1. Home
  2. GE - General Electric
  3. GE - General Electric JGSP42DET1BB User Manual

GE JGSP42DET1BB Gas Range

Product's Documents

Below are documents related to this product, you can read online or download:
User Manual Specification Installation Instruction
Main documentSpecificationQuestions and answersRelateds Products
JGSP42DET1BB photo

User Manual

This is the main product document for model JGSP42DET1BB. Additionally, the document applies to other GE - General Electric models: PGS908, PSG975

The file format is pdf, 136 pages, you can download this manual here .

background
6DIHW\,QVWUXFWLRQV²
2SHUDWLQJ,QVWUXFWLRQV
%DNLQJRU5RDVWLQJ
%URLOLQJ%URLOLQJ*XLGH
&ORFNDQG7LPHU
&RQWURO/RFNRXW
&RQYHFWLRQ²
&RRNZDUH
2YHQ²
3UREH
3URRILQJ
5DQJH/RFN2XW
6DEEDWK)HDWXUH
6HOI&OHDQLQJ
6SHFLDO)HDWXUHV²
6XUIDFH%XUQHUV
7KHUPRVWDW
7LPHG%DNLQJ5RDVWLQJ
:DUPLQJ
&DUHDQG&OHDQLQJ
%XUQHU&DSVDQG+HDGV 
%XUQHU*UDWHVDQG
9HQW*ULOOH
&RQWURO3DQHO
&RRNWRS6XUIDFH
'RRU
)ORRU
.QREV
/LIW2II2YHQ'RRU
/LJKW%XOEV
3DFNDJLQJ7DSH
3DLQWHG6XUIDFHV
5DFNV
6WDLQOHVV6WHHO6XUIDFHV
6WRUDJH'UDZHU
9HQW
7URXEOHVKRRWLQJ7LSV ²
$FFHVVRULHV
&RQVXPHU6XSSRUW
&RQVXPHU6XSSRUW%DFN&RYHU
3URGXFW5HJLVWUDWLRQ
&DQDGD
:DUUDQW\IRU&XVWRPHUV
LQ&DQDGD
:DUUDQW\IRU&XVWRPHUV
LQWKH86$
*($SSOLDQFHVFRP86
ZZZ*($SSOLDQFHVFD&DQDGD
3*6
3*6
-*63
2ZQHU·V0DQXDO
*(
:ULWHWKHPRGHODQGVHULDO
QXPEHUVKHUH
0RGHO
BBBBBBBBBBBBBB
6HULDOBBBBBBBBBBBBBB
<RXFDQILQGWKHPRQDODEHO
EHKLQGWKHRSHQRYHQGRRU
RQWKHORZHUOHIWFRUQHURIWKH
UDQJHIUDPH
5DQJHV
*DV6OLGH,Q
3ULQWHGRQ5HF\FOHG3DSHU
,PSULPpVXUOHSDSLHUUpXWLOLVp
,PSUHVRHQSDSHOUHFLFODGR
background
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
³ 'RQRWVWRUHRUXVHJDVROLQHRURWKHU
IODPPDEOHYDSRUVDQGOLTXLGVLQWKH
YLFLQLW\RIWKLVRUDQ\RWKHUDSSOLDQFH
³ 'RQRWLQVWDOOWKLVSURGXFWZLWKDLU
FXUWDLQKRRGRURWKHUUDQJHKRRGWKDW
EORZVDLUGRZQRQWKHFRRNWRS$LUIORZ
PD\LQWHUIHUHZLWKRSHUDWLRQRIJDV
EXUQHUVUHVXOWLQJLQILUHRUH[SORVLRQ
KD]DUG
³
:+$772'2,)<28
60(//*$6
'RQRWWU\WROLJKWDQ\DSSOLDQFH
 'RQRWWRXFKDQ\HOHFWULFDOVZLWFK
GRQRWXVHDQ\SKRQHLQ\RXU
EXLOGLQJ
 ,PPHGLDWHO\FDOO\RXUJDVVXSSOLHU
IURPDQHLJKERU·VSKRQH)ROORZWKH
JDVVXSSOLHU·VLQVWUXFWLRQV
 ,I\RXFDQQRWUHDFK\RXUJDV
VXSSOLHUFDOOWKHILUHGHSDUWPHQW
³ ,QVWDOODWLRQDQGVHUYLFHPXVWEH
SHUIRUPHGE\DTXDOLILHGLQVWDOOHU
VHUYLFHDJHQF\RUWKHJDVVXSSOLHU
:$51,1* ,IWKHLQIRUPDWLRQ
LQWKLVPDQXDOLVQRWIROORZHGH[DFWO\D
ILUHRUH[SORVLRQPD\UHVXOWFDXVLQJ
SURSHUW\GDPDJHSHUVRQDOLQMXU\RU
GHDWK
background
,03257$176$)(7<127,&(
7KH&DOLIRUQLD6DIH'ULQNLQJ:DWHUDQG7R[LF(QIRUFHPHQW$FWUHTXLUHVWKH*RYHUQRURI&DOLIRUQLDWR
SXEOLVKDOLVWRIVXEVWDQFHVNQRZQWRWKHVWDWHWRFDXVHELUWKGHIHFWVRURWKHUUHSURGXFWLYHKDUPDQG
UHTXLUHVEXVLQHVVHVWRZDUQFXVWRPHUVRISRWHQWLDOH[SRVXUHWRVXFKVXEVWDQFHV
*DVDSSOLDQFHVFDQFDXVHPLQRUH[SRVXUHWRIRXURIWKHVHVXEVWDQFHVQDPHO\EHQ]HQHFDUERQ
PRQR[LGHIRUPDOGHK\GHDQGVRRWFDXVHGSULPDULO\E\WKHLQFRPSOHWHFRPEXVWLRQRIQDWXUDOJDVRU/3
IXHOV3URSHUO\DGMXVWHGEXUQHUVLQGLFDWHGE\DEOXLVKUDWKHUWKDQD\HOORZIODPHZLOOPLQLPL]HLQFRPSOHWH
FRPEXVWLRQ([SRVXUHWRWKHVHVXEVWDQFHVFDQEHPLQLPL]HGE\YHQWLQJZLWKDQRSHQZLQGRZRUXVLQJD
YHQWLODWLRQIDQRUKRRG
7KHILEHUJODVVLQVXODWLRQLQVHOIFOHDQRYHQVJLYHVRIIDYHU\VPDOODPRXQWRIFDUERQPRQR[LGHGXULQJWKH
FOHDQLQJF\FOH([SRVXUHFDQEHPLQLPL]HGE\YHQWLQJZLWKDQRSHQZLQGRZRUXVLQJDYHQWLODWLRQIDQRU
KRRG
:$51,1*
)RU\RXUVDIHW\WKHLQIRUPDWLRQLQWKLVPDQXDOPXVWEHIROORZHGWRPLQLPL]HWKHULVNRIILUHRU
H[SORVLRQHOHFWULFVKRFNRUWRSUHYHQWSURSHUW\GDPDJHSHUVRQDOLQMXU\RUORVVRIOLIH
*($SSOLDQFHVFRP86
ZZZ*($SSOLDQFHVFD&DQDGD
$17,7,3'(9,&(
7RUHGXFHWKHULVN
RIWLSSLQJWKHUDQJH
WKHUDQJHPXVW
EHVHFXUHGE\D
SURSHUO\LQVWDOOHG
DQWLWLSEUDFNHW
6HHLQVWDOODWLRQ
LQVWUXFWLRQVVKLSSHG
ZLWKWKHEUDFNHWIRU
FRPSOHWHGHWDLOV
EHIRUHDWWHPSWLQJWR
LQVWDOO
)RU)UHHVWDQGLQJDQG6OLGH,Q5DQJHV
7RFKHFNLIWKHEUDFNHWLVLQVWDOOHGDQGHQJDJHGSURSHUO\ORRNXQGHUQHDWK
WKHUDQJHWRVHHWKDWWKHUHDUOHYHOLQJOHJLVHQJDJHGLQWKHEUDFNHW2Q
VRPHPRGHOVWKHVWRUDJHGUDZHURUNLFNSDQHOFDQEHUHPRYHGIRUHDV\
LQVSHFWLRQ,IYLVXDOLQVSHFWLRQLVQRWSRVVLEOHVOLGHWKHUDQJHIRUZDUG
FRQILUPWKHDQWLWLSEUDFNHWLVVHFXUHO\DWWDFKHGWRWKHIORRURUZDOODQG
VOLGHWKHUDQJHEDFNVRWKHUHDUOHYHOLQJOHJLVXQGHUWKHDQWLWLSEUDFNHW
,IWKHUDQJHLVSXOOHGIURPWKHZDOOIRUDQ\UHDVRQDOZD\VUHSHDWWKLV
SURFHGXUHWRYHULI\WKHUDQJHLVSURSHUO\VHFXUHGE\WKHDQWLWLSEUDFNHW
1HYHUFRPSOHWHO\UHPRYHWKHOHYHOLQJOHJVRUWKHUDQJHZLOOQRWEHVHFXUHG
WRWKHDQWLWLSGHYLFHSURSHUO\
)RU'URS,Q5DQJHV
7RFKHFNLIWKHEUDFNHWLVLQVWDOOHGDQGHQJDJHGSURSHUO\VOLGHWKHUDQJH
IRUZDUGFRQILUPWKHDQWLWLSEUDFNHWLVVHFXUHO\DWWDFKHGWRWKHUHDURIWKH
UDQJHDQGVOLGHWKHUDQJHEDFNVRWKDWWKHDQWLWLSEUDFNHWVOLGHVMXVWXQGHU
WKHFRXQWHUWRSRUZRRGEORFNDWWDFKHGWRWKHUHDUZDOO
,I\RXGLGQRWUHFHLYHDQDQWLWLSEUDFNHWZLWK\RXUSXUFKDVHFDOO
)RULQVWDOODWLRQLQVWUXFWLRQVRIWKHEUDFNHWYLVLW
ZZZ*($SSOLDQFHVFD
Rear Wall
Oven
Anti-Tip
Bracket
Countertop or
Wood Block
)UHHVWDQGLQJDQG6OLGH,Q5DQJHV
'URS,Q5DQJHV
$QWL7LS
%UDFNHW
/HYHOLQJ/HJ
A child or adult can tip the range and be killed.
Verify the anti-tip bracket has been properly installed
and engaged.
Ensure the anti-tip bracket is re-engaged when the range
is moved.
Do not operate the range without the anti-tip bracket in
place and engaged.
Failure to follow these instructions can result in death or
serious burns to children or adults.
Tip-Over Hazard
WARNING
background
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
:$51,1*
8VHWKLVDSSOLDQFHRQO\IRULWVLQWHQGHGSXUSRVH
DVGHVFULEHGLQWKLV2ZQHU·V0DQXDO
%HVXUH\RXUDSSOLDQFHLVSURSHUO\LQVWDOOHG
DQGJURXQGHGE\DTXDOLILHGWHFKQLFLDQLQ
DFFRUGDQFHZLWKWKHSURYLGHGLQVWDOODWLRQ
LQVWUXFWLRQV
%HIRUHSHUIRUPLQJDQ\VHUYLFHGLVFRQQHFW
WKHUDQJHSRZHUVXSSO\DWWKHKRXVHKROG
GLVWULEXWLRQSDQHOE\UHPRYLQJWKHIXVHRU
VZLWFKLQJRIIWKHFLUFXLWEUHDNHU
+DYHWKHLQVWDOOHUVKRZ\RXWKHORFDWLRQRIWKH
FLUFXLWEUHDNHURUIXVH0DUNLWIRUHDV\UHIHUHQFH
'RQRWOHDYHFKLOGUHQDORQH³FKLOGUHQVKRXOG
QRWEHOHIWDORQHRUXQDWWHQGHGLQDQDUHD
ZKHUHDQDSSOLDQFHLVLQXVH7KH\VKRXOGQHYHU
EHDOORZHGWRVLWRUVWDQGRQDQ\SDUWRIWKH
DSSOLDQFH
+DYHWKHLQVWDOOHUVKRZ\RXWKHORFDWLRQRIWKH
UDQJHJDVVKXWRIIYDOYHDQGKRZWRVKXWLWRIILI
QHFHVVDU\
+DYH\RXUUDQJHLQVWDOOHGDQGSURSHUO\
JURXQGHGE\DTXDOLILHGLQVWDOOHULQDFFRUGDQFH
ZLWKWKH,QVWDOODWLRQ,QVWUXFWLRQV$Q\
DGMXVWPHQWDQGVHUYLFHVKRXOGEHSHUIRUPHG
RQO\E\TXDOLILHGJDVUDQJHLQVWDOOHUVRUVHUYLFH
WHFKQLFLDQV
/RFDWHWKHUDQJHRXWRINLWFKHQWUDIILFSDWK
DQGRXWRIGUDIW\ORFDWLRQVWRSUHYHQWSRRUDLU
FLUFXODWLRQ
%HVXUHDOOSDFNDJLQJPDWHULDOVDUHUHPRYHG
IURPWKHUDQJHEHIRUHRSHUDWLQJLWWRSUHYHQW
ILUHRUVPRNHGDPDJHVKRXOGWKHSDFNDJLQJ
PDWHULDOLJQLWH
'RQRWOHDYHFKLOGUHQDORQHRUXQDWWHQGHG
ZKHUHDUDQJHLVKRWRULQRSHUDWLRQ7KH\FRXOG
EHVHULRXVO\EXUQHG
'RQRWDWWHPSWWRUHSDLURUUHSODFHDQ\SDUWRI
\RXUUDQJHXQOHVVLWLVVSHFLILFDOO\UHFRPPHQGHG
LQWKLVPDQXDO$OORWKHUVHUYLFHVKRXOGEH
UHIHUUHGWRDTXDOLILHGWHFKQLFLDQ
%HVXUH\RXUUDQJHLVFRUUHFWO\DGMXVWHGE\D
TXDOLILHGVHUYLFHWHFKQLFLDQRULQVWDOOHUIRUWKH
W\SHRIJDVQDWXUDORU/3WKDWLVWREHXVHG<RXU
UDQJHFDQEHFRQYHUWHGIRUXVHZLWKHLWKHUW\SH
RIJDV6HHWKH,QVWDOODWLRQ,QVWUXFWLRQVSDFNHG
ZLWKWKHUDQJH
3OXJ\RXUUDQJHLQWRDYROWJURXQGHGRXWOHW
RQO\'RQRWUHPRYHWKHURXQGJURXQGLQJSURQJ
IURPWKHSOXJ,ILQGRXEWDERXWWKHJURXQGLQJ
RIWKHKRPHHOHFWULFDOV\VWHPLWLV\RXU
SHUVRQDOUHVSRQVLELOLW\DQGREOLJDWLRQWRKDYH
DQXQJURXQGHGRXWOHWUHSODFHGZLWKDSURSHUO\
JURXQGHGWKUHHSURQJRXWOHWLQDFFRUGDQFHZLWK
WKH1DWLRQDO(OHFWULFDO&RGH86'RQRWXVHDQ
H[WHQVLRQFRUGZLWKWKLVDSSOLDQFH
:$51,1*
7KHVHDGMXVWPHQWVPXVW
EHPDGHE\DTXDOLILHGVHUYLFHWHFKQLFLDQLQ
DFFRUGDQFHZLWKWKHPDQXIDFWXUHU·V
LQVWUXFWLRQVDQGDOOFRGHVDQGUHTXLUHPHQWV
RIWKHDXWKRULW\KDYLQJMXULVGLFWLRQ)DLOXUH
WRIROORZWKHVHLQVWUXFWLRQVFRXOGUHVXOWLQ
VHULRXVLQMXU\RUSURSHUW\GDPDJH7KH
TXDOLILHGDJHQF\SHUIRUPLQJWKLVZRUN
DVVXPHVUHVSRQVLELOLW\IRUWKHFRQYHUVLRQ
.HHSWKHKRRGDQGJUHDVHILOWHUVFOHDQWR
PDLQWDLQJRRGYHQWLQJDQGWRDYRLGJUHDVHILUHV
7HDFKFKLOGUHQQRWWRSOD\ZLWKWKHFRQWUROVRU
DQ\RWKHUSDUWRIWKHUDQJH
$OZD\VNHHSGLVKWRZHOVGLVKFORWKVSRWKROGHUV
DQGRWKHUOLQHQVDVDIHGLVWDQFHIURP\RXU
UDQJH
:KHQXVLQJHOHFWULFDODSSOLDQFHVEDVLFVDIHW\SUHFDXWLRQVVKRXOGEHIROORZHGLQFOXGLQJWKH
IROORZLQJ
6$)(7<35(&$87,216
background
$OZD\VNHHSZRRGHQDQGSODVWLFXWHQVLOVDQG
FDQQHGIRRGDVDIHGLVWDQFHIURP\RXUUDQJH
$OZD\VNHHSFRPEXVWLEOHZDOOFRYHULQJV
FXUWDLQVRUGUDSHVDVDIHGLVWDQFHIURP\RXU
UDQJH
'RQRWFOHDQWKHUDQJHZLWKIODPPDEOHRU
YRODWLOHFOHDQLQJIOXLGV
$IWHUSURORQJHGXVHRIDUDQJHKLJKIORRU
WHPSHUDWXUHVPD\UHVXOWDQGPDQ\IORRU
FRYHULQJVZLOOQRWZLWKVWDQGWKLVNLQGRIXVH
1HYHULQVWDOOWKHUDQJHRYHUYLQ\OWLOHRUOLQROHXP
WKDWFDQQRWZLWKVWDQGVXFKW\SHRIXVH1HYHU
LQVWDOOLWGLUHFWO\RYHULQWHULRUNLWFKHQFDUSHWLQJ
$YRLGVFUDWFKLQJWKHFRRNWRSZLWKVKDUS
LQVWUXPHQWVRUZLWKULQJVDQGRWKHUMHZHOU\
'RQRWDOORZDQ\RQHWRFOLPEVWDQGRUKDQJRQ
WKHRYHQGRRUVWRUDJHGUDZHURUFRRNWRS7KH\
FRXOGGDPDJHWKHUDQJHDQGHYHQWLSLWRYHU
FDXVLQJVHYHUHSHUVRQDOLQMXU\
&$87,21,WHPVRILQWHUHVWWR
FKLOGUHQVKRXOGQRWEHVWRUHGLQFDELQHWV
DERYHDUDQJHRURQWKHEDFNVSODVKRID
UDQJH³FKLOGUHQFOLPELQJRQWKHUDQJHWR
UHDFKLWHPVFRXOGEHVHULRXVO\LQMXUHG
)RU\RXUVDIHW\QHYHUXVH\RXUDSSOLDQFH
IRUZDUPLQJRUKHDWLQJWKHURRP
/DUJHVFUDWFKHVRULPSDFWVWRJODVVGRRUV
FDQOHDGWREURNHQRUVKDWWHUHGJODVV
'RQRWFOHDQWKHUDQJHZKHQWKHDSSOLDQFHLVLQ
XVH
1HYHUZHDUORRVHILWWLQJRUKDQJLQJJDUPHQWV
ZKLOHXVLQJWKHDSSOLDQFH%HFDUHIXOZKHQ
UHDFKLQJIRULWHPVVWRUHGLQFDELQHWVRYHUWKH
UDQJH)ODPPDEOHPDWHULDOFRXOGEHLJQLWHG
LIEURXJKWLQFRQWDFWZLWKIODPHRUKRWRYHQ
VXUIDFHVDQGPD\FDXVHVHYHUHEXUQV
'RQRWVWRUHIODPPDEOHPDWHULDOVLQDQRYHQD
UDQJHVWRUDJHGUDZHURUQHDUDFRRNWRS
'RQRWVWRUHRUXVHFRPEXVWLEOHPDWHULDOV
JDVROLQHRURWKHUIODPPDEOHYDSRUVDQGOLTXLGV
LQWKHYLFLQLW\RIWKLVRUDQ\RWKHUDSSOLDQFH
'RQRWOHWFRRNLQJJUHDVHRURWKHUIODPPDEOH
PDWHULDOVDFFXPXODWHLQRUQHDUWKHUDQJH
'RQRWXVHZDWHURQJUHDVHILUHV1HYHUSLFNXS
DIODPLQJSDQ7XUQWKHFRQWUROVRII6PRWKHU
DIODPLQJSDQRQDVXUIDFHEXUQHUE\FRYHULQJ
WKHSDQFRPSOHWHO\ZLWKDZHOOILWWLQJOLGFRRNLH
VKHHWRUIODWWUD\8VHDPXOWLSXUSRVHGU\
FKHPLFDORUIRDPW\SHILUHH[WLQJXLVKHU
)ODPLQJJUHDVHRXWVLGHDSDQFDQEHSXWRXW
E\FRYHULQJLWZLWKEDNLQJVRGDRULIDYDLODEOH
E\XVLQJDPXOWLSXUSRVHGU\FKHPLFDORU
IRDPW\SHILUHH[WLQJXLVKHU
)ODPHLQWKHRYHQFDQEHVPRWKHUHGFRPSOHWHO\
E\FORVLQJWKHRYHQGRRUDQGWXUQLQJWKHFRQWURO
WRRIIRUE\XVLQJDPXOWLSXUSRVHGU\FKHPLFDO
RUIRDPW\SHILUHH[WLQJXLVKHU
/HWWKHEXUQHUJUDWHVDQGRWKHUVXUIDFHVFRRO
EHIRUHWRXFKLQJWKHPRUOHDYLQJWKHPZKHUH
FKLOGUHQFDQUHDFKWKHP
1HYHUEORFNWKHYHQWVDLURSHQLQJVRIWKHUDQJH
7KH\SURYLGHWKHDLULQOHWDQGRXWOHWWKDWDUH
QHFHVVDU\IRUWKHUDQJHWRRSHUDWHSURSHUO\ZLWK
FRUUHFWFRPEXVWLRQ$LURSHQLQJVDUHORFDWHGDW
WKHUHDURIWKHFRRNWRSDWWKHWRSDQGERWWRP
RIWKHRYHQGRRUDQGDWWKHERWWRPRIWKHUDQJH
XQGHUWKHVWRUDJHGUDZHURUNLFNSDQHO
'RQRWOLIWWKHFRRNWRS/LIWLQJWKHFRRNWRSFDQ
OHDGWRGDPDJHDQGLPSURSHURSHUDWLRQRIWKH
UDQJH
6$)(7<35(&$87,216
:$51,1*1(9(5XVHWKLV
DSSOLDQFHDVDVSDFHKHDWHUWRKHDWRUZDUP
WKHURRP'RLQJVRPD\UHVXOWLQFDUERQ
PRQR[LGHSRLVRQLQJDQGRYHUKHDWLQJRIWKH
FRRNWRSRURYHQ
*($SSOLDQFHVFRP86
ZZZ*($SSOLDQFHVFD&DQDGD
background
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
$OZD\VXVHWKH/,7( SRVLWLRQZKHQLJQLWLQJWKHWRS
EXUQHUVDQGPDNHVXUHWKHEXUQHUV
KDYHLJQLWHG
1HYHUOHDYHWKHVXUIDFHEXUQHUVXQDWWHQGHGDW
KLJKIODPHVHWWLQJV%RLORYHUVFDXVHVPRNLQJDQG
JUHDV\VSLOORYHUVWKDWPD\
FDWFKRQILUH
$GMXVWWKHWRSEXUQHUIODPHVL]HVRLWGRHV
QRWH[WHQGEH\RQGWKHHGJHRIWKHFRRNZDUH
([FHVVLYHIODPHLVKD]DUGRXV
8VHRQO\GU\SRWKROGHUV³PRLVWRUGDPSSRW
KROGHUVRQKRWVXUIDFHVPD\UHVXOWLQEXUQVIURP
VWHDP'RQRWOHWSRWKROGHUVFRPHQHDURSHQ
IODPHVZKHQOLIWLQJFRRNZDUH'RQRWXVHDWRZHO
RURWKHUEXON\FORWKLQSODFHRIDSRWKROGHU
:KHQXVLQJJODVVFRRNZDUHPDNHVXUHLW
LVGHVLJQHGIRUWRSRIUDQJHFRRNLQJ
7RPLQLPL]HWKHSRVVLELOLW\RIEXUQVLJQLWLRQRI
IODPPDEOHPDWHULDOVDQGVSLOODJHWXUQFRRNZDUH
KDQGOHVWRZDUGWKHVLGHRUEDFNRIWKHUDQJH
ZLWKRXWH[WHQGLQJRYHUDGMDFHQWEXUQHUV
&DUHIXOO\ZDWFKIRRGVEHLQJIULHGDWDKLJKIODPH
VHWWLQJ
$OZD\VKHDWIDWVORZO\DQGZDWFKDVLWKHDWV
'RQRWOHDYHDQ\LWHPVRQWKHFRRNWRS7KHKRWDLU
IURPWKHYHQWPD\LJQLWHIODPPDEOHLWHPVDQGZLOO
LQFUHDVHSUHVVXUHLQFORVHGFRQWDLQHUVZKLFKPD\
FDXVHWKHPWREXUVW
,IDFRPELQDWLRQRIRLOVRUIDWVZLOOEHXVHG
LQIU\LQJVWLUWRJHWKHUEHIRUHKHDWLQJRU
DVIDWVPHOWVORZO\
8VHDGHHSIDWWKHUPRPHWHUZKHQHYHU
SRVVLEOHWRSUHYHQWRYHUKHDWLQJIDWEH\RQG
WKHVPRNLQJSRLQW
'RQRWRSHUDWHWKHEXUQHUZLWKRXWDOOEXUQHUSDUWV
LQSODFH
8VHWKHOHDVWSRVVLEOHDPRXQWRIIDWIRUHIIHFWLYH
VKDOORZRUGHHSIDWIU\LQJ)LOOLQJWKHSDQWRRIXOORI
IDWFDQFDXVHVSLOORYHUVZKHQIRRGLVDGGHG
'RQRWIODPHIRRGVRQWKHFRRNWRS,I\RXGRIODPH
IRRGVXQGHUWKHKRRGWXUQWKHIDQRQ
'RQRWXVHDZRNRQWKHFRRNLQJVXUIDFH
LIWKHZRNKDVDURXQGPHWDOULQJWKDWLVSODFHG
RYHUWKHEXUQHUJUDWHWRVXSSRUWWKHZRN7KLVULQJ
DFWVDVDKHDWWUDSZKLFKPD\GDPDJHWKHEXUQHU
JUDWHDQGEXUQHUKHDG$OVRLWPD\FDXVHWKH
EXUQHUWRZRUNLPSURSHUO\7KLVPD\FDXVHDFDUERQ
PRQR[LGHOHYHODERYHWKDWDOORZHGE\FXUUHQW
VWDQGDUGVUHVXOWLQJLQDKHDOWKKD]DUG
)RRGVIRUIU\LQJVKRXOGEHDVGU\DVSRVVLEOH)URVW
RQIUR]HQIRRGVRUPRLVWXUHRQIUHVKIRRGVFDQ
FDXVHKRWIDWWREXEEOHXSDQGRYHUWKHVLGHVRI
WKHSDQ
1HYHUWU\WRPRYHDSDQRIKRWIDWHVSHFLDOO\D
GHHSIDWIU\HU:DLWXQWLOWKHIDWLVFRRO
'RQRWOHDYHSODVWLFLWHPVRQWKHFRRNWRS³WKH\
PD\PHOWLIOHIWWRRFORVHWRWKHYHQW
.HHSDOOSODVWLFVDZD\IURPWKHVXUIDFHEXUQHUV
7RDYRLGWKHSRVVLELOLW\RIDEXUQDOZD\VEHFHUWDLQ
WKDWWKHFRQWUROVIRUDOOEXUQHUVDUH
DWWKH2)) SRVLWLRQDQGDOOJUDWHVDUHFRROEHIRUH
DWWHPSWLQJWRUHPRYHWKHP
,IUDQJHLVORFDWHGQHDUDZLQGRZGRQRWKDQJORQJ
FXUWDLQVWKDWFRXOGEORZRYHUWKHVXUIDFHEXUQHUV
DQGFUHDWHDILUHKD]DUG
,I\RXVPHOOJDVWXUQRIIWKHJDVWRWKHUDQJHDQG
FDOODTXDOLILHGVHUYLFHWHFKQLFLDQ1HYHUXVHDQ
RSHQIODPHWRORFDWHDOHDN
$OZD\VWXUQWKHVXUIDFHEXUQHUFRQWUROVRIIEHIRUH
UHPRYLQJFRRNZDUH
:KHQGLVDEOLQJUDQJHORFNRXWPDNHVXUHWKH
VXUIDFHFRQWUROVDUHVHWWRWKH2))SRVLWLRQ7KLVZLOO
SUHFOXGHJDVIORZZKHQWKHUDQJHLVWXUQHGRQ
685)$&(%851(56
8VHSURSHUSDQVL]H³DYRLGSDQVWKDWDUHXQVWDEOHRUHDVLO\WLSSHG6HOHFWFRRNZDUHKDYLQJIODWERWWRPVODUJHHQRXJK
WRFRYHUEXUQHUJUDWHV7RDYRLGVSLOORYHUVPDNHVXUHFRRNZDUHLVODUJHHQRXJKWRFRQWDLQWKHIRRGSURSHUO\7KLVZLOO
ERWKVDYHFOHDQLQJWLPHDQGSUHYHQWKD]DUGRXVDFFXPXODWLRQVRIIRRGVLQFHKHDY\VSDWWHULQJRUVSLOORYHUVOHIWRQ
UDQJHFDQLJQLWH8VHSDQVZLWKKDQGOHVWKDWFDQEHHDVLO\JUDVSHGDQGUHPDLQFRRO
:$51,1*
background
5($'$1')2//2:7+,66$)(7<,1)250$7,21&$5()8//<
6$9(7+(6(,16758&7,216
'RQRWXVHRYHQFOHDQHUV1RFRPPHUFLDORYHQFOHDQHURURYHQOLQHUSURWHFWLYHFRDWLQJRIDQ\NLQGVKRXOGEHXVHGLQRU
DURXQGDQ\SDUWRIWKHRYHQ5HVLGXHIURPRYHQFOHDQHUVZLOOGDPDJHWKHLQVLGHRIWKHRYHQZKHQWKHVHOIFOHDQF\FOHLV
XVHG
'RQRWFOHDQWKHGRRUJDVNHW7KHGRRUJDVNHWLV
HVVHQWLDOIRUDJRRGVHDO&DUHVKRXOGEHWDNHQQRWWR
UXEGDPDJHRUPRYHWKHJDVNHW
%HIRUHVHOIFOHDQLQJWKHRYHQUHPRYHVKLQ\VLOYHU
FRORUHGRYHQUDFNVRQVRPHPRGHOV
DQGDOORWKHUFRRNZDUH
*UD\SRUFHODLQFRDWHGRYHQUDFNVRQVRPHPRGHOV
PD\EHFOHDQHGLQWKHRYHQGXULQJWKHVHOIFOHDQ
F\FOH
%HVXUHWRZLSHXSH[FHVVVSLOODJHEHIRUHVWDUWLQJWKH
VHOIFOHDQLQJRSHUDWLRQ
,IWKHVHOIFOHDQLQJPRGHPDOIXQFWLRQVWXUQWKHRYHQ
RIIDQGGLVFRQQHFWWKHSRZHUVXSSO\+DYHLWVHUYLFHG
E\DTXDOLILHGWHFKQLFLDQ
&OHDQRQO\SDUWVOLVWHGLQWKLV2ZQHU·V0DQXDO
6(/)&/($1,1*29(1
'RQRWKHDWXQRSHQHGIRRGFRQWDLQHUV3UHVVXUHFRXOG
EXLOGXSDQGWKHFRQWDLQHUFRXOGEXUVWFDXVLQJDQ
LQMXU\
.HHSWKHRYHQYHQWXQREVWUXFWHG
.HHSWKHRYHQIUHHIURPJUHDVHEXLOGXS
3ODFHWKHRYHQUDFNLQWKHGHVLUHGSRVLWLRQZKLOHWKH
RYHQLVFRRO,IUDFNVPXVWEHKDQGOHGZKHQKRWGR
QRWOHWSRWKROGHUFRQWDFWWKHKHDWLQJHOHPHQWV
:KHQXVLQJFRRNLQJRUURDVWLQJEDJVLQWKHRYHQ
IROORZWKHPDQXIDFWXUHU·VGLUHFWLRQV
3XOOLQJRXWWKHUDFNWRWKHVWRSORFNLVDFRQYHQLHQFH
LQOLIWLQJKHDY\IRRGV,WLVDOVRDSUHFDXWLRQDJDLQVW
EXUQVIURPWRXFKLQJKRWVXUIDFHVRIWKHGRRURURYHQ
ZDOOV
'RQRWXVHWKHRYHQWRGU\QHZVSDSHUV,IRYHUKHDWHG
WKH\FDQFDWFKRQILUH
'RQRWXVHWKHRYHQIRUDVWRUDJHDUHD,WHPVVWRUHGLQ
DQRYHQFDQLJQLWH
'RQRWOHDYHSDSHUSURGXFWVFRRNLQJXWHQVLOVRUIRRG
LQWKHRYHQZKHQQRWLQXVH
'RQRWXVHDOXPLQXPIRLOWROLQHWKHRYHQERWWRP
)RLOFDQWUDSKHDWRUPHOWUHVXOWLQJLQGDPDJHWRWKH
SURGXFWDQGDVKRFNRUILUHKD]DUG
0DNHVXUHDEURLOHUSDQLVLQSODFHFRUUHFWO\WRUHGXFH
WKHSRVVLELOLW\RIJUHDVHILUHV
,I\RXVKRXOGKDYHDJUHDVHILUHLQDEURLOHUSDQSUHVV
WKH&/($52))SDGDQGNHHSWKHRYHQGRRUFORVHGWR
FRQWDLQILUHXQWLOLWEXUQVRXW
6WDQGDZD\IURPWKHUDQJHZKHQRSHQLQJWKHRYHQGRRU+RWDLURUVWHDPZKLFKHVFDSHVFDQFDXVHEXUQV
WRKDQGVIDFHDQGRUH\HV
:$51,1*
29(1
&RRNPHDWDQGSRXOWU\WKRURXJKO\³PHDWWRDWOHDVWDQ,17(51$/WHPSHUDWXUHRI)
&
DQGSRXOWU\WRDWOHDVW
DQ,17(51$/WHPSHUDWXUHRI)
&
&RRNLQJWRWKHVHWHPSHUDWXUHVXVXDOO\SURWHFWVDJDLQVWIRRGERUQHLOOQHVV
&22.0($7$1'328/75<7+2528*+/<«
:$51,1*1(9(5FRYHUDQ\VORWVKROHV
RUSDVVDJHVLQWKHRYHQERWWRPRUFRYHUDQHQWLUH
UDFNZLWKPDWHULDOVVXFKDVDOXPLQXPIRLO'RLQJ
VREORFNVDLUIORZWKURXJKWKHRYHQDQGPD\FDXVH
FDUERQPRQR[LGHSRLVRQLQJ$OXPLQXPIRLOOLQLQJV
PD\DOVRWUDSKHDWFDXVLQJDILUHKD]DUG
*($SSOLDQFHVFRP86
ZZZ*($SSOLDQFHVFD&DQDGD
background
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
+RZWR/LJKWD*DV6XUIDFH%XUQHU
3XVKWKHFRQWURONQRELQDQGWXUQLWWRWKH/,7(
SRVLWLRQ
<RXZLOOKHDUDFOLFNLQJQRLVH³WKHVRXQGRIWKH
HOHFWULFVSDUNLJQLWLQJWKHEXUQHU
$IWHUWKHIODPHOLJKWVWXUQWKHNQREWRDGMXVW
WKHIODPHVL]H,IWKHNQREVWD\VDW/,7(LWZLOO
FRQWLQXHWRFOLFN
:KHQRQHEXUQHULVWXUQHGWR/,7( DOOWKH
EXUQHUVVSDUN'RQRWDWWHPSWWRGLVDVVHPEOHRU
FOHDQDURXQGDQ\EXUQHUZKLOHDQRWKHUEXUQHU
LVRQ$QHOHFWULFVKRFNPD\UHVXOWZKLFKFRXOG
FDXVH\RXWRNQRFNRYHUKRWFRRNZDUH
3XVKWKHFRQWURONQRELQDQGWXUQ
LWWRWKH/,7(SRVLWLRQ
+RZWR6HOHFW)ODPH6L]H
)RUVDIHKDQGOLQJRIFRRNZDUHQHYHUOHWWKH
IODPHVH[WHQGXSWKHVLGHVRIWKHFRRNZDUH
:DWFKWKHIODPHQRWWKHNQREDV\RXUHGXFH
KHDW7KHIODPHVL]HRQDJDVEXUQHUVKRXOG
PDWFKWKHFRRNZDUH
\RXDUHXVLQJ
$Q\IODPHODUJHUWKDQWKHERWWRPRIWKH
FRRNZDUHLVZDVWHGDQGRQO\VHUYHVWRKHDWWKH
KDQGOH
%HIRUH/LJKWLQJD*DV%XUQHU
0DNHVXUHDOOJUDWHVRQWKHUDQJHDUHLQSODFH
EHIRUHXVLQJDQ\EXUQHU
,I\RXUUDQJHKDVWKH5DQJH/RFN2XWIHDWXUH
PDNHVXUHLWLVGLVDEOHGEHIRUHDWWHPSWLQJWR
OLJKWWKHVXUIDFHEXUQHUV
$IWHU/LJKWLQJD*DV%XUQHU
'RQRWRSHUDWHWKHEXUQHUIRUDQH[WHQGHG
SHULRGRIWLPHZLWKRXWFRRNZDUHRQWKHJUDWH
7KHILQLVKRQWKHJUDWHPD\FKLSZLWKRXW
FRRNZDUHWRDEVRUEWKHKHDW
%HVXUHWKHEXUQHUVDQGJUDWHVDUHFRRO
EHIRUH\RXSODFH\RXUKDQGDSRWKROGHU
FOHDQLQJFORWKVRURWKHUPDWHULDOVRQWKHP
8VLQJWKHJDVVXUIDFHEXUQHUV
6HDOHG*DV%XUQHUV
<RXUJDVUDQJHFRRNWRSKDVIRXUVHDOHGJDV
EXUQHUV7KH\RIIHUFRQYHQLHQFHFOHDQDELOLW\DQG
IOH[LELOLW\WREHXVHGLQDZLGHUDQJHRIFRRNLQJ
DSSOLFDWLRQV
7KHVPDOOHVWEXUQHULQWKHULJKWUHDUSRVLWLRQLV
WKHVLPPHUEXUQHU7KLVEXUQHUFDQEHWXUQHG
WR/2IRUDYHU\ORZVLPPHUVHWWLQJ,WSURYLGHV
SUHFLVHFRRNLQJSHUIRUPDQFHIRUGHOLFDWHIRRGV
VXFKDVVDXFHVRUIRRGVWKDWUHTXLUHORZKHDWIRU
DORQJFRRNLQJWLPH
7KHPHGLXPOHIWUHDUDQGWKHODUJHOHIWIURQW
EXUQHUVDUHWKHSULPDU\EXUQHUVIRUPRVW
FRRNLQJ7KHVHJHQHUDOSXUSRVHEXUQHUVFDQ
EHWXUQHGIURP+,WR/2WRVXLWDZLGHUDQJHRI
FRRNLQJQHHGV
7KHH[WUDODUJHEXUQHUULJKWIURQWLVWKH
PD[LPXPRXWSXWEXUQHU/LNHWKHRWKHUWKUHH
EXUQHUVLWFDQEHWXUQHGIURP+,WR/2IRUD
ZLGHUDQJHRIFRRNLQJDSSOLFDWLRQVKRZHYHU
WKLVEXUQHULVGHVLJQHGWRTXLFNO\EULQJODUJH
DPRXQWVRIOLTXLGWRDERLO,WKDVDVSHFLDO
32:(5%2,/
VHWWLQJGHVLJQHGWREHXVHGZLWK
FRRNZDUHLQFKHVRUODUJHULQGLDPHWHU
0HGLXP
6PDOO
/DUJH
([WUD/DUJH
([WUDODUJHEXUQHURQO\
background
,Q&DVHRI3RZHU)DLOXUH
,QFDVHRIDSRZHUIDLOXUH\RXFDQOLJKWWKHJDV
VXUIDFHEXUQHUVRQ\RXUUDQJHZLWKDPDWFK
+ROGDOLWPDWFKWRWKHEXUQHUWKHQSXVKLQDQG
WXUQWKHFRQWURONQREWRWKH/,7(SRVLWLRQ8VH
H[WUHPHFDXWLRQZKHQOLJKWLQJEXUQHUVWKLVZD\
6XUIDFHEXUQHUVLQXVHZKHQDQHOHFWULFDO
SRZHUIDLOXUHRFFXUVZLOOFRQWLQXHWRRSHUDWH
QRUPDOO\
127(,IUDQJHORFNRXWLVLQXVHDWWKHWLPHRID
SRZHUIDLOXUHWKHVXUIDFHEXUQHUVFDQQRWEHOLW
:RN7KLV:D\
:HUHFRPPHQGWKDW\RXXVHDLQFK
FPRUVPDOOHUIODWERWWRPHGZRN0DNHVXUH
WKHZRNERWWRPVLWVIODWRQWKHJUDWH7KH\DUH
DYDLODEOHDW\RXUORFDOUHWDLOVWRUH
2QO\DIODWERWWRPHGZRNVKRXOGEHXVHG
'RQRWXVHDIODWERWWRPHGZRNRQDVXSSRUW
ULQJ3ODFLQJWKHULQJRYHUWKHEXUQHURUJUDWH
PD\FDXVHWKHEXUQHUWRZRUNLPSURSHUO\
UHVXOWLQJLQFDUERQPRQR[LGHOHYHOVDERYH
DOORZDEOHVWDQGDUGV7KLVFRXOGEHGDQJHURXV
WR\RXUKHDOWK
8VHDIODWERWWRPHGZRN
6WRYH7RS*ULOOV
'RQRWXVHVWRYHWRSJULOOVRQ\RXUVHDOHGJDV
EXUQHUV,I\RXXVHWKHVWRYHWRSJULOO
RQWKHVHDOHGJDVEXUQHULWZLOOFDXVH
LQFRPSOHWHFRPEXVWLRQDQGFDQUHVXOW
LQH[SRVXUHWRFDUERQPRQR[LGHOHYHOVDERYH
DOORZDEOHFXUUHQWVWDQGDUGV
7KLVFDQEHKD]DUGRXVWR\RXUKHDOWK
7RSRI5DQJH&RRNZDUH
$OXPLQXP 0HGLXPZHLJKWFRRNZDUHLV
UHFRPPHQGHGEHFDXVHLWKHDWVTXLFNO\
DQGHYHQO\0RVWIRRGVEURZQHYHQO\LQDQ
DOXPLQXPVNLOOHW8VHVDXFHSDQVZLWKWLJKW
ILWWLQJOLGVZKHQFRRNLQJZLWKPLQLPXP
DPRXQWVRIZDWHU
&DVW,URQ,IKHDWHGVORZO\PRVWVNLOOHWVZLOO
JLYHVDWLVIDFWRU\UHVXOWV
(QDPHOZDUH 8QGHUVRPHFRQGLWLRQVWKH
HQDPHORIVRPHFRRNZDUHPD\PHOW)ROORZ
FRRNZDUHPDQXIDFWXUHU·VUHFRPPHQGDWLRQV
IRUFRRNLQJPHWKRGV
*ODVV 7KHUHDUHWZRW\SHVRIJODVVFRRNZDUH³
WKRVHIRURYHQXVHRQO\DQGWKRVHIRUWRSRI
UDQJHFRRNLQJVDXFHSDQVFRIIHHDQGWHDSRWV
*ODVVFRQGXFWVKHDWYHU\VORZO\
+HDWSURRI*ODVV&HUDPLF &DQEHXVHGIRU
HLWKHUVXUIDFHRURYHQFRRNLQJ,WFRQGXFWV
KHDWYHU\VORZO\DQGFRROVYHU\VORZO\&KHFN
FRRNZDUHPDQXIDFWXUHU·VGLUHFWLRQVWREHVXUH
LWFDQEHXVHGRQJDVUDQJHV
6WDLQOHVV6WHHO 7KLVPHWDODORQHKDVSRRU
KHDWLQJSURSHUWLHVDQGLVXVXDOO\FRPELQHG
ZLWKFRSSHUDOXPLQXPRURWKHUPHWDOVIRU
LPSURYHGKHDWGLVWULEXWLRQ&RPELQDWLRQPHWDO
VNLOOHWVXVXDOO\ZRUNVDWLVIDFWRULO\LIWKH\DUH
XVHGZLWKPHGLXPKHDWDVWKHPDQXIDFWXUHU
UHFRPPHQGV
*($SSOLDQFHVFRP86
ZZZ*($SSOLDQFHVFD&DQDGD
background

8VLQJWKHRYHQFRQWUROVRQVRPHPRGHOV
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
%$.(3DG
7RXFKWRVHOHFWWKHEDNHIXQFWLRQ
%52,/+,/23DG
7RXFKWRVHOHFWWKHEURLOIXQFWLRQ
&219(&7,21%$.(08/7,5$&.3DG
7RXFKWRVHOHFWEDNLQJZLWKWKHFRQYHFWLRQIXQFWLRQ
&219(&7,2152$673DG
7RXFKWRVHOHFWURDVWLQJZLWKWKHFRQYHFWLRQ
IXQFWLRQ
3522)3DG
7RXFKWRVHOHFWDZDUPHQYLURQPHQWXVHIXOIRUULVLQJ
\HDVWOHDYHQHGSURGXFWV
67$573DG
0XVWEHWRXFKHGWRVWDUWDQ\FRRNLQJRUFOHDQLQJ
IXQFWLRQ
'LVSOD\
6KRZVWKHWLPHRIGD\RYHQWHPSHUDWXUHZKHWKHU
WKHRYHQLVLQWKHEDNHEURLORUVHOIFOHDQLQJPRGH
WKHWLPHVVHWIRUWKHWLPHURUDXWRPDWLFRYHQ
RSHUDWLRQVDQGLIWKHUDQJHLVORFNHG
,I´)²DQGDQXPEHURUOHWWHUµIODVKLQWKHGLVSOD\DQGWKH
RYHQFRQWUROVLJQDOVWKLVLQGLFDWHVDIXQFWLRQHUURUFRGH
7RXFKWKH&/($52))SDG$OORZWKHRYHQWRFRROIRURQH
KRXU3XWWKHRYHQEDFNLQWRRSHUDWLRQ,IWKHIXQFWLRQHUURU
FRGHUHSHDWVGLVFRQQHFWWKHSRZHUWRWKHRYHQDQGFDOOIRU
VHUYLFH
,I\RXURYHQZDVVHWIRUDWLPHGRYHQRSHUDWLRQDQGD
SRZHURXWDJHRFFXUUHGWKHFORFNDQGDOOSURJUDPPHG
IXQFWLRQVPXVWEHUHVHW
7KHWLPHRIGD\ZLOOIODVKLQWKHGLVSOD\ZKHQWKHUHKDV
EHHQDSRZHURXWDJH
6(/)&/($167'/2:3DG
7RXFKWRVHOHFWVHOIFOHDQLQJIXQFWLRQ6HHWKH8VLQJ
WKHVHOIFOHDQLQJRYHQVHFWLRQ
29(1/,*+7212))3DG
7RXFKWRWXUQWKHRYHQOLJKWRQRURII
'(/$<67$573DG
8VHDORQJZLWK&22.,1*7,0(RU6(/)&/($1
67'/2:SDGVWRVHWWKHRYHQWRVWDUWDQGVWRS
DXWRPDWLFDOO\DWDWLPH\RXVHW
&22.,1*7,0(3DG
7RXFKDQGWKHQWRXFKWKHQXPEHUSDGVWRVHWWKH
DPRXQWRIWLPH\RXZDQW\RXUIRRGWRFRRN7KH
RYHQZLOOVKXWRIIZKHQWKHFRRNLQJWLPHKDVUXQ
RXW
&/($52))3DG
7RXFKWRFDQFHO$// RYHQRSHUDWLRQVH[FHSWWKH
FORFNWLPHUDQGUDQJHORFNRXW
&/2&.3DG
7RXFKEHIRUHVHWWLQJWKHFORFN
1XPEHU3DGV
8VHWRVHWDQ\IXQFWLRQUHTXLULQJQXPEHUVVXFKDV
WKHWLPHRIGD\RQWKHFORFNWKHWLPHUWKHRYHQ
WHPSHUDWXUHWKHLQWHUQDOIRRGWHPSHUDWXUHWKH
VWDUWWLPHDQGOHQJWKRIRSHUDWLRQIRUWLPHGEDNLQJ
DQGVHOIFOHDQLQJ
.,7&+(17,0(5212))3DG
7RXFKWRVHOHFWWKHWLPHUIHDWXUH
352%(3DG
7RXFKZKHQXVLQJWKHSUREHWRFRRNIRRG
:$503DG
7RXFKWRNHHSFRRNHGIRRGVZDUP6HHWKH+RZWR
6HWWKH2YHQIRU:DUPLQJVHFWLRQ
5$1*(/2&.2873DG
7RXFKDQGKROGWKH5$1*(/2&.287SDGIRU
VHFRQGVWRORFNXQORFNWKHVXUIDFHEXUQHUV
RYHQEXUQHUVDQGFRQWUROSDQHOVRWKH\FDQQRWEH
DFWLYDWHG
2YHQ&RQWURO&ORFNDQG7LPHU)HDWXUHVDQG6HWWLQJV
)HDWXUHVDQGDSSHDUDQFHPD\YDU\
background

*($SSOLDQFHVFRP86
ZZZ*($SSOLDQFHVFD&DQDGD
%$.(3DG
7RXFKWRVHOHFWWKHEDNHIXQFWLRQ
%52,/+,/23DG
7RXFKWRVHOHFWWKHEURLOIXQFWLRQ
29(1/,*+73DG
7RXFKWRWXUQWKHRYHQOLJKWRQRURII
6(/)&/($1/2:67'3DG
7RXFKWRVHOHFWVHOIFOHDQLQJIXQFWLRQ
6HHWKH8VLQJWKHVHOIFOHDQLQJRYHQ VHFWLRQ
67$573DG
0XVWEHWRXFKHGWRVWDUWDQ\FRRNLQJRUFOHDQLQJ
IXQFWLRQ
1XPEHU3DGV
8VHWRVHWDQ\IXQFWLRQUHTXLULQJQXPEHUVVXFKDV
WKHWLPHRIGD\RQWKHFORFNWKHWLPHUWKHRYHQ
WHPSHUDWXUHWKHLQWHUQDOIRRGWHPSHUDWXUHWKHVWDUW
WLPHDQGOHQJWKRIRSHUDWLRQIRUWLPHGEDNLQJDQG
VHOIFOHDQLQJ
&21752//2&.287
7KHFRQWUROORFNRXWLVDQG7RXFKDQGKROGWKH
DQGSDGVDWWKHVDPHWLPHIRUVHFRQGV
&/($52))3DG
7RXFKWRFDQFHO$// RYHQRSHUDWLRQVH[FHSWWKH
FORFNWLPHUDQGFRQWUROORFNRXW
.,7&+(17,0(5212))3DG
7RXFKWRVHOHFWWKHWLPHUIHDWXUH
&/2&.3DG
7RXFKEHIRUHVHWWLQJWKHFORFN
'(/$<67$573DG
8VHDORQJZLWK&22.,1*7,0(RU6(/)&/($1
/2:67'SDGVWRVHWWKHRYHQWRVWDUWDQGVWRS
DXWRPDWLFDOO\DWDWLPH\RXVHW
&22.,1*7,0(3DG
7RXFKDQGWKHQWRXFKWKHQXPEHUSDGVWRVHWWKH
DPRXQWRIWLPH\RXZDQW\RXUIRRGWRFRRN7KH
RYHQZLOOVKXWRIIZKHQWKHFRRNLQJWLPHKDVUXQRXW
'LVSOD\
6KRZVWKHWLPHRIGD\RYHQWHPSHUDWXUHZKHWKHU
WKHRYHQLVLQWKHEDNHEURLORUVHOIFOHDQLQJPRGH
DQGWKHWLPHVVHWIRUWKHWLPHURUDXWRPDWLFRYHQ
RSHUDWLRQV
,I´)²DQGDQXPEHURUOHWWHUµIODVKLQWKHGLVSOD\
DQGWKHRYHQFRQWUROVLJQDOVWKLVLQGLFDWHVD
IXQFWLRQHUURUFRGH7RXFKWKH&/($52))SDG
$OORZWKHRYHQWRFRROIRURQHKRXU3XWWKHRYHQ
EDFNLQWRRSHUDWLRQ,IWKHIXQFWLRQHUURUFRGHUHSHDWV
GLVFRQQHFWWKHSRZHUWRWKHRYHQDQGFDOOIRUVHUYLFH
,I\RXURYHQZDVVHWIRUDWLPHGRYHQRSHUDWLRQ
DQGDSRZHURXWDJHRFFXUUHGWKHFORFNDQGDOO
SURJUDPPHGIXQFWLRQVPXVWEHUHVHW
7KHWLPHRIGD\ZLOOIODVKLQWKHGLVSOD\ZKHQWKHUH
KDVEHHQDSRZHURXWDJH
2YHQ&RQWURO&ORFNDQG7LPHU)HDWXUHVDQG6HWWLQJV
background
7RDYRLGSRVVLEOHEXUQVSODFHWKHUDFNVLQWKHGHVLUHGSRVLWLRQEHIRUH\RXWXUQWKHRYHQRQ
%HIRUH\RXEHJLQ«
7KHUDFNVKDYHVWRSVVRWKDWZKHQSODFHG
FRUUHFWO\RQWKHVXSSRUWVWKH\ZLOOVWRSEHIRUH
FRPLQJFRPSOHWHO\RXWDQGZLOOQRWWLOW
:KHQSODFLQJDQGUHPRYLQJFRRNZDUHSXOOWKH
UDFNRXWXQWLOLWVWRSV
7KHEDNHEXUQHULVXQGHUWKHRYHQIORRU'RQRW
SODFHIRRGVRQWKHRYHQERWWRPIRUFRRNLQJ
7RUHPRYHDUDFNSXOOLWWRZDUG\RXWLOWWKH
IURQWHQGXSDQGSXOOLWRXW
7RUHSODFH SODFHWKHHQGRIWKHUDFNVWRS
ORFNVRQWKHVXSSRUWWLOWXSWKHIURQWDQGSXVK
WKHUDFNLQ
&$87,21:KHQ\RXDUHXVLQJ
WKHUDFNLQWKHORZHVWSRVLWLRQ$\RXZLOOQHHG
WRXVHFDXWLRQZKHQSXOOLQJWKHUDFNRXW:H
UHFRPPHQGWKDW\RXSXOOWKHUDFNRXWVHYHUDO
LQFKHVDQGWKHQXVLQJWZRSRWKROGHUVSXOOWKH
UDFNRXWE\KROGLQJWKHVLGHVRILW7KHUDFNLV
ORZDQG\RXFRXOGEHEXUQHGLI\RXSODFH\RXU
KDQGLQWKHPLGGOHRIWKHUDFNDQGSXOODOOWKH
ZD\RXW%HYHU\FDUHIXOQRWWREXUQ\RXUKDQG
RQWKHGRRUZKHQXVLQJWKHUDFNLQWKHORZHVW
SRVLWLRQ$
7KHRYHQKDVUDFNSRVLWLRQV
+RZWR6HWWKH2YHQIRU%DNLQJRU5RDVWLQJ
7RXFKWKH%$.(SDG
7RXFKWKHQXPEHUSDGVWRVHW
WKHGHVLUHGWHPSHUDWXUH
7RXFKWKH67$57SDG
&KHFNIRRGIRUGRQHQHVVDWPLQLPXPWLPH
RQUHFLSH&RRNORQJHULIQHFHVVDU\
7RXFKWKH&/($52))SDGZKHQFRRNLQJ
LVFRPSOHWH
127($FRROLQJIDQZLOODXWRPDWLFDOO\WXUQRQ
DQGRIIWRFRROLQWHUQDOSDUWV7KLVLVQRUPDODQG
WKHIDQPD\FRQWLQXHWRUXQHYHQDIWHUWKHRYHQ
LQWXUQHGRII
,IEDNLQJIRXUFDNHOD\HUVDWWKHVDPHWLPHSODFH
WZROD\HUVRQUDFN%DQGWZROD\HUVRQUDFN'
6WDJJHUSDQVRQWKHUDFNVRRQHLVQRWGLUHFWO\
DERYHWKHRWKHU

