLVUHJXODWLRQDSSOLHVZKHUHDUHJLVWHUHG(XURSHDQODZ\HUWKHODZ\HULVJUDQWHGHQWU\LQWR
WKHSURIHVVLRQRIVROLFLWRURUDGYRFDWH
6XEMHFW WR SDUDJUDSK WKH ODZ\HU VKDOO EH HQWLWOHG WR FRQWLQXH WR SUDFWLVH LQ 6FRWODQG RU
HOVHZKHUHXQGHUKLVKRPHSURIHVVLRQDOWLWOHDQGWRXVHKLVKRPHSURIHVVLRQDOWLWOHH[SUHVVHGLQDQ
RIILFLDOODQJXDJHRIKLVKRPH6WDWHDORQJVLGHWKHWLWOHRIVROLFLWRURUDGYRFDWHDVWKHFDVHPD\EH
SURYLGHG WKDW KH FRQWLQXHV WR EH DXWKRUL]HG LQ KLV KRPH 6WDWH WR SXUVXH SURIHVVLRQDO DFWLYLWLHV
XQGHUWKDWWLWOH
)RU WKH SXUSRVHV RI UXOHV RI SURIHVVLRQDO FRQGXFW LQFOXGLQJ WKRVH UHODWLQJ WR GLVFLSOLQDU\ DQG
FRPSODLQWVSURFHGXUHVWKHODZ\HU
VFRQWLQXLQJSUDFWLFHLQ6FRWODQGRUHOVHZKHUHXQGHUKLVKRPH
SURIHVVLRQDO WLWOH LQVRIDU DV LW UHODWHV WR WKDW ODZ\HU
V SUDFWLFH DV D VROLFLWRU RU DGYRFDWH VKDOO EH
GHHPHG WRIRUP SDUW RI KLV SUDFWLFH DV D VROLFLWRU RUDGYRFDWH DQG WKRVH UXOHV VKDOODSSO\ WR KLV
SUDFWLFHXQGHUKLVKRPHSURIHVVLRQDOWLWOHDVWKH\GRWRKLVSUDFWLFHDVDVROLFLWRURUDGYRFDWH
:KHUHWKLVUHJXODWLRQDSSOLHVDODZ\HU
VUHJLVWUDWLRQLQDFFRUGDQFHZLWKUHJXODWLRQZLWKWKH
SURIHVVLRQDO ERG\ZKRVHWLWOHKHKDVDFTXLUHGVKDOOFHDVHIURPWKHGDWHKHLVHQWLWOHGWRXVHWKDW
WLWOH
3$579,
6833/(0(17$5<3529,6,216
0RGLILFDWLRQDQGH[WHQVLRQRIHQDFWPHQWV
6FKHGXOHZKLFKPDNHVDPHQGPHQWVWRWKH6ROLFLWRUV6FRWODQG$FWVKDOOKDYHHIIHFW
6FKHGXOH ZKLFK DSSOLHV HQDFWPHQWV ZLWK PRGLILFDWLRQV DQG H[WHQVLRQV VKDOO KDYH HIIHFW LQ
UHODWLRQWRUHJLVWHUHG(XURSHDQODZ\HUV
6&+('8/(
5HJXODWLRQ
$0(1'0(176727+(62/,&,72566&27/$1'$&7
5HJLVWHURI(XURSHDQODZ\HUV.HHSLQJWKHUHJLVWHU
$
7KH&RXQFLOVKDOOHVWDEOLVKDQGPDLQWDLQWKHUHJLVWHUUHIHUUHGWRLQUHJXODWLRQRIWKH(XURSHDQ
&RPPXQLWLHV /DZ\HU
V 3UDFWLFH 6FRWODQG 5HJXODWLRQV DQG VKDOO NHHS WKH UHJLVWHU DW WKH
RIILFHRIWKHLUVHFUHWDU\
7KHUHJLVWHUVKDOOFRQVLVWRIWKHQDPHVLQDOSKDEHWLFDORUGHURIDOO(XURSHDQODZ\HUVHQWHUHGRQ
LWLQDFFRUGDQFHZLWKUHJXODWLRQRIWKRVHUHJXODWLRQV
$Q\SHUVRQPD\LQVSHFWWKHUHJLVWHUGXULQJRIILFHKRXUVZLWKRXWSD\PHQW
6FKHGXOHSRZHUVRI&RXQFLOLQUHODWLRQWRUROORIVROLFLWRUVVKDOODSSO\WRWKHUHJLVWHUDVLWGRHV
WRWKHUROODQGLQLWVDSSOLFDWLRQWRWKHUHJLVWHUWKHZRUGVVHFWLRQLQSDUDJUDSKVKDOOEHUHDG
DVLIWKHZRUGVVHFWLRQ$ZHUHVXEVWLWXWHGWKHUHIRU
,QIRUPDWLRQWREHSURYLGHGE\UHJLVWHUHG(XURSHDQODZ\HUV
%
$Q\UHJLVWHUHG(XURSHDQODZ\HU
DVKDOORQUHJLVWUDWLRQLQIRUPWKH&RXQFLO LQZULWLQJRIWKHDGGUHVVRIKLVSODFHRIEXVLQHVVKLV
KRPH SURIHVVLRQDO WLWOH DQG WKH QDPH DQG DGGUHVV RI WKH FRPSHWHQW DXWKRULW\ ZLWK ZKLFK KH LV
UHJLVWHUHGLQKLVKRPHVWDWHDQG
EVKDOOWKHUHDIWHULQIRUPWKH&RXQFLORIDQ\FKDQJHWRWKHLQIRUPDWLRQUHTXLUHGXQGHUSDUDJUDSK
DDERYH
7KH&RXQFLOVKDOOLVVXHDUHJLVWUDWLRQWRDQ\UHJLVWHUHG(XURSHDQODZ\HUZKRDSSOLHVIRULW
5HPRYDORIQDPHIURPUHJLVWHURQUHTXHVW
&
$ UHJLVWHUHG (XURSHDQ ODZ\HU ZKR ZLVKHV KLV QDPH RU DQ\ DQQRWDWLRQ PDGH DJDLQVW KLV QDPH
XQGHUVHFWLRQ$WREHUHPRYHGIURPWKHUHJLVWHUPD\PDNHDQDSSOLFDWLRQWRWKH&RXQFLOLQ
WKDWEHKDOIDQGWKH&RXQFLOVKDOORQWKHUHJLVWHUHG(XURSHDQODZ\HUVDWLVI\LQJWKH&RXQFLOWKDWKH
KDVPDGHDGHTXDWHDUUDQJHPHQWVZLWKUHVSHFWWRWKHEXVLQHVVKHKDVWKHQLQKDQGUHPRYHWKH
QDPHRIWKDWVROLFLWRURUDVWKHFDVHPD\EHWKHDQQRWDWLRQDJDLQVWKLVQDPHIURPWKHUHJLVWHU
5HVWRUDWLRQRIQDPHWRUHJLVWHURQUHTXHVW
'
6XEMHFWWRVXEVHFWLRQDUHJLVWHUHG(XURSHDQODZ\HUZKRVHQDPHKDVEHHQUHPRYHGIURP
WKHUHJLVWHUVKDOOEHHQWLWOHGWRKDYHKLVQDPHUHVWRUHGWRWKHUHJLVWHURQO\LIRQDQDSSOLFDWLRQLQ
WKDWEHKDOIPDGHE\KLPWRWKH7ULEXQDODQGDIWHUVXFKHQTXLU\DVWKH7ULEXQDOWKLQNVSURSHUWKH
7ULEXQDOVRRUGHUV
2Q DQ DSSOLFDWLRQ WR WKH &RXQFLO E\ D UHJLVWHUHG (XURSHDQ ODZ\HU ZKRVH QDPH RU DQ\
DQQRWDWLRQ DJDLQVW ZKRVH QDPH KDV EHHQ UHPRYHG IURP WKH UHJLVWHU XQGHU VHFWLRQ & WKH
&RXQFLOPD\DIWHUVXFKLQTXLU\DVWKH\WKLQNSURSHUUHVWRUHWKHQDPHRIWKHUHJLVWHUHG(XURSHDQ
ODZ\HURUDVWKHFDVHPD\EHWKHDQQRWDWLRQWRWKHUHJLVWHU
5XOHVPDGHE\WKH7ULEXQDOXQGHUVHFWLRQPD\
DUHJXODWHWKHPDNLQJKHDULQJDQGGHWHUPLQLQJRIDSSOLFDWLRQVXQGHUVXEVHFWLRQ
ESURYLGHIRUSD\PHQWE\WKHDSSOLFDQWWRWKHFRXQFLORIVXFKIHHLQUHVSHFWRIUHVWRUDWLRQWRWKH
UHJLVWHUDVWKHUXOHVPD\VSHFLI\
$IWHUVHFWLRQWKHUHVKDOOEHLQVHUWHG
5HJLVWUDWLRQ FHUWLILFDWHV IRU UHJLVWHUHG (XURSHDQ /DZ\HUV $SSOLFDWLRQV IRU UHJLVWUDWLRQ
FHUWLILFDWHV
$6XEMHFWWRVHFWLRQV%WR*EHORZWKH&RXQFLOPD\PDNHUXOHVZLWKUHVSHFWWR
DDSSOLFDWLRQVIRU
EWKHLVVXHRI
FWKH NHHSLQJ RI DUHJLVWHUIRU DQGWKH LVVXH RIUHJLVWUDWLRQ FHUWLILFDWHV IRUUHJLVWHUHG (XURSHDQ
ODZ\HUVDVLWZRXOGPDNHUXOHVXQGHUVHFWLRQZLWKUHVSHFWWRSUDFWLVLQJFHUWLILFDWHVIRUHQUROOHG
VROLFLWRUV
$Q\SHUVRQPD\LQVSHFWWKHUHJLVWHUUHIHUUHGWRLQVXEVHFWLRQFGXULQJRIILFHKRXUVZLWKRXW
SD\PHQW
7KH PDNLQJ RI D IDOVH VWDWHPHQW E\ D UHJLVWHUHG (XURSHDQ ODZ\HU LQ DQ DSSOLFDWLRQ IRU D
UHJLVWUDWLRQFHUWLILFDWHPD\EHWUHDWHGDVSURIHVVLRQDOPLVFRQGXFWE\KLPIRUWKHSXUSRVHVRI3DUW
,9XQOHVVKHSURYHVWKHVWDWHPHQWZDVPDGHZLWKRXWLQWHQWLRQWRGHFHLYH
,VVXHRIUHJLVWUDWLRQFHUWLILFDWHV
%7KH&RXQFLOVKDOOLVVXHWRDUHJLVWHUHG(XURSHDQODZ\HURQDSSOLFDWLRQEHLQJPDGHE\
KLPDUHJLVWUDWLRQFHUWLILFDWHLQDFFRUGDQFHZLWKUXOHVPDGHE\WKHPXQGHUVHFWLRQ$
7KH&RXQFLOVKDOOQRWLVVXHDUHJLVWUDWLRQFHUWLILFDWHWRDUHJLVWHUHG(XURSHDQODZ\HUZKLOHKLV
UHJLVWUDWLRQLVVXVSHQGHGRUZLWKGUDZQ
'LVFUHWLRQRI&RXQFLOLQVSHFLDOFDVHV
& ,Q DQ\ FDVH ZKHUH WKLV VHFWLRQ KDV HIIHFW WKH DSSOLFDQW VKDOO XQOHVV WKH &RXQFLO
RWKHUZLVHRUGHU JLYH WR WKH &RXQFLO QRW OHVV WKDQ ZHHNV EHIRUH KH DSSOLHV IRU D UHQHZDO RI D
UHJLVWUDWLRQFHUWLILFDWHQRWLFHRIKLVLQWHQWLRQWRGRVRDQGWKH&RXQFLOPD\LQWKHLUGLVFUHWLRQ
DJUDQWRUUHIXVHWKHDSSOLFDWLRQRU
E GHFLGH WR LVVXH D UHJLVWUDWLRQ FHUWLILFDWH WR WKH DSSOLFDQW VXEMHFW WR VXFK FRQGLWLRQV DV WKH
&RXQFLOPD\WKLQNILW
6XEMHFW WR VXEVHFWLRQV DQG EHORZ WKLV VHFWLRQ VKDOO KDYH HIIHFW LQ DQ\ FDVH ZKHUH D
UHJLVWHUHG
(XURSHDQODZ\HUDSSOLHVIRUDUHQHZDORIDUHJLVWUDWLRQFHUWLILFDWH
D QRW KDYLQJ KHOG D UHJLVWUDWLRQ FHUWLILFDWH LQ IRUFH ZLWKLQ WKH SHULRG RI PRQWKV IROORZLQJ WKH
GDWHRIKLVUHJLVWUDWLRQ RU
EZKHQDSHULRGRIPRQWKVRUPRUHKDVHODSVHGVLQFHKHKHOGDUHJLVWUDWLRQFHUWLILFDWHLQIRUFH
RU
FZLWKRXWKDYLQJSDLGLQIXOODQ\ILQHLPSRVHGRQKLPXQGHU3DUW,9RU
GZLWKRXWKDYLQJSDLGLQIXOODQ\H[SHQVHVIRUZKLFKKHKDVEHHQIRXQGOLDEOHXQGHUVHFWLRQRU
3DUW,9RU
HZKHQKDYLQJEHHQVXVSHQGHGIURPSUDFWLFHWKHSHULRGRIVXVSHQVLRQKDVH[SLUHGRU
IZKHQKDYLQJKDGKLVUHJLVWUDWLRQZLWKGUDZQKHKDVEHHQUHJLVWHUHGDJDLQRU
JDIWHUKLVHVWDWHKDVEHHQVHTXHVWUDWHGRUKHKDVJUDQWHGDWUXVWGHHGIRUEHKRRIRIFUHGLWRUV
ZKHWKHUKHKDVREWDLQHGKLVGLVFKDUJHRUQRWRU
KZKHQDIWHUDFRPSODLQWKDVEHHQPDGH
LUHODWLQJWRKLVFRQGXFWRIWKHEXVLQHVVRIDFOLHQWKLVDWWHQWLRQKDVEHHQGUDZQE\WKH&RXQFLOWR
WKHPDWWHUDQGKHKDVQRWUHSOLHGRUKDVQRWIXUQLVKHGDUHSO\ZKLFKZRXOGHQDEOHWKH&RXQFLOWR
GLVSRVHRIWKHPDWWHURU
LLRIGHOD\LQGLVSRVDORIWKHEXVLQHVVRIDFOLHQWKHKDVQRWFRPSOHWHGWKDWEXVLQHVVZLWKLQVXFK
SHULRGDVWKH&RXQFLOPD\IL[DVEHLQJDUHDVRQDEOHSHULRGZLWKLQZKLFKWRGRVRDQGLQHLWKHUFDVH
KDVEHHQQRWLILHGLQZULWLQJE\WKH&RXQFLODFFRUGLQJO\RU
LZKLOHDQ\WKLQJUHTXLUHGWREHGRQHE\KLPE\DGLUHFWLRQRIWKH&RXQFLOXQGHUVHFWLRQ$RURI
WKH 7ULEXQDO XQGHU VHFWLRQ $ LQFOXGLQJ DQ\ VXFK GLUHFWLRQ DV FRQILUPHG RU YDULHG RQ DSSHDO
UHPDLQVXQGRQH
:KHUHDUHJLVWUDWLRQFHUWLILFDWHIUHHRIFRQGLWLRQVLVLVVXHGE\WKH&RXQFLOXQGHUVXEVHFWLRQ
WR D UHJLVWHUHG (XURSHDQ ODZ\HU WR ZKRP WKDW VXEVHFWLRQ KDV HIIHFW E\ UHDVRQ RI DQ\ VXFK
FLUFXPVWDQFHVDVDUHPHQWLRQHGLQSDUDJUDSKVDEHIRUJRIVXEVHFWLRQWKLVVHFWLRQ
VKDOO QRWWKHUHDIWHU KDYH HIIHFW LQ UHODWLRQWR WKDW UHJLVWHUHG (XURSHDQ ODZ\HU E\ UHDVRQ RI WKRVH
FLUFXPVWDQFHV
:KHUH WKH &RXQFLO GHFLGH WRLVVXH D UHJLVWUDWLRQ FHUWLILFDWH VXEMHFWWR FRQGLWLRQVWKH\PD\LI
WKH\ WKLQN ILW SRVWSRQH WKH LVVXH RI WKH UHJLVWUDWLRQ FHUWLILFDWH SHQGLQJ WKH KHDULQJ DQG
GHWHUPLQDWLRQRIDQDSSHDOXQGHUVHFWLRQ'
$SSHDOVIURPGHFLVLRQVRI&RXQFLO
'
:KHUH
DDQDSSOLFDWLRQIRUDUHJLVWUDWLRQFHUWLILFDWHLVGXO\PDGHWRWKH&RXQFLORWKHUZLVHWKDQLQDFDVH
ZKHUHVHFWLRQ&KDVHIIHFWDQGWKH&RXQFLOUHIXVHRUQHJOHFWWRLVVXHDUHJLVWUDWLRQFHUWLILFDWH
WKHDSSOLFDQW
EWKH&RXQFLOUHIXVHWRUHFRJQLVHDERG\FRUSRUDWHDVEHLQJVXLWDEOHLQWHUPVRIVHFWLRQ$
EWKHERG\FRUSRUDWHPD\DSSO\WRWKHFRXUWZKRPD\PDNHVXFKRUGHULQWKHPDWWHUDVLWWKLQNV
ILW
:KHUHWKH&RXQFLOLQH[HUFLVHRIWKHSRZHUFRQIHUUHGRQWKHPE\VHFWLRQ&UHIXVHWRLVVXHD
UHJLVWUDWLRQ FHUWLILFDWH RU LVVXH D UHJLVWUDWLRQ FHUWLILFDWH VXEMHFW WR FRQGLWLRQV WKH DSSOLFDQW PD\
DSSHDOWRWKHFRXUWDJDLQVWWKDWGHFLVLRQZLWKLQGD\VRIEHLQJQRWLILHGRILW
2QDQDSSHDOWRWKHFRXUWXQGHUVXEVHFWLRQWKHFRXUWPD\
DDIILUPWKHGHFLVLRQRIWKH&RXQFLORU
EGLUHFWWKH&RXQFLOWRLVVXHDUHJLVWUDWLRQFHUWLILFDWHWRWKHDSSOLFDQWVXEMHFWWRVXFKFRQGLWLRQVLI
DQ\DVWKHFRXUWWKLQNVILWRU
FPDNHVXFKRUGHUDVLWWKLQNVILW
'DWHDQGH[SLU\RIUHJLVWUDWLRQFHUWLILFDWH
(
VW
(YHU\UHJLVWUDWLRQFHUWLILFDWHLVVXHGLQ1RYHPEHURIDQ\\HDUVKDOOEHDUWKHGDWHRI 1RYHPEHU
LQWKDW\HDUDQGHYHU\RWKHUUHJLVWUDWLRQFHUWLILFDWHVKDOOEHDUWKHGDWHRQZKLFKLWZDVLVVXHG
(YHU\UHJLVWUDWLRQFHUWLILFDWHVKDOOKDYHHIIHFWIURPWKHGDWHLWEHDUVXQGHUVXEVHFWLRQ
6XEMHFWWRVXEVHFWLRQHYHU\UHJLVWUDWLRQFHUWLILFDWHVKDOOH[SLUHRQVW2FWREHUQH[WDIWHULWLV
LVVXHG
2Q WKH QDPH RI D UHJLVWHUHG (XURSHDQ ODZ\HU EHLQJ ZLWKGUDZQ IURP WKH UHJLVWHU RU RQ D
UHJLVWHUHG(XURSHDQODZ\HUEHLQJVXVSHQGHGIURPSUDFWLFHDVDUHJLVWHUHG(XURSHDQODZ\HUDQ\
UHJLVWUDWLRQFHUWLILFDWHIRUWKHWLPHEHLQJLQIRUFHRIWKDWUHJLVWHUHG(XURSHDQODZ\HUVKDOOFHDVHWR
KDYHHIIHFWEXWLQWKHFDVHRIVXVSHQVLRQLIKHFHDVHVWREHVRVXVSHQGHGGXULQJWKHSHULRGIRU
ZKLFK WKH UHJLVWUDWLRQ ZRXOG RWKHUZLVH KDYH FRQWLQXHG LQ IRUFH WKH UHJLVWUDWLRQ FHUWLILFDWH VKDOO
WKHUHXSRQDJDLQKDYHHIIHFW
6XVSHQVLRQRIUHJLVWUDWLRQFHUWLILFDWH
)
,I
DLQSXUVXDQFHRIWKH0HQWDO+HDOWK6FRWODQG$FW>@DUHJLVWHUHG(XURSHDQODZ\HULVE\
UHDVRQ RI PHQWDO GLVRUGHU DGPLWWHG WR D KRVSLWDO DQG EHFRPHV OLDEOH WR EH GHWDLQHG WKHUH RU
EHFRPHVVXEMHFWWRJXDUGLDQVKLS
EDFXUDWRUERQLVLVDSSRLQWHGRQWKHHVWDWHRIDUHJLVWHUHG(XURSHDQODZ\HU
FWKHHVWDWHRIDUHJLVWHUHG(XURSHDQODZ\HULVVHTXHVWUDWHG
GDUHJLVWHUHG(XURSHDQODZ\HUJUDQWVDWUXVWGHHGIRUEHKRRIRIFUHGLWRUV
H D MXGLFLDO IDFWRU LV DSSRLQWHG RQ WKH HVWDWH RI D UHJLVWHUHG (XURSHDQ ODZ\HU DQ\ UHJLVWUDWLRQ
FHUWLILFDWHIRUWKHWLPHEHLQJLQIRUFHRIWKDWUHJLVWHUHG(XURSHDQODZ\HUVKDOOFHDVHWRKDYHHIIHFW
DQGKHVKDOOEHVXVSHQGHGIURPSUDFWLFHDVDUHJLVWHUHG(XURSHDQODZ\HU
2Q WKH RFFXUUHQFH RI DQ\ RI WKH FLUFXPVWDQFHV PHQWLRQHG LQ VXEVHFWLRQ WKH UHJLVWHUHG
(XURSHDQ ODZ\HU LQ TXHVWLRQ VKDOO LQWLPDWH WKRVH FLUFXPVWDQFHV WR WKH &RXQFLO LQ ZULWLQJ
LPPHGLDWHO\
2QWKHRFFXUUHQFHRIWKHFLUFXPVWDQFHVPHQWLRQHGLQSDUDJUDSKGRUHRIVXEVHFWLRQWKH
WUXVWHH RU DV WKH FDVH PD\ EH WKH MXGLFLDO IDFWRU VKDOOLQWLPDWH KLV DSSRLQWPHQW WR WKH &RXQFLOLQ
ZULWLQJLPPHGLDWHO\
)XUWKHUSURYLVLRQVUHODWLQJWRVXVSHQVLRQRIUHJLVWUDWLRQFHUWLILFDWH
*
7KHSURYLVLRQVRIWKLVVHFWLRQVKDOOKDYHHIIHFWLQUHODWLRQWRDUHJLVWUDWLRQFHUWLILFDWHZKLFKKDV
FHDVHG WR KDYH HIIHFW E\ YLUWXH RI VHFWLRQ ) GXULQJ WKH SHULRG ZKHQ WKDW UHJLVWUDWLRQFHUWLILFDWH
ZRXOGEXWIRUWKDWVHFWLRQKDYHFRQWLQXHGLQIRUFH
$ UHJLVWUDWLRQ FHUWLILFDWH ZKLFK KDV FHDVHG WR KDYH HIIHFW E\ YLUWXH RI SDUDJUDSK F RU G RI
VHFWLRQ ) VKDOO DJDLQ KDYH HIIHFW RQ WKH UHJLVWHUHG (XURSHDQ ODZ\HU EHLQJ JUDQWHG KLV
GLVFKDUJH
$UHJLVWUDWLRQFHUWLILFDWHZKLFKKDVFHDVHGWRKDYHHIIHFWE\YLUWXHRISDUDJUDSKHRIVHFWLRQ
)VKDOODJDLQKDYHHIIHFWRQWKHMXGLFLDOIDFWRUEHLQJJUDQWHGKLVGLVFKDUJH
:KHUH D UHJLVWHUHG (XURSHDQ ODZ\HU LV VXVSHQGHG IURP SUDFWLFH DV D UHJLVWHUHG (XURSHDQ
ODZ\HU E\ YLUWXH RI SDUDJUDSKDRUE RI VHFWLRQ )WKH SHULRG RI VXVSHQVLRQ VKDOO IRU WKH
SXUSRVHVRIVHFWLRQ&HH[SLUHRQWKHUHJLVWHUHG(XURSHDQODZ\HUFHDVLQJWREHOLDEOHWREH
GHWDLQHGRUVXEMHFWWRJXDUGLDQVKLSRUDVWKHFDVHPD\EHRQWKHFXUDWRUERQLVEHLQJGLVFKDUJHG
:KHUH D UHJLVWHUHG (XURSHDQ ODZ\HU LV VXVSHQGHG IURP SUDFWLFH DV D UHJLVWHUHG (XURSHDQ
ODZ\HU E\ YLUWXH RI SDUDJUDSK F G RU H RI VHFWLRQ ) KH PD\ DW DQ\ WLPH DSSO\ WR WKH
&RXQFLOWRWHUPLQDWHWKHVXVSHQVLRQ
2QDQDSSOLFDWLRQXQGHUVXEVHFWLRQWKH&RXQFLOPD\HLWKHU
DJUDQWWKHDSSOLFDWLRQZLWKRUZLWKRXWFRQGLWLRQVRU
EUHIXVHWKHDSSOLFDWLRQ
,IRQDQDSSOLFDWLRQE\DUHJLVWHUHG(XURSHDQODZ\HUXQGHUVXEVHFWLRQWKH&RXQFLOUHIXVHWKH
DSSOLFDWLRQRUJUDQWLWVXEMHFWWRFRQGLWLRQVWKHUHJLVWHUHG(XURSHDQODZ\HUPD\DSSHDODJDLQVWWKH
GHFLVLRQWRWKHFRXUWZKRPD\
DDIILUPWKHGHFLVLRQRU
EYDU\DQ\FRQGLWLRQVLPSRVHGE\WKH&RXQFLORU
FWHUPLQDWHWKHVXVSHQVLRQHLWKHUZLWKRUZLWKRXWFRQGLWLRQV
$IWHUVHFWLRQWKHUHVKDOOEHLQVHUWHG
3URIHVVLRQDOPLVFRQGXFWIRUUHJLVWHUHG(XURSHDQODZ\HUWRSUDFWLVHZLWKRXWDUHJLVWUDWLRQFHUWLILFDWH
$
)DLOXUHRQWKHSDUWRIDUHJLVWHUHG(XURSHDQODZ\HULQSUDFWLFHWRKDYHLQIRUFHDFXUUHQWUHJLVWUDWLRQ
FHUWLILFDWHPD\EHWUHDWHGDVSURIHVVLRQDOPLVFRQGXFWIRUWKHSXUSRVHVRI3DUW,9
$WWKHEHJLQQLQJRIVHFWLRQ$WKHUHVKDOOEHLQVHUWHGWKHZRUGV6XEMHFWWRUHJXODWLRQVDQG
RIWKH(XURSHDQ&RPPXQLWLHV/DZ\HU
V3UDFWLFH6FRWODQG5HJXODWLRQVDQG
,QVHFWLRQ
DLQVXEVHFWLRQDIWHUWKHZRUGVROLFLWRULQHDFKSODFHZKHUHLWRFFXUVWKHUHVKDOOEHLQVHUWHG
WKHZRUGVRUUHJLVWHUHG(XURSHDQODZ\HUSXUVXLQJSURIHVVLRQDODFWLYLWLHVZLWKLQWKHPHDQLQJRIWKH
(XURSHDQ&RPPXQLWLHV/DZ\HU
V3UDFWLFH6FRWODQG5HJXODWLRQV
EDWWKHHQGRIVXEVHFWLRQWKHUHVKDOOEHLQVHUWHGWKHZRUGVRUDUHJLVWHUHG(XURSHDQODZ\HU
SXUVXLQJ SURIHVVLRQDO DFWLYLWLHV ZLWKLQ WKH PHDQLQJ RI WKH (XURSHDQ &RPPXQLWLHV /DZ\HU
V
3UDFWLFH6FRWODQG5HJXODWLRQV
,QVHFWLRQDIWHUWKHZRUGVROLFLWRUZKHUHLWILUVWRFFXUVWKHUHVKDOOEHLQVHUWHG
RU
FKDVKDGKLVUHJLVWUDWLRQDVDUHJLVWHUHG(XURSHDQODZ\HUZLWKGUDZQRU
GKDVEHHQVXVSHQGHGIURPSUDFWLFHDVDUHJLVWHUHG(XURSHDQODZ\HU
,QVHFWLRQ
DWKHZRUGXQTXDOLILHGLQHDFKSODFHZKHUHLWRFFXUVLVUHSHDOHG
EDIWHUWKHZRUGZKRWKHUHVKDOOEHLQVHUWHGWKHZRUGVQRWKDYLQJWKHUHOHYDQWTXDOLILFDWLRQ
FDIWHUSDUDJUDSKDWKHUHVKDOOEHLQVHUWHG
DDSUHWHQGVWREHDUHJLVWHUHG(XURSHDQODZ\HURUDQG
GLQSDUDJUDSKEDIWHUWKHZRUGSXEOLFWKHUHVKDOOEHLQVHUWHGRUUHJLVWHUHG(XURSHDQODZ\HU
DV
WKHFDVHPD\EH
,QVHFWLRQDIWHUWKHZRUGVHFWLRQWKHUHVKDOOEHLQVHUWHGWKHZRUGVDQGUHJXODWLRQV
DQGRIWKH(XURSHDQ&RPPXQLWLHV/DZ\HU
V3UDFWLFH6FRWODQG5HJXODWLRQV
$WWKHEHJLQQLQJRIVHFWLRQWKHUHVKDOOEHLQVHUWHGWKHZRUGV6XEMHFWWRWKHSURYLVLRQVRI
UHJXODWLRQV DQG RI WKH (XURSHDQ &RPPXQLWLHV /DZ\HU
V 3UDFWLFH 6FRWODQG 5HJXODWLRQV
,QVHFWLRQ
DLQVXEVHFWLRQDIWHUWKHZRUGVROLFLWRULQHDFKSODFHZKHUHLWRFFXUVWKHUHVKDOOEHLQVHUWHG
WKHZRUGVRUUHJLVWHUHG(XURSHDQODZ\HU
ELQVXEVHFWLRQ
LDIWHUVXESDUDJUDSKFFWKHZRUGRULVUHSHDOHG
LLDWWKHHQGRISDUDJUDSKGWKHUHVKDOOEHLQVHUWHG
RU
HLQUHVSHFWRIDQ\GHIDXOWRIDUHJLVWHUHG(XURSHDQODZ\HURUDQ\RIKLVHPSOR\HHVRUSDUWQHUV
ZKHUHVXFKDFWRUGHIDXOWWDNHVSODFHRXWVLGH6FRWODQGXQOHVVWKH&RXQFLOLVVDWLVILHGWKDWWKHDFW
RUGHIDXOWLVFORVHO\FRQQHFWHGZLWKWKHUHJLVWHUHG(XURSHDQODZ\HU
VSUDFWLFHLQ6FRWODQG
,QVHFWLRQ
DLQVXEVHFWLRQDIWHUWKHGHILQLWLRQRISURSHUW\WKHUHLVLQVHUWHG
UHJLVWHUHG (XURSHDQ ODZ\HU PHDQV D SHUVRQ UHJLVWHUHG ZLWK WKH 6RFLHW\ LQ DFFRUGDQFH ZLWK
UHJXODWLRQRIWKH(XURSHDQ&RPPXQLWLHV/DZ\HU
V3UDFWLFH6FRWODQG5HJXODWLRQV
E DW WKH HQG RI VXEVHFWLRQ D WKHUH VKDOO EH DGGHG WKH ZRUGV DQG UHJLVWHUHG (XURSHDQ
ODZ\HUVDQG
FLQVXEVHFWLRQHDIWHUWKHZRUGVROLFLWRU
VWKHUHVKDOOEHLQVHUWHGWKHZRUGVRUUHJLVWHUHG
(XURSHDQODZ\HU
V
$IWHUSDUDJUDSKRI3DUWRI6FKHGXOHWKHUHVKDOOEHLQVHUWHG
&RQWULEXWLRQVE\UHJLVWHUHG(XURSHDQODZ\HUV
$
6XEMHFW WR WKH SURYLVLRQV RI WKLV SDUDJUDSK SDUDJUDSK DERYH VKDOO DSSO\ WR UHJLVWHUHG
(XURSHDQODZ\HUVDVLWDSSOLHVWRVROLFLWRUVDQGUHIHUHQFHVWRDSUDFWLVLQJFHUWLILFDWHVKDOOLQFOXGH
UHIHUHQFHVWRDUHJLVWHUHG(XURSHDQODZ\HU
VUHJLVWUDWLRQFHUWLILFDWH
:KHUHDUHJLVWHUHG(XURSHDQODZ\HUFDQSURYHWKDW
D KH LV FRYHUHG E\ D JXDUDQWHH SURYLGHGLQ DFFRUGDQFH ZLWK WKH SURIHVVLRQDOUXOHV RIKLV KRPH
6WDWHDQG
E WKH JXDUDQWHH LV HTXLYDOHQW LQ WHUPV RI WKH FRQGLWLRQV DQG WKH H[WHQW RI LWV FRYHU WR WKH
*XDUDQWHH)XQGWKHQWRWKHH[WHQWWKDWWKHUHLVVXFKHTXLYDOHQFHWKDWODZ\HUVKDOOEHH[HPSWIURP
WKHUHTXLUHPHQWVRISDUDJUDSK
:KHUH WKH HTXLYDOHQFH XQGHU VXE SDUDJUDSK LV RQO\ SDUWLDO WKH 6RFLHW\ PD\ VSHFLI\ WKH
JXDUDQWHHREOLJDWLRQVDUHJLVWHUHG(XURSHDQODZ\HULVUHTXLUHGWRPHHWWRFRPSO\ZLWKSDUDJUDSK
6XESDUDJUDSKVDQGRISDUDJUDSKVKDOOQRWDSSO\
)RUWKHSXUSRVHVRIWKLVSDUDJUDSKWKHZRUGVKRPH6WDWHKDYHWKHVDPHPHDQLQJDVSURYLGHG
IRULQUHJXODWLRQRIWKH(XURSHDQ&RPPXQLWLHV/DZ\HU
V3UDFWLFH6FRWODQG5HJXODWLRQV
6&+('8/(
5HJXODWLRQ
$33/,&$7,21H;7(16,21$1'02',),&$7,212)(1$&70(176725(*,67(5('
(8523($1
/$:<(56
3$57,
62/,&,72566&27/$1'$&7
7KH SURYLVLRQVRI WKH 6ROLFLWRUV6FRWODQG $FW VKDOO KDYH HIIHFW LQ UHODWLRQWRUHJLVWHUHG
(XURSHDQODZ\HUVDVPRGLILHGRUH[WHQGHGE\WKHSURYLVLRQVPHQWLRQHGLQWKHVHVXESDUDJUDSKV
6XEVHFWLRQVDQGRIVHFWLRQVKDOODSSO\WRUHJLVWHUHG(XURSHDQODZ\HUVDVWKH\DSSO\WR
VROLFLWRUV DQG DQ\ UHIHUHQFH WR D VROLFLWRU
V SUDFWLVLQJ FHUWLILFDWH VKDOO LQFOXGH UHIHUHQFH WR D
UHJLVWHUHG(XURSHDQODZ\HU
VUHJLVWUDWLRQFHUWLILFDWH
7KHSRZHUWRPDNHUHJXODWLRQVXQGHUVHFWLRQVKDOODOVREHH[HUFLVDEOHLQUHODWLRQWRUHJLVWHUHG
(XURSHDQODZ\HUV
7KHSRZHUWRPDNHUXOHVXQGHUWKHIROORZLQJSURYLVLRQV
DVHFWLRQUXOHVDVWRSURIHVVLRQDOSUDFWLFHFRQGXFWDQGGLVFLSOLQH
EVHFWLRQDFFRXQWVUXOHV
FVHFWLRQLQWHUHVWRQFOLHQW
VPRQH\
GVHFWLRQDFFRXQWDQW
VFHUWLILFDWHV
HVHFWLRQSURIHVVLRQDOLQGHPQLW\
IVHFWLRQSURFHGXUHRQFRPSODLQWVWR7ULEXQDO
JSDUDJUDSKDQGRI3DUW,RI6FKHGXOH
VKDOODOVREHH[HUFLVDEOHLQUHODWLRQWRUHJLVWHUHG(XURSHDQODZ\HUVDQGDUHIHUHQFHLQDQ\RIWKHVH
SURYLVLRQV WR D VROLFLWRU VKDOO LQFOXGH D UHIHUHQFH WR D UHJLVWHUHG (XURSHDQ ODZ\HU DQG DQ\
UHIHUHQFHV WR D VROLFLWRU
V SUDFWLFLQJ FHUWLILFDWH VKDOO LQFOXGH UHIHUHQFHV WR D UHJLVWHUHG (XURSHDQ
ODZ\HU
VUHJLVWUDWLRQFHUWLILFDWH
$Q\ RI WKH SRZHUV UHIHUUHG WR LQ VXESDUDJUDSKPD\EH H[HUFLVHG VR DV WRPDNH GLIIHUHQW
SURYLVLRQ ZLWK UHVSHFW WR GLIIHUHQW FDWHJRULHV RI UHJLVWHUHG (XURSHDQ ODZ\HUV DQG LQ GLIIHUHQW
FLUFXPVWDQFHV
6HFWLRQV $ WR % & $ WR $ $ WR 6FKHGXOHDQGSDUDJUDSKRI3DUW,,RI6FKHGXOHVKDOODSSO\WRUHJLVWHUHG(XURSHDQODZ\HUVDV
WKH\ DSSO\ WR VROLFLWRUV DQG DQ\ UHIHUHQFHV WR D VROLFLWRU
V SUDFWLVLQJ FHUWLILFDWH VKDOO LQFOXGH
UHIHUHQFHVWRDUHJLVWHUHG(XURSHDQODZ\HU
VUHJLVWUDWLRQFHUWLILFDWH
6HFWLRQV $ DQG VKDOO DSSO\WR UHJLVWHUHG (XURSHDQODZ\HUV DV WKH\ DSSO\WR
VROLFLWRUVDQGUHIHUHQFHVLQWKRVHVHFWLRQVWR
DWKHUROOVKDOOIRUWKLVSXUSRVHLQFOXGHUHIHUHQFHVWRWKHUHJLVWHURI(XURSHDQODZ\HUVDQG
E EHLQJ VWUXFN RII WKH UROO VKDOO IRU WKLV SXUSRVH LQFOXGH UHIHUHQFHV WR EHLQJ UHPRYHG IURP WKH
UHJLVWHURI
(XURSHDQODZ\HUV
6HFWLRQVKDOODSSO\WRUHJLVWHUHG(XURSHDQODZ\HUVDVLWDSSOLHVWRVROLFLWRUVDQGUHIHUHQFHV
WR D SUDFWLFLQJ FHUWLILFDWH VKDOO LQFOXGH UHIHUHQFHV WR D UHJLVWHUHG (XURSHDQ ODZ\HU
V UHJLVWUDWLRQ
FHUWLILFDWH DQG UHIHUHQFHV WR WKH UROO VKDOO LQFOXGH UHIHUHQFHV WR WKH UHJLVWHU RI (XURSHDQ ODZ\HUV
DQGUHIHUHQFHVWREHLQJVWUXFNRIIWKHUROOVKDOOLQFOXGHEHLQJUHPRYHGIURPWKDWUHJLVWHU
6HFWLRQVDQGDQG6FKHGXOHVKDOODSSO\WRUHJLVWHUHG(XURSHDQODZ\HUVDVWKH\DSSO\WR
VROLFLWRUVDQGDQ\UHIHUHQFHVLQWKRVHVHFWLRQVDQGWKDW6FKHGXOHWR
DVROLFLWRUVVKDOOLQFOXGHUHJLVWHUHG(XURSHDQODZ\HUV
E D VROLFLWRU
V SUDFWLVLQJ FHUWLILFDWH VKDOO LQFOXGH UHIHUHQFH WR D UHJLVWHUHG (XURSHDQ ODZ\HU
V
UHJLVWUDWLRQFHUWLILFDWH
FWKHUROOVKDOOLQFOXGHWKHUHJLVWHURI(XURSHDQODZ\HUV
GHQUROPHQWVKDOOLQFOXGHUHJLVWUDWLRQRQWKHUHJLVWHURI(XURSHDQODZ\HUVDQG
HEHLQJVWUXFNRIIWKHUROOVKDOOLQFOXGHEHLQJUHPRYHGIURPWKDWUHJLVWHU
3$57,,
27+(5(1$&70(176$1'3529,6,216
,Q WKH 5HKDELOLWDWLRQ RI 2IIHQGHUV $FW ([FHSWLRQV 2UGHU >@ WKH UHIHUHQFH WR
VROLFLWRUDQGDGYRFDWHLQ3DUWRI6FKHGXOHWRWKH2UGHUVKDOOLQFOXGHUHIHUHQFHWRDUHJLVWHUHG
(XURSHDQODZ\HU
,QWKH(VWDWH$JHQWV$FW>@WKHUHIHUHQFHWRDSUDFWLVLQJVROLFLWRULQVHFWLRQDZKLFK
H[HPSWVVROLFLWRUVIURPWKDW$FWVKDOOLQFOXGHDUHIHUHQFHWRDUHJLVWHUHG(XURSHDQODZ\HUDQGWKH
SDUWQHU RI D UHJLVWHUHG (XURSHDQ ODZ\HU SURYLGLQJ SURIHVVLRQDO VHUYLFHV LQ DFFRUGDQFH ZLWK UXOHV
PDGHXQGHUVHFWLRQRIWKH6ROLFLWRUV6FRWODQG$FW
)RUWKHSXUSRVHRIHQDEOLQJWKH/DZ6RFLHW\RI6FRWODQGWRLVVXHFHUWLILFDWHVXQGHU3DUW,RIWKH
)LQDQFLDO 6HUYLFHV $FW >@ UHJXODWLRQ RI LQYHVWPHQW EXVLQHVV WR D UHJLVWHUHG (XURSHDQ
ODZ\HUDSDUWQHUVKLSLQZKLFKDUHJLVWHUHG(XURSHDQODZ\HULVDSDUWQHURUDUHFRJQLVHGERG\LQ
WKHPDQDJHPHQWDQGFRQWURORIZKLFKD UHJLVWHUHG(XURSHDQODZ\HULVFRQFHUQHG±
D WKH /DZ 6RFLHW\ RI 6FRWODQG VKDOO EH WDNHQ DV WKH DSSURSULDWH SURIHVVLRQDO ERG\ IRU WKDW
SXUSRVH
EWKHUHJLVWHUHG(XURSHDQODZ\HUDQGDQ\SDUWQHUVKDOOEHWUHDWHG
LDVLIWKH\ZHUHPHPEHUVRIWKH/DZ6RFLHW\RI6FRWODQGDQG
LLDVLIWKH\ZHUHVROLFLWRUVIRUWKHSXUSRVHVRISDUDJUDSKRI6FKHGXOHWRWKH)LQDQFLDO
6HUYLFHV$FWUHTXLUHPHQWVIRUUHFRJQLWLRQRISURIHVVLRQDOERG\
)RUWKHSXUSRVHVRIVHFWLRQRIWKH,QVROYHQF\$FW>@UHFRJQLVHGSURIHVVLRQDOERGLHV
IRULQVROYHQF\SUDFWLWLRQHUVUHJLVWHUHG(XURSHDQODZ\HUVDQGWKHLUSDUWQHUVVKDOOEHGHHPHGWREH
DSDUWRIWKHVROLFLWRUV
SURIHVVLRQDQG
EVXEMHFWWRWKH/DZ6RFLHW\RI6FRWODQG
VUXOHVRQWKHSUDFWLFHRIWKHLUSURIHVVLRQ
,QWKH%DQNLQJ$FW([HPSW7UDQVDFWLRQV5HJXODWLRQV>@WKHUHIHUHQFHLQUHJXODWLRQ
WRDVROLFLWRUVKDOOEHLQWHUSUHWHGDVLQFOXGLQJDUHIHUHQFHWRDUHJLVWHUHG(XURSHDQODZ\HUDQG
WKH SDUWQHU RI D ODZ\HU LQ WKH FRXUVH RI SURYLGLQJ SURIHVVLRQDO VHUYLFHV LQ DFFRUGDQFH ZLWK UXOHV
PDGHXQGHUVHFWLRQRIWKH6ROLFLWRUV 6FRWODQG$FW
7KH /DZ 5HIRUP 0LVFHOODQHRXV 3URYLVLRQV 6FRWODQG $FW >@ VKDOO EH PRGLILHG DV
IROORZV
,QVHFWLRQLQWKHGHILQLWLRQRISUDFWLWLRQHUWKHUHIHUHQFHVWRDQDGYRFDWHDQGDVROLFLWRU
VKDOOEHLQWHUSUHWHGDVLQFOXGLQJUHIHUHQFHVWRDUHJLVWHUHG(XURSHDQODZ\HU