8VLQJWKHRYHQ
7\SHRI)RRG 5DFN3RVLWLRQ
)UR]HQSLHVRQFRRNLHVKHHW &RU'
$QJHOIRRGFDNH $
%XQGWRUSRXQGFDNHV %RU&
%LVFXLWVPXIILQVEURZQLHV &RU'
FRRNLHVFXSFDNHV
OD\HUFDNHVSLHV
&DVVHUROHV &RU'
7XUNH\ $
background

*($SSOLDQFHVFRP86
ZZZ*($SSOLDQFHVFD&DQDGD
$OXPLQXP)RLO
'RQRWXVHDOXPLQXPIRLOWROLQHRYHQERWWRPV
7KHIRLOZLOOWUDSKHDWEHORZDQGXSVHWWKH
SHUIRUPDQFHRIWKHRYHQ)RLOFDQPHOWDQG
SHUPDQHQWO\GDPDJHWKHRYHQERWWRP
'DPDJHIURPLPSURSHUXVHRIDOXPLQXPIRLOLV
QRWFRYHUHGE\WKHSURGXFWZDUUDQW\
)RLOPD\EHXVHGWRFDWFKVSLOOVE\SODFLQJD
VKHHWRQDORZHUUDFNVHYHUDOLQFKHVEHORZ
WKHIRRG'RQRWXVHPRUHIRLOWKDQQHFHVVDU\
DQGQHYHUHQWLUHO\FRYHUDQRYHQUDFNZLWK
DOXPLQXPIRLO.HHSIRLODWOHDVWµIURP
RYHQZDOOVWRSUHYHQWSRRUKHDWFLUFXODWLRQ
3UHKHDWLQJDQG3DQ3ODFHPHQW
3UHKHDWWKHRYHQLIWKHUHFLSHFDOOVIRULW
3UHKHDWLQJLVQHFHVVDU\IRUJRRGUHVXOWVZKHQ
EDNLQJFDNHVFRRNLHVSDVWU\DQGEUHDGV
7RSUHKHDWVHWWKHRYHQDWWKHFRUUHFW
WHPSHUDWXUH7KHFRQWUROZLOOEHHSZKHQWKH
RYHQLVSUHKHDWHGDQGWKHGLVSOD\ZLOOVKRZ
\RXUVHWWHPSHUDWXUH7KHSUHKHDWWLPHZLOOYDU\
GHSHQGLQJRQWKHWHPSHUDWXUHVHWWLQJ
%DNLQJUHVXOWVZLOOEHEHWWHULIEDNLQJSDQVDUH
FHQWHUHGLQWKHRYHQDVPXFKDVSRVVLEOH,I
EDNLQJZLWKPRUHWKDQRQHSDQSODFHWKHSDQV
VRHDFKKDVDWOHDVWµFPWR
øµFP
RIDLUVSDFHDURXQGLW
'RQRWSODFHIRRGVGLUHFWO\RQWKH
RYHQIORRU
2YHQ0RLVWXUH
$V\RXURYHQKHDWVXSWKHWHPSHUDWXUH
FKDQJHRIWKHDLULQWKHRYHQPD\FDXVHZDWHU
GURSOHWVWRIRUPRQWKHGRRUJODVV7KHVH
GURSOHWVDUHKDUPOHVVDQGZLOOHYDSRUDWHDVWKH
RYHQFRQWLQXHVWRKHDWXS
3RZHU2XWDJH
&$87,21'RQRWPDNHDQ\
DWWHPSWWRRSHUDWHWKHHOHFWULFLJQLWLRQRYHQ
GXULQJDQHOHFWULFDOSRZHUIDLOXUH
7KHRYHQRUEURLOHUFDQQRWEHOLWGXULQJDSRZHU
IDLOXUH*DVZLOOQRWIORZXQOHVVWKHJORZEDULV
KRW
,IWKHRYHQLVLQXVHZKHQDSRZHUIDLOXUH
RFFXUVWKHRYHQEXUQHUVKXWVRIIDQGFDQQRW
EHUHOLWXQWLOSRZHULVUHVWRUHG7KLVLVEHFDXVH
WKHIORZRIJDVLVDXWRPDWLFDOO\VWRSSHG
DQGZLOOQRWUHVXPHZKHQSRZHULVUHVWRUHG
XQWLOWKHJORZEDUKDVUHDFKHGRSHUDWLQJ
WHPSHUDWXUH
2YHQ9HQW
<RXURYHQLVYHQWHGWKURXJKRQHYHQWORFDWHG
WRZDUGWKHUHDURIWKHUDQJH'RQRWEORFNWKLV
YHQWZKHQFRRNLQJLQWKHRYHQ³LWLVLPSRUWDQW
WKDWWKHIORZRIKRWDLUIURPWKHRYHQDQG
IUHVKDLUWRWKHRYHQEXUQHUEHXQLQWHUUXSWHG
$YRLGWRXFKLQJWKHYHQWRSHQLQJVRUQHDUE\
VXUIDFHVGXULQJRYHQRUEURLOHURSHUDWLRQ³
WKH\PD\EHFRPHKRW
+DQGOHVRISRWVDQGSDQVRQWKHFRRNWRS
PD\EHFRPHKRWLIOHIWWRRFORVHWRWKHYHQW
'RQRWOHDYHSODVWLFLWHPVRQWKHFRRNWRS³
WKH\PD\PHOWLIOHIWWRRFORVHWRWKHYHQW
'RQRWOHDYHDQ\LWHPVRQWKHFRRNWRS7KH
KRWDLUIURPWKHYHQWPD\LJQLWHIODPPDEOH
LWHPVDQGZLOOLQFUHDVHSUHVVXUHLQFORVHG
FRQWDLQHUVZKLFKPD\FDXVHWKHPWREXUVW
0HWDOLWHPVZLOOEHFRPHYHU\KRWLIWKH\DUH
OHIWRQWKHFRRNWRSDQGFRXOGFDXVHEXUQV
background

8VLQJWKHRYHQ
)RRG 4XDQWLW\DQGRU
7KLFNQHVV
5DFN
3RVLWLRQ
)LUVW6LGH
7LPHPLQ
6HFRQG6LGH
7LPHPLQ
&RPPHQWV
*URXQG%HHI
µWR
µFPWR
FPWKLFN
'  6SDFHHYHQO\
%HHI6WHDNV
5DUH
µWRµ ) 6WHDNVOHVVWKDQ
µFP
WKLFNDUHGLIILFXOWWRFRRN
UDUH6ODVKIDW
0HGLXP FPWRFPWKLFN (
:HOO'RQH
WR
øOEVNJWRNJ
(
5DUH
µFPWKLFN (  
0HGLXP
WR
øOEVNJWRNJ
(
:HOO'RQH '  
&KLFNHQ ZKROHFXWXS
WR
øOEVNJWRNJ
VSOLWOHQJWKZLVH
&   %UXVKHDFKVLGHZLWK
PHOWHGEXWWHU
%URLOVNLQVLGHGRZQILUVW
%UHDVW &  
%DNHU\3URGXFW
%UHDGWRDVW WRVOLFHV ) 6SDFHHYHQO\3ODFH
(QJOLVKPXIILQVFXWVLGHXS
DQGEUXVKZLWKEXWWHULI
GHVLUHG
(QJOLVK0XIILQ VSOLW ) 
/REVWHU7DLOV ² & ² 'RQRWWXUQ
RYHU
&XWWKURXJKEDFNRIVKHOO
6SUHDGRSHQ%UXVKZLWK
PHOWHGEXWWHUEHIRUH
EURLOLQJDQGDIWHUKDOIRI
EURLOLQJWLPH
)LVK)LOOHWV OE
NJ
µWR
µ
>FPWRFP@WKLFN
( +DQGOHDQGWXUQYHU\
FDUHIXOO\%UXVKZLWKOHPRQ
EXWWHUEHIRUHDQGGXULQJ
FRRNLQJLIGHVLUHG
6DOPRQ
6WHDNV µ>FP@WKLFN (   7XUQFDUHIXOO\
'RQRWWXUQVNLQVLGHGRZQ
)LOOHWV 
µWR
µ>FPWR
FP@WKLFN
(
+DP6OLFHV
SUHFRRNHG
µFPWKLFN '
µFPWKLFN '
3RUN&KRSV 
µ>FP@WKLFN '   6ODVKIDW
:HOO'RQH µ>FP@WKLFNDERXW
OENJ
'
/DPE&KRSV
0HGLXP

µ
>FP@WKLFNDERXW
( 6ODVKIDW
:HOO'RQH WRR]JWRJ ( 
0HGLXP 
øµ>
FP@
WKLFN (
:HOO'RQH DERXWOE
NJ
(
%URLOLQJ*XLGH
7KHVL]HZHLJKWWKLFNQHVV
VWDUWLQJWHPSHUDWXUH
DQG\RXUSUHIHUHQFH
RIGRQHQHVVZLOODIIHFW
EURLOLQJWLPHV7KLVJXLGH
LVEDVHGRQPHDWVDW
UHIULJHUDWRUWHPSHUDWXUH
7KH86'HSDUWPHQWRI
$JULFXOWXUHVD\V´5DUHEHHI
LVSRSXODUEXW\RXVKRXOG
NQRZWKDWFRRNLQJLWWRRQO\
)&PHDQVVRPHIRRG
SRLVRQLQJRUJDQLVPVPD\
VXUYLYHµ6RXUFH6DIH)RRG%RRN
<RXU.LWFKHQ*XLGH86'$5HY
-XQH
+RZWR6HWWKH2YHQIRU%URLOLQJ
,03257$177RDYRLGSRVVLEOHEXUQVSODFHWKH
UDFNVLQWKHGHVLUHGSRVLWLRQEHIRUH\RXWXUQWKH
RYHQRQ
3ODFHWKHPHDWRUILVKRQDEURLOHUJULGLQD
EURLOHUSDQ
)ROORZVXJJHVWHGUDFNSRVLWLRQVLQWKH
%URLOLQJ*XLGH
7KHRYHQGRRUPXVW EHFORVHGGXULQJ
EURLOLQJ

7RXFKWKH%52,/+,/2 SDGRQFHIRU+,%URLO
7RFKDQJHWR/2%URLOWRXFKWKH%52,/+,
/2SDGDJDLQ
8VH/2%URLOWRFRRNIRRGVVXFKDVSRXOWU\RU
WKLFNFXWVRIPHDWWKRURXJKO\ZLWKRXWRYHU
EURZQLQJWKHP
7RXFKWKH67$57SDG
:KHQEURLOLQJLVILQLVKHGWRXFKWKH&/($5
2))SDG
6HUYHWKHIRRGLPPHGLDWHO\DQGOHDYHWKHSDQ
RXWVLGHWKHRYHQWRFRROGXULQJWKHPHDOIRU
HDVLHVWFOHDQLQJ
127(%URLOZLOOQRWZRUNLIWKHWHPSHUDWXUH
SUREHLVSOXJJHGLQ
background
*($SSOLDQFHVFRP86
8VLQJWKHFORFNDQGWLPHU ZZZ*($SSOLDQFHVFD&DQDGD

7R6HWWKH&ORFN
7KHFORFNPXVWEHVHWWRWKHFRUUHFWWLPHRIGD\
IRUWKHDXWRPDWLFRYHQWLPLQJIXQFWLRQVWRZRUN
SURSHUO\7KHWLPHRIGD\FDQQRWEHFKDQJHG
GXULQJDWLPHGEDNLQJRUVHOIFOHDQLQJF\FOH
7RXFKWKH&/2&.SDG
7RXFKWKHQXPEHUSDGV
7RXFKWKH67$57SDG
0DNHVXUHWKHFORFNLVVHWWRWKH
FRUUHFWWLPHRIGD\
7R6HWWKH7LPHU
7RXFKWKH.,7&+(17,0(5212))SDG
7RXFKWKHQXPEHUSDGVXQWLOWKHDPRXQW
RIWLPH\RXZDQWVKRZVLQWKHGLVSOD\)RU
H[DPSOHWRVHWKRXUVDQGPLQXWHV
WRXFK DQG LQWKDWRUGHU,I\RX
PDNHDPLVWDNHWRXFKWKH.,7&+(1
7,0(5212)) SDGDQGEHJLQDJDLQ
7RXFKWKH67$57SDG
$IWHUWRXFKLQJWKH67$57SDG6(7GLVDSSHDUV
WKLVWHOOV\RXWKHWLPHLVFRXQWLQJGRZQ
DOWKRXJKWKHGLVSOD\GRHVQRWFKDQJHXQWLORQH
PLQXWHKDVSDVVHG6HFRQGVZLOOQRWEHVKRZQ
LQWKHGLVSOD\XQWLOWKHODVWPLQXWHLVFRXQWLQJ
GRZQ
:KHQWKHWLPHUUHDFKHVWKHFRQWURO
ZLOOEHHSWLPHVIROORZHGE\RQHEHHS
HYHU\VHFRQGVXQWLOWKH.,7&+(17,0(5
212))SDGLVWRXFKHG
7KHVHFRQGWRQHFDQEHFDQFHOHGE\IROORZLQJ
WKHVWHSVLQWKH6SHFLDOIHDWXUHVRI\RXURYHQ
FRQWUROVHFWLRQXQGHU7RQHVDWWKH(QGRID
7LPHG&\FOH
7KHWLPHULVDPLQXWHWLPHURQO\
7KHWLPHUGRHVQRWFRQWURORYHQ
RSHUDWLRQV7KHPD[LPXPVHWWLQJ
RQWKHWLPHULVKRXUVDQG
PLQXWHV
7R5HVHWWKH7LPHU
,IWKHGLVSOD\LVVWLOOVKRZLQJWKHWLPHUHPDLQLQJ
\RXPD\FKDQJHLWE\WRXFKLQJWKH.,7&+(1
7,0(5212)) SDGWKHQWRXFKWKHQXPEHU
SDGVXQWLOWKHWLPH\RXZDQWDSSHDUVLQWKH
GLVSOD\
,IWKHUHPDLQLQJWLPHLVQRWLQWKHGLVSOD\
FORFNGHOD\VWDUWRUFRRNLQJWLPHDUHLQWKH
GLVSOD\UHFDOOWKHUHPDLQLQJWLPHE\WRXFKLQJ
WKH.,7&+(17,0(5212))SDGDQGWKHQ
WRXFKLQJWKHQXPEHUSDGVWRHQWHUWKHQHZ
WLPH\RXZDQW
7R&DQFHOWKH7LPHU
7RXFKWKH.,7&+(17,0(5212))
SDGWZLFH
background
<RXUFRQWUROZLOODOORZ\RXWRORFNRXWWKHWRXFK
SDGVVRWKH\FDQQRWEHDFWLYDWHGZKHQSUHVVHG
7RORFNXQORFNWKHFRQWUROV
7RXFKWKH DQGSDGVDWWKHVDPHWLPH
IRUVHFRQGVXQWLOWKHGLVSOD\VKRZV/2&
21
7RXQORFNWKHFRQWUROWRXFKWKH DQG
SDGVDWWKHVDPHWLPHIRUVHFRQGVXQWLO
WKHGLVSOD\VKRZV/2&2))
:KHQWKLVIHDWXUHLVRQDQGWKHWRXFKSDGVDUH
WRXFKHGWKHFRQWUROZLOOEHHSDQGWKHGLVSOD\
ZLOOVKRZ/2&21
7KHFRQWUROORFNRXWPRGHDIIHFWVDOOWRXFK
SDGV1RWRXFKSDGVZLOOZRUNZKHQWKLV
IHDWXUHLVDFWLYDWHG
7KHDGMXVWPHQWZLOOEHUHWDLQHGLQPHPRU\
DIWHUDSRZHUIDLOXUH
&RQWURO/RFNRXWRQVRPHPRGHOV
8VLQJWKHUDQJHRUFRQWUROORFNRXW

<RXUFRQWUROZLOODOORZ\RXWRORFNRXWWKH
VXUIDFHEXUQHUVRYHQEXUQHUVDQGFRQWURO
SDQHOVRWKH\FDQQRWEHDFWLYDWHG
7RORFNXQORFNWKHFRQWUROV
7XUQDOOVXUIDFHEXUQHUVRII
7RXFKDQGKROGWKH5$1*(/2&.287
SDGIRUVHFRQGVXQWLOWKHGLVSOD\VKRZV
/2&21
7RXQORFNWKHFRQWUROWRXFKDQGKROGWKH
5$1*(/2&.287SDGIRUVHFRQGVXQWLO
WKHGLVSOD\VKRZV/2&2))
:KHQWKLVIHDWXUHLVRQDQGWKHWRXFKSDGVDUH
WRXFKHGWKHFRQWUROZLOOEHHSDQGWKHGLVSOD\
ZLOOVKRZ/2&21
7KHFRQWUROORFNRXWPRGHDIIHFWVDOOFRQWUROV
1RFRQWUROVZLOOZRUNZKHQWKLVIHDWXUHLV
DFWLYDWHG
7KHDGMXVWPHQWZLOOEHUHWDLQHGLQPHPRU\
DIWHUDSRZHUIDLOXUH
5DQJH/RFN2XWRQVRPHPRGHOV
background

*($SSOLDQFHVFRP86
8VLQJWKHWLPHGEDNLQJDQGURDVWLQJIHDWXUHVRQVRPHPRGHOV
ZZZ*($SSOLDQFHVFD&DQDGD
127()RRGVWKDWVSRLOHDVLO\³VXFKDVPLONHJJVILVKVWXIILQJVSRXOWU\DQGSRUN³VKRXOGQRWEHDOORZHGWRVLWIRUPRUH
WKDQKRXUEHIRUHRUDIWHUFRRNLQJ5RRPWHPSHUDWXUHSURPRWHVWKHJURZWKRIKDUPIXOEDFWHULD%HVXUHWKDWWKHRYHQ
OLJKWLVRIIEHFDXVHKHDWIURPWKHEXOEZLOOVSHHGKDUPIXOEDFWHULDJURZWK
+RZWR6HWDQ,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS
7KHRYHQZLOOWXUQRQLPPHGLDWHO\DQGFRRNIRU
DVHOHFWHGOHQJWKRIWLPH$WWKHHQGRIWKH
FRRNLQJWLPHWKHRYHQZLOOWXUQRIIDXWRPDWLFDOO\
7RXFKWKH%$.(SDG
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
WHPSHUDWXUH
7RXFKWKH&22.,1*7,0(SDG
127(,I\RXUUHFLSHUHTXLUHVSUHKHDWLQJ\RX
PD\QHHGWRDGGDGGLWLRQDOWLPHWRWKHOHQJWKRI
WKHFRRNLQJWLPH
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
EDNLQJWLPH7KHRYHQWHPSHUDWXUHDQG
WKHFRRNLQJWLPHWKDW\RXHQWHUHGZLOOEH
GLVSOD\HG
7RXFKWKH67$57SDG
7KHGLVSOD\ZLOOVKRZWKHFKDQJLQJ
WHPSHUDWXUHVWDUWLQJDW)>&@DQGWKH
FRRNLQJWLPH7KHGLVSOD\VWDUWVFKDQJLQJRQFH
WKHWHPSHUDWXUHUHDFKHV)&
7KHRYHQZLOOFRQWLQXHWRFRRNIRUWKH
SURJUDPPHGDPRXQWRIWLPHWKHQVKXWRII
DXWRPDWLFDOO\XQOHVVWKH:$50IHDWXUHZDV
VHW6HHWKH+RZWR6HWWKH2YHQIRU:DUPLQJ
VHFWLRQ
7RXFKWKH&/($52))SDGWRFOHDUWKH
GLVSOD\
+RZWR6HWD'HOD\HG6WDUWDQG$XWRPDWLF6WRS
<RXFDQVHWWKHRYHQFRQWUROWRGHOD\VWDUWWKH
RYHQFRRNIRUDVSHFLILFOHQJWKRIWLPHDQGWKHQ
WXUQRIIDXWRPDWLFDOO\
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRI
GD\
7RXFKWKH%$.(SDG
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
WHPSHUDWXUH
7RXFKWKH&22.,1*7,0(SDG
127(,I\RXUUHFLSHUHTXLUHVSUHKHDWLQJ\RX
PD\QHHGWRDGGDGGLWLRQDOWLPHWRWKHOHQJWKRI
WKHFRRNLQJWLPH
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
EDNLQJWLPH
7RXFKWKH'(/$<67$57SDG
8VLQJWKHQXPEHUSDGVHQWHUWKHWLPHRI
GD\\RXZDQWWKHRYHQWRWXUQRQDQG
VWDUWFRRNLQJ
7RXFKWKH67$57SDG
127($QDWWHQWLRQWRQHZLOOVRXQGLI\RXDUH
XVLQJWLPHGEDNLQJDQGGRQRWWRXFKWKH67$57
SDGDIWHUHQWHULQJWKHEDNLQJWHPSHUDWXUH
,I\RXZRXOGOLNHWRFKHFNWKHWLPHV\RXKDYH
VHWWRXFKWKH'(/$<67$57SDGWRFKHFNWKH
VWDUWWLPH\RXKDYHVHWRUWRXFKWKH&22.,1*
7,0(SDGWRFKHFNWKHOHQJWKRIFRRNLQJWLPH
\RXKDYHVHW
:KHQWKHRYHQWXUQVRQDWWKHWLPHRIGD\\RX
KDYHVHWWKHGLVSOD\ZLOOVKRZWKHFKDQJLQJ
WHPSHUDWXUHVWDUWLQJDW)>&@DQGWKH
FRRNLQJWLPH7KHGLVSOD\VWDUWVFKDQJLQJRQFH
WKHWHPSHUDWXUHUHDFKHV)&
7KHRYHQZLOOFRQWLQXHWRFRRNIRUWKH
SURJUDPPHGDPRXQWRIWLPHWKHQVKXWRII
DXWRPDWLFDOO\XQOHVVWKH:$50IHDWXUHZDV
VHW6HHWKH+RZWR6HWWKH2YHQIRU:DUPLQJ
VHFWLRQ
7RXFKWKH&/($52))SDGWRFOHDUWKH
GLVSOD\
background
8VHRISUREHVRWKHUWKDQWKHRQHSURYLGHGZLWK
WKLVSURGXFWPD\UHVXOWLQGDPDJHWRWKHSUREH
RURYHQFRQWURO
8VHWKHKDQGOHVRIWKHSUREHDQGSOXJZKHQ
LQVHUWLQJDQGUHPRYLQJWKHPIURPWKHIRRG
DQGRXWOHW
7RDYRLGGDPDJLQJ\RXUSUREHGRQRWXVH
WRQJVWRSXOORQWKHFDEOHZKHQUHPRYLQJLW
7RDYRLGEUHDNLQJWKHSUREHPDNHVXUHIRRG
LVFRPSOHWHO\GHIURVWHGEHIRUHLQVHUWLQJ
7RSUHYHQWSRVVLEOHEXUQVGRQRWXQSOXJ
WKHSUREHIURPWKHRXWOHWXQWLOWKHRYHQKDV
FRROHG
1HYHUOHDYH\RXUSUREHLQVLGHWKHRYHQ
GXULQJDVHOIFOHDQLQJF\FOH
'RQRWVWRUHWKHSUREHLQWKHRYHQ
,QVHUWWKHSUREHLQWRWKHIRRG
3OXJWKHSUREHLQWRWKHRXWOHWLQWKH
RYHQ0DNHVXUHLW·VSXVKHGDOOWKH
ZD\LQ&ORVHWKHRYHQGRRU0DNH
VXUHWKHSUREHFDEOHLVQRWWRXFKLQJ
WKHEURLOHOHPHQW
7RXFKWKH352%(SDG
7RXFKWKHQXPEHUSDGVWRVHW
WKHGHVLUHGLQWHUQDOIRRGRUPHDW
WHPSHUDWXUH7KHPD[LPXPLQWHUQDO
WHPSHUDWXUHIRUWKHIRRGWKDW\RXFDQ
VHWLV)&
7RXFKWKH%$.(SDG
7RXFKWKHQXPEHUSDGVWRVHWWKH
GHVLUHGRYHQWHPSHUDWXUH
7RXFKWKH67$57SDG
7KHGLVSOD\ZLOOIODVKLIWKHSUREHLVLQVHUWHG
LQWRWKHRXWOHWDQG\RXKDYHQRWVHWDSUREH
WHPSHUDWXUHDQGWRXFKHGWKH67$57SDG
$IWHUWKHLQWHUQDOWHPSHUDWXUHRI
WKHIRRGUHDFKHV)&WKH
FKDQJLQJLQWHUQDOWHPSHUDWXUHZLOOEH
VKRZQLQWKHGLVSOD\
:KHQWKHLQWHUQDOWHPSHUDWXUHRIWKH
IRRGUHDFKHVWKHQXPEHU\RXKDYH
VHWWKHSUREHDQGWKHRYHQWXUQRII
DQGWKHRYHQFRQWUROVLJQDOV7RVWRS
WKHVLJQDOWRXFKWKH&/($52))SDG
8VHKRWSDGVWRUHPRYHWKHSUREH
IURPWKHIRRG'RQRWXVHWRQJVWR
SXOORQLW³WKH\PLJKWGDPDJHLW
7RFKDQJHWKHRYHQWHPSHUDWXUHGXULQJ
WKH5RDVWF\FOHWRXFKWKH%$.(SDGDQG
WKHQWKHQXPEHUSDGVWRVHWWKHQHZ
WHPSHUDWXUH
,IWKHSUREHLVUHPRYHGIURPWKHIRRG
EHIRUHWKHILQDOWHPSHUDWXUHLVUHDFKHGD
WRQHZLOOVRXQGDQGWKHGLVSOD\ZLOOIODVK
XQWLOWKHSUREHLVUHPRYHGIURPWKHRYHQ
<RXFDQXVHWKHWLPHUHYHQWKRXJK
\RXFDQQRWXVHWLPHGRYHQRSHUDWLRQV
ZKLOHXVLQJWKHSUREH
)RUPDQ\IRRGVHVSHFLDOO\URDVWVDQGSRXOWU\LQWHUQDOIRRGWHPSHUDWXUHLVWKHEHVWWHVWIRUGRQHQHVV7KHWHPSHUDWXUH
SUREHWDNHVWKHJXHVVZRUNRXWRIURDVWLQJE\FRRNLQJIRRGVWRWKHH[DFWGRQHQHVV\RXZDQW
$IWHUSUHSDULQJWKHPHDWDQGSODFLQJ
LWRQDWULYHWRURQDEURLOHUSDQJULG
IROORZWKHVHGLUHFWLRQVIRUSURSHUSUREH
SODFHPHQW
,QVHUWWKHSUREHFRPSOHWHO\LQWRWKH
PHDW,WVKRXOGQRWWRXFKERQHIDW
RUJULVWOH
)RUURDVWVZLWKQRERQHLQVHUWWKHSUREH
LQWRWKHPHDWLHVWSDUWRIWKHURDVW)RU
ERQHLQKDPRUODPELQVHUWWKHSUREHLQWR
WKHFHQWHURIWKHORZHVWODUJHPXVFOH
,QVHUWWKHSUREHLQWRWKHFHQWHURIGLVKHV
VXFKDVPHDWORDIRUFDVVHUROHV
,QVHUWWKHSUREHLQWRWKHPHDWLHVWSDUWRI
WKHLQQHUWKLJKIURPEHORZDQGSDUDOOHOWR
WKHOHJRIDZKROHWXUNH\
+RZWR6HWWKH2YHQ)RU5RDVWLQJ:KHQ8VLQJWKH3UREH
7KHWHPSHUDWXUHSUREHKDVD
VNHZHUOLNHSUREHDWRQHHQGDQG
DSOXJDWWKHRWKHUHQGWKDWJRHV
LQWRWKHRXWOHWLQWKHRYHQ

8VLQJWKHSUREHRQVRPHPRGHOV
3OXJ
&DEOH
+DQGOHV
3UREH
background

*($SSOLDQFHVFRP86
8VLQJWKHFRQYHFWLRQRYHQRQVRPHPRGHOV ZZZ*($SSOLDQFHVFD&DQDGD
$GDSWLQJ5HFLSHV«
<RXFDQXVH\RXUIDYRULWHUHFLSHVLQWKH
FRQYHFWLRQRYHQ
:KHQFRQYHFWLRQEDNLQJWKH$XWR5HFLSH
&RQYHUVLRQIHDWXUHDXWRPDWLFDOO\UHGXFHV
WKHVHWUHJXODUEDNLQJWHPSHUDWXUHE\WKH
UHFRPPHQGHG)&6HH$XWR5HFLSH
&RQYHUVLRQLQWKH6SHFLDO)HDWXUHVVHFWLRQ
8VHSDQVL]HUHFRPPHQGHG
6RPHSDFNDJHLQVWUXFWLRQVIRUIUR]HQ
FDVVHUROHVRUPDLQGLVKHVKDYHEHHQ
GHYHORSHGXVLQJFRPPHUFLDOFRQYHFWLRQ
RYHQV)RUEHVWUHVXOWVLQWKLVRYHQSUHKHDW
WKHRYHQDQGXVHWKHWHPSHUDWXUHRQWKH
SDFNDJH
&RQYHFWLRQ)DQ
,QDFRQYHFWLRQRYHQDIDQFLUFXODWHVKRWDLU
RYHUXQGHUDQGDURXQGWKHIRRG
7KLVFLUFXODWLQJKRWDLULVHYHQO\GLVWULEXWHG
WKURXJKRXWWKHRYHQFDYLW\$VDUHVXOWIRRGV
DUHHYHQO\FRRNHGDQGEURZQHG³RIWHQLQOHVV
WLPHZLWKFRQYHFWLRQKHDW
127(7KHFRQYHFWLRQIDQZLOOF\FOHRQDQGRII
ZKLOHFRRNLQJWREHVWGLVWULEXWHKRWDLULQWKH
RYHQ
7KHFRQYHFWLRQRYHQIDQVKXWVRIIZKHQWKH
RYHQGRRULVRSHQHG
%HFDXVHKHDWHGDLULVFLUFXODWHGHYHQO\
WKURXJKRXWWKHRYHQIRRGVFDQEHEDNHGZLWK
H[FHOOHQWUHVXOWVXVLQJPXOWLSOHUDFNV
0XOWLUDFNEDNLQJPD\LQFUHDVHFRRNWLPHV
VOLJKWO\IRUVRPHIRRGVEXWWKHRYHUDOOUHVXOWLV
WLPHVDYHG&RRNLHVPXIILQVELVFXLWVDQGRWKHU
TXLFNEUHDGVJLYHJRRGUHVXOWVZLWKPXOWLUDFN
EDNLQJ
:KHQEDNLQJRQUDFNVSODFHRQHUDFNLQWKH
IRXUWK'SRVLWLRQRQHLQWKHILIWK(SRVLWLRQ
DQGRQHLQWKHVL[WK)SRVLWLRQ,ISDQVZLOOQRW
ILWXVHUDFNSRVLWLRQV%'DQG)
0XOWL5DFN&RQYHFWLRQ%DNLQJ
0XOWLUDFNSRVLWLRQ
7KHFRQYHFWLRQIDQFLUFXODWHVWKHKHDWHGDLU
HYHQO\RYHUDQGDURXQGWKHIRRG
:KHQFRQYHFWLRQEDNLQJZLWKRQO\UDFN
XVHWKHUDFNSRVLWLRQVUHFRPPHQGHGLQWKH
8VLQJWKHRYHQVHFWLRQ
,GHDOIRUHYHQO\EURZQHGEDNHGIRRGVFRRNHG
RQUDFNDQGIRUODUJHIRRGV$GGLWLRQDOO\
VRPHWLPHVDYLQJVPD\EHQRWLFHG
*RRGUHVXOWVZLWKFRRNLHVELVFXLWVPXIILQV
EURZQLHVFXSFDNHVFUHDPSXIIVVZHHWUROOV
DQJHOIRRGFDNHDQGEUHDG
5DFN&RQYHFWLRQ%DNLQJ
background
7RXFKWKH&219(&7,21%$.(08/7,
5$&.RU&219(&7,2152$67SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH67$57SDG
7RFKDQJHWKHRYHQWHPSHUDWXUHWRXFK
WKH&219(&7,21%$.(08/7,5$&.RU
&219(&7,2152$67SDGDQGWKHQWKH
QXPEHUSDGVWRVHWWKHQHZWHPSHUDWXUH
:KHQWKHRYHQVWDUWVWRKHDWWKHFKDQJLQJ
WHPSHUDWXUHVWDUWLQJDW)&ZLOOEH
GLVSOD\HG:KHQRYHQUHDFKHVWKHWHPSHUDWXUH
\RXVHWEHHSVZLOOVRXQG
7RXFK&/($52))SDGZKHQILQLVKHG
<RXZLOOKHDUDIDQZKLOHFRRNLQJZLWK
FRQYHFWLRQ7KHIDQZLOOVWRSZKHQWKHGRRULV
RSHQHGEXWWKHKHDWZLOOQRWWXUQRII
<RXPD\KHDUWKHRYHQFOLFNLQJGXULQJ
EDNLQJ7KLVLVQRUPDO
+RZWR6HWWKH2YHQIRU&RQYHFWLRQ%DNLQJRU5RDVWLQJ
&RQYHFWLRQ5RDVW
*RRGIRUODUJHWHQGHUFXWVRIPHDW
XQFRYHUHG
7KHFRQYHFWLRQIDQFLUFXODWHVWKHKHDWHGDLU
HYHQO\RYHUDQGDURXQGWKHIRRG0HDWDQG
SRXOWU\DUHEURZQHGRQDOOVLGHVDVLIWKH\ZHUH
FRRNHGRQDURWLVVHULH7KHKHDWHGDLUVHDOVLQ
MXLFHVTXLFNO\IRUDPRLVWDQGWHQGHUSURGXFW
ZKLOHDWWKHVDPHWLPHFUHDWLQJDULFKJROGHQ
EURZQH[WHULRU
:KHQ\RXDUHFRQYHFWLRQURDVWLQJLWLV
LPSRUWDQWWKDW\RXXVHDEURLOHUSDQDQG
JULGGHVLJQHGIRUEURLOLQJIRUEHVWFRQYHFWLRQ
URDVWLQJUHVXOWV7KHSDQLVXVHGWRFDWFK
JUHDVHVSLOOVDQGWKHJULGLVXVHGWRSUHYHQW
JUHDVHVSDWWHUVZKLOHKHDWHGDLUFLUFXODWHV
XQGHUWKHPHDWWRLQFUHDVHEURZQLQJRQWKH
XQGHUVLGHRIWKHPHDWRUSRXOWU\
3ODFHWKHRYHQUDFNLQWKHSRVLWLRQWKDW
FHQWHUVWKHIRRGEHWZHHQWKHWRSDQG
ERWWRPRIWKHRYHQ
&RRNZDUHIRU&RQYHFWLRQ&RRNLQJ
%HIRUHXVLQJ\RXUFRQYHFWLRQRYHQFKHFN
WRVHHLI\RXUFRRNZDUHOHDYHVURRPIRUDLU
FLUFXODWLRQLQWKHRYHQ,I\RXDUHEDNLQJZLWK
VHYHUDOSDQVOHDYHVSDFHEHWZHHQWKHP$OVR
EHVXUHWKHSDQVGRQRWWRXFKHDFKRWKHURU
WKHZDOOVRIWKHRYHQ
3DSHUDQG3ODVWLF
+HDWUHVLVWDQWSDSHUDQGSODVWLFFRQWDLQHUV
WKDWDUHUHFRPPHQGHGIRUXVHLQUHJXODU
EDNLQJFDQDOVREHXVHGIRUFRQYHFWLRQEDNLQJ
EXWVKRXOGQRWEHXVHGDWWHPSHUDWXUHVKLJKHU
WKDQWKHWHPSHUDWXUHUHFRPPHQGHGE\WKH
FRRNZDUHPDQXIDFWXUHU3ODVWLFFRRNZDUH
WKDWLVKHDWUHVLVWDQWWRWHPSHUDWXUHVRI)
&FDQDOVREHXVHG
0HWDODQG*ODVV
$Q\W\SHRIFRRNZDUHZLOOZRUNLQ\RXU
FRQYHFWLRQRYHQ+RZHYHUPHWDOSDQVKHDWWKH
IDVWHVWDQGDUHUHFRPPHQGHGIRUFRQYHFWLRQ
EDNLQJ
'DUNHQHGRUPDWWHILQLVKHGSDQVZLOOEDNH
IDVWHUWKDQVKLQ\SDQV
*ODVVRUFHUDPLFSDQVFRRNPRUHVORZO\
)RUUHFLSHVOLNHRYHQEDNHGFKLFNHQXVHDSDQ
ZLWKORZVLGHV+RWDLUFDQQRWFLUFXODWHZHOO
DURXQGIRRGLQDSDQZLWKKLJKVLGHV
:KHQEDNLQJFRRNLHV\RXZLOO
JHWWKHEHVWUHVXOWVLI\RXXVH
DIODWFRRNLHVKHHWLQVWHDGRID
SDQZLWKORZVLGHV

8VLQJWKHFRQYHFWLRQRYHQRQVRPHPRGHOV
127(:KHQFRQYHFWLRQEDNLQJWKHRYHQWHPSHUDWXUHZLOOEH)&ORZHUWKDQ
WKHVHWWHPSHUDWXUH6HH$XWR5HFLSH
&RQYHUVLRQLQWKH6SHFLDO)HDWXUHVVHFWLRQIRUPRUH
LQIRUPDWLRQ:KHQFRQYHFWLRQURDVWLQJRYHQWHPSHUDWXUHZLOOQRWDXWRFRQYHUW
background

*($SSOLDQFHVFRP86
8VLQJWKHWLPHGIHDWXUHVIRUFRQYHFWLRQFRRNLQJRQVRPHPRGHOV
ZZZ*($SSOLDQFHVFD&DQDGD
<RXZLOOKHDUDIDQZKLOHFRRNLQJZLWKWKHVHIHDWXUHV7KHIDQZLOOVWRSZKHQWKHGRRULVRSHQHGEXWWKHKHDW
ZLOOQRWWXUQRII
127()RRGVWKDWVSRLOHDVLO\³VXFKDVPLONHJJVILVKVWXIILQJVSRXOWU\DQGSRUN³VKRXOGQRWEHDOORZHGWR
VLWIRUPRUHWKDQKRXUEHIRUHRUDIWHUFRRNLQJ5RRPWHPSHUDWXUHSURPRWHVWKHJURZWKRIKDUPIXOEDFWHULD
%HVXUHWKDWWKHRYHQOLJKWLVRIIEHFDXVHKHDWIURPWKHEXOEZLOOVSHHGKDUPIXOEDFWHULDJURZWK
+RZWR6HWDQ,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS
7KHRYHQZLOOWXUQRQLPPHGLDWHO\DQGFRRNIRUD
VHOHFWHGOHQJWKRIWLPH$WWKHHQGRIWKHFRRNLQJ
WLPHWKHRYHQZLOOWXUQRIIDXWRPDWLFDOO\
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRI
GD\
7RXFKWKH&219(&7,21%$.(08/7,
5$&.RU&219(&7,2152$67SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH&22.,1*7,0( SDG
127(,I\RXUUHFLSHUHTXLUHVSUHKHDWLQJ\RX
PD\QHHGWRDGGDGGLWLRQDOWLPHWRWKHOHQJWKRI
WKHFRRNLQJWLPH
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPH7KHPLQLPXP
FRRNLQJWLPH\RXFDQVHWLVPLQXWH7KH
RYHQWHPSHUDWXUHWKDW\RXVHWDQGWKH
FRRNLQJWLPHWKDW\RXHQWHUHGZLOOEHLQWKH
GLVSOD\
7RXFKWKH67$57SDG
7KHGLVSOD\ZLOOVKRZWKHFKDQJLQJ
WHPSHUDWXUHVWDUWLQJDW)>&@DQGWKH
FRRNLQJWLPH7KHGLVSOD\VWDUWVFKDQJLQJRQFH
WKHWHPSHUDWXUHUHDFKHV)&
7KHRYHQZLOOFRQWLQXHWRFRRNIRUWKH
SURJUDPPHGDPRXQWRIWLPHWKHQVKXW
RIIDXWRPDWLFDOO\XQOHVVWKH:$50IHDWXUH
ZDVVHW6HHWKH+RZWR6HWWKH2YHQIRU
:DUPLQJVHFWLRQ
7RXFKWKH&/($52))SDGWRFOHDUWKH
GLVSOD\LIQHFHVVDU\5HPRYHWKHIRRG
IURPWKHRYHQ5HPHPEHUHYHQWKRXJK
WKHRYHQWXUQVRIIDXWRPDWLFDOO\IRRGOHIW
LQWKHRYHQZLOOFRQWLQXHFRRNLQJDIWHUWKH
RYHQWXUQVRII
127(:KHQFRQYHFWLRQEDNLQJWKHRYHQWHPSHUDWXUHZLOOEH)&ORZHUWKDQ
WKHVHWWHPSHUDWXUH6HH$XWR5HFLSH
&RQYHUVLRQLQWKH6SHFLDO)HDWXUHVVHFWLRQIRUPRUH
LQIRUPDWLRQ:KHQFRQYHFWLRQURDVWLQJRYHQWHPSHUDWXUHZLOOQRWDXWRFRQYHUW
background
+RZWR6HWD'HOD\HG6WDUWDQG$XWRPDWLF6WRS
<RXFDQVHWWKHRYHQFRQWUROWRGHOD\VWDUWWKH
RYHQFRRNIRUDVSHFLILFOHQJWKRIWLPHDQGWKHQ
WXUQRIIDXWRPDWLFDOO\
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRI
GD\
7RXFKWKH&219(&7,21%$.(08/7,
5$&.RU&219(&7,2152$67SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH&22.,1*7,0( SDG
127(,I\RXUUHFLSHUHTXLUHVSUHKHDWLQJ\RX
PD\QHHGWRDGGDGGLWLRQDOWLPHWRWKHOHQJWKRI
WKHFRRNLQJWLPH
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
FRRNLQJWLPH
7RXFKWKH'(/$<67$57SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHWLPHRI
GD\\RXZDQWWKHRYHQWRWXUQRQDQG
VWDUWFRRNLQJ
,I\RXZRXOGOLNHWRFKHFNWKHWLPHV\RXKDYHVHW
WRXFKWKH'(/$<67$57SDGWRFKHFNWKHVWDUWWLPH
\RXKDYHVHWRUWRXFKWKH&22.,1*7,0(SDGWR
FKHFNWKHOHQJWKRIFRRNLQJWLPH\RXKDYHVHW
7RXFKWKH67$57SDG
127($QDWWHQWLRQWRQHZLOOVRXQGLI\RXDUH
XVLQJWLPHGEDNLQJRUURDVWLQJDQGGRQRWWRXFK
WKH67$57SDGDIWHUHQWHULQJWKHEDNLQJRU
URDVWLQJWHPSHUDWXUH
:KHQWKHRYHQWXUQVRQDWWKHWLPHRIGD\\RX
KDYHVHWWKHGLVSOD\ZLOOVKRZWKHFKDQJLQJ
WHPSHUDWXUHVWDUWLQJDW)>&@DQGWKH
FRRNLQJWLPH7KHGLVSOD\VWDUWVFKDQJLQJRQFH
WKHWHPSHUDWXUHUHDFKHV)&
7KHRYHQZLOOFRQWLQXHWRFRRNIRUWKH
SURJUDPPHGDPRXQWRIWLPHWKHQVKXWRII
DXWRPDWLFDOO\XQOHVVWKH:$50IHDWXUHZDV
VHW6HHWKH+RZWR6HWWKH2YHQIRU:DUPLQJ
VHFWLRQ
7RXFKWKH&/($52))SDGWRFOHDUWKH
GLVSOD\LIQHFHVVDU\5HPRYHWKHIRRG
IURPWKHRYHQ5HPHPEHUHYHQWKRXJK
WKHRYHQVKXWVRIIDXWRPDWLFDOO\IRRGOHIW
LQWKHRYHQZLOOFRQWLQXHFRRNLQJDIWHUWKH
RYHQWXUQVRII

8VLQJWKHWLPHGIHDWXUHVIRUFRQYHFWLRQFRRNLQJRQVRPHPRGHOV
127(:KHQFRQYHFWLRQEDNLQJWKHRYHQWHPSHUDWXUHZLOOEH)&ORZHUWKDQ
WKHVHWWHPSHUDWXUH6HH$XWR5HFLSH
&RQYHUVLRQLQWKH6SHFLDO)HDWXUHVVHFWLRQIRUPRUH
LQIRUPDWLRQ:KHQFRQYHFWLRQURDVWLQJRYHQWHPSHUDWXUHZLOOQRWDXWRFRQYHUW
background
*($SSOLDQFHVFRP86
8VLQJWKHFRQYHFWLRQRYHQRQVRPHPRGHOV ZZZ*($SSOLDQFHVFD&DQDGD
+RZWR6HWWKH2YHQIRU&RQYHFWLRQ5RDVWLQJZKHQ8VLQJWKH3UREH
7KHGLVSOD\ZLOOIODVK352%(DQGWKHRYHQ
FRQWUROZLOOVLJQDOLIWKHSUREHLVLQVHUWHGLQWR
WKHRXWOHWDQG\RXKDYHQRWVHWDSUREH
WHPSHUDWXUHDQGSUHVVHGWKH67$57SDG
3ODFHWKHRYHQUDFNLQWKHSRVLWLRQWKDW
FHQWHUVWKHIRRGEHWZHHQWKHWRSDQG
ERWWRPRIWKHRYHQ,QVHUWWKHSUREHLQWR
WKHPHDW
3OXJWKHSUREHLQWRWKHRXWOHWLQWKHRYHQ
0DNHVXUHLWLVSXVKHGDOOWKHZD\LQ&ORVH
WKHRYHQGRRU
7RXFKWKH&219(&7,2152$67SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
RYHQWHPSHUDWXUH
7RXFKWKH352%(SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
LQWHUQDOPHDWWHPSHUDWXUH
7RXFKWKH67$57SDG
:KHQWKHRYHQVWDUWVWRKHDWWKHZRUG/2ZLOO
EHLQWKHGLVSOD\
$IWHUWKHLQWHUQDOWHPSHUDWXUHRIWKHPHDWUHDFKHV
)&WKHFKDQJLQJLQWHUQDOWHPSHUDWXUH
ZLOOEHVKRZQLQWKHGLVSOD\
:KHQWKHLQWHUQDOWHPSHUDWXUHRIWKH
PHDWUHDFKHVWKHQXPEHU\RXKDYHVHW
WKHSUREHDQGWKHRYHQWXUQRIIDQGWKH
RYHQFRQWUROVLJQDOV7RVWRSWKHVLJQDO
WRXFKWKH&/($52))SDG8VHKRWSDGV
WRUHPRYHWKHSUREHIURPWKHIRRG'RQRW
XVHWRQJVWRSXOORQLW³WKH\PLJKW
GDPDJHLW
&$87,217RSUHYHQWSRVVLEOH
EXUQVGRQRWXQSOXJWKHSUREHIURPWKHRYHQ
RXWOHWXQWLOWKHRYHQKDVFRROHG'RQRWVWRUHWKH
SUREHLQWKHRYHQ
127(
,IWKHSUREHLVUHPRYHGIURPWKHIRRGEHIRUH
WKHILQDOWHPSHUDWXUHLVUHDFKHGDWRQHZLOO
VRXQGDQGWKHGLVSOD\ZLOOIODVKXQWLOWKH
SUREHLVUHPRYHGIURPWKHRYHQ
<RXZLOOKHDUDIDQZKLOHFRRNLQJZLWKWKLV
IHDWXUH7KHIDQZLOOVWRSZKHQWKHGRRULV
RSHQHGEXWWKHKHDWZLOOQRWWXUQRII
<RXFDQXVHWKHNLWFKHQWLPHUHYHQWKRXJK
\RXFDQQRWXVHWLPHGRYHQRSHUDWLRQV
)RUEHVWUHVXOWVZKHQURDVWLQJ
ODUJHWXUNH\VDQGURDVWVZH
UHFRPPHQGXVLQJWKHSUREH
LQFOXGHGLQWKHFRQYHFWLRQRYHQ
7RFKDQJHWKHRYHQWHPSHUDWXUH
GXULQJWKH&RQYHFWLRQ5RDVWF\FOH
WRXFKWKH&219(&7,2152$67
SDGDQGWKHQWRXFKWKHQXPEHU
SDGVWRVHWWKHQHZGHVLUHG
WHPSHUDWXUH
&RQYHFWLRQ5RDVWLQJ*XLGH
0HDWV
0LQXWHV/E
0LQXWHVNJ 2YHQ7HPS ,QWHUQDO7HPS
%HHI 5LE%RQHOHVV5LE
7RS6LUORLQ
WROEV>NJWRNJ@
5DUH
0HGLXP
:HOO
²²
²²
²²
)&
)&
)&
)&
)&
)&
%HHI7HQGHUORLQ 5DUH
0HGLXP
²²
²²
)&
)&
)&
)&
3RUN %RQH,Q%RQHOHVVWROEV
>NJWRNJ@
²² )& )&
&KRSVWR
>FPWRFP@WKLFN
FKRSV
FKRSV
FKRSV
²²WRWDO
²²WRWDO
²²WRWDO
)&
)&
)&
)&
)&
)&
+DP &DQQHG%XWW6KDQNWROEV
>NJWRNJ@IXOO\FRRNHG
²² )& )&
/DPE %RQH,Q%RQHOHVVWROEV
>NJWRNJ@
0HGLXP
:HOO
²²
²²
)&
)&
)&
)&
6HDIRRG
)LVK:KROHWROEV>NJWRNJ@
/REVWHU7DLOVWRR]>JWRJ@HDFK
²²WRWDO
²²WRWDO
)&
)&
3RXOWU\ :KROH&KLFNHQ
øWR
øOEV
>NJWRNJ@
²² )&
²)²&
&RUQLVK+HQV8QVWXIIHGWR
øOEV
>NJWRNJ@
6WXIIHGWR
øOEV
>NJWRNJ@
²²
WRWDO
²
²WRWDO
)&
)&
²)²&
²)²&
'XFNOLQJWROEV>NJWRNJ@ ²² )&
²)²&
7XUNH\:KROH
8QVWXIIHGWROEV>NJWRNJ@
8QVWXIIHGWROEV>NJWRNJ@
²²
²²
)&
)&
²)²&
²)²&
7XUNH\%UHDVWWROEV>NJWRNJ@
²² )& )&
6WXIIHGELUGVJHQHUDOO\UHTXLUH²PLQXWHVDGGLWLRQDOURDVWLQJWLPH6KLHOGOHJVDQGEUHDVWZLWKIRLOWRSUHYHQWRYHUEURZQLQJ
DQGGU\LQJRIVNLQ
7KH86'HSDUWPHQWRI$JULFXOWXUHVD\V´5DUHEHHILVSRSXODUEXW\RXVKRXOGNQRZWKDWFRRNLQJLWWRRQO\)&PHDQVVRPH
IRRGSRLVRQLQJRUJDQLVPVPD\VXUYLYHµ6RXUFH6DIH)RRG%RRN<RXU.LWFKHQ*XLGH86'$5HY-XQH

background
7KHSURRILQJIHDWXUHPDLQWDLQVDZDUPHQYLURQPHQWXVHIXOIRUULVLQJ\HDVWOHDYHQHGSURGXFWV
+RZWR6HWWKH2YHQ)RU3URRILQJ
3ODFHWKHFRYHUHGGRXJKLQDGLVKLQWKH
RYHQRQUDFN%RU&
127()RUEHVWUHVXOWVFRYHUWKHGRXJKZLWKD
FORWKRUZLWKJUHDVHGSODVWLFZUDSWKHSODVWLF
PD\QHHGWREHDQFKRUHGXQGHUQHDWKWKH
FRQWDLQHUVRWKHRYHQIDQZLOOQRWEORZLWRII
7RXFKWKH3522) SDGDQGWKHQWKH
67$57SDG
7KHGLVSOD\ZLOOUHDG3U)SURRI
7KHRYHQLQWHULRUOLJKWWXUQVRQDQGUHPDLQVRQ
GXULQJSURRILQJ
7KHSURRILQJIHDWXUHDXWRPDWLFDOO\SURYLGHVWKH
RSWLPXPWHPSHUDWXUHIRUWKHSURRILQJSURFHVV
DQGWKHUHIRUHGRHVQRWKDYHDWHPSHUDWXUH
DGMXVWPHQW
6HWWKH.,7&+(17,0(5212)) IRUWKH
PLQLPXPSURRIWLPH
:KHQSURRILQJLVILQLVKHGWRXFK
WKH&/($52)) SDG
7RDYRLGORZHULQJWKHRYHQWHPSHUDWXUH
DQGOHQJWKHQLQJSURRILQJWLPHGRQRW
RSHQWKHRYHQGRRUXQQHFHVVDULO\
&KHFNEUHDGSURGXFWVHDUO\WRDYRLG
RYHUSURRILQJ
127(
'RQRWXVHWKHSURRILQJPRGHIRUZDUPLQJ
IRRGRUNHHSLQJIRRGKRW7KHSURRILQJRYHQ
WHPSHUDWXUHLVQRWKRWHQRXJKWRKROGIRRGV
DWVDIHWHPSHUDWXUHV8VHWKH:$50IHDWXUH
WRNHHSIRRGZDUP
3URRILQJZLOOQRWRSHUDWHZKHQRYHQLVDERYH
)&´+27µZLOOVKRZLQWKHGLVSOD\
+RZWR6HWWKH2YHQ)RU:DUPLQJ
7KH:$50IHDWXUHNHHSVFRRNHGIRRGVKRW
7KLVIHDWXUHLVQRWGHVLJQHGWRUHKHDWFROGIRRG
7RXVHWKH:$50IHDWXUHWRXFKWKH:$50
SDGDQGWKHQWKH67$57SDG
7RXVHWKH:$50IHDWXUHDIWHU7LPHG%DNLQJRU
5RDVWLQJIROORZWKHVHVWHSV
7RXFKWKHPRGHRIFRRNLQJWKDW
\RXZDQWWRXVH%$.(
&219(&7,21%$.(08/7,5$&.RU
&219(&7,2152$67
7RXFKWKHQXPEHUSDGVWRVHWWKHRYHQ
WHPSHUDWXUH
7RXFKWKH&22.,1*7,0(SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPH
7RXFKWKH:$50SDG
7RXFKWKH67$57SDG
7R&ULVS6WDOH,WHPV
3ODFHIRRGLQORZVLGHGGLVKHVRUSDQV
)RUEHVWUHVXOWVSODFHWKHIRRGLWHPVLQD
VLQJOHOD\HU'RQRWVWDFN
/HDYHWKHPXQFRYHUHG
&KHFNFULVSQHVVDIWHU²PLQXWHV
$GGWLPHDVQHHGHG
,03257$17127(6
)RRGVKRXOGEHNHSWKRWLQLWVFRRNLQJ
FRQWDLQHURUWUDQVIHUUHGWRDKHDWVDIHVHUYLQJ
GLVK
)RUPRLVWIRRGVFRYHUWKHPZLWKDQRYHQVDIH
OLGRUDOXPLQXPIRLO
)ULHGRUFULVSIRRGVGRQRWQHHGWREHFRYHUHG
EXWFDQEHFRPHWRRGU\LIZDUPHGIRUWRR
ORQJ
5HSHDWHGRSHQLQJRIWKHGRRUDOORZVWKHKRW
DLUWRHVFDSHDQGWKHIRRGWRFRRO
$OORZH[WUDWLPHIRUWKHWHPSHUDWXUHLQVLGH
WKHRYHQWRVWDELOL]HDIWHUDGGLQJLWHPV
:LWKODUJHORDGVLWPD\EHQHFHVVDU\WRFRYHU
VRPHRIWKHFRRNHGIRRGLWHPV
5HPRYHVHUYLQJVSRRQVHWFEHIRUHSODFLQJ
FRQWDLQHUVLQWKHRYHQ
'RQRWXVHSODVWLFFRQWDLQHUVOLGVRUSODVWLF
ZUDS
&$87,213ODVWLFFRQWDLQHUVOLGV
RUSODVWLFZUDSZLOOPHOWLISODFHGLQWKHRYHQ
0HOWHGSODVWLFPD\QRWEHUHPRYDEOHDQGLVQRW
FRYHUHGXQGHU\RXUZDUUDQW\

8VLQJWKHSURRILQJ
DQGZDUPLQJIHDWXUHVRQVRPHPRGHOV
background

*($SSOLDQFHVFRP86
$GMXVWWKHRYHQWKHUPRVWDW³'RLW\RXUVHOI
ZZZ*($SSOLDQFHVFD&DQDGD
<RXPD\ILQGWKDW\RXUQHZRYHQFRRNVGLIIHUHQWO\WKDQWKHRQHLWUHSODFHG8VH\RXUQHZRYHQIRUDIHZZHHNVWREHFRPH
PRUHIDPLOLDUZLWKLW,I\RXVWLOOWKLQN\RXUQHZRYHQLVWRRKRWRUWRRFROG\RXFDQDGMXVWWKHWKHUPRVWDW\RXUVHOI
'RQRWXVHWKHUPRPHWHUVVXFKDVWKRVHIRXQGLQJURFHU\VWRUHVWRFKHFNWKHWHPSHUDWXUHVHWWLQJRI\RXURYHQ7KHVH
WKHUPRPHWHUVPD\YDU\²GHJUHHV)²GHJUHHV&
127(7KLVDGMXVWPHQWZLOORQO\DIIHFWEDNLQJFRQYHFWLRQEDNLQJRQVRPHPRGHOVDQGFRQYHFWLRQURDVWLQJ
RQVRPHPRGHOVWHPSHUDWXUHVLWZLOOQRWDIIHFWEURLOLQJRUVHOIFOHDQLQJWHPSHUDWXUHV7KHDGMXVWPHQWZLOOEHUHWDLQHGLQ
PHPRU\DIWHUDSRZHUIDLOXUH
7R$GMXVWWKH7KHUPRVWDW
7RXFKWKH%52,/+,/2DQG%$.(SDGV
DWWKHVDPHWLPHIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH%$.(SDG$WZRGLJLWQXPEHU
VKRZVLQWKHGLVSOD\
7RXFK%$.(DJDLQWRDOWHUQDWHEHWZHHQ
LQFUHDVLQJDQGGHFUHDVLQJWKHRYHQ
WHPSHUDWXUH
7KHRYHQWHPSHUDWXUHFDQEHDGMXVWHG
XSWR)&KRWWHURU)
&FRROHU7RXFKWKHQXPEHUSDGVWKH
VDPHZD\\RXUHDGWKHP)RUH[DPSOH
WRFKDQJHWKHRYHQWHPSHUDWXUH)
&WRXFKDQG
:KHQ\RXKDYHPDGHWKHDGMXVWPHQW
WRXFKWKH67$57SDGWRJREDFNWRWKH
WLPHRIGD\GLVSOD\8VH\RXURYHQDV\RX
ZRXOGQRUPDOO\
+
7KHW\SHRIPDUJDULQHZLOODIIHFWEDNLQJSHUIRUPDQFH
0RVWUHFLSHVIRUEDNLQJKDYHEHHQGHYHORSHGXVLQJKLJKIDWSURGXFWVVXFKDVEXWWHURUPDUJDULQHIDW,I\RX
GHFUHDVHWKHIDWWKHUHFLSHPD\QRWJLYHWKHVDPHUHVXOWVDVZLWKDKLJKHUIDWSURGXFW
5HFLSHIDLOXUHFDQUHVXOWLIFDNHVSLHVSDVWULHVFRRNLHVRUFDQGLHVDUHPDGHZLWKORZIDWVSUHDGV7KHORZHUWKHIDW
FRQWHQWRIDVSUHDGSURGXFWWKHPRUHQRWLFHDEOHWKHVHGLIIHUHQFHVEHFRPH
86IHGHUDOVWDQGDUGVUHTXLUHSURGXFWVODEHOHG´PDUJDULQHµWRFRQWDLQDWOHDVWIDWE\ZHLJKW/RZIDWVSUHDGVRQWKHRWKHU
KDQGFRQWDLQOHVVIDWDQGPRUHZDWHU7KHKLJKPRLVWXUHFRQWHQWRIWKHVHVSUHDGVDIIHFWVWKHWH[WXUHDQGIODYRURIEDNHGJRRGV
)RUEHVWUHVXOWVZLWK\RXUROGIDYRULWHUHFLSHVXVHPDUJDULQHEXWWHURUVWLFNVSUHDGVFRQWDLQLQJDWOHDVWYHJHWDEOHRLO
background
7KHRYHQGRRUPXVWEHFORVHGDQGDOOFRQWUROVVHWFRUUHFWO\IRUWKHF\FOHWRZRUNSURSHUO\
%HIRUHD&OHDQ&\FOH
5HPRYHEURLOHUSDQEURLOHUJULGDOOFRRNZDUH
SUREHDQGDQ\DOXPLQXPIRLOIURPWKHRYHQ³
WKH\FDQQRWZLWKVWDQGWKHKLJKFOHDQLQJ
WHPSHUDWXUHV
127(
7KHVKLQ\VLOYHUFRORUHGRYHQUDFNVRQVRPH
PRGHOVFDQEHVHOIFOHDQHGEXWWKH\ZLOO
GDUNHQORVHWKHLUOXVWHUDQGEHFRPHKDUGWR
VOLGH
,I\RXURYHQLVHTXLSSHGZLWKJUD\SRUFHODLQ
FRDWHGRYHQUDFNVWKH\PD\EHOHIWLQWKH
RYHQGXULQJWKHVHOIFOHDQF\FOH
6RLORQWKHIURQWIUDPHRIWKHUDQJHDQGRXWVLGH
WKHJDVNHWRQWKHGRRUZLOOQHHGWREHFOHDQHG
E\KDQG&OHDQWKHVHDUHDVZLWKKRWZDWHU
VRDSILOOHGRUSODVWLFVFRXULQJSDGVRUFOHDQVHUV
VXFKDV6RIW6FUXE
5LQVHZHOOZLWKFOHDQZDWHU
DQGGU\
'RQRWFOHDQWKHJDVNHW7KHILEHUJODVVPDWHULDO
RIWKHRYHQGRRUJDVNHWFDQQRWZLWKVWDQG
DEUDVLRQ,WLVHVVHQWLDOIRUWKHJDVNHWWRUHPDLQ
LQWDFW,I\RXQRWLFHLWEHFRPLQJZRUQRUIUD\HG
UHSODFHLW
:LSHXSDQ\KHDY\VSLOORYHUVRQWKHRYHQ
ERWWRP
0DNHVXUHWKHRYHQOLJKWEXOEFRYHULVLQSODFH
DQGWKHRYHQOLJKWLVRII
,03257$17 7KHKHDOWKRIVRPHELUGVLV
H[WUHPHO\VHQVLWLYHWRWKHIXPHVJLYHQRII
GXULQJWKHVHOIFOHDQLQJF\FOHRIDQ\UDQJH
0RYHELUGVWRDQRWKHUZHOOYHQWLODWHGURRP
:LSHXSKHDY\VRLORQWKHRYHQ
ERWWRP
+RZWR6HWWKH2YHQIRU&OHDQLQJ
7XUQDOORIWKHVXUIDFHEXUQHUVRII
7RXFKWKH6(/)&/($167'/2:RU
6(/)&/($1/2:67'SDGRQFHIRU
DKRXUKRXURQVRPHPRGHOVFOHDQ
WLPHRUWZLFHIRUDKRXUKRXURQVRPH
PRGHOVFOHDQWLPH
$KRXUVHOIFOHDQWLPHLVUHFRPPHQGHG
IRUXVHZKHQFOHDQLQJVPDOOFRQWDLQHG
VSLOOV$VHOIFOHDQWLPHRIKRXUVRUORQJHU
LVUHFRPPHQGHGIRUDGLUWLHURYHQ
,IDWLPHRWKHUWKDQKRXUVRUKRXUVLV
QHHGHGXVHWKHQXPEHU SDGVDQGHQWHU
WKHGHVLUHGFOHDQWLPH
<RXFDQFKDQJHWKHFOHDQWLPHWRDQ\WLPH
EHWZHHQKRXUV
øKRXUVRQVRPHPRGHOV
DQGKRXUVGHSHQGLQJRQKRZGLUW\\RXU
RYHQLV
7RXFKWKH67$57SDG
7KHGRRUORFNVDXWRPDWLFDOO\7KHGLVSOD\
ZLOOVKRZWKHFOHDQWLPHUHPDLQLQJ,WZLOOQRW
EHSRVVLEOHWRRSHQWKHRYHQGRRUXQWLOWKH
WHPSHUDWXUHGURSVEHORZWKHORFNWHPSHUDWXUH
DQGWKH/2&.('OLJKWJRHVRII
:KHQWKH/2&.('OLJKWJRHVRII\RXZLOOEH
DEOHWRRSHQWKHGRRU
2QPRGHOVZLWK5DQJH/RFN2XWWRXFK
DQGKROGWKH5$1*(/2&.287SDGIRU
VHFRQGVWRWXUQLWRII
7KHZRUG/2&.(' ZLOOIODVKDQGWKHRYHQ
FRQWUROZLOOVLJQDOLI\RXVHWWKHFOHDQF\FOH
DQGIRUJHWWRFORVHWKHRYHQGRRU
7RVWRSDFOHDQF\FOHWRXFKWKH&/($5
2))SDG:KHQWKH/2&.('OLJKWJRHVRII
LQGLFDWLQJWKHRYHQKDVFRROHGEHORZWKH
ORFNLQJWHPSHUDWXUH\RXZLOOEHDEOHWRRSHQ
WKHGRRU

8VLQJWKHVHOIFOHDQLQJRYHQ
background
*($SSOLDQFHVFRP86
ZZZ*($SSOLDQFHVFD&DQDGD

$IWHUD&OHDQ&\FOH
<RXPD\QRWLFHVRPHZKLWHDVKLQWKHRYHQ
:LSHLWXSZLWKDGDPSFORWKDIWHUWKHRYHQ
FRROV
,IZKLWHVSRWVUHPDLQUHPRYHWKHPZLWKD
VRDSILOOHGRUSODVWLFVFRXULQJSDGDQGULQVH
WKRURXJKO\ZLWKDYLQHJDUDQGZDWHUPL[WXUH
7KHVHGHSRVLWVDUHXVXDOO\DVDOWUHVLGXHWKDW
FDQQRWEHUHPRYHGE\WKHFOHDQF\FOH
,IWKHRYHQLVQRWFOHDQDIWHURQHFOHDQF\FOH
UHSHDWWKHF\FOH
<RXFDQQRWVHWWKHRYHQIRUFRRNLQJXQWLOWKH
RYHQLVFRROHQRXJKIRUWKHGRRUWRXQORFN
:KLOHWKHRYHQLVVHOIFOHDQLQJ\RXFDQ
WRXFKWKH&/2&.SDGWRGLVSOD\WKHWLPHRI
GD\7RUHWXUQWRWKHFOHDQFRXQWGRZQWRXFK
WKH6(/)&/($167'/2:RU6(/)&/($1
/2:67'SDG
,IWKHUDFNVEHFRPHKDUGWRVOLGH
DSSO\DVPDOODPRXQWRIFRRNLQJRLOWRD
SDSHUWRZHODQGZLSHWKHHGJHVRIWKHRYHQ
UDFNVZLWKWKHSDSHUWRZHO
127(2QPRGHOVZLWK5DQJH/RFN2XW
WRXFKDQGKROGWKH5$1*(/2&.287SDG
IRUVHFRQGVWRWXUQLWRII
7KHRYHQGRRUPXVWEHFORVHGDQGDOOFRQWUROVPXVWEHVHWFRUUHFWO\IRUWKHF\FOHWRZRUNSURSHUO\
+RZWR'HOD\WKH6WDUWRI&OHDQLQJ
127(7KHVXUIDFHEXUQHUVPXVWEHWXUQHGRII
SULRUWRWKHVHOIFOHDQVWDUWWLPH
7RXFKWKH6(/)&/($167'/2:RU
6(/)&/($1/2:67'SDGRQFHIRUD
KRXUKRXURQVRPHPRGHOVFOHDQ
WLPHRUWZLFHIRUDKRXUKRXURQVRPH
PRGHOVFOHDQWLPH
$KRXUVHOIFOHDQWLPHLVUHFRPPHQGHG
IRUXVHZKHQFOHDQLQJVPDOOFRQWDLQHG
VSLOOV$VHOIFOHDQWLPHRIKRXUVRUORQJHU
LVUHFRPPHQGHGIRUDGLUWLHURYHQ
,IDWLPHRWKHUWKDQKRXUVRUKRXUVLV
QHHGHGXVHWKHQXPEHU SDGVDQGHQWHU
WKHGHVLUHGFOHDQWLPH
<RXFDQFKDQJHWKHFOHDQWLPHWRDQ\WLPH
EHWZHHQKRXUV
øKRXUVRQVRPHPRGHOV
DQGKRXUVGHSHQGLQJRQKRZGLUW\\RXU
RYHQLV
7RXFKWKH'(/$<67$57 SDG
8VLQJWKHQXPEHUSDGVHQWHUWKHWLPHRI
GD\\RXZDQWWKHFOHDQF\FOHWRVWDUW
7RXFKWKH67$57SDG
7KHGRRUORFNVDXWRPDWLFDOO\7KHGLVSOD\ZLOO
VKRZWKHVWDUWWLPH,WZLOOQRWEHSRVVLEOHWR
RSHQWKHRYHQGRRUXQWLOWKHWHPSHUDWXUH
GURSVEHORZWKHORFNWHPSHUDWXUHDQGWKH
/2&.('OLJKWJRHVRII
:KHQWKH/2&.('OLJKWJRHVRII\RXZLOOEH
DEOHWRRSHQWKHGRRU
2QPRGHOVZLWK5DQJH/RFN2XWWRXFK
DQGKROGWKH5$1*(/2&.287SDGIRU
VHFRQGVWRWXUQLWRII
background
<RXUQHZWRXFKSDGFRQWUROKDVDGGLWLRQDOIHDWXUHVWKDW\RXPD\FKRRVHWRXVH7KHIROORZLQJDUHWKHIHDWXUHVDQGKRZ
\RXPD\DFWLYDWHWKHP
7KHVSHFLDOIHDWXUHPRGHVFDQRQO\EHDFWLYDWHGZKLOHWKHGLVSOD\LVVKRZLQJWKHWLPHRIGD\7KH\UHPDLQLQWKHFRQWURO·V
PHPRU\XQWLOWKHVWHSVDUHUHSHDWHG
:KHQWKHGLVSOD\VKRZV\RXUFKRLFHWRXFKWKH67$57SDG7KHVSHFLDOIHDWXUHVZLOOUHPDLQLQPHPRU\DIWHUDSRZHU
IDLOXUHH[FHSWIRUWKH6DEEDWKIHDWXUHZKLFKZLOOKDYHWREHUHVHW
+RXU6KXWGRZQ
:LWKWKLVIHDWXUHVKRXOG\RXIRUJHWDQGOHDYH
WKHRYHQRQWKHFRQWUROZLOODXWRPDWLFDOO\
WXUQRIIWKHRYHQDIWHUKRXUVGXULQJEDNLQJ
IXQFWLRQVRUDIWHUKRXUVGXULQJDEURLOIXQFWLRQ
,I\RXZLVKWRWXUQ2)) WKLVIHDWXUHIROORZWKH
VWHSVEHORZ
7RXFKWKH%52,/+,/2DQG%$.(SDGVDW
WKHVDPHWLPHIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH'(/$<67$57SDGXQWLOQRVKGQ
QRVKXWRIIDSSHDUVLQWKHGLVSOD\
7RXFKWKH67$57SDGWRDFWLYDWHWKHQR
VKXWRIIDQGOHDYHWKHFRQWUROVHWLQWKLV
VSHFLDOIHDWXUHVPRGH
+
)DKUHQKHLWRU&HOVLXV7HPSHUDWXUH6HOHFWLRQ
<RXURYHQFRQWUROLVVHWWRXVHWKH)DKUHQKHLW
WHPSHUDWXUHVHOHFWLRQVEXW\RXPD\FKDQJHWKLV
WRXVHWKH&HOVLXVVHOHFWLRQV
7RXFKWKH%52,/+,/2DQG%$.(SDGVDW
WKHVDPHWLPHIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH&22.,1*7,0(DQG%52,/+,
/2SDGVDWWKHVDPHWLPH7KHGLVSOD\ZLOO
VKRZ))DKUHQKHLW
7RXFKWKH&22.,1*7,0(DQG%52,/+,
/2SDGVDJDLQDWWKHVDPHWLPH7KH
GLVSOD\ZLOOVKRZ&&HOVLXV
7RXFKWKH67$57SDG
+
+
7RQHVDWWKH(QGRID7LPHG&\FOH
$WWKHHQGRIDWLPHGF\FOHVKRUWEHHSVZLOO
VRXQGIROORZHGE\RQHEHHSHYHU\VHFRQGV
XQWLOWKH&/($52))SDGLVWRXFKHG7KLV
FRQWLQXDOVHFRQGEHHSPD\EHFDQFHOHG
7RFDQFHOWKHVHFRQGEHHS
7RXFKWKH%52,/+,/2DQG%$.(SDGVDW
WKHVDPHWLPHIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH.,7&+(17,0(5212))SDG
7KHGLVSOD\VKRZV&21%((3FRQWLQXRXV
EHHS7RXFKWKH.,7&+(17,0(5212))
SDGDJDLQ7KHGLVSOD\VKRZV%((3
7KLVFDQFHOVWKHRQHEHHSHYHU\
VHFRQGV
7RXFKWKH67$57SDG
+

6SHFLDOIHDWXUHVRI\RXURYHQFRQWURO
background

*($SSOLDQFHVFRP86
ZZZ*($SSOLDQFHVFD&DQDGD
+RXU+RXURU&ORFN%ODFNRXW
<RXUFRQWUROLVVHWWRXVHDKRXUFORFN
,I\RXZRXOGSUHIHUWRKDYHDKRXUPLOLWDU\
WLPHFORFNRUEODFNRXWWKHFORFNGLVSOD\IROORZ
WKHVWHSVEHORZ
7RXFKWKH%52,/+,/2DQG%$.(SDGVDW
WKHVDPHWLPHIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH&/2&.SDGRQFH7KHGLVSOD\
ZLOOVKRZKU ,IWKLVLVWKHFKRLFH\RX
ZDQWWRXFKWKH67$57SDG
7RXFKWKH&/2&.SDGDJDLQWRFKDQJHWRWKH
KRXUPLOLWDU\WLPHFORFN7KHGLVSOD\ZLOO
VKRZKU ,IWKLVLVWKHFKRLFH\RXZDQWWRXFK
WKH67$57 SDG
7RXFKWKH&/2&.SDGDJDLQWREODFNRXWWKH
FORFNGLVSOD\7KHGLVSOD\ZLOOVKRZ2)) ,IWKLV
LVWKHFKRLFH\RXZDQWWRXFKWKH67$57SDG
127(,IWKHFORFNLVLQWKHEODFNRXWPRGH\RX
ZLOOQRWEHDEOHWRXVHWKH'HOD\6WDUWIXQFWLRQ
+
&RRNDQG+ROGRQVRPHPRGHOV
<RXUFRQWUROKDVDFRRNDQGKROGIHDWXUHWKDW
NHHSVFRRNHGIRRGVZDUPIRUXSWRKRXUV
DIWHU7LPHG%DNLQJRU5RDVWLQJLVILQLVKHG
127(7KLVIHDWXUHFDQRQO\EHSURJUDPPHG
WRZRUNZLWK7LPHG%DNLQJRU5RDVWLQJ6HH
WKH8VLQJWKHWLPHGEDNLQJRUURDVWLQJIHDWXUHV
VHFWLRQ$IWHU7LPHG%DNLQJRU5RDVWLQJKDV
DXWRPDWLFDOO\VWRSSHGWKHSURJUDPPHGFRRN
DQGKROGZLOODXWRPDWLFDOO\VWDUW
7RDFWLYDWHWKLVIHDWXUHIRUXVHDIWHU7LPHG
%DNLQJRU5RDVWLQJIROORZWKHVWHSVEHORZ
7RXFKWKH%$.(DQG%52,/+,/2SDGVDW
WKHVDPHWLPHIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH&22.,1*7,0( SDG7KH
GLVSOD\ZLOOVKRZ+OG2))
7RXFKWKH&22.,1*7,0( SDGDJDLQWR
DFWLYDWHWKHIHDWXUH7KHGLVSOD\ZLOOVKRZ
+OG21
7RXFKWKH67$57SDGWRDFWLYDWHWKHFRRN
DQGKROGIHDWXUHDQGOHDYHWKHFRQWUROVHW
LQWKLVVSHFLDOIHDWXUHVPRGH
127(7KHFRQWUROZLOOEHHSHYHU\VHFRQGV
LIWKH&RRNDQG+ROGIHDWXUHLVVHWWRUHPLQG
\RXWKDWIRRGLVLQWKHRYHQ7RXFKWKH&/($5
2))SDGDQGUHPRYHIRRGZKHQGHVLUHG7KLV
UHPLQGHUZLOOQRWZRUNLIWKHWRQHVDWWKH
HQGRIDWLPHGF\FOHZHUHFDQFHOOHG6HH
WKH7RQHVDWWKH(QGRID7LPHG&\FOHLQ
WKLV6SHFLDO)HDWXUHVVHFWLRQ
background
8VLQJ$XWR5HFLSH
&RQYHUVLRQRQVRPHPRGHOV
:KHQXVLQJFRQYHFWLRQEDNHWKH$XWR5HFLSH

&RQYHUVLRQIHDWXUHZLOODXWRPDWLFDOO\FRQYHUW
HQWHUHGUHJXODUEDNLQJWHPSHUDWXUHVWR
FRQYHFWLRQEDNLQJWHPSHUDWXUHV
7KHGLVSOD\ZLOOVKRZWKHDFWXDOFRQYHUWHG
UHGXFHGWHPSHUDWXUH)RUH[DPSOHLI\RXHQWHU
DUHJXODUUHFLSHWHPSHUDWXUHRI)&
DQGWRXFKWKH67$57SDGWKHGLVSOD\ZLOOVKRZ
&21DQGWKHFRQYHUWHGWHPSHUDWXUHRI)
&
127(7KLVIHDWXUHRQO\FRQYHUWVFRRNLQJ
WHPSHUDWXUHVQRWFRRNLQJWLPHV:KHQ
FRQYHFWLRQURDVWLQJWKHRYHQWHPSHUDWXUH
ZLOOQRWDXWRFRQYHUW
7RWXUQRIIWKLVIHDWXUH
7RXFKWKH%52,/+,/2DQG%$.(SDGVDW
WKHVDPHWLPHIRUVHFRQGVXQWLOWKH
GLVSOD\VKRZV6)
7RXFKWKH&219(&7,21%$.(08/7,
5$&.SDG7KHGLVSOD\ZLOOVKRZ&2121
7RXFKWKH&219(&7,21%$.(08/7,
5$&.SDGDJDLQ7KHGLVSOD\ZLOOVKRZ
&212))
7RXFKWKH67$57SDG
7RWXUQRQWKLVIHDWXUHUHSHDWVWHSV²DERYH
EXWWRXFKWKH67$57SDGZKHQ&2121LVLQ
WKHGLVSOD\
+

6SHFLDOIHDWXUHVRI\RXURYHQFRQWURO
background

8VLQJWKH6DEEDWK)HDWXUH
*($SSOLDQFHVFRP86
'HVLJQHGIRUXVHRQWKH-HZLVK6DEEDWKDQG+ROLGD\V ZZZ*($SSOLDQFHVFD&DQDGD
+
7KH6DEEDWKIHDWXUHFDQEHXVHGIRUEDNLQJURDVWLQJRQO\,WFDQQRWEHXVHGIRUFRQYHFWLRQEURLOLQJVHOIFOHDQLQJRU'HOD\6WDUW
FRRNLQJ
127(7KHRYHQOLJKWFRPHVRQDXWRPDWLFDOO\ZKHQWKHGRRULVRSHQHGDQGJRHVRIIZKHQWKHGRRULVFORVHG7KHEXOEPD\EHUHPRYHG6HHWKH2YHQ/LJKW
5HSODFHPHQWVHFWLRQ2QPRGHOVZLWKDOLJKWVZLWFKRQWKHFRQWUROSDQHOWKHRYHQOLJKWPD\EHWXUQHGRQDQGOHIWRQ
+RZWR6HWIRU5HJXODU%DNLQJ5RDVWLQJ
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRIGD\
DQGWKHRYHQLVRII
7RXFKDQGKROGERWKWKH%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKHGLVSOD\
VKRZV6)
127(,IEDNHRUEURLODSSHDUVLQWKHGLVSOD\
WKH%52,/+,/2DQG%$.(SDGVZHUHQRW
WRXFKHGDWWKHVDPHWLPH7RXFKWKH&/($5
2))SDGDQGEHJLQDJDLQ
7DSWKH'(/$<67$57SDGXQWLO6$EE$W+
DSSHDUVLQWKHGLVSOD\
7RXFKWKH67$57SDGDQGZLOODSSHDULQWKH
GLVSOD\
7RXFKWKH%$.(SDG1RVLJQDOZLOOEHJLYHQ
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
WHPSHUDWXUHEHWZHHQ)&DQG)
&1RVLJQDORUWHPSHUDWXUHZLOOEHJLYHQ
7RXFKWKH67$57SDG
$IWHUDUDQGRPGHOD\SHULRGRIDSSUR[LPDWHO\
VHFRQGVWRPLQXWH
ZLOODSSHDULQWKH
GLVSOD\LQGLFDWLQJ WKDWWKH
RYHQLVEDNLQJURDVWLQJ,I
GRHVQ·WDSSHDU
LQWKHGLVSOD\VWDUWDJDLQDW
6WHS
7RDGMXVWWKHRYHQWHPSHUDWXUHWRXFKWKH%$.(SDG
HQWHUWKHQHZWHPSHUDWXUHXVLQJWKHQXPEHUSDGV
DQGWRXFKWKH67$57SDG
127(7KH&/($52))DQG&22.,1*7,0(SDGVZLOO
IXQFWLRQGXULQJWKH6DEEDWKIHDWXUH
+RZWR6HWIRU7LPHG%DNLQJ5RDVWLQJ²,PPHGLDWH6WDUWDQG$XWRPDWLF6WRS
0DNHVXUHWKHFORFNVKRZVWKHFRUUHFWWLPHRIGD\
DQGWKHRYHQLVRII
7RXFKDQGKROGERWKWKH%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKHGLVSOD\
VKRZV6)
127(,IEDNHRUEURLODSSHDUVLQWKHGLVSOD\
WKH%52,/+,/2DQG%$.(SDGVZHUHQRW
WRXFKHGDWWKHVDPHWLPH7RXFKWKH&/($5
2))SDGDQGEHJLQDJDLQ
7DSWKH'(/$<67$57SDGXQWLO6$EE$W+
DSSHDUVLQWKHGLVSOD\
7RXFKWKH67$57SDGDQGZLOODSSHDULQWKH
GLVSOD\
7RXFKWKH&22.,1*7,0( SDG
7RXFKWKHQXPEHUSDGVWRVHWWKHGHVLUHG
OHQJWKRIFRRNLQJWLPHEHWZHHQPLQXWHDQG
KRXUVDQGPLQXWHV7KHFRRNLQJWLPHWKDW
\RXHQWHUHGZLOOEHGLVSOD\HG
7RXFKWKH67$57SDG
7RXFKWKH%$.(SDG1RVLJQDOZLOOEHJLYHQ
8VLQJWKHQXPEHUSDGVHQWHUWKHGHVLUHG
WHPSHUDWXUH1RVLJQDORUWHPSHUDWXUHZLOOEH
JLYHQ
7RXFKWKH67$57SDG
$IWHUDUDQGRPGHOD\SHULRGRIDSSUR[LPDWHO\
VHFRQGVWRPLQXWH
ZLOODSSHDULQWKH
GLVSOD\LQGLFDWLQJWKDWWKHRYHQLV
EDNLQJ
URDVWLQJ
,I
GRHVQ·WDSSHDULQWKHGLVSOD\
VWDUWDJDLQDW6WHS
7RDGMXVWWKHRYHQWHPSHUDWXUHWRXFKWKH%$.(SDG
HQWHUWKHQHZWHPSHUDWXUHXVLQJWKHQXPEHUSDGV
DQGWRXFKWKH67$57SDG
:KHQFRRNLQJLVILQLVKHGWKHGLVSOD\ZLOOFKDQJH
IURP
WRDQGZLOODSSHDULQGLFDWLQJWKDW
WKHRYHQKDVWXUQHG2))EXWLVVWLOOVHWLQ6DEEDWK
5HPRYHWKHFRRNHGIRRG
+RZWR([LWWKH6DEEDWK)HDWXUH
7RXFKWKH&/($52))SDG
,IWKHRYHQLVFRRNLQJZDLWIRUDUDQGRPGHOD\
SHULRGRIDSSUR[LPDWHO\VHFRQGVWR
PLQXWHXQWLORQO\LVLQWKHGLVSOD\
7RXFKDQGKROGERWKWKH%52,/+,/2DQG
%$.(SDGVDWWKHVDPHWLPHXQWLOWKHGLVSOD\
VKRZV6)
7DSWKH'(/$<67$57SDGXQWLOVKGQRUQR
VKGQDSSHDUVLQWKHGLVSOD\
&KRRVHVKGQLQGLFDWLQJWKDWWKHRYHQZLOO
DXWRPDWLFDOO\WXUQRIIDIWHUKRXUVRUQR
VKGQLQGLFDWLQJWKDWWKHRYHQZLOOQRW
DXWRPDWLFDOO\WXUQRIIDIWHUKRXUV
7RXFKWKH67$57SDGZKHQWKHRSWLRQWKDW\RX
ZDQWLVLQWKHGLVSOD\VKGQRUQRVKGQ
127(,IDSRZHURXWDJHRFFXUUHGZKLOHWKHRYHQ
ZDVLQ6DEEDWKWKHRYHQZLOODXWRPDWLFDOO\WXUQRII
DQGVWD\RIIHYHQZKHQWKHSRZHUUHWXUQV7KHRYHQ
FRQWUROPXVWEHUHVHW
:KHQWKHGLVSOD\VKRZVWKH
RYHQLVVHWLQ6DEEDWK:KHQWKH
GLVSOD\VKRZV
WKHRYHQLV
EDNLQJURDVWLQJ
:KHQWKHGLVSOD\VKRZV
WKH
RYHQLVVHWLQ6DEEDWK:KHQWKH
GLVSOD\VKRZV
WKHRYHQLV
EDNLQJURDVWLQJ
background
%HVXUHDOOFRQWUROVDUHRIIDQGDOOVXUIDFHVDUHFRROEHIRUHFOHDQLQJDQ\SDUWRIWKHUDQJH
:$51,1*,I\RXUUDQJHLVUHPRYHGIRUFOHDQLQJVHUYLFLQJRUDQ\UHDVRQEH
VXUHWKHDQWLWLSGHYLFHLVUHHQJDJHGSURSHUO\ZKHQWKHUDQJHLVUHSODFHG)DLOXUHWRWDNHWKLV
SUHFDXWLRQFRXOGUHVXOWLQWLSSLQJRIWKHUDQJHDQGFDXVHLQMXU\
%XUQHU&DSVDQG+HDGV
7KHEXUQHUDVVHPEOLHVVKRXOGEHZDVKHG
UHJXODUO\DQGRIFRXUVHDIWHUVSLOORYHUV
7XUQDOOFRQWUROVRIIEHIRUHUHPRYLQJEXUQHUSDUWV
7KHEXUQHUJUDWHVEXUQHUKHDGVDQGEXUQHU
FDSVFDQEHUHPRYHGIRUHDV\FOHDQLQJ
7KHHOHFWURGHRIWKHVSDUNLJQLWHULVH[SRVHG
EH\RQGWKHVXUIDFHRIWKHEXUQHUEDVH:KHQ
FOHDQLQJWKHFRRNWRSEHFDUHIXOQRWWRVQDJWKH
HOHFWURGHRIWKHVSDUNLJQLWHUZLWK\RXUFOHDQLQJ
FORWK'DPDJHWRWKHLJQLWHUFRXOGRFFXU
7RDYRLGVQDJJLQJDFORWKRQWKHVSDUNLJQLWHU
OHDYHWKHEXUQHUKHDGVLQSODFHZKHQFOHDQLQJ
WKHFRRNWRS
%HFDUHIXOQRWWRSXVKLQDQ\FRRNWRSFRQWUROV
ZKLOHFOHDQLQJWKHFRRNWRS
$VOLJKWHOHFWULFDOVKRFNPLJKWUHVXOWZKLFKFRXOG
FDXVH\RXWRNQRFNRYHU
KRWFRRNZDUH
:DVKEXUQHUSDUWVZLWKDQDOOSXUSRVHQRQ
DEUDVLYHFOHDQHUDQGZDUPZDWHU6RDNVWXEERUQ
VRLO'U\WKHPZLWKDFORWK³GRQRWUHDVVHPEOH
ZKLOHZHW
7RUHDVVHPEOHUHSODFHWKHEXUQHUKHDGILUVW
WKHQWKHEXUQHUFDSDQGILQDOO\WKHEXUQHUJUDWH
0DNHVXUHWKDWWKHKHDGVDQGFDSVDUHUHSODFHG
LQWKHFRUUHFWORFDWLRQV7KHUHLVRQHVPDOORQH
PHGLXPRQHODUJHDQGRQHH[WUDODUJHEXUQHU
KHDGDQGFDS
&$87,21'212723(5$7(
7+(%851(5:,7+287$//%851(53$576
,13/$&(
(OHFWURGH
%XUQHU
FDS
%XUQHU
KHDG
%XUQHUEDVH
+RZWR5HPRYH3URWHFWLYH6KLSSLQJ)LOPDQG3DFNDJLQJ7DSH
&DUHIXOO\JUDVSDFRUQHURIWKHSURWHFWLYH
VKLSSLQJILOPZLWK\RXUILQJHUVDQGVORZO\SHHO
LWIURPWKHDSSOLDQFHVXUIDFH'RQRWXVHDQ\
VKDUSLWHPVWRUHPRYHWKHILOP5HPRYHDOORIWKH
ILOPEHIRUHXVLQJWKHDSSOLDQFHIRUWKHILUVWWLPH
7RDVVXUHQRGDPDJHLVGRQHWRWKH
ILQLVKRIWKHSURGXFWWKHVDIHVWZD\WRUHPRYH
WKHDGKHVLYHIURPSDFNDJLQJWDSHRQQHZ
DSSOLDQFHVLVDQDSSOLFDWLRQRIDKRXVHKROGOLTXLG
GLVKZDVKLQJGHWHUJHQW$SSO\ZLWKDVRIWFORWK
DQGDOORZWRVRDN
127(7KHDGKHVLYHPXVWEHUHPRYHGIURPDOO
SDUWV,WFDQQRWEHUHPRYHGLILWLVEDNHGRQ

&DUHDQGFOHDQLQJRIWKHUDQJH
0HGLXPEXUQHU
KHDGDQGFDS
)URQWRIUDQJH
/DUJHEXUQHU
KHDGDQGFDS
6PDOOEXUQHU
KHDGDQGFDS
([WUDODUJHEXUQHU
KHDGDQGFDS
RQVRPHPRGHOV
RQVRPHPRGHOV
)URQWULJKWEXUQHURQVRPHPRGHOV
0DNHVXUHWKHKROHLQWKHEXUQHU
KHDGLVSRVLWLRQHGRYHUWKH
HOHFWURGHDQGWKDWWKHEXUQHUKHDG
LVIXOO\LQVHUWHGLQVLGHWKHEXUQHU
EDVH$VPDOOJDSEHWZHHQWKHEDVH
DQGKHDGLVQRUPDO
%XUQHUFDS
6WDELOLW\
FKDPEHU
%XUQHU
EDVH
)URQWULJKWEXUQHURQVRPHPRGHOV
IURQWOHIWEXUQHUEDFNULJKWEXUQHU
DQGEDFNOHIWEXUQHU
0DNHVXUHWKHVORWLQWKHEXUQHU
KHDGLVSRVLWLRQHGRYHUWKH
HOHFWURGH7KHEXUQHUFDSKDVWKUHH
WRIRXUSLQV:KHQUHSODFLQJWKHFDS
PDNHVXUHQRQHRIWKHSLQVVLWVLQ
WKHVWDELOLW\FKDPEHU
%XUQHUKHDG
8VHDVHZLQJ
QHHGOHRU
WZLVWWLHWR
XQFORJWKH
VPDOOKROHLQ
WKHEXUQHU
KHDG
(OHFWURGH
background
*($SSOLDQFHVFRP86
ZZZ*($SSOLDQFHVFD&DQDGD
$OORYHQUDFNVPD\EHFOHDQHGE\KDQGZLWKDQ
DEUDVLYHFOHDQHURUVWHHOZRRO$IWHUFOHDQLQJ
ULQVHWKHUDFNVZLWKFOHDQZDWHUDQGGU\ZLWKD
FOHDQFORWK*UD\SRUFHODLQFRDWHGRYHQUDFNV
PD\UHPDLQLQWKHRYHQGXULQJWKHVHOIFOHDQLQJ
F\FOHZLWKRXWEHLQJGDPDJHG7KHVKLQ\VLOYHU
FRORUHGRYHQUDFNVPD\UHPDLQLQWKHRYHQ
GXULQJWKHVHOIFOHDQLQJF\FOHEXWWKH\ZLOOORVH
WKHLUOXVWHUDQGEHFRPHKDUGWRVOLGH
,WZLOOEHQHFHVVDU\WRJUHDVHDOORYHQ
UDFNVLGHHGJHVZLWKDOLJKWFRDWLQJRIYHJHWDEOH
RLODIWHUFOHDQLQJWKHPE\KDQGRULQWKHRYHQ
7KLVZLOOKHOSPDLQWDLQWKHHDVHRIVOLGLQJWKH
UDFNVLQDQGRXWRIWKHRYHQ
2YHQ5DFNV
2YHQUDFN
%XUQHU*UDWHVDQG9HQW*ULOOH
3RUFHODLQHQDPHOEXUQHUJUDWHVDQGWKHYHQW
JULOOHVKRXOGEHZDVKHGUHJXODUO\DQGRIFRXUVH
DIWHUVSLOORYHUV
7KHJUDWHVPD\EHZDVKHGHLWKHULQWKH
GLVKZDVKHURU\RXPD\ZDVKWKHPLQKRWVRDS\
ZDWHUDQGULQVHZLWKFOHDQZDWHU<RXPD\DOVR
XVHDEUDVLYHFOHDQHUVDQGVFRXULQJSDGVWRFOHDQ
EXUQHUJUDWHVDQGWKHYHQWJULOOH'U\WKHJUDWHV
DQGJULOOHZLWKDFORWK³GRQ·WSXWWKHPEDFNRQ
WKHFRRNWRSZHW
7RJHWULGRIEXUQHGRQIRRGSODFHWKHJUDWHV
DQGJULOOHLQDFRYHUHGFRQWDLQHU$GGFXS
P/DPPRQLDDQGOHWWKHPVRDNVHYHUDOKRXUVRU
RYHUQLJKW:DVKULQVHZHOODQGGU\
$OWKRXJKWKH\·UHGXUDEOHWKHJUDWHV
DQGJULOOHZLOOJUDGXDOO\ORVHWKHLUVKLQH
UHJDUGOHVVRIWKHEHVWFDUH\RXFDQJLYHWKHP
7KLVLVGXHWRWKHLUFRQWLQXDOH[SRVXUHWRKLJK
WHPSHUDWXUHV
'RQRWRSHUDWHDEXUQHUIRUDQH[WHQGHGSHULRG
RIWLPHZLWKRXWFRRNZDUHRQWKHJUDWH7KHILQLVK
RQWKHJUDWHPD\FKLSZLWKRXWFRRNZDUHWR
DEVRUEWKHKHDW
$IWHUFOHDQLQJUHSODFHWKHFHQWHUYHQWJULOOH
ILUVW5HSODFHWKHVLGHJUDWHVVRWKDWWKHFHQWHU
H[WHQVLRQVDUHRULHQWHGWRZDUGWKHFHQWHURI
WKHFRRNWRS7KHUHDUFHQWHUH[WHQVLRQVVKRXOG
VOLJKWO\RYHUODSWKHYHQWJULOOH0DNHVXUHWKH
JUDWHVDUHSRVLWLRQHGVHFXUHO\RYHUWKHEXUQHUV
DQGWKDWWKH\DUHVWDEOHDQGOHYHO
5XEEHU*UDWH)HHW
)RUVWDELOLW\\RXUFRRNWRSKDVUXEEHU
IHHWRQWKHEXUQHUJUDWHV,IDQ\RIWKHVHUXEEHU
IHHWVKRXOGEHFRPHGDPDJHGRUORVWUHSODFH
WKHPLPPHGLDWHO\
7RRUGHUUHSODFHPHQWUXEEHUJUDWHIHHWSOHDVH
FDOORXUWROOIUHHQXPEHU
1DWLRQDO3DUWV
&HQWHU86
&DQDGD
*($SSOLDQFHVFRP86
ZZZ*($SSOLDQFHVFD&DQDGD
5XEEHU*UDWH)HHW:%7
&RRNWRS6XUIDFH
7RDYRLGGDPDJLQJWKHSRUFHODLQHQDPHOVXUIDFH
RIWKHFRRNWRSDQGWRSUHYHQWLWIURPEHFRPLQJ
GXOOFOHDQXSVSLOOVULJKWDZD\)RRGVZLWKDORW
RIDFLGWRPDWRHVVDXHUNUDXWIUXLWMXLFHVHWFRU
IRRGVZLWKKLJKVXJDUFRQWHQWFRXOGFDXVHDGXOO
VSRWLIDOORZHGWRVHW
:KHQWKHVXUIDFHKDVFRROHGZDVK
DQGULQVH)RURWKHUVSLOOVVXFKDVIDWVSDWWHULQJV
HWFZDVKZLWKVRDSDQGZDWHURQFHWKHVXUIDFH
KDVFRROHG7KHQULQVHDQGSROLVKZLWKDGU\FORWK
127('RQRWVWRUHIODPPDEOHPDWHULDOVLQ
DQRYHQGUDZHURUQHDUWKHFRRNWRS'RQRW
VWRUHRUXVHFRPEXVWLEOHPDWHULDOVJDVROLQH
RURWKHUIODPPDEOHYDSRUVDQGOLTXLGVLQWKH
YLFLQLW\RIWKLVRUDQ\RWKHUDSSOLDQFH
127('RQRWOLIWWKHFRRNWRS/LIWLQJWKHFRRNWRS
FDQOHDGWRGDPDJHDQGLPSURSHURSHUDWLRQRI
WKHUDQJH
127()RUVWDLQOHVVVWHHOFRRNWRSVUHIHUWRWKH
6WDLQOHVVVWHHOVXUIDFHVVHFWLRQ
&RQWURO.QREV
7KHFRQWURONQREVPD\EHUHPRYHGIRUHDVLHU
FOHDQLQJ
0DNHVXUHWKHNQREVDUHLQWKH2))SRVLWLRQVDQG
SXOOWKHPVWUDLJKWRIIWKHVWHPVIRUFOHDQLQJ
7KHNQREVFDQEHFOHDQHGLQDGLVKZDVKHURU
WKH\PD\DOVREHZDVKHGZLWKVRDSDQGZDWHU
0DNHVXUHWKHLQVLGHVRIWKHNQREVDUHGU\EHIRUH
UHSODFLQJ
5HSODFHWKHNQREVLQWKH2)) SRVLWLRQWRHQVXUH
SURSHUSODFHPHQW

background

&DUHDQGFOHDQLQJRIWKHUDQJH
2YHQ/LJKW5HSODFHPHQWRQVRPHPRGHOV
%HVXUHWROHWWKHOLJKWFRYHUDQGEXOEFRRO
FRPSOHWHO\
7RUHPRYHWKHFRYHU
+ROGDKDQGXQGHUWKHFRYHUVR
LWGRHVQ·WIDOOZKHQUHOHDVHG:LWK
ILQJHUVRIWKHVDPHKDQGILUPO\SXVK
EDFNWKHZLUHFRYHUKROGHU
/LIWRIIWKHFRYHU
'RQRWUHPRYHDQ\VFUHZVWRUHPRYHWKH
FRYHU
5HSODFHEXOEZLWKDZDWW
DSSOLDQFHEXOE
7RUHSODFHWKHFRYHU
3ODFHLWLQWRJURRYHRIWKHOLJKW
UHFHSWDFOH3XOOZLUHIRUZDUGWR
WKHFHQWHURIWKHFRYHUXQWLOLWVQDSV
LQWRSODFH
&RQQHFWHOHFWULFDOSRZHUWRWKH
UDQJH
:LUHFRYHUKROGHU
2YHQ/LJKW5HSODFHPHQWRQVRPHPRGHOV
:$51,1*6KRFNRU%XUQ
+D]DUG%HIRUHUHSODFLQJRYHQOLJKWEXOE
GLVFRQQHFWWKHHOHFWULFDOSRZHUWRWKHUDQJH
DWWKHPDLQIXVHRUFLUFXLWEUHDNHUSDQHO
)DLOXUHWRGRVRPD\UHVXOWLQHOHFWULFVKRFN
RUEXUQ
&$87,21%851+$=$5'7KH
JODVVFRYHUDQGEXOEVKRXOGEHUHPRYHG
ZKHQFRRO7RXFKLQJKRWJODVVZLWKEDUH
KDQGVRUDGDPSFORWKFDQFDXVHEXUQV
7RUHPRYH
7XUQWKHJODVVFRYHUFRXQWHUFORFNZLVH
WXUQXQWLOWKHWDEVRIWKHJODVVFRYHUFOHDU
WKHJURRYHVRIWKHVRFNHW:HDULQJODWH[
JORYHVPD\RIIHUDEHWWHUJULS
8VLQJJORYHVRUDGU\FORWKUHPRYHWKH
EXOEE\SXOOLQJLWVWUDLJKWRXW
7RUHSODFH
8VHDQHZYROWKDORJHQEXOEQRW
WRH[FHHGZDWWV5HSODFHWKHEXOEZLWK
WKHVDPHW\SHRIEXOEWKDWZDVUHPRYHG
<RXUPRGHOZLOOKDYHRQHRIWKHWZRW\SHV
VKRZQRQWKHOHIW7RGHWHUPLQHWKH
FRUUHFWUHSODFHPHQWEXOEFKHFNWKHEXOE
WHUPLQDOV%XOEVZLWKVWUDLJKWSLQ
WHUPLQDOVDUH*EXOEV%XOEVZLWK
ORRSHGWHUPLQDOVDUH*EXOEV'RQRW
LQWHUFKDQJH%HVXUHWKHUHSODFHPHQW
EXOELVUDWHGYROWVRUYROWV127
YROWV
8VLQJJORYHVRUDGU\FORWKUHPRYHWKH
EXOEIURPLWVSDFNDJLQJ'RQRWWRXFKWKH
EXOEZLWKEDUHILQJHUV2LOIURPVNLQZLOO
GDPDJHWKHEXOEDQGVKRUWHQLWVOLIH
3XVKWKHEXOEVWUDLJKWLQWRWKHUHFHSWDFOH
DOOWKHZD\
3ODFHWKHWDEVRIWKHJODVVFRYHULQWRWKH
JURRYHVRIWKHVRFNHW7XUQWKHJODVVFRYHU
FORFNZLVHWXUQ
)RULPSURYHGOLJKWLQJLQVLGHWKHRYHQ
FOHDQWKHJODVVFRYHUIUHTXHQWO\XVLQJD
ZHWFORWK7KLVVKRXOGEHGRQHZKHQWKH
RYHQLVFRPSOHWHO\FRRO
5HFRQQHFWHOHFWULFDOSRZHUWRWKHRYHQ
*%XOE
6RFNHW
7DE
*ODVVFRYHU
5HFHSWDFOH
8VH
JORYHVRU
FORWK
5HFHSWDFOH
*%XOE
6RFNHW
7DE
*ODVVFRYHU
5HFHSWDFOH
RQVRPHPRGHOV
RQVRPHPRGHOV
background
*($SSOLDQFHVFRP86
ZZZ*($SSOLDQFHVFD&DQDGD

5HPRYDEOH2YHQ)ORRU
7RUHPRYHWKHRYHQIORRUIRUHDVLHUFOHDQLQJ
5HPRYHWKHRYHQGRRUXVLQJWKH
LQVWUXFWLRQVLQWKH/LIW2II2YHQ'RRU
VHFWLRQ
*UDVSRYHQIORRUVORWVRQHDFKVLGHDQG
SXOOLWRXW
&OHDQWKHRYHQIORRUZLWKZDUPVRDS\
ZDWHU
,03257$17 $OZD\VUHSODFHWKHUHPRYDEOH
IORRUEHIRUHWKHQH[WXVH
2YHQIORRU
'RQRWUXERUFOHDQWKHGRRUJDVNHW³
LWKDVDQH[WUHPHO\ORZUHVLVWDQFHWR
DEUDVLRQ
,I\RXQRWLFHWKHJDVNHWEHFRPLQJZRUQ
IUD\HGRUGDPDJHGLQDQ\ZD\RULILW
KDVEHFRPHGLVSODFHGRQWKHGRRU\RX
VKRXOGKDYHLWUHSODFHG
7RFOHDQWKHLQVLGHRIWKHGRRU
 %HFDXVHWKHDUHDLQVLGHWKHJDVNHWLV
FOHDQHGGXULQJWKHVHOIFOHDQF\FOH\RXGR
QRWQHHGWRFOHDQWKLVE\KDQG
 7KHDUHDRXWVLGHWKHJDVNHWDQGWKHGRRU
OLQHUFDQEHFOHDQHGZLWKDVRDSILOOHG
RUSODVWLFVFRXULQJSDGKRWZDWHUDQG
GHWHUJHQW5LQVHZHOOZLWKDYLQHJDUDQG
ZDWHUVROXWLRQ
7RFOHDQWKHRXWVLGHRIWKHGRRU
 8VHVRDSDQGZDWHUWRWKRURXJKO\FOHDQ
WKHWRSVLGHVDQGIURQWRIWKHRYHQGRRU
5LQVHZHOO<RXPD\DOVRXVHDJODVV
FOHDQHUWRFOHDQWKHJODVVRQWKHRXWVLGH
RIWKHGRRU'RQRWOHWZDWHUGULSLQWRWKH
YHQWRSHQLQJV
 ,IDQ\VWDLQRQWKHGRRUYHQWWULPLV
SHUVLVWHQWXVHDVRIWDEUDVLYHFOHDQHUDQG
DVSRQJHVFUXEEHUIRUEHVWUHVXOWV
 6SLOODJHRIPDULQDGHVIUXLWMXLFHVWRPDWR
VDXFHVDQGEDVWLQJPDWHULDOVFRQWDLQLQJ
DFLGVPD\FDXVHGLVFRORUDWLRQDQGVKRXOG
EHZLSHGXSLPPHGLDWHO\:KHQVXUIDFHLV
FRROFOHDQDQGULQVH
 'RQRWXVHRYHQFOHDQHUVFOHDQLQJ
SRZGHUVRUKDUVKDEUDVLYHVRQWKHRXWVLGH
RIWKHGRRU
/LIW2II2YHQ'RRU
&OHDQLQJWKH2YHQ'RRU
7KHGRRULVYHU\KHDY\%HFDUHIXOZKHQ
UHPRYLQJDQGOLIWLQJWKHGRRU
'RQRWOLIWWKHGRRUE\WKHKDQGOH
7RUHPRYHWKHGRRU
)XOO\RSHQWKHGRRU
3XOOWKHKLQJHORFNVGRZQWRZDUGWKHGRRU
IUDPHWRWKHXQORFNHGSRVLWLRQ$WRRO
VXFKDVDVPDOOIODWEODGHVFUHZGULYHU
PD\EHUHTXLUHG
)LUPO\JUDVSERWKVLGHVRIWKHGRRUDWWKH
WRS
&ORVHGRRUWRWKHGRRUUHPRYDOSRVLWLRQ
ZKLFKLVKDOIZD\EHWZHHQWKHEURLOVWRS
SRVLWLRQDQGIXOO\FORVHG
/LIWGRRUXSDQGRXWXQWLOWKHKLQJHDUPLV
FOHDURIWKHVORW
7RUHSODFHWKHGRRU
)LUPO\JUDVSERWKVLGHVRIWKHGRRUDWWKH
WRS
:LWKWKHGRRU
DWWKHVDPH
DQJOHDVWKH
UHPRYDO
SRVLWLRQVHDWWKH
LQGHQWDWLRQRI
WKHKLQJHDUP
LQWRWKHERWWRPHGJH
RIWKHKLQJHVORW7KH
QRWFKLQWKHKLQJHDUPPXVWEHIXOO\
VHDWHGLQWRWKHERWWRPRIWKHVORW
)XOO\RSHQWKHGRRU,IWKHGRRUZLOOQRW
IXOO\RSHQWKHLQGHQWDWLRQLVQRWVHDWHG
FRUUHFWO\LQWKHERWWRPHGJHRIWKHVORW
3XVKWKHKLQJHORFNVXSDJDLQVWWKHIURQW
IUDPHRIWKHRYHQFDYLW\WRWKHORFNHG
SRVLWLRQ
&ORVHWKHRYHQGRRU
+LQJH
ORFN
5HPRYDOSRVLWLRQ
,QGHQWDWLRQ
%RWWRP
HGJHRI
VORW
+LQJHORFN
6ORW
3XVKKLQJHORFNVXSWRORFN
3XOOKLQJHORFNVGRZQWRXQORFN
+LQJHDUP
+LQJH
DUP
background
3DLQWHG6XUIDFHV
3DLQWHGVXUIDFHVLQFOXGHWKHWRSDQGVLGHVRI
WKHGRRUDQGWKHGUDZHUIURQW&OHDQWKHVHZLWK
VRDSDQGZDWHURUDYLQHJDUDQGZDWHUVROXWLRQ
'RQRWXVHFRPPHUFLDORYHQFOHDQHUVFOHDQLQJ
SRZGHUVVWHHOZRRORUKDUVKDEUDVLYHVRQDQ\
SDLQWHGVXUIDFH
6WDLQOHVV6WHHO6XUIDFHVRQVRPHPRGHOV
'RQRWXVHDVWHHOZRROSDGLWZLOOVFUDWFK
WKHVXUIDFH
7RFOHDQWKHVWDLQOHVVVWHHOVXUIDFHXVHZDUP
VXGV\ZDWHURUDVWDLQOHVVVWHHOFOHDQHURU
SROLVK$OZD\VZLSHWKHVXUIDFHLQWKHGLUHFWLRQ
RIWKHJUDLQ)ROORZWKHFOHDQHULQVWUXFWLRQVIRU
FOHDQLQJWKHVWDLQOHVVVWHHOVXUIDFH
7RLQTXLUHDERXWSXUFKDVLQJVWDLQOHVVVWHHO
DSSOLDQFHFOHDQHURUSROLVKRUWRILQGWKH
ORFDWLRQRIDGHDOHURU0DEH3DUWV6WRUHQHDUHVW
\RXSOHDVHFDOORXUWROOIUHHQXPEHU
1DWLRQDO3DUWV&HQWHU86
&DQDGD
*($SSOLDQFHVFRP86
ZZZ*($SSOLDQFHVFD&DQDGD
2YHQ9HQW
7KHRYHQLVYHQWHGWKURXJKDQRSHQLQJLQWKH
FRRNWRSXQGHUWKHJULOOH
1HYHUFRYHUWKHRSHQLQJZLWKDOXPLQXPIRLORU
DQ\RWKHUPDWHULDO7KLVZRXOGSUHYHQWWKHRYHQ
YHQWIURPZRUNLQJSURSHUO\
&RQWURO3DQHO
,IGHVLUHGWKHWRXFKSDGVPD\EHWXUQHGRII
EHIRUHFOHDQLQJ
6HHWKH5DQJH/RFN2XWRU&RQWURO
/RFN2XWVHFWLRQ
&OHDQXSVSODWWHUVZLWKDGDPSFORWK
<RXPD\DOVRXVHDJODVVFOHDQHU
5HPRYHKHDYLHUVRLOZLWKZDUPVRDS\ZDWHU
'RQRWXVHDEUDVLYHVRIDQ\NLQG
7XUQRQWKHWRXFKSDGVDIWHUFOHDQLQJ
&HQWHUYHQW