,QVHFWLRQWKHUHIHUHQFHVWRDGYRFDWHVDQGVROLFLWRUVVKDOOEHLQWHUSUHWHGDVLQFOXGLQJ
UHIHUHQFHVWRDUHJLVWHUHG(XURSHDQODZ\HU
(;3/$1$725<127(
7KLVQRWHLVQRWSDUWRIWKH5HJXODWLRQV
7KHVH 5HJXODWLRQV ZKLFK DUH PDGH XQGHU VHFWLRQ RI WKH (XURSHDQ &RPPXQLWLHV $FW JLYHHIIHFWWR(XURSHDQ&RPPXQLWLHV3DUOLDPHQWDQG&RXQFLO'LUHFWLYH1R(&RI)HEUXDU\
2-(& / 3 7KH SXUSRVH RI WKH 'LUHFWLYH LV WR IDFLOLWDWH WKH SUDFWLFH RI WKH
SURIHVVLRQRIODZ\HURQDSHUPDQHQWEDVLVLQDPHPEHU6WDWHRIWKH(XURSHDQ&RPPXQLW\RWKHU
WKDQWKH6WDWHLQZKLFKWKHTXDOLILFDWLRQZDVREWDLQHG
8QGHUWKHFRQGLWLRQVVSHFLILHGLQRUSHUPLWWHGE\WKH'LUHFWLYHD(XURSHDQODZ\HUPD\FDUU\RXW
SURIHVVLRQDO DFWLYLWLHV RWKHUZLVH UHVHUYHG WR VROLFLWRUV RU DGYRFDWHV DQG PD\ DSSO\ WR EHFRPH D
VROLFLWRU RU DGYRFDWH 3DUW , PDNHV JHQHUDO SURYLVLRQ LQFOXGLQJ LQWHUSUHWDWLRQH[WHQW DQG SXUSRVH
UHJXODWLRQVDQGDQGLQSDUWLFXODULWSURYLGHV
DWKDWWKH5HJXODWLRQVVKDOOFRPHLQWRIRUFHRQ0D\DQGWKDWWKHUHVKDOOEHDWUDQVLWLRQDO
SHULRGIURPWKDWGDWHWR1RYHPEHUWRHQDEOH(XURSHDQODZ\HUVSUDFWLVLQJLQ6FRWODQGWR
DSSO\ IRU UHJLVWUDWLRQ XQGHU WKH 5HJXODWLRQV 'XULQJ WKDW WUDQVLWLRQDO SHULRG WKH RIIHQFH SURYLVLRQ
UHJXODWLRQDQGWKHSURYLVLRQLQUHODWLRQWRQRQHQWLWOHPHQWWRIHHVUHJXODWLRQVKDOOQRWDSSO\
UHJXODWLRQ
EIRUWKHFRPSHWHQWDXWKRULWLHVIRUWKHSXUSRVHVRIUHJLVWUDWLRQRI(XURSHDQODZ\HUVWREHWKH/DZ
6RFLHW\RI6FRWODQGDQGWKH)DFXOW\RI$GYRFDWHVWKHSURIHVVLRQDOERGLHVUHJXODWLRQ
F IRU LQIRUPDWLRQ WR EH H[FKDQJHG LQ UHODWLRQ WR (XURSHDQ ODZ\HUV UHJLVWHULQJ ZLWK RQH RI WKH
SURIHVVLRQDOERGLHVUHJXODWLRQ
3DUW ,, PDNHV SURYLVLRQ IRU WKH SUDFWLFH RI SURIHVVLRQDO DFWLYLWLHV E\ UHJLVWHUHG (XURSHDQ ODZ\HUV
UHJXODWLRQ,WSURYLGHVIRUWKHWLWOHDQGGHVFULSWLRQZKLFKDUHJLVWHUHG(XURSHDQODZ\HUPD\XVH
UHJXODWLRQ3URYLVLRQLVDOVRPDGHLQUHODWLRQWRMRLQWSUDFWLFHUHJXODWLRQVWRDQGWKHDUHDV
RIZRUNLQZKLFKDUHJLVWHUHG(XURSHDQODZ\HUPD\SUDFWLVHUHJXODWLRQVWR
3DUW,,,PDNHVSURYLVLRQIRUUHJLVWUDWLRQ,QSDUWLFXODULWSURYLGHV
DWKDWWKHSURIHVVLRQDOERGLHVVKDOO UHJLVWHUD(XURSHDQODZ\HUZKRKDVDFHUWLILFDWHFRQILUPLQJ
UHJLVWUDWLRQ ZLWK WKH FRPSHWHQW DXWKRULW\ LQ WKH ODZ\HU
V KRPH 6WDWH DQG ZKR KDV FRPSOHWHG DQ
DSSOLFDWLRQDQGSURYLGHGWKHDSSURSULDWHIHHUHJXODWLRQVDQG
EWKDWLQWHUDOLDD(XURSHDQODZ\HUPD\QRWEHUHJLVWHUHGZLWKERWKWKH/DZ6RFLHW\RI6FRWODQG
DQGWKH)DFXOW\RI $GYRFDWHVRUEDUULVWHUV
SURIHVVLRQDOERGLHVDQGYLFHYHUVDUHJXODWLRQ
FWKHWLPHOLPLWIRUFRQVLGHULQJDSSOLFDWLRQVDQGDSSHDOSURFHGXUHUHJXODWLRQDQG
GIRUWKHFUHDWLRQRIDQRIIHQFHRISUHWHQGLQJWREHDUHJLVWHUHG(XURSHDQODZ\HUUHJXODWLRQ
HIRUQRQUHFRYHU\RIIHHVHWFZKHUHWKHODZ\HULVQRWDSSURSULDWHO\UHJLVWHUHGUHJXODWLRQDQG
I IRU WKH LVVXH RI FHUWLILFDWHV RI UHJLVWUDWLRQ DQG WKH SXEOLFDWLRQ RI WKH QDPHV RI UHJLVWHUHG
(XURSHDQODZ\HUVUHJXODWLRQVDQG
3DUW,9PDNHVSURYLVLRQIRUUHJXODWLRQDQGGLVFLSOLQHRIUHJLVWHUHG(XURSHDQODZ\HUV
3DUW 9 PDNHV SURYLVLRQ IRU HQWU\ LQWR WKH SURIHVVLRQ RI VROLFLWRU DQG DGYRFDWH ,Q SDUWLFXODU LW
SURYLGHV
D WKDW D UHJLVWHUHG (XURSHDQ ODZ\HU PD\ EH H[HPSWHG IURP WKH UHTXLUHPHQWV RI WKH (XURSHDQ
&RPPXQLWLHV5HFRJQLWLRQRI3URIHVVLRQDO4XDOLILFDWLRQV5HJXODWLRQVUHJXODWLRQVWR
DQG
EIRUWKHHIIHFWRIHQWU\LQWRWKHSURIHVVLRQRIVROLFLWRURUDGYRFDWHUHJXODWLRQ&RQVHTXHQWLDO
DPHQGPHQWV DQG PRGLILFDWLRQV DUH PDGH WR WKH 6ROLFLWRUV 6FRWODQG $FW DQG RWKHU
HQDFWPHQWVWKDWPDNHVSHFLILFSURYLVLRQLQUHODWLRQWRVROLFLWRUVUHJXODWLRQDQGVFKHGXOHVDQG
1RWHV
>@F6HFWLRQZDVDPHQGHGE\WKH6FRWODQG$FWF6FKHGXOHSDUDJUDSK
7KHIXQFWLRQFRQIHUUHGXSRQWKH0LQLVWHURIWKH&URZQXQGHUVHFWLRQRIWKH(XURSHDQ
&RPPXQLWLHV $FW LQVRIDU DV ZLWKLQ GHYROYHG FRPSHWHQFH ZDV WUDQVIHUUHG WR WKH 6FRWWLVK
0LQLVWHUVE\YLUWXHRIVHFWLRQRIWKH6FRWODQG$FW
5HSXEEOLFD6ORYDFFD
D 3$5/,$0(17$5<$&71R&ROORQWKH/HJDO3URIHVVLRQDQGRQ$PHQGLQJ
$FW1R&ROORQWKH%XVLQHVVDQG6HOI(PSOR\PHQW6HUYLFHV%XVLQHVV/LFHQVLQJ$FWDV
DPHQGHGGDWHG'HFHPEHU%(,7(1$&7('LQWKLVSUHVHQW3DUOLDPHQWDVVHPEOHGDQGE\
WKHDXWKRULW\RIWKHVDPHDVIROORZV
&+$37(5,
3$5721(
5(&,7$/6
6HFWLRQ
5ROHRIWKH/HJDO3URIHVVLRQ
7KH OHJDO SURIHVVLRQ KHOSV WR H[HUFLVH WKH LQGLYLGXDOV FRQVWLWXWLRQDO ULJKW WR GHIHQFH DQG WR
SURWHFWDQ\RWKHULQGLYLGXDOVDQGOHJDOHQWLWLHVKHUHLQDIWHUMRLQWO\UHIHUUHGWRDVWKHFOLHQWULJKWV
DQG LQWHUHVWVLQ DFFRUGDQFH ZLWK WKH6ORYDN &RQVWLWXWLRQ FRQVWLWXWLRQDOODZV DSSOLFDEOH ODZV DQG
RWKHUJHQHUDOO\ELQGLQJOHJDOUXOHV
3UDFWLFH RI ODZ VKDOO PHDQ UHSUHVHQWDWLRQ RI FOLHQWV EHIRUH FRXUWV RI ODZ JRYHUQPHQWDO
DXWKRULWLHV DQG RWKHU HQWLWLHV DFWLQJ IRU DQG GHIHQGLQJ LQGLYLGXDOV LQ FULPLQDO SURFHHGLQJV OHJDO
FRQVXOWDQF\ZULWLQJLQVWUXPHQWVDERXWOHJDODFWVPDNLQJOHJDODQDO\VHVDGPLQLVWUDWLRQRIFOLHQWV
SURSHUW\ DQG RWKHU IRUPV RI OHJDO DGYLFH DVVLVWDQFH DQG OHJDO VHUYLFHV LI SURYLGHG FRQWLQXRXVO\
DQGLQUHWXUQIRUDIHHKHUHLQDIWHUUHIHUUHGWRDVOHJDOVHUYLFHV
/HJDOVHUYLFHVLQWKH6ORYDN5HSXEOLFDUHSURYLGHGE\ODZ\HUVDVZHOODVE\RWKHULQGLYLGXDOV
DQGOHJDOHQWLWLHVVSHFLILHGLQ6HFLWHPVEFGHDQGLXQGHUWKHWHUPVDQGFRQGLWLRQVDQGLQ
WKH PDQQHU KHUHLQ ODLG GRZQ /DZ\HUV SURYLGH RWKHU VHUYLFHV LQ DFFRUGDQFH ZLWK VHSDUDWH OHJDO
UXOHV
6XEVHFWLRQDERYHVKDOOQRWDIIHFWDQGSUHMXGLFHWKHSRZHUVRI
DQRWDULHVSDWHQWDWWRUQH\VFKDUWHUHGDFFRXQWDQWVDQGEDLOLIIVRURWKHUSHUVRQVWRSURYLGHVRPH
OHJDOVHUYLFHVXQGHUVHSDUDWHOHJDOUXOHV
EDQ\HPSOR\HHLQWKHHPSOR\PHQWRIDOHJDOHQWLW\RURIDQLQGLYLGXDOWRSURYLGHOHJDOVHUYLFHVWR
DQHQWLW\LQWKHHPSOR\PHQWRIZKLFKKHLVRUIRUZKRPKHVHUYHVLQDQ\RWKHUVLPLODUFDSDFLW\LI
WKHSURYLVLRQRIOHJDOVHUYLFHVLVDSDUWRIKLVMREGXWLHVDULVLQJRXWRIKLVHPSOR\PHQW
FDSHUVRQZKRDGPLQLVWHUVSURSHUW\LQDFFRUGDQFHZLWKVHSDUDWHOHJDOUXOHV
(J$FW1R&ROORQ%DQNUXSWF\DQG&RPSRVLWLRQDVDPHQGHG
(J 3DUOLDPHQWDU\ $FW 1R &ROO RQ 1RWDULHV 1RWDULHV &RGH DV DPHQGHG
3DUOLDPHQWDU\$FW1R&ROORQ&KDUWHUHG$FFRXQWDQWVDQG6ORYDN&KDPEHURI&KDUWHUHG
$FFRXQWDQWVDVDPHQGHG$FW1R&ROORQ3DWHQW$WWRUQH\VDVDPHQGHG3DUOLDPHQWDU\
$FW1R&ROORQ%DLOLIIV%DLOLIIV&RGHDQGRQDPHQGLQJRWKHUODZVDVDPHQGHG
(J6HFDRIWKH&LYLO&RGH
3$577:2
/$:<(5
5HTXLUHPHQWVIRU$GPLVVLRQDQG3UDFWLFHRI/DZ
6HFWLRQ
$ ODZ\HU LV D SHUVRQ ZKRVH QDPH LV HQWHUHG RQ WKH UROO PDLQWDLQHG E\ WKH 6ORYDN %DU
$VVRFLDWLRQKHUHLQDIWHUUHIHUUHGWRDVWKH%DU
:KHQ SURYLGLQJ KLV OHJDO VHUYLFHVHDFK ODZ\HU VKDOO DFW LQGHSHQGHQWO\ VKDOO EH ERXQG E\ WKH
JHQHUDOO\ELQGLQJOHJDOUXOHVDQGZLWKLQWKHOLPLWVRIWKHVDPHDOVRE\WKHFOLHQWVLQVWUXFWLRQV
/HJDO SURIHVVLRQ LV DOLEHUDO SURIHVVLRQ ZKLFKPD\ EH SUDFWLVHG DQG SXUVXHG RQO\ XQGHU WKLV
$FW
6HFWLRQ
7KH%DUVKDOODGPLWDQ\RQHZLWKLQWZRPRQWKVIURPUHFHLYLQJKLVZULWWHQDSSOLFDWLRQSURYLGHG
WKDWVXFKDSHUVRQ
DKDVIXOOFDSDFLW\WRGROHJDODFWVDQGLVXQGHUQRJXDUGLDQVKLS
E KDV D 0DVWHUV GHJUHH LQODZ RI D ODZ VFKRRO LQWKH 6ORYDN 5HSXEOLF RU KROGV DUHFRJQLVHG
XQLYHUVLW\GLSORPDZKHUHE\WKH0DVWHUVGHJUHHZDVDZDUGHGWRKLPE\DODZVFKRROLQDIRUHLJQ
FRXQWU\RWKHUWKDQWKH6ORYDN5HSXEOLF
FVHUYHGDVDWUDLQHHODZ\HUWRDSUDFWLVLQJODZ\HUIRUDWOHDVWWKUHH\HDUV
GSDVVHGWKHSUHVFULEHG%DUH[DPLQDWLRQ
HLVDSHUVRQRILQWHJULW\
I ZDV QRW LPSRVHG DQ\ ILQDO GLVFLSOLQDU\ DFWLRQ RIGLVEDUPHQWRU DGLVFLSOLQDU\ DFWLRQ RI UHPRYDO
IURPWKHUROORIWUDLQHHODZ\HUV>6HFLWHPH@
JZDVQRWVXEMHFWWRDQ\GLVFLSOLQDU\DFWLRQRIEHLQJVWUXFNRIIWKHUROORIFRPPHUFLDOODZ\HUVRU
DQ\ GLVFLSOLQDU\ DFWLRQ EDQQLQJ KLV SUDFWLFH DV D QRWDU\ RU DQ\ GLVFLSOLQDU\ DFWLRQ EDQQLQJ KLV
SUDFWLFHDVDEDLOLIIRUDQ\GLVFLSOLQDU\DFWLRQRIEHLQJUHPRYHGIURPWKHUROORISURVHFXWRUVRUDQ\
GLVFLSOLQDU\DFWLRQRIEHLQJUHPRYHGIURPDMXGLFLDOSRVLWLRQXQGHUVHSDUDWHOHJDOUXOHV
KDWWKHWLPHRIEHLQJDGPLWWHGWRWKH%DULVQRWHPSOR\HGE\DQ\HPSOR\HURUGRHVQRWVHUYHLQ
DQ\ RWKHU VLPLODUFDSDFLW\H[FHSW IRU SHGDJRJLF SXEOLVKLQJOLWHUDU\UHVHDUFK RU DUW DFWLYLWLHV DQG
GRHVQRWFDUU\RXWDQ\DFWLYLWLHVWKDWDUHLQFRPSDWLEOHZLWKWKHQDWXUHDQGHWKLFDOSULQFLSOHVRIWKH
OHJDOSURIHVVLRQ
LPHWDOOUHTXLUHPHQWVODLGGRZQLQ6HF6HFDQG6HFEHORZDQG
MWRRNWKHRDWKLQDFFRUGDQFHZLWK6XEVEHORZ
7KH%DUVKDOODOVRDGPLWXQLYHUVLW\SURIHVVRUVDQGDVVRFLDWHSURIHVVRUVLQWKHILHOGRIODZZLWKLQ
WZRPRQWKV IURP WKH GDWH RIUHFHLSW RIWKHLU ZULWWHQ DSSOLFDWLRQV DQG DIWHU WKHLU KDYLQJ WDNHQ WKH
RDWKRQWKHFRQGLWLRQWKH\GXO\SURYHWRKDYHPHWWKHUHTXLUHPHQWVODLGGRZQLQ6XEVLWHPVD
EHWKURXJKL
6HF RI $FW 1R &ROO RQ +LJKHU (GXFDWLRQ DQG RQ DPHQGLQJ RWKHU ODZV DV
DPHQGHG
3DUOLDPHQWDU\$FW1R&ROODVDPHQGHG
)RUWKHSXUSRVHVRIWKLV$FWDSHUVRQRILQWHJULW\VKDOOQRWEHDSHUVRQZKRZDVVHQWHQFHGIRUD
PDOLFLRXVFULPHE\DILQDOFRXUWGHFLVLRQDVIDUDVDVHULRXVPDOLFLRXVFULPHDEXVHRISRZHUVE\D
SXEOLF RIILFLDO UHFHLSW RI D EULEH DQG RWKHU LPSURSHU SULYDWH IDYRXU EULEHJLYLQJ DQG LQGLUHFW
FRUUXSWLRQLVFRQFHUQHGDSHUVRQRILQWHJULW\VKDOOQHLWKHUEHDSHUVRQZKRVHFULPLQDOUHFRUGDQG
FRQYLFWLRQIRUWKHDERYHPHQWLRQHGFULPHVKDVEHHQH[SXQJHGRUZKRLVYLHZHGDVLIKHKDVQHYHU
EHHQVHQWHQFHGIRUVXFKDFULPHXQGHUDVHSDUDWHOHJDOUXOH
)RUWKHSXUSRVHVRIWKLV$FWDSHUVRQRILQWHJULW\VKDOOQRWEHDSHUVRQZKRVHKRQHVWDQGGXH
SHUIRUPDQFHRIWKHOHJDOSURIHVVLRQPD\EHUHDVRQDEO\FRQWHVWHGDQGGRXEWHG
*RRG FKDUDFWHU DQG LQWHJULW\ VKDOO EH HYLGHQFHG E\ D FHUWLILFDWH FRQILUPLQJ DEVHQFH RI DQ\
FULPLQDOFRQYLFWLRQDOOUHFRUGVVHDUFKQRWROGHUWKDQWKUHHPRQWKV
7KHIROORZLQJRDWKVKDOOEHWDNHQWRWKH3UHVLGHQWRIWKH%DU,KHUHE\GHFODUHLQZLWQHVVRIIDLWK
DQGKRQRXUWKDW,ZLOOREVHUYHWKH6ORYDN&RQVWLWXWLRQODZVDQGRWKHUJHQHUDOO\ELQGLQJOHJDOUXOHV
6ORYDN%DU$VVRFLDWLRQLQWHUQDOUXOHVFRGHRIHWKLFVDQGSURWHFWIXQGDPHQWDOULJKWVDQGIUHHGRPV
GXO\IXOILOP\GXWLHVDQGREOLJDWLRQVDVDODZ\HUDQGWUHDWDQ\LQIRUPDWLRQOHDUQWLQFRQQHFWLRQZLWK
WKHSUDFWLVHRIODZDVFRQILGHQWLDO
6HFWLRQ
7KH%DUVKDOODGPLWDQ\RQHZLWKLQWZRPRQWKVIURPUHFHLSWRIKLVZULWWHQDSSOLFDWLRQSURYLGHG
WKDWVXFKDSHUVRQ
DLVDGPLWWHGDVDUHJLVWHUHG(XURSHDQODZ\HU6HF
EWRRNWKHRDWKXQGHU6HFDERYH
F IRU D SHULRG RI WKUHH \HDUV SUDFWLVHG ODZ DQG SURYLGHG OHJDO VHUYLFHV LQ WKH 6ORYDN 5HSXEOLF
ZLWKRXWDQ\VLJQLILFDQWLQWHUUXSWLRQXQGHUWKLV$FWDQG
GSURYLGHGOHJDOVHUYLFHVDQGJDYHDGYLFHXQGHULWHPFDERYHRQWKH6ORYDNODZ
)RUWKHSXUSRVHVRIWKLV$FWWHPSRUDU\LQWHUUXSWLRQGXHWRHYHU\GD\DUUDQJHPHQWVDQGRUGLQDU\
FLUFXPVWDQFHVXVXDOO\QRWH[FHHGLQJWKUHHZHHNVVKDOOQRWFRQVWLWXWHVLJQLILFDQWLQWHUUXSWLRQLQWKH
SURYLVLRQ RI OHJDO VHUYLFHV:KHQ FRQVLGHULQJ D FDVH RI VLJQLILFDQW LQWHUUXSWLRQ DFFRXQW VKDOO EH
WDNHQRIWKHUHDVRQVIRUVXFKLQWHUUXSWLRQGXUDWLRQDQGIUHTXHQF\WKHUHRI
'XULQJ VLJQLILFDQW LQWHUUXSWLRQ LQ WKH SURYLVLRQ RI OHJDO VHUYLFHV XQGHU WKLV $FW WKH \HDUV
SHULRG VHW IRUWK LQ 6XEV LWHP F DERYH VKDOO QRW DSSO\+RZHYHU LI WKH ODZ\HU GLG QRW SURYLGH
OHJDOVHUYLFHVXQGHUWKLV$FWIRUPRUHWKDQRQH\HDUWKHSHULRGVSHFLILHGLQ6XEVLWHPFVKDOO
VWDUWWRUXQIURPWKHEHJLQQLQJ
7KHSHUVRQZKRDSSOLHGWRWKH%DUIRUDGPLVVLRQDVDODZ\HUXQGHU6XEVDERYHVKDOOVXEPLW
WRWKH%DUDOOLQIRUPDWLRQDQGGRFXPHQWDWLRQDQGJLYHDFOHDUH[SODQDWLRQRIDQXPEHUDQGDUHDVRI
OHJDOVHUYLFHVDQGDGYLFHZKLFKKHSURYLGHGDQGJDYHRQWKH6ORYDNODZ
&ULPLQDO&RGH
7KH%DUVKDOOZDLYHWKHUHTXLUHPHQWODLGGRZQLQ6XEVLWHPGDERYHLIWKHDSSOLFDQWZKLOH
EHLQJ LQWHUYLHZHG E\ D WKUHHPHPEHU FRPPLWWHH DSSRLQWHG E\ WKH 3UHVLGHQW RI WKH 6ORYDN %DU
$VVRFLDWLRQ >6HF @ SURYHV WKDW DV D UHJLVWHUHG (XURSHDQ ODZ\HU >6HF LWHP F@ KH
HIIHFWLYHO\ DQG UHJXODUO\ GHDOW ZLWK WKH 6ORYDN OHJDO V\VWHP DQG LV DEOH WR PDLQWDLQ VXFK
LQYROYHPHQW 'XULQJ WKH LQWHUYLHZ D GXH DFFRXQW LV WDNHQ RI WKH UHJLVWHUHG (XURSHDQ ODZ\HUV
DWWHQGDQFHDWOHFWXUHVVHPLQDUVDQGFRQIHUHQFHVIRFXVHGRQWKH6ORYDNODZ
7KHUHJLVWHUHG(XURSHDQODZ\HU>6HFLWHPF@DGPLWWHGWRWKH%DUXQGHU6XEVDERYHPD\
SXUVXH KLV SURIHVVLRQDO DFWLYLWLHV XQGHU WKH KRPHFRXQWU\ SURIHVVLRQDO WLWOH >6HF LWHP J@
H[SUHVVHG LQ WKH RIILFLDO ODQJXDJH RI WKH FRXQWU\ RI UHJLVWUDWLRQ 6KRXOG WKH UHJLVWHUHG (XURSHDQ
ODZ\HUEHDVKDUHRZQHURUDSDUWQHULQDIRUHLJQOHJDOHQWLW\RULQD6ORYDNOHJDOHQWLW\DXWKRULVHG
WRSURYLGHOHJDOVHUYLFHVLQDGGLWLRQWRKLVSURIHVVLRQDOWLWOHKHPD\DOVRXVHWKHFRUSRUDWHQDPH
DQGFRUSRUDWHW\SHRIVXFKOHJDOHQWLW\
2QFH WKH (XURSHDQ ODZ\HU>6HF LWHP D@LVUHJLVWHUHG LQWKH UROO RIODZ\HUVWKH %DU VKDOO
VWULNHKLVQDPHRIIWKHUROORIUHJLVWHUHG(XURSHDQODZ\HUV6HF
6HFWLRQ
7KH%DUVKDOODGPLWDQ\RQHZLWKLQWZRPRQWKVIURPUHFHLSWRIKLVZULWWHQDSSOLFDWLRQSURYLGHG
WKDWVXFKDSHUVRQ
DLVDQDWLRQDORIWKH(80HPEHU6WDWHRUDQ\RWKHUVLJQDWRU\RIWKH(($7UHDW\
E PHW WKH UHTXLUHPHQW RI SURIHVVLRQDO OHJDO HGXFDWLRQ DQG SUDFWLFH SUHVFULEHG E\ WKLV 0HPEHU
6WDWHIRUSUDFWLVLQJODZLQGLYLGXDOO\XQGHUWKHSURIHVVLRQDOWLWOHVSHFLILHGLQ$QQH[
FSDVVHGWKHDSWLWXGHWHVWSXUVXDQWWR6XEVEHORZDQG
GWRRNWKHRDWKSXUVXDQWWR6HFDERYH
(YLGHQFHRIWKHDSSOLFDQWVSURIHVVLRQDOFRPSHWHQFHLQDFFRUGDQFHZLWK6XEVLWHPVDDQG
EDERYHDWWKHWLPHRILWVVXEPLVVLRQVKDOOQRWEHPRUHWKDQPRQWKVROG$OOGRFXPHQWVPXVWEH
WUDQVODWHGLQWRWKHRIILFLDOODQJXDJHE\DVZRUQWUDQVODWRU
7KHDSWLWXGHWHVWLVDWHVWLQWHQGHGWRPHDVXUHWKH(XURSHDQODZ\HUVSURIHVVLRQDONQRZOHGJH
>6HFLWHPD@DQGKLVNQRZOHGJHRIWKH6ORYDNODZDVZHOODVRIWKH%DUVLQWHUQDOUXOHV7KH
DSWLWXGH WHVW VKDOO EH WDNHQ LQ WKH RIILFLDO ODQJXDJH 'HWDLOV RI WKH DSWLWXGH WHVW VKDOO EH
GHWHUPLQHGLQWKH%DUVLQWHUQDOUXOH
:LWKLQPRQWKVIURPUHFHLSWRIDZULWWHQDSSOLFDWLRQDQGIURPWKHSD\PHQWRIWKHDSSOLFDWLRQIHH
IL[HGE\WKH%DUWKH%DUVKDOOHQDEOHHDFKDSSOLFDQWZKRKDVPHWUHTXLUHPHQWVODLGGRZQLQ6XEV
LWHPVDDQGEDERYHWRWDNHWKHDSWLWXGHWHVW
7KH (XURSHDQ ODZ\HU >6HF LWHP D@ DGPLWWHG WR WKH %DU XQGHU 6XEV PD\ SUDFWLVH ODZ
XQGHUKLVKRPHFRXQWU\SURIHVVLRQDOWLWOH>6HFLWHPJ@ZKLFKPXVWEHH[SUHVVHGLQWKHRIILFLDO
ODQJXDJH RI KLVSDUWLFXODU 0HPEHU 6WDWH ,I WKH (XURSHDQ ODZ\HU LV D SDUWQHU RU VKDUHRZQHU LQ D
IRUHLJQOHJDOHQWLW\RUD6ORYDNOHJDOHQWLW\DXWKRULVHGWRSURYLGHOHJDOVHUYLFHVLQDGGLWLRQWRKLV
KRPHFRXQWU\SURIHVVLRQDOWLWOHKHPD\DOVRXVHWKHFRUSRUDWHQDPHDQGFRUSRUDWHW\SHRIVXFKD
OHJDOHQWLW\
6HFRIWKH&RPPHUFLDO&RGH
3DUOLDPHQWDU\ $FW 1R &ROO RQ WKH 2IILFLDO /DQJXDJH LQ WKH 6ORYDN 5HSXEOLF DV
DPHQGHG
6HFWLRQ
7KH %DU VKDOO GHHP D MXGLFLDO QRWDULDO RU SURVHFXWRUV H[DPLQDWLRQ SDVVHG LQ WKH 6ORYDN
5HSXEOLFHTXLYDOHQWWRWKH%DUH[DPLQDWLRQ7KH%DUPD\DOVRGHHPDQ\RWKHUOHJDO H[DPLQDWLRQ
SDVVHG LQ WKH 6ORYDN 5HSXEOLF HTXLYDOHQWWR WKH %DU H[DPLQDWLRQ 7HUPV DQG FRQGLWLRQV RI RWKHU
OHJDOH[DPLQDWLRQWREHHTXLYDOHQWWRWKH%DUH[DPLQDWLRQVKDOOEHHVWDEOLVKHGLQWKH%DUVLQWHUQDO
UXOH
7KH%DUVKDOOLQFOXGHWKHSUDFWLFHRIDMXGJHMXGLFLDOFDQGLGDWHSURVHFXWRUSURVHFXWRUWUDLQHH
DQG QRWDU\ LQ WKH REOLJDWRU\ WUDLQHH ODZ\HUV DSSUHQWLFHVKLS 7KH %DU PD\ LQFOXGH RWKHU OHJDO
SUDFWLFHZRUNLQWKHWUDLQHHODZ\HUVDSSUHQWLFHVKLS7HUPVDQGFRQGLWLRQVRIFRXQWLQJRWKHUOHJDO
SUDFWLFH ZRUN LQWR WKH WUDLQHH ODZ\HUV DSSUHQWLFHVKLS VKDOO EH HVWDEOLVKHG LQ WKH %DUV LQWHUQDO
UXOH
:LWKLQ PRQWKV IURP UHFHLSW RI WKH ZULWWHQ DSSOLFDWLRQ IRU SHUPLVVLRQ WR WDNH WKH %DU
H[DPLQDWLRQWKH%DUVKDOOHQDEOHDQ\RQHZKRKDVPHWUHTXLUHPHQWVODLGGRZQLQ6HFLWHPV
DEHWKURXJKJWRWDNHWKH%DUH[DPLQDWLRQSURYLGHGWKDWWKHDSSOLFDQWSDLGWKHH[DPLQDWLRQIHH
DQG SURYHG WKDW QRW ODWHU WKDQ RQ WKH GDWH RI WKH %DU H[DPLQDWLRQ VFKHGXOHG E\ WKH %DU KH KDV
SUDFWLVHGODZDVDWUDLQHHODZ\HUIRUDSHULRGVSHFLILHGLQ6HFLWHPF
:LWKLQPRQWKVIURPUHFHLSWRIWKHZULWWHQDSSOLFDWLRQIRUSHUPLVVLRQWRWDNHWKHRDWKDQGIRU
DGPLVVLRQWKH%DUVKDOOHQDEOHDQ\RQHZKRSURYHGWRKDYHPHWDOOUHTXLUHPHQWVODLGGRZQLQ6HF
LWHPVDWKURXJKL6HF6HFLWHPVDFDQGGRU6HFLWHPVDWKURXJKF
WRWDNHWKHRDWKDQGEHDGPLWWHGWRWKH%DU
6HFWLRQ
7KH%DUVKDOOGLVEDUDQ\RQHZKR
DGLHGRUKDVEHHQGHFODUHGWREHGHDG
EKDVEHHQGHSULYHGRIKLVOHJDOFDSDFLW\RUZKRVHOHJDOFDSDFLW\KDVEHHQOLPLWHG
FUHTXHVWHGGLVEDUPHQWLQZULWLQJ
GZDVVHQWHQFHGIRUDPDOLFLRXVFULPHXQGHUDILQDOFRXUWGHFLVLRQ
HXQGHUDILQDORUGHUZDVVXEMHFWWRDQ\GLVFLSOLQDU\DFWLRQUHVXOWLQJLQKLVGLVEDUPHQW
ILVLQDUUHDUVZLWKSD\PHQWRIWKHPHPEHUVKLSIHHIRUPRUHWKDQVL[PRQWKVDQGIDLOHGWRSD\WKH
PHPEHUVKLSIHHZLWKLQRQHPRQWKDIWHUEHLQJDVNHGWRGRVRE\WKH%DUSURYLGHGWKDWKHZDVGXO\
QRWLILHGRISRVVLEOHFRQVHTXHQFHVRIDQ\VXFKGHIDXOW
JZDVDGPLWWHGWRWKH%DUHYHQWKRXJKKHKDGQRWPHWWKHUHTXLUHPHQWVIRUDGPLVVLRQ
KKDVQRWHIIHFWHGDQGGRHVQRWPDLQWDLQDQ\FRPSXOVRU\SURIHVVLRQDOLQGHPQLW\LQVXUDQFH
LKDVEHHQDGMXGJHGWREHEDQNUXSWLQUHVSHFWRIZKRPWKHEDQNUXSWF\SHWLWLRQZDVUHMHFWHGGXH
WRWKHODFNRIDVVHWVRUZKRDJUHHGWRDVFKHPHRIDUUDQJHPHQWRUZKRLVDSDUWQHURUVKDUHRZQHU
LQ D OHJDO HQWLW\ ZKLFK ZDV HVWDEOLVKHG IRU WKH SXUSRVHV RI MRLQW SUDFWLFH RI ODZ DQG KDV EHHQ
DGMXGJHGWREHEDQNUXSWRULQUHVSHFWRIZKLFKWKHEDQNUXSWF\SHWLWLRQZDVUHMHFWHGGXHWRWKHODFN
RIDVVHWVRUZKLFKDJUHHGWRDVFKHPHRIDUUDQJHPHQW
7KH %DU PD\ GLVEDU DQ\RQH ZKR ZDV VHQWHQFHG IRU D PDOLFLRXV FULPH XQGHU D ILQDO FRXUW
GHFLVLRQKRZHYHU6XEVLWHPGDERYHVKDOOQRWEHSUHMXGLFHGWKHUHE\
7KH %DU PD\ GHFLGH DERXW GLVEDUPHQW XQGHU 6XEV LWHP J DERYH ZLWKLQ RQH \HDU DIWHU LW
OHDUQW DERXW WKH IDLOXUH WRPHHW WKH UHTXLUHPHQWIRU DGPLVVLRQWKLV VKDOO QRW DSSO\LQWKH FDVH RI
UHTXLUHPHQWVODLGGRZQLQ6HFLWHPVDEHWURXJKJ
6HFWLRQ
7KH%DUVKDOOWHPSRUDULO\VXVSHQGWKHODZ\HUIURPWKHSUDFWLFHLIKH
D DIWHUKDYLQJ EHHQ DGPLWWHG WRWKH %DUIDLOHGWRWHUPLQDWH KLV HPSOR\PHQW RU ZDV HPSOR\HG E\
DQ\ RWKHU HPSOR\HU RU VWDUWHG WR VHUYH LQ DQ\ RWKHU VDODULHG FDSDFLW\H[FHSW IRU SHGDJRJLF
SXEOLVKLQJ OLWHUDU\ UHVHDUFK RU DUW DFWLYLWLHV DQG LI KH FDUULHV RXW DQ\ RWKHU DFWLYLWLHV ZKLFK DUH
LQFRPSDWLEOHZLWKWKHSULQFLSOHVRIWKHSUDFWLFHRIODZ
EVWDUWHGWRVHUYHWKHVHQWHQFHRILPSULVRQPHQWRUZKRZDVWDNHQLQWRFXVWRG\RUZKRKDVKDGD
GLVFLSOLQDU\DFWLRQRIWHPSRUDU\VXVSHQVLRQIURPWKHSUDFWLFHLPSRVHGXSRQKLP
F ZDV IRXQG JXLOW\ RI KDYLQJ FRPPLWWHG D PDOLFLRXV FULPH XQGHU D FRXUW RUGHU PDGH E\ WKH
DSSURSULDWHILUVWLQVWDQFHFRXUWXQWLOVXFKFRXUWRUGHUEHFRPHVILQDO
G ILOHG D ZULWWHQ DSSOLFDWLRQ IRU KLV WHPSRUDU\ VXVSHQVLRQ IURP WKH SUDFWLFH DQG SURYHG WR KDYH
DSSRLQWHGDVXEVWLWXWH
7KH%DUPD\WHPSRUDULO\VXVSHQGWKHODZ\HUIURPWKHSUDFWLFHLI
D WKH SURFHHGLQJ WR GHSULYH KLP RI RU OLPLW KLV OHJDO FDSDFLW\ KDV FRPPHQFHG XQWLO WKH ILQDO
GHFLVLRQLQWKHPDWWHULVPDGH
E D FULPLQDO SURVHFXWLRQ KDV EHHQ EURXJKW DJDLQVW KLP XQWLO WKH ILQDO GHFLVLRQ LQ WKH PDWWHU LV
PDGH
6HFWLRQ
'XULQJWKHWHPSRUDU\VXVSHQVLRQIURPWKHSUDFWLFH
DWKHODZ\HUVKDOOQRWSURYLGHOHJDOVHUYLFHVXQGHUWKLV$FW
EWKHODZ\HUVKDOOFHDVHWREHDPHPEHURIWKH%DUVJRYHUQLQJERGLHVXQGHU6HFLWHPVE
WKURXJKG
FWKHODZ\HUFDQQRWEHHOHFWHGWRWKH%DUVJRYHUQLQJERGLHVXQGHU6HFLWHPVEWKURXJKG
GWKHODZ\HUVGXW\VHWIRUWKLQ6HFVKDOOFHDVHWRH[LVW
8SRQWKHODZ\HUVWHPSRUDU\VXVSHQVLRQIURPWKHSUDFWLFH
DWKHODZ\HUVKDOOQRWFHDVHWREHDPHPEHULQWKHSDUWQHUVKLSRIODZ\HUVXQGHU6HFDJHQHUDO
QRQFRPPHUFLDO SDUWQHUVKLS RU D OLPLWHG OLDELOLW\ SDUWQHUVKLS XQGHU 6HF RU D OLPLWHG OLDELOLW\
FRPSDQ\XQGHU6HF
EWKHODZ\HUVGXW\WRPDNHSD\PHQWVXQGHU6HFVKDOOQRWFHDVHWRH[LVW
F WKH ODZ\HU VKDOO QRW EH UHOHDVHG IURP KLV OLDELOLW\ IRU ORVV RU GDPDJH 6HF LQFOXGLQJ KLV
OLDELOLW\ IRU DQ\ SURIHVVLRQDO PLVFRQGXFW FRPPLWWHG GXULQJ KLV WHPSRUDU\ VXVSHQVLRQ IURP WKH
SUDFWLFH
6HFWLRQ
$Q\WHPSRUDU\VXVSHQVLRQIURPWKHSUDFWLFHXQGHU6HFDERYHVKDOOEHUHJLVWHUHGE\WKH%DULQ
WKHUROORIODZ\HUV,IWKHUHDVRQVIRUWHPSRUDU\VXVSHQVLRQODLGGRZQLQ6HFFHDVHWRH[LVWWKH
SUDFWLFH VKDOO EH UHVWRUHG E\ WKH %DU ZLWKRXW DQ\ GHOD\ DQG LQIRUPDWLRQ DERXW KLV WHPSRUDU\
VXVSHQVLRQIURPWKHSUDFWLFHVKDOOEHHUDVHGIURPWKHUROORIODZ\HUV
6HFWLRQ
$Q\ GLVPLVVDO RI WKH DSSOLFDWLRQ IRU WKH LQGLYLGXDOV DGPLVVLRQ WR WKH %DU DQ\ GHFLVLRQ DERXW
WHPSRUDU\VXVSHQVLRQ IURPWKH SUDFWLFH DQG DERXWWKH ODZ\HUV GLVEDUPHQWH[FHSW IRU GLVEDUPHQW
XQGHU6HFLWHPHPXVWEHMXVWLILHGDQ\PD\EHVXEMHFWWRWKHMXGLFLDOUHYLHZ
6HFWLRQ
3UDFWLFH6WUXFWXUHV
(YHU\ODZ\HUPD\SUDFWLVHODZ
DDVDVROHSUDFWLWLRQHU
ELQDSDUWQHUVKLSRIODZ\HUVMRLQWO\ZLWKRWKHUODZ\HUV
FDVDSDUWQHULQDJHQHUDOQRQFRPPHUFLDOSDUWQHUVKLS
GDVDJHQHUDOSDUWQHULQDOLPLWHGOLDELOLW\SDUWQHUVKLSRU
HDVDFRPSDQ\H[HFXWLYHLQDOLPLWHGOLDELOLW\FRPSDQ\
7KH %DU VKDOOPDLQWDLQ D OLVW RI DOOSDUWQHUVKLSV RIODZ\HUV XQGHU 6HF D OLVW RI DOO JHQHUDO
QRQFRPPHUFLDOSDUWQHUVKLSVDQGOLPLWHGOLDELOLW\SDUWQHUVKLSVXQGHU6HFDQGDOLVWRIDOOOLPLWHG
OLDELOLW\ FRPSDQLHV XQGHU 6HF KRZHYHU SURYLVLRQV RI D VHSDUDWH OHJDO UXOH VKDOO QRW EH
DIIHFWHGRUSUHMXGLFHGWKHUHE\
7KHODZ\HULVREOLJHGWRLQIRUPWKH%DURIDQ\FKDQJHRIKLVVHDWLQZULWLQJZLWKRXWDQ\GHOD\
7KHVHDWPXVWEHLQWKH6ORYDN5HSXEOLF
7KHODZ\HULVREOLJHGWRSURYLGHOHJDOVHUYLFHVXQGHUWKHSURIHVVLRQDOWLWOHODZ\HUDGYRNiW
RU LWV GXH HTXLYDOHQW IRU IHPDOH ODZ\HUV ³DGYRNiWND´ ,I WKH ODZ\HU SUDFWLVHV MRLQWO\ ZLWK RWKHU
ODZ\HUVDQGSURYLGHVKLVOHJDOVHUYLFHVWKURXJKDSDUWQHUVKLSRIODZ\HUVJHQHUDOQRQFRPPHUFLDO
SDUWQHUVKLSOLPLWHGOLDELOLW\SDUWQHUVKLSRUDOLPLWHGOLDELOLW\FRPSDQ\LQDGGLWLRQWRKLVSURIHVVLRQDO
WLWOHKHVKDOODOVRXVHWKHEXVLQHVVQDPHRIVXFKSDUWQHUVKLSRIODZ\HUVFRUSRUDWHSDUWQHUVKLSRU
FRPSDQ\
$Q\OHJDOHQWLW\RWKHUWKDQDJHQHUDOQRQFRPPHUFLDOSDUWQHUVKLSOLPLWHGOLDELOLW\SDUWQHUVKLSRU
DOLPLWHGOLDELOLW\FRPSDQ\HVWDEOLVKHGXQGHUWKLV$FWLVQRWDXWKRULVHGWRSURYLGHOHJDOVHUYLFHVRU
SUDFWLVHODZ
6HFWLRQ
3DUWQHUVKLSRI/DZ\HUV
/DZ\HUVPD\SXUVXHWKHLUSURIHVVLRQDODFWLYLWLHVMRLQWO\LQDSDUWQHUVKLSRIODZ\HUV0HPEHUVLQ
VXFKDSDUWQHUVKLSPD\RQO\EHODZ\HUVDGPLWWHGWRWKH%DUPHPEHUVULJKWVDQGREOLJDWLRQVVKDOO
EHGHILQHGLQDZULWWHQSDUWQHUVKLSDJUHHPHQW
/DZ\HUVSUDFWLVLQJMRLQWO\DVPHPEHUVLQDSDUWQHUVKLSRIODZ\HUVVKDOOKDYHDFRPPRQVHDW
$Q\FRUUHVSRQGHQFHDQGQRWLFHVWREHVHUYHGRQPHPEHUVDVVRFLDWHGLQD
6HFRIWKH&RPPHUFLDO&RGH
6HFWKURXJKRIWKH&LYLO&RGH
SDUWQHUVKLS RI ODZ\HUV VKDOO EH GHOLYHUHG WR WKH VHDW RI WKH SDUWQHUVKLS 7KH VHDW PXVW EH LQ WKH
6ORYDN5HSXEOLF