&DUHDQGFOHDQLQJRIWKHUDQJH
6WRUDJH'UDZHU5HPRYDO
7RUHPRYHWKHGUDZHU
3XOOWKHGUDZHURXWXQWLOLWVWRSV
/LIWWKHIURQWRIWKHGUDZHUXQWLOWKHVWRSV
FOHDUWKHJXLGHV
5HPRYHWKHGUDZHU
7RUHSODFHWKHGUDZHU
3ODFHWKHGUDZHUUDLOVRQWKHJXLGHV
3XVKWKHGUDZHUEDFNXQWLOLWVWRSV
/LIWWKHIURQWRIWKHGUDZHUDQGSXVKEDFN
XQWLOWKHVWRSVFOHDUWKHJXLGHV
/RZHUWKHIURQWRIWKHGUDZHUDQGSXVK
EDFNXQWLOLWFORVHV
6WRSJXLGH
5DLO
&RRNWRS
background
*($SSOLDQFHVFRP86
%HIRUH\RXFDOOIRUVHUYLFH« ZZZ*($SSOLDQFHVFD&DQDGD
7URXEOHVKRRWLQJ7LSV
6DYHWLPHDQGPRQH\5HYLHZWKHFKDUWVRQWKHIROORZLQJ
SDJHVILUVWDQG\RXPD\QRWQHHGWRFDOOIRUVHUYLFH
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
%XUQHUVKDYH\HOORZRU 7KHFRPEXVWLRQTXDOLW\RI  8VHWKHLOOXVWUDWLRQVEHORZWRGHWHUPLQHLI\RXUEXUQHU
\HOORZWLSSHGIODPHV EXUQHUIODPHVQHHGVWREH IODPHVDUHQRUPDO,IEXUQHUIODPHVORRNOLNH$FDOOIRU
GHWHUPLQHGYLVXDOO\ VHUYLFH1RUPDOEXUQHUIODPHVVKRXOGORRNOLNH%RU&
GHSHQGLQJRQWKHW\SHRIJDV\RXXVH:LWK/3JDVVRPH
\HOORZWLSSLQJRQRXWHUFRQHVLVQRUPDO

 $²<HOORZIODPHV %²<HOORZWLSV &²6RIWEOXHIODPHV
&DOOIRUVHUYLFH RQRXWHUFRQHV 1RUPDOIRUQDWXUDO
1RUPDOIRU/3JDV JDV
&RQWURONQREV .QRELVQ·WSXVKHGGRZQ 7RWXUQIURPWKH2)) SRVLWLRQSXVKWKHNQRELQDQG
ZLOOQRWWXUQ WKHQWXUQ
%XUQHUVGRQRWOLJKW 5DQJH/RFN2XWIHDWXUHLV  $OORZWKHUDQJHWRFRROGRZQDQGWRXFKDQGKROGWKH
DFWLYDWHG 5$1*(/2&.287SDGRQVRPHPRGHOVIRUVHFRQGV
XQWLOWKHGLVSOD\VKRZV/2&2))
3OXJRQUDQJHLVQRW  0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYHSURSHUO\
FRPSOHWHO\LQVHUWHGLQWKH JURXQGHGRXWOHW
HOHFWULFDORXWOHW
*DVVXSSO\QRWFRQQHFWHG 6HHWKH,QVWDOODWLRQ,QVWUXFWLRQVWKDWFDPHZLWK\RXU
RUWXUQHGRQUDQJH
$IXVHLQ\RXUKRPHPD\EH 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
EORZQRUWKHFLUFXLWEUHDNHU
WULSSHG
%XUQHUSDUWVQRWUHSODFHG 6HHWKH&DUHDQGFOHDQLQJRIWKHUDQJH VHFWLRQ
FRUUHFWO\
5DQJH/RFN2XWRU ,I/2&21DSSHDUVLQWKHGLVSOD\WKHUDQJHFRQWUROLV
&RQWURO/RFN2XW ORFNHG7XUQWKLVIHDWXUHRIIWRXVHWKHUDQJH6HHWKH
LVIHDWXUHDFWLYDWHG 5DQJH/RFN2XWRU&RQWURO/RFN2XWVHFWLRQ
7LFNLQJVRXQGRIVSDUN &RQWURONQRELVVWLOO  7XUQWKHNQRERXWRIWKH/,7(SRVLWLRQWRWKHGHVLUHG
LJQLWHUSHUVLVWVDIWHU LQWKH/,7(SRVLWLRQ VHWWLQJ
EXUQHUOLJKWV
7XUQWKHEXUQHURIIDQGUHOLJKW,IWLFNLQJLVVWLOO
SUHVHQWFDOOIRUVHUYLFH
%XUQHUIODPHVYHU\ ,PSURSHUDLUWRJDVUDWLR ,IUDQJHLVFRQQHFWHGWR/3JDVFKHFNDOOVWHSV
ODUJHRU\HOORZ LQWKH,QVWDOODWLRQ,QVWUXFWLRQVWKDWFDPHZLWK
\RXUUDQJH
2YHQOLJKWGRHV /LJKWEXOELVORRVHRUGHIHFWLYH  7LJKWHQRUUHSODFHWKHEXOE
QRWZRUN
6ZLWFKRSHUDWLQJ &DOOIRUVHUYLFH
OLJKWLVEURNHQ
2YHQZLOOQRWZRUN 3OXJRQUDQJHLVQRWFRPSOHWHO\ 0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYHSURSHUO\
LQVHUWHGLQWKHHOHFWULFDORXWOHW JURXQGHGRXWOHW
$IXVHLQ\RXUKRPHPD\EH 5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
EORZQRUWKHFLUFXLW
EUHDNHUWULSSHG
2YHQFRQWUROVLPSURSHUO\VHW 6HHWKH8VLQJWKHRYHQVHFWLRQ

background
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
)RRGGRHVQRWEDNH 2YHQFRQWUROVLPSURSHUO\VHW 6HHWKH8VLQJWKHRYHQVHFWLRQ
RUURDVWSURSHUO\
5DFNSRVLWLRQLVLQFRUUHFW  6HHWKH8VLQJWKHRYHQ VHFWLRQ
RUWKHUDFNLVQRWOHYHO
,QFRUUHFWFRRNZDUHRU  6HHWKH8VLQJWKHRYHQVHFWLRQ
FRRNZDUHRILPSURSHU
VL]HEHLQJXVHG
2YHQWKHUPRVWDWQHHGV 6HHWKH$GMXVWWKHRYHQWKHUPRVWDW²'RLW\RXUVHOI
DGMXVWPHQW VHFWLRQ
)RRGGRHVQRW 2YHQFRQWUROVLPSURSHUO\VHW 0DNHVXUH\RXWRXFKWKH%52,/+,/2SDG
EURLOSURSHUO\
,PSURSHUUDFNSRVLWLRQ  6HHWKH%URLOLQJ*XLGH
EHLQJXVHG
&RRNZDUHQRWVXLWHG  )RUEHVWUHVXOWVXVHDSDQGHVLJQHGIRUEURLOLQJ
IRUEURLOLQJ
7KHSUREHLVSOXJJHGLQWRWKH  8QSOXJDQGUHPRYHWKHSUREHIURPWKHRYHQ
RXWOHWLQWKHRYHQ
,QVRPHDUHDVWKHSRZHU  3UHKHDWWKHEURLOHOHPHQWIRUPLQXWHV
YROWDJHPD\EHORZ
%URLOIRUWKHORQJHVWSHULRGRIWLPHUHFRPPHQGHGLQ
WKH%URLOLQJ*XLGH
6HWFRQYHFWLRQ 7KH$XWR5HFLSH
&RQYHUVLRQ 6HH$XWR5HFLSH
&RQYHUVLRQLQWKH6SHFLDO)HDWXUHV
EDNLQJWHPSHUDWXUH IHDWXUHLVRQWRDXWRPDWLFDOO\ VHFWLRQIRUPRUHLQIRUPDWLRQ
DXWRPDWLFDOO\UHGXFHV UHGXFHWKHVHWUHJXODUEDNLQJ
E\)& WHPSHUDWXUHE\WKH
UHFRPPHQGHG)&
IRUFRQYHFWLRQEDNLQJ
2YHQWHPSHUDWXUH 2YHQWKHUPRVWDW 6HHWKH$GMXVWWKHRYHQWKHUPRVWDW²'RLW\RXUVHOI
WRRKRWRUWRRFROG QHHGVDGMXVWPHQW VHFWLRQ
2YHQGRRULVFURRNHG 7KHGRRULVRXWRISRVLWLRQ %HFDXVHWKHRYHQGRRULVUHPRYDEOHLWVRPHWLPHV
JHWVRXWRISRVLWLRQGXULQJLQVWDOODWLRQ5HPRYHDQG
UHSODFHWKHRYHQGRRU6HHWKH/LIW2II2YHQ'RRU
VHFWLRQ
6WRUDJHGUDZHU 5HDUGUDZHUVXSSRUWLV 5HSRVLWLRQWKHGUDZHU6HHWKH6WRUDJH'UDZHU
LVFURRNHG RQWRSRIWKHJXLGHUDLO 5HPRYDOLQVWUXFWLRQVLQWKH&DUHDQGFOHDQLQJRI\RXU
 UDQJHVHFWLRQ
6WRUDJHGUDZHU 3RZHUFRUGPD\EH  5HSRVLWLRQWKHGUDZHUDQGSRZHUFRUG6HHWKH
ZRQ·WFORVH REVWUXFWLQJGUDZHU6WRUDJH'UDZHU5HPRYDOLQVWUXFWLRQVLQWKH&DUHDQG
LQWKHORZHUEDFNFOHDQLQJRI\RXUUDQJHVHFWLRQ
RIWKHUDQJH
5HDUGUDZHUVXSSRUWLV 5HSRVLWLRQWKHGUDZHU6HHWKH6WRUDJH'UDZHU
RQWRSRIWKHJXLGHUDLO5HPRYDOLQVWUXFWLRQVLQWKH&DUHDQGFOHDQLQJRI
 \RXUUDQJHVHFWLRQ
%HIRUH\RXFDOOIRUVHUYLFH«

7URXEOHVKRRWLQJ7LSV
background
*($SSOLDQFHVFRP86
ZZZ*($SSOLDQFHVFD&DQDGD

3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
2YHQUDFNVDUH 7KHVKLQ\VLOYHUFRORUHGUDFNV $SSO\DVPDOODPRXQWRIYHJHWDEOHRLOWRDSDSHU
GLIILFXOWWRVOLGH LIVRHTXLSSHGZHUHFOHDQHG WRZHODQGZLSHWKHHGJHVRIWKHRYHQUDFNVZLWK
LQDVHOIFOHDQF\FOH7KHJUD\ WKHSDSHUWRZHO'RQRWVSUD\ZLWK3DP
RURWKHU
SRUFHODLQFRDWHGUDFNV OXEULFDQWVSUD\V
LIVRHTXLSSHGZHUH
LPSURSHUO\FOHDQHG
&ORFNDQGWLPHUGR 3OXJRQUDQJHLVQRWFRPSOHWHO\  0DNHVXUHHOHFWULFDOSOXJLVSOXJJHGLQWRDOLYHSURSHUO\
QRWZRUN LQVHUWHGLQWKHHOHFWULFDORXWOHW JURXQGHGRXWOHW
$IXVHLQ\RXUKRPH  5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
PD\EHEORZQRUWKH
FLUFXLWEUHDNHUWULSSHG
2YHQFRQWUROVLPSURSHUO\VHW 6HHWKH8VLQJWKHFORFNDQGWLPHUVHFWLRQ
2YHQZLOOQRWVHOIFOHDQ 6XUIDFHEXUQHULVRQ  7XUQDOOVXUIDFHEXUQHUVRII
7KHRYHQWHPSHUDWXUHLV  $OORZWKHUDQJHWRFRRODQGUHVHWWKHFRQWUROV
WRRKLJKWRVHWDVHOIFOHDQ
RSHUDWLRQ
2YHQFRQWUROVLPSURSHUO\VHW 6HHWKH8VLQJWKHVHOIFOHDQLQJRYHQ VHFWLRQ
7KHSUREHLVSOXJJHGLQWR 5HPRYHWKHSUREHIURPWKHRYHQ
WKHRXWOHWLQWKHRYHQ
´&UDFNOLQJµRU 7KLVLVWKHVRXQGRIWKH 7KLVLVQRUPDO
´SRSSLQJµVRXQG PHWDOKHDWLQJDQGFRROLQJ
GXULQJERWKWKHFRRNLQJDQG
FOHDQLQJIXQFWLRQV
([FHVVLYHVPRNLQJ ([FHVVLYHVRLO 7RXFKWKH&/($52))SDG2SHQWKHZLQGRZVWR
GXULQJDFOHDQF\FOH ULGWKHURRPRIVPRNH:DLWXQWLOWKH/2&.('OLJKW
JRHVRII:LSHXSWKHH[FHVVVRLODQGUHVHWWKHFOHDQ
F\FOH
2YHQGRRUZLOOQRW 2YHQWRRKRW $OORZWKHRYHQWRFRROEHORZORFNLQJWHPSHUDWXUH
RSHQDIWHUDFOHDQF\FOH
2YHQQRWFOHDQDIWHUD 2YHQFRQWUROVQRWSURSHUO\VHW  6HHWKH8VLQJWKHVHOIFOHDQLQJRYHQVHFWLRQ
FOHDQF\FOH
2YHQZDVKHDYLO\VRLOHG &OHDQXSKHDY\VSLOORYHUVEHIRUHVWDUWLQJWKHFOHDQ
F\FOH+HDYLO\VRLOHGRYHQVPD\QHHGWRVHOIFOHDQ
DJDLQRUIRUDORQJHUSHULRGRIWLPH
´/2&.('µIODVKHV 7KHVHOIFOHDQF\FOHKDVEHHQ &ORVHWKHRYHQGRRU
LQWKHGLVSOD\ VHOHFWHGEXWWKHGRRULVQRW
FORVHG
´/2&.('µOLJKWLV 7KHRYHQGRRULVORFNHG 7RXFKWKH&/($52))SDG$OORZWKHRYHQWRFRRO
RQZKHQ\RXZDQW EHFDXVHWKHWHPSHUDWXUH
WRFRRN
LQVLGHWKHRYHQKDVQRW
GURSSHGEHORZWKH
ORFNLQJWHPSHUDWXUH
background
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
´)³DQGDQXPEHU <RXKDYHDIXQFWLRQHUURUFRGH 7RXFKWKH&/($52))SDG3XWWKHRYHQEDFNLQWR
RUOHWWHUµIODVK RSHUDWLRQ
LQWKHGLVSOD\
,IWKHIXQFWLRQFRGHUHSHDWV 'LVFRQQHFWDOOSRZHUWRWKHUDQJHIRUDWOHDVW
VHFRQGVDQGWKHQUHFRQQHFWSRZHU,IWKHIXQFWLRQ
HUURUFRGHUHSHDWVFDOOIRUVHUYLFH
&RQWUROVLJQDOVDIWHU <RXIRUJRWWRHQWHUD 7RXFKWKH%$.(SDGDQGGHVLUHGWHPSHUDWXUHRU
HQWHULQJFRRNLQJWLPH EDNHWHPSHUDWXUHRU WKH6(/)&/($167'/2:RU6(/)&/($1/2:67'SDG
RUVWDUWWLPH FOHDQLQJWLPH DQGGHVLUHGFOHDQWLPH
'LVSOD\JRHVEODQN $IXVHLQ\RXUKRPHPD\  5HSODFHWKHIXVHRUUHVHWWKHFLUFXLWEUHDNHU
EHEORZQRUWKHFLUFXLW
EUHDNHUWULSSHG
7KHFORFNLVLQWKH 6HHWKH6SHFLDOIHDWXUHVRI\RXURYHQFRQWUROVHFWLRQ
EODFNRXWPRGH
'LVSOD\IODVKHV 3RZHUIDLOXUH 5HVHWWKHFORFN
8QDEOHWRJHWWKH 2YHQFRQWUROSDGVZHUH7KH%52,/+,/2DQG%$.(SDGVPXVWEHWRXFKHGDW
GLVSOD\WRVKRZ´6)µ QRWWRXFKHGSURSHUO\ WKHVDPHWLPHDQGKHOGIRUVHFRQGV
´3UREHµDSSHDUVLQ 7KLVLVUHPLQGLQJ\RXWR (QWHUDSUREHWHPSHUDWXUH
WKHGLVSOD\ HQWHUDSUREHWHPSHUDWXUH
DIWHUSOXJJLQJLQWKHSUREH
3RZHURXWDJH 3RZHURXWDJHRUVXUJH 5HVHWWKHFORFN,IWKHRYHQZDVLQXVH\RXPXVWUHVHW
FORFNIODVKHV LWE\WRXFKLQJWKH&/($52))SDGVHWWLQJWKHFORFN
DQGUHVHWWLQJDQ\FRRNLQJIXQFWLRQ
6WHDPIURPWKHYHQW :KHQXVLQJWKHFRQYHFWLRQ 7KLVLVQRUPDO
IHDWXUHLWLVQRUPDOWRVHH
VWHDPFRPLQJRXWRIWKHRYHQ
YHQW$VWKHQXPEHURIUDFNV
RUDPRXQWRIIRRGEHLQJ
FRRNHGLQFUHDVHVWKHDPRXQW
RIYLVLEOHVWHDPZLOOLQFUHDVH
´%XUQLQJµRU´RLO\µ 7KLVLVQRUPDOLQDQHZRYHQ 7RVSHHGWKHSURFHVVVHWDVHOIFOHDQF\FOHIRUD
RGRUHPLWWLQJIURP DQGZLOOGLVDSSHDULQWLPH PLQLPXPRIKRXUV6HHWKH8VLQJWKHVHOIFOHDQLQJ
WKHYHQW RYHQVHFWLRQ
6WURQJRGRU $QRGRUIURPWKHLQVXODWLRQ 7KLVLVWHPSRUDU\
DURXQGWKHLQVLGHRIWKHRYHQ
LVQRUPDOIRUWKHILUVWIHZWLPHV
WKHRYHQLVXVHG
)DQQRLVH $FRROLQJIDQRUDFRQYHFWLRQ 7KLVLVQRUPDO7KHFRROLQJIDQZLOOWXUQRIIDQG
IDQGHSHQGLQJRQWKH  RQWRFRROLQWHUQDOSDUWV,WPD\UXQDIWHUWKHRYHQLV
IXQFWLRQ\RXDUHXVLQJPD\ WXUQHG2))7KHFRQYHFWLRQIDQZLOOF\FOHRQDQGRII
DXWRPDWLFDOO\WXUQRQDQGRII XQWLOWKHIXQFWLRQLVRYHURUWKHGRRULVRSHQHG
/2&VKRZVLQWKH 7KH5DQJH/RFN2XWIHDWXUH %HVXUHWKHVXUIDFHEXUQHUFRQWUROVDUHWXUQHG2))
GLVSOD\ LVDFWLYDWHG 7XUQWKLVIHDWXUHRIIWRXVHWKHUDQJH6HHWKH
 5DQJH/RFN2XWVHFWLRQ

%HIRUH\RXFDOOIRUVHUYLFH«
7URXEOHVKRRWLQJ7LSV
background

OWNERSHIP REGISTRATION
P.O. BOX 1780
MISSISSAUGA, ONTARIO
L4Y 4G1
(FOR CANADIAN CONSUMERS ONLY)
Please place in envelope and mail to:
Veuillez mettre dans une enveloppe et envoyez à :
background

background
*($SSOLDQFHVFRP86
$FFHVVRULHV ZZZ*($SSOLDQFHVFD&DQDGD

/RRNLQJ)RU6RPHWKLQJ0RUH"
<RXFDQILQGWKHVHDFFHVVRULHVDQGPDQ\PRUHDW*($SSOLDQFHVFRP86RUZZZ*($SSOLDQFHVFD
&DQDGDRUFDOO86RUGXULQJQRUPDOEXVLQHVVKRXUV+DYH\RXUPRGHO
QXPEHUUHDG\
([SHULHQFHWKHVHRWKHUJUHDWSURGXFWVWRNHHS\RXUNLWFKHQORRNLQJJUHDW
*HWWKHPRVWRXWRI\RXU%URLOHU3DQ1RWIRUXVHZLWK%URLOHU'UDZHUPRGHOV
8VH\RXUSDQDQGJULGFRYHUWREURLOKDPEXUJHUVVHDIRRGVWHDNVYHJHWDEOHV
EDFRQFKRSVDQGVRPXFKPRUH7KHSDQEHORZFDWFKHVWKHH[FHVVIDWVDQGRLOV
*HQXLQH*(3DUW
(DV\7R&OHDQ
2QH<HDU:DUUDQW\
/LPLWHG7LPH2IIHU)UHH6KLSSLQJ
:KHQ\RXRUGHU\RXUEURLOHUSDQZLWKLQGD\VRISXUFKDVLQJ\RXU*(FRRNLQJSURGXFW
6PDOO /DUJH ;/
3DUW :%; :%; :%;
'LPHQVLRQV µ:[µ+[µ' µ:[µ+[µ' µ:[µ+[µ'
7KHODUJHVWDQGDUGEURLOSDQGRHVQRWILWLQµµUDQJHV
7KH;/SDQGRHVQRWILWLQµZDOORYHQVµGURSLQVRUµµUDQJHV
7RSODFH\RXURUGHUFDOO86&DQDGDRUPDLOWKLVIRUPWR
,QWKH86*(3DUWV32%R[0HPSKLV71,Q&DQDGD*(3DUWV)DFWRU\/DQH0RQFWRQ1%(&0
%URLOHU3DQ2UGHU)RUP
4XDQWLW\BBBBBBBBBBBBBBBBBBBB 3DUW1XPEHU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0RGHO1XPEHUBBBBBBBBBBBBBB 6HULDO1XPEHU BBBBBBBBBBBBBBBBBB %UDQG BBBBBBBBBBBBBBB 'DWHRI3XUFKDVHBBBBBBBBBB
)LUVW1DPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB /DVW1DPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$GGUHVVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&LW\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 6WDWHBBBBBBBBBBB =LS&RGHBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3KRQHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (0DLOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&KHFN BBBBBB 0RQH\2UGHUBBBBBB
&DOOLQWKH86RULQ&DQDGDIRUFXUUHQWSULFLQJ$OOFUHGLWFDUGRUGHUVPXVWEHFDOOHGLQ
6XUIDFH(OHPHQWVDQG'ULS3DQV
*UDWHV 6XUIDFH%XUQHU+HDGVDQG&DSV
2YHQ(OHPHQWV /LJKW%XOEV
.QREV
2YHQ5DFNV
:;;*&6
:;;
:;;
30;
&HUDPLF&RRNWRS
&OHDQLQJ.LW,QFOXGHV
FOHDQHUVFUDSHUDQG
SDG
&HUDPLF&RRNWRS
&OHDQLQJ:LSHV
6WDLQOHVV6WHHO
$SSOLDQFH3ROLVK
:LSHV
6WDLQOHVV6WHHO
$SSOLDQFH
&OHDQHU
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
RU
background
6HUYLFHWULSVWR\RXUKRPHWRWHDFK\RXKRZWRXVH
WKHSURGXFW
,PSURSHULQVWDOODWLRQGHOLYHU\RUPDLQWHQDQFH
3URGXFWGDPDJHRUIDLOXUHRIWKHSURGXFWLILWLVDEXVHG
PLVXVHGPRGLILHGXVHGIRURWKHUWKDQWKHLQWHQGHG
SXUSRVHRUXVHGFRPPHUFLDOO\
5HSODFHPHQWRIKRXVHIXVHVRUUHVHWWLQJRIFLUFXLWEUHDNHUV
'DPDJHWRWKHSURGXFWFDXVHGE\DFFLGHQWILUHIORRGV
RUDFWVRI*RG
,QFLGHQWDORUFRQVHTXHQWLDOGDPDJHFDXVHGE\SRVVLEOH
GHIHFWVZLWKWKLVDSSOLDQFH
'DPDJHFDXVHGDIWHUGHOLYHU\
3URGXFWQRWDFFHVVLEOHWRSURYLGHUHTXLUHGVHUYLFH
:KDW*(:LOO1RW&RYHU
7KLVZDUUDQW\LVH[WHQGHGWRWKHRULJLQDOSXUFKDVHUDQGDQ\VXFFHHGLQJRZQHUIRUSURGXFWVSXUFKDVHGIRUKRPH
XVHZLWKLQWKH86$,IWKHSURGXFWLVORFDWHGLQDQDUHDZKHUHVHUYLFHE\D*($XWKRUL]HG6HUYLFHULVQRWDYDLODEOH\RX
PD\EHUHVSRQVLEOHIRUDWULSFKDUJHRU\RXPD\EHUHTXLUHGWREULQJWKHSURGXFWWRDQ$XWKRUL]HG*(6HUYLFHORFDWLRQIRU
VHUYLFH,Q$ODVNDWKHZDUUDQW\H[FOXGHVWKHFRVWRIVKLSSLQJRUVHUYLFHFDOOVWR\RXUKRPH
6RPHVWDWHVGRQRWDOORZWKHH[FOXVLRQRUOLPLWDWLRQRILQFLGHQWDORUFRQVHTXHQWLDOGDPDJHV7KLVZDUUDQW\JLYHV
\RXVSHFLILFOHJDOULJKWVDQG\RXPD\DOVRKDYHRWKHUULJKWVZKLFKYDU\IURPVWDWHWRVWDWH7RNQRZZKDW\RXU
OHJDOULJKWVDUHFRQVXOW\RXUORFDORUVWDWHFRQVXPHUDIIDLUVRIILFHRU\RXUVWDWH·V$WWRUQH\*HQHUDO
:DUUDQWRU*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<
)RU7KH3HULRG2I *(:LOO5HSODFH
2QH<HDU $Q\SDUWRIWKHUDQJHZKLFKIDLOVGXHWRDGHIHFWLQPDWHULDOVRUZRUNPDQVKLS'XULQJWKLV
)URPWKHGDWHRIWKH OLPLWHGRQH\HDUZDUUDQW\*(ZLOODOVRSURYLGHIUHHRIFKDUJHDOOODERUDQGLQKRPHVHUYLFHWR
RULJLQDOSXUFKDVH UHSODFHWKHGHIHFWLYHSDUW
*(*DV5DQJH:DUUDQW\)RUFXVWRPHUVLQWKH8QLWHG6WDWHV
$OOZDUUDQW\VHUYLFHSURYLGHGE\RXU)DFWRU\6HUYLFH&HQWHUV
RUDQDXWKRUL]HG&XVWRPHU&DUH
WHFKQLFLDQ7RVFKHGXOHVHUYLFH
YLVLWXVRQOLQHDW*($SSOLDQFHVFRPRUFDOO*(&$5(6
3OHDVHKDYHVHULDOQXPEHUDQGPRGHOQXPEHU
DYDLODEOHZKHQFDOOLQJIRUVHUYLFH
6WDSOH\RXUUHFHLSWKHUH
3URRIRIWKHRULJLQDO
SXUFKDVHGDWHLVQHHGHG
WRREWDLQVHUYLFHXQGHUWKH
ZDUUDQW\
(;&/86,212),03/,(':$55$17,(6³<RXUVROHDQGH[FOXVLYHUHPHG\LVSURGXFWUHSDLUDVSURYLGHGLQWKLV/LPLWHG
:DUUDQW\$Q\LPSOLHGZDUUDQWLHVLQFOXGLQJWKHLPSOLHGZDUUDQWLHVRIPHUFKDQWDELOLW\RUILWQHVVIRUDSDUWLFXODUSXUSRVH
DUHOLPLWHGWRRQH\HDURUWKHVKRUWHVWSHULRGDOORZHGE\ODZ

background

$OOZDUUDQW\VHUYLFHSURYLGHGE\RXU)DFWRU\6HUYLFH&HQWUHV
RUDQDXWKRUL]HG&XVWRPHU&DUH
WHFKQLFLDQ)RUVHUYLFH
FDOO3OHDVHKDYHVHULDOQXPEHUDQGPRGHOQXPEHU
DYDLODEOHZKHQFDOOLQJIRUVHUYLFH
6HUYLFHWULSVWR\RXUKRPHWRWHDFK\RXKRZWRXVH
WKHSURGXFW
,PSURSHULQVWDOODWLRQGHOLYHU\RUPDLQWHQDQFH
3URGXFWGDPDJHRUIDLOXUHRIWKHSURGXFWLILWLVDEXVHG
PLVXVHGPRGLILHGXVHGIRURWKHUWKDQWKHLQWHQGHG
SXUSRVHRUXVHGFRPPHUFLDOO\
5HSODFHPHQWRIKRXVHIXVHVRUUHVHWWLQJRIFLUFXLWEUHDNHUV
'DPDJHWRWKHSURGXFWFDXVHGE\DFFLGHQWILUHIORRGV
RUDFWVRI*RG
,QFLGHQWDORUFRQVHTXHQWLDOGDPDJHFDXVHGE\SRVVLEOH
GHIHFWVZLWKWKLVDSSOLDQFH
'DPDJHFDXVHGDIWHUGHOLYHU\
3URGXFWQRWDFFHVVLEOHWRSURYLGHUHTXLUHGVHUYLFH
:KDW0DEH:LOO1RW&RYHU
)RU7KH3HULRG2I 0DEH:LOO5HSODFH
2QH<HDU $Q\SDUWRIWKHUDQJHZKLFKIDLOVGXHWRDGHIHFWLQPDWHULDOVRUZRUNPDQVKLS'XULQJWKLV
)URPWKHGDWHRIWKH OLPLWHGRQH\HDUZDUUDQW\0DEHZLOODOVRSURYLGHIUHHRIFKDUJHDOOODERUDQGLQKRPH
RULJLQDOSXUFKDVH VHUYLFHWRUHSODFHWKHGHIHFWLYHSDUW
*(*DV5DQJH:DUUDQW\)RUFXVWRPHUVLQ&DQDGD
6WDSOH\RXUUHFHLSWKHUH
3URRIRIWKHRULJLQDO
SXUFKDVHGDWHLVQHHGHG
WRREWDLQVHUYLFHXQGHUWKH
ZDUUDQW\
(;&/86,212),03/,(':$55$17,(6³<RXUVROHDQGH[FOXVLYHUHPHG\LVSURGXFWUHSDLUDVSURYLGHGLQWKLV/LPLWHG
:DUUDQW\$Q\LPSOLHGZDUUDQWLHVLQFOXGLQJWKHLPSOLHGZDUUDQWLHVRIPHUFKDQWDELOLW\RUILWQHVVIRUDSDUWLFXODUSXUSRVH
DUHOLPLWHGWRRQH\HDURUWKHVKRUWHVWSHULRGDOORZHGE\ODZ
7KLVZDUUDQW\LVH[WHQGHGWRWKHRULJLQDOSXUFKDVHUDQGDQ\VXFFHHGLQJRZQHUIRUSURGXFWVSXUFKDVHGLQ&DQDGD
IRUKRPHXVHZLWKLQ&DQDGD,QKRPHZDUUDQW\VHUYLFHZLOOEHSURYLGHGLQDUHDVZKHUHLWLVDYDLODEOHDQGGHHPHG
UHDVRQDEOHE\0DEHWRSURYLGH
6RPHSURYLQFHVGRQRWDOORZWKHH[FOXVLRQRUOLPLWDWLRQRILQFLGHQWDORUFRQVHTXHQWLDOGDPDJHVVRWKHDERYHH[FOXVLRQ
PD\QRWDSSO\WR\RX7KLVZDUUDQW\JLYHV\RXVSHFLILFOHJDOULJKWVDQG\RXPD\DOVRKDYHRWKHUULJKWVZKLFKYDU\IURP
SURYLQFHWRSURYLQFH7RNQRZZKDW\RXUOHJDOULJKWVDUHLQ\RXUSURYLQFHFRQVXOW\RXUORFDORUSURYLQFLDOFRQVXPHUDIIDLUV
RIILFH
:DUUDQWRU0DEH&DQDGD,QF
%XUOLQJWRQ2QWDULR
background

1RWHV
background
,QVWUXFWLRQVGHVpFXULWp ²
0RGHG·HPSORL
$XWRQHWWR\DJH
%DWWHULHGHFXLVLQH 
%UOHXUVGHVXUIDFH
&RQYH[LRQ²
&XLVLQHUHWU{WLU
DYHFODPLQXWHULH
&XLVLQHURXU{WLU
)HUPHQWDWLRQ
)RQFWLRQGX6DEEDWK
)RQFWLRQVVSpFLDOHV²
)RXU²
*ULOOHUJXLGHSRXUJULOOHU 
+RUORJHHWPLQXWHULH
/RFNRXWYHUURXLOODJH
GHVFRQWU{OHV
9HUURXLOODJHGHODFXLVLQLqUH 
5pFKDXIIHU
6RQGH
7KHUPRVWDW
(QWUHWLHQHWQHWWR\DJH
$PSRXOHV
$VVHPEODJHGXEUOHXU
%RXWRQV
eYHQW
*ULOOHVGXEUOHXU
HWJULOOHFHQWUDOH
*ULOOHVGXIRXU
3DQQHDXGHFRQWU{OH 
3ODQFKHUGHIRXU
3RUWH
3RUWHGXIRXUUHWLUDEOH
5XEDQG·HPEDOODJH
6XUIDFHVG·DFLHULQR[\GDEOH 
6XUIDFHGHFXLVVRQ 
6XUIDFHVSHLQWHV
7LURLUGHUDQJHPHQW
&RQVHLOVGHGpSDQQDJH ²
$FFHVVRLUHV
6RXWLHQjODFOLHQWqOH
*DUDQWLH  
6RXWLHQjODFOLHQWqOH
ZZZHOHFWURPHQDJHUVJHFD
3*6
3*6
-*63
0DQXHOGX
SURSULpWDLUH
eFULYH]LFLOHVQXPpURVGH
PRGqOHHWGHVpULH
1GHPRGqOH
BBBBBBBBBB
1GHVpULH BBBBBBBBBBB
&HVQXPpURVVHWURXYHQWVXU
O·pWLTXHWWHGHUULqUHODSRUWH
G·RXYHUWXUHGXIRXUGDQVOHFRLQ
LQIpULHXUJDXFKHGX
FKkVVLVGHFXLVLQLqUH
&XLVLQLqUHV
$XJD]FRXOLVVDQWHV
background

,1)250$7,21'(6e&85,7e,03257$17(
/,6(=7287(6/(6,16758&7,216$9$17/·87,/,6$7,21
³ 1HUDQJH]SDVHWQ·XWLOLVH]SDVG·HVVHQFHRXG·DXWUHVYDSHXUVHW
OLTXLGHVLQIODPPDEOHVSUqVGHFHWDSSDUHLOpOHFWURPpQDJHURX
DXWUH
³ 1HSDVLQVWDOOHUFHSURGXLWVLO·RQXWLOLVHXQHKRWWHjULGHDXG·DLU
RXXQHKRWWHGHFXLVLQLqUHVRXIIODQWO·DLUDXGHVVXVGHODVXUIDFH
GHFXLVVRQ/HGpELWG·DLUSHXWQXLUHDXIRQFWLRQQHPHQWGHV
EUOHXUVjJD]HWUHSUpVHQWHXQULVTXHG·LQFHQGLHRXG·H[SORVLRQ
³
&(48·,/)$87)$,5(6,9286'e7(&7(=81(
2'(85'(*$=
1·HVVD\H]SDVG·DOOXPHUXQTXHOFRQTXHDSSDUHLO
pOHFWURPpQDJHU
1HWRXFKH]DXFXQFRPPXWDWHXUpOHFWULTXHQ·XWLOLVH]SDV
OHWpOpSKRQHGHYRWUHEkWLPHQW
$SSHOH]LPPpGLDWHPHQWYRWUHIRXUQLVVHXUGHJD]GXWpOpSKRQH
G·XQYRLVLQ6XLYH]OHVLQVWUXFWLRQVGXIRXUQLVVHXUGHJD]
6LYRXVQHSRXYH]SDVUHMRLQGUHYRWUHIRXUQLVVHXUGHJD]
DSSHOH]OHVHUYLFHG·LQFHQGLH
³ /·LQVWDOODWLRQHWO·HQWUHWLHQGRLYHQWrWUHHIIHFWXpVSDUXQLQVWDOODWHXU
TXDOLILpXQHDJHQFHGHVHUYLFHRXOHIRXUQLVVHXUGHJD]
$9(57,66(0(17 6LO·LQIRUPDWLRQFRQWHQXHGDQV
FHVLQVWUXFWLRQVQ·HVWSDVVXLYLHH[DFWHPHQWLOSRXUUDLW\DYRLU
XQLQFHQGLHRXXQHH[SORVLRQFDXVDQWGHVGRPPDJHVjOD
SURSULpWpGHVEOHVVXUHVSHUVRQQHOOHVRXODPRUW
background
ZZZHOHFWURPHQDJHUVJHFD
$9,6'(6e&85,7e,03257$17
/DORLGHOD&DOLIRUQLH¶6DIH'ULQNLQJ:DWHUDQG7R[LF(QIRUFHPHQW·H[LJHTXHOH*RXYHUQHXUGHOD&DOLIRUQLHSXEOLHXQHOLVWH
GHVVXEVWDQFHVTXLGHO·DYLVGHO·eWDWSHXYHQWFDXVHUGHVDQRPDOLHVFRQJpQLWDOHVRXDXWUHVSUREOqPHVGHUHSURGXFWLRQHW
H[LJHDXVVLGHVHQWUHSULVHVTX·HOOHVDYLVHQWOHVFOLHQWVGHVGDQJHUVDVVRFLpVjO·H[SRVLWLRQSRVVLEOHjGHWHOOHVVXEVWDQFHV
/HVDSSDUHLOVDXJD]SHXYHQWFDXVHUXQHH[SRVLWLRQPLQHXUHjTXDWUHGHFHVVXEVWDQFHVVRLWOHEHQ]qQHOHPRQR[\GHGH
FDUERQHOHIRUPDOGpK\GHHWODVXLHUpVXOWDQWSULQFLSDOHPHQWG·XQHFRPEXVWLRQLQFRPSOqWHGHVFDUEXUDQWVGH3/RXGX
JD]QDWXUHO'HVEUOHXUVDMXVWpVFRUUHFWHPHQWXQHIODPPHEOHXHSOXW{WTXHMDXQHUpGXLURQWODFRPEXVWLRQLQFRPSOqWH
/·H[SRVLWLRQjFHVVXEVWDQFHVSHXWrWUHUpGXLWHSDUXQHDpUDWLRQJUkFHjXQHIHQrWUHRXYHUWHRXSDUO·XWLOLVDWLRQG·XQ
YHQWLODWHXURXG·XQHKRWWH
/·LVRODQWGHILEUHGHYHUUHGHVIRXUVDXWRQHWWR\DQWVpPHWXQHWUqVSHWLWHTXDQWLWpGHPRQR[\GHGHFDUERQHGXUDQWOHF\FOH
GHQHWWR\DJH/·H[SRVLWLRQSHXWrWUHUpGXLWHHQDpUDQWJUkFHjXQHIHQrWUHRXYHUWHRXSDUO·XWLOLVDWLRQG·XQYHQWLODWHXURX
G·XQHKRWWH
$9(57,66(0(17
3RXUYRWUHVpFXULWpYRXVGHYH]VXLYUHO·LQIRUPDWLRQFRQWHQXHGDQVFHPDQXHOSRXUUpGXLUHOHVULVTXHV
G·LQFHQGLHHWG·H[SORVLRQGHFKRFpOHFWULTXHRXSRXUpYLWHUWRXWGRPPDJHPDWpULHOGHVEOHVVXUHVRXODPRUW
',6326,7,)$17,%$6&8/(0(17
3RXUpYLWHUOHEDVFXOHPHQW
DFFLGHQWHOGHODFXLVLQLqUHIL[H]OD
HQLQVWDOODQWGHODIDoRQDSSURSULpH
OHGLVSRVLWLIDQWLEDVFXOHPHQW$YDQW
GHO·LQVWDOOHUFRQVXOWH]OHVGLUHFWLYHV
G·LQVWDOODWLRQIRXUQLHVDYHFOH
GLVSRVLWLI
3RXUOHVFXLVLQLqUHVDPRYLEOHVRX
HQFDVWUpHV
3RXUOHVFXLVLQLqUHVDPRYLEOHVRX
HQFDVWUpHV
3RXUYpULILHUTXHOHGLVSRVLWLI
HVWLQVWDOOpHWV·HQFOHQFKH
FRUUHFWHPHQWYpULILH]VRXVODFXLVLQLqUHTXHOHSLHGGHPLVHjQLYHDXDUULqUHHVWLQVpUp
GDQVOHVXSSRUW6XUFHUWDLQVPRGqOHVOHWLURLUGHUDQJHPHQWRXOHFRXSGHSLHGSHXYHQW
rWUHUHWLUpVSRXUIDFLOLWHUO·LQVSHFWLRQ6LO·LQVSHFWLRQYLVXHOOHQ·HVWSDVSRVVLEOHIDLWHV
JOLVVHUODFXLVLQLqUHYHUVO·DYDQWSRXUFRQILUPHUTXHOHGLVSRVLWLIDQWLEDVFXOHPHQWHVW
VROLGHPHQWIL[pDXVRORXDXPXUSXLVIDLWHVJOLVVHUODFXLVLQLqUHGDQVVRQHPSODFHPHQW
GHVRUWHTXHOHSLHGGHPLVHjQLYHDXDUULqUHVHWURXYHVRXVOHGLVSRVLWLIDQWLEDVFXOHPHQW
6LSRXUXQHUDLVRQRXXQHDXWUHODFXLVLQLqUHHVWpORLJQpHGXPXUUHFRPPHQFH]
WRXMRXUVFHWWHSURFpGXUHSRXUYpULILHUTXHODFXLVLQLqUHHVWFRUUHFWHPHQWPDLQWHQXHSDU
OHGLVSRVLWLIDQWLEDVFXOHPHQW
1·HQOHYH]MDPDLVFRPSOqWHPHQWOHVSLHGVGHPLVHjQLYHDXODFXLVLQLqUHQHVHUDLWDORUV
SDVFRUUHFWHPHQWSURWpJpHGXEDVFXOHPHQW
3RXUOHVFXLVLQLqUHVjSRVHU
3RXUYpULILHUVLOHGLVSRVLWLIHVWLQVWDOOpHWHQFOHQFKpFRUUHFWHPHQWIDLWHVJOLVVHUOD
FXLVLQLqUHYHUVO·DYDQWSRXUFRQILUPHUTXHOHGLVSRVLWLIDQWLEDVFXOHPHQWHVWVROLGHPHQW
IL[pjO·DUULqUHGHODFXLVLQLqUHSXLVUHIDLWHVJOLVVHUODFXLVLQLqUHGDQVVRQHPSODFHPHQW
DILQTXHOHGLVSRVLWLIDQWLEDVFXOHPHQWJOLVVHMXVWHVRXVOHFRPSWRLURXOHEORFGHERLVIL[p
DXPXUGXIRQG
6LYRXVQ·DYH]SDVUHoXXQGLVSRVLWLIDQWLEDVFXOHPHQWDYHFYRWUHDSSDUHLODSSHOH]DX
SRXUHQREWHQLUXQVDQVIUDLV3RXUREWHQLUOHVGLUHFWLYHVG·LQVWDOODWLRQGX
GLVSRVLWLIYLVLWH]QRWUHVLWH:HEZZZHOHFWURPHQDJHUVJHFD
Un enfant ou un adulte peut faire basculer la cuisinière
et de blesser mortellement.
Un enfant ou un adulte peut faire basculer la cuisinière
et de blesser mortellement.
Assurez de bien réenclencher le dispositif antibasculement
après avoir déplacer la cuisinière.
Ne faites pas fonctionner la cuisinière sans avoir installer
et enclencher le dispositif antibasculement.
Le non-respect de ces règles peut entraîner la mort ou de graves brûlures.
Risque de basculement
AVERTISSEMENT
Mur arrière
Four
Dispositif
antibasculement
Comptoir or
bloc de bois
&XLVLQLqUHVDPRYLEOHV
RXHQFDVWUpHV
&XLVLQLqUHVjSRVHU
'LVSRVLWLI
DQWLEDVFXOHPHQW
3LHGGHPLVH
jQLYHDX

background

,1)250$7,21'(6e&85,7e,03257$17(
/,6(=7287(6/(6,16758&7,216$9$17/·87,/,6$7,21
$9(57,66(0(17
8WLOLVH]FHWDSSDUHLOVHXOHPHQWSRXUO·XVDJH
DXTXHOLOHVWGHVWLQpVHORQFHPDQXHOGX
SURSULpWDLUH
$VVXUH]YRXVTXHYRWUHDSSDUHLOVRLWELHQ
LQVWDOOpHWPLVjODWHUUHSDUXQWHFKQLFLHQ
TXDOLILpFRQIRUPpPHQWDX[LQVWUXFWLRQV
G·LQVWDOODWLRQIRXUQLHV
 $YDQWG·HIIHFWXHUWRXWVHUYLFHFRXSH]
OHFRXUDQWjODFXLVLQLqUHGDQVOHWDEOHDX
GHGLVWULEXWLRQUpVLGHQWLHOHQUHWLUDQWOH
IXVLEOHRXHQFRXSDQWOHGLVMRQFWHXU
 'HPDQGH]jO·LQVWDOODWHXUGHYRXV
PRQWUHUO·HPSODFHPHQWGXGLVMRQFWHXU
RXGXIXVLEOH0DUTXH]OHSRXUDYRLUXQH
UpIpUHQFHIDFLOH
 1HODLVVH]SDVOHVHQIDQWVVHXOV³OHV
HQIDQWVQHGRLYHQWSDVrWUHODLVVpVVHXOV
HWVDQVVXUYHLOODQFHGDQVXQHQGURLWRXQ
DSSDUHLOpOHFWURPpQDJHUHVWXWLOLVp2QQH
GRLWMDPDLVOHXUSHUPHWWUHGHV·DVVHRLURX
GHVHWHQLUGHERXWVXUTXHOTXHSDUWLHTXH
FHVRLWGHO·DSSDUHLO
 'HPDQGH]jO·LQVWDOODWHXUGHYRXVPRQWUHU
O·HPSODFHPHQWGXURELQHWG·DUUrWGXJD]
GHODFXLVLQLqUHHWFRPPHQWOHIHUPHUDX
EHVRLQ
)DLWHVLQVWDOOHUYRWUHFXLVLQLqUHHWIDLWHVOD
PHWWUHjODWHUUHFRUUHFWHPHQWSDUXQ
LQVWDOODWHXUTXDOLILpFRQIRUPpPHQWDX[
LQVWUXFWLRQVG·LQVWDOODWLRQ7RXWDMXVWHPHQWHW
HQWUHWLHQGRLYHQWrWUHHIIHFWXpVVHXOHPHQW
SDUGHVLQVWDOODWHXUVGHFXLVLQLqUHVDXJD]RX
GHVWHFKQLFLHQVGHVHUYLFHTXDOLILpV
3ODFH]ODFXLVLQLqUHGDQVXQHQGURLWjO·pFDUW
GHODFLUFXODWLRQGDQVODFXLVLQH
HWjO·pFDUWGHVFRXUDQWVG·DLUSRXUpYLWHU
G·DYRLUXQHPDXYDLVHFLUFXODWLRQG·DLU
$VVXUH]YRXVTXHWRXWOHPDWpULHO
G·HPEDOODJHVRLWUHWLUpGHODFXLVLQLqUHDYDQW
GHO·XWLOLVHUSRXUpYLWHUWRXWLQFHQGLHRX
GRPPDJHFDXVpSDUODIXPpHVLOHPDWpULHO
G·HPEDOODJHV·HQIODPPH
1HODLVVH]SDVOHVHQIDQWVVHXOVRXVDQV
VXSHUYLVLRQORUVTX·XQHFXLVLQLqUHHVWFKDXGH
RXDOOXPpH,OVSRXUUDLHQWrWUHJUDYHPHQW
EUOpV
1·HVVD\H]SDVGHUpSDUHURXGHUHPSODFHU
XQHTXHOFRQTXHSLqFHGHYRWUHFXLVLQLqUH
jPRLQVTXHFHODQHVRLWUHFRPPDQGp
VSpFLILTXHPHQWGDQVFHPDQXHO7RXWDXWUH
HQWUHWLHQGRLWrWUHHIIHFWXpSDUXQWHFKQLFLHQ
TXDOLILp
$VVXUH]YRXVTXHYRWUHFXLVLQLqUHVRLW
DMXVWpHFRUUHFWHPHQWSDUXQWHFKQLFLHQ
GHVHUYLFHTXDOLILpRXSDUXQLQVWDOODWHXU
SRXUOHW\SHGHJD]QDWXUHORX3/XWLOLVp
9RWUHFXLVLQLqUHSHXWrWUHFRQYHUWLHSRXUO·XQ
RXO·DXWUHW\SHGHJD]5HSRUWH]YRXVDX[
LQVWUXFWLRQVG·LQVWDOODWLRQHPEDOOpHVDYHFOD
FXLVLQLqUH
%UDQFKH]YRWUHFXLVLQLqUHVHXOHPHQW
GDQVXQHSULVHPXUDOHGHYROWVDYHF
PLVHjODWHUUH1HUHWLUH]SDVODEURFKHGH
PLVHjODWHUUHURQGHGHODILFKH6LYRXV
Q·rWHVSDVFHUWDLQGHODPLVHjODWHUUHGX
V\VWqPHpOHFWULTXHUpVLGHQWLHOYRXVrWHV
UHVSRQVDEOHHWGDQVO·REOLJDWLRQGHIDLUH
UHPSODFHUODSULVHTXLQ·HVWSDVPLVHjOD
WHUUHSDUXQHSULVHjWURLVEURFKHVPLVHjOD
WHUUHFRQIRUPpPHQWDX&RGHQDWLRQDOGH
O·pOHFWULFLWp1·XWLOLVH]SDVGHUDOORQJHDYHF
FHWDSSDUHLO
$9(57,66(0(17
&HVDMXVWHPHQWVGRLYHQWrWUHHIIHFWXpV
SDUXQWHFKQLFLHQGHVHUYLFHTXDOLILp
FRQIRUPpPHQWDX[LQVWUXFWLRQVGX
IDEULFDQWHWjWRXVOHVFRGHVHW
H[LJHQFHVGHO·DXWRULWpUHVSRQVDEOH/H
QRQUHVSHFWGHFHVLQVWUXFWLRQVSHXW
PHQHUjGHJUDYHVEOHVVXUHVRXjGHV
GRPPDJHVPDWpULHOV/·DJHQFHTXDOLILpH
HIIHFWXDQWFHWUDYDLODVVXPHOD
UHVSRQVDELOLWpGHODFRQYHUVLRQ
*DUGH]OHVILOWUHVGHJUDLVVHHWODKRWWH
SURSUHVSRXUPDLQWHQLUXQHERQQH
YHQWLODWLRQHWpYLWHUOHVIHX[GHJUDLVVH
(QVHLJQH]DX[HQIDQWVjQHSDVMRXHUDYHF
OHVFRPPDQGHVRXDYHFWRXWHDXWUHSLqFH
GHODFXLVLQLqUH
*DUGH]WRXMRXUVOHVVHUYLHWWHVOHVOLQJHV
jYDLVVHOOHOHVSRLJQpHVHWDXWUHOLQJHGH
PDLVRQjGLVWDQFHGHYRWUHFXLVLQLqUH
/RUVTXHYRXVXWLOLVH]XQDSSDUHLOpOHFWULTXHYRXVGHYH]WRXMRXUVVXLYUHGHVSUpFDXWLRQVGHEDVH
\FRPSULVFHTXLVXLW
35e&$87,216'(6e&85,7e
background

ZZZHOHFWURPHQDJHUVJHFD
*DUGH]WRXMRXUVOHVXVWHQVLOHVGHERLVHWGHSODVWLTXHHW
OHVDOLPHQWVHQERvWHjGLVWDQFHGHYRWUHFXLVLQLqUH
*DUGH]WRXMRXUVOHVUHYrWHPHQWVPXUDX[FRPEXVWLEOHV
OHVULGHDX[RXOHVWHQWXUHVjGLVWDQFHGHYRWUH
FXLVLQLqUH
1HQHWWR\H]SDVODFXLVLQLqUHDYHFGHVOLTXLGHVGH
QHWWR\DJHLQIODPPDEOHVRXYRODWLOHV
$SUqVXQHXWLOLVDWLRQSURORQJpHGHODFXLVLQLqUHOH
SODQFKHUSHXWGHYHQLUWUqVFKDXGHWGHQRPEUHX[
UHYrWHPHQWVGHSODQFKHUSRXUUDLHQWQHSDVUpVLVWHUj
FHW\SHG·XWLOLVDWLRQ1·LQVWDOOH]MDPDLVGHFXLVLQLqUHVXU
GHVFDUUHDX[GHYLQ\OHRXGXOLQROpXPTXLSRXUUDLWQH
SDVUpVLVWHUjFHW\SHG·XWLOLVDWLRQ1HO·LQVWDOOH]MDPDLV
GLUHFWHPHQWVXUOHWDSLVGHFXLVLQH
eYLWH]G·pJUDWLJQHUODVXUIDFHGHFXLVVRQYLWUpHDYHF
GHVLQVWUXPHQWVWUDQFKDQWVRXDYHFGHVEDJXHVHW
DXWUHVELMRX[
1HODLVVH]SHUVRQQHJULPSHUVHWHQLUGHERXW
RXVHVXVSHQGUHVXUODSRUWHGXIRXUOHWLURLU
GHUDQJHPHQWRXODVXUIDFHGHFXLVVRQ&HODSRXUUDLW
HQGRPPDJHUODFXLVLQLqUHHWPrPHODIDLUHEDVFXOHU
SURYRTXDQWGHJUDYHVEOHVVXUHV
0,6((1*$5'(OHVDUWLFOHVTXL
SRXUUDLHQWDWWLUHUOHVHQIDQWVQHGRLYHQWSDVrWUH
UDQJpVGDQVOHVDUPRLUHVDXGHVVXVGHODFXLVLQLqUH
RXVXUOHGRVVHUHWG·XQHFXLVLQLqUH³OHVHQIDQWVTXL
JULPSHQWVXUODFXLVLQLqUHSRXUDWWHLQGUHOHVDUWLFOHV
SRXUUDLHQWrWUHJUDYHPHQWEOHVVpV
3RXUYRWUHVpFXULWpQ·XWLOLVH]MDPDLVYRWUHDSSDUHLO
pOHFWURPpQDJHUSRXUUpFKDXIIHUHWFKDXIIHUODSLqFH
'HODUJHVpJUDWLJQXUHVRXFKRFVVXUOHVSRUWHVGHYHUUH
SHXYHQWFDVVHURXIDLUHpFODWHUODYLWUH
1HQHWWR\H]SDVODFXLVLQLqUHSHQGDQWTX·HOOH
IRQFWLRQQH
1HSRUWH]MDPDLVGHYrWHPHQWVDPSOHVRXWRPEDQWV
ORUVTXHYRXVXWLOLVH]O·DSSDUHLO$WWHQWLRQHQYRXVpWLUDQW
SRXUDWWHLQGUHOHVDUWLFOHVUDQJpVGDQVOHVDUPRLUHV
DXGHVVXVGHODFXLVLQLqUH8QWLVVXLQIODPPDEOH
SRXUUDLWV·HQIODPPHUDXFRQWDFWGHVIODPPHVRXGHV
VXUIDFHVFKDXGHVGXIRXUHWSRXUUDLWSURYRTXHUGH
JUDYHVEOHVVXUHV
1HUDQJH]SDVGHPDWpULDX[LQIODPPDEOHVGDQVOH
IRXUOHWLURLUGHUDQJHPHQWGHODFXLVLQLqUHRXSUqV
G·XQHVXUIDFHGHFXLVVRQ
1HUDQJH]SDVHWQ·XWLOLVH]SDVGHPDWpULDX[
FRPEXVWLEOHVG·HVVHQFHRXG·DXWUHVYDSHXUVHWOLTXLGHV
LQIODPPDEOHVSUqVGHFHWDSSDUHLOpOHFWURPpQDJHUQL
G·DXFXQDXWUH
1HODLVVH]SDVODJUDLVVHGHFXLVVRQRXDXWUHVPDWLqUHV
LQIODPPDEOHVV·DFFXPXOHUVXURXSUqVGHODFXLVLQLqUH
1·XWLOLVH]SDVG·HDXVXUOHVIHX[GHJUDLVVH
1HVDLVLVVH]MDPDLVXQHFDVVHUROHHQIODPPHeWHLJQH]
OHVFRPPDQGHVeWHLJQH]XQIHXVXUXQEUOHXUHQ
VXUIDFHHQFRXYUDQWHQWLqUHPHQWODFDVVHUROHDYHF
XQFRXYHUFOHELHQDMXVWpXQHSODTXHjELVFXLWRXXQ
SODWHDXSODW8WLOLVH]XQH[WLQFWHXUG·LQFHQGLHjPRXVVH
RXXQHSRXGUHFKLPLTXHWRXWXVDJH
/DJUDLVVHHQIODPPHVjO·H[WpULHXUG·XQHFDVVHUROH
V·pWHLQWHQODFRXYUDQWGHELFDUERQDWHGHVRGLXPRXVL
SRVVLEOHHQXWLOLVDQWXQH[WLQFWHXUG·LQFHQGLHjPRXVVH
RXjSRXGUHFKLPLTXHWRXWXVDJH
/HVIODPPHVGDQVOHIRXUSHXYHQWrWUHpWHLQWHV
HQWLqUHPHQWHQIHUPDQWODSRUWHGXIRXUHWHQIHUPDQW
ODFRPPDQGHRXHQXWLOLVDQWXQH[WLQFWHXUG·LQFHQGLHj
PRXVVHRXjSRXGUHFKLPLTXHWRXWXVDJH
/DLVVH]OHVJULOOHVGHEUOHXUHWDXWUHVVXUIDFHVUHIURLGLU
DYDQWGHOHVWRXFKHURXGHOHVODLVVHUjXQHQGURLWR
OHVHQIDQWVSHXYHQWOHVDWWHLQGUH
1HEORTXH]MDPDLVOHVpYHQWVRXYHUWXUHVG·DLUGH
ODFXLVLQLqUH,OVRIIUHQWXQHHQWUpHHWXQHVRUWLH
G·DLUQpFHVVDLUHVSRXUTXHODFXLVLQLqUHIRQFWLRQQH
FRUUHFWHPHQWDYHFODERQQHFRPEXVWLRQ/HV
RXYHUWXUHVG·DLUVHWURXYHQWjO·DUULqUHGHODVXUIDFHGH
FXLVVRQGDQVOHKDXWHWOHEDVGHODSRUWHGXIRXUHWDX
EDVGHODFXLVLQLqUHVRXVOHWLURLUGHUDQJHPHQWRXOH
SDQQHDXFRXSGHSLHG
1HVRXOHYH]SDVODVXUIDFHGHFXLVVRQ6RXOHYHUOD
VXUIDFHGHFXLVVRQSHXWHQGRPPDJHUODFXLVLQLqUHRX
FDXVHUXQPDXYDLVIRQFWLRQQHPHQW
35e&$87,216'(6e&85,7e
$9(57,66(0(17Q·XWLOLVH]
-$0$,6FHWDSSDUHLOSRXUUpFKDXIIHURX
FKDXIIHUODSLqFH&HFLSRXUUDLWPHQHUjXQ
HPSRLVRQQHPHQWDXPRQR[\GHGHFDUERQHHW
XQHVXUFKDXIIHGHODVXUIDFHGHFXLVVRQRXGX
IRXU
background

,1)250$7,21'(6e&85,7e,03257$17(
/,6(=7287(6/(6,16758&7,216$9$17/·87,/,6$7,21
8WLOLVH]WRXMRXUVODSRVLWLRQ/,7(HQDOOXPDQWOHVEUOHXUV
VXSpULHXUVHWDVVXUH]YRXVTXHOHVEUOHXUVVRLHQW
DOOXPpV
1HODLVVH]MDPDLVOHVEUOHXUVGHVXUIDFHVDQV
VXSHUYLVLRQjGHVUpJODJHVGHWHPSpUDWXUHpOHYpH/HV
GpERUGHPHQWVSDUERXLOORQQHPHQWSHXYHQWSURYRTXHU
GHODIXPpHHWOHVGpYHUVHPHQWVJUDLVVHX[SHXYHQW
V·HQIODPPHU
$MXVWH]ODWDLOOHGHODIODPPHGXEUOHXUVXSpULHXUSRXU
TX·HOOHQHGpSDVVHSDVOHERUGGHODFDVVHUROH8QH
IODPPHH[FHVVLYHHVWGDQJHUHXVH
8WLOLVH]VHXOHPHQWGHVSRLJQpHVGHFXLVLQHVqFKHV³OHV
SRLJQpHVKXPLGHVVXUOHVVXUIDFHVFKDXGHVSHXYHQW
SURYRTXHUGHVEUOXUHVGHYDSHXU1HODLVVH]SDVOHV
SRLJQpHVGHFXLVLQHSUqVGHIODPPHVQXHVORUVTXHYRXV
VRXOHYH]ODFDVVHUROH1·XWLOLVH]SDVGHVHUYLHWWHQLDXWUH
FKLIIRQRXWLVVXpSDLVSRXUUHPSODFHUXQHSRLJQpHGH
FXLVLQH
/RUVTXHYRXVXWLOLVH]XQHFDVVHUROHGHYHUUHDVVXUH]
YRXVTX·HOOHVRLWFRQoXHSRXUOHGHVVXVGHODFXLVLQLqUH
3RXUUpGXLUHODSRVVLELOLWpGHEUOXUHVO·LQIODPPDWLRQGH
PDWpULDX[LQIODPPDEOHV
HWOHVGpYHUVHPHQWVWRXUQH]OHVSRLJQpHVGHVFDVVHUROHV
YHUVOHF{WpRXYHUVO·DUULqUHGHODFXLVLQLqUHVDQV
UHFRXYULUOHVEUOHXUVDGMDFHQWV
6XUYHLOOH]DWWHQWLYHPHQWOHVDOLPHQWVIULWVjXQUpJODJH
GHIODPPHVpOHYpHV
)DLWHVWRXMRXUVFKDXIIHUODJUDLVVHOHQWHPHQWHW
VXUYHLOOH]ODWDQGLVTX·HOOHFKDXIIH
1HODLVVH]DXFXQDUWLFOHVXUODVXUIDFHGHFXLVVRQ
/·DLUFKDXGGHO·pYHQWSRXUUDLWHQIODPPHUOHVDUWLFOHV
LQIODPPDEOHVHWDXJPHQWHUDODSUHVVLRQGDQVGHV
FRQWHQDQWVIHUPpVFHTXLSRXUUDLWOHVIDLUHpFODWHU
6LYRXVXWLOLVH]HQVHPEOHGHVKXLOHVRXGHVJUDLVVHVSRXU
ODIULWXUHEUDVVH]OHVDYDQWGHUpFKDXIIHURXWDQGLVTXH
OHVJUDLVVHVIRQGHQWOHQWHPHQW
8WLOLVH]XQWKHUPRPqWUHjIULWXUHVLSRVVLEOHSRXUpYLWHU
WRXWHVXUFKDXIIHGHJUDLVVHDXGHOjGXSRLQWGHIXPpH
1HIDLWHVSDVIRQFWLRQQHUOHEUOHXUVDQVTXHWRXWHVOHV
SLqFHVGXEUOHXUVRLHQWHQSODFH
8WLOLVH]OHPRLQVSRVVLEOHGHJUDLVVHSRXUXQHIULWXUH
HIILFDFHSHXSURIRQGHRXjJUDQGHIULWXUH7URSUHPSOLUOD
FDVVHUROHGHJUDLVVHSHXWSURYRTXHUGHVGpYHUVHPHQWV
ORUVGHO·DMRXWG·DOLPHQWV
1HIDLWHVMDPDLVIODPEHUG·DOLPHQWVVXUODVXUIDFHGH
FXLVVRQ6LYRXVIDLWHVIODPEHUGHVDOLPHQWVVRXVOD
KRWWHPHWWH]HQPDUFKHOHYHQWLODWHXU
1·XWLOLVH]SDVGHZRNVXUODVXUIDFHGHFXLVVRQVLOHZRN
DXQDQQHDXURQGGHPpWDOSODFpVXUODJULOOHGXEUOHXU
SRXUVXSSRUWHUOHZRN&HWDQQHDXDJLWFRPPHSLqJHj
FKDOHXUFHTXLSRXUUDLWHQGRPPDJHUODJULOOHHWODWrWH
GXEUOHXU&HODSRXUUDLWDXVVLSURYRTXHUXQPDXYDLV
IRQFWLRQQHPHQWGXEUOHXU&HODSRXUUDLWDXVVLFUpHUXQ
QLYHDXGHPRQR[\GHGHFDUERQHDXGHVVXVGHVQRUPHV
SHUPLVHVDFWXHOOHPHQWPHQDQWGRQFjXQGDQJHUSRXU
ODVDQWp
/HVDOLPHQWVjIULUHGRLYHQWrWUHDXVVLVHFVTXHSRVVLEOH
/HJLYUHVXUOHVDOLPHQWVVXUJHOpVRXO·KXPLGLWpVXUOHV
DOLPHQWVIUDLVSHXYHQWFUpHUGHVEXOOHVGHJUDLVVHTXL
SHXYHQWPRQWHUVXUOHVF{WpVGHVFDVVHUROHV
1·HVVD\H]MDPDLVGHGpSODFHUXQHFDVVHUROH
GHJUDLVVHFKDXGHWRXWSDUWLFXOLqUHPHQWXQHIULWHXVH
$WWHQGH]TXHODJUDLVVHUHIURLGLVVH
1HODLVVH]SDVG·DUWLFOHVGHSODVWLTXHVXUODVXUIDFH
GHFXLVVRQ³LOVSHXYHQWIRQGUHV·LOVVRQWWURSSUqVGH
O·pYHQW
*DUGH]WRXVOHVSODVWLTXHVORLQGHVEUOHXUVGHVXUIDFH
3RXUpYLWHUODSRVVLELOLWpG·XQHEUOXUHVR\H]WRXMRXUV
FHUWDLQTXHOHVFRPPDQGHVGHWRXV
OHVEUOHXUVVRQWHQSRVLWLRQ2))$55Ç7HWTXHWRXWHV
OHVJULOOHVVRQWUHIURLGLHVDYDQWG·HVVD\HUGHOHVUHWLUHU
6LODFXLVLQLqUHVHWURXYHSUqVG·XQHIHQrWUHQH
VXVSHQGH]SDVGHORQJVULGHDX[TXLSRXUUDLHQWWRXFKHU
OHVEUOHXUVGHVXUIDFHVHWFUpHUXQGDQJHUG·LQFHQGLH
6LYRXVGpWHFWH]XQHRGHXUGHJD]FRXSH]OHJD]
jODFXLVLQLqUHHWDSSHOH]XQWHFKQLFLHQTXDOLILp1·XWLOLVH]
MDPDLVXQHIODPPHQXHSRXUWURXYHUXQHIXLWH
eWHLJQH]WRXMRXUVOHVFRQWU{OHVGHEUOHXUGHVXUIDFH
DYDQWGHUHWLUHUOHVFDVVHUROHV
3RXUDQQXOHUOHYHUURXLOODJHGHODFXLVLQLqUHDVVXUH]
YRXVTXHOHVFRQWU{OHVGHODVXUIDFHGHFXLVVRQVRLHQWHQ
SRVLWLRQ2))$55Ç7&HODHPSrFKHUDXQHFLUFXODWLRQGH
JD]TXDQGYRXVPHWWUH]HQPDUFKHODFXLVLQLqUH
%5Ó/(856'(685)$&(
8WLOLVH]ODERQQHWDLOOHGHFDVVHUROH³pYLWH]OHVFDVVHUROHVLQVWDEOHVRXTXLEDVFXOHQWIDFLOHPHQW&KRLVLVVH]
XQHEDWWHULHGHFXLVLQHjIRQGSODWDVVH]ODUJHSRXUFRXYULUOHVJULOOHVGXEUOHXU3RXUpYLWHUOHVGpYHUVHPHQWV
DVVXUH]YRXVTXHODFDVVHUROHVRLWDVVH]JUDQGHSRXUELHQFRQWHQLUOHVDOLPHQWV&HFLIHUDJDJQHUGXWHPSV
GHQHWWR\DJHHWpYLWHUDOHVDFFXPXODWLRQVGDQJHUHXVHVG·DOLPHQWVSXLVTXHOHVpFODERXVVXUHVLPSRUWDQWHV
RXOHVGpYHUVHPHQWVODLVVpVVXUODFXLVLQLqUHSHXYHQWV·HQIODPPHU8WLOLVH]GHVFDVVHUROHVDX[SRLJQpHV
IDFLOHVjVDLVLUTXLUHVWHQWIUDvFKHV
$9(57,66(0(17
background
/,6(=$77(17,9(0(17(7&21)250(=9286&(6,1)250$7,216'(6e&85,7e
&216(59(=&(6,16758&7,216

ZZZHOHFWURPHQDJHUVJHFD
/RUVTXHYRXVRXYUH]ODSRUWHGXIRXUUHVWH]jO·pFDUWGHODFXLVLQLqUH'HO·DLUFKDXGRXGHODYDSHXUV·pFKDSSDQWSHXW
SURYRTXHUGHVEUOXUHVDX[PDLQVDXYLVDJHHWRXDX[\HX[
)DLWHVELHQFXLUHODYLDQGHHWODYRODLOOH³ODYLDQGHGRLWDYRLUXQHWHPSpUDWXUH,17(51(GH&)HWODYRODLOOHXQHWHPSpUDWXUH
,17(51(GH&)3UpSDUHUODQRXUULWXUHjFHVWHPSpUDWXUHVSURWqJHQRUPDOHPHQWFRQWUHOHVPDODGLHVDOLPHQWDLUHV
)$,7(6%,(1&8,5(/$9,$1'((7/$92/$,//(«
1HFKDXIIH]SDVOHVFRQWHQDQWVG·DOLPHQWVTXLQHVRQW
SDVRXYHUWV/DSUHVVLRQSRXUUDLWV·DFFXPXOHUHWOH
FRQWHQDQWSRXUUDLWpFODWHUSURYRTXDQWXQHEOHVVXUH
*DUGH]O·pYHQWGXIRXUH[HPSWGHWRXWHREVWUXFWLRQ
*DUGH]OHIRXUOLEUHGHWRXWHDFFXPXODWLRQGHJUDLVVH
3ODFH]ODJULOOHGXIRXUjODSRVLWLRQYRXOXHORUVTXHTXH
OHIRXUHVWIURLG6LOHVJULOOHVGRLYHQWrWUHPDQLSXOpHV
ORUVTX·HOOHVVRQWFKDXGHVQHODLVVH]SDVOHVSRLJQpHVGH
FXLVLQHHQWUHUHQFRQWDFWDYHFOHVpOpPHQWVFKDXIIDQWV
(QXWLOLVDQWOHVVDFVGHFXLVVRQRXGHU{WLVVDJHGDQVOH
IRXUVXLYH]OHVGLUHFWLYHVGXIDEULFDQW
6RUWLUODJULOOHMXVTX·DXYHUURXGHEXWpHHVWSUDWLTXHSRXU
VRXOHYHUOHVDOLPHQWVORXUGV
&·HVWDXVVLXQHSUpFDXWLRQFRQWUHOHVEUOXUHVSRXYDQW
rWUHSURYRTXpHVHQWRXFKDQWOHVVXUIDFHVFKDXGHVGHOD
SRUWHRXOHVSDURLVGXIRXU
1·XWLOLVH]SDVOHIRXUSRXUVpFKHUOHVMRXUQDX[6·LOV
VXUFKDXIIHQWLOVSHXYHQWV·HQIODPPHU
1·XWLOLVH]SDVOHIRXUFRPPHHVSDFHGHUDQJHPHQW/HV
DUWLFOHVUDQJpVGDQVXQIRXUSHXYHQWV·HQIODPPHU
1HODLVVH]SDVGHSURGXLWVHQSDSLHUXVWHQVLOHVGH
FXLVVRQRXDOLPHQWVGDQVOHIRXUORUVTX·LOQ·HVWSDV
XWLOLVp
1·XWLOLVH]SDVGHSDSLHUDOXPLQLXPSRXUFRXYULUOHIRQG
GXIRXU8QHPDXYDLVHLQVWDOODWLRQGHSDSLHUDOXPLQLXP
SRXUUDLWSURYRTXHUXQULVTXHGHFKRFpOHFWULTXHRX
G·LQFHQGLH
$VVXUH]YRXVTXHXQHOqFKHIULWHVRLWFRUUHFWHPHQWHQ
SODFHSRXUUpGXLUHODSRVVLELOLWpG·LQFHQGLHVGHJUDLVVH
6LYRXVDYH]XQIHXGHJUDLVVHGDQVXQHOqFKHIULWH
DSSX\H]VXUODWRXFKH&/($52))DQQXODWLRQDUUrWHW
JDUGH]ODSRUWHGXIRXUIHUPpHSRXUFRQWHQLUO·LQFHQGLH
MXVTX·jFHTX·LOV·pWHLJQH
$9(57,66(0(17
)285
$9(57,66(0(171(FRXYUH]
-$0$,6DXFXQHIHQWHWURXRXSDVVDJHGDQVOHEDV
GXIRXUHWQHUHFRXYUH]SDVFRPSOqWHPHQWODJULOOH
G·XQPDWpULDXFRPPHOHSDSLHUDOXPLQLXP&HFL
EORTXHUDLWOHGpELWG·DLUGDQVOHIRXUHWSRXUUDLWFDXVHU
XQHPSRLVRQQHPHQWDXPRQR[\GHGHFDUERQH
/HVGRXEOXUHVGHSDSLHUDOXPLQLXPSRXUUDLHQW
DXVVLHPSULVRQQHUODFKDOHXUPHQDQWjXQGDQJHU
G·LQFHQGLH
1·XWLOLVH]SDVGHQHWWR\DQWGHIRXU,OQHIDXWMDPDLVXWLOLVHUGHQHWWR\DQWGHIRXUFRPPHUFLDOQLGHUHYrWHPHQWSURWHFWHXUGHGRXEOXUHGH
IRXUGHTXHOTXHW\SHTXHFHVRLWDXWRXUG·XQHTXHOFRQTXHVHFWLRQGXIRXU/HVUpVLGXVGHQHWWR\DQWVGHIRXUHQGRPPDJHURQWO·LQWpULHXU
GXIRXUORUVG·XQF\FOHG·DXWRQHWWR\DJH
1HQHWWR\H]SDVOHMRLQWGHSRUWH/HMRLQWGHSRUWHHVW
HVVHQWLHODXPDLQWLHQGHO·pWDQFKpLWp,OQHIDXWSDVIURWWHU
QLHQGRPPDJHUQLGpSODFHUOHMRLQW
$
YDQWO·DXWRQHWWR\DJHUHWLUH]OHVJULOOHVGXIRXU
EULOODQWHVGHFRXOHXUDUJHQWpHVXUFHUWDLQVPRGqOHVHW
WRXVOHVXVWHQVLOHV
9RXVSRXYH]QHWWR\HUGDQVOHIRXUSHQGDQWOHF\FOHG·DXWR
QHWWR\DJHOHVJULOOHVGHIRXUUHFRXYHUWHVGHSRUFHODLQHJULVH
VXUFHUWDLQVPRGqOHV
$VVXUH]YRXVG·HVVX\HUWRXWGpYHUVHPHQWH[FHVVLIDYDQW
GHODQFHUO·DXWRQHWWR\DJH
6·LO\DGpIDLOODQFHHQPRGHG·DXWRQHWWR\DJHpWHLJQH]
OHIRXUHWFRXSH]OHFRXUDQW)DLWHVOHUpSDUHUSDUXQ
WHFKQLFLHQTXDOLILp
1HWWR\H]VHXOHPHQWOHVSLqFHVLQGLTXpHVGDQVFHPDQXHO
GXSURSULpWDLUH
)285$8721(772<$17
background

'DQVFHPDQXHOOHVIRQFWLRQVHWO·DSSDUHQFHSRXUUDLHQWGLIIpUHUGHYRWUHPRGqOH
&RPPHQWDOOXPHUXQEUOHXUGHVXUIDFHDXJD]
(QIRQFH]OHERXWRQGHFRPPDQGHHWWRXUQH]OH
HQSRVLWLRQ/,7(
9RXVHQWHQGUH]XQSHWLWGpFOLF³OHVRQGH
O·pWLQFHOOHpOHFWULTXHTXLDOOXPHOHEUOHXU
8QHIRLVODIODPPHDOOXPpHWRXUQH]OHERXWRQ
SRXUDMXVWHUODWDLOOHGHODIODPPH6LOHERXWRQ
UHVWHj/,7(LOFRQWLQXHUDjFOLTXHU
/RUVTX·XQEUOHXUSDVVHj/,7(WRXVOHVEUOHXUV
pPHWWHQWXQGpFOLF1·HVVD\H]SDVGHGpPRQWHU
XQEUOHXURXGHQHWWR\HUDXWRXUG·XQEUOHXU
WDQGLVTX·XQDXWUHEUOHXUHVWDOOXPp8QFKRF
pOHFWULTXHSRXUUDLWHQGpFRXOHUFHTXLYRXVIHUDLW
SHXWrWUHUHQYHUVHUGHVFDVVHUROHVFKDXGHV
(QIRQFH]OHERXWRQGHFRQWU{OHHW
WRXUQH]OHjODSRVLWLRQ©/,7(ª
&RPPHQWFKRLVLUODWDLOOHGHODIODPPH
3RXUXQHPDQLSXODWLRQVDQVGDQJHUGHV
FDVVHUROHVQHODLVVH]MDPDLVOHVIODPPHVPRQWHU
OHORQJGHVF{WpVGHVFDVVHUROHV
6XUYHLOOH]ODIODPPHQRQSDVOHERXWRQHQ
UpGXLVDQWODFKDOHXU/DWDLOOHGHODIODPPH
G·XQEUOHXUDXJD]GRLWFRQYHQLUDXW\SHGH
FDVVHUROHXWLOLVpH
7RXWHIODPPHSOXVODUJHTXHOHEDVGHOD
FDVVHUROHHVWSHUGXHHWQHVHUWTX·jFKDXIIHUOD
SRLJQpH
$YDQWG·DOOXPHUXQEUOHXUDXJD]
$VVXUH]YRXVTXHWRXWHVOHVJULOOHV
GHODFXLVLQLqUHVRLHQWHQSODFHDYDQWG·XWLOLVHU
XQEUOHXU
6LYRWUHFXLVLQLqUHHVWpTXLSpHGHODIRQFWLRQ
GHYHUURXLOODJHGHODFXLVLQLqUHDVVXUH]YRXV
TX·HOOHVRLWDUUrWpHDYDQWG·HVVD\HUG·DOOXPHU
OHVEUOHXUV
GHVXUIDFH
$SUqVDYRLUDOOXPpXQEUOHXU
DXJD]
1HIDLWHVSDVIRQFWLRQQHUOHEUOHXU
ORQJWHPSVVDQVFDVVHUROHVXUODJULOOH
/HILQLSRXUUDLWV·pFDLOOHUVDQVFDVVHUROHSRXU
DEVRUEHUODFKDOHXU
$VVXUH]YRXVTXHOHVEUOHXUVHWOHVJULOOHV
VRLHQWUHIURLGLVDYDQWG·\PHWWUH
ODPDLQXQHSRLJQpHGHFXLVLQHGHVFKLIIRQV
GHQHWWR\DJHRXDXWUHVPDWpULDX[
8WLOLVDWLRQGHVEUOHXUVGHVXUIDFHDXJD]
%UOHXUVjJD]VFHOOpV
/DVXUIDFHGHFXLVVRQGHYRWUHFXLVLQLqUHjJD]D
TXDWUHEUOHXUVjJD]VFHOOpV,OVVRQWSUDWLTXHV
IDFLOHVjQHWWR\HUHWIOH[LEOHVHWFRQYLHQQHQW
SDUIDLWHPHQWjXQHJDPPHpWHQGXH
G·DSSOLFDWLRQVGHFXLVVRQ
/HEUOHXUOHSOXVSHWLWDUULqUHGURLWHHVWOH
EUOHXUjPLMRWHU9RXVSRXYH]WRXUQHUFH
EUOHXUHQSRVLWLRQ/2WHPSpUDWXUHEDVVHSRXU
PLMRWHUYRVSODWVjWUqVEDVVHWHPSpUDWXUH,O
IRXUQLWXQHFXLVVRQSUpFLVHSRXUGHVDOLPHQWV
GpOLFDWVFRPPHOHVVDXFHVRXOHVDOLPHQWVTXL
QpFHVVLWHQWXQHWHPSpUDWXUHEDVVHSHQGDQWXQH
ORQJXHGXUpHGHFXLVVRQ
/HEUOHXUPR\HQDUULqUHJDXFKHHWOHJUDQG
EUOHXUDYDQWJDXFKHVRQWOHVEUOHXUV
SULQFLSDX[SRXUODSOXSDUWGHVFXLVVRQV9RXV
SRXYH]FKDQJHUOHUpJODJHGHFHVEUOHXUV
PXOWLYDOHQWVGH+,WHPSpUDWXUHpOHYpHj/2
WHPSpUDWXUHEDVVHSRXUUHPSOLUXQHJDPPH
pWHQGXHGHEHVRLQVGHFXLVVRQ
/HEUOHXUH[WUDJUDQGDYDQWGURLWHVWOHEUOHXU
TXLIRXUQLWODFKDOHXUPD[LPXP&RPPHOHV
WURLVDXWUHVEUOHXUVYRXVSRXYH]GLPLQXHU
VRQUpJODJHGH+,WHPSpUDWXUHpOHYpHj/2
WHPSpUDWXUHEDVVHSRXUXQHJDPPHpWHQGXH
G·DSSOLFDWLRQVGHFXLVVRQ&HSHQGDQWFHEUOHXU
HVWFRQoXSRXUIDLUHERXLOOLUUDSLGHPHQWGH
JUDQGHVTXDQWLWpVGHOLTXLGH,ODXQUpJODJH
VSpFLDO32:(5%2,/
FXLVVRQSXLVVDQWHFRQoX
SRXUOHVXVWHQVLOHVGHSRXFHVRXSOXVGH
GLDPqWUH
0R\HQ
3HWLW
*UDQG
([WUDJUDQG
%UOHXUH[WUDJUDQGXQLTXHPHQW
background
'DQVOHVFDVGHSDQQHGHFRXUDQW
'DQVOHFDVG·XQHSDQQHGHFRXUDQWYRXV
SRXYH]DOOXPHUOHVEUOHXUVGHODVXUIDFHDX
JD]GHYRWUHFXLVLQLqUHDYHFXQHDOOXPHWWH
7HQH]XQHDOOXPHWWHDOOXPpHSUqVGX
EUOHXUSXLVHQIRQFH]HWWRXUQH]OHERXWRQ
GHFRQWU{OHjODSRVLWLRQ/,7($WWHQWLRQWRXW
SDUWLFXOLqUHPHQWORUVTXHYRXVDOOXPH]OHV
EUOHXUVGHFHWWHPDQLqUH
/HVEUOHXUVGHVXUIDFHXWLOLVpVSHQGDQW
XQHSDQQHG·pOHFWULFLWpFRQWLQXHURQWj
IRQFWLRQQHUQRUPDOHPHQW
5(0$548(6LODFXLVLQLqUHHVWYHUURXLOOpH
SHQGDQWXQHSDQQHGHFRXUDQWYRXVQH
SRXYH]SDVDOOXPHUOHVEUOHXUVGHVXUIDFH
ZZZHOHFWURPHQDJHUVJHFD
*ULOOHGHGHVVXVGHFXLVLQLqUH
1·XWLOLVH]SDVGHJULOOHVGHGHVVXVGHFXLVLQLqUH
VXUYRVEUOHXUVDXJD]VFHOOpV6LYRXVXWLOLVH]
ODJULOOHGHGHVVXVGHFXLVLQLqUHVXUOHEUOHXU
DXJD]VFHOOpFHODSURYRTXHUDXQHFRPEXVWLRQ
LQFRPSOqWHHWGRQFSRXUUDLWPHQHUjXQH
H[SRVLWLRQjGHVQLYHDX[GHPRQR[\GHGH
FDUERQHGpSDVVDQWOHVQRUPHVDGPLVVLEOHV
DFWXHOOHV
&HFLSHXWrWUHGDQJHUHX[SRXUYRWUHVDQWp
%DWWHULHGHFXLVLQHVXUODFXLVLQLqUH
$OXPLQLXPXQHEDWWHULHGHFXLVLQHGHSRLGV
PR\HQHVWUHFRPPDQGpHFDUHOOHFKDXIIH
UDSLGHPHQWHWXQLIRUPpPHQW/DSOXSDUWGHV
DOLPHQWVEUXQLVVHQWXQLIRUPpPHQWGDQVXQH
SRrOHjIULUHG·DOXPLQLXP8WLOLVH]GHVSRrORQV
jFRXYHUFOHVKHUPpWLTXHVHQFXLVLQDQWDYHFGH
SHWLWHVTXDQWLWpVG·HDX
)RQWH VLHOOHVFKDXIIHQWOHQWHPHQWODSOXSDUW
GHVSRrOHVjIULUHSUpVHQWHQWGHVUpVXOWDWV
VDWLVIDLVDQWV
)HUpPDLOOp VRXVFHUWDLQHVFRQGLWLRQVO·pPDLO
GHFHUWDLQHVEDWWHULHVGHFXLVLQHSRXUUDLW
IRQGUH6XLYH]OHVUHFRPPDQGDWLRQVGX
IDEULFDQWGHEDWWHULHGHFXLVLQHSRXUOHV
PpWKRGHVGHFXLVVRQ
9HUUH LO\DGHX[W\SHVGHEDWWHULHVGHFXLVLQH
GHYHUUH³FHOOHVSRXUOHIRXUVHXOHPHQWHWFHOOHV
SRXUODFXLVVRQVXUODFXLVLQLqUHSRrORQVFDIpHW
WKp/HYHUUHFRQGXLWODFKDOHXUWUqVOHQWHPHQW
&pUDPLTXHGHYHUUHUpVLVWDQWHjODFKDOHXU
 VHUW
jODFXLVVRQGHVXUIDFHRXDXIRXU(OOHFRQGXLW
ODFKDOHXUWUqVOHQWHPHQWHWVHUHIURLGLWWUqV
OHQWHPHQW9pULILH]OHVGLUHFWLYHVGXIDEULFDQWGH
ODEDWWHULHGHFXLVLQHSRXUrWUHFHUWDLQTX·HOOH
SXLVVHrWUHXWLOLVpHDYHFOHVFXLVLQLqUHVDXJD]
$FLHULQR[\GDEOH FHPpWDOVHXODGH
PDXYDLVHVSURSULpWpVSRXUODFKDOHXUHW
HVWQRUPDOHPHQWFRPELQpDYHFOHFXLYUH
O·DOXPLQLXPRXG·DXWUHVPpWDX[SRXUDPpOLRUHU
ODUpSDUWLWLRQGHFKDOHXU/HVSRrOHVjIULUH
jFRPELQDLVRQGHPpWDX[IRQFWLRQQHQW
QRUPDOHPHQWGHPDQLqUHVDWLVIDLVDQWHVL
HOOHVVRQWXWLOLVpHVjIHXPR\HQVHORQOHV
UHFRPPDQGDWLRQVGXIDEULFDQW
8WLOLVDWLRQGXZRN
1RXVUHFRPPDQGRQVG·XWLOLVHUXQZRNGH
FPSRRXPRLQVjIRQGSODW$VVXUH]
YRXVTXHOHIRQGGXZRNVRLWjSODWVXUODJULOOH
,OVVRQWGLVSRQLEOHVFKH]YRWUHTXLQFDLOOLHUORFDO
6HXOXQZRNjIRQGSODWGRLWrWUHXWLOLVp
1·XWLOLVH]SDVGHZRNjIRQGSODWVXUXQDQQHDX
GHVXSSRUW3ODFHUO·DQQHDXVXU
OHEUOHXURXODJULOOHSRXUUDLWSURYRTXHUXQ
PDXYDLVIRQFWLRQQHPHQWGXEUOHXUPHQDQW
jGHVQLYHDX[GHPRQR[\GHGHFDUERQH
DXGHVVXVGHVQRUPHVSHUPLVHV&HFLSRXUUDLW
rWUHGDQJHUHX[SRXUYRWUHVDQWp
8WLOLVH]XQZRNjIRQGSODW

background

7RXFKH%$.(FXLVVRQ
(QIRQFH]SRXUFKRLVLUODIRQFWLRQGHFXLVVRQ
7RXFKH%52,/+,/2JULOOHUjKDXWHEDVVH
WHPSpUDWXUH
(QIRQFH]SRXUFKRLVLUODIRQFWLRQ¶JULOOHU·
7RXFKH&219(&7,21%$.(08/7,5$&.
FXLVVRQ
SDU
FRQYH[LRQPXOWLJULOOH

(QIRQFH]SRXUFKRLVLUODFXLVVRQDYHFODIRQFWLRQ
FRQYH[LRQ
7RXFKH&219(&7,2152$67U{WLUSDUFRQYH[LRQ
(QIRQFH]SRXUFKRLVLUGHU{WLUDYHFODIRQFWLRQGH
FRQYH[LRQ
7RXFKH3522)IHUPHQWDWLRQ
(QIRQFH]SRXUFKRLVLUXQHQYLURQQHPHQWFKDXGXWLOH
SRXUOHVSURGXLWVjOHYXUH
7RXFKH67$57GpPDUUHU
'RLWrWUHHQIRQFpHSRXUGpPDUUHUWRXWHIRQFWLRQGH
FXLVLQHRXGHQHWWR\DJH
$IILFKDJH
$IILFKHO·KHXUHODWHPSpUDWXUHGXIRXUVLOHIRXUHVW
HQPRGHGHFXLVVRQJULOODGHRXDXWRQHWWR\DJHOHV
KHXUHVUpJOpHVGHODPLQXWHULHRXGHVRSpUDWLRQV
DXWRPDWLTXHVGXIRXUHWVLODFXLVLQLqUHHVWYHUURXLOOpH
6L¶)HWXQQRPEUHRXXQHOHWWUH·FOLJQRWHQWVXU
O·DIILFKDJHHWVXUOHVVLJQDX[GHFRQWU{OHGXIRXUFHFL
LQGLTXHXQFRGHG·HUUHXUGHIRQFWLRQ(QIRQFH]ODWRXFKH
&/($52))DQQXODWLRQDUUrW/DLVVH]OHIRXUUHIURLGLU
SHQGDQWXQHKHXUH5HPHWWH]OHIRXUHQPDUFKH6LOHFRGH
G·HUUHXUGHIRQFWLRQVHUpSqWHFRXSH]OHFRXUDQWGXIRXUHW
DSSHOH]SRXUOHIDLUHUpSDUHU
6LYRWUHIRXUpWDLWUpJOpjXQHRSpUDWLRQGXIRXUjPLQXWHULH
HWV·LO\DHXXQHSDQQHGHFRXUDQWO·KRUORJHHWWRXWHVOHV
IRQFWLRQVSURJUDPPpHVGRLYHQWrWUHUpLQLWLDOLVpV
/·KHXUHFOLJQRWHUDVXUO·DIILFKDJHDSUqVXQHSDQQHGH
FRXUDQW
7RXFKH6(/)&/($167'/2:
DXWRQHWWR\DJHEDVVWG
(QIRQFH]SRXUFKRLVLUODIRQFWLRQG·DXWRQHWWR\DJH
5HSRUWH]YRXVjODVHFWLRQ8WLOLVHUOHIRXU
DXWRQHWWR\DQW
7RXFKH29(1/,*+7212))OXPLqUHGHIRXU
PDUFKHDUUrW
(QIRQFH]SRXUPHWWUHHQPDUFKHRXpWHLQGUHOD
OXPLqUHGXIRXU
7RXFKH'(/$<67$57GpPDUUDJHUHWDUGp
8WLOLVH]DYHFOHVWRXFKHV&22.7,0(WHPSV
GHFXLVVRQRX6(/)&/($167'/2:DXWRQHWWR\DJH
VWGEDVSRXUUpJOHUOHIRXUDILQTX·LOGpPDUUH
HWV·DUUrWHDXWRPDWLTXHPHQWjXQPRPHQW
SUpDODEOHPHQWFKRLVL
7RXFKH&22.7,0(WHPSVGHFXLVVRQ
(QIRQFH]FHWWHWRXFKHSXLVXWLOLVH]OHVWRXFKHV
QXPpULTXHVSRXUUpJOHUOHWHPSVYRXOXSRXUSUpSDUHU
OHVDOLPHQWV/HIRXUV·pWHLQGUDjODILQGXWHPSVGH
FXLVVRQ
7RXFKH&/($52))DQQXODWLRQDUUrW
(QIRQFH]SRXUDQQXOHU7287(6OHVRSpUDWLRQVGX
IRXUVDXIO·KRUORJHODPLQXWHULHHWOHYHUURXLOODJHGHOD
FXLVLQLqUH
7RXFKH&/2&.KRUORJH
(QIRQFH]DYDQWGHUpJOHUO·KRUORJH
7RXFKHVQXPpULTXHV
8WLOLVH]OHVSRXUUpJOHUWRXWHIRQFWLRQ
H[LJHDQWGHVFKLIIUHVFRPPHSRXUO·KHXUHVXU
O·KRUORJHODPLQXWHULHODWHPSpUDWXUHGXIRXUOD
WHPSpUDWXUHLQWHUQHGHVDOLPHQWVO·KHXUH
GHGpPDUUDJHHWODGXUpHG·RSpUDWLRQSRXU
ODFXLVVRQjPLQXWHULHHWO·DXWRQHWWR\DJH
7RXFKH.,7&+(17,0(5212))PLQXWHULHGH
FXLVLQHPDUFKHDUUrW
(QIRQFH]SRXUFKRLVLUODIRQFWLRQGHPLQXWHULH
7RXFKH352%(VRQGH
(QIRQFH]ORUVTXHYRXVXWLOLVH]ODVRQGHSRXUSUpSDUHU
OHVDOLPHQWV
7RXFKH:$50UpFKDXIIHU
(QIRQFH]SRXUJDUGHUOHVDOLPHQWVSUpSDUpVFKDXGV
5HSRUWH]YRXVjODVHFWLRQ&RPPHQWUpJOHUOHIRXU
SRXUUpFKDXIIHU
5$1*(/2&.287YHUURXLOODJHGHODFXLVLQLqUH
(QIRQFH]HWJDUGH]HQIRQFpHVODWRXFKH5$1*(
/2&.287YHUURXLOODJHGHODFXLVLQLqUHSHQGDQW
VHFRQGHVSRXUYHUURXLOOHUGpYHUURXLOOHUOHVEUOHXUV
GHVXUIDFHOHVEUOHXUVGXIRXUHWOHSDQQHDXGH
FRQWU{OHGHPDQLqUHjFHTX·LOVQHSXLVVHQWrWUHPLV
HQPDUFKH
8WLOLVH]OHVFRQWU{OHVGXIRXUVXUFHUWDLQVPRGqOHV
'DQVFHPDQXHOOHVIRQFWLRQVHWO·DSSDUHQFHSRXUUDLHQWGLIIpUHUGHYRWUHPRGqOH
)RQFWLRQVHWUpJODJHVGHVFRQWU{OHVGXIRXUGHO·KRUORJHHWGHODPLQXWHULH
/HVIRQFWLRQVHWO·DSSDUHQFHSRXUUDLHQWYDULHU
background
7RXFKH%$.(FXLVVRQ
(QIRQFH]SRXUFKRLVLUODIRQFWLRQGHFXLVVRQ
7RXFKH%52,/+,/2
JULOOHUjKDXWHEDVVHWHPSpUDWXUH
(QIRQFH]SRXUFKRLVLUODIRQFWLRQ¶JULOOHU·
7RXFKH29(1/,*+7OXPLqUHGXIRXU
(QIRQFH]SRXUPHWWUHHQPDUFKHRXpWHLQGUHOD
OXPLqUHGXIRXU
7RXFKH6(/)&/($1/2:67'
DXWRQHWWR\DJHEDVVWG
(QIRQFH]SRXUFKRLVLUODIRQFWLRQ
G·DXWRQHWWR\DJH5HSRUWH]YRXVjODVHFWLRQ
8WLOLVHUOHIRXUDXWRQHWWR\DQW
7RXFKH67$57GpPDUUHU
'RLWrWUHHQIRQFpHSRXUGpPDUUHUWRXWHIRQFWLRQ
GHFXLVLQHRXGHQHWWR\DJH
7RXFKHVQXPpULTXHV
8WLOLVH]OHVSRXUUpJOHUWRXWHIRQFWLRQ
H[LJHDQWGHVFKLIIUHVFRPPHSRXUO·KHXUHVXU
O·KRUORJHODPLQXWHULHODWHPSpUDWXUHGXIRXU
ODWHPSpUDWXUHLQWHUQHGHVDOLPHQWVO·KHXUH
GHGpPDUUDJHHWODGXUpHG·RSpUDWLRQSRXUOD
FXLVVRQjPLQXWHULHHWO·DXWRQHWWR\DJH
&21752//2&.287YHUURXLOODJHGHVFRQWU{OHV
/HYHUURXLOODJHGHVFRQWU{OHVHVWHW(QIRQFH]
HWJDUGH]HQIRQFpHVOHVWRXFKHVHWHQPrPH
WHPSVSHQGDQWVHFRQGHV
7RXFKH&/($52))DQQXODWLRQDUUrW
(QIRQFH]SRXUDQQXOHU7287(6OHVRSpUDWLRQVGX
IRXUVDXIO·KRUORJHODPLQXWHULHHWOHYHUURXLOODJH
GHFRPPDQGH
7RXFKH.,7&+(17,0(5212))PLQXWHULHGH
FXLVLQHPDUFKHDUUrW
(QIRQFH]SRXUFKRLVLUODIRQFWLRQGHPLQXWHULH
7RXFKH&/2&.KRUORJH
(QIRQFH]DYDQWGHUpJOHUO·KRUORJH
7RXFKH'(/$<67$57GpPDUUDJHUHWDUGp
8WLOLVH]DYHFOHVWRXFKHV&22.,1*7,0(
WHPSVGHFXLVVRQRX6(/)&/($1/2:67'
DXWRQHWWR\DJHEDVVWGSRXUUpJOHUOHIRXUDILQ
TX·LOGpPDUUHHWV·DUUrWHDXWRPDWLTXHPHQWjXQ
PRPHQWSUpDODEOHPHQWFKRLVL
7RXFKH&22.,1*7,0(WHPSVGHFXLVVRQ
(QIRQFH]FHWWHWRXFKHSXLVXWLOLVH]OHVWRXFKHV
QXPpULTXHVSRXUUpJOHUOHWHPSVYRXOXSRXU
SUpSDUHUOHVDOLPHQWV/HIRXUV·pWHLQGUDjODILQ
GXWHPSVGHFXLVVRQ
$IILFKDJH
$IILFKHO·KHXUHODWHPSpUDWXUHGXIRXUVL
OHIRXUHVWHQPRGHGHFXLVVRQJULOODGHRX
DXWRQHWWR\DJHHWOHVKHXUHVUpJOpHVGHOD
PLQXWHULHRXGHVRSpUDWLRQVDXWRPDWLTXHV
GXIRXU
6L¶)HWXQQRPEUHRXXQHOHWWUH·FOLJQRWHQWVXU
O·DIILFKDJHHWVXUOHVVLJQDX[GHFRQWU{OHGXIRXUFHFL
LQGLTXHXQFRGHG·HUUHXUGHIRQFWLRQ(QIRQFH]
ODWRXFKH&/($52))DQQXODWLRQDUUrW/DLVVH]OH
IRXUUHIURLGLUSHQGDQWXQHKHXUH5HPHWWH]OHIRXU
HQPDUFKH6LOHFRGHG·HUUHXUGHIRQFWLRQVHUpSqWH
FRXSH]OHFRXUDQWGXIRXUHWDSSHOH]SRXUOHIDLUH
UpSDUHU
6LYRWUHIRXUpWDLWUpJOpjXQHRSpUDWLRQGXIRXUj
PLQXWHULHHWV·LO\DHXXQHSDQQHGHFRXUDQWO·KRUORJH
HWWRXWHVOHVIRQFWLRQVSURJUDPPpHVGRLYHQWrWUH
UpLQLWLDOLVpV
/·KHXUHFOLJQRWHUDVXUO·DIILFKDJHDSUqVXQHSDQQH
GHFRXUDQW
ZZZHOHFWURPHQDJHUVJHFD
)RQFWLRQVHWUpJODJHVGHVFRQWU{OHVGXIRXUGHO·KRUORJHHWGHODPLQXWHULH

background
8WLOLVHUOHIRXU

3RXUpYLWHUWRXWHEUOXUHSRVVLEOHSODFH]OHVJULOOHVjODSRVLWLRQYRXOXHDYDQWGHPHWWUHOHIRXUHQPDUFKH
$YDQWGHFRPPHQFHU«
/HVJULOOHVRQWGHVEXWpHVGRQFORUVTX·HOOHVVRQW
SODFpHVFRUUHFWHPHQWHOOHVEORTXHQWDYDQWGH
VRUWLUFRPSOqWHPHQWHWQHVHSHQFKHURQWSDV
(QSODoDQWHWUHWLUDQWOHVFDVVHUROHVVRUWH]OD
JULOOHMXVTX·jFHTX·HOOHEORTXH
/·pOpPHQWFKDXIIDQWVHWURXYHVRXVOHSODQFKHU
GXIRXU1HSODFH]SDVG·DOLPHQWVVXUODSDUWLH
LQIpULHXUHGXIRXUSRXUOHVSUpSDUHU
3RXUUHWLUHUXQHJULOOHWLUH]ODYHUVYRXV
SHQFKH]O·DYDQWYHUVOHKDXWHWVRUWH]
3RXUUHSODFHUSODFH]OHERXWGHODJULOOH
YHUURXVG·DUUrWVXUOHVXSSRUWSHQFKH]O·DYDQW
YHUVOHKDXWHWSRXVVH]SRXUODIDLUHHQWUHU
0,6((1*$5'(
ORUVTXHYRXVXWLOLVH]ODJULOOHjODSRVLWLRQODSOXV
EDVVH$IDLWHVDWWHQWLRQORUVTXHYRXVODVRUWH]
1RXVYRXVUHFRPPDQGRQVGHVRUWLUODJULOOH
GHSOXVLHXUVSRXFHVHWHQVXLWHG·XWLOLVHUGHX[
SRLJQpHVGHFXLVLQHSRXUVRUWLUODJULOOHHQOD
WHQDQWSDUOHVF{WpV/DJULOOHHVWEDVVHHWYRXV
SRXYH]YRXVEUOHUVLYRXVPHWWH]ODPDLQDX
PLOLHXHWODVRUWH]HQWLqUHPHQW$WWHQWLRQGHQH
SDVYRXVEUOHUODPDLQVXUODSRUWHHQXWLOLVDQW
ODJULOOHjODSRVLWLRQODSOXVEDVVH$
/HIRXUSRVVqGHSRVLWLRQVGHJULOOH
&RPPHQWUpJOHUOHIRXUSRXUFXLVLQHURXU{WLU
(QIRQFH]ODWRXFKH%$.(FXLVVRQ
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXU
FKRLVLUODWHPSpUDWXUHYRXOXH
(QIRQFH]ODWRXFKH67$57GpPDUUHU
9pULILH]VLOHVDOLPHQWVVRQWSUrWVDXWHPSV
PLQLPXPGHODUHFHWWH)DLWHVFXLUHSOXV
ORQJWHPSVDXEHVRLQ
(QIRQFH]ODWRXFKH&/($52))
DQQXODWLRQDUUrWjODILQGHODFXLVVRQ
5(0$548(8QYHQWLODWHXUGHUHIURLGLVVHPHQW
VHPHWHQPDUFKHHWV·pWHLQWDXWRPDWLTXHPHQW
SRXUUHIURLGLUOHVSLqFHVLQWHUQHV&HFLHVW
QRUPDOHWOHYHQWLODWHXUSRXUUDLWFRQWLQXHUj
IRQFWLRQQHUPrPHDSUqVTXHOHIRXUVRLWpWHLQW
6LYRXVSUpSDUH]TXDWUHpWDJHVGHJkWHDXjOD
IRLVSODFH]HQGHX[VXUODJULOOH%HWGHX[VXU
ODJULOOH'5pSDUWLVVH]OHVPRXOHVVXUODJULOOH
SRXUTX·DXFXQG·HQWUHHX[QHVRLWGLUHFWHPHQW
DXGHVVXVGHO·DXWUH
7\SHG·DOLPHQW 3RVLWLRQGHJULOOH
7DUWHVVXUJHOpHVVXUXQHSODTXHjELVFXLWV&RX'
*kWHDXGHVDQJHV $
*kWHDXVDYDULQRXTXDWUHTXDUWV %RX&
%LVFXLWVVHFVPXIILQVEURZQLHVELVFXLWV &RX'
SHWLWVJkWHDX[JkWHDX[pWDJpVWDUWHV
&DVVHUROHV &RX'
'LQGH $
background