$ODZ\HUSUDFWLVLQJMRLQWO\LQDSDUWQHUVKLSRIODZ\HUVVKDOOQRWFRQFXUUHQWO\SUDFWLVHDVDVROH
SUDFWLWLRQHU LQ DQ\ RWKHU SDUWQHUVKLS RI ODZ\HUV DV D SDUWQHU LQ D JHQHUDO QRQFRPPHUFLDO
SDUWQHUVKLS DV D JHQHUDO SDUWQHULQ DOLPLWHG OLDELOLW\ SDUWQHUVKLS RU DV DFRPSDQ\ H[HFXWLYH LQ D
OLPLWHGOLDELOLW\FRPSDQ\+RZHYHUODZ\HUVPD\DJUHHXSRQWHPSRUDU\SURYLVLRQRIOHJDOVHUYLFHV
LQGLYLGXDOO\E\DSDUWLFXODUPHPEHULQRQHRUVHYHUDOSUHYLRXVO\DJUHHGPDWWHUVXQOHVVRWKHUZLVH
VWLSXODWHGLQWKHSDUWQHUVKLSDJUHHPHQW
6HFWLRQ
*HQHUDO1RQ&RPPHUFLDO3DUWQHUVKLSDQG/LPLWHG/LDELOLW\3DUWQHUVKLS
)RUWKHSXUSRVHVRISURYLGLQJOHJDOVHUYLFHVWRWKHSXEOLFODZ\HUVPD\VHWXSDJHQHUDOQRQ
FRPPHUFLDOSDUWQHUVKLSKHUHLQDIWHUUHIHUUHGWRDVWKHJHQHUDOQRQFRPPHUFLDOSDUWQHUVKLSRUD
OLPLWHG OLDELOLW\ SDUWQHUVKLS KHUHLQDIWHU UHIHUUHG WR DV WKH OLPLWHG OLDELOLW\ SDUWQHUVKLS $ JHQHUDO
QRQFRPPHUFLDO SDUWQHUVKLS RU D OLPLWHG OLDELOLW\ SDUWQHUVKLS VHW XS ZLWK D YLHZ WR SURYLGLQJ OHJDO
VHUYLFHVPXVWQRWFDUU\RQDQ\DFWLYLWLHVRWKHUWKDQWKHSURYLVLRQRIOHJDOVHUYLFHVDQGLWVSDUWQHUV
PD\ RQO\ EH ODZ\HUV DGPLWWHG WR WKH %DU $ JHQHUDO QRQFRPPHUFLDO SDUWQHUVKLS DQG D OLPLWHG
OLDELOLW\SDUWQHUVKLSVKDOOEHVXEMHFWWRWKHSURYLVLRQVRIDVHSDUDWHOHJDOUXOHXQOHVVRWKHUZLVH
SURYLGHGE\WKLV$FW
/DZ\HUVZKRDUHSDUWQHUVLQDJHQHUDOQRQFRPPHUFLDOSDUWQHUVKLSSUDFWLVHDQGSURYLGHOHJDO
VHUYLFHV RQ EHKDOI DQG RQWKH DFFRXQWRIWKH JHQHUDO QRQFRPPHUFLDO SDUWQHUVKLS /DZ\HUV ZKR
DUHSDUWQHUVLQDOLPLWHGOLDELOLW\SDUWQHUVKLSSUDFWLVHDQGSURYLGHOHJDOVHUYLFHVRQEHKDOIDQGRQ
WKH DFFRXQW RI WKH OLPLWHG OLDELOLW\ SDUWQHUVKLS ,I WKH SUDFWLFH RI ODZ RQ EHKDOI RI D JHQHUDO QRQ
FRPPHUFLDO SDUWQHUVKLS RU DOLPLWHG OLDELOLW\ SDUWQHUVKLSLV QRW LQLQGLYLGXDO FDVHV SHUPLWWHG XQGHU
VHSDUDWHOHJDOUXOHVODZ\HUVPD\SUDFWLVHRQWKHLURZQEHKDOIDQGRQWKHDFFRXQWRIWKHJHQHUDO
QRQFRPPHUFLDOSDUWQHUVKLSRUOLPLWHGOLDELOLW\SDUWQHUVKLS
(DFKSDUWQHUZKRLVDXWKRULVHGWRDFWRQEHKDOIRIDJHQHUDOQRQFRPPHUFLDOSDUWQHUVKLSVROHO\
LQGHSHQGHQWO\ DQG ZLWKRXW DQ\ OLPLWDWLRQV VKDOO EH WKH VWDWXWRU\ ERG\ RI WKH JHQHUDO QRQ
FRPPHUFLDO SDUWQHUVKLS (DFK JHQHUDO SDUWQHU ZKR LV DXWKRULVHG WR DFW RQ EHKDOI RI D OLPLWHG
OLDELOLW\SDUWQHUVKLSVROHO\LQGHSHQGHQWO\DQGZLWKRXWDQ\OLPLWDWLRQVVKDOOEHWKHVWDWXWRU\ERG\RI
WKHOLPLWHGOLDELOLW\SDUWQHUVKLS
$KHLUPD\FODLPKLVPHPEHUVKLSLQDJHQHUDOQRQFRPPHUFLDOSDUWQHUVKLSXQGHUWKHWHUPVDQG
FRQGLWLRQVODLGGRZQLQDVHSDUDWHOHJDOUXOHRQO\LIWKDWKHLULVDODZ\HUDGPLWWHGWRWKH%DU,I
WKHKHLULVQRWDODZ\HUDGPLWWHGWRWKH%DUKHVKDOOEHHQWLWOHGWRWKHSD\PHQWRIWKHFRPSHQVDWLRQ
VKDUHXQGHUDVHSDUDWHOHJDOUXOH
6XEV DERYH VKDOO DSSO\ PXWDWLV PXWDQGLV WR WKH KHLU RI WKH LQWHVWDWH ZKR ZDV D JHQHUDO
SDUWQHU LQ DOLPLWHG OLDELOLW\ SDUWQHUVKLS 6HF VKDOO DSSO\PXWDWLVPXWDQGLVWRWKH KHLU RIWKH
LQWHVWDWHZKRZDVDOLPLWHGSDUWQHULQDOLPLWHGOLDELOLW\SDUWQHUVKLS
(J6HFDQGRIWKH&LYLO3URFHGXUH&RGH6HFWKURXJKDRIWKH&ULPLQDO3URFHGXUH
&RGH
6KRXOG WKH ODZ\HU EH GLVEDUUHG KH VKDOO FHDVH WR EH D SDUWQHU LQ D JHQHUDO QRQFRPPHUFLDO
SDUWQHUVKLS RU OLPLWHG OLDELOLW\ SDUWQHUVKLS +RZHYHU KH VKDOO EH HQWLWOHG WR WKH SD\PHQW RI WKH
FRPSHQVDWLRQVKDUHE\WKHSDUWQHUVKLSXQGHUDVHSDUDWHOHJDOUXOH
7KH ODZ\HU SUDFWLVLQJ ODZ LQ D JHQHUDO QRQFRPPHUFLDO SDUWQHUVKLS RU LQ D OLPLWHG OLDELOLW\
SDUWQHUVKLSVKDOOQRWFRQFXUUHQWO\SUDFWLVHDVDVROHSUDFWLWLRQHULQDQ\RWKHUSDUWQHUVKLSRIODZ\HUV
ZLWK RWKHU ODZ\HUV DV DFRPSDQ\ H[HFXWLYH LQ D OLPLWHG OLDELOLW\ FRPSDQ\ RU DV D SDUWQHU LQ DQ\
RWKHU JHQHUDO QRQFRPPHUFLDO SDUWQHUVKLS RU OLPLWHG OLDELOLW\ SDUWQHUVKLS +RZHYHU ODZ\HUV PD\
DJUHH XSRQ WHPSRUDU\ SURYLVLRQ RI OHJDO VHUYLFHV LQGLYLGXDOO\ E\ D SDUWLFXODU SDUWQHU LQ RQH RU
VHYHUDOSUHYLRXVO\DJUHHGPDWWHUVXQOHVVRWKHUZLVHVWLSXODWHGLQWKHSDUWQHUVKLSDJUHHPHQW
6HFWKURXJKVKDOODSSO\PXWDWLVPXWDQGLVWRDJHQHUDOQRQFRPPHUFLDOSDUWQHUVKLSDQGD
OLPLWHGOLDELOLW\SDUWQHUVKLS
6HFWLRQ
/LPLWHG/LDELOLW\&RPSDQ\
)RUWKHSXUSRVHVRISURYLGLQJOHJDOVHUYLFHVWRWKHSXEOLFODZ\HUVPD\VHWXSDOLPLWHGOLDELOLW\
FRPSDQ\WKDWPD\LQIXUWKHUDQFHRILWVEXVLQHVVSURYLGHOHJDOVHUYLFHVKHUHLQDIWHUUHIHUUHGWRDV
WKH OLPLWHG OLDELOLW\ FRPSDQ\ 6XFK D OLPLWHG OLDELOLW\ FRPSDQ\ PXVW QRW FDUU\ RQ DQ\ DFWLYLWLHV
RWKHUWKDQWKHSURYLVLRQRIOHJDOVHUYLFHVDQGLWVVKDUHRZQHUVDQGFRPSDQ\H[HFXWLYHVPD\RQO\
EH ODZ\HUV DGPLWWHG WR WKH %DU 7KH OLPLWHG OLDELOLW\ FRPSDQ\ PXVW HIIHFW DQG PDLQWDLQ D
SURIHVVLRQDO LQGHPQLW\ SROLF\ FRYHULQJ DQ\ ORVV RU GDPDJH DULVLQJ RXW RI WKH SURYLVLRQ RI OHJDO
VHUYLFHV WKH PLQLPXP LQGHPQLW\ OLPLW DJUHHG LQ VXFK SROLF\ VKDOO EH (85 SHU HDFK
VKDUHRZQHU $ OLPLWHG OLDELOLW\ FRPSDQ\ VKDOO EH VXEMHFW WR WKH SURYLVLRQV RI D VHSDUDWH OHJDO
UXOHXQOHVVRWKHUZLVHSURYLGHGE\WKLV$FW
/DZ\HUVDVWKHFRPSDQ\H[HFXWLYHVLQDOLPLWHGOLDELOLW\FRPSDQ\SUDFWLVHODZRQEHKDOIDQGRQ
WKH DFFRXQW RI WKH OLPLWHG OLDELOLW\ FRPSDQ\ ,I WKH SUDFWLFH RI ODZ RQ EHKDOI RI D OLPLWHG OLDELOLW\
FRPSDQ\LVQRWLQLQGLYLGXDO FDVHVSHUPLWWHGXQGHUVHSDUDWHOHJDOUXOHVODZ\HUVVKDOOSUDFWLVH
RQWKHLURZQEHKDOIDQGRQWKHDFFRXQWRIWKHOLPLWHGOLDELOLW\FRPSDQ\
(DFK VKDUHRZQHU LQ D OLPLWHG OLDELOLW\ FRPSDQ\ VKDOO EH WKH FRPSDQ\ H[HFXWLYH &RPSDQ\
H[HFXWLYHVPD\ DFW RQEHKDOI RI D OLPLWHG OLDELOLW\ FRPSDQ\VROHO\LQGHSHQGHQWO\ DQG ZLWKRXWDQ\
UHVWULFWLRQV
6KRXOGWKHODZ\HUEHGLVEDUUHGKHVKDOOFHDVHWREHDVKDUHRZQHULQDOLPLWHGOLDELOLW\FRPSDQ\
+RZHYHU KH VKDOO EH HQWLWOHG WR WKH SD\PHQW RI WKH FRPSHQVDWLRQ VKDUH E\ WKH OLPLWHG OLDELOLW\
FRPSDQ\XQGHUDVHSDUDWHOHJDOUXOH
$KHLURIWKHHTXLW\VKDUHLQDOLPLWHGOLDELOLW\FRPSDQ\PD\RQO\EHDODZ\HUDGPLWWHGWRWKH%DU
,I WKH KHLU LV QRW D ODZ\HU DGPLWWHG WR WKH %DU KH VKDOO EH HQWLWOHG WR WKH SD\PHQW RI WKH
FRPSHQVDWLRQVKDUHE\WKHOLPLWHGOLDELOLW\FRPSDQ\XQGHUDVHSDUDWHOHJDOUXOH
7KH ODZ\HU SUDFWLVLQJ ODZ DV D FRPSDQ\ H[HFXWLYH LQ D OLPLWHG OLDELOLW\ FRPSDQ\ VKDOO QRW
FRQFXUUHQWO\SUDFWLVHDVDVROHSUDFWLWLRQHULQDQ\SDUWQHUVKLSRIODZ\HUVDVDSDUWQHULQDJHQHUDO
QRQFRPPHUFLDOSDUWQHUVKLSRUOLPLWHGOLDELOLW\SDUWQHUVKLSRUDVDFRPSDQ\
H[HFXWLYH LQ DQ\ RWKHU OLPLWHG OLDELOLW\ FRPSDQ\ +RZHYHU ODZ\HUV PD\ DJUHH XSRQ WHPSRUDU\
SURYLVLRQ RI OHJDO VHUYLFHV LQGLYLGXDOO\ E\ D SDUWLFXODU VKDUHRZQHU LQ RQH RU VHYHUDO SUHYLRXVO\
DJUHHGPDWWHUVXQOHVVRWKHUZLVHVWLSXODWHGLQWKHPHPRUDQGXPRIDVVRFLDWLRQ
/DZ\HUVDUHREOLJHGWRLQIRUPWKH%DULQZULWLQJZLWKRXWDQ\GHOD\DERXWWKHUHJLVWHUHGRIILFHRI
WKHOLPLWHGOLDELOLW\FRPSDQ\HVWDEOLVKHGKHUHXQGHU$Q\FRUUHVSRQGHQFHDQGQRWLFHVWREHVHUYHG
RQODZ\HUVVKDOOEHGHOLYHUHGWRWKHDGGUHVVRIVXFKUHJLVWHUHGRIILFH
6HFWKURXJKVKDOODSSO\PXWDWLVPXWDQGLVWRDOLPLWHGOLDELOLW\FRPSDQ\
'HOHJDWLRQRI3RZHUVDQG6XEVWLWXWLRQ
6HFWLRQ
(DFKSUDFWLVLQJODZ\HUZKRSURYLGHVOHJDOVHUYLFHVXQGHUDSRZHURIDWWRUQH\PD\ZLWKLQWKH
VFRSHRIKLVSRZHUVJUDQWHGWKHUHXQGHUEHVXEVWLWXWHGIRUE\DQ\RWKHUSUDFWLVLQJODZ\HUDGPLWWHG
WRWKH%DU
:KHQSHUIRUPLQJLQGLYLGXDOOHJDODFWVDSUDFWLVLQJODZ\HUPD\EHVXEVWLWXWHGIRUE\KLVWUDLQHH
ODZ\HURUE\KLVHPSOR\HH
1RVXEVWLWXWLRQLQDFFRUGDQFHZLWK6XEVDQGLVSHUPLVVLEOHDJDLQVWWKHFOLHQWVZLOO
6HFWLRQ
,IDODZ\HUSUDFWLVLQJODZDVDVROHSUDFWLWLRQHULVIRUDQ\UHDVRQSUHYHQWHGIURPWKHSUDFWLFHRI
ODZ DQG LI KH IDLOV WR WDNH RWKHU DFWLRQV WR SURWHFW KLV FOLHQWV ULJKWV RU OHJLWLPDWH LQWHUHVWV KH LV
LPPHGLDWHO\EXWLQDQ\FDVHQRWODWHUWKDQZLWKLQRQHPRQWKRIWKHDFFUXDORIWKHFDXVHRIDFWLRQ
REOLJHG WR DSSRLQW D SUDFWLVLQJ ODZ\HU WR FDUU\ RQ KLV SUDFWLFH DV KLV VXEVWLWXWH $Q\ VXFK
VXEVWLWXWLRQ VKDOO EH VXEMHFW WR WKH VXEVWLWXWHV SULRU FRQVHQW WKH ODZ\HU LV REOLJHG WR LQIRUP KLV
FOLHQWWKHUHDERXWZLWKRXWDQ\GHOD\6KRXOGWKHODZ\HUIDLOWRDSSRLQWDQRWKHUSUDFWLVLQJODZ\HUWR
FDUU\RQKLVEXVLQHVVWKHVXEVWLWXWHVKDOOEHDSSRLQWHGE\WKH%DU7KH%DU±KDYLQJUHJDUGWRWKH
FLUFXPVWDQFHVRIHDFKSDUWLFXODUFDVH±VKDOODOVRGHWHUPLQHWKHIHHZKLFKWKHODZ\HULVREOLJHGWR
SD\ WR KLV VXEVWLWXWH :KLOH WKH REVWDFOH WR SUDFWLVLQJ RQ WKH SDUW RI WKH ODZ\HU VWLOO H[LVWV KLV
VXEVWLWXWH VKDOO RQ KLV EHKDOI H[HUFLVH KLV ULJKWVDQGIXOILO KLV GXWLHV DQG REOLJDWLRQV DULVLQJ XQGHU
HPSOR\PHQWFRQWUDFWVGLUHFWO\UHODWHGWRWKHSUDFWLFHRIODZ
,IWKHVXEVWLWXWHDSSRLQWHGE\WKH%DUXQGHU6XEVDERYHIDLOHGWRDJUHHZLWKWKHFOLHQWRQWKH
WHUPVDQGFRQGLWLRQVRISURYLGLQJOHJDOVHUYLFHVZLWKLQRQHPRQWKRIWKHGD\ZKHQWKHFOLHQWKDG
OHDUQWDERXWWKHDSSRLQWPHQWRIWKHVXEVWLWXWHRULIZLWKLQWKHDERYHPHQWLRQHGWLPHOLPLWWKHFOLHQW
IDLOHGWRWDNHDQ\RWKHUDFWLRQVDQ\ULJKWVDQGREOLJDWLRQVRIWKHDSSRLQWLQJODZ\HULQUHODWLRQWRWKH
FOLHQW ZKLFK DULVH XQGHU WKH DJUHHPHQW RQ WKH SURYLVLRQ RI OHJDO VHUYLFHV VKDOO SDVV WR WKH
VXEVWLWXWHLQFOXGLQJWKHULJKWVDQGREOLJDWLRQVDULVLQJLQFRQQHFWLRQZLWKWKHFOLHQWVUHSUHVHQWDWLRQ
EHIRUH FRXUWV RI ODZ RU RWKHU DXWKRULWLHV DQG WKH GHIHQFH ODZ\HUV ULJKWV DQG REOLJDWLRQV LQ WKH
FULPLQDOSURFHHGLQJ7KHVDPHVKDOODSSO\WRWKHVXEVWLWXWHDSSRLQWHGE\WKH%DUXQGHU6HF
RU LI WKH VXEVWLWXWH ZDV DSSRLQWHG XQGHU VHSDUDWH OHJDO UXOHV $W WKH VXEVWLWXWHV UHTXHVW WKH %DU
VKDOOFRQILUPVXFKWUDQVIHURIULJKWVDQGREOLJDWLRQV
7KHWUDQVIHURIULJKWVDQGREOLJDWLRQVXQGHU6XEVDERYHVKDOOQRWLQFOXGHWKHWUDQVIHURIWKH
VXEVWLWXWHVOLDELOLW\WRLQGHPQLI\ORVVRUGDPDJHXQGHU6HFRUWKHREOLJDWLRQWRUHWXUQDQ\
SURSHUW\LQFOXGLQJPRQLHVSURYLGHGWRWKHDSSRLQWLQJODZ\HUE\KLVFOLHQWLIWKHDSSRLQWLQJODZ\HU
IDLOHGWRUHQGHUVXFKSURSHUW\WRWKHVXEVWLWXWH0RUHRYHURWKHUULJKWVDQGREOLJDWLRQVZKLFKDULVH
IURPWKHFRQWUDFWXDOUHODWLRQH[LVWLQJEHWZHHQWKHDSSRLQWLQJODZ\HUDQGWKHFOLHQWVKDOOQRWSDVVWR
WKH VXEVWLWXWH LI WKHLU WUDQVIHU ZRXOG JLYH XQUHDVRQDEOH DGYDQWDJHV RU GLVDGYDQWDJHV WR WKH
VXEVWLWXWHLQFRPSDULVRQZLWKWKHDSSRLQWLQJODZ\HURULIWKHVXEVWLWXWHFDQQRWEHUHDVRQDEO\DQG
IDLUO\H[SHFWHGWRIXOILOVXFKGXWLHVDQGREOLJDWLRQV
,IWKH ODZ\HU ZKR SUDFWLVHG KLV SURIHVVLRQ DV D VROH SUDFWLWLRQHU ZDV GLVEDUUHG RU LI KH ZDV
WHPSRUDULO\ VXVSHQGHG IURP WKH SUDFWLFH DQG VKRXOG LW EH QHFHVVDU\ ZLWK UHJDUG WR WKH
FLUFXPVWDQFHV RI HDFK SDUWLFXODU FDVH WKH %DU VKDOO ZLWKRXW DQ\ GHOD\WDNH QHFHVVDU\ DFWLRQV WR
SURWHFWWKHFOLHQWVULJKWVDQGOHJLWLPDWHLQWHUHVWV7KH%DUPD\PDLQO\DSSRLQWDQ\RWKHUSUDFWLVLQJ
ODZ\HU DGPLWWHG WR WKH %DU WR DFW DV WKH VXEVWLWXWH RI WKH GLVEDUUHG ODZ\HU 7KH %DU VKDOO
LPPHGLDWHO\ LQIRUP FOLHQWV DERXW WKH PHDVXUHV WDNHQ 6XEV DQG DERYH VKDOO DSSO\ PXWDWLV
PXWDQGLVWRWKHWUDQVIHURIULJKWVIURPWKHODZ\HUZKRZDVGLVEDUUHGWRKLVVXEVWLWXWH
/DZ\HUV5LJKWVDQG2EOLJDWLRQV
6HFWLRQ
:KLOH SUDFWLVLQJ ODZHDFK ODZ\HU LV REOLJHG WR SURWHFW KLV FOLHQWV ULJKWV SURPRWH KLV FOLHQWV
MXVWLILHGDQGOHJLWLPDWHLQWHUHVWVDQGDFWRQKLVFOLHQWVLQVWUXFWLRQV6KRXOGKLVFOLHQWVLQVWUXFWLRQV
FRQWUDYHQH JHQHUDOO\ ELQGLQJOHJDOUXOHV WKHODZ\HU VKDOO QRW EH ERXQGE\WKH VDPH7KH ODZ\HU
VKDOOLQIRUPWKHFOLHQWWKHUHDERXWDFFRUGLQJO\
:KHQ SUDFWLVLQJ ODZ WKH ODZ\HU LV REOLJHG WR DFW IDLUO\ DQG KRQHVWO\ ZLWK D GXH SURIHVVLRQDO
FDUHKHVKDOOFRQVLVWHQWO\XVHDOODYDLODEOHOHJDOPHDQVDQGGRDQ\WKLQJZKLFKLVWRWKHEHVWRIWKH
ODZ\HUV NQRZOHGJH LQ KLV FOLHQWV LQWHUHVW 7KH ODZ\HU VKDOO HQVXUH WKDW KLV OHJDO VHUYLFHV VHUYH
WKHLULQWHQGHGSXUSRVHDQGDUHUHQGHUHGIRUUHDVRQDEOHIHHV
:KLOHSUDFWLVLQJODZWKHODZ\HUVKDOODOZD\VHQVXUHGLJQLW\RIWKHOHJDOSURIHVVLRQDQGVKDOOQRW
EULQJWKHOHJDOSURIHVVLRQLQWRGLVUHSXWH7KHODZ\HULVWKXVREOLJHGWRDELGHE\WKHFRGHRIFRQGXFW
DQGE\WKH%DUVLQWHUQDOUXOHVDQGUHJXODWLRQV
6HFWLRQ
7KHODZ\HUPD\SURYLGHOHJDOVHUYLFHVLQWKHHQWLUH6ORYDN5HSXEOLF
7KHODZ\HUPD\SUDFWLVHODZDOVRRXWVLGHRIWKH6ORYDN5HSXEOLFZLWKLQWKHOLPLWVODLGGRZQLQ
LQWHUQDWLRQDO WUHDWLHV ZKLFK ZHUH UDWLILHG DQG DQQRXQFHG LQ WKH PDQQHU SUHVFULEHG E\ ODZ DQG
XQGHUWKHWHUPVDQGFRQGLWLRQVODLGGRZQLQWKLV$FW
,ILWKDVFRPHWRWKH%DUVQRWLFHWKDWWKHODZ\HUSURYLGHVOHJDOVHUYLFHVDEURDGRQWKHEDVLVRI
UHJLVWUDWLRQ ZLWK WKH FRPSHWHQW DXWKRULW\ >6HF LWHP I@ WKH %DU VKDOO LQIRUP WKH FRPSHWHQW
IRUHLJQEDUDERXW
DFRPPHQFHPHQWRIWKHGLVFLSOLQDU\SURFHHGLQJDJDLQVWVXFKODZ\HUDQGDERXWWKHUHDVRQVIRUWKH
VDPH
EWHPSRUDU\VXVSHQVLRQIURPWKHSUDFWLFHRUDERXWWKHWHUPLQDWLRQRIVXFKODZ\HUVDXWKRULVDWLRQ
WRSURYLGHOHJDOVHUYLFHVLQWKH6ORYDN5HSXEOLFDVZHOODVDERXWWKHUHDVRQVIRUVXFKVXVSHQVLRQ
RUWHUPLQDWLRQ
FDQ\RWKHUUHOHYDQWIDFWVZKLFKPD\DIIHFWSURYLVLRQRIOHJDOVHUYLFHVE\WKHODZ\HU
6HFWLRQ
(YHU\RQHVKDOOKDYHDFFHVVWROHJDOVHUYLFHVDQGPD\UHTXHVWDQ\ODZ\HUWRSURYLGHWKHVDPH
7KHODZ\HUPD\UHIXVHWRSURYLGHOHJDOVHUYLFHVH[FHSWIRUDQ\FDVHRIKDYLQJEHHQDSSRLQWHG
E\ WKH FRXUW XQGHU VHSDUDWH OHJDO UXOHV RU LI KH ZDV QRW DSSRLQWHG XQGHU 6XEV EHORZ
KRZHYHU6HFVKDOOQRWEHDIIHFWHGRUSUHMXGLFHGKHUHE\
$Q\RQHZKRVHUHTXHVWIRUOHJDOVHUYLFHVXQGHUWKLV$FWKDVEHHQUHMHFWHGPD\DVNWKH%DUWR
DSSRLQWDVXLWDEOHODZ\HU,IQRWSUHYHQWHGE\UHDVRQVODLGGRZQLQ6HFWKHODZ\HUDSSRLQWHGE\
WKH %DU LV REOLJHG WR SURYLGH OHJDO VHUYLFHV WR VXFK FOLHQW XQGHU WKH WHUPV DQG FRQGLWLRQV
GHWHUPLQHGE\WKH%DU
6HFWLRQ
7KHODZ\HULVREOLJHGWRUHIXVHSURYLVLRQRIKLVOHJDOVHUYLFHVLI
DKHKDVDOUHDG\SURYLGHGOHJDOVHUYLFHVLQWKHVDPHPDWWHURULQDQ\PDWWHUWKHUHWRUHODWHGWRDQ\
RWKHUSHUVRQZKRVHLQWHUHVWVDUHRSSRVHGWRWKRVHRIWKHHQWLW\VHHNLQJOHJDOVHUYLFHV
EWKHODZ\HUVLQWHUHVWVRULQWHUHVWVRIKLVLPPHGLDWHIDPLO\PHPEHUVDUHFRQWUDU\WRWKHLQWHUHVWV
RIWKHHQWLW\WRZKLFKOHJDOVHUYLFHVVKRXOGEHSURYLGHG
FWKHRSSRVLQJSDUW\LVUHSUHVHQWHGE\DODZ\HUZLWKZKRPKHSUDFWLVHVODZMRLQWO\DVDSDUWQHU
GDQ\LQIRUPDWLRQKHKDVDERXWDQ\RWKHUFOLHQWRUIRUPHUFOLHQWRIKLVPLJKWJLYHDQXQUHDVRQDEOH
DGYDQWDJHWRWKHHQWLW\VHHNLQJOHJDOVHUYLFHV
HEHFDXVHRIKLVZRUNORDGRUORQJWHUPDEVHQFHKHFDQQRWGXO\DQGSURSHUO\SURWHFWDQGSURPRWH
WKHFOLHQWVULJKWVDQGLQWHUHVWV
6HFWLRQ
7KHODZ\HUPD\ZLWKGUDZIURPUHSUHVHQWDWLRQXQGHUWKHDJUHHPHQWIRUOHJDOVHUYLFHVIRUVHULRXV
UHDVRQVRQO\SDUWLFXODUO\LIWKHODZ\HUDQGKLVFOLHQWODFNWKHQHFHVVDU\FRQILGHQFHLQHDFKRWKHURU
LI WKH FOLHQWV LQVWUXFWLRQV FRQWUDYHQHV WKH %DUV LQWHUQDO UXOHV 7KH ODZ\HU VKDOO SURFHHG DV
GHVFULEHG DERYH LQ DOO FDVHV ZKHUH DQ\ RI WKH UHDVRQV FRQWHPSODWHG LQ 6HF KDYH EHHQ
GLVFRYHUHG
7KH ODZ\HU PD\ ZLWKGUDZ IURP UHSUHVHQWDWLRQ XQGHU WKH DJUHHPHQW IRU OHJDO VHUYLFHV LI WKH
FOLHQW GHVSLWH WKH ODZ\HUV SULRU DGYLFH LQVLVWV WKDW WKH ODZ\HU VKRXOG DFW XQGHU WKH FOLHQWV
LQVWUXFWLRQV
7KH ODZ\HU PD\ ZLWKGUDZ IURP UHSUHVHQWDWLRQ XQGHU WKH DJUHHPHQW IRU OHJDO VHUYLFHV LI WKH
FOLHQWIDLOHGWRSD\DQDSSURSULDWHDGYDQFHDQDSSURSULDWHH[WUDDGYDQFHRUDIHHGHVSLWHKDYLQJ
EHHQDVNHGWRGRVRLQZULWLQJKRZHYHUWKLVVKDOOQRWDSSO\WROHJDODLG
,QFRQVHTXHQFHRIZLWKGUDZDOIURPUHSUHVHQWDWLRQXQGHUWKHDJUHHPHQWIRUOHJDOVHUYLFHVXQGHU
6XEVWKURXJKDERYHWKHDJUHHPHQWVKDOOEHFRPHYRLGIRUWKZLWKXSRQUHFHLSWRIWKHQRWLFHRI
ZLWKGUDZDOE\WKHFOLHQW
7KHODZ\HULVZLWKLQGD\VIURPUHFHLSWRIWKHFOLHQWVQRWLFHRIWHUPLQDWLRQRIWKHDJUHHPHQW
IRUOHJDOVHUYLFHVREOLJHGWRSHUIRUPDOOQHFHVVDU\OHJDODFWVLQWKHPDWWHUDWLVVXHXQOHVVWKHFOLHQW
WDNHVDQ\RWKHUPHDVXUHV+RZHYHUWKHDERYHVKDOOQRWDSSO\LIWKHFOLHQWLQIRUPHGWKHODZ\HUWKDW
KHQRORQJHULQVLVWVRQIXOILOPHQWRIWKHVDLGREOLJDWLRQ
6HFWLRQ
7KHODZ\HULVREOLJHGQRWWRUHYHDODQ\LQIRUPDWLRQOHDUQWLQFRQQHFWLRQZLWKWKHSUDFWLFHRIODZ
DQGVKDOOWUHDWVXFKLQIRUPDWLRQDVVWULFWO\FRQILGHQWLDO
7KHODZ\HUPD\EHUHOHDVHGIURPWKHGXW\RIFRQILGHQWLDOLW\E\WKHFOLHQWDQGDIWHUKLVFOLHQWV
GHDWKRUGLVVROXWLRQRQO\E\WKHFOLHQWVOHJDOVXFFHVVRU,IWKHFOLHQWKDVVHYHUDOOHJDOVXFFHVVRUV
UHOHDVHIURP WKH GXW\ RI FRQILGHQWLDOLW\ VKDOO WDNH HIIHFW VXEMHFW WR WKH SULRU ZULWWHQ FRQVHQW RI DOO
OHJDOVXFFHVVRUV
7KHODZ\HUVKDOOQRWGLVFORVHFRQILGHQWLDOLQIRUPDWLRQGHVSLWHKLVKDYLQJEHHQUHOHDVHGIURPWKLV
GXW\ E\ WKH FOLHQW RU DOO KLV OHJDO VXFFHVVRUV LI WKH ODZ\HU FRPHV WR D FRQFOXVLRQ WKDW DQ\ VXFK
UHOHDVHDQGGLVFORVXUHZRXOGEHGHWULPHQWDOWRWKHFOLHQWDQGPLJKWFDXVHKDUPWRWKHFOLHQW
7KHODZ\HUPD\UHYHDOLQIRUPDWLRQWRDSHUVRQWRZKRPKHZLVKHVWRLVVXHDGHULYDWLYHSRZHU
RI DWWRUQH\ LQ UHVSHFW RI LQGLYLGXDO OHJDO DFWV SURYLGHG WKDW VXFK D SHUVRQ KLPVHOI LV ERXQG E\
FRQILGHQWLDOLW\XQGHUVHSDUDWHOHJDOUXOHV
7KHODZ\HUPD\GLVFORVHDQ\FRQILGHQWLDOLQIRUPDWLRQWRWKHFRXUWRIODZRUDQ\RWKHUDXWKRULW\LI
WKHPDWWHUKDQGOHGE\VXFKDXWKRULWLHVFRQFHUQVDGLVSXWHEHWZHHQWKHODZ\HUDQGKLVFOLHQWRUWKH
FOLHQWVOHJDOVXFFHVVRU
7KHODZ\HUPD\QRWFODLPFRQILGHQWLDOLW\LQDGLVFLSOLQDU\SURFHHGLQJXQGHUWKLV$FW'HWDLOVVKDOO
EHODLGGRZQLQWKH%DUV'LVFLSOLQDU\5XOHV
7KHGXW\RIFRQILGHQWLDOLW\VKDOOEHREVHUYHGGXULQJWHPSRUDU\VXVSHQVLRQIURPWKHSUDFWLFHDQG
VKDOOHYHQVXUYLYHWKHODZ\HUVGLVEDUPHQW
7KHGXW\RIFRQILGHQWLDOLW\VKDOODSSO\PXWDWLVPXWDQGLVWR
D HPSOR\HHV RI WKH ODZ\HU RI WKH JHQHUDO QRQFRPPHUFLDO SDUWQHUVKLS RI WKH OLPLWHG OLDELOLW\
SDUWQHUVKLSRURIDOLPLWHGOLDELOLW\FRPSDQ\
ERWKHUSHUVRQVZKRDUHLQFRQQHFWLRQWKHUHZLWKHQJDJHGLQWKHSURYLVLRQRIOHJDOVHUYLFHV
FPHPEHUVRIWKH%DUVJRYHUQLQJERGLHVDQGLWVHPSOR\HHV>6HF@
7KHGXW\RIFRQILGHQWLDOLW\VKDOOQRWDSSO\WRDQ\FDVHVRIODZIXOGLVFORVXUHWKDWZRXOGSUHYHQWD
FULPH
7KH GXW\ RI FRQILGHQWLDOLW\ XQGHU DVHSDUDWH OHJDOUXOH VKDOO QRW EH DIIHFWHG RU SUHMXGLFHG
KHUHE\
/DZ\HUV)HHV
6HFWLRQ
7KHODZ\HUSURYLGHVOHJDOVHUYLFHVLQUHWXUQIRUDIHHDQGPD\UHTXHVWDUHDVRQDEOHDGYDQFH
SD\PHQWIRUWKHVDPH
$SDUWIURPWKHIHHWKHODZ\HUVKDOODOVREHHQWLWOHGWRUHFHLYHFRPSHQVDWLRQDQGUHLPEXUVHPHQW
RIDQ\RXWRISRFNHWH[SHQVHVDQGFRPSHQVDWLRQIRUORVVRIWLPH7KHRXWRISRFNHWH[SHQVHVVKDOO
PHDQGLVEXUVHPHQWVSXUSRVHIXOO\DQGUHDVRQDEO\LQFXUUHGLQFRQQHFWLRQZLWKWKHSURYLVLRQRIOHJDO
VHUYLFHVHVSHFLDOO\FRXUWIHHVDQGDQ\RWKHUIHHVLQFOXGLQJEXWQRWOLPLWHGWRWUDYHOH[SHQVHVSKRQH
ELOOV DQG FRVWV RI OHJDO H[SHUWV RSLQLRQV WUDQVODWLRQV DQG FRSLHV RU H[WUDFWV IURP DQ\ SXEOLF
UHJLVWHUV
7KH ODZ\HU PD\ SURYLGH OHJDO VHUYLFHV IRU D UHGXFHG IHH RU IUHH RI FKDUJH LI DQ LQGLYLGXDO
VHHNLQJOHJDODGYLFHKDVDQ\SHUVRQDOUHDVRQVWRFODLPWKHVDPHRULIWKHUHDUHDQ\UHDVRQVEDVHG
RQWKHFOLHQWVSURSHUW\RULQVXIILFLHQWPHDQVRULIWKHUHLVDQ\RWKHUVSHFLDOUHDVRQIRUWKHVDPH
7KHODZ\HUVKDOOQRWUHTXHVWRUUHFHLYHDQ\IHHIURPWKHFOLHQWIRUWKRVHOHJDOVHUYLFHVZKLFK
KDVDOUHDG\EHHQSDLGE\WKH6WDWHXQGHU6HFEHORZ
6HFWLRQ
,IWKH ODZ\HU ZDV DSSRLQWHG E\ WKH FRXUWWKH ODZ\HUVIHH IRU OHJDO VHUYLFHV VKDOO EH SDLGE\ WKH
6WDWH
6HFWLRQ
/DZ\HUV/LDELOLW\IRU/RVVRU'DPDJH
7KH ODZ\HU VKDOO EH OLDEOH WR KLV FOLHQW IRU DQ\ORVV RU GDPDJH FDXVHG LQ FRQQHFWLRQ ZLWK WKH
SUDFWLFHRIODZ7KHODZ\HUVOLDELOLW\VKDOODOVRDSSO\WRDQ\ORVVRUGDPDJHFDXVHGE\KLVWUDLQHHRU
HPSOR\HH LIWKH ODZ\HU SUDFWLVHV ODZ DV D VKDUHRZQHU LQ DQ\ ODZFRUSRUDWLRQ XQGHUWKLV $FWKLV
OLDELOLW\IRUORVVRUGDPDJHKHUHXQGHUVKDOORQO\DSSO\WRVXFKODZFRUSRUDWLRQ
7KH ODZ\HUV WUDLQHH RU DQ\ RWKHU HPSOR\HH VKDOO QRW EH KHOG OLDEOH IRU DQ\ ORVV RU GDPDJH
FDXVHGWRWKHFOLHQWLQWKHFRXUVHRISURYLGLQJOHJDOVHUYLFHV7KHLUOLDELOLW\WRWKHODZ\HULQWHUPVRI
WKHODERXUODZVKDOOQRWEHDIIHFWHGRUSUHMXGLFHGWKHUHE\
(DFK ODZ\HU VKDOO EH LQGLYLGXDOO\ OLDEOH WR WKH FOLHQW IRU ORVV RU GDPDJH FDXVHG WR KLP LQ WKH
FRXUVH RI SURYLGLQJ OHJDO VHUYLFHVH[FHSW IRU WKH FDVH RI RQH FOLHQW EHLQJ UHSUHVHQWHG MRLQWO\ E\
VHYHUDOODZ\HUVDWWKHVDPHWLPH/DZ\HUVSDUWQHUVVKDOOEHKHOGOLDEOHWRWKHLUHPSOR\HHVDQG
DQ\RWKHUSHUVRQVMRLQWO\DQGVHYHUDOO\
(J$FW1R&ROORQWKH3URWHFWLRQRI3ULYLOHJHG,QIRUPDWLRQDQGRQDPHQGLQJRWKHU
ODZVDVDPHQGHG
7KHODZ\HUVKDOOEHUHOHDVHGIURPKLVOLDELOLW\XQGHU6XEVDERYHLIKHSURYHVWKDWWKHORVVRU
GDPDJHZDVEH\RQGKLVFRQWUROGHVSLWHKLVEHVWUHDVRQDEOHHIIRUWV
/DZ\HUV'XWLHVDQG2EOLJDWLRQV7RZDUGVWKH%DU
6HFWLRQ
8SRQKLVDGPLVVLRQWRWKH%DUDQGDWDQ\WLPHDWWKH%DUVSULRUZULWWHQUHTXHVWWKHODZ\HUVKDOO
ZLWKLQ GD\V VXEPLW WR WKH %DU D SURIHVVLRQDO LQGHPQLW\ SROLF\ FRYHULQJ DQ\ ORVV RU GDPDJH
DULVLQJ RXW RI WKH SURYLVLRQ RI OHJDO VHUYLFHV 7KH LQVXUDQFH SROLF\ VKDOO EH YDOLG DQG HIIHFWLYH
WKURXJKRXWWKHHQWLUHWHUPRIKLVSUDFWLFH,IWKHODZ\HUSUDFWLVHVODZDVDVKDUHRZQHULQDQ\ODZ
FRUSRUDWLRQXQGHUWKLV$FWWKHGXW\KHUHLQODLGGRZQVKDOODSSO\WRVXFKDODZFRUSRUDWLRQRQO\
7KH %DU RQ EHKDOI RI ODZ\HUV DGPLWWHG WR WKH %DU PD\ HIIHFW DQG PDLQWDLQ D &ROOHFWLYH
3URIHVVLRQDO,QGHPQLW\3ROLF\WKDWFRYHUVDQ\ORVVRUGDPDJHDULVLQJRXWRIWKHSURYLVLRQRIOHJDO
VHUYLFHV,IWKHODZ\HUDJUHHVZLWKVXFK&ROOHFWLYH,QVXUDQFH3ROLF\KLVGXW\WRVXEPLWDVHSDUDWH
SURIHVVLRQDO LQGHPQLW\ SROLF\ XQGHU 6XEV VKDOO FHDVH 7KH ODZ\HU PD\ ZLWKGUDZ IURP WKH
&ROOHFWLYH3URIHVVLRQDO,QGHPQLW\3ROLF\RQO\SURYLGHGWKDWKHDWWKHVDPHWLPHIXOILOVWKHREOLJDWLRQ
ODLGGRZQLQ6XEVDERYH
,IWKHODZ\HUZLVKHVWREHLQVXUHGXQGHUWKH&ROOHFWLYH 3URIHVVLRQDO,QGHPQLW\3ROLF\HIIHFWHG
DQGPDLQWDLQHGE\WKH%DUKHLVREOLJHGWRSD\WRWKH%DUWKHSUHPLXPDVDJUHHGLQWKH&ROOHFWLYH
3URIHVVLRQDO,QGHPQLW\3ROLF\RUDVGHWHUPLQHGE\DQRUGHURIWKH%DU&RXQFLO6HF
6HFWLRQ
8SRQ KLV DGPLVVLRQ WR WKH %DU WKH ODZ\HU LV REOLJHG WR LQIRUP WKH %DU DERXW WKH IRUP RI KLV
SUDFWLFH DV ZHOO DV DERXW RWKHU UHOHYDQW IDFWV QHFHVVDU\ IRU PDLQWDLQLQJ WKH UROO RI ODZ\HUV
SUHVFULEHGE\WKH%DU
7KHODZ\HULVREOLJHGWRLPPHGLDWHO\LQIRUPWKH%DULQZULWLQJDERXWWKHVHDWRIKLVRIILFHDQG
DQ\FKDQJHWKHUHRIFKDQJHLQKLVSUDFWLFHVWUXFWXUHDQGLQRWKHUUHOHYDQWIDFWVSUHVFULEHGE\WKH
%DUVLQWHUQDOUXOH
7KHODZ\HULVREOLJHGWRLPPHGLDWHO\LQIRUPWKH%DUDERXWDQ\DQGDOOIDFWVZKLFKPLJKWUHVXOWLQ
KLVWHPSRUDU\VXVSHQVLRQIURPWKHSUDFWLFHRUGLVEDUPHQW
$WWKH%DUVUHTXHVWWKHODZ\HULVREOLJHGWRDQVZHUDOOHJDWLRQVFRQWDLQHGLQDFRPSODLQWDERXW
KLVDFWLRQVRULQDQ\RWKHUVLPLODUSHWLWLRQZLWKLQWKHSURFHHGLQJFRQGXFWHGDJDLQVWKLPE\WKH%DULQ
DFFRUGDQFHZLWKWKLV$FWDQGLQDFFRUGDQFHZLWKWKH%DUVLQWHUQDOUXOHVXSRQDSSOLFDWLRQILOHGE\D
WKLUGSDUW\JLYHQHFHVVDU\H[SODQDWLRQVDQGVXEPLWDOOUHOHYDQWGRFXPHQWDWLRQ
6HFWLRQ