ZZZHOHFWURPHQDJHUVJHFD
3DSLHUDOXPLQLXP
1·XWLOLVH]SDVGHSDSLHUG·DOXPLQLXPSRXU
FRXYULUOHIRQGGXIRXU/HSDSLHUG·DOXPLQLXP
SLqJHODFKDOHXUHWQXLWjODSHUIRUPDQFHGX
IRXU/HSDSLHUSHXWIRQGUHHWHQGRPPDJHU
GHPDQLqUHSHUPDQHQWHOHIRQGGXIRXU7RXW
GRPPDJHSDUXQHXWLOLVDWLRQLQFRUUHFWHGH
SDSLHUG·DOXPLQLXPQ·HVWSDVFRXYHUWSDUOD
JDUDQWLHGXSURGXLW
/HSDSLHUG·DOXPLQLXPSHXWrWUHXWLOLVpSRXU
UHFXHLOOLUOHVUHQYHUVHPHQWVHQSODoDQWXQH
IHXLOOHVXUXQHJULOOHLQIpULHXUHjSOXVLHXUV
FHQWLPqWUHVVRXVOHVDOLPHQWV1·XWLOLVH]SDV
SOXVGHSDSLHUTXHQpFHVVDLUHHWQHFRXYUH]
MDPDLVFRPSOqWHPHQWXQHJULOOHGHIRXUGH
SDSLHUG·DOXPLQLXP*DUGH]OHSDSLHUjDX
PRLQVFPGHVSDURLVGXIRXUSRXUpYLWHU
XQHPDXYDLVHFLUFXODWLRQGHODFKDOHXU
3UpFKDXIIDJHHWSODFHPHQWGHVPRXOHV
3UpFKDXIIH]OHIRXUVLODUHFHWWHO·LQGLTXH
,OHVWQpFHVVDLUHGHSUpFKDXIIHUSRXUGH
PHLOOHXUVUpVXOWDWVORUVGHODSUpSDUDWLRQGH
JkWHDX[GHELVFXLWVVHFVGHSkWLVVHULHVHWGH
SDLQ
3RXUSUpFKDXIIHUUpJOH]OHIRXUjODERQQH
WHPSpUDWXUH/HFRQWU{OHIHUDHQWHQGUHXQELS
ORUVTXHOHIRXUHVWSUpFKDXIIpHWO·DIILFKDJH
LQGLTXHUDODWHPSpUDWXUHFKRLVLH/HWHPSV
GHSUpFKDXIIDJHYDULHUDVHORQOHUpJODJH
GHWHPSpUDWXUH
/HVUpVXOWDWVVHURQWPHLOOHXUVVLOHVPRXOHVVRQW
HQWUpVGDQVOHIRXUDXWDQWTXHSRVVLEOH6LYRXV
SUpSDUH]SOXVG·XQPRXOHSODFH]OHVSRXUTX·LOV
DLHQWDXPRLQVFPjFPSRj
øSR
G·DLUDXWRXUG·HX[
1HSODFH]SDVG·DOLPHQWV
GLUHFWHPHQWGDQVOHIRQGGXIRXU
+XPLGLWpGXIRXU
7DQGLVTXHYRWUHIRXUVHUpFKDXIIHOH
FKDQJHPHQWGHWHPSpUDWXUHGHO·DLUGX
IRXUSHXWIRUPHUGHVJRXWWHOHWWHVG·HDXVXUOH
YHUUHGHODSRUWH&HVJRXWWHOHWWHVQHVRQWSDV
GDQJHUHXVHVHWV·pYDSRUHQWWDQGLVTXHOHIRXU
FRQWLQXHjVHUpFKDXIIHU
background

8WLOLVDWLRQGXIRXU
3DQQHGHFRXUDQW
0,6((1*$5'(Q·HVVD\H]
SDVGHIDLUHIRQFWLRQQHUOHIRXUjDOOXPDJH
pOHFWULTXHGXUDQWXQHSDQQHG·pOHFWULFLWp
/HIRXURXOHJULOQHSHXWrWUHDOOXPpGXUDQW
XQHSDQQHGHFRXUDQW/HJD]QHFLUFXOHUDSDV
jPRLQVTXHODEDUUHjLQFDQGHVFHQFHQHVRLW
FKDXGH
6LOHIRXUHVWHQPDUFKHORUVTXHODSDQQH
FRPPHQFHOHEUOHXUGXIRXUVHIHUPH
HWQHSHXWSDVrWUHUDOOXPpDYDQWTXHOHFRXUDQW
QHVRLWUpWDEOL/DFLUFXODWLRQGHJD]HVWDUUrWpH
DXWRPDWLTXHPHQWHWQHUHSUHQGUDSDVDYDQW
TXHOHFRXUDQWQHVRLWUpWDEOLHWTXHODEDUUHj
LQFDQGHVFHQFHQ·DLWDWWHLQWODWHPSpUDWXUHGH
IRQFWLRQQHPHQW
eYHQWGHIRXU
9RWUHIRXUHVWYHQWLOpjWUDYHUVXQpYHQWTXLVH
WURXYHYHUVO·DUULqUHGHODFXLVLQLqUH1HEORTXH]
SDVFHWpYHQWHQFXLVLQDQWGDQVOHIRXU,OHVW
LPSRUWDQWTXHOHFRXUDQWG·DLUFKDXGGXIRXU
HWO·DLUIUDLVGXEUOHXUGXIRXUFLUFXOHVDQV
LQWHUUXSWLRQeYLWH]GHWRXFKHUOHVRXYHUWXUHV
G·pYHQWRXOHVVXUIDFHVDYRLVLQDQWHVWDQGLV
TXHOHIRXURXOHJULOHVWDOOXPpFDULOV
SRXUUDLHQWrWUHFKDXGV
/HVSRLJQpHVGHVFDVVHUROHVVXUODVXUIDFH
GHFXLVVRQSHXYHQWGHYHQLUFKDXGHVVLRQOHV
ODLVVHWURSSUqVGHO·pYHQW
1HODLVVH]SDVG·DUWLFOHVGHSODVWLTXHVXUOD
VXUIDFHGHFXLVVRQLOVSHXYHQWIRQGUHV·LOV
VRQWWURSSUqVGHO·pYHQW
1HODLVVH]DXFXQDUWLFOHVXUODVXUIDFH
GHFXLVVRQ/·DLUFKDXGGHO·pYHQWSRXUUDLW
HQIODPPHUOHVDUWLFOHVLQIODPPDEOHVHW
DXJPHQWHUDODSUHVVLRQGDQVGHVFRQWHQDQWV
IHUPpVFHTXLSRXUUDLWOHVIDLUHpFODWHU
/HVDUWLFOHVGHPpWDOGHYLHQQHQWWUqVFKDXGV
V·LOVVRQWODLVVpVVXUODVXUIDFHGHFXLVVRQHWLOV
SHXYHQWSURYRTXHUGHVEUOXUHV
background
&RPPHQWUpJOHUOHIRXUjJULOOHU
,03257$17SRXUpYLWHUOHVEUOXUHVSRVVLEOHVSODFH]
OHVWDEOHWWHVjODSRVLWLRQYRXOXHDYDQWG·DOOXPHUOHIRXU
3ODFH]ODYLDQGHRXOHSRLVVRQVXUXQHJULOOH
GDQVXQHOqFKHIULWH
6XLYH]OHVSRVLWLRQVGHJULOOHVVXJJpUpHVGDQVOH
*XLGHSRXUJULOOHU
/DSRUWHGXIRXUGRLWrWUHIHUPpHSHQGDQWTXH
OHVDOLPHQWVJULOOHQW
(QIRQFH]ODWRXFKH%52,/+,/2JULOOHUj
KDXWHEDVVHWHPSpUDWXUHXQHIRLVSRXU+,
%URLOJULOOHUjKDXWHWHPSpUDWXUH

3RXUSDVVHUj/2%URLOJULOOHUjEDVVH
WHPSpUDWXUHHQIRQFH]ODWRXFKH%52,/+,/2
JULOOHUjKDXWHEDVVHWHPSpUDWXUHjQRXYHDX
8WLOLVH]/2%URLOJULOOHUjEDVVHWHPSpUDWXUHSRXU
ELHQSUpSDUHUGHVDOLPHQWVWHOVTXHYRODLOOHVRX
FRXSHVpSDLVVHVVDQVWURSEUXQLU
(QIRQFH]ODWRXFKH67$57GpPDUUHU
$SUqVDYRLUJULOOpHQIRQFH]ODWRXFKH&/($5
2))DQQXODWLRQDUUrW
6HUYH]LPPpGLDWHPHQWOHVDOLPHQWVHWODLVVH]
UHIURLGLUODOqFKHIULWHjO·H[WpULHXUGXIRXUGXUDQWOH
UHSDVSRXUIDFLOLWHUOHQHWWR\DJH
5(0$548(JULOOHUQHIRQFWLRQQHSDVVLODVRQGHGH
WHPSpUDWXUHHVWEUDQFKpH
/DWDLOOHOHSRLGV
O·pSDLVVHXUODWHPSpUDWXUH
GHGpPDUUDJHHWYRWUH
SUpIpUHQFHGHFXLVVRQ
DIIHFWHURQWOHWHPSV
GHSUpSDUDWLRQ
&HJXLGHHVWpWDEOL
jSDUWLUGHYLDQGHV
jODWHPSpUDWXUH
GXUpIULJpUDWHXU
/HPLQLVWqUHGHO·DJULFXOWXUH
GHVe8DIILUPHTXH©OHE±XI
VDLJQDQWHVWSRSXODLUHPDLVYRXV
GHYULH]YRXVUDSSHOHUTXHGHOH
SUpSDUHUjVHXOHPHQW&
)VLJQLILHTXHFHUWDLQVRUJDQLVPHV
G·HPSRLVRQQHPHQWDOLPHQWDLUH
SRXUUDLHQWVXUYLYUHª6RXUFH
6DIH)RRG%RRN<RXU.LWFKHQ
*XLGH86'$UpYHQMXLQ
*XLGHSRXUJULOOHU

ZZZHOHFWURPHQDJHUVJHFD
$OLPHQW 4XDQWLWpHWRXpSDLVVHXU 3RVLWLRQ
JULOOH
3UHPLHUF{Wp
7HPSVPLQ
6HFRQGF{Wp
7HPSVPLQ
&RPPHQWDLUHV
%±XIKDFKp
FPjFP
SRj
SR
pSDLVVHXU
'  (VSDFH]XQLIRUPpPHQW
6WHDNVGH
E±XI
6DLJQDQW
SRLQW
%LHQFXLW
6DLJQDQW
SRLQW
%LHQFXLW
FPjFP
SRjSRpSDLVVHXU
NJjNJj
øOEV
FP
SRpSDLVVHXU
NJjNJj
øOEV
)
(
(
(
(
'











/HVVWHDNVGHPRLQVGHFP
SR
pSDLVVRQWGLIILFLOHV
SRXUSUpSDUHUVDLJQDQW
,QFLVH]OHJUDV
3RXOHW FRPSOHWGpFRXSp
NJj
NJj
øOEV
VpSDUpHQ
ORQJXHXU
3RLWULQH
&
&




%URVVH]FKDTXHF{WpGH
EHXUUHIRQGX*ULOOHUSHDX
YHUVOHEDVG·DERUG
3URGXLWGH
ERXODQJHULH
3DLQJULOOp
0XIILQDQJODLV
jWUDQFKHV
VpSDUp
)
)


(VSDFH]XQLIRUPpPHQW
3ODFH]OHVPXIILQVDQJODLV
FRXSpVYHUVOHKDXWHW
EDGLJHRQQH]GHEHXUUHVL
GpVLUp
4XHXHVGH
KRPDUG
j &  1HSDV &RXSH]jWUDYHUVOD
FRTXLOOH2XYUH]
%DGLJHRQQH]GHEHXUUH
IRQGXDYDQWGHJULOOHU
HWDSUqVODPRLWLpGHOD
FXLVVRQ
)LOHWVGH
SRLVVRQ
NJOEFPjFP
>
SRj
SR@pSDLVVHXU
( 0DQLSXOH]HWWRXUQH]
WUqVGpOLFDWHPHQW
%DGLJHRQQH]GHEHXUUH
FLWURQQpDYDQWHWGXUDQW
ODFXLVVRQVLGpVLUp
6DXPRQ
6WHDNV
)LOHWV
FP>SR@pSDLVVHXU
FPjFP>
SRj

SR@pSDLVVHXU
(
(


7RXUQH]DYHFVRLQ
1HWRXUQH]SDVDYHFOD
SHDXYHUVOHEDV
7UDQFKHV
GHMDPERQ
SUpFXLW
FP
SRpSDLVVHXU
FPSRpSDLVVHXU
'
'


&{WHOHWWHVGH
SRUF
%LHQFXLW
FP>
SR@pSDLVVHXU
FPSRpSDLVVHXUHQYLURQNJ
OE
'
'



,QFLVH]OHJUDV
&{WHOHWWHV
G·DJQHDX
SRLQW
%LHQFXLW
SRLQW
%LHQFXLW
FP>SR@pSDLVVHXU
HQYLURQJjJjR]
FP>
øSR@pSDLVVHXU
HQYLURQNJOE
(
(
(
(







,QFLVH]OHJUDV
background

8WLOLVHUO·KRUORJHHWODPLQXWHULH
3RXUUpJOHUO·KRUORJH
/·KRUORJHGRLWrWUHUpJOpHjODERQQHKHXUHSRXU
TXHOHVIRQFWLRQVGHPLQXWHULHDXWRPDWLTXHGX
IRXUIRQFWLRQQHQWFRUUHFWHPHQW/·KHXUH
QHSHXWSDVrWUHFKDQJpHGXUDQWXQHFXLVVRQj
PLQXWHULHRXXQF\FOHG·DXWRQHWWR\DJH
(QIRQFH]ODWRXFKH&/2&.KRUORJH
(QIRQFH]OHVWRXFKHVQXPpULTXHV
(QIRQFH]ODWRXFKH67$57GpPDUUHU
$VVXUH]YRXVTXHO·KRUORJHVRLW
UpJOpHjODERQQHKHXUH
3RXUUpJOHUODPLQXWHULH
(QIRQFH]ODWRXFKH.,7&+(17,0(521
2))PLQXWHULHGHFXLVLQHPDUFKHDUUrW
(QIRQFH]OHVWRXFKHVQXPpULTXHVMXVTX·j
FHTXHOHWHPSVYRXOXV·DIILFKH3DU
H[HPSOHSRXUUpJOHUKHXUHVHW
PLQXWHVHQIRQFH]OHVWRXFKHVHW
GDQVFHWRUGUH6LYRXVIDLWHVXQHHUUHXU
HQIRQFH]ODWRXFKH.,7&+(17,0(521
2))PLQXWHULHGHFXLVLQHPDUFKHDUUrW
HWUHFRPPHQFH]
(QIRQFH]ODWRXFKH67$57GpPDUUHU
$SUqVDYRLUHQIRQFpODWRXFKH67$57
GpPDUUHU6(7UpJOHUGLVSDUDvWFHTXL
YRXVLQGLTXHTXHOHFRPSWHjUHERXUV
HVWFRPPHQFpELHQTXHO·DIILFKDJHQH
FKDQJHTX·DSUqVXQHPLQXWH/HVVHFRQGHV
Q·DSSDUDvWURQWSDVDYDQWODGHUQLqUHPLQXWHGX
FRPSWHjUHERXUV
/RUVTXHODPLQXWHULHDWWHLQWOHFRQWU{OH
IHUDHQWHQGUHELSVVXLYLVG·XQELSWRXWHV
OHVVHFRQGHVMXVTX·jFHTXHYRXV
HQIRQFLH]ODWRXFKH.,7&+(17,0(521
2))PLQXWHULHGHFXLVLQHPDUFKHDUUrW
/DWRQDOLWpGHVHFRQGHVSHXWrWUHDQQXOpHHQ
VXLYDQWOHVpWDSHVGHVIRQFWLRQVVSpFLDOHVGHOD
VHFWLRQGHFRQWU{OHGHYRWUHIRXUVRXV7RQDOLWpV
jODILQG·XQF\FOHDYHFODPLQXWHULH
/DPLQXWHULHFRPSWHOHVPLQXWHV
VHXOHPHQW
(OOHQHFRQWU{OHSDVOHVRSpUDWLRQV
GXIRXU/HUpJODJHPD[LPXPGH
ODPLQXWHULHHVWGHKHXUHVHW
PLQXWHV
3RXUUpLQLWLDOLVHUODPLQXWHULH
6LO·DIILFKDJHLQGLTXHHQFRUHOHWHPSVUHVWDQW
YRXVSRXYH]OHFKDQJHUHQHQIRQoDQWODWRXFKH
.,7&+(17,0(5212))PLQXWHULHGHFXLVLQH
PDUFKHDUUrWSXLVOHVWRXFKHVQXPpULTXHV
MXVTX·jFHTXHO·KHXUHYRXOXHV·DIILFKH
6LOHWHPSVUHVWDQWQ·HVWSDVDIILFKpKRUORJH
GpPDUUDJHUHWDUGpRXWHPSVGHFXLVVRQQH
VRQWSDVDIILFKpVUDSSHOH]OHWHPSVUHVWDQW
HQHQIRQoDQWODWRXFKH.,7&+(17,0(521
2))PLQXWHULHGHFXLVLQHPDUFKHDUUrWHWHQ
HQIRQoDQWHQVXLWHOHVWRXFKHVQXPpULTXHVSRXU
HQWUHUOHQRXYHDXWHPSVYRXOX
3RXUDQQXOHUODPLQXWHULH
(QIRQFH]ODWRXFKH.,7&+(17,0(5212))
PLQXWHULHGHFXLVLQHPDUFKHDUUrWGHX[IRLV
background

9RWUHFRQWU{OHYRXVSHUPHWGHYHUURXLOOHUOHV
WRXFKHVSRXUTX·HOOHVQHSXLVVHQWSDVrWUH
DFWLYpHVHQOHVHQIRQoDQW
3RXUYHUURXLOOHUGpYHUURXLOOHUOHVFRQWU{OHV
(QIRQFH]OHVWRXFKHVHWHQPrPH
WHPSVSHQGDQWVHFRQGHVMXVTX·jFHTXH
O·DIILFKDJHLQGLTXH/2&21YHUURXHQ
PDUFKH
3RXUGpYHUURXLOOHUOHFRQWU{OHHQIRQFH]OHV
WRXFKHVHWHQPrPHWHPSVSHQGDQW
VHFRQGHVMXVTX·jFHTXHO·DIILFKDJH
LQGLTXH/2&2))YHUURXLOODJHDUUrWp
/RUVTXHFHWWHIRQFWLRQHVWDFWLYpHHWORUVTXH
YRXVHQIRQFH]OHVWRXFKHVOHFRQWU{OHIHUD
HQWHQGUHXQELSVRQRUHHWO·DIILFKDJHLQGLTXHUD
/2&21YHUURXHQSODFH
/HPRGHGHYHUURXLOODJHGHVFRQWU{OHV
DIIHFWHWRXWHVOHVWRXFKHV$XFXQHWRXFKH
QHIRQFWLRQQHUDORUVTXHFHWWHIRQFWLRQHVW
DFWLYpH
/·DMXVWHPHQWVHUDFRQVHUYpHQPpPRLUH
DSUqVXQHSDQQHG·pOHFWULFLWp
/RFNRXWYHUURXLOODJHGHVFRQWU{OHVVXUFHUWDLQVPRGqOHV
8WLOLVHUOHYHUURXLOODJHGHODFXLVLQLqUH
RXGHVFRQWU{OHV ZZZHOHFWURPHQDJHUVJHFD
9RWUHFRQWU{OHYRXVSHUPHWWUDGHYHUURXLOOHUOHV
EUOHXUVGHVXUIDFHOHVEUOHXUVGXIRXUHWOH
SDQQHDXGHFRQWU{OHGHPDQLqUHjFHTX·LOVQH
SXLVVHQWrWUHPLVHQPDUFKH
9HUURXLOODJHGpYHUURXLOODJHGHVFRQWU{OHV
eWHLJQH]WRXVOHVEUOHXUVGHVXUIDFH
$SSX\H]HWWHQH]DSSX\pHODWRXFKH
5$1*(/2&.287YHUURXLOODJHGHOD
FXLVLQLqUHSHQGDQWVHFRQGHVMXVTX·jFH
TXHO·pFUDQLQGLTXH/2&21YHUURXLOODJH
HQPDUFKH
3RXUGpYHUURXLOOHUOHFRQWU{OHDSSX\H]HW
WHQH]DSSX\pHODWRXFKH5$1*(
/2&.287YHUURXLOODJHGHODFXLVLQLqUH
SHQGDQWVHFRQGHVMXVTX·jFHTXHO·pFUDQ
LQGLTXH/2&2))YHUURXLOODJHDUUrWp
/RUVTXHFHWWHIRQFWLRQHVWDFWLYpHHWORUVTXH
YRXVHQIRQFH]OHVWRXFKHVOHFRQWU{OHIHUD
HQWHQGUHXQELSVRQRUHHWO·DIILFKDJHLQGLTXHUD
/2&21
/HPRGHGHYHUURXLOODJHGHVFRQWU{OHVDGH
O·HIIHWVXUWRXVOHVFRQWU{OHV$XFXQFRQWU{OH
QHIRQFWLRQQHTXDQGFHWWHFDUDFWpULVWLTXHHVW
HQIRQFWLRQQHPHQW
/·DMXVWHPHQWVHUDFRQVHUYpHQPpPRLUH
DSUqVXQHSDQQHG·pOHFWULFLWp
9HUURXLOODJHGHODFXLVLQLqUHVXUFHUWDLQVPRGqOHV
background

8WLOLVDWLRQGHVIRQFWLRQVSRXUFXLVLQHUHWU{WLUDYHFODPLQXWHULH
VXUFHUWDLQVPRGqOHV
5(0$548(OHVDOLPHQWVTXLVHJkWHQWIDFLOHPHQW³FRPPHOHODLWOHVRHXIVOHSRLVVRQODIDUFHODYRODLOOHHWOHSRUF³
QHGHYUDLHQWSDVUHVWHUVRUWLVSHQGDQWSOXVG·XQHKHXUHDYDQWRXDSUqVODFXLVVRQ/DWHPSpUDWXUHDPELDQWHIDYRULVH
ODFURLVVDQFHGHEDFWpULHVGDQJHUHXVHV$VVXUH]YRXVTXHODOXPLqUHGXIRXUVRLWpWHLQWHFDUODFKDOHXUGHO·DPSRXOH
IDYRULVHUDODFURLVVDQFHGHEDFWpULHVGDQJHUHXVHV
&RPPHQWUpJOHUXQGpPDUUDJHLPPpGLDWHWXQDUUrWDXWRPDWLTXH
/HIRXUV·DOOXPHUDLPPpGLDWHPHQWHWIHUDFXLUH
SHQGDQWXQHGXUpHFKRLVLHODILQGXWHPSVGH
FXLVVRQOHIRXUV·pWHLQGUDDXWRPDWLTXHPHQW
(QIRQFH]ODWRXFKH%$.(FXLVVRQ
8WLOLVH]OHVWRXFKHVQXPpULTXHVHWHQWUH]
ODWHPSpUDWXUHYRXOXH
(QIRQFH]ODWRXFKH&22.,1*7,0(WHPSV
GHFXLVVRQ
5(0$548(VLYRWUHUHFHWWHH[LJHTXHYRXV
SUpFKDXIILH]OHIRXUYRXVGHYUH]SHXWrWUH
DMRXWHUGXWHPSVGHFXLVVRQ
8WLOLVH]OHVWRXFKHVQXPpULTXHVHWHQWUH]
ODGXUpHGHFXLVVRQYRXOXH/D
WHPSpUDWXUHGXIRXUHWOHWHPSVGH
FXLVVRQHQWUpVVHURQWDIILFKpV
(QIRQFH]ODWRXFKH67$57GpPDUUHU
/·DIILFKDJHLQGLTXHUDOHFKDQJHPHQW
GHWHPSpUDWXUHHQFRPPHQoDQWj&
)HWOHWHPSVGHFXLVVRQ/·DIILFKDJH
FRPPHQFHUDjFKDQJHUORUVTXHODWHPSpUDWXUH
DWWHLQW&)
/HIRXUSRXUVXLYUDODFXLVVRQSHQGDQWOHWHPSV
SURJUDPPpSXLVV·DUUrWHUDDXWRPDWLTXHPHQW
jPRLQVTXHODIRQFWLRQ:$50UpFKDXIIHU
Q·DLWpWpDFWLYpH5HSRUWH]YRXVjODVHFWLRQ
&RPPHQWUpJOHUOHIRXUSRXUUpFKDXIIHU
(QIRQFH]ODWRXFKH&/($52))DQQXODWLRQ
DUUrWSRXUHIIDFHUO·DIILFKDJH
&RPPHQWUpJOHUXQGpPDUUDJHUHWDUGpHWXQDUUrWDXWRPDWLTXH
9RXVSRXYH]UpJOHUOHFRQWU{OHGXIRXUSRXU
UHWDUGHUOHGpPDUUDJHGXIRXUFXLUHSHQGDQW
XQFHUWDLQWHPSVSUpFLVSXLVV·pWHLQGUH
DXWRPDWLTXHPHQW
$VVXUH]YRXVTXHO·KRUORJHPRQWUHODERQQH
KHXUH
(QIRQFH]ODWRXFKH%$.(FXLVVRQ
8WLOLVH]OHVWRXFKHVQXPpULTXHVHWHQWUH]
ODWHPSpUDWXUHYRXOXH
(QIRQFH]ODWRXFKH&22.,1*7,0(
WHPSVGHFXLVVRQ
5(0$548(VLYRWUHUHFHWWHH[LJHTXHYRXV
SUpFKDXIILH]OHIRXUYRXVGHYUH]SHXWrWUH
DMRXWHUGXWHPSVGHFXLVVRQ
8WLOLVH]OHVWRXFKHVQXPpULTXHVHWHQWUH]
ODGXUpHGHFXLVVRQYRXOXH
(QIRQFH]ODWRXFKH'(/$<67$57
GpPDUUDJHUHWDUGp
8WLOLVH]OHVWRXFKHVQXPpULTXHVHQWUH]
O·KHXUHjODTXHOOHYRXVGpVLUH]TXHOHIRXU
V·DOOXPHHWFRPPHQFHODFXLVVRQ
(QIRQFH]ODWRXFKH67$57GpPDUUHU
5(0$548(XQHWRQDOLWpVHIHUDHQWHQGUHVL
YRXVXWLOLVH]ODFXLVVRQjPLQXWHULHHWQHWRXFKH]
SDVODWRXFKH67$57GpPDUUHUDSUqVDYRLU
HQWUpODWHPSpUDWXUHGHFXLVVRQ
6LYRXVGpVLUH]YpULILHUOHVKHXUHVUpJOpHV
HQIRQFH]ODWRXFKH'(/$<67$57GpPDUUDJH
UHWDUGpSRXUYpULILHUO·KHXUHGHGpPDUUDJH
UpJOpRXHQIRQFH]ODWRXFKH&22.,1*7,0(
WHPSVGHFXLVVRQSRXUYpULILHUODGXUpHGH
FXLVVRQUpJOpH
/RUVTXHOHIRXUV·DOOXPHjO·KHXUHUpJOpH
O·DIILFKDJHLQGLTXHUDOHFKDQJHPHQWGH
WHPSpUDWXUHHQFRPPHQoDQWj&>)@
HWOHWHPSVGHFXLVVRQ/·DIILFKDJH
FRPPHQFHUDjFKDQJHUORUVTXHODWHPSpUDWXUH
DWWHLQW&)
/HIRXUSRXUVXLYUDODFXLVVRQSHQGDQWOHWHPSV
SURJUDPPpSXLVV·DUUrWHUDDXWRPDWLTXHPHQW
jPRLQVTXHODIRQFWLRQ:$50UpFKDXIIHU
Q·DLWpWpDFWLYpH5HSRUWH]YRXVjODVHFWLRQ
&RPPHQWUpJOHUOHIRXUSRXUUpFKDXIIHU
(QIRQFH]ODWRXFKH&/($52))DQQXODWLRQ
DUUrWSRXUHIIDFHUO·DIILFKDJH
background
8WLOLVHUGHVVRQGHVDXWUHVTXHFHOOHIRXUQLH
DYHFFHSURGXLWSRXUUDLWHQGRPPDJHUODVRQGH
RXOHFRQWU{OHGXIRXU
8WLOLVH]OHVSRLJQpHVGHODVRQGHHWGHODILFKH
HQOHVLQVpUDQWHWOHVUHWLUDQWGHVDOLPHQWVHWGH
ODSULVH
3RXUpYLWHUG·HQGRPPDJHUODVRQGHQ·XWLOLVH]
SDVGHSLQFHVSRXUWLUHUOHFkEOHHQOHUHWLUDQW
3RXUpYLWHUGHEULVHUODVRQGHDVVXUH]YRXV
TXHOHVDOLPHQWVVRQWELHQGpJHOpVDYDQWGH
O·LQVpUHU
3RXUpYLWHUOHVEUOXUHVSRVVLEOHVQHGpEUDQFKH]
SDVODVRQGHGHODSULVHDYDQWTXHOHIRXUQH
VRLWUHIURLGL
1HODLVVH]MDPDLVODVRQGHjO·LQWpULHXUGXIRXU
GXUDQWXQF\FOHG·DXWRQHWWR\DJH
1HUDQJH]SDVODVRQGHGDQVOHIRXU
,QVpUH]ODVRQGHGDQVO·DOLPHQW
%UDQFKH]ODVRQGHGDQVODSULVHGXIRXU
$VVXUH]YRXVGHODSRXVVHUHQWLqUHPHQW
)HUPH]ODSRUWHGXIRXU$VVXUH]YRXVTXH
OHFkEOHGHODVRQGHQHWRXFKHSDV
O·pOpPHQWGXJULO
(QIRQFH]ODWRXFKH352%(VRQGH
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXU
UpJOHUODWHPSpUDWXUHLQWpULHXUHGpVLUpH
SRXUOHVDOLPHQWVRXODYLDQGH/D
WHPSpUDWXUHLQWHUQHPD[LPXPGH
O·DOLPHQWTXHYRXVSRXYH]UpJOHUHVWGH
&)
(QIRQFH]ODWRXFKH%$.(FXLVVRQ
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXU
UpJOHUODWHPSpUDWXUHYRXOXHGXIRXU
(QIRQFH]ODWRXFKH67$57GpPDUUHU
/·DIILFKDJHFOLJQRWHUDVLODVRQGHHVWLQVpUpH
GDQVODSULVHHWVLYRXVQ·DYH]SDVUpJOpGH
WHPSpUDWXUHGHVRQGHHWHQIRQFpODWRXFKH
67$57GpPDUUHU
/RUVTXHODWHPSpUDWXUHLQWHUQHGHO·DOLPHQW
DWWHLQW&)ODWHPSpUDWXUHLQWHUQH
FKDQJHDQWHV·DIILFKHUD
/RUVTXHODWHPSpUDWXUHLQWHUQHGHV
DOLPHQWVDWWHLQWOHFKLIIUHUpJOpODVRQGHHW
OHIRXUV·pWHLJQHQWHWOHFRQWU{OHGXIRXU
pPHWXQVLJQDO3RXUDUUrWHUOHVLJQDO
HQIRQFH]ODWRXFKH&/($52))
DQQXODWLRQDUUrW8WLOLVH]GHVSRLJQpHV
FKDXGHVSRXUUHWLUHUODVRQGHGHV
DOLPHQWV1·XWLOLVH]SDVGHSLQFHVSRXUOD
UHWLUHUFDUFHODSRXUUDLWOHVHQGRPPDJHU
3RXUFKDQJHUODWHPSpUDWXUHGXIRXUGXUDQWOH
F\FOH5{WLUHQIRQFH]ODWRXFKH%$.(FXLVVRQ
HWHQVXLWHOHVWRXFKHVQXPpULTXHVSRXUUpJOHU
ODQRXYHOOHWHPSpUDWXUH
6LODVRQGHHVWUHWLUpHGHO·DOLPHQWDYDQWTXH
ODWHPSpUDWXUHILQDOHQHVRLWDWWHLQWHYRXV
HQWHQGUH]XQHWRQDOLWpHWO·DIILFKDJHFOLJQRWHUD
MXVTX·jFHTXHODVRQGHVRLWUHWLUpHGXIRXU
9RXVSRXYH]XWLOLVHUODPLQXWHULHPrPHVL
YRXVQHSRXYH]SDVXWLOLVHUOHVRSpUDWLRQVGX
IRXUjPLQXWHULHHQXWLOLVDQWODVRQGH
8WLOLVHUODVRQGHVXUFHUWDLQVPRGqOHV ZZZHOHFWURPHQDJHUVJHFD
3RXUGHQRPEUHX[DOLPHQWVWRXWSDUWLFXOLqUHPHQWOHVU{WLVHWODYRODLOOHODWHPSpUDWXUHLQWHUQHGHVDOLPHQWVHVWOHPHLOOHXUPR\HQGH
VDYRLUV·LOVVRQWSUrWV/DVRQGHGHWHPSpUDWXUHSHUPHWGHQHSOXVWHQWHUGHGHYLQHUVLOHVDOLPHQWVU{WLVVRQWELHQFXLWV
/DVRQGHGHWHPSpUDWXUHSRVVqGH
XQFDSWHXUUHVVHPEODQWjXQH
EURFKHWWHjXQHH[WUpPLWpHWXQH
ILFKHjO·DXWUHF·HVWFHTXLSpQqWUH
GDQVODSULVHGXIRXU
$SUqVDYRLUSUpSDUpODYLDQGHHWO·DYRLUSODFpH
VXUXQHFODLHRXVXUXQHJULOOHGHODOqFKHIULWH
VXLYH]FHVLQVWUXFWLRQVSRXUELHQSODFHUOD
VRQGH
,QVpUH]HQWLqUHPHQWODVRQGHGDQVODYLDQGH
(OOHQHGHYUDLWSDVWRXFKHUO·RVOHJUDVRXOH
FDUWLODJH
3RXUOHVU{WLVVDQVRVLQVpUH]ODVRQGHGDQV
ODSDUWLHD\DQWOHSOXVGHFKDLUGXU{WL3RXUOH
MDPERQRXO·DJQHDXjRVLQVpUH]ODVRQGHDX
FHQWUHGXPXVFOHODUJHOHSOXVEDV
,QVpUH]ODVRQGHDXFHQWUHGHSODWVWHOVTXHSDLQ
GHYLDQGHRXPHWVHQFRFRWWH
,QVpUH]ODVRQGHGDQVODSDUWLHD\DQWOHSOXVGH
FKDLUGHO·LQWpULHXUGHODFXLVVHGXGHVVRXVHW
SDUDOOqOHjODFXLVVHG·XQHGLQGHFRPSOqWH
&RPPHQWUpJOHUOHIRXUSRXUU{WLUHQXWLOLVDQWODVRQGH

)LFKH
&kEOH
3RLJQpHV
6RQGH
background

3XLVTXHO·DLUUpFKDXIIpFLUFXOHXQLIRUPpPHQW
GDQVOHIRXUOHVDOLPHQWVSHXYHQWrWUHSUpSDUpV
DYHFG·H[FHOOHQWVUpVXOWDWVHQXWLOLVDQWSOXVLHXUV
JULOOHV
/DFXLVVRQjSOXVLHXUVJULOOHVSHXWDXJPHQWHU
XQSHXOHWHPSVGHFXLVVRQSRXUFHUWDLQV
DOLPHQWVPDLVGDQVO·HQVHPEOHHOOHUpGXLWOH
WHPSV/HVELVFXLWVOHVPXIILQVOHVELVFXLWV
VHFVHWDXWUHVSDLQVUDSLGHVGRQQHQWGHERQV
UpVXOWDWVDYHFODFXLVVRQjSOXVLHXUVJULOOHV
(QFXLVLQDQWDYHFJULOOHVSODFH]HQ
XQHGDQVODTXDWULqPHSRVLWLRQ'XQHGDQVOD
FLQTXLqPHSRVLWLRQ(HWXQHGDQVODVL[LqPH
SRVLWLRQ)6LOHVFDVVHUROHVQ·HQWUHQWSDV
XWLOLVH]OHVSRVLWLRQV%'HW)GHVJULOOHV
8WLOLVHUOHIRXUjFRQYH[LRQVXUFHUWDLQVPRGqOHV
$GDSWDWLRQGHVUHFHWWHV«
9RXVSRXYH]XWLOLVHUYRVUHFHWWHVSUpIpUpHV
GDQVOHIRXUjFRQYH[LRQ
3RXUFHWWHFXLVVRQODIRQFWLRQGHFRQYHUVLRQ
$XWR5HFLSH
UpGXLWDXWRPDWLTXHPHQWOD
WHPSpUDWXUHGHFXLVVRQUpJXOLqUHSDUOD
WHPSpUDWXUHUHFRPPDQGpHGH&)
5HSRUWH]YRXVjOD&RQYHUVLRQ$XWR5HFLSH
GHODVHFWLRQGH)RQFWLRQV6SpFLDOHV
8WLOLVH]ODWDLOOHGHFDVVHUROHUHFRPPDQGpH
&HUWDLQHVLQVWUXFWLRQVG·HPEDOODJH
G·DOLPHQWVHQFRFRWWHVXUJHOpVRXGHSODWV
SULQFLSDX[RQWpWpGpYHORSSpHVHQXWLOLVDQW
OHVIRXUVjFRQYH[LRQFRPPHUFLDX[3RXUGH
PHLOOHXUVUpVXOWDWVGDQVFHIRXUSUpFKDXIIH]
OHHWXWLOLVH]ODWHPSpUDWXUHVXUO·HPEDOODJH
9HQWLODWHXUGHFRQYH[LRQ
'DQVXQIRXUjFRQYH[LRQLO\DXQ
YHQWLODWHXUTXLIDLWFLUFXOHUO·DLUFKDXG
DXGHVVXVVRXVHWDXWRXUGHVDOLPHQWV
&HWDLUFKDXGHVWUpSDUWLXQLIRUPpPHQW
GDQVO·HQVHPEOHGHODFDYLWpGXIRXU
$LQVLOHVDOLPHQWVFXLVHQWHWEUXQLVVHQW
XQLIRUPpPHQW³VRXYHQWHQPRLQVGH
WHPSVDYHFODFKDOHXUGHFRQYH[LRQ
5(0$548(XQYHQWLODWHXUGHFRQYH[LRQ
V·DOOXPHHWV·pWHLQWSHQGDQWODFXLVVRQSRXU
PLHX[UpSDUWLUO·DLUFKDXGGDQVOHIRXU
/HYHQWLODWHXUGXIRXUjFRQYH[LRQV·pWHLQW
ORUVTXHODSRUWHGXIRXUHVWRXYHUWH
&XLVVRQjFRQYH[LRQjPXOWLJULOOHV
3RVLWLRQjPXOWLJULOOHV
/HYHQWLODWHXUGHFRQYH[LRQIDLWFLUFXOHU
XQLIRUPpPHQWO·DLUUpFKDXIIpDXGHVVXVHW
DXWRXUGHVDOLPHQWV
3RXUODFXLVVRQjFRQYH[LRQDYHFXQH
VHXOHJULOOHXWLOLVH]OHVSRVLWLRQVGHVJULOOHV
UHFRPPDQGpHVGDQVODVHFWLRQ8WLOLVDWLRQGX
IRXU
,GpDOSRXUEUXQLUXQLIRUPpPHQWOHVDOLPHQWV
FXLWVVXUJULOOHHWSRXUOHVODUJHVDOLPHQWV
9RXVSRXYH]UHPDUTXHUDXVVLXQHFHUWDLQH
UpGXFWLRQGHWHPSV
%RQVUpVXOWDWVSRXUOHVELVFXLWVVHFVOHV
ELVFXLWVOHVPXIILQVOHVEURZQLHVOHVSHWLWV
JkWHDX[OHVFKRX[jODFUqPHOHVEULRFKHV
OHJkWHDXGHVDQJHVHWOHSDLQ
&XLVVRQjFRQYH[LRQjJULOOH
background
ZZZHOHFWURPHQDJHUVJHFD
(QIRQFH]ODWRXFKH&219(&7,21%$.(
08/7,5$&.FXLVVRQFRQYH[LRQPXOWL
JULOOHRX&219(&7,2152$67U{WLU
FRQYH[LRQ
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXUUpJOHUOD
WHPSpUDWXUHYRXOXHGXIRXU
(QIRQFH]ODWRXFKH67$57GpPDUUHU
3RXUFKDQJHUODWHPSpUDWXUHGXIRXUHQIRQFH]OD
WRXFKH&219(&7,21%$.(08/7,5$&.FXLVVRQ
FRQYH[LRQPXOWLJULOOHRX&219(&7,2152$67
U{WLUFRQYH[LRQHWHQVXLWHOHVWRXFKHVQXPpULTXHV
SRXUUpJOHUODQRXYHOOHWHPSpUDWXUH
/RUVTXHOHIRXUFRPPHQFHjFKDXIIHUOH
FKDQJHPHQWGHWHPSpUDWXUHHQFRPPHQoDQWj
&)VHUDDIILFKp/RUVTXHOHIRXUDWWHLQWOD
WHPSpUDWXUHFKRLVLHELSVVHIRQWHQWHQGUH
(QIRQFH]ODWRXFKH&/($52))DQQXODWLRQ
DUUrWjODILQ
9RXVHQWHQGUH]XQYHQWLODWHXUSHQGDQWODFXLVVRQ
jFRQYH[LRQ/HYHQWLODWHXUV·DUUrWHVLODSRUWHHVW
RXYHUWHPDLVODFKDOHXUFRQWLQXHUD
9RXVHQWHQGUH]SHXWrWUHOHIRXUFOLTXHUGXUDQW
ODFXLVVRQ&HFLHVWQRUPDO
%DWWHULHGHFXLVLQHSRXUODFXLVVRQjFRQYH[LRQ
$YDQWG·XWLOLVHUYRWUHIRXUjFRQYH[LRQYpULILH]VLYRV
FDVVHUROHVODLVVHQWVXIILVDPPHQWG·HVSDFHSRXUIDLUH
FLUFXOHUO·DLUGDQVOHIRXU6LYRXVSUpSDUH]SOXVLHXUV
DOLPHQWVHQFRFRWWHODLVVH]GHO·HVSDFHHQWUHHOOHV
$VVXUH]YRXVDXVVLTX·HOOHVQHVHWRXFKHQWSDVRX
TX·HOOHVQHWRXFKHQWSDVOHVSDURLVGXIRXU
3DSLHUHWSODVWLTXH
/HVFRQWHQDQWVGHSDSLHUHWGHSODVWLTXHUpVLVWDQWVj
ODFKDOHXUUHFRPPDQGpVSRXU
ODFXLVVRQFRXUDQWHSHXYHQWDXVVLrWUHXWLOLVpVSRXU
ODFXLVVRQjFRQYH[LRQPDLVQRQSDV
jGHVWHPSpUDWXUHVSOXVKDXWHVTXHFHOOHV
UHFRPPDQGpHVSDUOHIDEULFDQWGHODEDWWHULHGH
FXLVLQH/HVFDVVHUROHVGHSODVWLTXHUpVLVWDQWHVjOD
FKDOHXUMXVTX·jGHV
WHPSpUDWXUHVGH&)SHXYHQWDXVVLrWUH
XWLOLVpHV
0pWDOHWYHUUH
7RXWW\SHGHEDWWHULHGHFXLVLQHIRQFWLRQQHUDGDQV
YRWUHIRXUjFRQYH[LRQ3DUFRQWUHOHVFDVVHUROHV
GHPpWDOFKDXIIHQWOHSOXVUDSLGHPHQWHWVRQW
UHFRPPDQGpHVSRXUODFXLVVRQjFRQYH[LRQ
/HVFDVVHUROHVDXILQLPDWRXIRQFpFXLURQWSOXV
UDSLGHPHQWTXHFHOOHVTXLVRQWEULOODQWHV
/HVFDVVHUROHVGHYHUUHRXGHFpUDPLTXHVFXLVHQW
SOXVOHQWHPHQW
3RXUOHVUHFHWWHVWHOOHVTXHSRXOHWDXIRXUXWLOLVH]
XQHFDVVHUROHDX[SDURLVEDVVHV/·DLUFKDXGQH
SHXWSDVELHQFLUFXOHUDXWRXUGHVDOLPHQWVGDQVXQH
FDVVHUROHDX[SDURLVKDXWHV
&RPPHQWUpJOHUOHIRXUSRXUFXLUHRXU{WLUjFRQYH[LRQ
&RQYLHQWSRXUOHVODUJHVFRXSHVWHQGUHVGHYLDQGH
GpFRXYHUWHV
/HYHQWLODWHXUGHFRQYH[LRQIDLWFLUFXOHU
XQLIRUPpPHQWO·DLUUpFKDXIIpDXGHVVXVHWDXWRXU
GHVDOLPHQWV/DYLDQGHHWODYRODLOOHVRQWEUXQLHV
GHWRXVOHVF{WpVFRPPHVLHOOHVpWDLHQWSUpSDUpHV
GDQVXQHU{WLVVRLUH/·DLUUpFKDXIIpHQIHUPHOHVMXV
UDSLGHPHQWSRXUXQSURGXLWWHQGUHHWKXPLGHWRXW
HQFUpDQWXQH[WpULHXUG·XQEUXQGRUp
/RUVTXHYRXVU{WLVVH]SDUFRQYH[LRQLOHVWLPSRUWDQW
G·XWLOLVHUXQHOqFKHIULWHHWXQHJULOOHFRQoXHSRXU
ODJULOODGHSRXUREWHQLUOHVPHLOOHXUVUpVXOWDWV/D
OqFKHIULWHVHUWjUHWHQLUOHVJUDLVVHVHWODJULOOHVHUW
jHPSrFKHUOHVpFODERXVVXUHVGHJUDLVVHWDQGLV
TXHO·DLUUpFKDXIIpGHFLUFXOHUVRXVODYLDQGHHWj
DXJPHQWHUOHEUXQLVVHPHQWVRXVODYLDQGH
RXODYRODLOOH
3ODFH]ODJULOOHGXIRXUjODSRVLWLRQTXLFHQWUHOHV
DOLPHQWVHQWUHOHGHVVXVHWOHEDVGXIRXU
/RUVTXHYRXVSUpSDUH]GHV
ELVFXLWVYRXVREWLHQGUH]OHV
PHLOOHXUVUpVXOWDWVVLYRXV
XWLOLVH]XQHSODTXHjELVFXLW
SODWHSOXW{WTX·XQHFDVVHUROH
jERUGVEDV

5{WLUSDUFRQYH[LRQ
5(0$548(3RXUFXLUHSDUFRQYHFWLRQODWHPSpUDWXUHGXIRXUHVW&)SOXVEDVVHTXH
ODWHPSpUDWXUHUpJOpH&RQVXOWH]ODVHFWLRQ8WLOLVHUODFRQYHUVLRQ$XWR5HFLSHGDQVOHV)RQFWLRQV
VSpFLDOHVGHYRWUHFRQWU{OHGHIRXUSRXUGHSOXVDPSOHVLQIRUPDWLRQV3RXUOHU{WLVVDJHSDUFRQYHFWLRQ
ODWHPSpUDWXUHGXIRXUQHVHFRQYHUWLWSDVDXWRPDWLTXHPHQW
background

8WLOLVHUOHVIRQFWLRQVjPLQXWHULH
SRXUODFXLVVRQjFRQYH[LRQVXUFHUWDLQVPRGqOHV
9RXVHQWHQGUH]XQYHQWLODWHXUHQFXLVLQDQWDYHFFHVIRQFWLRQV/HYHQWLODWHXUV·DUUrWHVLODSRUWHHVWRXYHUWHPDLVODFKDOHXU
FRQWLQXHUD
5(0$548(OHVDOLPHQWVTXLVHJkWHQWIDFLOHPHQW³FRPPHOHODLWOHVRHXIVOHSRLVVRQODIDUFHODYRODLOOHHWOHSRUF³
QHGHYUDLHQWSDVUHVWHUVRUWLVSHQGDQWSOXVG·XQHKHXUHDYDQWRXDSUqVODFXLVVRQ/DWHPSpUDWXUHDPELDQWHIDYRULVH
ODFURLVVDQFHGHEDFWpULHVGDQJHUHXVHV$VVXUH]YRXVTXHODOXPLqUHGXIRXUVRLWpWHLQWHFDUODFKDOHXUGHO·DPSRXOH
IDYRULVHUDODFURLVVDQFHGHEDFWpULHVGDQJHUHXVHV
&RPPHQWUpJOHUXQGpPDUUDJHLPPpGLDWHWXQDUUrWDXWRPDWLTXH
/HIRXUV·DOOXPHUDLPPpGLDWHPHQWHWIHUDFXLUH
SHQGDQWXQHGXUpHFKRLVLHODILQGXWHPSVGH
FXLVVRQOHIRXUV·pWHLQGUDDXWRPDWLTXHPHQW
$VVXUH]YRXVTXHO·KRUORJHPRQWUHODERQQH
KHXUH

(QIRQFH]ODWRXFKH&219(&7,21%$.(
08/7,5$&.FXLVVRQFRQYH[LRQPXOWL
JULOOHRX&219(&7,2152$67U{WLU
FRQYH[LRQ
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXUUpJOHU
ODWHPSpUDWXUHYRXOXH
GXIRXU
(QIRQFH]ODWRXFKH&22.,1*7,0(
WHPSVGHFXLVVRQ
5(0$548(VLYRWUHUHFHWWHH[LJHTXHYRXV
SUpFKDXIILH]OHIRXUYRXVGHYUH]SHXWrWUHDMRXWHU
GXWHPSVGHFXLVVRQ
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXU
FKRLVLUODGXUpHGHFXLVVRQYRXOXH/HWHPSV
GHFXLVVRQPLQLPXPTXHYRXVSRXYH]UpJOHU
HVWGHPLQXWH/DWHPSpUDWXUHGXIRXUTXH
YRXVUpJOH]HWOHWHPSVGHFXLVVRQHQWUpV
V·DIILFKHURQW
(QIRQFH]ODWRXFKH67$57GpPDUUHU
/·DIILFKDJHLQGLTXHUDOHFKDQJHPHQW
GHWHPSpUDWXUHHQFRPPHQoDQWj&>)@
HWOHWHPSVGHFXLVVRQ/·DIILFKDJHFRPPHQFHUD
jFKDQJHUORUVTXHODWHPSpUDWXUHDWWHLQW&
)
/HIRXUSRXUVXLYUDODFXLVVRQSHQGDQWOHWHPSV
SURJUDPPpSXLVV·DUUrWHUDDXWRPDWLTXHPHQWj
PRLQVTXHODIRQFWLRQ:$50UpFKDXIIHUQHVRLW
UpJOpH
5HSRUWH]YRXVjODVHFWLRQ&RPPHQWUpJOHUOHIRXU
SRXUUpFKDXIIHU
(QIRQFH]ODWRXFKH&/($52))DQQXODWLRQ
DUUrWSRXUHIIDFHUO·DIILFKDJHDXEHVRLQ
5HWLUH]OHVDOLPHQWVGXIRXU5DSSHOH]YRXV
TXHELHQTXHOHIRXUV·pWHLJQH
DXWRPDWLTXHPHQWOHVDOLPHQWVTXLUHVWHQW
GDQVOHIRXUFRQWLQXHURQWjFXLUHDSUqVTXH
OHIRXUVRLWpWHLQW
5(0$548(3RXUFXLUHSDUFRQYHFWLRQODWHPSpUDWXUHGXIRXUHVW&)SOXVEDVVHTXHOD
WHPSpUDWXUHUpJOpH&RQVXOWH]ODVHFWLRQ8WLOLVHUODFRQYHUVLRQ$XWR5HFLSHGDQVOHV)RQFWLRQV
VSpFLDOHVGHYRWUHFRQWU{OHGHIRXUSRXUGHSOXVDPSOHVLQIRUPDWLRQV3RXUOHU{WLVVDJHSDU
FRQYHFWLRQODWHPSpUDWXUHGXIRXUQHVHFRQYHUWLWSDVDXWRPDWLTXHPHQW
background

ZZZHOHFWURPHQDJHUVJHFD
&RPPHQWUpJOHUXQGpPDUUDJHUHWDUGpHWXQDUUrWDXWRPDWLTXH
9RXVSRXYH]UpJOHUOHFRQWU{OHGXIRXUSRXU
UHWDUGHUOHGpPDUUDJHGXIRXUFXLUHSHQGDQWXQ
WHPSVSUpFLVSXLVV·pWHLQGUHDXWRPDWLTXHPHQW
$VVXUH]YRXVTXHO·KRUORJHPRQWUHODERQQH
KHXUH

(QIRQFH]ODWRXFKH&219(&7,21%$.(
08/7,5$&.FXLVVRQFRQYH[LRQPXOWL
JULOOHRX&219(&7,2152$67U{WLU
FRQYH[LRQ
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXUUpJOHU
ODWHPSpUDWXUHYRXOXHGXIRXU
5(0$548(3RXUFXLUHSDUFRQYHFWLRQOD
WHPSpUDWXUHGXIRXUHVW&)SOXVEDVVH
TXHODWHPSpUDWXUHUpJOpH&RQVXOWH]ODVHFWLRQ
8WLOLVHUODFRQYHUVLRQ$XWR5HFLSHGDQVOHV
)RQFWLRQVVSpFLDOHVGHYRWUHFRQWU{OHGHIRXU
SRXUGHSOXVDPSOHVLQIRUPDWLRQV3RXUOH
U{WLVVDJHSDUFRQYHFWLRQODWHPSpUDWXUHGX
IRXUQHVHFRQYHUWLWSDVDXWRPDWLTXHPHQW
(QIRQFH]ODWRXFKH&22.,1*7,0(
WHPSVGHFXLVVRQ
5(0$548(VLYRWUHUHFHWWHH[LJHTXHYRXV
SUpFKDXIILH]OHIRXUYRXVGHYUH]SHXWrWUHDMRXWHU
GXWHPSVGHFXLVVRQ
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXU
FKRLVLUOHWHPSVGHFXLVVRQYRXOX
(QIRQFH]ODWRXFKH'(/$<67$57
GpPDUUDJHUHWDUGp
8WLOLVH]OHVWRXFKHVQXPpULTXHVSRXUUpJOHU
O·KHXUHjODTXHOOHYRXVGpVLUH]TXHOHIRXU
V·DOOXPHHWFRPPHQFH
ODFXLVVRQ
6LYRXVGpVLUH]YpULILHUOHVKHXUHVUpJOpHVHQIRQFH]
ODWRXFKH'(/$<67$57GpPDUUDJHUHWDUGpSRXU
YpULILHUO·KHXUHGHGpPDUUDJHUpJOpRXHQIRQFH]OD
WRXFKH&22.,1*7,0(WHPSVGHFXLVVRQSRXU
YpULILHUODGXUpHGHFXLVVRQUpJOpH
(QIRQFH]ODWRXFKH67$57GpPDUUHU
5(0$548(XQHWRQDOLWpVHIHUDHQWHQGUHVLYRXV
XWLOLVH]ODFXLVVRQjPLQXWHULHHWQHWRXFKH]SDV
ODWRXFKH67$57GpPDUUHUDSUqVDYRLUHQWUpOD
WHPSpUDWXUHSRXUFXLUHRXU{WLU
/RUVTXHOHIRXUV·DOOXPHjO·KHXUHUpJOpH
O·DIILFKDJHLQGLTXHUDOHFKDQJHPHQW
GHWHPSpUDWXUHHQFRPPHQoDQWj
&>)@HWOHWHPSVGHFXLVVRQ/·DIILFKDJH
FRPPHQFHUDjFKDQJHUORUVTXHODWHPSpUDWXUH
DWWHLQGUD&)
/HIRXUSRXUVXLYUDODFXLVVRQSHQGDQW
ODGXUpHSURJUDPPpHSXLVV·DUUrWHUD
DXWRPDWLTXHPHQWjPRLQVTXHODIRQFWLRQ:$50
UpFKDXIIHUQHVRLWUpJOpH5HSRUWH]YRXVjOD
VHFWLRQ&RPPHQWUpJOHUOHIRXUSRXUUpFKDXIIHU
(QIRQFH]ODWRXFKH&/($52))DQQXODWLRQ
DUUrWSRXUHIIDFHUO·DIILFKDJHDXEHVRLQ
5HWLUH]OHVDOLPHQWVGXIRXU5DSSHOH]YRXV
TXHELHQTXHOHIRXUV·pWHLJQH
DXWRPDWLTXHPHQWOHVDOLPHQWVTXLUHVWHQW
GDQVOHIRXUFRQWLQXHURQWjFXLUHDSUqVTXH
OHIRXUVRLWpWHLQW
5(0$548(3RXUFXLUHSDUFRQYHFWLRQODWHPSpUDWXUHGXIRXUHVW&)SOXVEDVVHTXHOD
WHPSpUDWXUHUpJOpH&RQVXOWH]ODVHFWLRQ8WLOLVHUODFRQYHUVLRQ$XWR5HFLSHGDQVOHV)RQFWLRQV
VSpFLDOHVGHYRWUHFRQWU{OHGHIRXUSRXUGHSOXVDPSOHVLQIRUPDWLRQV3RXUOHU{WLVVDJHSDU
FRQYHFWLRQODWHPSpUDWXUHGXIRXUQHVHFRQYHUWLWSDVDXWRPDWLTXHPHQW
background