7KHODZ\HULVREOLJHGWRSD\WKHDQQXDOPHPEHUVKLSIHHGXO\DQGRQWLPHDQGPDNHDQ\RWKHU
SD\PHQWVIL[HGLQWKH%DUVLQWHUQDOUXOHE\DUHVROXWLRQRIWKH*HQHUDO$VVHPEO\
6HFRUE\DUHVROXWLRQSDVVHGE\WKH%DU&RXQFLO6HFZLWKLQWKHLUVFRSHRISRZHUV
'XWLHV DQG REOLJDWLRQV ODLG GRZQ LQ 6XEV DERYH DULVHQ GXULQJ WKH ODZ\HUV SUDFWLFH RI ODZ
VKDOOVXUYLYHKLVGLVEDUPHQW+RZHYHUWKLVVKDOOQRWDSSO\LQWKHFDVHRIUHPRYDORIWKHODZ\HUV
QDPHIURPWKHUROOXQGHU6HFLWHPVDRUE
%HIRUHDQ\ODZ\HUEULQJVDQDFWLRQDJDLQVWKLVIHOORZODZ\HURUEHIRUHDODZ\HULQVWLJDWHVDQ\
RWKHUSURFHHGLQJVLQWKHPDWWHUUHODWHGWRWKHSUDFWLFHRIODZZLWKDYLHZWRHQVXULQJWKHLQWHJULW\
DQGKRQRXURIWKHOHJDOSURIHVVLRQWKHODZ\HULVILUVWREOLJHGWRWU\WRVHWWOHWKHPDWWHURXWRIFRXUW
WKHPDWWHUVKDOOEHILUVWKDQGOHGE\WKH%DUVJRYHUQLQJERGLHV+RZHYHUWKLVVKDOOQRWDSSO\LIDW
OHDVWRQHRIWKHSDUWLHVLVDWKLUGSDUW\ZKRLVQRWDODZ\HUDGPLWWHGWRWKH%DU'HWDLOVRIDQ\VXFK
RXWRIFRXUWVHWWOHPHQWVKDOOEHGHWHUPLQHGLQWKH%DUVLQWHUQDOUXOH
7KH ODZ\HU LV REOLJHG WR NHHS GXH UHFRUGV RI OHJDO VHUYLFHV KH SURYLGHV 'HWDLOV VKDOO EH
GHWHUPLQHGLQWKH%DUVLQWHUQDOUXOH
3$577+5(((8523($1/$:<(5)25(,*15(*,67(5('/$:<(5$1',17(51$7,21$/
/(*$/35$&7,7,21(5
6HFWLRQ
*HQHUDO3URYLVLRQV
)RUWKHSXUSRVHVRIWKLV$FW
D(XURSHDQODZ\HULVDQDWLRQDORIDQ\(80HPEHU6WDWHRUDQDWLRQDORIDQ\RWKHUVLJQDWRU\RIWKH
(($7UHDW\ZKRLVDXWKRULVHGWRSXUVXHKLVSURIHVVLRQDODFWLYLWLHVDQGSURYLGHOHJDOVHUYLFHVDVD
VROHSUDFWLWLRQHUXQGHUWKHSURIHVVLRQDOWLWOHVSHFLILHGLQ$QQH[KHUHWR
E FURVVERUGHU YLVLWLQJ (XURSHDQ ODZ\HU LV D (XURSHDQ ODZ\HU ZKR SXUVXHV SURIHVVLRQDO
DFWLYLWLHVDQGSURYLGHVOHJDOVHUYLFHVLQWKH6ORYDN5HSXEOLFWHPSRUDULO\RURFFDVLRQDOO\
F UHJLVWHUHG (XURSHDQ ODZ\HU LV D (XURSHDQ ODZ\HU ZKR RQ D SHUPDQHQW EDVLV SXUVXHV KLV
SURIHVVLRQDO DFWLYLWLHV DQG SURYLGHV OHJDO VHUYLFHV LQ WKH 6ORYDN 5HSXEOLF DQG ZKRVH QDPH LV
HQWHUHGRQWKHUROORI(XURSHDQODZ\HUVPDLQWDLQHGE\WKH%DU
GIRUHLJQUHJLVWHUHGODZ\HULVDQDWLRQDORIDQ\2(&'0HPEHU6WDWHZKRLVLQKLVKRPH0HPEHU
6WDWH DXWKRULVHG WR SXUVXH KLV SURIHVVLRQDO DFWLYLWLHV DQG SURYLGH OHJDO VHUYLFHV DV D VROH
SUDFWLWLRQHUDQGZLWKRXWDQ\OLPLWDWLRQVDQGZKRVHQDPHLVHQWHUHGRQWKHUROORIIRUHLJQUHJLVWHUHG
ODZ\HUVPDLQWDLQHGE\WKH%DU
H LQWHUQDWLRQDO OHJDO SUDFWLWLRQHU LV D QDWLRQDO RI DQ\ :72 0HPEHU 6WDWH ZKR LV LQ KLV KRPH
0HPEHU6WDWHDXWKRULVHGWRSXUVXHKLVSURIHVVLRQDODFWLYLWLHVDQGSURYLGHOHJDOVHUYLFHVDVDVROH
SUDFWLWLRQHUDQGZLWKRXWDQ\OLPLWDWLRQVDQGZKRVHQDPHLVHQWHUHGRQWKHUROORILQWHUQDWLRQDOOHJDO
SUDFWLWLRQHUVPDLQWDLQHGE\WKH%DU
I FRPSHWHQW DXWKRULW\ VKDOO EH DQ LQGHSHQGHQW SURIHVVLRQDO RUJDQLVDWLRQ RU DQ\ RWKHU SXEOLF
DXWKRULW\ZKLFKPD\DXWKRULVHWKHODZ\HUWRXVHDSDUWLFXODUSURIHVVLRQDOWLWOHDQGZKLFKDXWKRULVHG
WKH (XURSHDQ ODZ\HU IRUHLJQ UHJLVWHUHG ODZ\HU RU LQWHUQDWLRQDO OHJDO SUDFWLWLRQHU WR XVH WKH
SURIHVVLRQDOWLWOH
JKRPH0HPEHU6WDWHLVDQ(80HPEHU6WDWHRUDQ\RWKHUVLJQDWRU\RIWKH(($7UHDW\2(&'
0HPEHU6WDWHDQG:720HPEHU6WDWHLQZKLFKWKHFRPSHWHQWDXWKRULW\LVVHDWHG
K SURIHVVLRQDO WLWOH LV D SURIHVVLRQDO WLWOH VSHFLILHG LQ $QQH[ KHUHWR LQ WKH FDVH RI D IRUHLJQ
UHJLVWHUHG ODZ\HU DQG DQ LQWHUQDWLRQDO OHJDO SUDFWLWLRQHU D SURIHVVLRQDO WLWOH LV D SURIHVVLRQDO WLWOH
DXWKRULVLQJ D IRUHLJQ UHJLVWHUHG ODZ\HU DQG DQ LQWHUQDWLRQDO OHJDO SUDFWLWLRQHU WR SURYLGH OHJDO
VHUYLFHVLQKLVKRPH0HPEHU6WDWHDVDVROHSUDFWLWLRQHUDQGZLWKRXWDQ\OLPLWDWLRQV
LLQWHUQDWLRQDOSDUWQHUVKLSRIODZ\HUVLVDIRUHLJQOHJDOHQWLW\
LQZKLFKPHPEHUVDUHRQO\ODZ\HUVHXURSHDQODZ\HUV
ZKLFKLVDXWKRULVHGWRSURYLGHOHJDOVHUYLFHVZLWKRXWDQ\OLPLWDWLRQLQLWVKRPH0HPEHU6WDWHDQG
ZKLFKPXVWQRWFDUU\RQDQ\DFWLYLWLHVRWKHUWKDQWKHSURYLVLRQRIOHJDOVHUYLFHV
LQ ZKLFK RQH PHPEHU RU VHYHUDOPHPEHUV RI ZKLFK DUH SHUVRQDOO\ OLDEOH IRU WKH SDUWQHUVKLSV
GHEWV MRLQWO\ DQG VHYHUDOO\ RU ZKLFK KDV HIIHFWHG DQG PDLQWDLQV D 3URIHVVLRQDO ,QGHPQLW\ 3ROLF\
FRYHULQJ DQ\ SRVVLEOH ORVV RU GDPDJH DULVLQJ RXW RI WKH SURYLVLRQ RIOHJDO VHUYLFHV LQWKH 6ORYDN
5HSXEOLFZLWKDPLQLPXPLQGHPQLW\OLPLW(85SHUHDFKPHPEHU
&URVV%RUGHU(XURSHDQ/DZ\HU
6HFWLRQ
$ FURVVERUGHU (XURSHDQ ODZ\HU PD\ SXUVXH KLV SURIHVVLRQDO DFWLYLWLHV DQG SURYLGH OHJDO
VHUYLFHVLQWKH6ORYDN5HSXEOLFXQGHUWKHWHUPVDQGFRQGLWLRQVKHUHLQODLGGRZQ)RUWKHSXUSRVHV
RIWKLV$FWIRUWKHSXUSRVHVRIVHSDUDWHOHJDOUXOHVDQGXQGHUWKHWHUPVDQGFRQGLWLRQVKHUHLQ
VHWIRUWKDFURVVERUGHU(XURSHDQODZ\HUVKDOOEHUHJDUGHGDVDODZ\HUXQGHUWKLV$FW
$ FURVVERUGHU (XURSHDQ ODZ\HU PD\ QRW GUDIW DQ\ GHHGV RU LQVWUXPHQWV LQ UHVSHFW RI
FRQYH\DQFLQJ
:KHQ SURYLGLQJ OHJDO VHUYLFHV LQ WKH 6ORYDN 5HSXEOLF D FURVVERUGHU (XURSHDQ ODZ\HU LV
REOLJHGWRIXOILODOOGXWLHVDQGREOLJDWLRQVLPSRVHGRQWKHSUDFWLVLQJODZ\HUVDGPLWWHGWRWKH%DULQ
WKH FRXUVH RI SURYLGLQJ OHJDO VHUYLFHV XQGHU WKLV $FW VHSDUDWH OHJDO UXOHV DQG WKH %DUV LQWHUQDO
UXOHVWKHFURVVERUGHU(XURSHDQODZ\HUVGXW\WRFRPSO\ZLWKDOOODZVDQGOHJDOUXOHVDSSOLFDEOHLQ
KLVKRPH0HPEHU6WDWHVKDOOQRWEHDIIHFWHGRUSUHMXGLFHGKHUHE\
3URYLVLRQV RI WKLV $FW RI VHSDUDWH OHJDO UXOHV DV ZHOO DV RI WKH %DUV LQWHUQDO UXOHV DQG
UHJXODWLRQVVKDOOQRWDSSO\WRWKHSURYLVLRQRIOHJDOVHUYLFHVE\DFURVVERUGHU(XURSHDQODZ\HULILW
FDQQRWEHUHDVRQDEO\H[SHFWHGEHFDXVHWKHODZ\HUSURYLGHVKLVOHJDOVHUYLFHVRQO\WHPSRUDULO\DQG
RFFDVLRQDOO\
6HFWLRQ
)RUWKHSXUVXLWRIDFWLYLWLHVUHODWLQJWRUHSUHVHQWDWLRQRUGHIHQFHRIFOLHQWVLQODZVXLWVRUEHIRUHDQ\
RWKHUSXEOLFDXWKRULWLHVWKHFURVVERUGHU(XURSHDQODZ\HULVREOLJHGWRDFWLQFRQMXQFWLRQZLWKWKH
ODZ\HU DGPLWWHG WR WKH %DU KHUHLQDIWHU UHIHUUHG WR DV WKH ORFDO ODZ\HU RWKHUZLVH KH VKDOO QRW
UHSUHVHQW WKH FOLHQW RU WKH DFFXVHG LQ D FDSDFLW\ RI D ODZ\HU 7KH WHUPV DQG FRQGLWLRQV RI WKHLU
PXWXDOFRRSHUDWLRQVKDOOEHODLGGRZQLQDZULWWHQDJUHHPHQW
(J6HFRIWKH&LYLO3URFHGXUH&RGH6HFRIWKH&ULPLQDO3URFHGXUH&RGH
6HFWLRQ
'RFXPHQWVWREHVHUYHGRQWKHFURVVERUGHU(XURSHDQODZ\HUVKDOOEHGHOLYHUHGWRWKHORFDOODZ\HU
LQKLVUHVSHFWLYHVHDW
6HFWLRQ
$FURVVERUGHU(XURSHDQODZ\HUVKDOOKDYHQHLWKHUWKHULJKWWRYRWHDWWKH*HQHUDO$VVHPEO\QRUWR
VWDQGIRURIILFHLQWKH%DUVJRYHUQLQJERGLHV>6HF@
6HFWLRQ
$WWKH%DUVUHTXHVWRUDWUHTXHVWRIDFRXUWRIODZRUDQ\RWKHUSXEOLFDXWKRULW\DFURVVERUGHU
(XURSHDQODZ\HULVREOLJHGWRIXUQLVKHYLGHQFHRIKLVSURIHVVLRQDOFRPSHWHQFHLQKLVKRPH0HPEHU
$ UHJLVWHUHG (XURSHDQ ODZ\HU PD\ EH D PHPEHU LQ WKH SDUWQHUVKLS XQGHU 6HF SDUWQHU LQ D
OLPLWHG OLDELOLW\ SDUWQHUVKLS RU JHQHUDO QRQFRPPHUFLDO SDUWQHUVKLS XQGHU 6HF RU VKDUHRZQHU
DQGFRPSDQ\H[HFXWLYHLQDOLPLWHGOLDELOLW\FRPSDQ\XQGHU6HFDERYH
6HFWLRQ
$EUDQFKRIDIRUHLJQODZFRUSRUDWLRQLQZKLFKDODZ\HURUDUHJLVWHUHG(XURSHDQODZ\HULVD
VWDWXWRU\ERG\PD\SURYLGHOHJDOVHUYLFHVRQEHKDOIRIWKHIRUHLJQODZFRUSRUDWLRQLQDFFRUGDQFH
ZLWK WKLV $FW XQGHU WKH VDPH WHUPV DQG FRQGLWLRQV DQG WR WKH VDPH H[WHQW DV WKH 6ORYDN OHJDO
HQWLW\DXWKRULVHGWRSURYLGHOHJDOVHUYLFHVKHUHXQGHU
$IRUHLJQODZ FRUSRUDWLRQLQ ZKLFK SDUWQHUV DUH QRW SHUVRQDOO\OLDEOH IRUWKH GHEWV RI WKH ILUP
MRLQWO\DQGVHYHUDOO\PXVWKDYHHIIHFWHGDQGPDLQWDLQFRPSXOVRU\SURIHVVLRQDOLQGHPQLW\LQVXUDQFH
FRYHULQJDQ\ORVVRUGDPDJHWKDWPLJKWDULVHRXWRILWVSUDFWLFHRIODZLQWKH6ORYDN5HSXEOLFWKH
PLQLPXPLQGHPQLW\OLPLWDJUHHGLQVXFKSROLF\EHLQJ(85SHUHDFKSDUWQHURWKHUZLVHD
IRUHLJQODZFRUSRUDWLRQPD\QRWSURYLGHOHJDOVHUYLFHVXQGHUWKLV$FW
,IWKHPHPEHUSDUWQHURUVWDWXWRU\ERG\RIDIRUHLJQODZFRUSRUDWLRQLVWHPSRUDULO\VXVSHQGHG
IURPWKHSUDFWLFHXQGHU6HFEHORZWKHSRZHUVRIWKHEUDQFKRIWKHIRUHLJQODZFRUSRUDWLRQWR
SURYLGHOHJDOVHUYLFHVXQGHUWKLV$FWVKDOODOVREHWHPSRUDULO\VXVSHQGHG
7KH%DUVKDOOPDLQWDLQDOLVWRIEUDQFKHVRIIRUHLJQODZFRUSRUDWLRQV+RZHYHUSURYLVLRQVRID
VHSDUDWHOHJDOUXOHVKDOOQRWEHDIIHFWHGWKHUHE\
)RUHLJQ5HJLVWHUHG/DZ\HU
6HFWLRQ
3ULRUWRWKHILUVWUHJLVWUDWLRQRIDIRUHLJQUHJLVWHUHGODZ\HULQWKHOLVWRIIRUHLJQUHJLVWHUHGODZ\HUV
WKH0LQLVWU\RI-XVWLFHRIWKH6ORYDN5HSXEOLFKHUHLQDIWHUUHIHUUHGWRDVWKH0LQLVWU\VKDOODWWKH
%DUVUHTXHVW RU DW UHTXHVW RIWKH DSSOLFDQW KLPVHOIILQG RXW ZKHWKHU DOO REVWDFOHV H[LVWLQJLQ KLV
KRPH0HPEHU6WDWHZKLFKPLJKWSUHYHQWDQ\6ORYDNODZ\HUIURPSUDFWLVLQJLQWKHKRPH0HPEHU
6WDWHRIWKHIRUHLJQUHJLVWHUHGODZ\HUKDYHEHHQHOLPLQDWHG
6KRXOGWKH0LQLVWU\ILQGRXWWKDWREVWDFOHVZKLFKSUHYHQWD6ORYDNODZ\HUIURPSUDFWLVLQJLQWKH
KRVW 0HPEHU 6WDWH VWLOO H[LVW LQ WKDW SDUWLFXODU 0HPEHU 6WDWH WKH %DU VKDOO UHIXVH WR HQURO WKH
IRUHLJQUHJLVWHUHGODZ\HULQWKHOLVWRIIRUHLJQUHJLVWHUHGODZ\HUVPDLQWDLQHGE\WKH%DUZKLOHVXFK
REVWDFOHVDUHLQSODFH
6KRXOGWKH0LQLVWU\ILQGRXWWKDWREVWDFOHVZKLFKSUHYHQWD6ORYDNODZ\HUIURPSUDFWLVLQJLQWKH
KRVW 0HPEHU 6WDWH VWLOO H[LVW LQ WKDW SDUWLFXODU 0HPEHU 6WDWH WKH 0LQLVWU\ VKDOO LQIRUP WKH %DU
WKHUHDERXWDQGWKH%DUVKDOOWHPSRUDULO\VXVSHQGWKHIRUHLJQUHJLVWHUHGODZ\HUIURPWKHSUDFWLFHLQ
WKH6ORYDN5HSXEOLFZKLOHVXFKREVWDFOHVDUHLQSODFH
6HFWLRQ
$IRUHLJQUHJLVWHUHGODZ\HUPD\SURYLGHOHJDOVHUYLFHVLQWKH6ORYDN5HSXEOLFXQGHUWKHWHUPV
DQGFRQGLWLRQVDQGLQWKHPDQQHUODLGGRZQLQWKLV$FW)RUWKHSXUSRVHVRIWKLV$FWDQGRIVHSDUDWH
OHJDO UXOHV DQG LQ DFFRUGDQFH ZLWK WKH WHUPV DQG FRQGLWLRQV KHUHLQ ODLG GRZQ D IRUHLJQ
UHJLVWHUHG ODZ\HU VKDOO KDYH WKH VWDWXV RI D ODZ\HU XQGHU WKLV $FW +RZHYHU D IRUHLJQ UHJLVWHUHG
ODZ\HUVKDOOQRWKDYHWKHULJKWRIDXGLHQFHEHIRUHDFRXUWRIODZRUDQ\RWKHUSXEOLFDXWKRULW\PD\
QRWGHIHQGWKHFOLHQWLQWKHFULPLQDOSURFHHGLQJVDQGDGPLQLVWHUWKHFOLHQWVHVWDWHV
$IRUHLJQUHJLVWHUHGODZ\HULVREOLJHGWRIXOILOWKHODZ\HUVGXWLHVDQGREOLJDWLRQVDULVLQJXQGHU
WKLV$FWXQGHUVHSDUDWHOHJDOUXOHVDVZHOODVXQGHUWKH%DUVLQWHUQDOUXOHVKRZHYHUKLVGXW\WR
FRPSO\ZLWKWKHODZVDQGOHJDOUXOHVLQKLVKRPH0HPEHU6WDWHVKDOOQRWEHDIIHFWHGKHUHE\
6HFWLRQ
7KH%DUVKDOOHQURODQ\SHUVRQDVDIRUHLJQUHJLVWHUHGODZ\HUZLWKLQWZRPRQWKVIURPUHFHLSWRI
KLVZULWWHQDSSOLFDWLRQLIKHSURYHVWKDWKH
DLVDQDWLRQDORIWKH2(&'0HPEHU6WDWH
ELVDXWKRULVHGWRSXUVXHKLVSURIHVVLRQDODFWLYLWLHVDQGSURYLGHOHJDOVHUYLFHVLQKLVKRPH0HPEHU
6WDWHDVDVROHSUDFWLWLRQHUDQGZLWKRXWDQ\OLPLWDWLRQV
F KDV WDNHQ RXW FRPSXOVRU\ SURIHVVLRQDO LQGHPQLW\ LQVXUDQFH FRYHULQJ ORVV RU GDPDJH ZKLFK
PLJKWDULVHLQFRQQHFWLRQZLWKKLVSUDFWLFHRIODZLQWKH6ORYDN5HSXEOLF
GPHHWVDOOWKHUHTXLUHPHQWVODLGGRZQLQ6HFLWHPVDHWKURXJKK
8SRQ WKHLU VXEPLVVLRQ DOO GRFXPHQWV VXEPLWWHG DV HYLGHQFH LQ VXSSRUW RI IDFWV ODLG GRZQ LQ
6XEVDERYHVKDOOQRWEHPRUHWKDQWKUHHPRQWKVROGDQGPXVWEHSUHVHQWHGZLWKWKHLUFHUWLILHG
WUDQVODWLRQWRWKHRIILFLDOODQJXDJH
,Q KLV DSSOLFDWLRQ IRU UHJLVWUDWLRQ LQ WKH OLVW RI IRUHLJQ UHJLVWHUHG ODZ\HUV WKH DSSOLFDQW VKDOO
VSHFLI\ ZKHWKHU LQ KLV KRPH 0HPEHU 6WDWH KH SUDFWLVHV ODZ DV D VROH SUDFWLWLRQHU RU MRLQWO\ ZLWK
RWKHUODZ\HUVDQGVKDOOVSHFLI\‡IRUPRIVXFKMRLQWSUDFWLFHLIDQ\‡QDPHVRISDUWQHUVPHPEHUV
LQ DQ\VXFK OHJDO HQWLW\ ‡ ZKHWKHU KLV SDUWQHUV DUH DXWKRULVHG WR SUDFWLVHODZ ‡ VHDW DQG IRUP RI
SUDFWLFHLQWKH6ORYDN5HSXEOLF
7KH%DUVKDOOLVVXHDVSHFLDOSUDFWLVLQJFHUWLILFDWHWRHDFKIRUHLJQUHJLVWHUHGODZ\HUDGPLWWHGWR
WKH%DU6XFKDFHUWLILFDWHVKDOOFHUWLI\DQGFRQILUPWKDWWKHSHUVRQQDPHGWKHUHLQPD\SUDFWLVHDVD
ODZ\HU EHIRUH DQ\ FRXUW RI ODZ RU RWKHU DXWKRULWLHV LQ WKH 6ORYDN 5HSXEOLF $Q\ UHIXVDO RI WKH
ODZ\HUV DSSOLFDWLRQ IRU UHJLVWUDWLRQ E\ WKH %DU VKDOO EH LQ ZULWLQJ DQG VKDOO VWDWH WKH UHDVRQV IRU
UHIXVDO$QDSSHDOLIDQ\DJDLQVWWKH%DUVRUGHUVKDOOOLHWRWKHDSSURSULDWHFRXUWRIODZ
7KH %DU VKDOO QRW DGPLW DQG HQURO D SHUVRQ DV D IRUHLJQ UHJLVWHUHG ODZ\HU LI WKH DSSOLFDQW
SUDFWLVHVODZWKURXJKDOHJDOHQWLW\LQZKLFKLQGLYLGXDOVRUOHJDOHQWLWLHVWKDWDUHQRWDXWKRULVHGWR
SUDFWLVHODZDUHPHPEHUVRUVKDUHRZQHUV
6HFDQGVKDOODSSO\PXWDWLVPXWDQGLVWRWKHIRUHLJQUHJLVWHUHGODZ\HUVGLVEDUPHQWDQGKLV
WHPSRUDU\VXVSHQVLRQIURPWKHSUDFWLFH
6HFWLRQ
6HFWLRQVWKURXJKVKDOODSSO\PXWDWLVPXWDQGLVWRDIRUHLJQUHJLVWHUHGODZ\HU
,QWHUQDWLRQDO/HJDO3UDFWLWLRQHU
6HFWLRQ
3ULRUWRWKHILUVWUHJLVWUDWLRQRIDQLQWHUQDWLRQDOOHJDOSUDFWLWLRQHULQWKHOLVWRILQWHUQDWLRQDOOHJDO
SUDFWLWLRQHUVWKH0LQLVWU\VKDOODWWKH%DUVUHTXHVWRUDWUHTXHVWRIWKHDSSOLFDQWKLPVHOIILQGRXW
ZKHWKHUDOOREVWDFOHVH[LVWLQJLQKLVKRPH0HPEHU6WDWHZKLFKPLJKWSUHYHQWDQ\6ORYDNODZ\HU
IURPSUDFWLVLQJLQKLVKRPH0HPEHU6WDWHKDYHEHHQHOLPLQDWHG
6KRXOGWKH0LQLVWU\ILQGRXWWKDWREVWDFOHVZKLFKSUHYHQWD6ORYDNODZ\HUIURPSUDFWLVLQJLQWKH
KRVW 0HPEHU 6WDWH VWLOO H[LVW LQ WKDW SDUWLFXODU 0HPEHU 6WDWH WKH %DU VKDOO UHIXVH WR HQURO WKH
DSSOLFDQWLQWKHOLVWRILQWHUQDWLRQDOOHJDOSUDFWLWLRQHUVPDLQWDLQHGE\WKH%DUZKLOHVXFKREVWDFOHV
DUHLQSODFH
6KRXOGWKH0LQLVWU\ILQGRXWWKDWREVWDFOHVZKLFKSUHYHQWD6ORYDNODZ\HUIURPSUDFWLVLQJLQWKH
KRVW0HPEHU6WDWHH[LVWLQWKDWSDUWLFXODU0HPEHU6WDWHWKH0LQLVWU\VKDOOLQIRUPWKH%DUWKHUHDERXW
DQG WKH %DU VKDOO WHPSRUDULO\ VXVSHQG WKH LQWHUQDWLRQDO OHJDO SUDFWLWLRQHU IURPWKH SUDFWLFH LQ WKH
6ORYDN5HSXEOLFZKLOHVXFKREVWDFOHVDUHLQSODFH
6HFWLRQ
$QLQWHUQDWLRQDOOHJDOSUDFWLWLRQHUPD\JLYHDGYLFHRQWKHODZRIKLVKRPH0HPEHU6WDWHDQGRQ
LQWHUQDWLRQDOODZXQGHUWKHWHUPVDQGFRQGLWLRQVODLGGRZQLQWKLV$FW
)RUWKHSXUSRVHVRIWKLV$FWDQGRIVHSDUDWHOHJDOUXOHVDQGLQDFFRUGDQFHZLWKWKHWHUPVDQG
FRQGLWLRQV KHUHLQ ODLG GRZQ DQ LQWHUQDWLRQDO OHJDO SUDFWLWLRQHU VKDOO KDYH WKH VWDWXV RI D ODZ\HU
XQGHUWKLV$FW
$QLQWHUQDWLRQDOOHJDOSUDFWLWLRQHULVREOLJHGWRIXOILOWKHGXWLHVDQGREOLJDWLRQVDULVLQJXQGHUWKLV
$FWXQGHUVHSDUDWHOHJDOUXOHVDQGWKH%DUVLQWHUQDOUXOHVKRZHYHUKLVGXW\WRFRPSO\ZLWKWKH
ODZVDQGOHJDOUXOHVLQKLVKRPH0HPEHU6WDWHVKDOOQRWEHDIIHFWHGKHUHE\
6HFWLRQ
$QLQWHUQDWLRQDOOHJDOSUDFWLWLRQHUGRHVQRWKDYHWKHULJKWRIDXGLHQFHEHIRUHDQ\FRXUWRIODZRUDQ\
RWKHU SXEOLF DXWKRULW\ KH VKDOO QRW UHSUHVHQW RU GHIHQG DQ\ FOLHQW LQ D ODZVXLW DQG KH VKDOO QRW
DGPLQLVWHUHVWDWHVRIKLVFOLHQWV
6HFWLRQ
7KH %DU VKDOO HQURO DQ\ SHUVRQ DV DQ LQWHUQDWLRQDO OHJDO SUDFWLWLRQHU ZLWKLQ WZR PRQWKV IURP
UHFHLSWRIKLVZULWWHQDSSOLFDWLRQXSRQKLVVDWLVI\LQJWKHWHUPVDQGFRQGLWLRQVXQGHU6XEVEHORZ
DQGDIWHUWDNLQJWKHRDWKWRWKH3UHVLGHQWRIWKH%DU
$Q\ DSSOLFDQW IRU EHLQJ HQUROOHG LQ WKH OLVW RI LQWHUQDWLRQDO OHJDO SUDFWLWLRQHUV PXVW PHHW
UHTXLUHPHQWVODLGGRZQLQ6HFLWHPVDHWKURXJKKDQGPXVWSURYHWKDWKH
DLVDXWKRULVHGWRSXUVXHKLVSURIHVVLRQDODFWLYLWLHVDQGSURYLGHOHJDOVHUYLFHVDVDVROHSUDFWLWLRQHU
ZLWKRXWDQ\OLPLWDWLRQVDQGWKDWKHSUDFWLVHGODZLQKLVKRPH0HPEHU6WDWHIRUDWOHDVWWKUHH\HDUV
ELVDSHUVRQRILQWHJULW\LQKLVKRPH0HPEHU6WDWHDQGLVQRWSURKLELWHGIURPSUDFWLVLQJODZIRU
GLVFLSOLQDU\UHDVRQVXQGHUDILQDORUGHULPSRVLQJDQ\GLVFLSOLQDU\DFWLRQE\WKHFRPSHWHQWDXWKRULW\
ZKLFKZDVPDGHLQKLVKRPH0HPEHU6WDWH
F KDV WDNHQ RXW FRPSXOVRU\ SURIHVVLRQDO LQGHPQLW\ LQVXUDQFH FRYHULQJ ORVV RU GDPDJH ZLWK WKH
LQVXUHUVHDWHGLQWKH6ORYDN5HSXEOLF
,QVXUDQFHXQGHU6XEVLWHPFDERYHPXVWEHHIIHFWHGDQGPDLQWDLQHGWKURXJKRXWWKHHQWLUH
SHULRG RI SUDFWLFH 7KH %DU PD\ UHTXHVW WKDW WKH LQWHUQDWLRQDO OHJDO SUDFWLWLRQHU VXEPLW D
SURIHVVLRQDOLQGHPQLW\ LQVXUDQFH SROLF\ DQGD GRFXPHQW SURYLQJ WKH SD\PHQW RIWKH SUHPLXPIRU
ORVV RU GDPDJH FDXVHG ZKLOH SUDFWLVLQJ ODZ ,I WKH LQWHUQDWLRQDO OHJDO SUDFWLWLRQHU ZLWKLQ GD\V
DIWHUWKH%DUVUHTXHVWIDLOVWRVXEPLWUHOHYDQWGRFXPHQWVWKH%DUZLOOUHPRYHKLVQDPHIURPWKH
OLVWRILQWHUQDWLRQDOOHJDOSUDFWLWLRQHUV
,QKLVDSSOLFDWLRQIRUUHJLVWUDWLRQLQWKHOLVWRILQWHUQDWLRQDOOHJDOSUDFWLWLRQHUVWKHDSSOLFDQWVKDOO
VSHFLI\ ZKHWKHU LQ KLV KRPH 0HPEHU 6WDWH KH SUDFWLVHV ODZ DV D VROH SUDFWLWLRQHU RU MRLQWO\ ZLWK
RWKHU ODZ\HUV DQG VKDOO VSHFLI\ WKH IRUP RI VXFK MRLQW SUDFWLFH LI DQ\ ‡ QDPHV RI SDUWQHUV
PHPEHUVLQDQ\VXFKOHJDOHQWLW\‡ZKHWKHUKLVSDUWQHUVDUHDXWKRULVHGWRSUDFWLVHODZ‡VHDWDQG
IRUPRISUDFWLFHLQWKH6ORYDN5HSXEOLF
8SRQ WKHLU VXEPLVVLRQ DOO GRFXPHQWV VXEPLWWHG DV HYLGHQFH LQ VXSSRUW RI IDFWV ODLG GRZQ LQ
6XEVDERYHVKDOOQRWEHPRUHWKDQWKUHHPRQWKVROGDQGPXVWEHSUHVHQWHGZLWKWKHLUFHUWLILHG
WUDQVODWLRQWRWKHRIILFLDOODQJXDJH
7KH%DUVKDOOQRWDGPLWDQGHQURODSHUVRQDVDQLQWHUQDWLRQDOOHJDOSUDFWLWLRQHULIWKHDSSOLFDQW
SUDFWLVHVODZWKURXJKDOHJDOHQWLW\LQZKLFKLQGLYLGXDOVRUOHJDOHQWLWLHVWKDWDUHQRWDXWKRULVHGWR
SUDFWLVHODZDUHPHPEHUVRUVKDUHRZQHUV
7KH %DU VKDOO LVVXH D VSHFLDO SUDFWLVLQJ FHUWLILFDWH WR HDFK LQWHUQDWLRQDO OHJDO SUDFWLWLRQHU
DGPLWWHG WRWKH %DU $Q\ UHIXVDORIWKH ODZ\HUV DSSOLFDWLRQIRU UHJLVWUDWLRQ E\WKH %DU VKDOO EH LQ
ZULWLQJDQGVKDOOVWDWHWKHUHDVRQVIRUUHIXVDO$QDSSHDOLIDQ\DJDLQVWWKH%DUVRUGHUVKDOOOLHWR
WKHDSSURSULDWHFRXUWRIODZ
6HFDQGVKDOODSSO\PXWDWLVPXWDQGLVWRWKHLQWHUQDWLRQDOOHJDOSUDFWLWLRQHUVGLVEDUPHQWDQG
KLVWHPSRUDU\VXVSHQVLRQIURPWKHSUDFWLFH
6HFWLRQ
6HFWLRQVWKURXJKVKDOODSSO\PXWDWLVPXWDQGLVWRDQLQWHUQDWLRQDOOHJDOSUDFWLWLRQHU
6HFWLRQ
$QLQWHUQDWLRQDOOHJDOSUDFWLWLRQHUPD\QRWHPSOR\DQ\WUDLQHHODZ\HUV
3$57)285',6&,3/,1$5<$&7,21$1'',6&,3/,1$5<352&((',1*6
6HFWLRQ
3URIHVVLRQDO0LVFRQGXFWDQG'LVFLSOLQDU\$FWLRQV
3URIHVVLRQDOPLVFRQGXFWRIDODZ\HUHXURSHDQODZ\HUIRUHLJQUHJLVWHUHGODZ\HUDQGLQWHUQDWLRQDO
OHJDO SUDFWLWLRQHU RU D WUDLQHH ODZ\HU VKDOO PHDQ D YLRODWLRQ RI KLV GXW\ RU REOLJDWLRQ DULVLQJ
KHUHXQGHURUXQGHUWKH%DUVLQWHUQDOUXOH
7KHGLVFLSOLQDU\SDQHOPD\PDNHDQRUGHUSURYLGLQJIRURQHRIWKHIROORZLQJGLVFLSOLQDU\DFWLRQV
DZULWWHQUHSULPDQG
ESXEOLFUHSULPDQG
FDILQHWKHDPRXQWWKHUHRIQRWH[FHHGLQJWLPHVWKHPLQLPXP VWDWXWRU\ZDJHIL[HGXQGHUD
VHSDUDWHOHJDOUXOH
GWHPSRUDU\VXVSHQVLRQIURPWKHSUDFWLFHIURPPRQWKVXSWR\HDUV
H VWULNLQJ WKH QDPH RI WKH ODZ\HU WUDLQHH ODZ\HUHXURSHDQ ODZ\HU IRUHLJQ UHJLVWHUHG ODZ\HU RU
LQWHUQDWLRQDOOHJDOSUDFWLWLRQHURIIWKHUROO
:KHQ LPSRVLQJ D GLVFLSOLQDU\ DFWLRQ D GLVFLSOLQDU\ SDQHO VKDOO WDNH DFFRXQW HVSHFLDOO\ RI WKH
VFRSH DQG QDWXUH RI SURIHVVLRQDOPLVFRQGXFW WKH ODZ\HUVPDQQHU RI DFWLQJ FRQVHTXHQFHV DQG
WKHH[WHQWRIIDXOW
7KHILQHOHYLHGXQGHU6XEVLWHPFDERYHVKDOOEHSDLGWRWKH%DU
3DUOLDPHQWDU\$FW1R&ROORQWKH0LQLPXP6WDWXWRU\:DJHDVDPHQGHG
7KHGLVFLSOLQDU\SDQHOPD\DOORZWKHDSSOLFDWLRQWREHZLWKGUDZQZLWKRXWDQ\RUGHUEHLQJPDGH
LILWGHHPVWKHKHDULQJLQUHVSHFWRIWKHODZ\HUVSURIHVVLRQDOPLVFRQGXFWWREHVXIILFLHQWEHFDXVH
RIWKHOHVVVHULRXVQDWXUHRIWKHPLVFRQGXFWLQTXHVWLRQKLVPDQQHURIDFWLQJRUWKHH[WHQWRIIDXOW
'LVFLSOLQDU\3URFHHGLQJV
6HFWLRQ
7KHGLVFLSOLQDU\SURFHHGLQJVKDOOEHFRQGXFWHGE\DWKUHHPHPEHUGLVFLSOLQDU\SDQHODSSRLQWHG
E\WKH&KDLUPDQRIWKH'LVFLSOLQDU\&RPPLWWHH6HFIURPDPRQJLWVPHPEHUV
7KH SUDFWLFH DQG SURFHGXUHV WR EH IROORZHG E\ WKH %DUV JRYHUQLQJ ERGLHV EHIRUH
FRPPHQFHPHQWRIWKHGLVFLSOLQDU\SURFHHGLQJDQGWKHSUDFWLFHDQGSURFHGXUHVWREHIROORZHGE\
WKH'LVFLSOLQDU\&RPPLWWHHVKDOOEHGHWHUPLQHGLQGHWDLOLQWKH%DUV'LVFLSOLQDU\5XOHVZKLFKVKDOO
DW WKH VDPH WLPH GHDO ZLWK WKH GHWDLOV RI WKH GLVFLSOLQDU\ SURFHHGLQJ DQG WKH SRVVLELOLWLHV RI
UHYHUVLQJ D GLVFLSOLQDU\ SDQHOV ILQDO RUGHU E\ WKH &RXQFLO 6HF LI LW ZDV PDGH E\ WKH
GLVFLSOLQDU\SDQHOFRQWUDU\WRODZRUFRQWUDU\WRWKH%DUVLQWHUQDOUXOHV
$ ODZ\HU WUDLQHH ODZ\HUHXURSHDQ ODZ\HU IRUHLJQ UHJLVWHUHG ODZ\HU DQG LQWHUQDWLRQDO OHJDO
SUDFWLWLRQHUVKDOOEHFKDUJHGZLWKDSURIHVVLRQDOPLVFRQGXFWDVVRRQDVDQDSSOLFDWLRQLVPDGHWR
FRPPHQFHWKHGLVFLSOLQDU\SURFHHGLQJDJDLQVWKLP
$ODZ\HUFKDUJHGZLWKDSURIHVVLRQDOPLVFRQGXFWKHUHLQDIWHUUHIHUUHGWRDVWKHUHVSRQGHQW
VKDOO EHDU WKH FRVWV LQFXUUHG E\ KLP DV D SDUW\ WR WKH GLVFLSOLQDU\ SURFHHGLQJ 7KH %DU VKDOO LQ
DGYDQFH SD\ WKH FRVWV LQFXUUHG E\ WKH GLVFLSOLQDU\ SDQHO LQFOXGLQJ WKH FRVWV RI SUHVHQWLQJ WKH
HYLGHQFH
,I WKH GLVFLSOLQDU\ SDQHO UXOHV WKDW WKH UHVSRQGHQW ZDV IRXQG JXLOW\ RI KDYLQJ FRPPLWWHG WKH
SURIHVVLRQDOPLVFRQGXFWKHVKDOOEHREOLJHGWRSD\WKHFRVWVRISURFHGXUHLQRQHLQVWDOPHQW7KH
DPRXQWRIFRVWVRUGHUHGWREHSDLGE\WKHODZ\HUVKDOODPRXQWWRWKHPLQLPXPVWDWXWRU\PRQWKO\
ZDJHIL[HGXQGHUDVHSDUDWHOHJDOUXOH
$QRUGHURIDSXEOLFUHSULPDQGVKDOOEHHQIRUFHGE\WKHFKDLUPDQRIWKHUHVSHFWLYHGLVFLSOLQDU\
SDQHOE\SXEOLVKLQJDVWDWHPHQWRIWKHMXGJHPHQWLQWKHSHULRGLFDOLVVXHGE\WKH%DURULQDQ\RWKHU
DSSURSULDWHPDQQHU
,I WKLV $FW RU WKH %DUV LQWHUQDO UXOHV GR QRW GLUHFWO\ JRYHUQ DQG UHJXODWH VRPH SUDFWLFHV DQG
SURFHGXUHVLQWKHGLVFLSOLQDU\SURFHHGLQJRUWKHVWDWXVULJKWVDQGREOLJDWLRQVRIWKHSDUWLHVWRWKH
GLVFLSOLQDU\SURFHHGLQJSURYLVLRQVRIDVHSDUDWHOHJDOUXOHVKDOODSSO\PXWDWLVPXWDQGLV
6HFWLRQ
7KHGLVFLSOLQDU\SURFHHGLQJVKDOOFRPPHQFHXSRQDSSOLFDWLRQVXEPLWWHGE\WKH&KDLUPDQRIWKH
6XSHUYLVLRQ&RPPLWWHH6HFRUE\WKH0LQLVWHURI-XVWLFHRIWKH6ORYDN5HSXEOLFKHUHLQDIWHU
UHIHUUHGWRDVWKHSHWLWLRQHU
&ULPLQDO3URFHGXUH&RGH
7KHDSSOLFDWLRQIRUFRPPHQFHPHQWRIWKHGLVFLSOLQDU\SURFHHGLQJPD\EHVXEPLWWHGZLWKLQVL[
PRQWKVIURPWKHGDWHZKHQWKHSHWLWLRQHUOHDUQHGDERXWWKHSURIHVVLRQDOPLVFRQGXFWKRZHYHUQRW
ODWHUWKDQZLWKLQWZR\HDUVIURPWKHDFFUXDORIWKHFDXVHRIDFWLRQ
7KHUHVSRQGHQWVKDOOKDYHWKHULJKWWRDIDLUWULDODQGPD\FRPPHQWRQDOOIDFWVDQGPDWWHUVKH
KDVEHHQFKDUJHGZLWKKHPD\DOVRSXWIRUZDUGDQ\HYLGHQFH7KHUHVSRQGHQWPD\DXWKRULVHDQ\
RWKHU ODZ\HU WR DFW DV KLV DWWRUQH\LQIDFWH[FHSW IRU D ODZ\HU ZKR KDV EHHQ FKDUJHG ZLWK D
SURIHVVLRQDOPLVFRQGXFWLQWKHVDPHPDWWHU
/LDELOLW\ IRU D SURIHVVLRQDO PLVFRQGXFW VKDOO EH FRQVLGHUHG LQ DFFRUGDQFH ZLWK WKH JHQHUDOO\
ELQGLQJOHJDOUXOHVDQGWKH%DUVLQWHUQDOUXOHVDSSOLFDEOHDWWKHWLPHRIWKHDFFUXDORIWKHFDXVHRI
DFWLRQLHZKHQWKHSURIHVVLRQDOPLVFRQGXFWZDVFRPPLWWHGJHQHUDOO\ELQGLQJOHJDOUXOHVDQGWKH
%DUVLQWHUQDOUXOHVDVDPHQGHGVKDOORQO\DSSO\LIWKDWLVWRWKHUHVSRQGHQWVDGYDQWDJH
$ GLVFLSOLQDU\ DFWLRQ WR EH LPSRVHG RQ WKH UHVSRQGHQW PD\ RQO\ EH LPSRVHG E\ YLUWXH RI ODZ
DSSOLFDEOHDWWKHWLPHZKHQWKHRUGHULVEHLQJPDGHLQUHVSHFWRIVXFKGLVFLSOLQDU\DFWLRQ
$QRUGHUPDGHE\WKHGLVFLSOLQDU\SDQHODERXWWKHUHVSRQGHQWVSURIHVVLRQDOPLVFRQGXFWVKDOO
JLYH UHDVRQV IRU LWV GHWHUPLQDWLRQ DERXW WKH SURIHVVLRQDO PLVFRQGXFW LW VKDOO DOVR LQFOXGH WKH
VWDWHPHQW RI VXFK GHWHUPLQDWLRQ DQG DGYLFH RI UHPHGLHV 7KH VWDWHPHQW RI WKH GHWHUPLQDWLRQ