8WLOLVHUOHIRXUjFRQYH[LRQVXUFHUWDLQVPRGqOHV
&RPPHQWUpJOHUOHIRXUSRXUU{WLUjFRQYH[LRQHQXWLOLVDQWODVRQGH
/HPRW352%(VRQGHFOLJQRWHUDVXUO·DIILFKDJH
HWOHFRQWU{OHGXIRXULQGLTXHUDVLODVRQGHHVW
LQVpUpHGDQVODSULVHHWVLYRXVQ·DYH]SDVUpJOp
GHWHPSpUDWXUHGHVRQGHHWHQIRQFpODWRXFKH
67$57GpPDUUHU
3ODFH]ODJULOOHGXIRXUjODSRVLWLRQTXL
FHQWUHOHVDOLPHQWVHQWUHOHGHVVXVHWOH
EDVGXIRXU,QVpUH]ODVRQGHGDQVOD
YLDQGH
%UDQFKH]ODVRQGHGDQVODSULVHGXIRXU
$VVXUH]YRXVGHODSRXVVHUHQWLqUHPHQW
)HUPH]ODSRUWHGXIRXU
(QIRQFH]ODWRXFKH&219(&7,2152$67
U{WLUFRQYH[LRQ
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXU
UpJOHUODWHPSpUDWXUHYRXOXHGXIRXU
(QIRQFH]ODWRXFKH352%(VRQGH
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXU
UpJOHUODWHPSpUDWXUHLQWpULHXUHGpVLUpH
SRXUODYLDQGH
(QIRQFH]ODWRXFKH67$57GpPDUUHU
/RUVTXHOHIRXUFRPPHQFHjFKDXIIHUOHPRW
/2EDVVHV·DIILFKH
/RUVTXHODWHPSpUDWXUHLQWHUQHGHODYLDQGH
DWWHLQW&)ODWHPSpUDWXUHLQWHUQH
FKDQJHDQWHV·DIILFKHUD
/RUVTXHODWHPSpUDWXUHLQWHUQH
GHODYLDQGHDWWHLQWOHFKLIIUHUpJOpOD
VRQGHHWOHIRXUV·pWHLJQHQWHWOHFRQWU{OH
GXIRXUpPHWXQVLJQDO3RXUDUUrWHUOH
VLJQDOHQIRQFH]ODWRXFKH&/($52))
DQQXODWLRQDUUrW8WLOLVH]GHVSRLJQpHV
SRXUUHWLUHUODVRQGHGHVDOLPHQWV
1·XWLOLVH]SDVGHSLQFHVSRXUODUHWLUHUFDU
FHODSRXUUDLWO·HQGRPPDJHU
0,6((1*$5'(SRXU
pYLWHUOHVEUOXUHVSRVVLEOHVQHGpEUDQFKH]
SDVODVRQGHGHODSULVHDYDQWTXHOHIRXUQ·DLW
UHIURLGL1HUDQJH]SDVODVRQGHGDQVOHIRXU
127(
6LODVRQGHHVWUHWLUpHGHO·DOLPHQWDYDQWTXH
ODWHPSpUDWXUHILQDOHQHVRLWDWWHLQWHYRXV
HQWHQGUH]XQHWRQDOLWpHWO·DIILFKDJHFOLJQRWHUD
MXVTX·jFHTXHODVRQGHVRLWUHWLUpHGXIRXU
9RXVHQWHQGUH]XQYHQWLODWHXUSHQGDQWOD
FXLVVRQDYHFFHWWHIRQFWLRQ/HYHQWLODWHXU
V·DUUrWHVLODSRUWHHVWRXYHUWHPDLVODFKDOHXU
FRQWLQXHUD
9RXVSRXYH]XWLOLVHUODPLQXWHULHGHFXLVLQH
PrPHVLYRXVQHSRXYH]SDVXWLOLVHUOHV
RSpUDWLRQVGXIRXUjPLQXWHULH
3RXUGHPHLOOHXUVUpVXOWDWVHQ
SUpSDUDQWGHJURVVHVGLQGHV
HWU{WLVQRXVUHFRPPDQGRQV
G·XWLOLVHUODVRQGHLQFOXVHGDQVOH
IRXUjFRQYH[LRQ
3RXUFKDQJHUODWHPSpUDWXUHGX
IRXUGXUDQWOHF\FOH5{WLUHQIRQFH]
ODWRXFKH&219(&7,2152$67
U{WLUFRQYH[LRQHWHQVXLWHOHV
WRXFKHVQXPpULTXHVSRXUUpJOHUOD
QRXYHOOHWHPSpUDWXUH
*XLGHSRXUU{WLUjFRQYH[LRQ
9LDQGHV 0LQXWHVNJOE 7HPSGXIRXU 7HPSLQWHUQH
%±XI &{WHVF{WHVGpVRVVpHV 6DLJQDQW ²² &) &)
+DXWGHVXUORQJH SRLQW ²² &) &)
NJjNJ>jOEV@ %LHQFXLW ²² &) &)
)LOHWGHE±XI 6DLJQDQW ²² &) &)
SRLQW ²² &) &)
3RUF $YHFRVVDQVRVNJjNJ>jOEV@ ²² &) &)
&{WHOHWWHVFPjFP F{WHOHWWHV
²²WRWDO
&) &)
>jSR@pSDLVVHXU F{WHOHWWHV
²²WRWDO
&) &)
F{WHOHWWHV
²²WRWDO
&) &)
-DPERQ
(QERvWHVRFMDUUHWNJjNJ
>
jOEV
@
HQWLqUHPHQWFXLW
²² &) &)
$JQHDX $YHFRVVDQVRV SRLQW ²² &) &)
NJjNJ>jOEV@ %LHQFXLW ²² &) &)
)UXLWGH 3RLVVRQHQWLHUNJjNJ>jOEV@
²²WRWDO
&)
PHU
4XHXHVGHKRPDUGJjJFKDFXQH>jR]@
²²WRWDO
&)
9RODLOOH 3RXOHWHQWLHUNJjNJ>
øj
øOEV@ ²² &)
²&²)

3RXOHWVGH&RUQRXDLOOHVVDQVIDUFHNJjNJ
>
j
øOEV
@
²²WRWDO
&)
²&²)
)DUFLVNJjNJ>j
øOEV@
²²WRWDO
&)
²&²)
&DQDUGNJjNJ>jOEV@ ²² &)
²&²)
'LQGHHQWLqUH
6DQVIDUFHNJjNJ>jOEV@ ²² &)
²&²)
6DQVIDUFHNJjNJ>jOEV@ ²² &)
²&²)
3RLWULQHGHGLQGHNJjNJ>jOEV@ ²² &) &)
/HVYRODLOOHVIDUFLHVH[LJHQWQRUPDOHPHQWGHjPLQXWHVGHSOXVGHFXLVVRQ3URWpJH]OHVFXLVVHVHWOHVSRLWULQHVDYHFGX
SDSLHUDOXPLQLXPSRXUpYLWHUTX·HOOHVQHEUXQLVVHQWWURSHWTXHODSHDXVqFKH
/HPLQLVWqUHGHO·DJULFXOWXUHGHVe8DIILUPHTXH©OHE±XIVDLJQDQWHVWSRSXODLUHPDLVYRXVGHYULH]YRXVUDSSHOHUTXH
GHOHSUpSDUHUjVHXOHPHQW&)VLJQLILHTXHFHUWDLQVRUJDQLVPHVG·HPSRLVRQQHPHQWDOLPHQWDLUHSRXUUDLHQWVXUYLYUHª
6RXUFH6DIH)RRG%RRN<RXU.LWFKHQ*XLGH86'$UpYHQMXLQ
background
8WLOLVHUOHVIRQFWLRQVGHIHUPHQWDWLRQ
HWGHUpFKDXIIHPHQWVXUFHUWDLQVPRGqOHV ZZZHOHFWURPHQDJHUVJHFD
/DIRQFWLRQGHIHUPHQWDWLRQFRQVHUYHXQHQYLURQQHPHQWFKDXGXWLOHSRXUTXHOHVSURGXLWVjOHYXUHOqYHQW
&RPPHQWUpJOHUOHIRXUSRXUODIHUPHQWDWLRQ
3ODFH]ODSkWHFRXYHUWHGDQVXQSODWGDQVOH
IRXUVXUODWDEOHWWH%RX&
127(SRXUGHPHLOOHXUVUpVXOWDWVFRXYUH]ODSkWH
G·XQWLVVXRXG·XQHSHOOLFXOHGHSODVWLTXHJUDLVVpH
OHSODVWLTXHGHYUDSHXWrWUHrWUHDQFUpVRXVOH
FRQWHQDQWSRXUTXHOHYHQWLODWHXUGXIRXUQHOH
UHWLUHSDV
(QIRQFH]ODWRXFKH3522)IHUPHQWDWLRQ
SXLVODWRXFKH67$57GpPDUUHU
/·DIILFKDJHLQGLTXHU3U)SURRIRXIHUPHQWDWLRQ
/DOXPLqUHGXIRXUV·DOOXPHHWUHVWHDOOXPpH
GXUDQWODIHUPHQWDWLRQ
/DIRQFWLRQGHIHUPHQWDWLRQIRXUQLW
DXWRPDWLTXHPHQWODWHPSpUDWXUHRSWLPDOHSRXU
ODIHUPHQWDWLRQHWQ·DGRQFDXFXQDMXVWHPHQWGH
WHPSpUDWXUH
5 p J O H ] .,7&+(17,0(5212))PLQXWHULH
GHFXLVLQHPDUFKHDUUrWSRXUOHWHPSVGH
IHUPHQWDWLRQPLQLPXP
ODILQGHODIHUPHQWDWLRQHQIRQFH]OD
WRXFKH&/($52))DQQXODWLRQDUUrW
3RXUpYLWHUGHUpGXLUHODWHPSpUDWXUHGXIRXU
HWSURORQJHUOHWHPSVGHIHUPHQWDWLRQQ·RXYUH]
SDVLQXWLOHPHQWODSRUWHGXIRXU
9pULILH]OHVSDLQVW{WSRXUpYLWHUWRXWH
VXUIHUPHQWDWLRQ
5(0$548(
1·XWLOLVH]SDVOHPRGHGHIHUPHQWDWLRQSRXU
UpFKDXIIHUOHVDOLPHQWVRXOHVJDUGHUFKDXGV/D
WHPSpUDWXUHGXIRXUSRXUODIHUPHQWDWLRQQ·HVW
SDVDVVH]FKDXGHSRXUFRQVHUYHUOHVDOLPHQWV
jGHVWHPSpUDWXUHVVDQVGDQJHU8WLOLVH]OD
IRQFWLRQ:$50UpFKDXIIHUSRXUJDUGHUOHV
DOLPHQWVFKDXGV
/DIHUPHQWDWLRQQHIRQFWLRQQHUDSDVORUVTXH
OHIRXUGpSDVVH&)©+27ªFKDXG
V·DIILFKHUD
&RPPHQWUpJOHUOHIRXUSRXUUpFKDXIIHU
/DIRQFWLRQ:$50UpFKDXIIHUJDUGHOHVDOLPHQWV
FXLWVFKDXGV
&HWWHIRQFWLRQQ·HVWSDVFRQoXHSRXUUpFKDXIIHU
OHVDOLPHQWVIURLGV
3RXUXWLOLVHUODIRQFWLRQ:$50UpFKDXIIHU
HQIRQFH]ODWRXFKH:$50UpFKDXIIHUHWHQVXLWH
ODWRXFKH67$57GpPDUUHU
3RXUXWLOLVHUODIRQFWLRQ:$50UpFKDXIIHUDSUqV
DYRLUFXLWRXURWLDYHFODPLQXWHULHVXLYH]FHV
pWDSHV
(QIRQFH]OHPRGHGHFXLVVRQYRXOX
%$.(
>FXLVVRQ@

&219(&7,21%$.(08/7,
5$&.>FXLVVRQFRQYH[LRQPXOWLJULOOH@
RX
&219(&7,2152$67>U{WLUFRQYH[LRQ@
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXUUpJOHU
ODWHPSpUDWXUHGXIRXU
(QIRQFH]ODWRXFKH&22.,1*7,0(
WHPSVGHFXLVVRQ
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXU
FKRLVLUODGXUpHGHFXLVVRQYRXOXH
(QIRQFH]ODWRXFKH:$50UpFKDXIIHU
(QIRQFH]ODWRXFKH67$57GpPDUUHU
3RXUUHQGUHOHVDUWLFOHVUDVVLVFURXVWLOODQWV
3ODFH]OHVDOLPHQWVGDQVGHVFDVVHUROHVRX
SODWVjF{WpVEDV
3RXUGHPHLOOHXUVUpVXOWDWVSODFH]OHVDOLPHQWV
HQXQVHXOQLYHDX1·HPSLOH]SDV
/DLVVH]OHVGpFRXYHUWV
9pULILH]DSUqVjPLQXWHVV·LOVVRQW
FURXVWLOODQWV$MRXWH]GXWHPSVDXEHVRLQ
127(6,03257$17(6
/HVDOLPHQWVGRLYHQWUHVWHUFKDXGVGDQVOHXU
FRQWHQDQWGHFXLVVRQRXWUDQVIpUpVjXQSODW
GHVHUYLFHFRQYHQDQWDX[DOLPHQWVFKDXGV
3RXUOHVDOLPHQWVWHQGUHVFRXYUH]OHVG·XQ
FRXYHUFOHDOODQWDXIRXURXG·XQSDSLHU
DOXPLQLXP
/HVDOLPHQWVIULWVRXFURXVWLOODQWVQ·RQWSDV
EHVRLQG·rWUHFRXYHUWVPDLVSHXYHQWV·DVVpFKHU
V·LOVVRQWUpFKDXIIpVWURSORQJWHPSV
2XYULUODSRUWHjUpSpWLWLRQSHUPHWjO·DLUFKDXG
GHV·pFKDSSHUHWDX[DOLPHQWVGHVHUHIURLGLU
3UpYR\H]GXWHPSVVXSSOpPHQWDLUHSRXUTXH
ODWHPSpUDWXUHjO·LQWpULHXUGXIRXUVHVWDELOLVH
DSUqVDYRLUDM
RXWpGHVDUWLFOHV
$YHFGHJURVVHVFKDUJHVLOIDXGUDSHXWrWUH
FRXYULUFHUWDLQVGHVDOLPHQWVFXLWV
5HWLUH]OHVFXLOOqUHVGHVHUYLFHHWFDYDQWGH
SODFHUOHVFRQWHQDQWVGDQVOHIRXU
1·XWLOLVH]SDVGHFRQWHQDQWVFRXYHUFOHVGH
SODVWLTXHRXGHSHOOLFXOHGHSODVWLTXH
0,6((1*$5'(OHV
FRQWHQDQWVFRXYHUFOHVGHSODVWLTXHRXOD
SHOOLFXOHGHSODVWLTXHIRQGHURQWV·LOVVRQWGDQV
OHIRXU/HSODVWLTXHIRQGXSRXUUDLWQHSDV
SRXYRLUrWUHUHWLUpHWQ·HVWSDVFRXYHUWVRXVYRWUH
JDUDQWLH

background

$MXVWH]OHWKHUPRVWDWGXIRXU³)DLWHVOHYRXVPrPH
9RXVSRXYH]GpFRXYULUTXHYRWUHQRXYHDXIRXUSUpSDUHOHVDOLPHQWVGLIIpUHPPHQWGHFHOXLTX·LOUHPSODFH8WLOLVH]YRWUH
QRXYHDXIRXUSHQGDQWTXHOTXHVVHPDLQHVSRXUYRXVIDPLOLDULVH]DYHFOXL6LYRXVFUR\H]TXHYRWUHQRXYHDXIRXUHVWWURS
FKDXGRXWURSIURLGYRXVSRXYH]DMXVWHUYRXVPrPHOHWKHUPRVWDW
1·XWLOLVH]SDVGHWKHUPRPqWUHVFRPPHFHX[TX·RQWURXYHGDQVOHVpSLFHULHVSRXUYpULILHUOHUpJODJHGHWHPSpUDWXUHGH
YRWUHIRXU&HVWKHUPRPqWUHVSHXYHQWYDULHUGHjGHJUpV&jGHJUpV)
5(0$548(FHWDMXVWHPHQWQ·DIIHFWHUDTXHOHVWHPSpUDWXUHVSRXUFXLUHjFRQYH[LRQVXUFHUWDLQVPRGHOVHWU{WLUj
FRQYH[LRQVXUFHUWDLQVPRGHOVHWQRQSDVFHOOHVGHJULORXDXWRQHWWR\DJH/·DMXVWHPHQWVHUDFRQVHUYpHQPpPRLUHDSUqV
XQHSDQQHG·pOHFWULFLWp
3RXUDMXVWHUOHWKHUPRVWDW
(QIRQFH]OHVWRXFKHV%52,/+,/2JULOOHU
jKDXWHEDVVHWHPSpUDWXUH
HW%$.(FXLVVRQHQPrPHWHPSV
SHQGDQWVHFRQGHVMXVTX·jFHTXH
O·DIILFKDJHLQGLTXH6)
(QIRQFH]ODWRXFKH%$.(FXLVVRQ8Q
QRPEUHjGHX[FKLIIUHVV·DIILFKHUD
(QIRQFH]%$.(FXLVVRQjQRXYHDXSRXU
DOWHUQHUHQWUHDXJPHQWHUHWUpGXLUHOD
WHPSpUDWXUHGXIRXU
/DWHPSpUDWXUHGXIRXUSHXWV·DMXVWHU
MXVTX·j&)SOXVFKDXGRX²
&)SOXVIURLG(QIRQFH]OHV
WRXFKHVQXPpULTXHVGHODPrPHIDoRQ
TXHYRXVOHVOLVH]3DUH[HPSOHSRXU
FKDQJHUODWHPSpUDWXUHGXIRXUGH&
)HQIRQFH]HW
$SUqVO·DMXVWHPHQWHQIRQFH]ODWRXFKH
67$57GpPDUUHUSRXUUHYHQLUjO·DIILFKH
GHO·KHXUH8WLOLVH]YRWUHIRXUQRUPDOHPHQW
+
/HW\SHGHPDUJDULQHDIIHFWHUDODSHUIRUPDQFHGHFXLVVRQ
/DSOXSDUWGHVUHFHWWHVRQWpWpGpYHORSSpHVDYHFGHVSURGXLWVjIRUWHWHQHXUHQJUDVFRPPHOHEHXUUHRXODPDUJDULQH
GHJUDV6LYRXVUpGXLVH]OHJUDVODUHFHWWHQHSURGXLUDSDVQpFHVVDLUHPHQWOHVPrPHVUpVXOWDWVTX·DYHFXQSURGXLWj
SOXVIRUWHWHQHXUHQJUDV
'HVSUREOqPHVGHUHFHWWHSHXYHQWDSSDUDvWUHVLOHVJkWHDX[OHVWDUWHVOHVSkWLVVHULHVOHVELVFXLWVRXOHVERQERQVVRQW
IDEULTXpHVGHFHVSURGXLWV0RLQVLO\DGHPDWLqUHJUDVVHGDQVXQSURGXLWSOXVODGLIIpUHQFHVHUDUHPDUTXDEOH
/HVQRUPHVIpGpUDOHVGHVe8H[LJHQWTXHOHVSURGXLWVSRUWDQWODPHQWLRQ¶PDUJDULQH·FRQWLHQQHQWDXPRLQV
GHPDWLqUHJUDVVHSDUSRLGV/HVSURGXLWVjWDUWLQHUjIDLEOHWHQHXUHQJUDVFRQWLHQQHQWPRLQVGHJUDVHWSOXVG·HDX
/HFRQWHQXpOHYpG·KXPLGLWpGHFHVSURGXLWVjWDUWLQHUDIIHFWHODWH[WXUHHWODVDYHXUGHVSURGXLWVGHERXODQJHULHHW
GHSkWLVVHULH3RXUGHPHLOOHXUVUpVXOWDWVDYHFYRVDQFLHQQHVUHFHWWHSUpIpUpHVXWLOLVH]GHODPDUJDULQHGXEHXUUH
GHVEkWRQQHWVjWDUWLQHUFRQWHQDQWDXPRLQVG·KXLOHYpJpWDOH
background
8WLOLVHUOHIRXUDXWRQHWWR\DQW ZZZHOHFWURPHQDJHUVJHFD
/DSRUWHGXIRXUGRLWrWUHIHUPpHHWWRXVOHVFRQWU{OHVUpJOpVFRUUHFWHPHQWSRXUTXHOHVF\FOHVIRQFWLRQQHQW
FRUUHFWHPHQW
$YDQWXQF\FOHGHQHWWR\DJH
(QOHYH]XQHJULOOqFKHIULWHWRXVOHVXVWHQVLOHVOD
VRQGHHWWRXWSDSLHUG·DOXPLQLXPGXIRXU²LOV
QHSHXYHQWVXSSRUWHUOHVWHPSpUDWXUHVpOHYpHV
GHQHWWR\DJH
5(0$548(
/HVJULOOHVEULOODQWHVGHFRXOHXUDUJHQWpHVXU
FHUWDLQVPRGqOHVSHXYHQWrWUHQHWWR\pHV
SHQGDQWO·DXWRQHWWR\DJHPDLVOHXUFRXOHXU
IRQFHUDHOOHVSHUGURQWOHXUEULOODQWHW
GHYLHQGURQWGXUHVjIDLUHJOLVVHU
6LYRWUHIRXUHVWpTXLSpGHJULOOHVGHIRXU
UHFRXYHUWHVGHSRUFHODLQHJULVHYRXVSRXYH]
OHVODLVVHUGDQVOHIRXUSHQGDQWOHF\FOH
G·DXWRQHWWR\DJH
/HVVDOHWpVVXUOHFDGUHDYDQWGHODFXLVLQLqUH
HWO·H[WpULHXUGXMRLQWGHODSRUWHGRLYHQWrWUH
QHWWR\pHVjODPDLQ1HWWR\H]FHVHQGURLWVj
O·HDXFKDXGHDYHFXQWDPSRQjUpFXUHUGH
SODVWLTXHRXUHPSOLGHVDYRQRXGHVQHWWR\DQWV
WHOVTXH6RIW6FUXE
5LQFH]ELHQjO·HDXSURSUH
HWDVVpFKH]
1HQHWWR\H]SDVOHMRLQW/HPDWpULDXGHILEUHV
GHYHUUHGXMRLQWGHODSRUWHGXIRXUQHUpVLVWH
SDVjO·DEUDVLRQ,OHVWHVVHQWLHOTXHOHMRLQWUHVWH
LQWDFW6LYRXVUHPDUTXH]TX·LOGHYLHQWXVpRX
V·HIILORFKHUHPSODFH]OH
(VVX\H]WRXWGpYHUVHPHQWORXUGDXIRQGGX
IRXU
$VVXUH]YRXVTXHOHFRXYHUFOHGHO·DPSRXOHGX
IRXUHVWHQSODFHHWTXHODOXPLqUHHVWpWHLQWH
,03257$17 ODVDQWpGHFHUWDLQVRLVHDX[HVW
H[WUrPHPHQWVHQVLEOHDX[IXPpHVGpJDJpHV
GXUDQWOHF\FOHG·DXWRQHWWR\DJHGHWRXWH
FXLVLQLqUH'pSODFH]OHVRLVHDX[HWPHWWH]OHV
GDQVXQHSLqFHELHQDpUpH
(VVX\H]WRXWHDFFXPXODWLRQGH
VDOHWpVXUOHIRQGGXIRXU
&RPPHQWUpJOHUOHIRXUSRXUOHQHWWR\DJH
eWHLJQH]WRXVOHVEUOHXUVGHVXUIDFH
(QIRQFH]ODWRXFKH6(/)&/($1/267'
DXWRQHWWR\DJHEDVVWGXQHIRLVSRXU
XQHGXUpHGHQHWWR\DJHGHKHXUHV
KHXUHVVXUFHUWDLQVPRGqOHVRXGHX[IRLV
SRXUXQHGXUpHGHKHXUHVKHXUHV
VXUFHUWDLQVPRGqOHV
8QHGXUpHG·DXWRQHWWR\DJHGH
KHXUHVHVWUHFRPPDQGpHORUVTXHOHV
GpYHUVHPHQWVVRQWSHWLWVHWFRQWHQXV8QH
GXUpHG·DXWRQHWWR\DJHGHKHXUHV
RXSOXVHVWUHFRPPDQGpHSRXUXQIRXU
SOXVVDOH
6·LOIDXWXQHSpULRGHDXWUHTXH
KHXUHVRXKHXUHVXWLOLVH]OHVWRXFKHV
QXPpULTXHVHWHQWUH]ODGXUpHGH
QHWWR\DJHYRXOXH
9RXVSRXYH]FKDQJHUODSpULRGHjWRXWHDXWUH
HQWUH
øKHXUHVVXUFHUWDLQVPRGqOHVHW
KHXUHVVHORQODVDOHWpGXIRXU
(QIRQFH]ODWRXFKH67$57GpPDUUHU
/DSRUWHVHYHUURXLOOHDXWRPDWLTXHPHQW
/·DIILFKDJHLQGLTXHUDOHWHPSVGHQHWWR\DJH
UHVWDQW,OQHVHUDSDVSRVVLEOHG·RXYULUODSRUWH
GXIRXUDYDQWTXHODWHPSpUDWXUHQHWRPEH
VRXVODWHPSpUDWXUHGHYHUURXLOODJHHWDYDQW
TXHOHYR\DQW/2&.('YHUURXLOOpQHV·pWHLJQH
/RUVTXHOHYR\DQW/2&.('YHUURXLOOpV·pWHLQW
YRXVSRXUUH]RXYULUODSRUWH
6XUOHVPRGqOHVpTXLSpVGXYHUURXLOODJHGH
ODFXLVLQLqUHDSSX\H]VXUODWRXFKH5$1*(
/2&.287YHUURXLOODJHGHODFXLVLQLqUHHW
WHQH]ODDSSX\pHSHQGDQWVHFRQGHV
SRXUO·DUUrWHU
/HPRW/2&.('YHUURXLOOpFOLJQRWHUDHWOH
FRQWU{OHGXIRXUVLJQDOHUDVLYRXVUpJOH]OH
F\FOHGHQHWWR\HUHWVLYRXVRXEOLH]GHIHUPHU
ODSRUWHGXIRXU
3RXUDUUrWHUXQF\FOHGHQHWWR\DJHHQIRQFH]
ODWRXFKH&/($52))DQQXODWLRQDUUrW
/RUVTXHOHYR\DQW/2&.('YHUURXLOOp
V·pWHLQWLQGLTXDQWTXHODWHPSpUDWXUHGX
IRXUHVWSDVVpHVRXVODWHPSpUDWXUHGH
YHUURXLOODJHYRXVSRXUUH]RXYULUODSRUWH

background

8WLOLVHUOHIRXUDXWRQHWWR\DQW
$SUqVXQF\FOHGHQHWWR\DJH
9RXVUHPDUTXHUH]SHXWrWUHXQSHXGHFHQGUH
EODQFKHGDQVOHIRXU(VVX\H]ODDYHFXQ
FKLIIRQKXPLGHDSUqVTXHOHIRXUUHIURLGLVVH
6LGHVSRLQWVEODQFVUHVWHQWUHWLUH]OHVDYHFXQ
WDPSRQjUpFXUHUGHSODVWLTXHRXUHPSOLGH
VDYRQHWULQFH]ELHQDYHFXQPpODQJHG·HDXHW
GHYLQDLJUH
&HVGpS{WVVRQWQRUPDOHPHQWXQUpVLGXGHVHO
TXLQHSHXWrWUHUHWLUpSDUOHF\FOHGHQHWWR\DJH
6LOHIRXUQ·HVWSDVSURSUHDSUqVXQF\FOHGH
QHWWR\DJHUpSpWH]OHF\FOH
9RXVQHSRXYH]SDVUpJOHUOHIRXUSRXUOD
FXLVVRQDYDQWTX·LOQHVRLWDVVH]IURLGSRXU
TXHODSRUWHVHGpYHUURXLOOH
3HQGDQWO·DXWRQHWWR\DJHGXIRXU
YRXVSRXYH]HQIRQFH]ODWRXFKH
&/2&.KRUORJHSRXUDIILFKHUO·KHXUH3RXU
UHYHQLUDXFRPSWHjUHERXUVGXQHWWR\DJH
HQIRQFH]ODWRXFKH6(/)&/($1/267'
DXWRQHWWR\DJHEDVVWG
6LOHVJULOOHVGHYLHQQHQWGLIILFLOHVjJOLVVHU
DSSOLTXH]XQHSHWLWHTXDQWLWpG·KXLOHGH
FXLVVRQVXUXQHVVXLHWRXWHWHVVX\H]OHV
ERUGVGHVJULOOHVDYHFO·HVVXLHWRXW
/DSRUWHGXIRXUGRLWrWUHIHUPpHHWWRXVOHVFRQWU{OHVUpJOpVFRUUHFWHPHQWSRXUTXHOHF\FOHIRQFWLRQQH
FRUUHFWHPHQW
&RPPHQWUHWDUGHUOHGpEXWGXQHWWR\DJH
5(0$548(9RXVGHYH]pWHLQGUHOHVEUOHXUV
GHVXUIDFHDYDQWO·KHXUHGHGpEXWG·DXWR
QHWWR\DJH
(QIRQFH]ODWRXFKH6(/)&/($1/267'
DXWRQHWWR\DJHEDVVWGXQHIRLVSRXU
XQHGXUpHGHQHWWR\DJHGHKHXUHV
KHXUHVVXUFHUWDLQVPRGqOHVRXGHX[IRLV
SRXUXQHGXUpHGHKHXUHVKHXUHV
VXUFHUWDLQVPRGqOHV
8QHGXUpHG·DXWRQHWWR\DJHGH
KHXUHVHVWUHFRPPDQGpHORUVTXHOHV
GpYHUVHPHQWVVRQWSHWLWVHWFRQWHQXV
8QHGXUpHG·DXWRQHWWR\DJHGHKHXUHV
RXSOXVHVWUHFRPPDQGpHSRXUXQIRXU
SOXVVDOH
6·LOIDXWXQHSpULRGHDXWUHTXH
KHXUHVRXKHXUHVXWLOLVH]OHVWRXFKHV
QXPpULTXHVHWHQWUH]ODGXUpHGH
QHWWR\DJHYRXOXH
9RXVSRXYH]FKDQJHUODSpULRGHjWRXWHDXWUH
HQWUH
øKHXUHVVXUFHUWDLQVPRGqOHVHW
KHXUHVVHORQODVDOHWpGXIRXU
(QIRQFH]ODWRXFKH'(/$<67$57
GpPDUUDJHUHWDUGp
8WLOLVH]OHVWRXFKHVQXPpULTXHVHQWUH]
O·KHXUHjODTXHOOHYRXVGpVLUH]TXHOHF\FOH
GHQHWWR\DJHFRPPHQFH
(QIRQFH]ODWRXFKH67$57GpPDUUHU
/DSRUWHVHYHUURXLOOHDXWRPDWLTXHPHQW
/·DIILFKDJHLQGLTXHUDO·KHXUHGXGpEXWGXF\FOH
,OQHVHUDSDVSRVVLEOHG·RXYULUODSRUWHGXIRXU
DYDQWTXHODWHPSpUDWXUHQHWRPEHVRXVOD
WHPSpUDWXUHGHYHUURXLOODJHHWDYDQWTXHOH
YR\DQW/2&.('YHUURXLOOpQHV·pWHLJQH
/RUVTXHOHYR\DQW/2&.('YHUURXLOOpV·pWHLQW
YRXVSRXUUH]RXYULUODSRUWH
6XUOHVPRGqOHVpTXLSpVGXYHUURXLOODJHGH
ODFXLVLQLqUHDSSX\H]VXUODWRXFKH
5$1*(/2&.287YHUURXLOODJHGHOD
FXLVLQLqUHHWWHQH]ODDSSX\pHSHQGDQW
VHFRQGHVSRXUO·DUUrWHU
background

)RQFWLRQVVSpFLDOHVGHYRWUHFRQWU{OHGHIRXU ZZZHOHFWURPHQDJHUVJHFD
9RWUHQRXYHDXFRQWU{OHWDFWLOHDG·DXWUHVIRQFWLRQV9RLFLOHVIRQFWLRQVHWFRPPHQWOHVDFWLYHU
/HVPRGHVGHIRQFWLRQVVSpFLDOHVSHXYHQWrWUHDFWLYpHVVHXOHPHQWORUVTXHO·DIILFKDJHSUpVHQWHO·KHXUH(OOHVUHVWHQWHQ
PpPRLUHMXVTX·jFHTXHOHVpWDSHVVRLHQWUpSpWpHV
/RUVTXHO·DIILFKDJHPRQWUHYRWUHFKRL[HQIRQFH]ODWRXFKH67$57GpPDUUHU/HVIRQFWLRQVVSpFLDOHVUHVWHQWHQPpPRLUH
DSUqVXQHSDQQHGHFRXUDQWVDXIODIRQFWLRQGX6DEEDWKTXLGRLWrWUHUpLQLWLDOLVpH
$UUrWGHKHXUHV
$YHFFHWWHIRQFWLRQVLYRXVRXEOLH]HW
ODLVVH]OHIRXUHQPDUFKHOHFRQWU{OHO·pWHLQGUD
DXWRPDWLTXHPHQWDSUqVKHXUHVGXUDQWOHV
IRQFWLRQVGHFXLVVRQRXDSUqVKHXUHVGXUDQW
XQHIRQFWLRQGHJULO
6LYRXVGpVLUH]GpVDFWLYHUFHWWHIRQFWLRQVXLYH]
FHVpWDSHV
(QIRQFH]OHVWRXFKHV%52,/+,/2JULOOHU
jKDXWHEDVVHWHPSpUDWXUHHW%$.(
FXLVVRQHQPrPHWHPSVSHQGDQW
VHFRQGHVMXVTX·jFHTXHO·DIILFKDJH
LQGLTXH6)
(QIRQFH]ODWRXFKH'(/$<67$57
GpPDUUDJHUHWDUGpMXVTX·jFHTXH
QRVKGQDXFXQDUUrWV·DIILFKH
(QIRQFH]ODWRXFKH67$57GpPDUUHUSRXU
DFWLYHU¶DXFXQDUUrW·HWODLVVHUOHFRQWU{OHj
FHPRGHGHIRQFWLRQVSpFLDOH
+
6pOHFWLRQGHWHPSpUDWXUHHQ)DKUHQKHLWRXHQ&HOVLXV
9RWUHFRQWU{OHGHIRXUHVWUpJOpSRXUXWLOLVHUGHV
VpOHFWLRQVGHWHPSpUDWXUH)DKUHQKHLWPDLV
YRXVSRXYH]OHVFKDQJHUHQVpOHFWLRQV&HOVLXV
(QIRQFH]OHVWRXFKHV%52,/+,/2JULOOHU
jKDXWHEDVVHWHPSpUDWXUHHW%$.(
FXLVVRQHQPrPHWHPSVSHQGDQW
VHFRQGHVMXVTX·jFHTXHO·DIILFKDJH
LQGLTXH6)
(QIRQFH]OHVWRXFKHV&22.,1*7,0(
WHPSVGHFXLVVRQHW%52,/+,/2JULOOHU
jKDXWHEDVVHWHPSpUDWXUHHQPrPH
WHPSV/·DIILFKDJHLQGLTXHUD
))DKUHQKHLW
(QIRQFH]OHVWRXFKHV&22.,1*7,0(
WHPSVGHFXLVVRQHW%52,/+,/2JULOOHU
jKDXWHEDVVHWHPSpUDWXUHHQPrPH
WHPSVjQRXYHDX/·DIILFKDJHLQGLTXHUD&
&HOVLXV
(QIRQFH]ODWRXFKH67$57GpPDUUHU
+
+
background

)RQFWLRQVVSpFLDOHVGHYRWUHFRQWU{OHGHIRXU
KHXUHVKHXUHVRXHIIDFHUO·KRUORJH
9RWUHFRQWU{OHHVWUpJOpSRXUXWLOLVHUXQHKRUORJH
GHKHXUHV
6LYRXVSUpIpUH]XQHKRUORJHGHKHXUHVRX
XQDUUrWG·DIILFKDJHVXLYH]FHVpWDSHV
(QIRQFH]OHVWRXFKHV%52,/+,/2JULOOHU
jKDXWHEDVVHWHPSpUDWXUHHW%$.(
FXLVVRQHQPrPHWHPSVSHQGDQW
VHFRQGHVMXVTX·jFHTXHO·DIILFKDJH
LQGLTXH6)
(QIRQFH]ODWRXFKH&/2&.KRUORJHXQH
IRLV/·DIILFKDJHLQGLTXHUDKU
KHXUHV6LF·HVWOHFKRL[TXHYRXVGpVLUH]
HQIRQFH]ODWRXFKH67$57GpPDUUHU
(QIRQFH]ODWRXFKH&/2&.KRUORJHj
QRXYHDXSRXUSDVVHUjO·KRUORJHGHKHXUHV
/·DIILFKDJHLQGLTXHUDKUKHXUHV6LF·HVW
OHFKRL[TXHYRXVGpVLUH]HQIRQFH]ODWRXFKH
67$57GpPDUUHU
(QIRQFH]ODWRXFKH&/2&.KRUORJHjQRXYHDX
SRXUHIIDFHUO·DIILFKDJH/·DIILFKDJHLQGLTXHUD
2))DUUrW6LF·HVWOHFKRL[TXHYRXVGpVLUH]
HQIRQFH]ODWRXFKH67$57GpPDUUHU
5(0$548(VLO·KRUORJHHVWHQPRGHG·DUUrW
YRXVQHSRXUUH]SDVXWLOLVHUODIRQFWLRQ'HOD\
6WDUWGpPDUUDJHUHWDUGp
+
7RQDOLWpVGHILQGHF\FOHjPLQXWHULH
ODILQG·XQF\FOHjPLQXWHULHYRXVHQWHQGH]
ELSVFRXUWVVXLYLVG·XQDXWUHDX[VHFRQGHV
MXVTX·jFHTXHYRXVHQIRQFLH]ODWRXFKH
&/($52))DQQXODWLRQDUUrW&HELSFRQWLQX
GHVHFRQGHVSHXWrWUHDQQXOp
3RXUO·DQQXOHU
(QIRQFH]OHVWRXFKHV%52,/+,/2JULOOHUj
KDXWHEDVVHWHPSpUDWXUHHW%$.(
FXLVVRQHQPrPHWHPSVSHQGDQW
VHFRQGHVMXVTX·jFHTXHO·DIILFKDJH
LQGLTXH6)
(QIRQFH]ODWRXFKH.,7&+(17,0(521
2))PLQXWHULHGHFXLVLQHPDUFKHDUUrW
/·DIILFKDJHLQGLTXH&21%((3ELS
FRQWLQX(QIRQFH]ODWRXFKH.,7&+(1
7,0(5212))PLQXWHULHGHFXLVLQH
PDUFKHDUUrWjQRXYHDX/·DIILFKDJH
LQGLTXHUD%((3ELS&HFLDQQXOHOHELS
DX[VHFRQGHV
(QIRQFH]ODWRXFKH67$57GpPDUUHU
+
background
8WLOLVHUODFRQYHUVLRQ$XWR5HFLSH

VXUFHUWDLQVPRGqOHV
3RXUODFXLVVRQjFRQYH[LRQODIRQFWLRQ
GHFRQYHUVLRQ$XWR5HFLSH
FRQYHUWLUD
DXWRPDWLTXHPHQWOHVWHPSpUDWXUHVGH
FXLVVRQUpJXOLqUHVSDUODWHPSpUDWXUH
GHFXLVVRQjFRQYH[LRQ
/·DIILFKDJHLQGLTXHUDODWHPSpUDWXUHFRQYHUWLH
UpGXLWHDFWXHOOH3DUH[HPSOHVLYRXVHQWUH]
XQHWHPSpUDWXUHGHUHFHWWHUpJXOLqUHGH
&)HWVLYRXVHQIRQFH]ODWRXFKH67$57
GpPDUUHUO·DIILFKDJHLQGLTXH&21HWOD
WHPSpUDWXUHFRQYHUWLHHVWGH&)
5(0$548(FHWWHIRQFWLRQQHFRQYHUWLWTXH
OHVWHPSpUDWXUHVGHFXLVVRQQRQOHVGXUpHV
GHFXLVVRQ4XDQGYRXVXWLOLVH]ODU{WLVVHULH
SDUFRQYHFWLRQODWHPSpUDWXUHGXIRXUQHVH
FRQYHUWLWSDVDXWRPDWLTXHPHQW
3RXUDUUrWHUFHWWHIRQFWLRQ
(QIRQFH]OHVWRXFKHV%52,/+,/2JULOOHU
jKDXWHEDVVHWHPSpUDWXUH
HW%$.(FXLVVRQHQPrPHWHPSV
SHQGDQWVHFRQGHVMXVTX·jFHTXH
O·DIILFKDJHLQGLTXH6)
(QIRQFH]ODWRXFKH&219(&7,21%$.(
08/7,5$&.FXLVVRQFRQYH[LRQPXOWL
JULOOH/·DIILFKDJHLQGLTXHUD&2121
FRQWLQXHQPDUFKH(QIRQFH]ODWRXFKH
&219(&7,21%$.(08/7,5$&.
FXLVVRQFRQYH[LRQPXOWLJULOOH
/·DIILFKDJHLQGLTXHUD&212))
DUUrWFRQWLQX
(QIRQFH]ODWRXFKH67$57GpPDUUHU
3RXUDFWLYHUFHWWHIRQFWLRQUpSpWH]OHVpWDSHV
jSUpFpGHQWHVPDLVHQIRQFH]ODWRXFKH
67$57GpPDUUHUORUVTXH&2121FRQWLQXHQ
PDUFKHV·DIILFKH
+
ZZZHOHFWURPHQDJHUVJHFD
&XLVLQHUHWPDLQWHQLUVXUFHUWDLQVPRGqOHV
9RWUHFRQWU{OHDXQHIRQFWLRQ¶FRRNDQGKROG·
FXLVLQHUHWPDLQWHQLUTXLJDUGHOHVDOLPHQWV
FKDXGVMXVTX·jKHXUHVDSUqVODILQGXF\FOH
FXLVLQHUHWU{WLUDYHFODPLQXWHULH
5(0$548(FHWWHIRQFWLRQSHXWVHXOHPHQW
rWUHSURJUDPPpHDYHFOHF\FOH&XLVLQHUHW
U{WLUDYHFODPLQXWHULH&RQVXOWH]ODVHFWLRQ
GHVIRQFWLRQV8WLOLVDWLRQGHFXLVLQHUHWU{WLU
DYHFODPLQXWHULH/RUVTXHFHWWHIRQFWLRQ
V·DUUrWHDXWRPDWLTXHPHQWODIRQFWLRQ¶FXLVLQHU
HWPDLQWHQLU·SURJUDPPpHFRPPHQFHUD
DXWRPDWLTXHPHQW
3RXUDFWLYHUFHWWHIRQFWLRQjXWLOLVHUDSUqV
7LPHG%DNLQJRU5RDVWLQJ&XLVLQHUHWU{WLUDYHF
ODPLQXWHULHVXLYH]OHVpWDSHVVXLYDQWHV
(QIRQFH]OHVWRXFKHV%52,/+,/2JULOOHU
jKDXWHEDVVHWHPSpUDWXUH
HW%$.(FXLVVRQHQPrPHWHPSV
SHQGDQWVHFRQGHVMXVTX·jFHTXH
O·DIILFKDJHLQGLTXH6)
(QIRQFH]ODWRXFKH&22.,1*7,0(WHPSV
GHFXLVVRQ/·DIILFKHXULQGLTXH+OG2))
PDLQWLHQDUUrWp
(QIRQFH]ODWRXFKH&22.,1*7,0(WHPSV
GHFXLVVRQjQRXYHDXSRXUDFWLYHUOD
IRQFWLRQ/·DIILFKHXULQGLTXH+OG21
PDLQWLHQHQPDUFKH
(QIRQFH]ODWRXFKH67$57GpPDUUHUSRXU
DFWLYHUODIRQFWLRQ¶FRRNDQGKROG·FXLVLQHU
HWPDLQWHQLUHWODLVVH]OHFRQWU{OHjFH
PRGHGHIRQFWLRQVSpFLDOH
5(0$548(OHFRQWU{OHIHUDHQWHQGUHXQELS
WRXWHVOHVVHFRQGHVVLODIRQFWLRQ&XLVLQHUHW
0DLQWHQLUHVWUpJOpHSRXUYRXVUDSSHOHUTXHOHV
DOLPHQWVVRQWGDQVOHIRXU(QIRQFH]ODWRXFKH
&/($52))DQQXODWLRQDUUrWHWUHWLUH]OHV
DOLPHQWVORUVTXHYRXVOHGpVLUH]&HUDSSHO
QHIRQFWLRQQHSDVVLOHVWRQDOLWpVjODILQG·XQ
F\FOHPLQXWpVRQWDQQXOpHV5HSRUWH]YRXV
DX[7RQDOLWpVjODILQG·XQF\FOHPLQXWpGDQVOD
VHFWLRQGH)RQFWLRQVVSpFLDOHV

background
&RPPHQWTXLWWHUODIRQFWLRQ6DEEDWK
(QIRQFH]ODWRXFKH&/($52))DQQXODWLRQDUUrW
6LOHIRXUIRQFWLRQQHDWWHQGH]SHQGDQWXQHSpULRGH
GHGpODLDOpDWRLUHG·HQYLURQVHFRQGHVjPLQXWH
MXVTX·jFHTXHVHXOHPHQW

V·DIILFKH
(QIRQFH]HWWHQH]HQIRQFpHVOHVWRXFKHV%52,/+,
/2JULOOHUjKDXWHEDVVHWHPSpUDWXUHHW%$.(
FXLVVRQHQPrPHWHPSVMXVTX·jFHTXHO·DIILFKDJH
LQGLTXH6)
(QIRQFH]ODWRXFKH'(/$<67$57GpPDUUDJH
UHWDUGpMXVTX·jFHTXHVKGQDUUrWRXQR
VKGQDXFXQDUUrWV·DIILFKH
&KRLVLVVH]VKGQLQGLTXDQWTXHOHIRXUV·pWHLQGUD
DXWRPDWLTXHPHQWDSUqVKHXUHVRXQRVKGQ
DXFXQDUUrWLQGLTXDQWTXH
OHIRXUQHV·pWHLQGUDSDVDXWRPDWLTXHPHQWDSUqV
KHXUHV
(QIRQFH]ODWRXFKH67$57GpPDUUHUORUVTXH
O·RSWLRQTXHYRXVGpVLUH]V·DIILFKHVKGQRXQR
VKGQ
5(0$548(V·LO\DXQHSDQQHGHFRXUDQWWDQGLVTXH
OHIRXUHVWVRXVODIRQFWLRQ6DEEDWKOHIRXUV·pWHLQGUD
DXWRPDWLTXHPHQWHWUHVWHUDpWHLQWPrPHDXUHWRXUGX
FRXUDQW/HFRQWU{OHGXIRXUGRLWrWUHUpLQLWLDOLVp
+

8WLOLVHUODIRQFWLRQ6DEEDWK
&RQoXHSRXUOH6DEEDWKHWOHV*UDQGHV)rWHVMXLYHV
/DIRQFWLRQ6DEEDWKSHXWVHUYLUVHXOHPHQWVRXVFXLUHU{WLU(OOHQHSHXWVHUYLUSRXUODFRQYH[LRQJULODXWRQHWWR\DJHRXGpPDUUDJHUHWDUGp
5(0$548(ODOXPLqUHGXIRXUV·DOOXPHDXWRPDWLTXHPHQWORUVTXHODSRUWHV·RXYUHHWV·pWHLQWORUVTX·HOOHVHIHUPH/·DPSRXOHSHXWrWUHUHWLUpH
5HSRUWH]YRXVjODVHFWLRQ5HPSODFHUODOXPLqUHGXIRXU6XUOHVPRGqOHVjFRPPXWDWHXUVXUOHSDQQHDXGHFRQWU{OHODOXPLqUHGXIRXUSHXWrWUH
DOOXPpHHWODLVVpHDOOXPpH
&RPPHQWUpJOHUOHIRXUSRXUFXLVLQHURXU{WLUGHPDQLqUHUpJXOLqUH
$VVXUH]YRXVTXHO·KRUORJHPRQWUHODERQQHKHXUHHW
TXHOHIRXUHVWpWHLQW
(QIRQFH]HWWHQH]HQIRQFpHVOHVWRXFKHV%52,/
+,/2JULOOHUjKDXWHEDVVHWHPSpUDWXUHHW
%$.(FXLVVRQHQPrPHWHPSVMXVTX·jFHTXH
O·DIILFKDJHLQGLTXH6)
5(0$548(VLEDNHFXLVVRQRXEURLOJULOOHU
V·DIILFKHOHVWRXFKHV%52,/+,/2JULOOHUj
KDXWHEDVVHWHPSpUDWXUHHW%$.(FXLVVRQ
Q·RQWSDVpWpHQIRQFpHVHQPrPHWHPSV
(QIRQFH]ODWRXFKH&/($52))DQQXODWLRQDUUrW
HWUHFRPPHQFH]
(QIRQFH]ODWRXFKH'(/$<67$57GpPDUUDJH
UHWDUGpMXVTX·jFHTXH6$EE$W+V·DIILFKH
(QIRQFH]ODWRXFKH67$57GpPDUUHUHW
V·DIILFKH
(QIRQFH]ODWRXFKH%$.(FXLVVRQ$XFXQVLJQDO
GRQQp
8WLOLVH]OHVWRXFKHVQXPpULTXHVHWHQWUH]OD
WHPSpUDWXUHYRXOXHHQWUH&HW&)
HW)$XFXQVLJQDORXWHPSpUDWXUHDIILFKp
(QIRQFH]ODWRXFKH67$57GpPDUUHU
$SUqVXQHSpULRGHGHGpODLDOpDWRLUHG·HQYLURQ
VHFRQGHVjPLQXWH
V·DIILFKHUDLQGLTXDQW
TXHOHIRXUHVWjFXLUHU{WLU6L
QHV·DIILFKH
SDVFRPPHQFH]jQRXYHDXjO·pWDSH
3RXUDMXVWHUODWHPSpUDWXUHGXIRXUHQIRQFH]
ODWRXFKH%$.(FXLVVRQHWHQWUH]ODQRXYHOOH
WHPSpUDWXUHXWLOLVDQWOHVWRXFKHVQXPpULTXHVHW
HQIRQFH]ODWRXFKH67$57GpPDUUHU
5(0$548(/HVWRXFKHV&/($52))DQQXODWLRQ
DUUrWHW&22.,1*7,0(WHPSVGHFXLVVRQ
IRQFWLRQQHURQWGXUDQWODIRQFWLRQ6DEEDWK
&RPPHQWUpJOHUFXLUHU{WLUjPLQXWHULH²GpPDUUDJHLPPpGLDWHWDUUrWDXWRPDWLTXH
$VVXUH]YRXVTXHO·KRUORJHPRQWUHODERQQHKHXUHHWTXH
OHIRXUHVWpWHLQW
(QIRQFH]HWWHQH]HQIRQFpHVOHVWRXFKHV%52,/+,
/2JULOOHUjKDXWHEDVVHWHPSpUDWXUHHW%$.(
FXLVVRQHQPrPHWHPSVMXVTX·jFHTXHO·DIILFKDJH
LQGLTXH6)
5(0$548(VLEDNHFXLVVRQRXEURLOJULOOHU
V·DIILFKHOHVWRXFKHV%52,/+,/2JULOOHUjKDXWH
EDVVHWHPSpUDWXUHHW%$.(FXLVVRQQ·RQWSDVpWp
HQIRQFpHVHQPrPHWHPSV(QIRQFH]ODWRXFKH
&/($52))DQQXODWLRQDUUrWHWUHFRPPHQFH]
(QIRQFH]ODWRXFKH'(/$<67$57GpPDUUDJH
UHWDUGpMXVTX·jFHTXH6$EE$W+V·DIILFKH
(QIRQFH]ODWRXFKH67$57GpPDUUHUHW
V·DIILFKH
(QIRQFH]ODWRXFKH&22.,1*7,0(WHPSVGH
FXLVVRQ
(QIRQFH]OHVWRXFKHVQXPpULTXHVSRXUFKRLVLUOD
GXUpHGHFXLVVRQYRXOXHHQWUHPLQXWHHWKHXUHV
HWPLQXWHV/HWHPSVGHFXLVVRQHQWUpV·DIILFKHUD
(QIRQFH]ODWRXFKH67$57GpPDUUHU
(QIRQFH]ODWRXFKH%$.(FXLVVRQ
$XFXQVLJQDOGRQQp
8WLOLVH]OHVWRXFKHVQXPpULTXHVHWHQWUH]
ODWHPSpUDWXUHYRXOXH$XFXQVLJQDORXWHPSpUDWXUH
DIILFKp
(QIRQFH]ODWRXFKH67$57GpPDUUHU
$SUqVXQHSpULRGHGHGpODLDOpDWRLUHG·HQYLURQ
VHFRQGHVjPLQXWH
V·DIILFKHUDLQGLTXDQWTXH
OHIRXUHVWjFXLUHU{WLU6L
QHV·DIILFKHSDV
FRPPHQFH]jQRXYHDXjO·pWDSH
3RXUDMXVWHUODWHPSpUDWXUHGXIRXUHQIRQFH]
ODWRXFKH%$.(FXLVVRQHWHQWUH]ODQRXYHOOHWHPSpUDWXUH
XWLOLVDQWOHVWRXFKHVQXPpULTXHVHWHQIRQFH]ODWRXFKH
67$57GpPDUUHU
ODILQGHODFXLVVRQO·DIILFKDJHFKDQJHUDGH
j
HWDSSDUDvWUDLQGLTXDQWTXHOHIRXUHVWpWHLQWPDLV
HQFRUHUpJOpj6DEEDWK5HWLUH]OHVDOLPHQWV
/RUVTXHO·DIILFKDJHLQGLTXHOH
IRXUHVWUpJOpj6DEEDWK/RUVTXH
O·DIILFKDJHLQGLTXH
OHIRXUHVW
UpJOpjFXLUHU{WLU
/RUVTXHO·DIILFKDJHLQGLTXH
OH
IRXUHVWUpJOpj6DEEDWK/RUVTXH
O·DIILFKDJHLQGLTXH
OHIRXUHVW
UpJOpjFXLUHU{WLU
background