ZKHUHE\ WKH UHVSRQGHQW ZDV IRXQG JXLOW\ RI WKH SURIHVVLRQDO PLVFRQGXFW VKDOO DOVR LQFOXGH WKH
DZDUGRIFRVWVIRUWKHSURFHHGLQJZKHUHDVWKHWRWDOFRVWVLQRQHLQVWDOPHQWVKDOOEHSDLGWRWKH%DU
ZLWKLQGD\VIURPWKHGDWHWKHRUGHUPDGHE\WKHSDQHOEHFRPHVILQDO7KHRUGHUVKDOOEHKDQGHG
GRZQ LQ SULQWHG IRUP DQG VKDOO EH GHOLYHUHG LQWR WKH KDQGV RI WKH UHVSRQGHQW DQG WKH SHWLWLRQHU
SURRIRIVHUYLFHUHTXLUHG
6HFWLRQ
$Q\ RUGHU RI WKH GLVFLSOLQDU\ SDQHO LPSRVLQJ D GLVFLSOLQDU\ DFWLRQ EHLQJ HLWKHU D ZULWWHQ
UHSULPDQG SXEOLF UHSULPDQG RU D ILQH PD\ EH DSSHDOHG E\ WKH UHVSRQGHQW RU E\ WKH SHWLWLRQHU
ZLWKLQGD\VIURPUHFHLSWWKHUHRI7KHDSSHDOVKDOOOLHZLWKWKH'LVFLSOLQDU\&RPPLWWHHZKHUHDV
WKHDSSHDOVKDOOVWD\WKHH[HFXWLRQRIWKHRUGHU
7KHSHWLWLRQHUPD\ZLWKLQWKHWLPHOLPLWODLGGRZQLQ6XEVDERYHDSSHDODJDLQVWWKHRUGHURI
WKH GLVFLSOLQDU\ SDQHO XQGHU ZKLFK WKH UHVSRQGHQW ZDV DFTXLWWHG RI DOO GLVFLSOLQDU\ FKDUJHV RU
XQGHUZKLFKWKHGLVFLSOLQDU\SURFHHGLQJZDVGLVFRQWLQXHG+HVKDOOKDYHWKHVDPHULJKWHYHQLIWKH
GLVFLSOLQDU\SDQHOUXOHGWKDWWKHUHVSRQGHQWZDVIRXQGJXLOW\RIDSURIHVVLRQDOPLVFRQGXFWKRZHYHU
QRGLVFLSOLQDU\DFWLRQZDVLPSRVHGRQKLP
7KHDSSHDOVKDOOEHGHFLGHGE\WKH%DU$VVRFLDWLRQ&RXQFLOWKDWZLOOHLWKHUXSKROGFKDQJHRU
RYHUUXOHWKHDSSHDOHGRUGHU,IWKHDSSHDOHGRUGHULVRYHUUXOHGE\WKH&RXQFLOWKHPDWWHUVKDOOEH
UHWXUQHGWRWKHGLVFLSOLQDU\SDQHOIRUDQHZSURFHHGLQJ7KHGLVFLSOLQDU\SDQHOVKDOOEHERXQGE\WKH
&RXQFLOVOHJDORSLQLRQ
$QDSSHDODJDLQVWWKHILQDORUGHURQWKHUHVSRQGHQWVSURIHVVLRQDOPLVFRQGXFWPD\OLHWRDFRXUW
RIODZXQGHUDVHSDUDWHOHJDOUXOH
$Q DGYHUVH RUGHU XQGHU ZKLFK D GLVFLSOLQDU\ DFWLRQRIGLVEDUPHQW ZDV LPSRVHG RQ D ODZ\HU
WUDLQHHODZ\HUHXURSHDQODZ\HUIRUHLJQUHJLVWHUHGODZ\HURULQWHUQDWLRQDOOHJDOSUDFWLWLRQHURUXQGHU
ZKLFK KH ZDV WHPSRUDULO\ VXVSHQGHG IURP WKH SUDFWLFH >6HF LWHPV G DQG H@ PD\ EH
UHYLHZHGE\WKH6XSUHPH&RXUWRIWKH6ORYDN5HSXEOLFXQGHUDVHSDUDWHOHJDOUXOH7KHDSSHDO
PD\RQO\EHEURXJKWE\WKHUHVSRQGHQWWRZKRPWKHDGYHUVHRUGHUDSSOLHV
6HFWLRQ
$W WKH UHVSRQGHQWV UHTXHVWWKH GLVFLSOLQDU\ SDQHO VKDOO H[SXQJH WKH GLVFLSOLQDU\ DFWLRQ SURYLGHG
WKDWKHDFWHGLUUHSURDFKDEO\DQGKDVQRWFRPPLWWHGDQ\QHZSURIHVVLRQDOPLVFRQGXFW
DDIWHUWKHODSVHRIRQH\HDULQWKHFDVHRIDGLVFLSOLQDU\DFWLRQLPSRVHGXQGHU6HFLWHPVD
DQGE
EDIWHUWKHODSVHRIWKUHH\HDUVLQWKHFDVHRIDGLVFLSOLQDU\DFWLRQLPSRVHGXQGHU6HFLWHPV
FDQGG
FDIWHUWKHODSVHRIWKUHH\HDUVIURPWKHGD\IROORZLQJWKHODSVHRIWKHSHULRGRIWLPHIRUZKLFKWKH
WUDLQHHODZ\HUVQDPHZDVVWUXFNRIIWKHUROORIWUDLQHHODZ\HUVLQWKHFDVHRIDGLVFLSOLQDU\DFWLRQ
LPSRVHGRQKLP
GDIWHUWKHODSVHRIILYH\HDUVIURPWKHGD\IROORZLQJWKHODSVHRIWKHSHULRGRIWLPHIRUZKLFKWKH
UHVSRQGHQWVQDPHZDVVWUXFNRIIWKHUROORIODZ\HUVHXURSHDQODZ\HUVIRUHLJQUHJLVWHUHGODZ\HUV
RU LQWHUQDWLRQDO OHJDO SUDFWLWLRQHUV LQ WKH FDVH RI D GLVFLSOLQDU\ DFWLRQ LPSRVHG XQGHU 6HF LWHPH
3$57),9(
75$,1((/$:<(56352)(66,21$/67$))$1'27+(5(03/2<((62)7+(/$:<(5
7UDLQHH/DZ\HUV
6HFWLRQ
$WUDLQHHODZ\HULVDSHUVRQUHJLVWHUHGZLWKWKH%DUDQGOLVWHGLQDVSHFLDO5ROORI7UDLQHH/DZ\HUV
PDLQWDLQHGE\WKH%DU
6HFWLRQ
7KH%DUVKDOODGPLWDWUDLQHHODZ\HUXSRQWKHDSSOLFDWLRQVXEPLWWHGE\DODZ\HUOLPLWHGOLDELOLW\
SDUWQHUVKLS JHQHUDO QRQFRPPHUFLDO SDUWQHUVKLS RU D OLPLWHG OLDELOLW\ FRPSDQ\ ZLWKLQ GD\V
SURYLGHGWKDWWKHWUDLQHHODZ\HU
DKDVIXOOFDSDFLW\WRSHUIRUPOHJDODFWVDQGLVXQGHUQRJXDUGLDQVKLS
EKDVD0DVWHUVGHJUHHLQODZRIDQ\ODZVFKRROLQWKH6ORYDN5HSXEOLFRUKROGVDUHFRJQLVHG
XQLYHUVLW\GLSORPDZKHUHE\WKH0DVWHUVGHJUHHZDVDZDUGHGWRKLPE\DODZVFKRROLQDIRUHLJQ
FRXQWU\RWKHUWKDQWKH6ORYDN5HSXEOLF
FLVDSHUVRQRILQWHJULW\
G LV LQ WKH HPSOR\PHQW RI WKH ODZ\HU OLPLWHG OLDELOLW\ SDUWQHUVKLS JHQHUDO QRQFRPPHUFLDO
SDUWQHUVKLS RU D OLPLWHG OLDELOLW\ FRPSDQ\ ZKHUHDV KH VKDOO QRW FRQFXUUHQWO\ EH LQ DQ\ RWKHU
HPSOR\PHQWRULQDQ\RWKHUVLPLODUVDODULHGFDSDFLW\ZLWKDQ\RWKHUHPSOR\HUH[FHSWIRUSHGDJRJLF
SXEOLFDWLRQOLWHUDU\UHVHDUFKRUDUW
6HFWKURXJKNRIWKH&LYLO3URFHGXUH&RGH
DFWLYLWLHV WKH H[WHQW RI ZKLFK FDQQRW LPSDLU KLV SUDFWLFH DV D WUDLQHH ODZ\HU 7KH WUDLQHH ODZ\HU
VKDOOQRWFDUU\RXWDQ\DFWLYLWLHVZKLFKDUHLQFRPSDWLEOHZLWKWKHQDWXUHDQGHWKLFDOSULQFLSOHVRIWKH
SURIHVVLRQRIDWUDLQHHODZ\HU
7KH %DU VKDOO QRW UHJLVWHU WKH WUDLQHH ODZ\HU LQ WKH UROO RI WUDLQHH ODZ\HUV EHIRUH WKH GDWH RI
FRPPHQFHPHQW RI KLV HPSOR\PHQW ZLWK WKH ODZ\HU OLPLWHG OLDELOLW\ SDUWQHUVKLS JHQHUDO QRQ
FRPPHUFLDOSDUWQHUVKLSRUDOLPLWHGOLDELOLW\FRPSDQ\XQGHU6XEVLWHPGDERYH
6HFWLRQ
6KRXOGWKHHPSOR\PHQWRIDWUDLQHHODZ\HUXQGHUDQHPSOR\PHQWFRQWUDFWZLWKDODZ\HUOLPLWHG
OLDELOLW\SDUWQHUVKLSJHQHUDO QRQFRPPHUFLDO SDUWQHUVKLS RUD OLPLWHG OLDELOLW\ FRPSDQ\ XQGHU 6HF
LWHPGEHWHUPLQDWHGWKH%DUVKDOOUHPRYHKLVQDPHIURPWKHUROORIWUDLQHHODZ\HUVDVDW
WKHGDWHRIWHUPLQDWLRQRIKLVHPSOR\PHQW
6HFDQGVKDOODSSO\WRDWUDLQHHODZ\HUPXWDWLVPXWDQGLV
6HFWLRQ
7KHWUDLQHHODZ\HUVHPSOR\PHQWVKDOOEHJRYHUQHGE\WKHDSSOLFDEOHODERXUODZUHJXODWLRQV
7KHWUDLQHHODZ\HUVKDOOSUDFWLVHXQGHUWKHVXSHUYLVLRQRIWKHODZ\HUSDUWQHULQDJHQHUDOQRQ
FRPPHUFLDOSDUWQHUVKLSJHQHUDOSDUWQHULQDOLPLWHGOLDELOLW\SDUWQHUVKLSRUDFRPSDQ\H[HFXWLYHLQ
D OLPLWHG OLDELOLW\ FRPSDQ\ 7KH SXUSRVH RI KLV DSSUHQWLFHVKLS LV WR DFTXLUH NQRZOHGJH DQG
H[SHULHQFHQHFHVVDU\IRUWKHSUDFWLFHRIODZ'XULQJWKLVDSSUHQWLFHVKLSWKHODZ\HUPD\DXWKRULVH
WKHWUDLQHHODZ\HUWRSHUIRUPLQGLYLGXDOOHJDODFWVZKLFKWKHWUDLQHHODZ\HUSHUIRUPVLQGLYLGXDOO\
'XULQJKLVDSSUHQWLFHVKLSWKHWUDLQHHODZ\HULVREOLJHGWRDFWLQDFFRUGDQFHZLWKWKLV$FWWKH
%DUVLQWHUQDOUXOHVDQGXQGHUWKHVXSHUYLVLQJODZ\HUVLQVWUXFWLRQV
7KHODZ\HUOLPLWHGOLDELOLW\SDUWQHUVKLSJHQHUDOQRQFRPPHUFLDOSDUWQHUVKLSRUDOLPLWHGOLDELOLW\
FRPSDQ\PD\EHJLYHQDVXEVLG\IRUWKHWUDLQHHODZ\HUVDSSUHQWLFHVKLSE\WKH%DU
$ ODZ\HU OLPLWHG OLDELOLW\ SDUWQHUVKLS JHQHUDO QRQFRPPHUFLDO SDUWQHUVKLS RU D OLPLWHG OLDELOLW\
FRPSDQ\WKDWHPSOR\VWKHWUDLQHHODZ\HULVREOLJHGWRFUHDWHVXFKZRUNLQJFRQGLWLRQVLQZKLFKWKH
WUDLQHHODZ\HUZLOOEHDEOHWRSUHSDUHGXO\IRUWKHSUDFWLFHRIODZ7KH\VKDOOHVSHFLDOO\HQDEOHWKH
WUDLQHH ODZ\HU WR DWWHQG WUDLQLQJ FRXUVHV RUJDQLVHG E\ WKH %DU SUHSDUH GXO\ IRU WKH %DU
H[DPLQDWLRQDQGWDNHWKH%DUH[DPLQDWLRQ
6HFWLRQ
3URIHVVLRQDO6WDIIDQG2WKHU/DZ\HUV(PSOR\HHV
7KH ODZ\HU PD\ HPSOR\ SURIHVVLRQDOV RU DQ\ RWKHU HPSOR\HHV 7KHLU HPSOR\PHQW VKDOO EH
JRYHUQHGXQGHUWKHDSSOLFDEOHODERXUODZUHJXODWLRQV
7KH ODZ\HU PD\ DXWKRULVH KLV SURIHVVLRQDO VWDII DQG RWKHU HPSOR\HHV WR SHUIRUP OHJDO DFWV
LQGLYLGXDOO\
3$576,;
25*$1,6$7,212)/$:<(56
%DU$VVRFLDWLRQDQG,WV%RGLHV
6HFWLRQ
7KH6ORYDN%DU$VVRFLDWLRQLVKHUHE\HVWDEOLVKHG
7KH %DU LV DQ LQGHSHQGHQW SURIHVVLRQDO RUJDQLVDWLRQ DVVRFLDWLQJ DOO WKH SUDFWLVLQJ ODZ\HUV
DGPLWWHGWRWKH%DU
7KH%DULVDOHJDOHQWLW\ZLWKLWVUHJLVWHUHGVHDWDW%UDWLVODYD
7KHJRYHUQLQJERGLHVRIWKH%DUDUHDVIROORZV
D*HQHUDO$VVHPEO\
E%DU$VVRFLDWLRQ&RXQFLOFRQVLVWLQJRIPHPEHUVDQGVXEVWLWXWHV
F6XSHUYLVLRQ&RPPLWWHHFRQVLVWLQJRIPHPEHUVDQGVXEVWLWXWHV
G'LVFLSOLQDU\&RPPLWWHHFRQVLVWLQJRIPHPEHUVDQGVXEVWLWXWHV
7KH%DUVKDOOLVVXHLWVLQWHUQDOUXOHVLQDFFRUGDQFHZLWKWKLV$FW
7KH%DUPD\DOVRHVWDEOLVKDGYLVRU\ERGLHV'HWDLOVRIWKHLUHVWDEOLVKPHQWDQGRSHUDWLRQVKDOO
EHGHWHUPLQHGLQWKH%DUVLQWHUQDOUXOHV
0HPEHUVKLSLQLQGLYLGXDO%DUVJRYHUQLQJERGLHVVKDOOEHPXWXDOO\LQFRPSDWLEOH
6HFWLRQ
7KH*HQHUDO$VVHPEO\LVWKHVXSUHPHERG\RIWKH%DU$Q\RWKHU%DU$VVRFLDWLRQVJRYHUQLQJ
ERGLHVDUHHOHFWHGE\WKH*HQHUDO$VVHPEO\
7KH%DUVJRYHUQLQJERGLHVDUHHOHFWHGIRUDSHULRGRIWKUHH\HDUV
3RVLWLRQV LQ WKH %DU $VVRFLDWLRQV JRYHUQLQJ ERGLHV DUH KRQRUDU\ +RZHYHU ODZ\HUV VLWWLQJ
WKHUHRQVKDOOEHUHLPEXUVHGIRUWKHORVVRIWLPHDQGRXWRISRFNHWH[SHQVHVLQFXUUHGLQFRQQHFWLRQ
ZLWKGLVFKDUJLQJWKHLUIXQFWLRQV
*HQHUDO$VVHPEO\
6HFWLRQ
7KH*HQHUDO$VVHPEO\VKDOOEHFRQYHQHGE\WKH%DU$VVRFLDWLRQ&RXQFLODWOHDVWRQFHLQWKUHH
\HDUV $W D ZULWWHQ UHTXHVW RI RQH WKLUG RI ODZ\HUV RU RI WKH 6XSHUYLVLRQ &RPPLWWHH WKH %DU
$VVRFLDWLRQ&RXQFLOLVREOLJHGWRFRQYHQHWKH*HQHUDO$VVHPEO\ZLWKLQWZRPRQWKVIURPUHFHLYLQJ
VXFKDUHTXHVW
7KH ODZ\HU PD\ DXWKRULVH DQ\ RWKHU ODZ\HU LQ ZULWLQJ WR DFW DV KLV SUR[\ DW WKH *HQHUDO
$VVHPEO\7KHJUDQWRUVVLJQDWXUHPXVWEHQRWDULVHGSXUVXDQWWRVHSDUDWHOHJDOUXOHV7KH
ODZ\HUZKRJUDQWHGDIRUPRISUR[\VKDOOEHGHHPHGWREHSUHVHQWDWWKH*HQHUDO$VVHPEO\
7KH *HQHUDO $VVHPEO\ VKDOO KDYH D TXRUXP LI DW OHDVW RQH WKLUG RI ODZ\HUV LV SUHVHQW $Q\
UHVROXWLRQVKDOOEHYDOLGLIYRWHGIRUE\DVLPSOHPDMRULW\RIWKHODZ\HUVSUHVHQW
,I WKH *HQHUDO $VVHPEO\ GRHV QRW KDYH WKH SUHVFULEHG TXRUXP XQGHU 6XEV DERYH WKH
VHVVLRQVKDOOEHSRVWSRQHGIRURQHKRXU$IWHURQHKRXUDQ\UHVROXWLRQVKDOOEHYDOLGLIYRWHGIRUE\
DVLPSOHPDMRULW\RIWKHODZ\HUVSUHVHQW
6HFWLRQ
7KH*HQHUDO$VVHPEO\VKDOOGHFLGHDERXWDQ\HVVHQWLDOPDWWHUVUHODWHGWRWKHOHJDOSURIHVVLRQ
SDUWLFXODUO\DERXW
D HOHFWLQJ DQG UHFDOOLQJ PHPEHUV RI WKH &RXQFLO DQG PHPEHUV RI DQ\ RWKHU %DU $VVRFLDWLRQV
JRYHUQLQJERGLHV
E DSSURYLQJ WKH %DUV LQWHUQDO UXOHV DQG UHJXODWLRQV EHLQJ PDLQO\ WKH 5XOHV RI 3URIHVVLRQDO
&RQGXFW2UJDQLVDWLRQDO5XOHV5XOHVRI3URFHGXUHHOHFWLRQ%\/DZVDQG'LVFLSOLQDU\5XOHV
FTXDVKLQJRUFKDQJLQJDQ\GHFLVLRQPDGHE\WKH%DU$VVRFLDWLRQ&RXQFLO
GDSSURYLQJWKHDQQXDOPHPEHUVKLSIHH
HHVWDEOLVKLQJWKH6RFLDO)XQGRUDQ\RWKHUIXQGVDQGDSSURYLQJWKHUXOHVRIFUHDWLQJWKHVDPHDV
ZHOODVWKHSULQFLSOHVRIXVLQJWKHVDPH
I DSSURYLQJ WKH DPRXQW RI WKH FRPSHQVDWLRQ IRU WKH ORVV RI WKH WLPH ZKLOH VLWWLQJ RQ WKH %DU
$VVRFLDWLRQVJRYHUQLQJERGLHV
7KH *HQHUDO $VVHPEO\ VKDOO DOVR GHFLGH DERXW RWKHUPDWWHUVSUHVFULEHG E\WKH %DUVLQWHUQDO
UXOHVDQGPD\UHVHUYHWKHULJKWWRGHFLGHDERXWRWKHUPDWWHUVRILWVFKRLFH
%DU$VVRFLDWLRQ&RXQFLO
6HFWLRQ
7KH%DU$VVRFLDWLRQ&RXQFLOVKDOOPDQDJHWKH%DU$VVRFLDWLRQVDIIDLUVEHWZHHQ*HQHUDO
$VVHPEOLHV
6HFWLRQ
7KH%DU$VVRFLDWLRQ&RXQFLOVKDOOGHFLGHDERXW
DDSSRLQWLQJDODZ\HUVVXEVWLWXWHSXUVXDQWWR6HF
EDSSRLQWLQJDODZ\HUSXUVXDQWWR6HF
FDSSHDOSXUVXDQWWR6HF
GDQ\RWKHULVVXHVZLWKLQWKHPHDQLQJRIWKLV$FWXQOHVVWKH\IDOOZLWKLQWKHVFRSHRISRZHUVRIDQ\
RWKHU%DU$VVRFLDWLRQVJRYHUQLQJERGLHV
7KH%DU$VVRFLDWLRQ&RXQFLOVKDOOIXUWKHU
DFRQYHQHWKH*HQHUDO$VVHPEO\
EPDLQWDLQWKHUROORIODZ\HUVHXURSHDQODZ\HUVIRUHLJQUHJLVWHUHGODZ\HUVDQGLQWHUQDWLRQDOOHJDO
SUDFWLWLRQHUV OLVW RI SDUWQHUVKLSV RI ODZ\HUV OLPLWHG OLDELOLW\ SDUWQHUVKLSV JHQHUDO QRQFRPPHUFLDO
SDUWQHUVKLSVOLPLWHG OLDELOLW\FRPSDQLHV OLVW RILQWHUQDWLRQDOODZ FRUSRUDWLRQVDQG WUDLQHH ODZ\HUV
PDNH DOO HQWULHV DQG FKDQJHV WKHUHLQ LQIRUP WKH FRPSHWHQW DXWKRULWLHV LQ KRPH 0HPEHU 6WDWHV
DERXWUHJLVWUDWLRQ
RI UHJLVWHUHG (XURSHDQ ODZ\HUV IRUHLJQ UHJLVWHUHG ODZ\HUV RU LQWHUQDWLRQDO OHJDO SUDFWLWLRQHUV RU
DERXW LWV UHIXVDO WR UHJLVWHU WKHP LQ WKH DSSURSULDWH OLVW DV ZHOO DV DERXW RWKHU FKDQJHV RI WKHLU
VWDWXVLQWKH6ORYDN5HSXEOLF
FKDQGOHDQGPDQDJHWKH%DU$VVRFLDWLRQV6RFLDO)XQG
G DSSURYH WKH %DU ([DPLQDWLRQ 5XOHV IRU WKH %DU H[DPLQDWLRQV DQG IRU WKH DSWLWXGH WHVWV DQG
DSSRLQWPHPEHUVRIWKH([DPLQLQJ&RPPLWWHHIURPDPRQJWKHODZ\HUVRUMXGJHVSURVHFXWRUVDQG
DQ\RWKHUH[SHUWVLQWKHILHOGRIODZ
HDGPLQLVWHUWKH%DU$VVRFLDWLRQVDVVHWV
IUHSUHVHQWSURWHFWSURPRWHDQGHQIRUFHWKHODZ\HUVLQWHUHVWVLQDOOWKHILHOGVRIWKHLUDFWLYLW\
JUHJXODUO\LQIRUPODZ\HUVDERXWWKH%DU$VVRFLDWLRQVDFWLYLWLHV)RUWKLVSXUSRVHLWZLOODUUDQJHIRU
DQ\VWXG\SXEOLFDWLRQGRFXPHQWDU\DQGLQIRUPDWLRQDFWLYLWLHV
K FRRSHUDWH ZLWK WKH FRPSHWHQW ERGLHV LQLQGLYLGXDO KRPH0HPEHU 6WDWHV ZKHQ GLVFKDUJLQJ WKH
GXWLHVKHUHLQODLGGRZQ
LSHUIRUPDQ\RWKHUDFWLYLWLHVDFFRUGLQJWRWKLV$FWXQOHVVWKH\IDOOZLWKLQWKHVFRSHRISRZHUVRIDQ\
RWKHU%DU$VVRFLDWLRQVJRYHUQLQJERGLHV
MLVVXHWKH%DUV2IILFLDO-RXUQDO
7KH 3UHVLGHQW DQG 9LFHSUHVLGHQWV RI WKH &RXQFLO DUH HOHFWHG DQG UHFDOOHG E\ WKH %DU
$VVRFLDWLRQ&RXQFLOIURPDPRQJLWVPHPEHUV7KH3UHVLGHQWVKDOOUHSUHVHQWWKH%DU$VVRFLDWLRQLQ
UHODWLRQ WR WKLUG SHUVRQV DQG DFW RQ LWV EHKDOI LQ DOO WKH PDWWHUV +H VKDOO DOVR PDNH DQ\ XUJHQW
GHFLVLRQV EHWZHHQ WKH PHHWLQJV RI WKH %DU $VVRFLDWLRQ &RXQFLO DQGPDQDJH WKH %DUV VWDII 7KH
3UHVLGHQW LV REOLJHG WR LQIRUP WKH &RXQFLO DW DQ\ QH[W PHHWLQJ DERXW WKH GHFLVLRQV PDGH DQG
PHDVXUHVWDNHQEHWZHHQWKH&RXQFLOVPHHWLQJV7KH&RXQFLOPD\FKDQJHDQ\GHFLVLRQPDGHRU
DQ\PHDVXUH WDNHQ E\ WKH 3UHVLGHQW 9LFHSUHVLGHQWV VKDOOVXEVWLWXWH IRU WKH 3UHVLGHQW ZLWKLQ WKH
VFRSHRISRZHUVODLGGRZQLQWKH%DUVLQWHUQDOUXOH
7KH&RXQFLOVKDOOXVXDOO\PHHWRQFHDPRQWK0HHWLQJVRIWKH&RXQFLOVKDOOEHFRQYHQHGE\WKH
%DU$VVRFLDWLRQ3UHVLGHQW
6HFWLRQ
7KH%DUV+HDGTXDUWHUV
$Q\DQGDOOWDVNVUHODWHGWRRUJDQLVDWLRQDOWHFKQLFDODQGDGPLQLVWUDWLYHRSHUDWLRQRIWKH%DUVKDOO
EHSHUIRUPHGE\WKH%DUV+HDGTXDUWHUV
6HFWLRQ
6XSHUYLVLRQ&RPPLWWHH
7KH6XSHUYLVLRQ&RPPLWWHHVKDOO
DVXSHUYLVHWKHHQIRUFHPHQWRIUHVROXWLRQVSDVVHGE\WKH*HQHUDO$VVHPEO\DQGDFWLYLWLHVRIWKH
%DU $VVRFLDWLRQ &RXQFLO )RU WKLV SXUSRVH LW VKDOO KDYH DFFHVV WR DOO WKH %DU $VVRFLDWLRQV
GRFXPHQWVDQGUHFRUGV
EVXSHUYLVHDGXHSUDFWLFHDQGSXUVXLWRIWKHOHJDOSURIHVVLRQ
F HOHFWWKH &KDLUPDQ IURP DPRQJLWVPHPEHUV ZKR VKDOOPDQDJH WKH 6XSHUYLVLRQ &RPPLWWHHV
DIIDLUV
6KRXOGWKH6XSHUYLVLRQ&RPPLWWHHKDYHDQ\GRXEWVDERXWFRPSOLDQFHRIWKHUHVROXWLRQRUDQ\
RWKHUPHDVXUHSDVVHGRUWDNHQE\WKH&RXQFLOZLWKWKHJHQHUDOO\ELQGLQJOHJDOUXOH%DUVLQWHUQDO
UXOH RU UHVROXWLRQ DGRSWHG E\ WKH *HQHUDO $VVHPEO\ LW PD\ SURSRVH WKDW WKH &RXQFLO FKDQJH RU
TXDVKWKHVDPH
6HFWLRQ
'LVFLSOLQDU\&RPPLWWHH
7KH'LVFLSOLQDU\&RPPLWWHHVKDOO
D GHFLGH DERXW WKH FDVHV RI SURIHVVLRQDO PLVFRQGXFW FRPPLWWHG E\ ODZ\HUVHXURSHDQ ODZ\HUV
WUDLQHHODZ\HUVIRUHLJQUHJLVWHUHGODZ\HUVDQGLQWHUQDWLRQDOOHJDOSUDFWLWLRQHUVZKHUHDVLWVRUGHUV
VKDOOEHPDGHE\GLVFLSOLQDU\SDQHOV
EHOHFWLWV&KDLUPDQZKRVKDOOPDQDJHLWVDIIDLUVIURPDPRQJLWVPHPEHUV
7KH'LVFLSOLQDU\&RPPLWWHH&KDLUPDQVKDOODSSRLQWWKHFKDLUPHQDQGPHPEHUVRIGLVFLSOLQDU\
SDQHOVIURPDPRQJWKH'LVFLSOLQDU\&RPPLWWHHPHPEHUV
6HFWLRQ
7KH%DUVLQWHUQDOUXOHVUHVROXWLRQVSDVVHGE\WKH*HQHUDO$VVHPEO\DQGUHVROXWLRQVSDVVHG
E\WKH&RXQFLOVKDOOEHELQGLQJXSRQODZ\HUVWUDLQHHODZ\HUVHXURSHDQODZ\HUVIRUHLJQUHJLVWHUHG
ODZ\HUVDQGLQWHUQDWLRQDOOHJDOSUDFWLWLRQHUV
'HWDLOVRIWKH%DU$VVRFLDWLRQVRUJDQLVDWLRQDQGDFWLYLWLHVRIRUJDQLVDWLRQDQGDFWLYLWLHVRILWV
JRYHUQLQJERGLHVDQGRIWKH%DUV+HDGTXDUWHUVVKDOOEHODLGGRZQLQWKH2UJDQLVDWLRQDO5XOHVDQG
5XOHVRI3URFHGXUH'HWDLOVRIWKHHOHFWLRQVVKDOOEHODLGGRZQLQWKH(OHFWLRQ%\/DZV
$Q\DFWLRQVWDNHQXQGHUWKLV$FWVKDOOQRWEHVXEMHFWWRWKHSURYLVLRQVRIDVHSDUDWHOHJDOUXOH
XQOHVVRWKHUZLVHVWLSXODWHGKHUHLQ
3$576(9(1
7UDQVLWLRQDO DQG )LQDO 3URYLVLRQV
6HFWLRQ
7KH%DUHVWDEOLVKHGXQGHUWKLV$FWVKDOOEHDOHJDOVXFFHVVRUWRWKH6ORYDN%DU$VVRFLDWLRQDQG
WKH&KDPEHURI&RPPHUFLDO/DZ\HUVRIWKH6ORYDN5HSXEOLFH[LVWLQJXQGHUWKHODZVZKLFKZHUHLQ
IRUFHVRIDU
7KH SURSHUW\ SUHYLRXVO\ RZQHG E\ WKH 6ORYDN %DU $VVRFLDWLRQ DQG WKH SURSHUW\ SUHYLRXVO\
RZQHGE\WKH&KDPEHURI&RPPHUFLDO/DZ\HUVRIWKH6ORYDN5HSXEOLFH[LVWLQJXQGHUWKHODZV
ZKLFKZHUHLQIRUFHVRIDUVKDOODVDW-DQXDU\SDVVWRWKH%DUHVWDEOLVKHGKHUHXQGHU
7KH ULJKWV DQG REOLJDWLRQV RI WKH H[LVWLQJ 6ORYDN %DU $VVRFLDWLRQ DQG RI WKH &KDPEHU RI
&RPPHUFLDO /DZ\HUVRIWKH 6ORYDN 5HSXEOLFLQFOXGLQJ DQ\ ULJKWV DQG REOLJDWLRQV DULVLQJ IURP
WKHODERXUUHODWLRQVVKDOODVDW-DQXDU\SDVVWRWKH%DUHVWDEOLVKHGKHUHXQGHU
6HFWLRQ
$ODZ\HUUHJLVWHUHGLQWKHUROORIODZ\HUVXQGHUWKHOHJDOUXOHVZKLFKZHUHLQIRUFHVRIDUDQGD
FRPPHUFLDOODZ\HUUHJLVWHUHGLQWKHUROORIFRPPHUFLDOODZ\HUVXQGHUWKHH[LVWLQJOHJDOUXOHVVKDOO
EHDODZ\HUXQGHUWKLV$FW$OOVXFKODZ\HUVVKDOOEHDXWRPDWLFDOO\DGPLWWHGWRWKH%DUZLWKRXWDQ\
SULRUDSSOLFDWLRQ7KHLUDXWKRULW\DQGSRZHUVWRSURYLGHOHJDOVHUYLFHVDQGSUDFWLVHODZVKDOOQRWEH
DIIHFWHG RU SUHMXGLFHG E\ WKLV $FW DV IURP WKH PRPHQW RI WKHLU UHJLVWUDWLRQ LQ WKH UROO RI ODZ\HUV
7KHLU SUDFWLFH RI ODZ WR GDWH VKDOO IRU WKH SXUSRVHV RI VHSDUDWH OHJDO UXOHV EH UHJDUGHG DV WKH
SUDFWLFHRIODZXQGHUWKLV$FW
$WUDLQHHODZ\HUUHJLVWHUHGLQWKHUROORIWUDLQHHODZ\HUVPDLQWDLQHGXQGHUWKHOHJDOUXOHVZKLFK
ZHUH LQ IRUFH VR IDU DQG D WUDLQHH RI D FRPPHUFLDO ODZ\HU UHJLVWHUHG LQ WKH UROO RI WUDLQHHV
PDLQWDLQHG XQGHU WKH OHJDO UXOHV ZKLFK ZHUH LQ IRUFH VRIDU VKDOO EH UHJDUGHG DVWUDLQHH ODZ\HUV
XQGHUWKLV$FW7KH\VKDOOEHUHJLVWHUHGLQWKHUROORIWUDLQHHODZ\HUVDXWRPDWLFDOO\ZLWKRXWDQ\SULRU
DSSOLFDWLRQ
7KH%DUH[DPLQDWLRQSDVVHGLQDFFRUGDQFHZLWKWKHOHJDOUXOHVZKLFKZHUHLQIRUFHVRIDUDQG
WKHH[DPLQDWLRQRIDFRPPHUFLDOODZ\HUSDVVHGLQDFFRUGDQFHZLWKWKHOHJDOUXOHVZKLFKZHUHLQ
IRUFHVRIDUVKDOOEHUHJDUGHGDVWKH%DUH[DPLQDWLRQXQGHUWKLV$FW
$ WUDLQHH ODZ\HUVDSSUHQWLFHVKLS SHUIRUPHGLQ DFFRUGDQFH ZLWK WKHOHJDOUXOHV ZKLFK ZHUH LQ
IRUFHVRIDUDQGWKHDSSUHQWLFHVKLSSXUVXHGE\DWUDLQHHRIDFRPPHUFLDOODZ\HULQDFFRUGDQFHZLWK
WKHOHJDOUXOHVZKLFKZHUHLQIRUFHVRIDUVKDOOEHUHJDUGHGDVWKHDSSUHQWLFHVKLSRIDWUDLQHHODZ\HU
XQGHUWKLV$FW
$ODZ\HUZKRZDVDVDFRPPHUFLDOODZ\HUUHJLVWHUHGLQWKHUROORIODZ\HUVXQGHU6XEVDERYH
LV QRW REOLJHG WR GHIHQG FOLHQWV LQ FULPLQDO SURFHHGLQJV DQ\ HDUOLHU WKDQ WKUHH \HDUV DIWHU WKH
HIIHFWLYHGDWHRIWKLV$FW
6HFWLRQ
7KH %DU H[DPLQDWLRQ SDVVHG XQWLO 'HFHPEHU XQGHU $FW 1R &ROO RQ
$GYRFDF\DGRSWHGE\&]HFK3DUOLDPHQWVKDOOEHUHJDUGHGDVWKH%DUH[DPLQDWLRQXQGHUWKLV$FW
8QLYHUVLW\ GHJUHH XQGHU 6HF LWHP E DQG 6HF LWHP E VKDOO DOVR EH WKH XQLYHUVLW\
0DVWHUVGHJUHHDZDUGHGE\DODZVFKRROLQWKH&]HFKDQG6ORYDN)HGHUDO5HSXEOLF
6HFWLRQ
$SURIHVVLRQDOPLVFRQGXFWFRPPLWWHGE\WKHODZ\HUXQGHUWKHOHJDOUXOHVZKLFKZHUHLQIRUFHVR
IDUDQGDQ\LQVWDQFHRISURIHVVLRQDOPLVFRQGXFWFRPPLWWHGE\DFRPPHUFLDOODZ\HUXQGHUWKHOHJDO
UXOHVZKLFKZHUHLQIRUFHVRIDUVKDOOEHUHJDUGHGDVDSURIHVVLRQDOPLVFRQGXFWXQGHUWKLV$FW
$GLVFLSOLQDU\DFWLRQLPSRVHGRQDODZ\HUXQGHUWKHOHJDOUXOHVZKLFKZHUHLQIRUFHVRIDUDQGD
GLVFLSOLQDU\DFWLRQLPSRVHGRQDFRPPHUFLDOODZ\HUXQGHUWKHOHJDOUXOHVZKLFKZHUHLQIRUFHVRIDU
VKDOOEHUHJDUGHGDVDGLVFLSOLQDU\DFWLRQXQGHUWKLV$FW
,IDODZ\HUSHUIRUPHGDQDFWLRQZKLFKPLJKWEHYLHZHGDVDSURIHVVLRQDOPLVFRQGXFWXQGHUWKH
OHJDOUXOHVZKLFKZHUHLQIRUFHVRIDUWKH&KDLUPDQRIWKH6XSHUYLVLRQ&RPPLWWHHRUWKH0LQLVWHURI
-XVWLFHKHUHLQDIWHUUHIHUUHGWRDVWKH0LQLVWHUDFWLQJLQWKHLUFDSDFLW\RI
DSHWLWLRQHUPD\VXEPLWDQDSSOLFDWLRQIRUFRPPHQFHPHQWRIWKHGLVFLSOLQDU\SURFHHGLQJXQGHUWKLV
$FWWRWKHDSSURSULDWH%DUVJRYHUQLQJERG\ZLWKLQWKHWLPHOLPLWZKLFKDSSOLHGWRFRPPHQFHPHQWRI
WKHGLVFLSOLQDU\SURFHHGLQJXQGHUWKHOHJDOUXOHZKLFKZDVLQIRUFHVRIDU
'LVFLSOLQDU\SURFHHGLQJ FRPPHQFHG XQGHU WKH OHJDOUXOHV ZKLFK ZHUH LQ IRUFH VR IDU VKDOO EH
FRPSOHWHGLQDFFRUGDQFHZLWKWKHOHJDOUXOHVKLWKHUWRLQIRUFHWKHSRZHUVRIWKHGLVFLSOLQDU\ERG\
JUDQWHGXQGHUWKHOHJDOUXOHVZKLFKZHUHLQIRUFHVRIDUVKDOOEHH[HUFLVHGE\WKHDSSURSULDWH%DUV
JRYHUQLQJERG\
6HFWLRQ
7KHULJKWWRFODLPMXGLFLDOSURWHFWLRQH[HUFLVHGE\DSHUVRQZKRZDVQRWXQGHUWKHOHJDOUXOHVZKLFK
ZHUHLQIRUFHVRIDUUHJLVWHUHGLQWKHUROORIODZ\HUVRUFRPPHUFLDOODZ\HUVZKRVHQDPHZDVXQGHU
WKH OHJDO UXOHV WKDW ZHUH LQ IRUFH VR IDU VWULFNHQ RII VXFK UROOV RU ZKR ZDV XQGHU WKH OHJDO UXOHV
ZKLFK ZHUH LQ IRUFH VR IDU VXVSHQGHG IURP WKH SUDFWLFH VKDOO QRW EH DIIHFWHG DQG SUHMXGLFHG
KHUHE\
6HFWLRQ
7LPHOLPLWVWKDWVWDUWHGWRUXQXQGHUWKHOHJDOUXOHVZKLFKZHUHLQIRUFHVRIDUVKDOOEHFRXQWHGLQWR
WKHWLPHOLPLWVODLGGRZQLQ6HF6HFDQG6HFLWHPI
6HFWLRQ
7KH%DUVKDOOSURYLGHIRUFRQYHQLQJWKH*HQHUDO$VVHPEO\QRWODWHUWKDQZLWKLQVL[PRQWKVIRUP
WKHHIIHFWLYHGDWHRIWKLV$FW7KH*HQHUDO$VVHPEO\VKDOOHOHFWQHZJRYHUQLQJERGLHV6KRXOGWKH
%DUIDLOWRGRVRWKH*HQHUDO$VVHPEO\VKDOOEHFRQYHQHGE\WKH0LQLVWHUZLWKLQWZRPRQWKV7KH
H[LVWLQJLQWHUQDOUXOHVRIWKH6ORYDN%DU$VVRFLDWLRQHVWDEOLVKHGXQGHUWKH OHJDOUXOHVZKLFKZHUH
LQIRUFHVRIDUVKDOODSSO\WRWKHRSHUDWLRQRIWKH%DUVJRYHUQLQJERGLHVPXWDWLVPXWDQGLV
8QWLOWKHHOHFWLRQRIWKH%DU&RXQFLOZLWKLQWKHWLPHOLPLWODLGGRZQLQ6XEVWKHSRZHUVRIWKH
&RXQFLOVKDOOEHH[HUFLVHGE\WKH&RXQFLOFRQVLVWLQJRIQLQHPHPEHUVDQGWKUHHVXEVWLWXWHVRIWKH
6ORYDN %DU $VVRFLDWLRQ &RXQFLO DQG QLQH PHPEHUV DQG WKUHH VXEVWLWXWHV RI WKH &KDPEHU RI
&RPPHUFLDO/DZ\HUVHVWDEOLVKHGXQGHUWKHKLWKHUWRH[LVWLQJOHJDOUXOHV7KLV&RXQFLOVKDOOHOHFW
WKH 3UHVLGHQWDQGWKH9LFH3UHVLGHQWRIWKH%DUIURPDPRQJLWVPHPEHUV8QWLOWKHQHZ3UHVLGHQWLV
HOHFWHGWKHSRZHUVRIWKH3UHVLGHQWRIWKH%DUVKDOOEHH[HUFLVHGE\WKH3UHVLGHQWRIWKH6ORYDN
%DU$VVRFLDWLRQZKRKHOGWKHRIILFHXQWLOWKH(IIHFWLYH'DWHRIWKLV$FW
8QWLO WKH HOHFWLRQ RI WKH 'LVFLSOLQDU\ &RPPLWWHH XQGHU 6XEV DERYH LWV SRZHUV VKDOO EH
H[HUFLVHG E\ WKH 'LVFLSOLQDU\ &RPPLWWHH FRQVLVWLQJ RI PHPEHUV DQG VXEVWLWXWHV RI WKH
'LVFLSOLQDU\&RPPLWWHHRIWKH6ORYDN%DU$VVRFLDWLRQDQGPHPEHUVDQGVXEVWLWXWHVRIWKH
'LVFLSOLQDU\&RPPLWWHHRIWKH&KDPEHURI&RPPHUFLDO/DZ\HUV HVWDEOLVKHGXQGHUWKHKLWKHUWR
H[LVWLQJOHJDOUXOHV7KLV'LVFLSOLQDU\&RPPLWWHHVKDOOHOHFWWKH&KDLUPDQDQG9LFH&KDLUPDQIURP
DPRQJLWVPHPEHUV8QWLOWKHQHZ&KDLUPDQRIWKH'LVFLSOLQDU\&RPPLWWHHLVHOHFWHGKLVSRZHUV
VKDOO EH H[HUFLVHG E\ WKH &KDLUPDQ RI WKH 'LVFLSOLQDU\ &RPPLWWHH RI WKH 6ORYDN %DU $VVRFLDWLRQ
ZKRKHOGWKHRIILFHXQWLOWKH(IIHFWLYH'DWHRIWKLV$FW
8QWLO WKH HOHFWLRQ RI WKH 6XSHUYLVLRQ &RPPLWWHH XQGHU 6XEV DERYH LWV SRZHUV VKDOO EH
H[HUFLVHG E\ WKH VXSHUYLVLRQ FRPPLWWHH FRQVLVWLQJ RI PHPEHUV DQG VXEVWLWXWHV RI WKH
6XSHUYLVLRQ&RPPLWWHHRIWKH6ORYDN%DU$VVRFLDWLRQDQGPHPEHUVDQGVXEVWLWXWHVRIWKH
6XSHUYLVLRQ &RPPLWWHH RI WKH &KDPEHU RI &RPPHUFLDO /DZ\HUV HVWDEOLVKHG XQGHU WKH OHJDO
UXOHV WKDW ZHUH LQ IRUFH VR IDU 7KLV 6XSHUYLVLRQ &RPPLWWHH VKDOO HOHFW WKH &KDLUPDQ DQG 9LFH
&KDLUPDQ IURP DPRQJ LWV PHPEHUV 8QWLO WKH QHZ &KDLUPDQ RI WKH 6XSHUYLVLRQ &RPPLWWHH LV
HOHFWHGKLVSRZHUVVKDOOEHH[HUFLVHGE\WKH&KDLUPDQRIWKH6XSHUYLVLRQ&RPPLWWHHRIWKH6ORYDN
%DU$VVRFLDWLRQZKRKHOGWKHRIILFHXQWLOWKH(IIHFWLYH'DWHRIWKLV$FW
,QWHUQDOUXOHVRIWKH6ORYDN%DU$VVRFLDWLRQHVWDEOLVKHGXQGHUWKHKLWKHUWRH[LVWLQJOHJDOUXOHV
VKDOODSSO\PXWDWLVPXWDQGLVWRWKHDFWLRQVRIWKHJRYHUQLQJERGLHVVSHFLILHGLQ6XEVWKURXJK
DERYHXQWLOWKHLUHOHFWLRQE\WKH*HQHUDO$VVHPEO\
6HFWLRQ
'HWDLOVRIWKHDWWRUQH\VIHHVDQGWKHPDQQHURIWKHLUFDOFXODWLRQWHUPVDQGFRQGLWLRQVRISURYLGLQJ
OHJDOVHUYLFHVLQRXWRIFRXUWVHWWOHPHQWIRUDUHGXFHGIHHRUIUHHRIFKDUJHWHUPVDQGFRQGLWLRQVRI
UHLPEXUVHPHQWRIRXWRISRFNHWH[SHQVHVDQGWKHORVVRIWLPHVKDOOEHJRYHUQHGDQGUHJXODWHGLQ
WKH5HJXODWLRQLVVXHGE\WKH0LQLVWU\RI-XVWLFH
6HFWLRQ
$ ODZ\HU WUDLQHH ODZ\HU FRPPHUFLDO ODZ\HU RU D WUDLQHH RI WKH FRPPHUFLDO ODZ\HU ZKR ZLOO EH
HQWHUHGLQWKHUROORIODZ\HUVRUWUDLQHHODZ\HUVLVZLWKLQWKUHHPRQWKVIURPWKH(IIHFWLYH'DWHRI
WKLV$FWREOLJHGWRVXEPLWWRWKH%DUDFULPLQDOFRQYLFWLRQFHUWLILFDWHDOOUHFRUGVVHDUFK7KH%DU
VKDOO ZLWKLQ VL[ PRQWKV IURP VXFK HQUROPHQW VWULNH RII WKH UROO RI ODZ\HUV DQG WUDLQHH ODZ\HUV
DQ\RQHZKRLVQRWDSHUVRQRILQWHJULW\XQGHUWKLV$FW
6HFWLRQ
3ULRUWRWKHILUVWUHJLVWUDWLRQRIDQ(XURSHDQODZ\HULQWKHOLVWRI(XURSHDQODZ\HUVWKH0LQLVWU\
VKDOO DWWKH %DUV UHTXHVW RU DWUHTXHVW RIWKH DSSOLFDQW KLPVHOI ILQG RXW ZKHWKHU DOO REVWDFOHV RU
KLQGUDQFHVH[LVWLQJLQKLVKRPH0HPEHU6WDWHKLVFRXQWU\RIUHJLVWUDWLRQZKLFKPLJKWSUHYHQWDQ\
6ORYDNODZ\HUIURPSUDFWLVLQJLQWKDWSDUWLFXODUKRPH0HPEHU6WDWHKDYHEHHQHOLPLQDWHG
6KRXOGWKH0LQLVWU\ILQGRXWWKDWREVWDFOHVRUKLQGUDQFHVZKLFKSUHYHQWD6ORYDNODZ\HUIURP
SUDFWLVLQJ LQ WKH KRVW 0HPEHU 6WDWH DUH LQ SODFH LQ WKDW SDUWLFXODU 0HPEHU 6WDWH WKH %DU VKDOO
UHIXVHWRHQUROWKHUHJLVWHUHG(XURSHDQODZ\HULQWKHOLVWRI(XURSHDQODZ\HUV
6KRXOGWKH 0LQLVWU\ ILQG RXWWKDW FLUFXPVWDQFHV VHW IRUWK LQ 6XEV DERYH H[LVW WKH 0LQLVWU\
PD\ RUGHU WKH %DU WR VXVSHQG WKH UHJLVWHUHG (XURSHDQ ODZ\HU IURP WKH SUDFWLFH LQ WKH 6ORYDN
5HSXEOLF
6HFWLRQ
7KH%DUVKDOOPDLQWDLQDOLVWRIODZ\HUVZKRPWKHSUHVLGLQJMXGJHRUDMXGJHPD\DSSRLQWSUR'HR
XQGHU D VHSDUDWH OHJDO UXOH 7KH %DU VKDOO HQWHU D ODZ\HU LQ WKH VDLG OLVW RU UHPRYH KLV QDPH
WKHUHIURPDWWKHODZ\HUVUHTXHVW7KH%DUVKDOOVHQGWKLVOLVWWRDOOGLVWULFWFRXUWVUHJLRQDOFRXUWV
DQGWKH6XSUHPH&RXUWRIWKH6ORYDN5HSXEOLFRQDUHJXODUEDVLV
6HFWLRQ
7KHIROORZLQJOHJLVODWLRQVKDOOEHUHSHDOHG
3DUOLDPHQWDU\$FW1R&ROORQ$GYRFDF\DVDPHQGHGE\$FW1R&ROO
3DUOLDPHQWDU\$FW1R&ROORQ&RPPHUFLDO/DZ\HUVDVDPHQGHGE\$FW1R
&ROODQG$FW1R&ROO
5HJXODWLRQ RI WKH 0LQLVWU\ RI -XVWLFH RI WKH 6ORYDN 5HSXEOLF 1R &ROO RQ WKH )HHV
&KDUJHGE\&RPPHUFLDO/DZ\HUV
&+$37(5,,RPLVVLV
&+$37(5,,,RPLVVLV
$QQH[
,03/(0(17$7,212)$&48,6&20081$87$,5(
7KHIROORZLQJ'LUHFWLYHVDUHKHUHE\WUDQVSRVHGWRWKH6ORYDNQDWLRQDOODZ
&RXQFLO'LUHFWLYH((&RI0DUFKWRIDFLOLWDWHWKHHIIHFWLYHH[HUFLVHE\ODZ\HUVRI
IUHHGRPWRSURYLGHVHUYLFHV
'LUHFWLYH(&RIWKH(XURSHDQ3DUOLDPHQWDQGRIWKH&RXQFLORI)HEUXDU\WRIDFLOLWDWH
SUDFWLFH RI WKH SURIHVVLRQ RI ODZ\HU RQ D SHUPDQHQW EDVLV LQ D 0HPEHU 6WDWH RWKHU WKDQ WKDW LQ
ZKLFKWKHTXDOLILFDWLRQZDVREWDLQHG2IILFLDO-RXUQDO/SXEOLVKHGRQ0DUFKSDJHV
±
7KLV $FW SDUWLDOO\ WUDQVSRVHV &RXQFLO 'LUHFWLYH ((& RI 'HFHPEHU RQ D JHQHUDO
V\VWHP IRU WKH UHFRJQLWLRQ RI KLJKHUHGXFDWLRQ GLSORPDV DZDUGHG RQ FRPSOHWLRQ RI SURIHVVLRQDO
HGXFDWLRQ DQG WUDLQLQJ RI DW OHDVW WKUHH \HDUV
GXUDWLRQ 2IILFLDO -RXUQDO / SXEOLVKHG RQ -DQXDU\SDJHV±
7KHDERYHPHQWLRQHG'LUHFWLYHVKDYHEHHQWUDQVODWHGWRWKH6ORYDNODQJXDJHRIILFLDOWUDQVODWLRQV
DUH DYDLODEOH LQ WKH ,QVWLWXWH RI $SSUR[LPDWLRQ RI /DZV RI WKH 2IILFH RI WKH 6ORYDN *RYHUQPHQW
1iPHVWLHVORERG\%UDWLVODYD
5HSXEEOLFD/LWXDQD
D 5(38%/,&2)/,7+8$1,$/$:216833/(0(17,1*$57,&/(6$1'2)7+(/$:21
7+(%$5$1'6833/(0(17,1*7+(/$::,7+1(:&+$37(57(1 'HFHPEHU1R,;±
$UWLFOH6XSSOHPHQWLQJLWHPRI$UWLFOH
7RHQWHUWKHZRUGVµRUDPHPEHUVWDWHRIWKH(XURSHDQ8QLRQ¶LQLWHPRI$UWLFOHDIWHUWKHZRUGV
µRIWKH5HSXEOLFRI/LWKXDQLD¶WREHUHDGDVIROORZV
µLVDFLWL]HQRIWKH5HSXEOLFRI/LWKXDQLDRUDPHPEHUVWDWHRIWKH(XURSHDQ8QLRQ¶
$UWLFOH6XSSOHPHQWLQJSDUWRI$UWLFOH
7RHQWHUWKHZRUGVµH[FHSWIRUWKHFDVHVSURYLGHGIRULQ$UWLFOHKHUHRI¶LQSDUWRI$UWLFOHDIWHU
WKHZRUGVµOHJDODVVLVWDQFH¶WREHUHDGDVIROORZV
µ/DZ\HUVIURPIRUHLJQVWDWHVPD\SUDFWLVHDVDODZ\HULQ/LWKXDQLDRQO\VXEMHFWWRLQWHUQDWLRQDO
WUHDWLHVRIWKH5HSXEOLFRI/LWKXDQLDRQOHJDODVVLVWDQFHH[FHSWIRUWKHFDVHVSURYLGHGIRULQ$UWLFOH
KHUHRI¶
$UWLFOH6XSSOHPHQWLQJWKH/DZZLWK1HZ&KDSWHU7HQ7RVXSSOHPHQWWKH/DZZLWKQHZ&KDSWHU
7HQ
µ&+$37(57(1
5,*+72)/$:<(562)7+(0(0%(567$7(62)7+((8523($1
81,217235$&7,6($6$/$:<(5,17+(5(38%/,&2)/,7+8$1,$
$UWLFOH&RQGLWLRQVIRU$FTXLVLWLRQE\/DZ\HUVRIWKH0HPEHU6WDWHVRIWKH(XURSHDQ8QLRQRI
WKH5LJKWWR3UDFWLVHDVD/DZ\HULQWKH5HSXEOLFRI/LWKXDQLD
/DZ\HUV RI WKH PHPEHU VWDWHV RI WKH (XURSHDQ 8QLRQ KDYLQJ WKH ODZ\HU¶V SURIHVVLRQDO
TXDOLILFDWLRQVJUDQWHGE\DFRPSHWHQWLQVWLWXWLRQRIDUHVSHFWLYHPHPEHUVWDWHDVLQGLFDWHGLQWKH
OLVWDSSURYHGE\WKH*RYHUQPHQWRIWKH5HSXEOLFRI/LWKXDQLDRULWVDXWKRUL]HGLQVWLWXWLRQVKDOOKDYH
WKHULJKWWRSUDFWLVHDVDODZ\HULQWKH5HSXEOLFRI/LWKXDQLD
7KH/LWKXDQLDQ&RXQFLORIWKH%DU$VVRFLDWLRQVKDOOUHJLVWHUWKHODZ\HUVRIWKHPHPEHUVWDWHVRI
WKH(XURSHDQ8QLRQZLVKLQJWRSUDFWLVHDVDODZ\HULQWKH5HSXEOLFRI/LWKXDQLD
$ODZ\HURID(8PHPEHUVWDWHZLVKLQJWRSUDFWLVHDVDODZ\HULQWKH5HSXEOLFRI/LWKXDQLDVKDOO
VXEPLWDQDSSOLFDWLRQWRWKH/LWKXDQLDQ&RXQFLORIWKH%DU$VVRFLDWLRQ
7KHIROORZLQJGRFXPHQWVVKDOOEHVXEPLWWHGWRJHWKHUZLWKWKHDSSOLFDWLRQ
DGRFXPHQWYHULI\LQJWKHSHUVRQ¶VLGHQWLW\DQGQDWLRQDOLW\
D GRFXPHQW RI D FRPSHWHQW LQVWLWXWLRQ RI WKH PHPEHU VWDWH RI WKH (XURSHDQ 8QLRQ DERXW WKH
SURIHVVLRQDO TXDOLILFDWLRQV JUDQWHG WR WKH ODZ\HU 7KH GRFXPHQW VKDOO EH LVVXHG QRW HDUOLHU WKDQ
WKUHHPRQWKVSULRUWRWKHVXEPLVVLRQWKHUHRIWRWKH/LWKXDQLDQ&RXQFLORIWKH%DU$VVRFLDWLRQ
DGRFXPHQWRIFLYLOOLDELOLW\LQVXUDQFHDJDLQVWORVVHVFDXVHGZKLOHUHQGHULQJOHJDODVVLVWDQFHRU
DQLQGHPQLW\DJDLQVWVXFKORVVHV
7KHODZ\HURID(8PHPEHUVWDWHVKDOODFTXLUHWKHULJKWWRSUDFWLVHDVDODZ\HULQWKH5HSXEOLFRI
/LWKXDQLDXSRQUHJLVWUDWLRQLQWKH/LWKXDQLDQ&RXQFLORIWKH%DU$VVRFLDWLRQ
7KHODZ\HURID(8PHPEHUVWDWHVKDOOEHUHPRYHGIURPWKHOLVWRIODZ\HUVRIWKHPHPEHUVWDWHV
RIWKH(XURSHDQ8QLRQHQWLWOHGWRSUDFWLVHDVDODZ\HULQWKH5HSXEOLFRI/LWKXDQLDLIKHEUHDFKHV
WKH UHTXLUHPHQWV RI SURIHVVLRQDO DFWLYLW\ RU HWKLFV DV VHW IRUWK KHUHLQ RU ORVHV WKH SURIHVVLRQDO
TXDOLILFDWLRQVJUDQWHGWRKLPE\DFRPSHWHQWLQVWLWXWLRQRIWKHPHPEHUVWDWHRIWKH(XURSHDQ8QLRQ
$UWLFOH5LJKWVRIWKH/DZ\HURID0HPEHU6WDWHRIWKH(XURSHDQ8QLRQ(QWLWOHGWR3UDFWLVHDVD
/DZ\HULQWKH5HSXEOLFRI/LWKXDQLD
7KHODZ\HU RI D (8PHPEHU VWDWH HQWLWOHG WRSUDFWLVH DV DODZ\HULQWKH5HSXEOLF RI /LWKXDQLD
VKDOOKDYHWKHULJKWWR
UHQGHUOHJDODVVLVWDQFHXQGHUWKHSURFHGXUHSURYLGHGIRULQ&KDSWHU6L[KHUHRI
UHQGHUOHJDODVVLVWDQFHLQOHJDOSURFHHGLQJVRQO\MRLQWO\ZLWKDODZ\HUHQWHUHGRQWKH
/LVWRI3UDFWLVLQJ/DZ\HUVRIWKH5HSXEOLFRI/LWKXDQLDRUDODZ\HU¶VDVVLVWDQWHQWHUHGRQWKH/LVWRI
/DZ\HUV¶$VVLVWDQWVRIWKH/LWKXDQLDQ&RXQFLORIWKH%DU$VVRFLDWLRQ
H[HUFLVH WKH ULJKWV SUHVFULEHG E\ WKH ODZV RI WKH 5HSXEOLF RI /LWKXDQLD IRU UHQGHULQJ OHJDO
DVVLVWDQFH
7KHODZ\HURID(8PHPEHUVWDWHVKDOOUHQGHUOHJDODVVLVWDQFHLQWKH5HSXEOLFRI/LWKXDQLDZLWKLQ
WKHOLPLWVRIWKHSURIHVVLRQDOTXDOLILFDWLRQVJUDQWHGWRKLPE\DFRPSHWHQWLQVWLWXWLRQRIWKHPHPEHU
VWDWHRIWKH(XURSHDQ8QLRQ
$IWHUWKUHH\HDUVRIODZ\HU¶VSUDFWLFHLQWKH5HSXEOLFRI/LWKXDQLDWKHODZ\HURID(8PHPEHU
VWDWH VKDOO KDYH WKH ULJKW WR UHTXHVW KLV UHFRJQLWLRQ DV D ODZ\HU DQG LQFOXVLRQ LQWR WKH /LVW RI
3UDFWLVLQJ/DZ\HUVRIWKH5HSXEOLFRI/LWKXDQLDXQGHUWKHSURFHGXUHSUHVFULEHGKHUHLQ,QWKLVFDVH
WKHUHTXLUHPHQWVRILWHPRI$UWLFOHKHUHRIVKDOOQRWDSSO\WRWKHODZ\HURID(8PHPEHUVWDWH,I
GXULQJWKHWKUHH\HDUVRIODZ\HU¶VSUDFWLFHLQWKH5HSXEOLFRI/LWKXDQLDWKHODZ\HURID(8PHPEHU
VWDWH UHJXODUO\ DQG HIIHFWLYHO\UHQGHUHG OHJDO DVVLVWDQFH DSSO\LQJWKH /LWKXDQLDQQDWLRQDOODZ WKH
UHTXLUHPHQWRILWHPRI$UWLFOHKHUHRIVKDOOQRWDSSO\HLWKHU7KH6WDWXWHRIWKH%DURI/LWKXDQLD
VKDOO SUHVFULEH WKH FULWHULD RI UHJXODU DQG HIIHFWLYH OHJDO DVVLVWDQFH 7KH ODZ\HU RID (8PHPEHU
VWDWH VKDOO KDYH WKH ULJKW WR UHTXHVW KLV UHFRJQLWLRQ DV D ODZ\HU DQG LQFOXVLRQ LQWR WKH /LVW RI
3UDFWLVLQJ/DZ\HUVRIWKH5HSXEOLFRI/LWKXDQLDXQGHUWKHSURFHGXUHSUHVFULEHGKHUHLQSULRUWRWKH
H[SLU\ RIWKH WKUHH\HDU SHULRG RI ODZ\HU¶V SUDFWLFH LQ WKH 5HSXEOLF RI /LWKXDQLD ,QWKLV FDVH WKH
UHTXLUHPHQWVRILWHPRI$UWLFOHKHUHRIVKDOOQRWDSSO\WRWKHODZ\HURID(8 PHPEHUVWDWH
7KHODZ\HU RI D (8PHPEHU VWDWH HQWLWOHG WRSUDFWLVH DV DODZ\HULQWKH 5HSXEOLF RI /LWKXDQLD
VKDOOKDYHWKHULJKWWRSDUWLFLSDWHLQWKHZRUNRIVHOIJRYHUQPHQWLQVWLWXWLRQVRI/LWKXDQLDQODZ\HUV
7KHODZ\HU RI D (8PHPEHU VWDWH HQWLWOHG WRSUDFWLVH DV DODZ\HULQWKH 5HSXEOLF RI /LWKXDQLD
VKDOOKDYHWKHULJKWWRDSSHDODJDLQVWGHFLVLRQVRIVHOIJRYHUQPHQWLQVWLWXWLRQVRI/LWKXDQLDQODZ\HUV
XQGHUWKHSURFHGXUHSUHVFULEHGKHUHLQ
$UWLFOH'XWLHVRIWKH/DZ\HURID0HPEHU6WDWHRIWKH(XURSHDQ8QLRQ(QWLWOHGWR3UDFWLVHDVD
/DZ\HULQWKH5HSXEOLFRI/LWKXDQLD
7KHODZ\HU RI D (8PHPEHU VWDWH HQWLWOHG WRSUDFWLVH DV DODZ\HULQWKH 5HSXEOLF RI /LWKXDQLD
VKDOO
LQVXUHKLVFLYLOOLDELOLW\DJDLQVWWKHORVVFDXVHGWRWKHFOLHQWZKLOHUHQGHULQJOHJDO DVVLVWDQFHRU
SURYLGH RWKHU LQGHPQLW\ XQGHU WKH ODZV RI WKH (8 PHPEHU VWDWH WKDW KDV JUDQWHG WKH ODZ\HU¶V
SURIHVVLRQDOTXDOLILFDWLRQV
FRPSO\ZLWKWKHUHTXLUHPHQWVRIWKH&RGHRI3URIHVVLRQDO(WKLFVRI/LWKXDQLDQ/DZ\HUV
LQIRUP WKH /LWKXDQLDQ &RXQFLO RI WKH %DU $VVRFLDWLRQ DERXW WKH IRUIHLWXUH RI KLV SURIHVVLRQDO
TXDOLILFDWLRQVDVDODZ\HUJUDQWHGE\DFRPSHWHQWLQVWLWXWLRQRIWKHPHPEHUVWDWHRIWKH(XURSHDQ
8QLRQ
7KHODZ\HU RI D (8PHPEHU VWDWH HQWLWOHG WRSUDFWLVH DV DODZ\HULQWKH 5HSXEOLF RI /LWKXDQLD
VKDOOSD\PDQGDWRU\FRQWULEXWLRQVHVWDEOLVKHGE\WKH/LWKXDQLDQ/DZ\HUV0HHWLQJFRQIHUHQFH
$UWLFOH 'LVFLSOLQDU\ 5HVSRQVLELOLW\ RI WKH /DZ\HU RI D 0HPEHU 6WDWH RI WKH (XURSHDQ 8QLRQ
(QWLWOHGWR3UDFWLVHDVD/DZ\HULQWKH5HSXEOLFRI/LWKXDQLD
'LVFLSOLQDU\UHVSRQVLELOLW\RIWKHODZ\HUSURYLGHGIRULQ&KDSWHU6HYHQKHUHRIVKDOO DSSO\WRWKH
ODZ\HURID(8PHPEHUVWDWHHQWLWOHGWRSUDFWLVHDVDODZ\HULQWKH5HSXEOLFRI/LWKXDQLD
7KH/LWKXDQLDQ&RXQFLORIWKH%DU$VVRFLDWLRQVKDOOLPPHGLDWHO\QRWLI\WKHFRPSHWHQWLQVWLWXWLRQ
RI WKH (8 PHPEHU VWDWH WKDW KDV JUDQWHG WKH SURIHVVLRQDO TXDOLILFDWLRQV WR VXFK ODZ\HU RI D
GLVFLSOLQDU\ FDVH DJDLQVWWKH ODZ\HU RI D (8PHPEHU VWDWHHQWLWOHG WR SUDFWLFHDV DODZ\HULQWKH
5HSXEOLFRI/LWKXDQLD7KHLQVWLWXWLRQVKDOODOVREHQRWLILHGRIWKHGHFLVLRQRIWKH&RXUWRI+RQRXURI
/LWKXDQLDQ/DZ\HUVZLWKUHVSHFWWRVXFKODZ\HU
$UWLFOH 5HVWULFWLRQV IRU WKH $FWLYLW\ RI WKH /DZ\HU RI D 0HPEHU 6WDWH RI WKH (XURSHDQ 8QLRQ
(QWLWOHG WR 3UDFWLVH DV D /DZ\HU LQ WKH 5HSXEOLF RI /LWKXDQLD 5HVWULFWLRQV IRU WKH DFWLYLW\ RI WKH
ODZ\HUVHWIRUWKLQ$UWLFOHVDQGKHUHRIVKDOODSSO\WRWKHODZ\HURID(8PHPEHUVWDWHHQWLWOHG
WRSUDFWLVHDVDODZ\HULQWKH5HSXEOLFRI/LWKXDQLD¶
$UWLFOH$PHQGLQJWKH1XPEHULQJRI)RUPHU&KDSWHU7HQ)RUPHU&KDSWHU7HQµ)LQDO3URYLVLRQV¶
VKDOOEHFRQVLGHUHGDV&KDSWHU(OHYHQDQGIRUPHU$UWLFOHµ&RPLQJLQWR)RUFHRIWKH/DZ¶VKDOO
EHFRQVLGHUHGDV$UWLFOH
$UWLFOH,PSOHPHQWDWLRQRIWKH/DZ7KH*RYHUQPHQWRIWKH5HSXEOLFRI/LWKXDQLDRULWVDXWKRULVHG
LQVWLWXWLRQVKDOODSSURYHWKH/LVWRIWKH/DZ\HU¶V3URIHVVLRQDO4XDOLILFDWLRQVRIWKH0HPEHU6WDWHVRI
WKH(XURSHDQ8QLRQE\2FWREHU
$UWLFOH&RPLQJLQWR)RUFHRIWKH/DZ
7KLV /DZH[FHSW IRU $UWLFOH KHUHRI VKDOO FRPH LQWR IRUFH DV RI WKH GDWH RI DFFHVVLRQ RI WKH
5HSXEOLFRI/LWKXDQLDWRWKH(XURSHDQ8QLRQ´
5HSXEEOLFD/HWWRQH
D QR]LRQLJHQHUDOL
³*LXGLFL
,JLXGLFLVRQRIXQ]LRQDULGHOOR6WDWRLQGLSHQGHQWLHVRJJHWWLVRORDOODOHJJH/HDXWRULWjGHOOR6WDWR
JOLRUJDQLVPLSXEEOLFLHSROLWLFLHWXWWHOHDOWUHSHUVRQHILVLFKHHJLXULGLFKHVRQRWHQXWLDULVSHWWDUHH
DG RVVHUYDUH O¶LQGLSHQGHQ]D H O¶LPPXQLWj GHL JLXGLFL 1HVVXQR SXz SUHWHQGHUH GLFKLDUD]LRQL R
VSLHJD]LRQL GD XQ JLXGLFH VXOOD YDOXWD]LRQH GL XQD FDXVD SDUWLFRODUH Qp LQWHUYHQLUH
QHOO¶DPPLQLVWUD]LRQH GHOOD JLXVWL]LDLQGLSHQGHQWHPHQWHGDLPRWLYL H GDL SRVVLELOL SUHWHVWL , JLXGLFL
GXUDQWH O¶HVHUFL]LR GHOOH ORUR IXQ]LRQL JRGRQR GHOO¶LPPXQLWj SUHYLVWD /D IXQ]LRQH GLPDJLVWUDWR q
LQFRPSDWLELOHFRQO¶DSSDUWHQHQ]DDXQSDUWLWRSROLWLFRRDTXDOVLDVLDOWURRUJDQLVPRSROLWLFR
3XEEOLFLPLQLVWHUL
,SXEEOLFLPLQLVWHULVRQRIXQ]LRQDULFKHHVHUFLWDQROHORURIXQ]LRQLDLVHQVLGLOHJJHSDUWHFLSDQRDOOD
GLVDPLQDGHOOHFDXVHLQWULEXQDOHHVYROJRQRDOWULFRPSLWLSUHYLVWLGDOODOHJJH/DFDULFDGLSXEEOLFR
PLQLVWHURqULFRSHUWDGDOOHVHJXHQWLILJXUHSURFXUDWRUHJHQHUDOHSURFXUDWRUHFDSRYLFHSURFXUDWRUH
FDSR H SURFXUDWRUL D WXWWL L JUDGL DOO¶LQWHUQR GHOO¶XIILFLR GL SXEEOLFR PLQLVWHUR $O SURFXUDWRUH YLHQH
DWWULEXLWRXQJUDGRLQEDVHDLUHTXLVLWLGHOODFDULFDULFRSHUWDDOOHFRPSHWHQ]HVSHFLILFKHDLWLWROLH
DOO¶HVSHULHQ]D
, SXEEOLFL PLQLVWHUL DGRWWDQR GHFLVLRQL VX FDXVH GHWHUPLQDWH LQ PDQLHUD LQGLSHQGHQWH HG
HVFOXVLYDPHQWH VXOOD EDVH GHOOH SURSULH FRQYLQ]LRQL QRQFKp DL VHQVL GL OHJJH WHQHQGR FRQWR GHO
SULQFLSLRGLHJXDJOLDQ]DGHLVLQJROLGLIURQWHDOODOHJJHHDLJLXGLFLGHOSULQFLSLRGHOODSUHVXQ]LRQHGL
LQQRFHQ]DQRQFKpGHOSULQFLSLRGHOODYHULWjHGHOODOHJDOLWj,SURFXUDWRULVRQRLQGLSHQGHQWLHQRQ
LQIOXHQ]DWLGDDOWUHLVWLWX]LRQLDPPLQLVWUDWHRJRYHUQDWH6WDWRHVRQRVRJJHWWLVRORDOODOHJJH
3HUVRQDOHGHOUXRORJLXGL]LDULRDOVHUYL]LRGHOO
DPPLQLVWUD]LRQHGHOODJLXVWL]LD
9LFHSUHVLGHQWHGHOWULEXQDOHUHVSRQVDELOHGHOO
RUJDQL]]D]LRQHGHOO
DWWLYLWjGHOWULEXQDOH&KLRFFXSD
TXHVWDFDULFDGRYUHEEHHVVHUHODXUHDWRLQJLXULVSUXGHQ]D
*LXGLFHVXSSOHQWHULFHYHFKLVLSUHVHQWDHDFFHWWDOHLVWDQ]HVLRFFXSDGHOO
DWWLYLWjSUHOLPLQDUHDOOH
XGLHQ]H H GL DOWUL DGHPSLPHQWL LQGLFDWL GDO JLXGLFH &KL RFFXSD TXHVWD FDULFD GRYUHEEH HVVHUH
ODXUHDWRLQJLXULVSUXGHQ]D
&RQVXOHQWHGHOWULEXQDOHGHGXFHHDQDOL]]DJLXULVSUXGHQ]DHVWDWLVWLFKHHVLRFFXSDGLDOWUHDWWLYLWj
PHWRGRORJLFKH&KLRFFXSDTXHVWDFDULFDGRYUHEEHHVVHUHODXUHDWRLQJLXULVSUXGHQ]D
5HVSRQVDELOH DPPLQLVWUDWLYR JHVWLVFH H RUJDQL]]D O
DWWLYLWj GHOOD FDQFHOOHULD GHO WULEXQDOH &KL
RFFXSDTXHVWDFDULFDGRYUHEEHHVVHUHODXUHDWRLQJLXULVSUXGHQ]D
6HJUHWDULRGLXGLHQ]DSDUWHFLSDDOOHXGLHQ]HTXDQGRODOHJJHULFKLHGHFKHQHVLDUHGDWWRYHUEDOH
&KL RFFXSD TXHVWD FDULFD GHYH HVVHUH LQ SRVVHVVR GL GLSORPD GL VFXROD VHFRQGDULD R GL VFXROD
VHFRQGDULDVSHFLDOL]]DWDDLQGLUL]]RJLXULGLFR
0HVVRFRQVHJQDFLWD]LRQLDWWLG
DFFXVDHDOWULGRFXPHQWLDLGHVWLQDWDUL&KLRFFXSDTXHVWDFDULFD
GRYUHEEHDYHUHXQGLSORPDGLVFXRODVHFRQGDULD
,QWHUSUHWH GL WULEXQDOH SDUWHFLSD DOOH XGLHQ]H TXDQGR SUHYLVWR GDOOD OHJJH WUDGXFH GRFXPHQWL
SURFHVVXDOL&KLRFFXSDTXHVWDFDULFDGRYUHEEHHVVHUHODXUHDWR
'LUHWWRUHGHOWULEXQDOHRUJDQL]]DJOLDSSURYYLJLRQDPHQWLHYHULILFDO
LGRQHLWjGHOOHDXOHGHOWULEXQDOH
QRQFKpODJHVWLRQHGHOWULEXQDOH
8IILFLDOLJLXGL]LDUL
*OL XIILFLDOL JLXGL]LDUL RSHUDQR DOO
LQWHUQR GHO VLVWHPD JLXGL]LDULR DOOH GLSHQGHQ]H GHL WULEXQDOL
UHJLRQDOLHGHVHJXRQROHVHQWHQ]HGHLWULEXQDOLHGLDOWUHLVWLWX]LRQLROWUHDRFFXSDUVLGLDOWUHIXQ]LRQL
LQGLFDWH GDOODOHJJH 'D XQ SXQWR GLYLVWD SURIHVVLRQDOH JOLXIILFLDOL JLXGL]LDUL VRQR IXQ]LRQDULGHOOR
6WDWRHLQGLSHQGHQWLHVRJJHWWLVRORDOODOHJJH
*OL XIILFLDOL JLXGL]LDUL VRQR FRQVLGHUDWL OLEHUL SURIHVVLRQLVWL (VVL RSHUDQR GLUHWWDPHQWH H
SHUVRQDOPHQWH H OD ORUR SURIHVVLRQH KD QDWXUD LQWHOOHWWXDOH H QRQ KD VFRSR GL OXFUR *OL XIILFLDOL
JLXGL]LDULVRQRILQDQ]LDULDPHQWHLQGLSHQGHQWLQHOO
HVHUFL]LRGHOODORURSURIHVVLRQH
&RPSHWHQ]D
*OL XIILFLDOL JLXGL]LDUL VRQR FLYLOPHQWH SHQDOPHQWH H GLVFLSOLQDUPHQWH UHVSRQVDELOL GHOOD SURSULD
DWWLYLWjVYROWDVHFRQGROHQRUPHSUHYLVWHGDOODOHJJH
/HULFKLHVWHHLSURYYHGLPHQWLSRVWLLQHVVHUHHGHPDQDWLGDJOLXIILFLDOLJLXGL]LDULQHOO
HVHUFL]LRGHOOH
ORURIXQ]LRQLVRQRYLQFRODQWLQHLFRQIURQWLGLWXWWLFRORURFKHVLWURYDQRVXOWHUULWRULRGHOOR6WDWR*OL
XIILFLDOL JLXGL]LDUL VRQR SURIHVVLRQDOPHQWH UHVSRQVDELOL GHOO
HVHFX]LRQH GHOOH VHJXHQWL VHQWHQ]H GL
WULEXQDOLHGLDOWUHLVWLWX]LRQLRGLDOWULIXQ]LRQDUL
HVHFX]LRQL
RUGLQLGLVHTXHVWUR
ULODVFLRGLLPPRELOLHYL]LRQH
SLJQRUDPHQWR
HVSURSULD]LRQH GL GHWHUPLQDWL EHQL GHO GHELWRUH H FRQVHJQD DJOL HVDWWRUL HG HVHFX]LRQH GL DOWUH
DWWLYLWjSUHYLVWHQHJOLDWWLGHOO
HVHFX]LRQH
HVHFX]LRQHIRU]DWDGLGHELWL
RUJDQL]]D]LRQH GL YHQGLWH DOO
LQFDQWR SHU O
DOLHQD]LRQH YRORQWDULD GL EHQL LPPRELOL PHGLDQWH DVWH
JLXGL]LDULH
FRQILVFDGLEHQL
&RPSHQVR
/
XIILFLDOHJLXGL]LDULRSHUFHSLVFHXQFRPSHQVRSHURJQLDWWLYLWjHVHJXLWDHSHUODFRQVXOHQ]DOHJDOH
SUHVWDWD H WDOH FRPSHQVR GLIIHULVFH GDJOL RQHUL GRYXWL DOOR 6WDWR $JOL XIILFLDOL JLXGL]LDUL q SURLELWR
VWLSXODUH DFFRUGL LQ YLUW GHL TXDOL LO FRPSHQVR GRYXWR SHU LO ODYRUR VYROWR VL GLVFRVWL GDOOD WDULIID
VWDQGDUG
1RWDLJLXUDWL
,QRWDLJLXUDWLRSHUDQRQHOO
DPELWRGHLWULEXQDOLDOOHGLSHQGHQ]HGHLWULEXQDOLUHJLRQDOLHVYROJRQRL
FRPSLWLSUHYLVWLGDOODOHJJH'DXQSXQWRGLYLVWDSURIHVVLRQDOHLQRWDLJLXUDWLVRQRIXQ]LRQDULGHOOR
6WDWRVRJJHWWLVRORDOODOHJJH1HOO
HVHUFL]LRGHOOHORURIXQ]LRQLVLRFFXSDQRLQPDQLHUDLQGLSHQGHQWH
HLPSDU]LDOHGHLGLULWWLFLYLOLHGHJOLLQWHUHVVLOHJDOLGLSHUVRQHILVLFKHHJLXULGLFKH
,QRWDLJLXUDWLVRQRFRQVLGHUDWLOLEHULSURIHVVLRQLVWLHODORURSURIHVVLRQHKDQDWXUDLQWHOOHWWXDOHHQRQ
KD VFRSR GL OXFUR , QRWDL JLXUDWL VRQR ILQDQ]LDULDPHQWH LQGLSHQGHQWL QHOO
HVHUFL]LR GHOOD ORUR
SURIHVVLRQH
&RPSHWHQ]D
$LQRWDLJLXUDWLVSHWWD
UHGLJHUHDWWLQRWDULOL
UHGLJHUHFHUWLILFDWL
ULFHYHUHGHQDURJDUDQ]LHHGRFXPHQWLSHUGHSRVLWRFDX]LRQDOH
RFFXSDUVLGLHUHGLWj
UHGLJHUHSURJHWWLGLGLYLVLRQHGLEHQLRYHSUHYLVWRGDOODOHJJH
SRUUHLQHVVHUHTXDQW
DOWURSUHYLVWRGDOODOHJJH
,QRWDLJLXUDWLVRQRDXWRUL]]DWLD
SURYYHGHUHDOODGHWHUPLQD]LRQHGLGLULWWLHJDUDQ]LHGLGLULWWLQHLUHJLVWULIRQGLDUL
JDUDQWLUHSHUPHVVLFHUWLILFDWLHDOWULGRFXPHQWLQHFHVVDULSHUODVWLSXODRODGHWHUPLQD]LRQHGLDWWL
QRWDULOL R GD DXWHQWLFDUH ULFKLHVWL GDOOR 6WDWR GDOOH DPPLQLVWUD]LRQL ORFDOL H GD LVWLWX]LRQL SULYDWH
QRQFKpGDIXQ]LRQDULHVRJJHWWLSULYDWL
UHGLJHUHER]]HGLDWWLGLFRQWUDWWLHGLDOWULGRFXPHQWLWLSLFLGHOODSURIHVVLRQHQRWDULOHROWUHDIDUQH
FRSLHHWUDGX]LRQL
IRUQLUHDOWURWLSRGLDVVLVWHQ]DOHJDOH
&RPSHQVL
,OQRWDLRJLXUDWRSHUFHSLVFHXQFRPSHQVRSHURJQLDWWLYLWjHVHJXLWDHWDOHFRPSHQVRGLIIHULVFHGDJOL
RQHULGRYXWLDOOR6WDWR
$YYRFDWLJLXUDWL
/
DYYRFDWRqXQOLEHURSURIHVVLRQLVWDFKHIRUQLVFHDVVLVWHQ]DOHJDOHGLIHQGHQGRHUDSSUHVHQWDQGRL
OHJLWWLPL LQWHUHVVL GHL VLQJROL LQ VHGH SURFHVVXDOH H QHO FRUVR GHOOH LQGDJLQL SUHOLPLQDUL QRQFKp
RIIUHQGRFRQVXOHQ]DOHJDOHSUHSDUDQGRGRFXPHQWLHIRUQHQGRDOWULVHUYL]LGLQDWXUDOHJDOH
,Q/HWWRQLDXQDYYRFDWRSXzHVVHUH
XQDYYRFDWRJLXUDWR
XQDVVLVWHQWHGHOO
DYYRFDWRJLXUDWR
XQFLWWDGLQRGLXQR6WDWRPHPEURGHOO
8(FKHqDYYRFDWRLQXQR6WDWRPHPEURGHOO
8(DYYRFDWR
FRPXQLWDULR
, FLWWDGLQL VWUDQLHUL FKH VRQR SUDWLFDQWL DYYRFDWL LQ /HWWRQLD D HFFH]LRQH GHJOL DYYRFDWL GL 6WDWL
PHPEUL GHOO
8( VRQR VRJJHWWL DJOL DFFRUGL GL DVVLVWHQ]D OHJDOH LQWHUQD]LRQDOH VWLSXODWL GDOOD
/HWWRQLD
*OLDYYRFDWLHVHUFLWDQRODORURSURIHVVLRQHVHFRQGRTXDQWRSUHYLVWRGDOVLVWHPDJLXGL]LDULRGLQDQ]LD
TXDOVLDVL WULEXQDOH RYYHUR D TXDOVLDVL DXWRULWj SHU OH LQGDJLQL SUHOLPLQDUL QHOOD 5HSXEEOLFD GL
/HWWRQLD VFHOWL GDOOH SDUWL HG DJHQWL SHU FRQWR GL HVVH GHO FRQYHQXWR R GHOOH DOWUH SDUWL LQ FDXVD
FOLHQWL R RYH SUHYLVWR GDOOD OHJJH SHU FRQWR GHO SUHVLGHQWH GHO WULEXQDOH GHO UHVSRQVDELOH
GHOO
DXWRULWj SHU OH LQGDJLQL SUHOLPLQDUL R GHO &RQVLJOLR OHWWRQH GHJOL DYYRFDWL JLXUDWL *OL DYYRFDWL
IRUQLVFRQRDQFKHDOWUHIRUPHGLDVVLVWHQ]DOHJDOHVHFRQGRTXDQWRSUHYLVWRGDOGLULWWRSURFHVVXDOH
$WWLYLWjSURIHVVLRQDOLGHOO
DYYRFDWR
*OLDYYRFDWLLQTXDQWRWDOLVRQRLQGLSHQGHQWLHVRJJHWWLVRORDOODOHJJH(VVLVRQRFRQVLGHUDWLOLEHUL
SURIHVVLRQLVWLHRSHUDQRGLUHWWDPHQWHHSHUVRQDOPHQWHHODORURSURIHVVLRQHKDQDWXUDLQWHOOHWWXDOH
H QRQ KD VFRSR GL OXFUR *OL DYYRFDWL JLXUDWL VRQR ILQDQ]LDULDPHQWH LQGLSHQGHQWL QHOO
HVHFX]LRQH
GHOODORURSURIHVVLRQH
&RQGL]LRQLFKHJOLDYYRFDWLGL6WDWLPHPEULGHOO
8(GHYRQRRVVHUYDUHSULPDGLLQL]LDUHDHVHUFLWDUH
ODSURIHVVLRQHLQ/HWWRQLD
8Q DYYRFDWR GL XQR 6WDWR PHPEUR GHOO
8( GHYH SUHVHQWDUH DO &RQVLJOLR OHWWRQH GHJOL DYYRFDWL
JLXUDWLXQFHUWLILFDWRLQGLFDQWHO
LVFUL]LRQHSUHVVRO
DXWRULWjFRPSHWHQWHGHOOR6WDWRLQFXLULVLHGHOR
6WDWRPHPEURGHOO
8(LQFXLO
DYYRFDWRKDDFTXLVLWRLOGLULWWRGLHVHUFLWDUHODSURIHVVLRQHGLDYYRFDWR
SULPD GL LQL]LDUH D HVHUFLWDUODLQ/HWWRQLD 4XLQGLLO &RQVLJOLR OHWWRQH GHJOLDYYRFDWL JLXUDWL LVFULYH
O
DYYRFDWR JLXUDWR GHOO
8( LQ XQ UHJLVWUR VSHFLDOH 8Q DYYRFDWR GL XQR 6WDWR PHPEUR GHOO
8( FKH
HVHUFLWD OD SURIHVVLRQH LQ YLUW GHO WLWROR FRQVHJXLWR QHO SDHVH LQ FXL KD OD UHVLGHQ]D SXz VROR
SDUWHFLSDUH D FDXVH SHQDOL LQVLHPH D XQ DYYRFDWR FKH VLD PHPEUR GHO &RQVLJOLR OHWWRQH GHJOL
DYYRFDWLJLXUDWL
6HXQDYYRFDWRGLXQR6WDWRPHPEURGHOO
8(qLQJUDGRGLGLPRVWUDUHODFRQRVFHQ]DGHOODOLQJXDH
GHOGLULWWROHWWRQHHLO&RQVLJOLROHWWRQHGHJOLDYYRFDWLJLXUDWLULFRQRVFHFKHOHTXDOLILFKHSURIHVVLRQDOL
GHOO
DYYRFDWR ULVSHFFKLDQR L UHTXLVLWL SUHYLVWL SHU O
HVHUFL]LR SHUPDQHQWH GHOO
DWWLYLWj TXHVWL JRGUj
GHJOLVWHVVLGLULWWLDOO
HVHUFL]LRGHOODSURIHVVLRQHGLDYYRFDWRHVDUjVRJJHWWRDJOLVWHVVLREEOLJKLGLXQ
DYYRFDWR JLXUDWR OHWWRQH 4XDORUD XQ DYYRFDWR GL 6WDWR PHPEUR GHOO
8( DEELD HVHUFLWDWR OD
SURIHVVLRQHLQ/HWWRQLDVXOODEDVHGHOWLWRORFRQVHJXLWRHXVDWRQHOSDHVHLQFXLKDODUHVLGHQ]DSHU
XQ SHULRGR FRQWLQXDWR GL DOPHQR WUH DQQL H DEELD GLPRVWUDWR DO &RQVLJOLR OHWWRQH GHJOL DYYRFDWL
JLXUDWLGLSRVVHGHUHODFRQRVFHQ]DHO
HVSHULHQ]DSUHYLVWHFRQULIHULPHQWRDOGLULWWROHWWRQHJOLYHUUj
ULODVFLDWRXQFHUWLILFDWRDWWHVWDQWHOHTXDOLILFKHSURIHVVLRQDOL
&RPSHWHQ]D
*OLDYYRFDWLJLXUDWLVLRFFXSDQRGLFDXVHFLYLOLHDPPLQLVWUDWLYHUDSSUHVHQWDQRYLWWLPHSDUWLFLYLOLH
FRQYHQXWLQHOOHFDXVHSHQDOLHIRUQLVFRQRDVVLVWHQ]DOHJDOHDFKLXQTXHLQXQDFDXVDSHQDOHSHU
FRQWRVLDGLXQFOLHQWHFKHGHOSUHVLGHQWHGHOWULEXQDOHRGHO&RQVLJOLROHWWRQHGHJOLDYYRFDWLJLXUDWL
VHULFKLHVWRGDXQFOLHQWH
&RPSHQVR
,OFRPSHQVRSHUODWUDWWD]LRQHGLXQDFDXVDqGHFLVRPHGLDQWHDFFRUGRVFULWWRWUDDYYRFDWRJLXUDWR
HFOLHQWH,QPDQFDQ]DGLWDOHDFFRUGRO
LPSRUWRGHOFRPSHQVRYLHQHVWDELOLWRVHFRQGROHWDULIIHGL
OHJJH´
8QJKHULD
D QR]LRQLJHQHUDOL
³*LXGLFL
$LVHQVLGHOOD&RVWLWX]LRQHLJLXGLFLVRQRLQGLSHQGHQWLGHFLGRQRVXOODEDVHGHOOHOHJJLHLQDFFRUGR
FRQOHORURFRQYLQ]LRQLHQRQSRVVRQRHVVHUHLQIOXHQ]DWLRULFHYHUHLVWUX]LRQLQHOO
HVHUFL]LRGHOOHORUR
IXQ]LRQL
,JLXGLFLVRQRQRPLQDWLGDO3UHVLGHQWHGHOO
8QJKHULDVXUDFFRPDQGD]LRQHGHO&RQVLJOLRQD]LRQDOH
GHOODJLXVWL]LD2UV]iJRV,JD]ViJV]ROJiOWDWiVL7DQiFVFKHVYROJHLFRPSLWLDPPLQLVWUDWLYLFHQWUDOL
SHULWULEXQDOL3XzHVVHUHQRPLQDWRJLXGLFHFKL
qFLWWDGLQRXQJKHUHVH
QRQKDSUHFHGHQWLSHQDOL
JRGHGHOGLULWWRGLYRWR
qLQSRVVHVVRGLXQGLSORPDXQLYHUVLWDULRLQGLULWWR
KDVXSHUDWRO
HVDPHSURIHVVLRQDOHGLGLULWWR
VLLPSHJQDDSUHVHQWDUHODGLFKLDUD]LRQHSDWULPRQLDOHSUHVFULWWDGDOODOHJJH
,JLXGLFLVRQRQRPLQDWLLQXQSULPRWHPSRSHUXQSHULRGRGLWUHDQQLDOWHUPLQHGHOTXDOHLO&RQVLJOLR
QD]LRQDOHGHOODJLXVWL]LDSXzUDFFRPDQGDUHFKHYHQJDQRQRPLQDWLDWHPSRLQGHWHUPLQDWR,JLXGLFL
VRQRDVVHJQDWLDLWULEXQDOLGDO&RQVLJOLRQD]LRQDOHGHOODJLXVWL]LDHVLVSHFLDOL]]DQRLQGLULWWRFLYLOH
SHQDOHRDPPLQLVWUDWLYR
2OWUH D VYROJHUH OH ORUR IXQ]LRQL L JLXGLFL SRVVRQR VYROJHUH DWWLYLWj UHPXQHUDWH VROR QHL VHWWRUL
VFLHQWLILFR DUWLVWLFR OHWWHUDULR HGXFDWLYR H WHFQLFR VHQ]D FRPSURPHWWHUH OD ORUR LQGLSHQGHQ]D H
LPSDU]LDOLWj H VHQ]D RVWDFRODUH LO ULVSHWWR GHJOL REEOLJKL FXL VRQR VRJJHWWL , JLXGLFL QRQ SRVVRQR
DSSDUWHQHUH D SDUWLWL SROLWLFL R VYROJHUH DWWLYLWj SROLWLFD ,QROWUH L JLXGLFL QRQ SRVVRQR HVVHUH
SDUODPHQWDULUDSSUHVHQWDQWLORFDOLVLQGDFLRGLULJHQWLGLVRFLHWj
,QUDJLRQHGHOO
LPPXQLWjGLFXLLJLXGLFLJRGRQRQRQqSRVVLELOHDYYLDUHXQSURFHGLPHQWRSHQDOHR
DPPLQLVWUDWLYRRYYHURDSSOLFDUHPLVXUHFRHUFLWLYHQHLORURFRQIURQWLQHOTXDGURGLGHWWLSURFHGLPHQWL
DG HFFH]LRQH GHL FDVL GL IODJUDQ]D GL UHDWR VH QRQ FRQ O
DVVHQVR GHOO
DXWRULWj GL QRPLQD RYYHUR
GHOO
DXWRULWjFRPSHWHQWHSHUODORURVHOH]LRQH,JLXGLFLSRVVRQRULQXQFLDUHDOO
LPPXQLWjQHOTXDGUR
GHOSURFHGLPHQWRDPPLQLVWUDWLYR
,O JLXGLFH FRPPHWWH LQIUD]LRQH GLVFLSOLQDUH VH YLROD JOL REEOLJKL FXL q WHQXWR LQ UDJLRQH GHOOH VXH
IXQ]LRQLRVHFRQLOVXRVWLOHGLYLWDRFRQLOVXRFRPSRUWDPHQWROHGHRFRPSURPHWWHODUHSXWD]LRQH
GHOODSURIHVVLRQH
$ WLWROR GL UHWULEX]LRQH L JLXGLFL KDQQR GLULWWR D ULFHYHUH OR VWLSHQGLR LQGHQQLWj VSHFLDOL H DOWUH
UHPXQHUD]LRQL SUHPL H ULPERUVL VSHVH /D UHWULEX]LRQH GHL JLXGLFL FRQVLVWH QHOOD UHWULEX]LRQH GL
EDVHHLQYDULHLQGHQQLWj/DUHWULEX]LRQHGLEDVHGHLJLXGLFLYLHQHVWDELOLWDVXOODEDVHGHLJUDGLLQ
IXQ]LRQHGHOO
DQ]LDQLWjGLVHUYL]LR
3XEEOLFLPLQLVWHUL
&RPSLWRGHOODSURFXUDqDVVLFXUDUHODGLIHVDGHLGLULWWLGHLFLWWDGLQLHODUHSUHVVLRQHFRVWDQWHGHJOL
DWWLFKHOHGRQRRFRPSURPHWWRQRO
RUGLQHFRVWLWX]LRQDOHRODVLFXUH]]DHO
LQGLSHQGHQ]DGHOOR6WDWR
$TXHVWRVFRSRODSURFXUD
FRPSLHLQGDJLQLLQFDVLVSHFLILFLHVRUYHJOLDODOHJDOLWjGHOOHLQGDJLQL
UDSSUHVHQWDO
DFFXVDQHLSURFHGLPHQWLJLXGL]LDUL
VRUYHJOLDODOHJDOLWjGHOO
HVHFX]LRQHGHOOHVHQWHQ]H
FRQWULEXLVFHDGDVVLFXUDUHFKHWXWWHOHRUJDQL]]D]LRQLGHOODVRFLHWjWXWWLJOLRUJDQLGLJRYHUQRHWXWWLL
FLWWDGLQLRVVHUYLQROHOHJJLHDJLVFDQRSHUULDIIHUPDUHODOHJDOLWjLQFDVRGLYLROD]LRQHGHOOHOHJJL
/D SURFXUD q XQ
RUJDQL]]D]LRQH FHQWUDOL]]DWD GLUHWWD GDO SURFXUDWRUH JHQHUDOH H UHVSRQVDELOH GL
IURQWHDO3DUODPHQWR,SXEEOLFLPLQLVWHULVRQRQRPLQDWLHULPRVVLGDOSURFXUDWRUHJHQHUDOH3RVVRQR
HVVHUHQRPLQDWLSXEEOLFRPLQLVWHURLFLWWDGLQLXQJKHUHVLFKHKDQQRGLULWWRGLYRWRVRQRLQSRVVHVVR
GL XQ GLSORPD XQLYHUVLWDULR LQ GLULWWR H KDQQR VXSHUDWR O
HVDPH SURIHVVLRQDOH GL GLULWWR , SXEEOLFL
PLQLVWHULVRQRQRPLQDWLLQXQSULPRWHPSRSHUWUHDQQLHVXFFHVVLYDPHQWHDWHPSRLQGHWHUPLQDWR
,SXEEOLFLPLQLVWHULQRQSRVVRQRDSSDUWHQHUHDSDUWLWLSROLWLFLRVYROJHUHDWWLYLWjSROLWLFD,QROWUHQRQ
SRVVRQRHVVHUHSDUODPHQWDULRUDSSUHVHQWDQWLORFDOLQRQSRVVRQRVYROJHUHDWWLYLWjUHWULEXLWDIDWWD
HFFH]LRQHSHUOHDWWLYLWjQHLVHWWRULVFLHQWLILFRHGXFDWLYRDUWLVWLFRHSHUOHDWWLYLWjFRSHUWHGDOGLULWWR
G
DXWRUH QRQ SRVVRQR DFFHWWDUH UHPXQHUD]LRQL SHU DSSDUL]LRQL LQ SXEEOLFR LQ FRQQHVVLRQH FRQ
O
HVHUFL]LR GHO ORUR XIILFLR HVVHUH PHPEUL GHO FRPLWDWR GL YLJLODQ]D GL VRFLHWj FRPPHUFLDOL RYYHUR
PHPEULWHQXWLDGXQDSDUWHFLSD]LRQHSHUVRQDOHRDVVXPHUHRJQLDOWURLQFDULFRLQFRPSDWLELOHFRQOD
ORURSURIHVVLRQH
$QFKH L SXEEOLFL PLQLVWHUL VRQR FRSHUWL GD LPPXQLWj 'L FRQVHJXHQ]D QRQ q SRVVLELOH DUUHVWDUH L
SXEEOLFLPLQLVWHULDYYLDUHQHLORURFRQIURQWLSURFHGLPHQWLSHQDOLRDPPLQLVWUDWLYLIDWWDHFFH]LRQHSHU
L FDVL GL IODJUDQ]D GL UHDWR VH QRQ FRQ O
DVVHQVR GHO SURFXUDWRUH JHQHUDOH $G HFFH]LRQH GHL
SURFHGLPHQWLDPPLQLVWUDWLYLLSXEEOLFLPLQLVWHULQRQSRVVRQRULQXQFLDUHDOO
LPPXQLWj
$ WLWROR GLUHWULEX]LRQHL SXEEOLFLPLQLVWHUL KDQQR GLULWWR D ULFHYHUH OR VWLSHQGLRLPPXQLWj VSHFLDOL
DOWUH UHPXQHUD]LRQLSUHPL H ULPERUVL VSHVH /DUHWULEX]LRQH GHO SXEEOLFRPLQLVWHUR FRQVLVWH QHOOD
UHWULEX]LRQH GL EDVH H LQ YDULH LQGHQQLWj /D UHWULEX]LRQH GL EDVH GHO SXEEOLFR PLQLVWHUR YLHQH
VWDELOLWDVXOODEDVHGHLJUDGLLQIXQ]LRQHGHOO
DQ]LDQLWjGLVHUYL]LR
&DQFHOOLHUL
,FDQFHOOLHULVRQRIXQ]LRQDULFRQWLWRORGLVWXGLRVXSHULRUHFKHDJHQGRQHOO
DPELWRGLFRPSHWHQ]DGHO
JLXGLFHVRWWRODVXDGLUH]LRQHHVRUYHJOLDQ]DVYROJRQRDXWRQRPDPHQWHLFRPSLWLORURFRQIHULWLGDOOD
OHJJH,FDQFHOOLHULKDQQRXQDIRUPD]LRQHGLOLYHOORXQLYHUVLWDULR
1HOOHFDXVH FLYLOL L FDQFHOOLHUL VYROJRQR WXWWLL FRPSLWL FKH ULHQWUDQR QHOO
DPELWR GL FRPSHWHQ]D GHO
WULEXQDOHHFKHVRQRORURDWWULEXLWLGDOJLXGLFHWXWWDYLDQRQSRVVRQRSURQXQFLDUHVHQWHQ]HDGRWWDUH
PLVXUHSURYYLVRULHHPLVXUHFDXWHODULHPHWWHUHRUGLQDQ]HGLVRVSHQVLRQHRUHVSLQJHUHXQULFRUVR
VHQ]DHPHWWHUHDWWRGLFLWD]LRQHHQRQSRVVRQRDJLUHQHLFDVLDWWULEXLWLGDOODOHJJHDOODFRPSHWHQ]D
GHJOL XIILFLDOL JLXGL]LDUL 1HL SURFHGLPHQWL SHQDOL OD OHJJH VSHFLILFD HVDWWDPHQWH L FRPSLWL FKH
SRVVRQRHVVHUHVYROWLGDOFDQFHOOLHUHQHOFRUVRGHOSURFHGLPHQWRTXDOLDGHVHPSLRODVWHVXUDGHO
YHUEDOHODVWHQRWLSLDODQRWLILFD]LRQHHODFRPXQLFD]LRQHGLDWWLXIILFLDOLPHGLDQWHSXEEOLFD]LRQHOD
SUHGLVSRVL]LRQH H LO ULODVFLR GL FRSLH GL DWWL O
DFFHUWDPHQWR GHOOD UHVLGHQ]D R GHO GRPLFLOLR
GHOO
DFFXVDWRRGHLWHVWLPRQL
,FDQFHOOLHULVRQRRSHUDWRULJLXGL]LDUL,UHTXLVLWLSHUODQRPLQDVRQRLVHJXHQWL
DQQLG
HWj
DVVHQ]DGLSUHFHGHQWLSHQDOL
GLULWWRGLYRWR
FLWWDGLQDQ]DXQJKHUHVH
TXDOLILFDGLRSHUDWRUHJLXGL]LDULR
SUHVHQWD]LRQHGHOODGLFKLDUD]LRQHSDWULPRQLDOH
,FDQFHOOLHULQRQSRVVRQRVYROJHUHDWWLYLWjLQFRPSDWLELOLFRQLOORURLQFDULFRRFKHFRPSURPHWWRQROD
ORURFDSDFLWjGLVYROJHUHOHORURIXQ]LRQLLQPDQLHUDLPSDU]LDOHHOLEHULGDRJQLLQIOXHQ]D,FDQFHOOLHUL
QRQ SRVVRQR ULFRSULUH LQFDULFKL QHL SDUWLWL R IDUH DSSDUL]LRQL LQ SXEEOLFR D QRPH R SHU FRQWR GHL
SDUWLWL,FDQFHOOLHULSRVVRQRDFFHWWDUHLQFDULFKLUHWULEXLWLVRORFRQO
DSSURYD]LRQHSUHYHQWLYDGHOORUR
GDWRUH GLODYRURIDWWD HFFH]LRQH SHU OH DWWLYLWj HVHUFLWDWH DOGLIXRUL GHOO
RUDULR GLODYRURQHL VHWWRUL
VFLHQWLILFR HGXFDWLYR DUWLVWLFR HGLWRULDOH VSRUWLYR H GHOOH DWWLYLWj LQWHOOHWWXDOL FKH JRGRQR GLWXWHOD
JLXULGLFD
,OFDQFHOOLHUHFRPPHWWHLQIUD]LRQHGLVFLSOLQDUHVHYLRODJOLREEOLJKLFXLqWHQXWRLQUDJLRQHGHOOHVXH
IXQ]LRQL
$ WLWROR GL UHWULEX]LRQH L FDQFHOOLHUL KDQQR GLULWWR D ULFHYHUH OR VWLSHQGLR LPPXQLWj VSHFLDOL DOWUH
UHPXQHUD]LRQLSUHPLHULPERUVLVSHVH/DUHWULEX]LRQHGHLFDQFHOOLHULFRQVLVWHQHOODUHWULEX]LRQHGL
EDVH H LQ YDULH LQGHQQLWj /D UHWULEX]LRQH GL EDVH YLHQH VWDELOLWD VXOOD EDVH GHL JUDGL LQ IXQ]LRQH
GHOO
DQ]LDQLWjGLVHUYL]LR
8IILFLDOLJLXGL]LDUL
/H PLVXUH GL HVHFX]LRQH VRQR HIIHWWXDWH GDJOL XIILFLDOL JLXGL]LDUL XIILFLDOL JLXGL]LDUL LQGLSHQGHQWL H
XIILFLDOLJLXGL]LDULGHLWULEXQDOHSURYLQFLDOL
3XzHVVHUHQRPLQDWRXIILFLDOHJLXGL]LDULRFKL
SRVVLHGHODFLWWDGLQDQ]DXQJKHUHVH
QRQKDSUHFHGHQWLSHQDOL
KDSLGLDQQL
KDGLULWWRGLYRWR
KDVXSHUDWRO
HVDPHSURIHVVLRQDOHGLXIILFLDOHJLXGL]LDULR
KDGXHDQQLGLHVSHULHQ]DFRPHYLFHXIILFLDOHJLXGL]LDULR
2OWUHDGDVVROYHUHOHORURIXQ]LRQLJOLXIILFLDOLJLXGL]LDULSRVVRQRVYROJHUHDWWLYLWjUHWULEXLWDVRORQHL
VHWWRULVFLHQWLILFRDUWLVWLFROHWWHUDULRHGXFDWLYRWHFQLFRHVSRUWLYR)DWWDHFFH]LRQHSHUODTXRWDGL
SDUWHFLSD]LRQHQHLORURXIILFLJOLXIILFLDOLJLXGL]LDULQRQSRVVRQRVYROJHUHDWWLYLWjLPSUHQGLWRULDOLFKH
FRPSRUWLQR XQ FRQWULEXWR SHUVRQDOH R OD UHVSRQVDELOLWj ILQDQ]LDULD LOOLPLWDWD VYROJHUH IXQ]LRQL GL
PHGLDWRUH QHOOH RSHUD]LRQL DYHQWL DG RJJHWWR EHQL LPPRELOL R SUHVWLWL R SUHVWDUH OD JDUDQ]LD
DVVRFLDWDDOO
DWWLYLWjGLXIILFLDOHJLXGL]LDULRRDVVXPHUVLRJQLDOWURWLSRGLREEOLJD]LRQHDJDUDQ]LDGL
FRQWUDWWL
6HFRQGRODQRUPDJHQHUDOHLFUHGLWLDFFHUWDWLQHOOHGHFLVLRQLJLXGL]LDULHQHOOHFDXVHFLYLOLYHQJRQR
ULVFRVVL GDJOL XIILFLDOL JLXGL]LDUL LQGLSHQGHQWL *OL XIILFLDOL JLXGL]LDUL LQGLSHQGHQWL VRQR QRPLQDWL GDO
PLQLVWURGHOOD*LXVWL]LDQHOODFLUFRVFUL]LRQHGLXQGHWHUPLQDWRWULEXQDOHORFDOH
&RPPHWWH LQIUD]LRQH GLVFLSOLQDUH O
XIILFLDOH JLXGL]LDULR LQGLSHQGHQWH FKH YLROD JOL REEOLJKL FXL q
VRJJHWWR SHU OHJJH LQ UDJLRQH GHO VXR XIILFLR R FKH FRQ LO VXR VWLOH GL YLWD H FRQ LO VXR
FRPSRUWDPHQWR FRPSURPHWWH OD ILGXFLD GHO SXEEOLFR QHFHVVDULD DOO
HVHUFL]LR GHOOH VXH IXQ]LRQL R
OHGH OD UHSXWD]LRQH GHOODSURIHVVLRQH &RPSRUWDPHQWLFROSRVL FKH YLRODQR JUDYHPHQWH OH GLUHWWLYH
GHOO
RUGLQH H LO PDQFDWR SDJDPHQWR GHOOD TXRWD DVVRFLDWLYD VRQR DOWUHVu FRQVLGHUDWL LQIUD]LRQL
GLVFLSOLQDUL
*OL XIILFLDOL JLXGL]LDUL LQGLSHQGHQWL QRQ VRQR LPSLHJDWL GHOOR 6WDWR LO ORUR UHGGLWR q FRVWLWXLWR GDJOL
RQRUDULSDJDWLGDLFOLHQWL
*OL XIILFLDOL JLXGL]LDUL GHL WULEXQDOL SURYLQFLDOL RSHUDQR VROWDQWR QHO VHWWRUH VSHFLILFR H OLPLWDWR GHOOD
ULVFRVVLRQHGHLFUHGLWLYHUVROR6WDWRHVRQRLPSLHJDWLSUHVVRLWULEXQDOLSURYLQFLDOLFRPHRSHUDWRUL
JLXGL]LDUL 2OWUH DO SRWHUH GL QRPLQD LO SUHVLGHQWH GHO WULEXQDOH SURYLQFLDOH HVHUFLWD WXWWH OH
DWWULEX]LRQLDPPLQLVWUDWLYHFKHOLULJXDUGDQR,PRWLYLGLFHVVD]LRQHGDOVHUYL]LRVRQRJOLVWHVVLGHJOL
XIILFLDOLJLXGL]LDULLQGLSHQGHQWL
/DSURIHVVLRQHJLXULGLFDGHOO
DYRXpqLJQRWDDOVLVWHPDJLXULGLFRXQJKHUHVH
$YYRFDWLFRQVLJOLHULOHJDOL
D$YYRFDWL
1HOO
HVHUFL]LRGHOODSURIHVVLRQHJOLDYYRFDWLFXUDQRODWXWHODGHLGLULWWLGHLORURDVVLVWLWLHLOULVSHWWR
GHOOH REEOLJD]LRQL QHL ORURFRQIURQWL*OL DYYRFDWL SRVVRQR DVVXPHUH ODUDSSUHVHQWDQ]D OHJDOH GHL
ORURDVVLVWLWLLQWXWWHOHFDXVHHGLIURQWHDWXWWHOHDXWRULWj1HOO
HVHUFL]LRGHOODORURSURIHVVLRQHJOL
DYYRFDWL VRQR LQGLSHQGHQWL QRQ SRVVRQR FLRq ULFHYHUH GLUHWWLYH R DVVXPHUVL UHVSRQVDELOLWj FKH
SRWUHEEHUR FRPSURPHWWHUH OD ORUR LQGLSHQGHQ]D DG HVHPSLR QRQ SRVVRQR DYHUH XQ UDSSRUWR GL
ODYRUR
$WWLYLWjUHWULEXLWHFKHSRVVRQRHVVHUHVYROWHXQLFDPHQWHGDDYYRFDWL
UDSSUHVHQWDQ]DHGLIHVDQHOOHFDXVHSHQDOL
FRQVXOHQ]DOHJDOH
UHGD]LRQHGLDWWLJLXULGLFL
JHVWLRQHGLGHQDURHYDORULLQGHSRVLWRLQUHOD]LRQHDOOHVXPPHQ]LRQDWHDWWLYLWj
$FDXVDGHOOHHVLJHQ]HGHOODYLWDHFRQRPLFDRGLHUQDJOLDYYRFDWLSRVVRQRDQFKHHVHUFLWDUHDWLWROR
QRQ HVFOXVLYR DWWLYLWj TXDOL OD FRQVXOHQ]D ILVFDOH O
LQWHUPHGLD]LRQH LPPRELOLDUH H OD PHGLD]LRQH
H[WUDJLXGL]LDOH
)DWWD HFFH]LRQH SHU JOL DYYRFDWL FKH SUHVWDQR ODYRUR GLSHQGHQWH OD SURIHVVLRQH GL DYYRFDWR SXz
HVVHUH HVHUFLWDWDGD TXDQWL VLDQRLVFULWWLDOO
RUGLQH H DEELDQR SUHVWDWRLO JLXUDPHQWR GL DYYRFDWR ,
UHTXLVLWL SHU O
LVFUL]LRQH DOO
RUGLQH VRQRL VHJXHQWL FLWWDGLQDQ]D GL XQR 6WDWRPHPEUR GHOOR 6SD]LR
HFRQRPLFR HXURSHR DVVHQ]D GL SUHFHGHQWL SHQDOL SRVVHVVR GL GLSORPD XQLYHUVLWDULR GL GLULWWR H
VXSHUDPHQWR GHOO
HVDPH SURIHVVLRQDOH XQJKHUHVH GL GLULWWR VWLSXOD GHOO
DVVLFXUD]LRQH GL
UHVSRQVDELOLWjHGLVSRQLELOLWjGLORFDOLLGRQHL
*OLDYYRFDWLGHJOL6WDWLPHPEULGHOO
8QLRQHHXURSHDSRVVRQRHVHUFLWDUHODSURIHVVLRQHGLDYYRFDWR
LQ 8QJKHULD LQ WUH PRGL FRPH SUHVWDWRUL GL VHUYL]L DG KRF VX EDVH FRQWLQXDWLYD H FRPH LVFULWWL
DOO
RUGLQH GHJOL DYYRFDWL, SUHVWDWRUL GL VHUYL]L DG KRFVRQRWHQXWL D QRWLILFDUH O
DWWLYLWj GL DYYRFDWR
SUHVWDWDLQ 8QJKHULDSUHVVRO
RUGLQH GHJOL DYYRFDWL FRPSHWHQWH SHU LOOXRJRLQFXL LO VHUYL]LR YLHQH
SUHVWDWR TXDQWL LQWHQGRQR LQYHFH VYROJHUH DWWLYLWj GL DYYRFDWR VX EDVH FRQWLQXDWLYD GHYRQR
ULFKLHGHUHO
LVFUL]LRQHDOO
RUGLQHGHJOLDYYRFDWLFRPSHWHQWHSHULOOXRJRLQFXLKDVHGHLOORURXIILFLR
*OL DYYRFDWL GHOOD &RPXQLWj HXURSHD LVFULWWL QHO UHJLVWUR SRVVRQR ULFKLHGHUH O
LVFUL]LRQH DOO
RUGLQH
GHJOL DYYRFDWL VH VRGGLVIDQR L UHTXLVLWL SUHVFULWWL GDOOD OHJJH >DG HVHPSLR LO SHULRGR GL SUDWLFD
SUHVFULWWR GDOOD OHJJH q VFDGXWR PD HVVL SRVVRQR GLPRVWUDUH OD ORUR FRQRVFHQ]D GHO GLULWWR
XQJKHUHVH H GHOO
8QLRQH HXURSHD GL IURQWH DOO
RUGLQH H OD FRQRVFHQ]D GHOOD OLQJXD XQJKHUHVH
QHFHVVDULDSHUO
HVHUFL]LRGHOO
DWWLYLWjHFF@8QDYYRFDWRGHOOD&RPXQLWjHXURSHDLVFULWWRDOO
RUGLQH
KD GLULWWR GL XWLOL]]DUH LO WLWROR SURIHVVLRQDOH GL DYYRFDWR HG q VRJJHWWR DOOH VWHVVH QRUPH GHJOL
DYYRFDWLXQJKHUHVL
*OLDYYRFDWL ±DGHFFH]LRQHGHJOLDYYRFDWLGLSHQGHQWL QRQSRVVRQRHVVHUHDOOHGLSHQGHQ]HRDO
VHUYL]LR GL DOWUL VRJJHWWL R WURYDUVL LQ XQD SRVL]LRQH JLXULGLFD FKH FRPSRUWL XQ
REEOLJD]LRQH D
ODYRUDUH QpSRVVRQR VYROJHUH DWWLYLWj LPSUHQGLWRULDOH FKH ULFKLHGD XQD FRQWULEX]LRQH SHUVRQDOH R
XQD UHVSRQVDELOLWj ILQDQ]LDULD LOOLPLWDWD 2OWUH D VYROJHUH OD ORUR DWWLYLWj SURIHVVLRQDOH JOL DYYRFDWL
SRVVRQRVYROJHUHVRORDWWLYLWjQHLVHWWRULVFLHQWLILFRDUWLVWLFRVSRUWLYRHGXFDWLYRHFF*OLDYYRFDWL
WXWWDYLDSRVVRQRHVVHUHHOHWWLGHSXWDWLHUDSSUHVHQWDQWLORFDOL
*OL DYYRFDWL KDQQR XQ REEOLJR GL ULVHUYDWH]]D SHU TXDQWR ULJXDUGD WXWWL L IDWWL GL FXL YHQJRQR D
FRQRVFHQ]DQHOO
HVHUFL]LRGHOODORURSURIHVVLRQH
&RPPHWWHXQ
LQIUD]LRQHGLVFLSOLQDUHO
DYYRFDWRFKHYLRODJOLREEOLJKLSUHVFULWWLGDOOHOHJJLLQPDWHULD
GL HVHUFL]LR GHOOD SURIHVVLRQH GL DYYRFDWR H GDO FRGLFH HWLFR GHOO
RUGLQH R FKH FRQ LO VXR
FRPSRUWDPHQWRDOGLIXRULGHOO
DWWLYLWjSURIHVVLRQDOHOHGHODUHSXWD]LRQHGHOODSURIHVVLRQH
6HFRQGRODQRUPDJHQHUDOHO
RQRUDULRGHJOLDYYRFDWLqRJJHWWRGHOOLEHURDFFRUGRWUDO
DYYRFDWRHLO
VXR DVVLVWLWR /
RQRUDULR GHJOL DYYRFDWL q UHJRODPHQWDWR VROR QHL FDVLLQ FXL q QRPLQDWR GLIHQVRUH
G
XIILFLRLQXQSURFHGLPHQWRJLXGL]LDULR
,OFRGLFHGLSURFHGXUDSHQDOHSUHVFULYHODSUHVHQ]DGLXQDYYRFDWRGLIHQVRUHQHLVHJXHQWLFDVL
UHDWRSHQDOHSHULOTXDOHODOHJJHSUHVFULYHFLQTXHRSLDQQLGLSULJLRQH
O
DFFXVDWRqLQGHWHQ]LRQH
O
DFFXVDWRqVRUGRPXWRFLHFRR±LQGLSHQGHQWHPHQWHGDOODVXDFDSDFLWjGLLQWHQGHUHHGLYROHUH±
LQXQRVWDWRPHQWDOHSDWRORJLFR
O
DFFXVDWRQRQFRQRVFHO
XQJKHUHVHRODOLQJXDGHOSURFHGLPHQWR
O
DFFXVDWRQRQqLQJUDGRGLGLIHQGHUVLSHUVRQDOPHQWHSHUDOWUHUDJLRQL
qHVSUHVVDPHQWHSUHVFULWWRGDOODOHJJHDGHVHPSLRVHO
DFFXVDWRqPLQRUHQQH
,OFRGLFHGLSURFHGXUDFLYLOHSUHVFULYHODUDSSUHVHQWDQ]DOHJDOHQHLVHJXHQWLFDVL
SHU OH SDUWL FKH SUHVHQWDQR ULFRUVR FRQWUR XQD VHQWHQ]D LQ XQ SURFHGLPHQWR GLQDQ]L DO WULEXQDOH
UHJLRQDOH QRQFKp FRQWUR XQD GHFLVLRQH DGRWWDWD VXO PHULWR GL XQD FDXVD R XQ ULFRUVR R XQD
ULFKLHVWDGLULHVDPHSUHYLVWDGDOODOHJJHQHLSURFHGLPHQWLGLIURQWHDOOD&RUWHGLFDVVD]LRQH
QHJOLDOWULFDVLSUHYLVWLGDOODOHJJHDGHVHPSLRGLULWWRVRFLHWDULR
*OL DYYRFDWL SRVVRQR DQFKH HVHUFLWDUH OD ORUR DWWLYLWj FRPH DYYRFDWL GLSHQGHQWL *OL DYYRFDWL
GLSHQGHQWLVYROJRQRODORURDWWLYLWjDOOHGLSHQGHQ]HGLXQDOWURDYYRFDWRRGLXQRVWXGLROHJDOH*OL
DYYRFDWLGLSHQGHQWLQRQKDQQRGLULWWRGLFRQWURILUPDUHDXWRQRPDPHQWH
E&RQVLJOLHULOHJDOL
,O FRPSLWR IRQGDPHQWDOH GHL FRQVLJOLHUL OHJDOL q TXHOOR GL IDFLOLWDUH LO IXQ]LRQDPHQWR
GHOO
RUJDQL]]D]LRQHSUHVVRODTXDOHODYRUDQR,FRQVLJOLHULOHJDOLDVVXPRQRODUDSSUHVHQWDQ]DOHJDOH
GHOO
RUJDQL]]D]LRQH SUHVVR OD TXDOH ODYRUDQR IRUQLVFRQR FRQVXOHQ]D OHJDOH SUHSDUDQR ULFRUVL
FRQWUDWWL H DOWULDWWL SDUWHFLSDQR DOO
RUJDQL]]D]LRQH GHOO
DWWLYLWj OHJDOH 6HFRQGR OD QRUPD JHQHUDOH
GLYHUVDPHQWHGDJOLDYYRFDWLLFRQVLJOLHULOHJDOLVYROJRQROHORURIXQ]LRQLFKHQRQVRQRFRVuHVWHVH
FRPHTXHOOHGHJOLDYYRFDWLDOOHGLSHQGHQ]HGLDOWULVRJJHWWL/DUHWULEX]LRQHGHLFRQVLJOLHULOHJDOLq
ILVVDWDVXOODEDVHGHOODQRUPDWLYDLQPDWHULDGLLPSLHJR
3RVVRQRGLYHQWDUHFRQVLJOLHULOHJDOLWXWWLFRORURFKHVRQRLVFULWWLQHOUHJLVWURWHQXWRSUHVVRLWULEXQDOL
SURYLQFLDOL H D %XGDSHVW SUHVVR LO WULEXQDOH PXQLFLSDOH 3HU HVVHUH LVFULWWL QHO UHJLVWUR RFFRUUH
HVVHUHFLWWDGLQRGLXQRGHJOL6WDWLPHPEULGHOOR6SD]LRHFRQRPLFRHXURSHRQRQDYHUHSUHFHGHQWL
SHQDOL HVVHUH LQ SRVVHVVR GL XQ GLSORPD XQLYHUVLWDULR GL GLULWWR H DYHU VXSHUDWR O
HVDPH
SURIHVVLRQDOH XQJKHUHVH GL GLULWWR ,Q GHWHUPLQDWL FDVL LO PLQLVWUR GHOOD *LXVWL]LD SXz FRQFHGHUH
XQ
HVHQ]LRQHGDOODFRQGL]LRQHUHODWLYDDOODFLWWDGLQDQ]D
1RWDL
6FRSR GHOO
DWWLYLWj GL QRWDLR q SUHYHQLUH O
LQVRUJHUH GL FRQWURYHUVLH JLXULGLFKH , QRWDL SRVVRQR
HVHUFLWDUHODORURDWWLYLWjXQLFDPHQWHVHLVFULWWLDOO
RUGLQHGHLQRWDL$LVHQVLGHOODOHJJHLQRWDLVRQR
QRPLQDWLGDOPLQLVWURGHOOD*LXVWL]LDHGDVVHJQDWLDGXQDGHWHUPLQDWDVHGHDWHPSRLQGHWHUPLQDWR
3RVVRQR HVVHUH QRPLQDWL QRWDLR TXDQWL QRQ KDQQR SUHFHGHQWL SHQDOL KDQQR OD FLWWDGLQDQ]D
XQJKHUHVH VRQR LQ SRVVHVVR GL XQ GLSORPD XQLYHUVLWDULR GL GLULWWR KDQQR VRVWHQXWR O
HVDPH
SURIHVVLRQDOHXQJKHUHVHLQGLULWWRSRVVRQRGLPRVWUDUHDOPHQRWUHDQQLGLHVSHULHQ]DSURIHVVLRQDOH
FRPHYLFHQRWDLRHKDQQRSUHVHQWDWRODGLFKLDUD]LRQHILQDQ]LDULD,QROWUHLQRWDLVRQRDQFKHWHQXWLD
VRWWRVFULYHUH XQ
DVVLFXUD]LRQH GL UHVSRQVDELOLWj H DG DYHUOD QHO FRUVR GHO SHULRGR QHO TXDOH
VYROJRQRODORURDWWLYLWjSURIHVVLRQDOH
'L FRPSHWHQ]D HVFOXVLYD GHL QRWDL q OD UHJLVWUD]LRQH LQ DWWL SXEEOLFL GL RSHUD]LRQL JLXULGLFKH GL
GLFKLDUD]LRQL JLXULGLFKH H GL IDWWL 7UD L FRPSLWL WUDGL]LRQDOL GHL QRWDL ULHQWUDQR L SURFHGLPHQWL
VXFFHVVRULHDOWULSURFHGLPHQWLH[WUDJLXGL]LDOL8QDOWURFRPSLWRLPSRUWDQWHGHLQRWDLqODWHQXWDGHL
UHJLVWULGHLPXWXLVXLEHQLLPPRELOLQRQFKpODJHVWLRQHGHLGHSRVLWLDWWLYLWjQHOTXDGURGHOODTXDOH
ULFHYH GHQDUR YDORUL H WLWROL SHU FRQWR GHOOH SDUWL LQWHUHVVDWH DOOR VFRSR GL FRQVHJQDUOH DOOH SDUWL
DYHQWLGLULWWR
&RPPHWWHLQIUD]LRQHGLVFLSOLQDUHLOQRWDLRFKHYLRODRQRQULVSHWWDJOLREEOLJKLLPSRVWLJOLGDOODOHJJH
R FKH FRQ LO SURSULR FRPSRUWDPHQWR YLROD JOL RULHQWDPHQWL GHOO
RUGLQH R OHGH OD UHSXWD]LRQH GHOOD
SURIHVVLRQH
3HUOHDWWLYLWjPHGLHLQWHUPLQLGLHQWLWjJLXGL]LRHUHVSRQVDELOLWjVYROWHQHOORURXIILFLRLQRWDLKDQQR
GLULWWRDGXQRQRUDULRLOFXLLPSRUWRqVWDELOLWRGDOODOHJJH,QFDVLHFFH]LRQDOLDGHVHPSLRQHLFDVL
GL JLXGL]L SDUWLFRODUPHQWH GLIILFLOL O
RQRUDULR SXz YDULDUH GDOO
LPSRUWR QRUPDOH 6H LO YDORUH
GHOO
RJJHWWR GHOO
DWWLYLWj GHO QRWDLR SXz HVVHUH DFFHUWDWR O
RQRUDULR GHO QRWDLR YLHQH ILVVDWR VXOOD
EDVHGLGHWWRYDORUH
6HLOYDORUHGHOO
RJJHWWRGHOO
DWWLYLWjGHOQRWDLRQRQSXzHVVHUHDFFHUWDWRO
RQRUDULRGHOQRWDLRGHYH
HVVHUH FDOFRODWR VXOOD EDVH GHO WHPSR QHFHVVDULR SHU O
DWWLYLWj SURIHVVLRQDOH ,O SUH]]R
GHOO
DXWHQWLFD]LRQHGHOOHFRSLHGLDWWLGDSDUWHGHLQRWDLqILVVR
'DWR FKH OD FLWWDGLQDQ]D XQJKHUHVH q UHTXLVLWR IRQGDPHQWDOH SHU OD QRPLQD D JLXGLFH SXEEOLFR
PLQLVWHURFDQFHOOLHUHXIILFLDOHJLXGL]LDULRHQRWDLRLFLWWDGLQLVWUDQLHULQRQSRVVRQRHVVHUHQRPLQDWL
DTXHVWHIXQ]LRQLLQ8QJKHULD´
2ODQGD
D QR]LRQLJHQHUDOL
³*LXGLFH
&RPSLWRGHOJLXGLFHqSURQXQFLDUHXQJLXGL]LRLPSDU]LDOHLQXQSURFHGLPHQWRJLXGL]LDULRDQFKHLQ
FDXVH QHOOH TXDOL VRQR FRLQYROWH SXEEOLFKH DXWRULWj /
LPSDU]LDOLWj QHL FRQIURQWL GHOOH SXEEOLFKH
DXWRULWjqJDUDQWLWDGDXQRVSHFLDOHVLVWHPDGLVHOH]LRQHHQRPLQDGHLJLXGLFLH GDXQGLYHUVRVWDWXV
JLXULGLFRGHLJLXGLFLULVSHWWRDJOLDOWULIXQ]LRQDULSXEEOLFL
3HU GLYHQWDUH JLXGLFH q ULFKLHVWD XQ
HVSHULHQ]D SURIHVVLRQDOH GL DOPHQR VHWWH DQQL D WDO ILQH q
ULFRQRVFLXWD OD IRUPD]LRQH DFTXLVLWD DOO
LQWHUQR GHOO
DPPLQLVWUD]LRQH GHOOD JLXVWL]LD RSSXUH
O
HVSHULHQ]D LQ FDPSR JLXULGLFR DFTXLVLWD LQ DOWUH VHGL /
DXWRULWj JLXGL]LDULD SURYYHGH D IRUQLUH OD
QHFHVVDULDIRUPD]LRQH
, JLXGLFL VRQR QRPLQDWL GDOOD &RURQD VRWWR ODUHVSRQVDELOLWj GHO PLQLVWUR GHOOD *LXVWL]LD 3RVVRQR
HVVHUHQRPLQDWLJLXGLFLVROWDQWRSHUVRQHGLQD]LRQDOLWjRODQGHVHFKHDEELDQRFRPSOHWDWRXQFRUVR
GLVWXGLLQJLXULVSUXGHQ]DSUHVVRXQ
XQLYHUVLWjRODQGHVH
3HU OD SURSRVWD GL QRPLQD D JLXGLFH q ULFKLHVWR XQ SUHYHQWLYR SDUHUH SRVLWLYR GD SDUWH GL XQD
FRPPLVVLRQH GL VHOH]LRQH QD]LRQDOH FRPSRVWD GD HVSRQHQWL GHOO
DXWRULWj JLXGL]LDULD GHOO
8IILFLR
GHOOD 3URFXUD JHQHUDOH H GHOOD VRFLHWj FLYLOH ,O JLXGLFH q QRPLQDWR LQ XQ GHWHUPLQDWR WULEXQDOH VL
SXzHVVHUHQRPLQDWLJLXGLFLLQXQGHWHUPLQDWRWULEXQDOHVRORVXSURSRVWDGHOORVWHVVR
7DOL UHTXLVLWL JDUDQWLVFRQR XQ VLVWHPD GL QRPLQD TXDQWR SL RELHWWLYR SRVVLELOH ,O JLXGLFH q XQ
IXQ]LRQDULR SXEEOLFR FKH JRGH GL XQR VWDWXV VSHFLDOH 'RSR OD SULPD QRPLQD LO JLXGLFH QRQ SXz
HVVHUHREEOLJDWRDWUDIHULUVLLQDOWUDVHGH
,O JLXGLFH SXz VYROJHUH OD SURSULD IXQ]LRQH ILQR DOO
HWj GL DQQL 3ULPD GL DOORUD SXz HVVHUH
OLFHQ]LDWR FRQWUR OD SURSULD YRORQWj VROWDQWR GDOOD PDVVLPD DXWRULWj JLXGL]LDULD GHO SDHVH RYYHUR
O
$OWD&RUWHGHL3DHVL%DVVLVXSURSRVWDGHOSURFXUDWRUHJHQHUDOHSUHVVRGHWWD&RUWH
4XHVWR VLVWHPD UDSSUHVHQWD XQD JDUDQ]LD VXIILFLHQWH FRQWUR LQJHUHQ]H SROLWLFKH QHOOD QRPLQD H
QHOODUHYRFDGHLJLXGLFL
/D&RVWLWX]LRQHDIILGDDOSRWHUHJLXGL]LDULRLOFRPSLWRGLGLULPHUHFRQWURYHUVLHHFRQWLHQHGLVSRVL]LRQL
VXOORVWDWXVJLXULGLFRGHLPHPEULGHOO
RUGLQHJLXGL]LDULR
,OJLXGLFHSXzDPPLQLVWUDUHOHFDXVHVHFRQGRLSURSULFULWHULQHOULVSHWWRGHOOHOHJJLYLJHQWLVSHWWDD
OXLGHFLGHUHLQPHULWRDJUDQSDUWHGHJOLDVSHWWLSUDWLFLGHOSURFHGLPHQWRDGHVHPSLRULJXDUGRDL
WHUPLQL GD FRQFHGHUH 4XDORUD XQD GHOOH SDUWL GL XQ SURFHGLPHQWR GXELWL GHOO
LPSDU]LDOLWj GHO
JLXGLFHSXzDYYDOHUVLGHOOHSRVVLELOLWjRIIHUWHGDOODOHJJHSHUSUHVHQWDUHLVWDQ]DGLULFXVD]LRQHGHO
JLXGLFHLQTXHVWLRQH
1HL FDVL LQ FXL XQD GHOOH SDUWL GL XQ SURFHGLPHQWR QRQ VLD VRGGLVIDWWD GHOO
RSHUDWR GHO JLXGLFH OD
OHJJHGLVWLQJXHWUDLQVRGGLVID]LRQHSHUODGHFLVLRQHDGRWWDWDGDOJLXGLFHVRWWRIRUPDGLVHQWHQ]DH
LQVRGGLVID]LRQHSHULOFRPSRUWDPHQWRGHOJLXGLFH
6H LO PRWLYR GHOO
LQVRGGLVID]LRQH q OD VHQWHQ]D VL SXz GL QRUPD DGLUH XQ JUDGR SL HOHYDWR GL
JLXGL]LR6HLOPRWLYRGHOO
LQVRGGLVID]LRQHqLOFRPSRUWDPHQWRGHOJLXGLFHVLSXzSUHVHQWDUHUHFODPR
DOO
DPPLQLVWUD]LRQH GHO WULEXQDOH SUHVVR FXL LO JLXGLFH RSHUD 2JQL WULEXQDOH KD XQ SURSULR
UHJRODPHQWRFKHGLVFLSOLQDWDOLUHFODPL
/D OHJJH LPSRQH DL JLXGLFL QRUPH GL FRPSRUWDPHQWR ILQDOL]]DWH D JDUDQWLUH O
RELHWWLYLWj GHO ORUR
RSHUDWR
, JLXGLFL VYROJRQR OD ORUR IXQ]LRQH QHL WULEXQDOL GL SULPR JUDGR 2JQL WULEXQDOH KD TXDWWUR VH]LRQL
FLYLOHSHQDOHDPPLQLVWUDWLYDHODVH]LRQHGHWWDFDQWRQDOH,PDJLVWUDWLFKHRSHUDQRQHOODVH]LRQH
FDQWRQDOH VRQR GHWWL ³NDQWRQUHFKWHU JLXGLFL FDQWRQDOL JOL DOWUL VRQR ³UHFKWHU´ JLXGLFL PHQWUH L
PDJLVWUDWLFKHIDQQRSDUWHGHOOHFRUWLG
DSSHOORHGHOO
$OWD&RUWHVRQRGHWWL³UDDGVKHHU´FRQVLJOLHUL
1HOOD PDJJLRU SDUWH GHL FDVL L JLXGLFL GRYUHEEHUR RSHUDUH D URWD]LRQH QHOOH GLYHUVH VH]LRQL GHO
WULEXQDOHHGHVVHUHFRPSHWHQWLLQGXHVHWWRULSHUHYLWDUHFKHVLRFFXSLQRWURSSRHWURSSRDOXQJRGL
XQXQLFRVHWWRUHVSHFLILFR
,JLXGLFLFDQWRQDOLVRQRJLXGLFLPRQRFUDWLFL/RVWHVVRYDOHGLPDVVLPDDQFKHSHUJOLDOWULJLXGLFLGHL
WULEXQDOL GL SULPR JUDGR GRYH WXWWDYLD GHWHUPLQDWL SURFHGLPHQWL VRQR DIILGDWL D XQ FROOHJLR GL WUH
JLXGLFL,FRQVLJOLHULGHOOHFRUWLG
DSSHOORJLXGLFDQRGLQRUPDLQFROOHJLIRUPDWLGDWUHJLXGLFLWUDQQH
QHLFDVLVSHFLILFDWLGDOODOHJJHFKHSRVVRQRHVVHUHWUDWWDWLGDXQVRORJLXGLFH/
$OWD&RUWHJLXGLFD
LQFROOHJLGLFLQTXHFRQVLJOLHUL
&DQFHOOLHUH
, JLXGLFL VRQR FRDGLXYDWL QHO ORUR ODYRUR GD XQ FDQFHOOLHUH $OFXQL FDQFHOOLHUL VL RFFXSDQR GHOOD
JHVWLRQH DPPLQLVWUDWLYD GHOOH FDXVH DOWUL LQ SRVVHVVR GL XQD SL HOHYDWD IRUPD]LRQH LQ FDPSR
JLXULGLFR DVVLVWRQR LO JLXGLFH QHOOD SUHSDUD]LRQH GHOOH XGLHQ]H UHGLJRQR L YHUEDOL GHOOH VWHVVH H
VHJXHQGROHLQGLFD]LRQLGHOJLXGLFHVWLODQRORVFKHPDGHOOHVHQWHQ]H
$OWUH LQIRUPD]LRQL SUDWLFKH VXOO
RUJDQL]]D]LRQH GHOO
DPPLQLVWUD]LRQH JLXGL]LDULD VRQR GLVSRQLELOL VXO
VLWRZHEZZZUHFKWVSUDDNQO GRYHVLSRVVRQRUHSHULUHDQFKHJOLLQGLUL]]LSHUODFRUULVSRQGHQ]D
OHYLVLWHHODSRVWDHOHWWURQLFDJOLRUDULGLDSHUWXUDDOSXEEOLFROHLQGLFD]LRQLVXLSHUFRUVLOHPRGDOLWj
GLSUHVHQWD]LRQHGHOOHGHQXQFHHFFHWHUD
3XEEOLFRPLQLVWHUR
,OSXEEOLFRPLQLVWHURKDFRPHFRPSLWRSULQFLSDOHSHUVHJXLUHLUHDWLSHQDOLPDSXzLQWHUYHQLUHDQFKH
LQ FDXVH FLYLOL TXDORUD HVVH ULJXDUGLQR DG HVHPSLR ULFKLHVWH GL LQWHUGL]LRQH GL ULFRYHUR SHU
WUDWWDPHQWRSVLFKLDWULFRREEOLJDWRULRRGLPRGLILFDGLDWWLGLVWDWRFLYLOH
,SXEEOLFLPLQLVWHULIDQQRSDUWHGHOO
8IILFLRGHOOD3URFXUDJHQHUDOHVRWWRODUHVSRQVDELOLWjGHOPLQLVWUR
GHOOD*LXVWL]LD/
8IILFLRGHOOD3URFXUDJHQHUDOHqIRUPDWRGDOO
8IILFLRJHQHUDOHGHLSXEEOLFLPLQLVWHUL
FKH q O
RUJDQR GL JRYHUQR QD]LRQDOH GHL SXEEOLFL PLQLVWHUL H KD XIILFL GLVWDFFDWL SUHVVR FLDVFXQ
WULEXQDOH QHL TXDOL ODYRUDQR L SXEEOLFL PLQLVWHUL , SXEEOLFL PLQLVWHUL FKH VYROJRQR OD ORUR IXQ]LRQH
SUHVVR OH FRUWL G
DSSHOOR H O
$OWD &RUWH VRQR FKLDPDWL ³DGYRFDDW JHQHUDDO´ /
8IILFLR GHL SXEEOLFL
PLQLVWHUL SUHVVR O
$OWD &RUWH KD XQR VWDWXV DXWRQRPR H LO VXR UHVSRQVDELOH q GHWWR ³SURFXUHXU
JHQHUDDO´
9HGDVLDQFKHZZZRPQOVRORLQOLQJXDQHHUODQGHVH
$YYRFDWR
&RPSLWRGHOO
DYYRFDWRqWXWHODUHODSRVL]LRQHJLXULGLFDGHOFOLHQWH$WDOILQHO
DYYRFDWRIRUQLVFHDO
FOLHQWHFRQVXOHQ]DJLXULGLFDHORUDSSUHVHQWDLQFRQWHQ]LRVLHSURFHGLPHQWLJLXGL]LDUL
/
DYYRFDWRqWHQXWRDOVHJUHWRG
XIILFLRHKDLOGLULWWRGLULILXWDUVLGLWHVWLPRQLDUH&LzVLJQLILFDFKHQRQ
KDO
REEOLJRGLLQIRUPDUHLOJLXGLFHGLTXDQWRDSSUHQGHGDOSURSULRFOLHQWH/
DYYRFDWRVYROJHO
DWWLYLWj
SUHYDOHQWHPHQWHQHOGLVWUHWWRLQFXLqLVFULWWRPDqDXWRUL]]DWRDRSHUDUHLQWXWWLLWULEXQDOLHWXWWHOH
FRUWLG
DSSHOOR
1HOOHFDXVHFLYLOLGLFRPSHWHQ]DGHOJLXGLFHFDQWRQDOHLOFLWWDGLQRFKHVLULYROJHDOODJLXVWL]LDQRQq
WHQXWR D FKLHGHUH O
DVVLVWHQ]D GL XQ DYYRFDWR ,Q WXWWL JOL DOWUL SURFHGLPHQWL FLYLOL GLQDQ]L D XQ
WULEXQDOHGLSULPRJUDGRXQDFRUWHG
DSSHOORHO
$OWD&RUWHKDLQYHFHO
REEOLJRGLIDUVLUDSSUHVHQWDUH
GDXQDYYRFDWRTXHVWRSULQFLSLRqGHQRPLQDWRUDSSUHVHQWDQ]DSURFHVVXDOHREEOLJDWRULD
/HSHUVRQHLQFRQGL]LRQLHFRQRPLFKHUHODWLYDPHQWHGLVDJLDWHSRVVRQREHQHILFLDUHGLXQ
DVVLVWHQ]D
OHJDOH VRYYHQ]LRQDWD FIU OD VFKHGD 3DWURFLQLR D VSHVH GHOOR 6WDWR ,Q TXHVWL FDVL YLHQH
GHVLJQDWRXQDYYRFDWRLOFXLRQRUDULRVDUjSDJDWRGDOODSXEEOLFDDXWRULWjPHQWUHO
DVVLVWLWRYHUVD
XQFRQWULEXWRYDULDELOHDVHFRQGDGHOUHGGLWRHGHOSDWULPRQLRGLFXLGLVSRQH
3RVVRQRHVVHUHDPPHVVLDVYROJHUHODSURIHVVLRQHGLDYYRFDWRFRORURFKHVRQRLQSRVVHVVRGLXQ
PDVWHU LQ JLXULVSUXGHQ]D FRQVHJXLWR SUHVVR XQ
XQLYHUVLWj RODQGHVH R GHO WLWROR GL GRWWRUH LQOHJJH
FRQVHJXLWRSUHFHGHQWHPHQWHVHPSUHSUHVVRXQ
XQLYHUVLWjRODQGHVH
1HLSULPLWUHDQQLLQFXLqLVFULWWRLQTXDOLWjGLDYYRFDWRSUHVVRXQWULEXQDOHO
DYYRFDWRSXzVYROJHUH
ODSURIHVVLRQHVROWDQWRFRPHSUDWLFDQWHVRWWRODJXLGDGLXQDOWURDYYRFDWR3HUGLYHQWDUHDYYRFDWR
qTXLQGLQHFHVVDULRWURYDUHXQFROOHJDGLVSRVWRDIDUHGDWXWRUH
*OLDYYRFDWLGHLSDHVLPHPEULGHOO
8QLRQHHXURSHDSRVVRQRFKLHGHUHGLHVVHUHDPPHVVLDVYROJHUH
ODSURIHVVLRQHQHL3DHVL%DVVLTXDORUDVLDQRLQSRVVHVVRGHLUHTXLVLWLSUHYLVWLGDOOHGLUHWWLYH8(LQ
PDWHULD*OLDYYRFDWLGHLSDHVL8(FKHGHVLGHULQRVYROJHUHODSURSULDDWWLYLWjVDOWXDULDPHQWHLQXQ
DOWUR6WDWRPHPEURSRVVRQRIDUORSXUFKpFROODERULQRFRQXQDYYRFDWRGHOOXRJR
/
DYYRFDWRVYROJHODSURSULDDWWLYLWjLQIRUPDDXWRQRPDLQTXDOLWjGLOLEHURSURIHVVLRQLVWD
/
HVHUFL]LRGHOODSURIHVVLRQHOHFRPSHWHQ]HODQRPLQDHODUHYRFDGHOO
LQFDULFRGLXQDYYRFDWRH
DOWUHTXHVWLRQLVRQRGLVFLSOLQDWHGDOOD/HJJHVXOO
DYYRFDWXUDHGDYDULGHFUHWLHUHJRODPHQWLWUDFXLLO
5HJRODPHQWRVXOODFRQWDELOLWjGHOLO5HJRODPHQWRVXOFRQWULEXWRILQDQ]LDULRHLO5HJRODPHQWR
VXOO
HVHUFL]LRGHOODSURIHVVLRQH
1HL3DHVL%DVVLWXWWLJOLDYYRFDWLVRQRLVFULWWLSHUOHJJHDOO
2UGLQHRODQGHVHGHJOLDYYRFDWLHVRQR
VRJJHWWLDQRUPHGLVFLSOLQDULSUHYLVWHGDOODOHJJH
/DOHJJHDIILGDDOO
2UGLQHGHJOLDYYRFDWLYDULFRPSLWLWUDFXLTXHOOLGLIRUQLUHVHUYL]LGLDOWDTXDOLWjH
GLHODERUDUHXQHVDXVWLYRSURJUDPPDGLIRUPD]LRQHSHUODSURIHVVLRQHGLDYYRFDWR
GLGHILQLUHUHJRODPHQWLHDOWUHGLVSRVL]LRQLYLQFRODQWLSHUJOLDYYRFDWL
GLDSSOLFDUHOHQRUPHGLVFLSOLQDUL
GLPHWWHUHDGLVSRVL]LRQHGHJOLLVFULWWLLQIRUPD]LRQLHVHUYL]L
GLIRUQLUHDOOHSXEEOLFKHDXWRULWjFRQVXOHQ]DVXSURJHWWLSROLWLFLHSURSRVWHGLOHJJH
0ROWL DYYRFDWL VRQR LVFULWWL ROWUH FKH DOO
2UGLQH GHJOL DYYRFDWL DQFKH D XQ
DVVRFLD]LRQH
VSHFLDOL]]DWD 6L WUDWWD GL DYYRFDWL VSHFLDOL]]DWL LQ XQ GHWHUPLQDWR DPELWR JLXULGLFR TXDOH DG
HVHPSLRLOGLULWWRGLIDPLJOLDGHOODVLFXUH]]DVRFLDOHGHOODYRURLOGLULWWRSHQDOHRTXHOORUHODWLYRDJOL
DIILWWL
0DJJLRULLQIRUPD]LRQLVXOOHDVVRFLD]LRQLLQFXLVRQRULXQLWLJOLDYYRFDWLVSHFLDOL]]DWLVRQRGLVSRQLELOL
VXOVLWRZZZDGYRFDWHQRUGHQODGYRFDWHQDGUHVVHQBHQBOHGHQOLMVWDVS
8OWHULRULLQIRUPD]LRQLVXOO
DYYRFDWXUDVRQRGLVSRQLELOLVXOVLWRZZZDGYRFDWHQRUGHQO &KL ULVLHGD DOO
HVWHUR H DEELD ELVRJQR GL XQ DYYRFDWR QHL 3DHVL %DVVL SXz ULYROJHUVL LQ FDVR GL
GLIILFROWj DO &RQVLJOLR SHU O
DVVLVWHQ]D OHJDOH 5DDG YRRU UHFKWVELMVWDQG DOO
$MD 3HU XOWHULRUL
LQIRUPD]LRQLLQPHULWRVLFRQVXOWLODVFKHGD3DWURFLQLRDVSHVHGHOOR6WDWR3DHVL%DVVLSXQWR
1RWDLR
&RPSLWRGHOQRWDLRqUHGLJHUHDWWLSXEEOLFLVXOODFXLDIILGDELOLWjSRVVRQRFRQWDUHVLDLSULYDWLFLWWDGLQL
FKHLVRJJHWWLSUHSRVWLDOO
DPPLQLVWUD]LRQHGHOODJLXVWL]LD,OQRWDLRGHYHVWLODUHJOLDWWLLQPDQLHUDWDOH
FKH HVVL ULSURGXFDQR IHGHOPHQWH L IDWWL ULOHYDQWL H JOL DFFRUGL LQWHUFRUVL WUD OH SDUWL /D OHJJH
ULFRQRVFHDJOLDWWLQRWDULOLXQSDUWLFRODUHYDORUHGLSURYD
, QRWDL RSHUDQR LQ SDUWLFRODUH QHOO
DPELWR GHO GLULWWR GL IDPLJOLD GHL VRJJHWWL FRQ SHUVRQDOLWj
JLXULGLFD H GHL GLULWWL UHDOL EHQL LPPRELOL 3HU PROWL DWWL JLXULGLFL OD OHJJH SUHVFULYH FKH SRVVDQR
HVVHUHUHGDWWLHVFOXVLYDPHQWHGDXQQRWDLRDGHVHPSLRJOLDWWLFRVWLWXWLYLHPRGLILFDWLYLGHJOLVWDWXWL
GL VRJJHWWL FRQ SHUVRQDOLWj JLXULGLFD TXDOL DVVRFLD]LRQL IRQGD]LRQL VRFLHWj SHU D]LRQL H D
UHVSRQVDELOLWjOLPLWDWDQRQFKpJOLDWWLUHODWLYLDEHQLUHJLVWUDWLTXDOLLPPRELOLHQDWDQWLWHVWDPHQWLH
UHJLPLPDWULPRQLDOL
,O QRWDLR FRQVHUYD O
RULJLQDOH GHJOL DWWL GD OXL UHGDWWL DIILQFKp SRVVDQR HVVHUH VHPSUH FRQVXOWDWL
PHQWUH DOOH SDUWL FRQVHJQD FRSLH DXWHQWLFDWH 8Q HVHPSLR WLSLFR q LO WHVWDPHQWR GRSR OD PRUWH
GHOO
LQWHUHVVDWRLO QRWDLR SRWUjLQYLDUH DJOL HUHGL XQD FRSLD GHO WHVWDPHQWR RULJLQDOH GHO GHIXQWR,O
QRWDLRSXzDQFKHDVVXPHUHO
LQFDULFRGLHVHFXWRUHWHVWDPHQWDULR
,O QRWDLR VYROJH OD IXQ]LRQH GL SXEEOLFR XIILFLDOH LQ IRU]D GHOOD TXDOH KD LO SRWHUH GL UHGLJHUH DWWL
³DXWHQWLFL´*OL DWWL DXWHQWLFL KDQQRPDJJLRUH HIILFDFLD SUREDWRULD GHJOLDWWLSULYDWL 3XU HVVHQGR XQ
SXEEOLFRXIILFLDOHLOQRWDLRqOLEHURGLGHWHUPLQDUHO
RQRUDULRDSURSULDGLVFUH]LRQHVRVWLHQHLOULVFKLR
HFRQRPLFR GHOOR VWXGLR QRWDULOH H SHUWDQWR VYROJH O
DWWLYLWj SL R PHQR FRPH XQ OLEHUR
SURIHVVLRQLVWD $SSRVLWH GLVSRVL]LRQL GL OHJJH PLUDQR D JDUDQWLUH FKH LO QRWDLR HVHUFLWL OD SURSULD
IXQ]LRQHDXWRQRPDPHQWHHWXWHOLLQPDQLHUDLPSDU]LDOHHFRQODPDVVLPDFXUDSRVVLELOHJOLLQWHUHVVL
GLWXWWHOHSDUWLGHJOLDWWLFKHUHGLJH
, QRWDL VRQR QRPLQDWL GDOOD &RURQD VRWWR OD UHVSRQVDELOLWj GHO PLQLVWUR GHOOD *LXVWL]LD 3RVVRQR
GLYHQWDUHQRWDLVROWDQWRSHUVRQHGLQD]LRQDOLWjRODQGHVHFKHDEELDQRFRPSOHWDWRXQFRUVRGLVWXGL
LQ GLULWWR QRWDULOH SUHVVR XQ
XQLYHUVLWj RODQGHVH R XQ FRUVR HTXLSDUDWR DL VHQVL GHOOH GLUHWWLYH 8(
3HU SRWHU HVVHUH QRPLQDWR QRWDLR LO JLXULVWD VSHFLDOL]]DWR LQ GLULWWR QRWDULOH GHYH DYHU VYROWR XQ
SHULRGRGLSUDWLFDQWDWRGLDOPHQRVHLDQQLSUHVVRXQRVWXGLRQRWDULOHQHL3DHVL%DVVL1HLSULPLWUH
DQQLLOSUDWLFDQWHQRWDLRVHJXHXQDIRUPD]LRQHSURIHVVLRQDOH$OODGRPDQGDGLQRPLQDDQRWDLRGD
LQYLDUHDOPLQLVWURGHOOD*LXVWL]LDLOSUDWLFDQWHGHYHDOOHJDUHXQSLDQRG
DWWLYLWj
/DIXQ]LRQHOHFRPSHWHQ]HODQRPLQDHODUHYRFDGHLQRWDLVRQRGLVFLSOLQDWLGDOOHGLVSRVL]LRQLGHOOD
/HJJHVXOQRWDULDWRHGDGLYHUVLGHFUHWLHUHJRODPHQWLTXDOLLO'HFUHWRVXLUHTXLVLWLSURIHVVLRQDOLSHU
SUDWLFDQWL QRWDL LO 5HJRODPHQWR VXO FRGLFH HWLFR H SURIHVVLRQDOH H LO 5HJRODPHQWR VXOOD
FROODERUD]LRQHLQWHUGLVFLSOLQDUH
(
GRYHUHGHOQRWDLRGDXQODWRDVVXPHUHWXWWLLFRPSLWLHVYROJHUHWXWWHOHIXQ]LRQLLPSRVWLJOLGDOOD
OHJJHRLQIRU]DGHOODOHJJHRULFKLHVWLJOLGDXQDSDUWHGDOO
DOWURODWRSHUzGHYHULILXWDUVLGLVYROJHUH
XQD IXQ]LRQH TXDORUD HVVD VLD LQ FRQWUDVWR FRQ OD OHJJH R O
RUGLQH SXEEOLFR R DEELD FRPH
FRQVHJXHQ]D D]LRQLPLUDWH D XQRVFRSR FKLDUDPHQWH LOOHFLWR R DQFRUD RYH VXVVLVWDQR DOWULPRWLYL
IRQGDWLWDOLGDJLXVWLILFDUHLOULILXWR
/
REEOLJR GL VYROJHUH OD IXQ]LRQH GL SXEEOLFR XIILFLDOH QRQ LPSHGLVFH O
DFTXLVL]LRQH GL XQD
VSHFLDOL]]D]LRQHQHOO
DPELWRGHOGLULWWRQRWDULOH(VLVWRQRQXPHURVHDVVRFLD]LRQLGLQRWDLHSUDWLFDQWL
QRWDLFKHVLRFFXSDQRLQSDUWLFRODUHGLGHWHUPLQDWLDVSHWWLGHOODSUDWLFDQRWDULOHTXDOLO
$VVRFLD]LRQH
GHL QRWDL VSHFLDOL]]DWL LQ TXHVWLRQL DJUDULH 9$61 O
$VVRFLD]LRQH GHJOL HVWDWH SODQQHUV 9(3
O
$VVRFLD]LRQH GHL PHGLDWRUL QRWDULOL 9061 H O
$VVRFLD]LRQH SHU LO QRWDULDWR H OH WHFQRORJLH
LQIRUPDWLFKH91,
7XWWLLQRWDLHSUDWLFDQWLQRWDLGHL3DHVL%DVVLVRQRULXQLWLSHUOHJJHQHOO
$VVRFLD]LRQHQD]LRQDOHGHOOD
SURIHVVLRQHQRWDULOH.1%XQHQWHGLGLULWWRSXEEOLFRUHJRODWRGDOODOHJJH&RPSLWRSULQFLSDOHGHOOD
.1% q JDUDQWLUH XQ FRUUHWWR HVHUFL]LR GHOOD SURIHVVLRQH HVVD RIIUH LQROWUH XQ
DPSLD JDPPD GL
SURGRWWLHVHUYL]LDLSURSULLVFULWWL
/DOHJJHDIILGDDOOD.1%LVHJXHQWLFRPSLWL
VWDELOLUHQRUPH
SURPXRYHUHXQFRUUHWWRHVHUFL]LRGHOODSURIHVVLRQH
SURPXRYHUHODFRPSHWHQ]DSURIHVVLRQDOH
YLJLODUHVXOO
RQRUHHVXOGHFRURGHOODIXQ]LRQH
,QRWDLHLSUDWLFDQWLQRWDLVRQRVRJJHWWLDQRUPHGLVFLSOLQDULSUHYLVWHGDOODOHJJHFKHVRQRDSSOLFDWH
GDOOD &DPHUD GLYLJLODQ]D FRPSHWHQWH SHU GLVWUHWWR /D &DPHUD q FRPSRVWD GD FLQTXH SHUVRQH H
SUHVLHGXWD GDO SUHVLGHQWH GHOWULEXQDOH &RQWUROH GHFLVLRQLGHOOD &DPHUD GLYLJLODQ]D qDPPHVVR
ULFRUVRSUHVVRODFRUWHG
DSSHOORGL$PVWHUGDP
8OWHULRULLQIRUPD]LRQLVXOODSURIHVVLRQHQRWDULOHVRQRGLVSRQLELOLVXOVLWRZZZQRWDULVQO
8IILFLDOHJLXGL]LDULR
1HL3DHVL%DVVLO
XIILFLDOHJLXGL]LDULRVYROJHIXQ]LRQLXIILFLDOLFKHJOLFRPSHWRQRLQYLDHVFOXVLYDWUD
FXLLQSDUWLFRODUH
IDUH FLWD]LRQL LQ JLXGL]LR H DOWUH FRQYRFD]LRQL UHODWLYH DOO
DYYLR GL XQ SURFHGLPHQWR JLXGL]LDULR R
DOO
LVWUX]LRQHGLXQSURFHVVR
IDUHQRWLILFKHJLXGL]LDULHFRPXQLFD]LRQLGHQXQFHHDOWULDYYLVLJLXGL]LDUL
HVHJXLUH VJRPEHUL VHTXHVWUL YHQGLWH JLXGL]LDULH FRQILVFKH H DOWUL SURYYHGLPHQWL FRQQHVVL FRQ
O
DSSOLFD]LRQHGLWLWROLHVHFXWLYLRODWXWHODGLGLULWWLRQHFHVVDULDWDOILQH
HVHJXLUHFRPSLWLGLYLJLODQ]DSXEEOLFDGXUDQWHYHQGLWHSXEEOLFKHYRORQWDULHGLEHQLPDWHULDOLPRELOL
,Q TXHVWLRQL GL GLULWWR FLYLOH OD OHJJH VWDELOLVFH FKH L VXGGHWWL FRPSLWL GHEEDQR HVVHUH VYROWL
HVFOXVLYDPHQWHGDXQXIILFLDOHJLXGL]LDULR
/
XIILFLDOH JLXGL]LDULR q XQ IXQ]LRQDULR SXEEOLFR QRQ UHWULEXLWR HG q QRPLQDWR GDOOD &RURQD (
UHVSRQVDELOHGHOSURSULRVWXGLRGLXIILFLDOHJLXGL]LDULRGLFXLVLDVVXPHLOULVFKLRHFRQRPLFR2OWUHDL
FRPSLWL FKH VYROJH LQ TXDOLWj GL SXEEOLFR XIILFLDOH O
XIILFLDOH JLXGL]LDULR q DXWRUL]]DWR D FRPSLHUH
DWWLYLWj SURIHVVLRQDOL VHFRQGDULH SXUFKp HVVH QRQ SUHJLXGLFKLQR Qp RVWDFROLQR XQ DGHPSLPHQWR
FRUUHWWRHLQGLSHQGHQWHGHOVXRXIILFLRQpODGLJQLWjGHOORVWHVVR4XLQGLQHL3DHVL%DVVLO
XIILFLDOH
JLXGL]LDULRqDXWRUL]]DWRSHUOHJJHDVWDUHLQJLXGL]LRFRPHUDSSUHVHQWDQWHGHOODSDUWHLQWHUHVVDWDD
IRUQLUHDVVLVWHQ]DOHJDOHDGDJLUHLQTXDOLWjGLFXUDWRUHRDPPLQLVWUDWRUHDIDUHLQYHQWDULHVWLPHD
LQFDVVDUHGDQDURSHUFRQWRWHU]LHDUHGLJHUHYHUEDOLGLFRQVWDWD]LRQHGLGHWHUPLQDWLIDWWL
,O FRVWR GHOOH IXQ]LRQL VYROWH GDOO
XIILFLDOH JLXGL]LDULR FKH q D FDULFR GHO GHELWRUH q VWDELOLWR QHO
'HFUHWRVXOOHD]LRQLHOHWDULIIHGHJOLXIILFLDOLJLXGL]LDUL
,OFRPSHQVRFKHO
XIILFLDOHJLXGL]LDULRIDWWXUDDOSURSULRFOLHQWHSXzHVVHUHVWDELOLWROLEHUDPHQWHPD
FRPXQTXH G
LQWHVD WUD OH GXH SDUWL &Lz YDOH DQFKH SHU LQFDULFKL DIILGDWL DOO
XIILFLDOH JLXGL]LDULR GD
FRPPLWWHQWLHVWHUL
/D IXQ]LRQH OH FRPSHWHQ]H OD QRPLQD H OD UHYRFD GHJOL XIILFLDOL JLXGL]LDUL VRQR GLVFLSOLQDWL GDOOD
/HJJHVXJOLXIILFLDOLJLXGL]LDULHGDGLYHUVLGHFUHWLHUHJRODPHQWLWUDFXLLO'HFUHWRVXOODIRUPD]LRQHH
LOSUDWLFDQWDWRSHUJOLXIILFLDOLJLXGL]LDULLO'HFUHWRVXOSLDQRG
DWWLYLWjLO5HJRODPHQWRDPPLQLVWUDWLYR
HLO5HJRODPHQWRVXOOHQRUPHSURIHVVLRQDOLHGLFRQGRWWD
1HL 3DHVL %DVVL WXWWL JOL XIILFLDOL JLXGL]LDUL H L SUDWLFDQWL XIILFLDOL JLXGL]LDUL VRQR WHQXWL SHU OHJJH D
LVFULYHUVL DOO
2UJDQL]]D]LRQH SURIHVVLRQDOH QD]LRQDOH GHJOL XIILFLDOL JLXGL]LDUL .%Y* FKH KD LO
FRPSLWR GL SURPXRYHUH XQFRUUHWWR HVHUFL]LR GHOOD SURIHVVLRQH GD SDUWH GHL VXRLPHPEUL H ODORUR
FRPSHWHQ]D SURIHVVLRQDOH 5LJXDUGR D TXHVWL GXH DVSHWWL O
$VVRFLD]LRQH SXz LPSRUUH DL SURSUL
PHPEUL REEOLJKL R GLVSRVL]LRQL *OL XIILFLDOL JLXGL]LDUL VRQR VRJJHWWL D QRUPH GLVFLSOLQDUL VXO FXL
DGHPSLPHQWR YLJLOD XQD &DPHUD QD]LRQDOH FRQWUR OH GHFLVLRQL GHOOD &DPHUD q DPPHVVR ULFRUVR
SUHVVRODFRUWHG
DSSHOORGL$PVWHUGDP
&KL DEELD ELVRJQR GL XQ XIILFLDOH JLXGL]LDULR SXz VFHJOLHUQH XQR QHO FRPXQH GRYH DYUj OXRJR LO
SURFHGLPHQWR GL FXL q SDUWH , UHFDSLWL GL WXWWL JOL XIILFLDOL JLXGL]LDUL VRQR ULSRUWDWL QHOO
$WODQWH
JLXGL]LDULR HXURSHR DOOD YRFH ³1RWLILFD]LRQH H FRPXQLFD]LRQH GHJOL DWWL´ H SRL DOOD YRFH ³$JHQWL
JLXGL]LDULIXQ]LRQDULRDOWUHSHUVRQHFRPSHWHQWL´
6WDWHDVDVROHSUDFWLWLRQHUXQGHUDQ\RISURIHVVLRQDOWLWOHVVSHFLILHGLQ$QQH[KHUHWRDVZHOODV
HYLGHQFHRIKLVFRPSXOVRU\SURIHVVLRQDOLQGHPQLW\LQVXUDQFHFRYHULQJORVVRUGDPDJHZKLFKPLJKW
DULVHLQFRQQHFWLRQZLWKKLVSUDFWLFHRIODZDQGSURYLVLRQRIOHJDOVHUYLFHVLQWKH6ORYDN5HSXEOLF
RWKHUZLVHKHVKDOOQRWKDYHWKHULJKWWRSURYLGHOHJDOVHUYLFHVLQWKH6ORYDN5HSXEOLF
8SRQ WKHLU VXEPLVVLRQ DOO GRFXPHQWV VXEPLWWHG DV HYLGHQFH LQ VXSSRUW RI IDFWV ODLG GRZQ LQ
6XEVDERYHVKDOOQRWEHPRUHWKDQWKUHHPRQWKVROGDQGPXVWEHSUHVHQWHGZLWKWKHLUFHUWLILHG
WUDQVODWLRQWRWKHRIILFLDOODQJXDJH
6HFWLRQ
$FURVVERUGHU(XURSHDQODZ\HULVREOLJHGWRSUDFWLVHXQGHUKLVKRPHSURIHVVLRQDOWLWOHH[SUHVVHGLQ
WKHRIILFLDOODQJXDJHRIKLVKRPH0HPEHU6WDWH
6HFWLRQ
$FURVVERUGHU(XURSHDQODZ\HUPD\QRWEHDPHPEHULQDQ\SDUWQHUVKLSRIODZ\HUVXQGHU6HF
DERYHSDUWQHULQDQ\JHQHUDOQRQFRPPHUFLDOSDUWQHUVKLSRUOLPLWHGOLDELOLW\SDUWQHUVKLSXQGHU6HF
DERYHRUDVKDUHRZQHUDQGFRPSDQ\H[HFXWLYHLQDOLPLWHGOLDELOLW\FRPSDQ\XQGHU6HF
5HJLVWHUHG(XURSHDQ/DZ\HU
6HFWLRQ
$ UHJLVWHUHG (XURSHDQ ODZ\HU PD\ SURYLGH OHJDO VHUYLFHV LQ WKH 6ORYDN 5HSXEOLF XQGHU WKH
WHUPV DQG FRQGLWLRQV ODLG GRZQ LQ WKLV $FW )RU WKH SXUSRVHV RI WKLV $FW DQG IRU WKH SXUSRVHV RI
VHSDUDWH OHJDO UXOHV DQG LQ DFFRUGDQFH ZLWK WKH WHUPV DQG FRQGLWLRQV KHUHLQ ODLG GRZQ D
UHJLVWHUHG(XURSHDQODZ\HUVKDOOEHGHHPHGWREHDSUDFWLVLQJODZ\HUKHUHXQGHU
$UHJLVWHUHG (XURSHDQ ODZ\HULV REOLJHG WRIXOILOWKH GXWLHV DQG REOLJDWLRQV DULVLQJ IRUODZ\HUV
XQGHUWKLV$FWXQGHUVHSDUDWHOHJDOUXOHVDQGWKH%DUVLQWHUQDOUXOHVKLVGXW\WRFRPSO\ZLWKWKH
ODZV DQG OHJDO UXOHV DSSOLFDEOH LQ KLV KRPH 0HPEHU 6WDWH VKDOO QRW EH DIIHFWHG RU SUHMXGLFHG
KHUHE\
6HFWLRQ
7KH %DU VKDOO HQURO DQ\ SHUVRQ DV D UHJLVWHUHG (XURSHDQ ODZ\HU ZLWKLQ WZR PRQWKV IURP
UHFHLYLQJKLVZULWWHQDSSOLFDWLRQSURYLGHGWKDWKH
DLVDQDWLRQDORIWKH(80HPEHU6WDWHRUDQ\RWKHUVLJQDWRU\RIWKH(($7UHDW\
ELVDXWKRULVHGWRSXUVXHKLVSURIHVVLRQDODFWLYLWLHVDQGSURYLGHOHJDOVHUYLFHVDVDVROHSUDFWLWLRQHU
LQKLVKRPH0HPEHU6WDWHXQGHURQHRISURIHVVLRQDOWLWOHVVSHFLILHGLQ$QQH[KHUHWR
FKDVWDNHQRXWFRPSXOVRU\SURIHVVLRQDOLQGHPQLW\LQVXUDQFHLQUHVSHFWRIORVVRUGDPDJHZKLFK
PLJKWDULVHLQFRQQHFWLRQZLWKKLVSUDFWLFHRIODZLQWKH6ORYDN5HSXEOLF
8SRQ WKHLU VXEPLVVLRQ DOO GRFXPHQWV VXEPLWWHG DV HYLGHQFH LQ VXSSRUW RI IDFWV ODLG GRZQ LQ
6XEVDERYHVKDOOQRWEHPRUHWKDQWKUHHPRQWKVROGDQGPXVWEHSUHVHQWHGZLWKWKHLUFHUWLILHG
WUDQVODWLRQWRWKHRIILFLDOODQJXDJH
,QKLV DSSOLFDWLRQ IRUUHJLVWUDWLRQLQWKH UROO RIUHJLVWHUHG (XURSHDQODZ\HUVWKH DSSOLFDQWVKDOO
VSHFLI\‡KLVKRPH0HPEHU6WDWH‡ZKHWKHULQKLVKRPH0HPEHU6WDWHKHSUDFWLVHVODZDVDVROH
SUDFWLWLRQHU RUMRLQWO\ ZLWK RWKHUODZ\HUV ‡IRUP RI VXFK MRLQW SUDFWLFH ‡ QDPHV RI SDUWQHUV LQ DQ\
VXFKOHJDOHQWLW\‡ZKHWKHUKLVSDUWQHUVPD\SUDFWLVHODZ‡VHDWDQGIRUPRISUDFWLFHLQWKH6ORYDN
5HSXEOLF
7KH%DUVKDOOLVVXHDVSHFLDOSUDFWLVLQJFHUWLILFDWHWRHDFKUHJLVWHUHG(XURSHDQODZ\HUDGPLWWHG
WRWKH%DU6XFKDFHUWLILFDWHVKDOOFHUWLI\WKDWWKHSHUVRQQDPHGWKHUHLQLVHQWLWOHGWRSUDFWLVHDVD
ODZ\HU EHIRUH DQ\ FRXUW RI ODZ RU RWKHU DXWKRULWLHV LQ WKH 6ORYDN 5HSXEOLF $Q\ UHIXVDO RI WKH
ODZ\HUV DSSOLFDWLRQ IRU UHJLVWUDWLRQ E\ WKH %DU VKDOO EH LQ ZULWLQJ DQG VKDOO VWDWH WKH UHDVRQV IRU
UHIXVDO$QDSSHDOLIDQ\DJDLQVWWKH%DUVRUGHUVKDOOOLHWRWKHDSSURSULDWHFRXUWRIODZ
7KH %DU VKDOO QRW DGPLW DQG HQURO D SHUVRQ DV DUHJLVWHUHG (XURSHDQ ODZ\HULIWKH DSSOLFDQW
SUDFWLVHV ODZ WKURXJK D OHJDO HQWLW\ LQ ZKLFK DOVR LQGLYLGXDOV RU OHJDO HQWLWLHV ZKR DUH QRW
DXWKRULVHGWRSUDFWLVHODZDUHSDUWQHUVRUVKDUHRZQHUV
6HFDQGVKDOODSSO\PXWDWLVPXWDQGLVWRWKHUHJLVWHUHG(XURSHDQODZ\HUVGLVEDUPHQWDQG
KLVWHPSRUDU\VXVSHQVLRQIURPWKHSUDFWLFH
6HFWLRQ
7KH %DU VKDOO LPPHGLDWHO\ LQIRUP WKH FRPSHWHQW DXWKRULW\ WR ZKLFK WKH UHJLVWHUHG (XURSHDQ
ODZ\HULVDGPLWWHGDERXW
DKLVHQUROPHQWDQGDGPLVVLRQWRWKHOLVWRIUHJLVWHUHG(XURSHDQODZ\HUVLQWKH6ORYDN5HSXEOLF
EKLVWHPSRUDU\VXVSHQVLRQIURPWKHSUDFWLFHRUEDQRQSUDFWLFHLQWKH6ORYDN5HSXEOLFDVZHOODV
DERXWWKHUHDVRQVIRUWKHVDPH
FRWKHUIDFWVZKLFKPLJKWDIIHFWWKHSURYLVLRQRIOHJDOVHUYLFHVE\WKH(XURSHDQODZ\HU
%HIRUHLQLWLDWLQJWKHGLVFLSOLQDU\SURFHHGLQJDJDLQVWWKH(XURSHDQODZ\HUWKH%DUVKDOOLQIRUPWKH
FRPSHWHQWDXWKRULW\LQKLVKRPH0HPEHU6WDWHDERXWDQ\VXFKFRPPHQFHPHQWRIWKHGLVFLSOLQDU\
SURFHHGLQJ DQG VKDOO IXUQLVK LW ZLWK DOO UHOHYDQW GHWDLOV 7KH FRPSHWHQW DXWKRULW\ LQ KLV KRPH
0HPEHU 6WDWHPD\ILOH PRWLRQV DQGPDNH UHFRPPHQGDWLRQV WR WKH %DU &RXQFLO DV WKH DSSHOODWH
ERG\
6HFWLRQ
,I WKH UHJLVWHUHG (XURSHDQ ODZ\HU LV WHPSRUDULO\ VXVSHQGHG IURP WKH SUDFWLFH RU GLVEDUUHG LQ KLV
KRPH0HPEHU6WDWHKHVKDOOEHDXWRPDWLFDOO\VXVSHQGHGIURPWKHSUDFWLFHRUGLVEDUUHGXQGHUWKLV
$FWDVDWWKHGDWHRIVXFKVXVSHQVLRQRUGLVEDUPHQWLQKLVKRPH0HPEHU6WDWH7KH%DUVKDOOSXW
LQWR HIIHFW DOO QHFHVVDU\ FKDQJHV LQ WKH OLVW RI UHJLVWHUHG (XURSHDQ ODZ\HUV DV VRRQ DV LW OHDUQW
DERXWWKHDERYHPHQWLRQHGFLUFXPVWDQFHV
6HFWLRQ
$UHJLVWHUHG(XURSHDQODZ\HUVKDOOSUDFWLVHXQGHUKLVKRPHFRXQWU\SURIHVVLRQDOWLWOHH[SUHVVHGLQ
WKHRIILFLDOODQJXDJHRIKLV0HPEHU6WDWH,IKHLVDPHPEHULQDQ\IRUHLJQOHJDOHQWLW\RU6ORYDN
OHJDOHQWLW\DXWKRULVHGWRSURYLGHOHJDOVHUYLFHVLQDGGLWLRQWRKLVSURIHVVLRQDOWLWOHKHPD\DOVR
XVHWKHFRUSRUDWHQDPHDQGFRUSRUDWHIRUPRIWKHVDLGOHJDOHQWLW\
6HFWLRQ
$ UHJLVWHUHG (XURSHDQ ODZ\HU VKDOO QRW KDYH WKH ULJKW WR VWDQG IRU RIILFH LQ WKH %DUV JRYHUQLQJ
ERGLHV >6HF @ KRZHYHU KLV ULJKW WR DWWHQG WKH *HQHUDO $VVHPEO\ DQG YRWH RQ DOO SULQFLSDO
PDWWHUVVKDOOQRWEHDIIHFWHGRUSUHMXGLFHGWKHUHE\
6HFWLRQ
Finito di stampare
nel mese di Ottobre 2008
da Litostampa Veneta srl
Mestre (Ve)