(QWUHWLHQHWQHWWR\DJHGHODFXLVLQLqUH ZZZHOHFWURPHQDJHUVJHFD
$VVXUH]YRXVTXHWRXVOHVFRQWU{OHVVRQWpWHLQWVHWTXHWRXWHVOHVVXUIDFHVVRQWIUDvFKHVDYDQWGHQHWWR\HUWRXWHSDUWLHGHODFXLVLQLqUH
$9(57,66(0(17
6LYRWUHFXLVLQLqUHHVWUHWLUpHSRXUOHQHWWR\DJHO·HQWUHWLHQ
RXSRXUWRXWHDXWUHUDLVRQDVVXUH]YRXVTXHOHGLVSRVLWLIDQWLEDVFXOHPHQWHVWUpHQJDJpFRUUHFWHPHQW
ORUVTXHODFXLVLQLqUHHVWUHSODFpH6LQRQODFXLVLQLqUHSRXUUDLWEDVFXOHUHWLOSRXUUDLW\DYRLUGHV
EOHVVXUHV
%RXFKRQVHWWrWHVGHEUOHXUV
/HVDVVHPEODJHVGHEUOHXUVGRLYHQWrWUH
ODYpVUpJXOLqUHPHQWHWELHQVUDSUqVWRXW
GpYHUVHPHQW
eWHLJQH]WRXVOHVFRQWU{OHVDYDQWGHUHWLUHUOHVSLqFHV
GXEUOHXU
/HVJULOOHVGXEUOHXUOHVWrWHVHWOHVERXFKRQVGX
EUOHXUVHUHWLUHQWSRXUIDFLOLWHUOHQHWWR\DJH
/·pOHFWURGHGHO·DOOXPHXUG·pWLQFHOOHHVWH[SRVpH
DXGHOjGHODVXUIDFHGHODEDVHGXEUOHXU(Q
QHWWR\DQWODVXUIDFHGHFXLVVRQDWWHQWLRQGHQHSDV
SUHQGUHO·pOHFWURGHGHO·DOOXPHUDYHFYRWUHFKLIIRQGH
QHWWR\DJH&HODSRXUUDLWSURYRTXHUGHVGRPPDJHV
jO·DOOXPHXU
3RXUpYLWHUGHFRLQFHUXQFKLIIRQVXUO·DOOXPHXU
G·pWLQFHOOHODLVVH]OHVWrWHVGXEUOHXUHQSODFHHQ
QHWWR\DQWODVXUIDFHGHFXLVVRQ
$WWHQWLRQGHQHSDVSRXVVHUOHVFRQWU{OHVGHOD
VXUIDFHGHFXLVVRQHQQHWWR\DQWODVXUIDFH8QFKRF
pOHFWULTXHSRXUUDLWHQGpFRXOHUFHTXLYRXVIHUDLW
SHXWrWUHUHQYHUVHUGHVFDVVHUROHVFKDXGHV
/DYH]OHVSLqFHVGXEUOHXUDYHFXQQHWWR\DQWQRQ
DEUDVLIWRXWXVDJHHWGHO·HDXFKDXGH)DLWHVWUHPSHU
OHVVDOHWpVUHEHOOHV(VVX\H]OHVDYHFXQFKLIIRQ³QH
UHPRQWH]SDVDYHFGHVSLqFHVKXPLGHV
3RXUUHPRQWHUUHSODFH]G·DERUGODWrWHGXEUOHXU
SXLVOHERXFKRQGXEUOHXUHWHQILQODJULOOH
$VVXUH]YRXVTXHOHVWrWHVHWOHVERXFKRQVVRLHQW
UHPLVDXERQHQGURLW,O\DXQHSHWLWHXQHPR\HQQH
HWXQHJUDQGHHWXQHH[WUDJUDQGHWrWHHWXQSHWLW
XQPR\HQXQJUDQGHWXQH[WUDJUDQGERXFKRQGH
EUOHXU
0,6((1*$5'(
1()$,7(63$6)21&7,211(5/(%5Ó/(856$16
48(7287(6/(63,Ê&(662,(17(13/$&(
&RPPHQWUHWLUHUODSHOOLFXOHG·H[SpGLWLRQGHSURWHFWLRQHWOHUXEDQG·HPEDOODJH
$JULSSH]DYHFVRLQXQFRLQGHODSHOOLFXOH
G·H[SpGLWLRQGHSURWHFWLRQDYHFYRVGRLJWV
HWUHWLUH]ODOHQWHPHQWGHODVXUIDFHGHO·DSSDUHLO
1·XWLOLVH]SDVG·REMHWWUDQFKDQWSRXUO·HQOHYHU5HWLUH]
WRXWHODSHOOLFXOHDYDQWG·XWLOLVHUO·DSSDUHLOSRXUOD
SUHPLqUHIRLV
3RXUV·DVVXUHUTX·LOQ·\DLWSDVGHGRPPDJHV
DXILQLGXSURGXLWOHPHLOOHXUPR\HQGHUHWLUHU
O·DGKpVLIGXUXEDQG·HPEDOODJHGXQRXYHODSSDUHLO
HVWG·DSSOLTXHUGXGpWHUJHQWOLTXLGHSRXUODYHUOD
YDLVVHOOH$SSOLTXH]DYHFXQFKLIIRQVRXSOHHWODLVVH]
WUHPSHU
5(0$548(O·DGKpVLIGRLWrWUHUHWLUpGHWRXWHVOHV
SLqFHV,OQHSHXWO·rWUHV·LOHVWFXLWHQSODFH
eOHFWURGH
%RXFKRQ
GXEUOHXU
7rWHGX
EUOHXU
%DVHGX
EUOHXU
%UOHXUDYDQWGURLWVXUFHUWDLQV
PRGqOHV
$VVXUH]YRXVGHELHQSRVLWLRQQHU
OHWURXGHODWrWHGXEUOHXUVXU
O·pOHFWURGHHWGHELHQLQVpUHUODWrWH
GXEUOHXUjO·LQWpULHXUGHODEDVH
GXEUOHXU8QSHWLWHVSDFHHQWUHOD
EDVHHWODWrWHHVWQRUPDO
eOHFWURGH
%RXFKRQGXEUOHXU
&KDPEUHGHVWDELOLWp
%DVHGX
EUOHXU
%UOHXUDYDQWGURLWVXUFHUWDLQV
PRGqOHVEUOHXUDYDQWJDXFKHEUOHXU
DUULqUHGURLWHWEUOHXUDUULqUHJDXFKH
$VVXUH]YRXVGHELHQSRVLWLRQQHU
OHWURXGHODWrWHGXEUOHXUVXU
O·pOHFWURGH/HERXFKRQGXEUOHXU
DWURLVRXTXDWUHWDTXHWV3RXU
UHPHWWUHHQSODFHOHERXFKRQ
DVVXUH]YRXVTX·DXFXQGHFHV
WDTXHWVQHUHSRVHGDQVODFKDPEUH
GHVWDELOLWp
7rWHGXEUOHXU
8WLOLVH]XQH
DLJXLOOHj
WULFRWHU
RXXQOLHQ
WRUVDGpSRXU
GpERXFKHU
OHSHWLWWURX
GHODWrWHGX
EUOHXU
7rWHHWERXFKRQ
PR\HQV
$YDQWGHODFXLVLQLqUH
7rWHHW
ERXFKRQ
JUDQGV
7rWHHW
ERXFKRQSHWLWV
7rWHHWERXFKRQ
H[WUDJUDQG
VXUFHUWDLQVPRGqOHV
VXUFHUWDLQVPRGqOHV
background
*ULOOHVGXEUOHXUHWJULOOHFHQWUDOH
/HVJULOOHVGXEUOHXUHQpPDLOGHSRUFHODLQHHWOD
JULOOHG·pYHQWGRLYHQWrWUHODYpHVUpJXOLqUHPHQWHW
ELHQVUDSUqVWRXWGpYHUVHPHQW
/HVJULOOHVVHODYHQWVRLWGDQVOHODYHYDLVVHOOHVRLW
GDQVGHO·HDXVDYRQQHXVHSXLVULQFpHVjO·HDXSURSUH
9RXVSRXYH]DXVVLXWLOLVHUGHVQHWWR\DQWVDEUDVLIVHW
GHVWDPSRQVjUpFXUHUSRXUQHWWR\HUOHVJULOOHVGX
EUOHXUHWODJULOOHG·pYHQW(VVX\H]OHVJULOOHVDYHF
XQFKLIIRQ³QHOHVUHSODFH]SDVVXUXQHVXUIDFHGH
FXLVVRQVLHOOHVVRQWKXPLGHV
3RXUUHWLUHUOHVDOLPHQWVFXLWVSODFH]OHV
GDQVXQFRQWHQDQWFRXYHUW$MRXWH]P/GH
WDVVHG·DPPRQLDTXHHWODLVVH]WUHPSHUSHQGDQW
SOXVLHXUVKHXUHVRXSRXUODQXLW/DYH]ULQFH]HW
DVVpFKH]ELHQ
%LHQTXHOHVJULOOHVVRLHQWGXUDEOHVHOOHVSHUGURQWOHXU
pFODWJUDGXHOOHPHQWSHXLPSRUWHOHXUHQWUHWLHQ&HFL
HVWFDXVpSDUOHXUH[SRVLWLRQFRQWLQXHjGHKDXWHV
WHPSpUDWXUHV
1HIDLWHVSDVIRQFWLRQQHUOHEUOHXUSHQGDQW
ORQJWHPSVVDQVTX·LOQ·\DLWXQHFDVVHUROHVXUOD
JULOOH/HILQLSRXUUDLWV·pFDLOOHUVDQVFDVVHUROHSRXU
DEVRUEHUODFKDOHXU
$SUqVOHQHWWR\DJHUHSODFH]G·DERUGODJULOOHG·pYHQW
FHQWUDO5HSODFH]OHVJULOOHVODWpUDOHVSRXUTXHOHV
UDOORQJHVFHQWUDOHVVRLHQWRULHQWpHVYHUVOHFHQWUH
GHODVXUIDFHGHFXLVVRQ/HVUDOORQJHVFHQWUDOHV
DUULqUHGRLYHQWFKHYDXFKHUXQSHXODJULOOHG·pYHQW
$VVXUH]YRXVTXHOHVJULOOHVVRLHQWELHQSODFpHVVXU
OHVEUOHXUVHWTX·HOOHVVRLHQWVWDEOHVHWjQLYHDX
3LHGVGHJULOOHGHFDRXWFKRXF
3RXUODVWDELOLWpOHVSLHGVGXEUOHXUGH
YRWUHVXUIDFHGHFXLVVRQVRQWUHFRXYHUWVGH
FDRXWFKRXF6LFHVSLHGVVRQWHQGRPPDJpV
RXSHUGXVUHPSODFH]OHVLPPpGLDWHPHQW
3RXUFRPPDQGHUGHVSLHGVGHJULOOHGHFDRXWFKRXF
GHUHFKDQJHYHXLOOH]DSSHOHUQRWUHQXPpURVDQV
IUDLV
&HQWUHQDWLRQDO
GHSLqFHV
3LHGVGHJULOOH
HQFDRXWFKRXF:%7

(QWUHWLHQHWQHWWR\DJHGHODFXLVLQLqUH
%RXWRQVGHFRQWU{OH
/HVERXWRQVGHFRQWU{OHVHUHWLUHQWSRXUIDFLOLWHU
OHQHWWR\DJH
$YDQWGHUHWLUHUOHVERXWRQVSRXUOHQHWWR\DJH
YHXLOOH]QRWHUTXHOHVERXWRQVVRQWHQSRVLWLRQ
2))$55Ç7
/HVERXWRQVVHQHWWRLHQWDXODYHYDLVVHOOHRX
YRXVSRXYH]OHVODYHUDYHFGHO·HDXHWGXVDYRQ
$VVXUH]YRXVTXHO·LQWpULHXUGHVERXWRQVVRLW
VHFDYDQWGHOHVUHSODFHU
(QUHPSODoDQWOHVERXWRQVYpULILH]ODSRVLWLRQ
2))$55Ç7SRXUDVVXUHUOHERQSODFHPHQW
6XUIDFHGHFXLVVRQ
3RXUpYLWHUG·HQGRPPDJHUODVXUIDFHHQ
HPDLOYLWULILpGHODVXUIDFHGHFXLVVRQHW
SRXUO·HPSrFKHUGHSHUGUHVRQEULOODQW
QHWWR\H]LPPpGLDWHPHQWWRXWGpERUGHPHQW
/HVDOLPHQWVTXLVRQWWUqVDFLGHVWRPDWHV
FKRXFURXWHMXVGHIUXLWVHWFRXOHVDOLPHQWV
TXLVRQWWUqVVXFUpVSHXYHQWFDXVHUGHVWDFKHV
PDWHVVLRQOHVODLVVHUHSRVHU
4XDQGODVXUIDFHDUHIURLGLODYH]ODHWULQFH]OD
3RXUG·DXWUHVWDFKHVFRPPHOHVWDFKHVGHJUDV
HWFODYH]jO·HDXVDYRQQHXVHTXDQGODVXUIDFH
DUHIURLGL5LQFHVHQVXLWHHWSROLVVH]DYHFXQ
OLQJHVHF
5(0$548(1HVRXOHYH]MDPDLVODVXUIDFHGH
FXLVVRQ6LYRXVVRXOHYH]ODVXUIDFHGHFXLVVRQ
YRXVULVTXH]G·HQGRPPDJHUYRWUHFXLVLQLqUHHW
GHODIDLUHPDOIRQFWLRQQHU
5(0$548(3RXUOHVVXUIDFHVGHFXLVVRQ
HQDFLHULQR[\GDEOHFRQVXOWH]ODVHFWLRQGHV
VXUIDFHVHQDFLHULQR[\GDEOH
7RXWHVOHVJULOOHVGHIRXUVHQHWWRLHQWjODPDLQ
DYHFXQQHWWR\HXUDEUDVLIRXXQHODLQHG·DFLHU
$SUqVOHQHWWR\DJHULQFH]OHVJULOOHVDYHFGH
O·HDXSURSUHHWDVVpFKH]DYHFXQFKLIIRQSURSUH
/HVJULOOHVUHYrWXHVGHSRUFHODLQHJULVH
SHXYHQWUHVWHUGDQVOHIRXUGXUDQWOHF\FOH
G·DXWRQHWWR\DJHSRXUpYLWHUOHVGRPPDJHV
/HVJULOOHVEULOODQWHVGHFRXOHXUDUJHQWpH
SHXYHQWUHVWHUGDQVOHIRXUGXUDQWOHF\FOH
G·DXWRQHWWR\DJHPDLVHOOHVSHUGURQWOHXUpFODW
HWGHYLHQGURQWGLIILFLOHVjJOLVVHU
,OIDXGUDJUDLVVHUOHVERUGVGHVF{WpVGHVJULOOHV
DYHFXQHOpJqUHFRXFKHG·KXLOHYpJpWDOHDSUqV
OHQHWWR\DJHjODPDLQRXGDQVOHIRXU&HFL
DLGHUDjJOLVVHUIDFLOHPHQWOHVJULOOHVGDQVOH
IRXU
*ULOOHVGHIRXUHWJULOOHjU{WLUGHFRQYH[LRQ
*ULOOHGHIRXU
5(0$548(1HUDQJH]MDPDLVGHPDWLqUHV
LQIODPPDEOHVGDQVXQIRXUXQWLURLURXSUqV
GHODVXUIDFHGHFXLVVRQ1HUDQJH]MDPDLV
RXQ·XWLOLVH]MDPDLVGHPDWLqUHVFRPEXVWLEOHV
G·HVVHQFHRXG·DXWUHYDSHXURXOLTXLGH
LQIODPPDEOHDXYRLVLQDJHGHFHWDSSDUHLORX
GHWRXWDXWUHDSSDUHLOPpQDJHU
background
ZZZHOHFWURPHQDJHUVJHFD
5HPSODFHUOHVDPSRXOHVGHIRXUVXUFHUWDLQVPRGqOHV
$VVXUH]YRXVGHODLVVHUOHFRXYHUFOHHW
O·DPSRXOHUHIURLGLUFRPSOqWHPHQW
3RXUUHWLUHUOHFRXYHUFOH
3ODFH]ODPDLQVRXVOHFRXYHUFOHSRXUTX·LO
QHWRPEHSDVORUVTXHYRXVO·DXUH]OLEpUp
$YHFOHVGRLJWVGHODPrPHPDLQSRXVVH]
IHUPHPHQWOHILOPpWDOOLTXHGHPDLQWLHQGX
FRXYHUFOHYHUVO·DUULqUH5HWLUH]OH
FRXYHUFOH
1HUHWLUH]SDVOHVYLVSRXUUHWLUHUOHFRXYHUFOH
5HPSODFH]O·DPSRXOHDYHFXQHDPSRXOH
GHPRGqOHSRXUDSSDUHLOpOHFWURPpQDJHU
GHZDWWV
3RXUUHSODFHUOHFRXYHUFOH
3ODFH]OHGDQVODUDLQXUHGHODGRXLOOH7LUH]
OHILOPpWDOOLTXHYHUVOHFHQWUHGXFRXYHUFOH
MXVTX·jHQWHQGUHOHGpFOLFLQGLTXDQWTXH
OHV\VWqPHHVWHQFOHQFKp
5HEUDQFKH]OHFRXUDQWpOHFWULTXH
DXFXLVLQLqUHV
)LOPpWDOOLTXHGHPDLQWLHQGX
FRXYHUFOH
5HPSODFHUOHVDPSRXOHVGHIRXUVXUFHUWDLQVPRGqOHV
$9(57,66(0(17
5,648(
'(&+2&e/(&75,48(28'(%5Ó/85(6
$YDQWGH
UHPSODFHUO·DPSRXOHGXIRXUFRXSH]O·DOLPHQWDWLRQ
pOHFWULTXHGXIRXUHQHQOHYDQWOHIXVLEOHRXHQ
GpFOHQFKDQWOHGLVMRQFWHXUDXSDQQHDXGHGLVWULEXWLRQ
SULQFLSDO6LQRQYRXVSRXUULH]VXELUXQFKRFpOHFWULTXH
RXGHVEUOXUHV
0,6((1*$5'(
5,648('(
%5Ó/85(6
(QOHYH]OHFDSRWHQYHUUHHWO·DPSRXOH
DSUqVTX·LOVDLHQWUHIURLGL9RXVSRXUULH]YRXVEUOHUVL
YRXVWRXFKH]DXYHUUHFKDXGjPDLQQXHRXDYHFXQ
FKLIIRQKXPLGH
(QOqYHPHQW
7RXUQH]OHFRXYHUFOHHQYHUUHGDQVOHVHQV
RSSRVpjFHOXLGHVDLJXLOOHVG·XQHPRQWUH
G·GHWRXUMXVTX·jFHTXHOHVWDTXHWVGX
FRXYHUFOHGHYHUUHFRUUHVSRQGHQWDX[
HQFRFKHVGHODGRXLOOH9RXVDXUH]XQH
PHLOOHXUHSULVHVLYRXVSRUWH]GHVJDQWVGH
ODWH[
3RUWH]GHVJDQWVRXXWLOLVH]XQFKLIIRQ
SURSUHHWUHWLUH]O·DPSRXOHHQWLUDQWSRXU
ODVRUWLU
5HPSODFHPHQW
8WLOLVH]XQHQRXYHOOHDPSRXOHjKDORJqQH
GHYROWVVDQVGpSDVVHUZDWWV
5HPSODFH]O·DPSRXOHJULOOpHSDUXQHDXWUH
GXPrPHW\SHTXHFHOOHTXHYRXVDYH]
HQOHYpH/·XQGHVGHX[W\SHVG·DPSRXOH
FLFRQWUHHVWXWLOLVpVXUYRWUHPRGqOH3RXU
FRQQDvWUHO·DPSRXOHGHUHFKDQJHTX·LO
YRXVIDXWH[DPLQH]OHVERUQHVGH
O·DPSRXOH/·DPSRXOHTXLSRVVqGHGHX[
EURFKHVGURLWHVHVWXQHDPSRXOH*
WDQGLVTXHFHOOHGRQWOHVERUQHVVRQWHQ
IRUPHGHERXFOHHVWXQHDPSRXOH*
,OQHIDXWSDVOHVLQWHUFKDQJHU$VVXUH]
YRXVTXHO·DPSRXOHGHUHFKDQJHHVWGH
9RX9HW121GH9
$YHFGHVJDQWVRXjO·DLGHG·XQOLQJHVHF
HQOHYH]O·DPSRXOHGHVRQHPEDOODJH1H
WRXFKH]MDPDLVO·DPSRXOHjPDLQVQXHV
/HVpEXPGHODSHDXFDXVHUDGHV
GRPPDJHVjO·DPSRXOHHWHQUpGXLUDOD
GXUpHGHYLHXWLOH
3RXVVH]O·DPSRXOHWRXWGURLWGDQV
OHUpFHSWDFOHMXVTX·DXIRQG
3ODFH]OHVODQJXHWWHVGXFRXYHUFOHGH
YHUUHGDQVOHVUDLQXUHVGHODGRXLOOH
7RXUQH]OHFRXYHUFOHGHYHUUHG·XQTXDUW
GHWRXUGDQVOHVHQVGHVDLJXLOOHVG·XQH
PRQWUH
3RXUYRLUSOXVFODLUjO·LQWpULHXUGXIRXU
QHWWR\H]IUpTXHPPHQWOHFRXYHUFOH
HQYHUUHjO·DLGHG·XQOLQJHKXPLGH
1HOHQHWWR\H]TXHTXDQGOHIRXUHVW
FRPSOqWHPHQWIURLG
5HEUDQFKH]OHFRXUDQWpOHFWULTXH
DXFXLVLQLqUHV
$PSRXO
H
*
'RXLOOH
/DQJXHWWH
&RXYHUFOHGHSURWHFWLRQHQYHUUH
5pFHSWDFOH
8WLOLVH]GHV
JDQWVRXXQ
OLQJH
5pFHSWDFOH
$PSRXO
H
*
'RXLOOH
/DQJXHWWH
&RXYHUFOHGHSURWHFWLRQHQYHUUH
5pFHSWDFOH
VXUFHUWDLQVPRGqOHV
VXUFHUWDLQVPRGqOHV

background
1HIURWWH]SDVHWQHQHWWR\H]SDV
OHMRLQWGHSRUWHFDULODXQHUpVLVWDQFH
H[WUrPHPHQWIDLEOHjO·DEUDVLRQ
6LYRXVUHPDUTXH]TX·LOGHYLHQWXVp
V·HIILORFKHHVWHQGRPPDJpGHTXHOTXH
IDoRQRXDpWpGpSODFpVXUODSRUWH
YRXVGHYULH]OHUHPSODFHU
3RXUQHWWR\HUO·LQWpULHXUGHODSRUWH
 3XLVTXHODVHFWLRQjO·LQWpULHXUGXMRLQWVHQHWWRLH
GXUDQWOHF\FOHG·DXWRQHWWR\DJHDXFXQEHVRLQ
GHOHQHWWR\HUjODPDLQ
 /DVHFWLRQjO·H[WpULHXUGXMRLQWHWODGRXEOXUHGH
SRUWHVHQHWWRLHQWDYHFXQWDPSRQjUpFXUHUGH
SODVWLTXHRXUHPSOLGHVDYRQGHO·HDXFKDXGH
HWGXGpWHUJHQW5LQFH]ELHQDYHFXQHVROXWLRQ
GHYLQDLJUHHWG·HDX
3RXUQHWWR\HUO·H[WpULHXUGHODSRUWH
 8WLOLVH]GXVDYRQHWGHO·HDXSRXUELHQODYHU
OHGHVVXVOHVF{WpVHWO·DYDQWGHODSRUWHGX
IRXU5LQFH]ELHQ9RXVSRXYH]DXVVLXWLOLVHUXQ
QHWWR\DQWSRXUOHYHUUHSRXUQHWWR\HUOHYHUUHj
O·H[WpULHXUGHODSRUWH1HODLVVH]SDVO·HDXFRXOHU
GDQVOHVRXYHUWXUHVGHVpYHQWV
 6LGHVWDFKHVVXUODJDUQLWXUHG·pYHQWGHODSRUWH
UHVWHQWXWLOLVH]XQQHWWR\DQWGRX[DEUDVLIHWXQ
UDFORLUpSRQJHSRXUGHPHLOOHXUVUpVXOWDWV
 /HVPDULQDGHVOHVMXVGHIUXLWVOHVVDXFHV
WRPDWHVHWOHVSURGXLWVSRXUDUURVHUFRQWHQDQW
GHVDFLGHVSHXYHQWSURYRTXHUXQHGpFRORUDWLRQ
HWGRLYHQWrWUHHVVX\pVLPPpGLDWHPHQW
/RUVTXHODVXUIDFHHVWIURLGHQHWWR\H]HWULQFH]
 1·XWLOLVH]SDVGHQHWWR\DQWGHIRXUGHSRXGUHV
GHQHWWR\DJHRXG·DEUDVLIVIRUWVVXUO·H[WpULHXU
GHODSRUWH
5HWUDLWGHODSRUWHGXIRXU
1HWWR\DJHGHODSRUWHGXIRXU
/DSRUWHHVWWUqVORXUGH$WWHQWLRQHQUHWLUDQWHW
VRXOHYDQWODSRUWH
1HVRXOHYH]SDVODSRUWHSDUODSRLJQpH
3RXUUHWLUHUODSRUWH
2XYUH]HQWLqUHPHQWODSRUWH
3RXVVH]OHVYHUURXVGHODFKDUQLqUHYHUVOHEDV
YHUVOHFDGUHGHSRUWHMXVTX·jODSRVLWLRQ
GpYHUURXLOOpH8QRXWLOFRPPHXQSHWLW
WRXUQHYLVjODPHSODWHSRXUUDLWrWUHQpFHVVDLUH
$JULSSH]IHUPHPHQWOHVGHX[F{WpVGHODSRUWH
VXUOHGHVVXV
)HUPH]ODSRUWHjODSRVLWLRQGHUHWUDLWGHOD
SRUWHVRLWjPRLWLpFKHPLQHQWUHODSRVLWLRQ
G·DUUrWGHJULOHWODSRVLWLRQHQWLqUHPHQW
RXYHUWH
6RXOHYH]ODSRUWHYHUVOHKDXWMXVTX·jFHTXHOH
EUDVGHFKDUQLqUHVRLWGpJDJpGHODIHQWH
3RXUUHSODFHUODSRUWH
$JULSSH]IHUPHPHQWOHVGHX[F{WpVGHODSRUWH
VXUOHGHVVXV
$YHFODSRUWHDX
PrPHDQJOH
TXHODSRVLWLRQ
GHUHWUDLW
SODFH]
O·HQIRQFHPHQW
GXEUDVGH
FKDUQLqUHGDQV
OHERUGLQIpULHXU
GHODIHQWHGHODFKDUQLqUH/·HQFRFKHGXEUDV
GHFKDUQLqUHGRLWrWUHELHQLQVWDOOpHGDQVOHEDV
GHODIHQWH
2XYUH]HQWLqUHPHQWODSRUWH6LODSRUWHQH
V·RXYUHSDVHQWLqUHPHQWO·HQIRQFHPHQWQH
V·LQVWDOOHSDVFRUUHFWHPHQWGDQVOHERUG
LQIpULHXUGHODIHQWH
3RXVVH]OHYHUURXGHODFKDUQLqUHYHUVOHKDXW
FRQWUHOHFDGUHDYDQWGHODFDYLWpGXIRXUHQ
SRVLWLRQYHUURXLOOpH
)HUPH]ODSRUWHGXIRXU
3RVLWLRQGHUHWUDLW
9HUURXGHFKDUQLqUH
)HQWH
7LUH]OHVYHUURXVGHODFKDUQLqUH
YHUVOHEDVSRXUGpYHUURXLOOHU
9HUURXGH
FKDUQLqUH
3RXVVH]OHVYHUURXVGHODFKDUQLqUH
YHUVOHKDXWSRXUYHUURXLOOHU
%UDVGH
FKDUQLqUH
(QWUHWLHQHWQHWWR\DJHGHODFXLVLQLqUH
)RQGGHIRXUDPRYLEOH
3RXUUHWLUHUOHIRQGGXIRXUHWIDFLOLWHUOHQHWWR\DJH
5HWLUH]ODSRUWHGXIRXUHQVXLYDQWOHV
LQVWUXFWLRQVGHODVHFWLRQ5HWUDLWGHODSRUWHGX
IRXU
$JULSSH]OHVIHQWHVGXIRQGGXIRXUDUULqUHVGH
FKDTXHF{WpHWVRUWH]OH
1HWWR\H]OHIRQGGXIRXUjO·HDXFKDXGH
VDYRQQHXVH
,03257$17 UHSODFH]WRXMRXUVOHIRQGGHIRXU
DPRYLEOHDYDQWGHO·XWLOLVHUjQRXYHDX
)RQGGHIRXU

(QIRQFHPHQW
%RUG
LQIpULHXU
GHOD
IHQWH
%UDVGHFKDUQLqUH
background
ZZZHOHFWURPHQDJHUVJHFD

3DQQHDXGHFRQWU{OH
6LYRXVOHGpVLUH]YRXVSRXYH]GpVDFWLYHUOHV
WRXFKHVWDFWLOHVDYDQWOHQHWWR\DJH
5HSRUWH]YRXVjODVHFWLRQ9HUURXLOODJHGHOD
FXLVLQLqUH
(VVX\H]OHVpFODERXVVXUHVDYHFXQFKLIIRQ
KXPLGH
9RXVSRXYH]DXVVLXWLOLVHUXQQHWWR\DQWSRXUOH
YHUUH
5HWLUH]OHVVDOHWpVSOXVLPSRUWDQWHVDYHFGH
O·HDXWLqGHVDYRQQHXVH1·XWLOLVH]DXFXQDEUDVLI
GHTXHOTXHW\SHTXHFHVRLW
5pDFWLYH]OHVWRXFKHVWDFWLOHVDSUqVOHQHWWR\DJH
eYHQWGHIRXU
/·pYHQWHVWYHQWLOpJUkFHjXQHRXYHUWXUHGDQV
ODVXUIDFHGHFXLVVRQVRXVODJULOOH
1HFRXYUH]MDPDLVO·RXYHUWXUHGHSDSLHU
DOXPLQLXPQLG·DXFXQDXWUHPDWpULDX&HFL
HPSrFKHUDLWOHERQIRQFWLRQQHPHQWGHO·pYHQW
GXIRXU
6XUIDFHVG·DFLHULQR[\GDEOHVXUFHUWDLQVPRGqOHV
1·XWLOLVH]SDVGHWDPSRQVGHODLQHG·DFLHU
LOVSRXUUDLHQWUD\HUODVXUIDFH
3RXUQHWWR\HUODVXUIDFHHQDFLHULQR[\GDEOH
XWLOLVH]GHO·HDXFKDXGHVDYRQQHX[RXXQSURGXLW
QHWWR\DQWRXFLUHjDFLHULQR[\GDEOH(VVX\H]
WRXMRXUVODVXUIDFHGDQVOHVHQVGXJUDLQ6XLYH]
OHVLQVWUXFWLRQVGXSURGXLWQHWWR\DQWSRXUQHWWR\HU
ODVXUIDFHHQDFLHULQR[\GDEOH
3RXUVDYRLUFRPPHQWDFKHWHUOHSURGXLWQHWWR\DQW
RXOHFLUHSRXUDSSDUHLOVpOHFWURPpQDJHUVHQ
DFLHULQR[\GDEOHRXSRXUWURXYHUXQGpWDLOODQWRX
XQPDJDVLQGHSLqFHV0DEHSUqVGHFKH]YRXV
YHXLOOH]DSSHOHUQRWUHQXPpURVDQVIUDLV
&HQWUHQDWLRQDOGHSLqFHV 
ZZZHOHFWURPHQDJHUVJHFD
eYHQWFHQWUDO
6XUIDFHVSHLQWHV
/HVVXUIDFHVSHLQWHVLQFOXHQWOHGHVVXVHWOHVF{WpV
GHODSRUWHHWO·DYDQWGXWLURLU1HWWR\H]OHVDYHF
GXVDYRQHWGHO·HDXRXXQHVROXWLRQGHYLQDLJUHHW
G·HDX
1·XWLOLVH]SDVGHQHWWR\DQWGHIRXUFRPPHUFLDOGH
SRXGUHVGHQHWWR\DJHRXG·DEUDVLIVIRUWVVXUDXFXQH
VXUIDFHSHLQWH
5HWUDLWGXWLURLUGHUDQJHPHQW
3RXUUHWLUHUOHWLURLU
7LUH]OHWLURLUDXVVLORLQTXHSRVVLEOH
6RXOHYH]O·DYDQWGXWLURLUMXVTX·jFHTXHOHV
EXWpHVGpSDVVHQWOHVJXLGHV
5HWLUH]OHWLURLU
3RXUUHSODFHUOHWLURLU
3ODFH]OHVUDLOVGXWLURLUVXUOHVJXLGHV
3RXVVH]OHWLURLUDXVVLORLQTXHSRVVLEOH
6RXOHYH]O·DYDQWGXWLURLUHWSRXVVH]
MXVTX·jFHTXHOHVEXWpHVGpSDVVHQWOHV
JXLGHV
$EDLVVH]O·DYDQWGXWLURLUHWSRXVVH]
MXVTX·jFHTX·LOIHUPH
*XLGHG·DUUrW
5DLO
6XUIDFHGHFXLVVRQ
background
&RQVHLOVGHGpSDQQDJH
*DJQHUGXWHPSVHWGHO·DUJHQW5pYLVH]OHVWDEOHDX[GHV
SDJHVVXLYDQWHVG·DERUGHWYRXVQ·DXUH]SHXWrWUHSDV
EHVRLQG·DSSHOHUOHVHUYLFH
3UREOqPH &DXVHVSRVVLEOHV $FWLRQ
/HVIODPPHVGHVEUOHXUV /DTXDOLWpGHFRPEXVWLRQ  8WLOLVH]OHVLOOXVWUDWLRQVSOXVEDVSRXUGpWHUPLQHUVLOHVIODPPHV
VRQWMDXQHVRXOHXUV GHVIODPPHVGXEUOHXUGRLW GHYRVEUOHXUVVRQWQRUPDOHV6LOHVIODPPHVUHVVHPEOHQWj$
H[WUpPLWpVVRQWMDXQHV rWUHGpWHUPLQpHYLVXHOOHPHQW DSSHOH]OHVHUYLFH/HVIODPPHVQRUPDOHVGHYUDLHQWUHVVHPEOHU
 j%RX&VHORQOHW\SHGHJD]XWLOLVp$YHFOHJD]3/LOHVW
QRUPDOTXHOHVF{QHVH[WpULHXUVDIILFKHQWGHVH[WUpPLWpVMDXQHV



$²)ODPPHVMDXQHV %²([WUpPLWpVMDXQHV &²)ODPPHVEOHXSkOH
 $SSHOH]OHVHUYLFH VXUOHVF{QHVH[WpULHXUV 1RUPDOSRXUOHJD]
1RUPDOSRXUOHJD]3/ QDWXUHO
%RXWRQVGHFRQWU{OH /HERXWRQQ·HVWSDVHQIRQFp  3RXUPHWWUHjODSRVLWLRQ2))$55Ç7HQIRQFH]OHERXWRQSXLV
QHWRXUQHQWSDV WRXUQH]
/HVEUOHXUVQH /DIRQFWLRQ5DQJH/RFN2XW /DLVVH]UHIURLGLUODFXLVLQLqUHHWDSSX\H]ODWRXFKH5$1*(
V·DOOXPHQWSDV
YHUURXLOODJHGHODFXLVLQLqUH/2&.287YHUURXLOODJHGHODFXLVLQLqUHVXUFHUWDLQV
HVWDFWLYH PRGqOHVSHQGDQWVHFRQGHVMXVTX·jFHTXHO·pFUDQLQGLTXH
 /2&.287YHUURXLOODJHDUUrWp
/DILFKHVXUODFXLVLQLqUH  $VVXUH]YRXVTXHODILFKHHVWEUDQFKpHGDQVXQHSULVHVRXV
Q·HVWSDVLQVpUpHHQWLqUHPHQW WHQVLRQFRUUHFWHPHQWPLVHjODWHUUH
GDQVODSULVHpOHFWULTXH
/·DOLPHQWDWLRQHQJD]Q·HVWSDV  5HSRUWH]YRXVDX[LQVWUXFWLRQVG·LQVWDOODWLRQIRXUQLHVDYHFOD
EUDQFKpHRXHQPDUFKH FXLVLQLqUH
8QIXVLEOHSRXUUDLWrWUH  5HPSODFH]OHIXVLEOHRXUpLQLWLDOLVH]OHGLVMRQFWHXU
JULOOpRXOHGLVMRQFWHXUDpWp
GpFOHQFKp
/HVSLqFHVGXEUOHXUQHVRQW  &RQVXOWH]ODVHFWLRQ(QWUHWLHQHWQHWWR\DJHGHODFXLVLQLqUH
SDVUHSODFpHVFRUUHFWHPHQW
/DIRQFWLRQGH9HUURXLOODJH 6L/2&21V·DIILFKHOHFRQWU{OHGHODFXLVLQLqUHHVWYHUURXLOOp
GHODFXLVLQLqUHRXGHV eWHLJQH]FHWWHIRQFWLRQSRXUXWLOLVHUODFXLVLQLqUH5HSRUWH]
FRQWU{OHVHVWDFWLYpH YRXVjODVHFWLRQ9HUURXLOODJHGHODFXLVLQLqUHRX9HUURXLOODJHGHVFRQWU{OHV
/HVRQGHGpFOLFGH /HERXWRQGHFRQWU{OHHVW  7RXUQH]OHERXWRQKRUVGHODSRVLWLRQ/,7(DXUpJODJH
O·DOOXPHXUFRQWLQXHPrPH HQFRUHHQSRVLWLRQ/,7(GpVLUp
DSUqVTXHOHEUOHXU
 eWHLJQH]OHEUOHXUHWUDOOXPH]OH6LOHVRQGHGpFOLF
VRLWDOOXPp
VHSRXUVXLWDSSHOH]OHVHUYLFH
)ODPPHVGXEUOHXUWUqV 0DXYDLVUDSSRUWG·DLUjJD]  6LODFXLVLQLqUHHVWEUDQFKpHDXJD]3/YpULILH]WRXWHVOHV
ODUJHVRXMDXQHV pWDSHVGDQVOHV,QVWUXFWLRQVG·LQVWDOODWLRQIRXUQLHVDYHFYRWUH
FXLVLQLqUH
/DOXPLqUHGXIRXU /·DPSRXOHHVWGHVVHUUpHRX  5HVVHUUH]RXUHPSODFH]O·DPSRXOH
QHIRQFWLRQQHSDV GpIHFWXHXVH
/HFRPPXWDWHXUGHODOXPLqUH  $SSHOH]OHVHUYLFH
HVWEULVp
/HIRXUQHIRQFWLRQQHSDV /DILFKHQ·HVWSDVHQWLqUHPHQW  $VVXUH]YRXVTXHODILFKHHVWEUDQFKpHGDQVXQHSULVHVRXV
LQVpUpHGDQVODSULVHGHFRXUDQW WHQVLRQELHQPLVHjODWHUUH
8QIXVLEOHSRXUUDLWrWUHJULOOp  5HPSODFH]OHIXVLEOHRXUpLQLWLDOLVH]OHGLVMRQFWHXU
RXOHGLVMRQFWHXUDpWpGpFOHQFKp
/HVFRQWU{OHVGXIRXUVRQW  5HSRUWH]YRXVjODVHFWLRQ8WLOLVHUOHIRXU
PDOUpJOpV

$YDQWG·DSSHOHUOHVHUYLFH
background
ZZZHOHFWURPHQDJHUVJHFD
3UREOqPH &DXVHVSRVVLEOHV $FWLRQ
/HVDOLPHQWVQHFXLVHQW /HVFRQWU{OHVGXIRXUVRQW  5HSRUWH]YRXVjODVHFWLRQ8WLOLVHUOHIRXU
RXQHU{WLVVHQWSDV PDOUpJOpV
/DSRVLWLRQGHODFOD\HWWHHVW  5HSRUWH]YRXVjODVHFWLRQ8WLOLVHUOHIRXU
LQFRUUHFWHRXODFOD\HWWHQ·HVWSDV
jQLYHDX
2QXWLOLVHODPDXYDLVHWDLOOH  5HSRUWH]YRXVjODVHFWLRQ8WLOLVHUOHIRXU
GHFDVVHUROH
/HWKHUPRVWDWGXIRXU  5HSRUWH]YRXVjODVHFWLRQ$MXVWHUOHWKHUPRVWDWGXIRXU²
GRLWrWUHDMXVWp)DLWHVOHYRXVPrPH
/HVDOLPHQWVQHJULOOHQW /HVFRQWU{OHVGXIRXUVRQW  $VVXUH]YRXVG·HQIRQFHUODWRXFKH%52,/+,/2
SDVFRUUHFWHPHQW PDOUpJOpVJULOOHUjKDXWHEDVVHWHPSpUDWXUH
/DPDXYDLVHSRVLWLRQGHFOD\HWWH  5HSRUWH]YRXVDX*XLGHSRXUJULOOHU
HVWXWLOLVpH
%DWWHULHGHFXLVLQHQHFRQYLHQWSDV  3RXUREWHQLUGHERQVUpVXOWDWVXWLOLVH]XQXVWHQVLOHGHFXLVLQH
SRXUJULOOHU FRQoXSRXUODJULOODGH
/DVRQGHHVWEUDQFKpHGDQV  'pEUDQFKH]HWUHWLUH]ODVRQGHGXIRXU
ODSULVHGXIRXU
FHUWDLQVHQGURLWVOHFRXUDQW  3UpFKDXIIH]O·pOpPHQWGXJULOSHQGDQWPLQXWHV
WHQVLRQSHXWrWUHIDLEOH
 *ULOOH]SHQGDQWSOXVORQJWHPSVTXHODSpULRGHUHFRPPDQGpH
GDQVOH*XLGHSRXUJULOOHU
/DWHPSpUDWXUHGHFXLVVRQ /DIRQFWLRQGHFRQYHUVLRQ$XWR  &RQVXOWH]OD&RQYHUVLRQ$XWR5HFLSH
GDQVODVHFWLRQGH
SDUFRQYHFWLRQHVW 5HFLSH
HVWDFWLYpHSRXUUpGXLUH &DUDFWpULVWLTXHVVSpFLDOHVSRXUGHSOXVDPSOHVLQIRUPDWLRQV
DXWRPDWLTXHPHQWUpGXLUH DXWRPDWLTXHPHQWODWHPSpUDWXUH
GH
&)
GHFXLVVRQQRUPDOHGHV&)
SRXUODFXLVVRQSDUFRQYHFWLRQ
/DWHPSpUDWXUHGXIRXUHVW /HWKHUPRVWDWGXIRXUGRLW  5HSRUWH]YRXVjODVHFWLRQ$MXVWHUOHWKHUPRVWDWGXIRXU²
WURSFKDXGHRXWURSIURLGH rWUHDMXVWp)DLWHVOHYRXVPrPH
/DSRUWHGXIRXUHVWWRUGXH /DSRUWHHVWKRUVGHSRVLWLRQ  3XLVTXHODSRUWHGHIRXUVHUHWLUHHOOHVHGpSODFHSDUIRLVGXUDQW
O·LQVWDOODWLRQ5HWLUH]HWUHSODFH]ODSRUWHGXIRXU5HSRUWH]YRXV
 jODVHFWLRQ5HWUDLWGHODSRUWHGXIRXU
/HWLURLUGHUDQJHPHQW /HVXSSRUWGXWLURLUDUULqUH  5HSODFH]OHWLURLU&RQVXOWH]OHVLQVWUXFWLRQVGH5HWUDLWGX
HVWWRUGX UHSRVHVXUOHGHVVXVGXUDLOJXLGHWLURLUGHUDQJHPHQWGDQVODVHFWLRQ(QWUHWLHQHWQHWWR\DJHGHOD
 FXLVLQLqUH
/HWLURLUGHUDQJHPHQW /HFRUGRQSHXWREVWUXHUOHWLURLU  5HSODFH]OHWLURLUHWOHFRUGRQ&RQVXOWH]OHVLQVWUXFWLRQVGH
QHVHIHUPHSDV GDQVODSDUWLHLQIpULHXUHDUULqUH5HWUDLWGXWLURLUGHUDQJHPHQWGDQVODVHFWLRQ(QWUHWLHQHW
GHODFXLVLQLqUHQHWWR\DJHGHODFXLVLQLqUH
/HVXSSRUWGXWLURLUDUULqUH  5HSODFH]OHWLURLU&RQVXOWH]OHVLQVWUXFWLRQVGH5HWUDLWGX
UHSRVHVXUOHGHVVXVGXUDLOJXLGHWLURLUGHUDQJHPHQWGDQVODVHFWLRQ(QWUHWLHQHWQHWWR\DJHGHOD
FXLVLQLqUH
/HVJULOOHVGXIRXU /HVJULOOHVEULOODQWHVGHFRXOHXU  0HWWH]XQSHWLWPRQWDQWG·KXLOHYpJpWDOHVXUXQHVHUYLHWWH
RQWGXPDOjJOLVVHU DUJHQWpHVXUFHUWDLQVPRGqOHV HQSDSLHUHWIURWWH]OHVF{WpVGHVJULOOHVGXIRXUDYHFFHWWH
RQWpWpQHWWR\pHVGDQVOHIRXU VHUYLHWWHHQSDSLHU1HSXOYpULVH]MDPDLVGH3DP
RX
/HVJULOOHVHQSRUFHODLQH G·DXWUHOXEULILDQW
YLWULILpHJULVHVLYRWUH
FXLVLQLqUHHVWDLQVLpTXLSpH
Q·RQWSDVpWpELHQQHWWR\pHV

background
3UREOqPH &DXVHVSRVVLEOHV $FWLRQ
/·KRUORJHHWODPLQXWHULH /DILFKHQ·HVWSDVLQVpUpH  $VVXUH]YRXVGHODILFKHVRLWEUDQFKpHGDQVXQHSULVHVRXV
QHIRQFWLRQQHQWSDV HQWLqUHPHQWGDQVODSULVH WHQVLRQELHQPLVHjODWHUUH
GHFRXUDQW
8QIXVLEOHSRXUUDLWrWUHJULOOp  5HPSODFH]OHIXVLEOHRXUpLQLWLDOLVH]OHGLVMRQFWHXU
RXOHGLVMRQFWHXUDpWpGpFOHQFKp
/HVFRQWU{OHVGXIRXUVRQW  5HSRUWH]YRXVjODVHFWLRQ8WLOLVHUO·KRUORJHHWODPLQXWHULH
PDOUpJOpV
/HIRXUQHV·DXWRQHWWRLHSDV
 8QEUOHXUGHVXUIDFHHVW  eWHLJQH]OHVEUOHXUVGHVXUIDFH
HQPDUFKH
/DWHPSpUDWXUHGXIRXUHVWWURS  /DLVVH]ODFXLVLQLqUHUHIURLGLUHWUpJOH]OHVFRQWU{OHV
pOHYpHSRXUUpJOHUjO·DXWRQHWWR\DJH
/HVFRQWU{OHVGXIRXUVRQW  5HSRUWH]YRXVjODVHFWLRQ8WLOLVHUOHIRXUDXWRQHWWR\DQW
PDOUpJOpV
/DVRQGHHVWEUDQFKpHGDQV  5HWLUH]ODVRQGHGXIRXU
ODSULVHGXIRXU
6RQGHFUDTXHPHQWRX &HFLHVWOHVRQGHPpWDO  &·HVWQRUPDO
GHSpWDUDGH TXLFKDXIIHHWUHIURLGLWGXUDQW
ODFXLVVRQHWOHQHWWR\DJH
)XPpHH[FHVVLYHGXUDQW 6DOHWpH[FHVVLYH  (QIRQFH]ODWRXFKH&/($52))DQQXODWLRQDUUrW2XYUH]OHV
XQF\FOHGHQHWWR\DJH IHQrWUHVSRXUpOLPLQHUODIXPpH$WWHQGH]TXHOHYR\DQW
 /2&.('YHUURXLOOpV·pWHLJQH(VVX\H]OHVXUSOXVGHVDOHWpHW
UpLQLWLDOLVH]OHF\FOHGHQHWWR\DJH
/DSRUWHGXIRXUQHV·RXYUH
/DWHPSpUDWXUHGXIRXUHVW  /DLVVH]OHIRXUUHIURLGLUVRXVODWHPSpUDWXUHGHYHUURXLOODJH
SDVDSUqVXQF\FOHGH WURSpOHYpH
QHWWR\DJH
/HIRXUQ·HVWSDVSURSUH /HVFRQWU{OHVGXIRXUVRQW  5HSRUWH]YRXVjODVHFWLRQ8WLOLVHUOHIRXUDXWRQHWWR\DQW
DSUqVXQF\FOHGHQHWWR\DJH
PDOUpJOpV
/HIRXUpWDLWWUqVVDOH  (VVX\H]WRXWGpYHUVHPHQWLPSRUWDQWDYDQWGHODQFHUOHF\FOHGH
QHWWR\DJH/HVIRXUVWUqVVDOHVGRLYHQWVRXYHQWrWUHQHWWR\pVj
QRXYHDXHWSHQGDQWSOXVORQJWHPSV
/2&.('YHUURXLOOp /HF\FOHG·DXWRQHWWR\DJHDpWp  )HUPH]ODSRUWHGXIRXU
FOLJQRWHjO·DIILFKHXU FKRLVLPDLVODSRUWHQ·HVWSDV
IHUPpH
/HYR\DQW/2&.('HVW /DSRUWHGXIRXUHVWYHUURXLOOpH  (QIRQFH]ODWRXFKH&/($52))DQQXODWLRQDUUrW/DLVVH]OH
DOOXPpORUVTXHYRXVYRXOH]
SDUODWHPSpUDWXUHjO·LQWpULHXU IRXUUHIURLGLU
FXLVLQHU GXIRXUQ·HVWSDVHQFRUHSDVVpH
VRXVODWHPSpUDWXUHGHYHUURXLOODJH
©)³HWXQQRPEUHRX 9RXVDYH]XQFRGHG·HUUHXU  (QIRQFH]ODWRXFKH&/($52))DQQXODWLRQDUUrW5HPHWWH]OH
OHWWUHªFOLJQRWHQWj GHIRQFWLRQ IRXUHQPDUFKH
O·DIILFKHXU
6LOHFRGHGHIRQFWLRQVHUpSqWH  &RXSH]OHFRXUDQWjODFXLVLQLqUHSHQGDQWDXPRLQV
VHFRQGHVSXLVUHPHWWH]OHFRXUDQW6LOHFRGHG·HUUHXUGH
IRQFWLRQVHUpSqWHDSSHOH]OHVHUYLFH
$YDQWG·DSSHOHUOHVHUYLFH
&RQVHLOVGHGpSDQQDJH

background

ZZZHOHFWURPHQDJHUVJHFD
3UREOqPH &DXVHVSRVVLEOHV $FWLRQ
/HFRQWU{OHVLJQDOHDSUqV 9RXVDYH]RXEOLpG·HQWUHUXQH  (QIRQFH]ODWRXFKH%$.(FXLVVRQHWODWHPSpUDWXUHGpVLUpH
DYRLUHQWUpODGXUpHGH WHPSpUDWXUHGHFXLVVRQRXGH RXODWRXFKH6(/)&/($167'/2:DXWRQHWWR\DJHVWGEDVVH
FXLVVRQRXO·KHXUHGH GXUpHGHQHWWR\DJH HWODGXUpHGHQHWWR\DJHYRXOXH
GpPDUUDJH
/·DIILFKHXUV·pWHLQW 8QIXVLEOHSRXUUDLWrWUHJULOOp  5HPSODFH]OHIXVLEOHRXUpLQLWLDOLVH]OHGLVMRQFWHXU
RXOHGLVMRQFWHXUSRXUUDLWDYRLU
pWpGpFOHQFKp
/·KRUORJHHVWHQPRGHG·DUUrW  &RQVXOWH]ODVHFWLRQ)RQFWLRQVVSpFLDOHVGHYRWUHFRQWU{OHGHIRXU
/·DIILFKHXUFOLJQRWH 3DQQHGHFRXUDQW  5pLQLWLDOLVH]O·KRUORJH
,QFDSDEOHG·DIILFKHU©6)ª /HVWRXFKHVGHFRQWU{OHGX  /HVWRXFKHV%52,/+,/2JULOOHUjKDXWHEDVVHWHPSpUDWXUHHW
IRXUQ·RQWSDVpWpHQIRQFpHV %$.(FXLVVRQGRLYHQWrWUHHQIRQFpHVVLPXOWDQpPHQWSHQGDQW
FRUUHFWHPHQW VHFRQGHV
©3UREHªV·DIILFKH &HFLHVWXQUDSSHOG·HQWUHUXQH  (QWUH]XQHWHPSpUDWXUHGHVRQGH
WHPSpUDWXUHGHVRQGHDSUqVO·DYRLU
EUDQFKpH
3DQQHGHFRXUDQWKRUORJH 3DQQHGHFRXUDQWRXVXUWHQVLRQ  5pLQLWLDOLVH]O·KRUORJH6LYRXVXWLOLVLH]OHIRXUYRXV
FOLJQRWH GHYH]ODUpLQLWLDOLVHUHQHQIRQoDQWODWRXFKH&/($52))
DQQXODWLRQDUUrWSXLVHQUpJODQWO·KRUORJHHWHQUpLQLWLDOLVDQW
WRXWHIRQFWLRQGHFXLVVRQ
9DSHXUGHO·pYHQW (QXWLOLVDQWODIRQFWLRQ  &·HVWQRUPDO
FRQYH[LRQLOHVWQRUPDOGHYRLU
GHODYDSHXUVRUWLUGHO·pYHQWGX
IRXU(QDXJPHQWDQWOHQRPEUH
GHFOD\HWWHVRXODTXDQWLWp
G·DOLPHQWVjSUpSDUHUOD
TXDQWLWpGHYDSHXUYLVLEOH
DXJPHQWHUD
8QHRGHXUGH©EUOpªRX &HFLHVWQRUPDOSRXUXQQRXYHDX  3RXUDFFpOpUHUODSURFpGXUHUpJOH]XQF\FOHG·DXWRQHWWR\DJH
©G·KXLOHªVRUWGHO·pYHQW IRXUHWGLVSDUDvWDYHFOHWHPSV SHQGDQWDXPRLQVKHXUHV5HSRUWH]YRXVjODVHFWLRQ8WLOLVHU
OHIRXUDXWRQHWWR\DQW
)RUWHRGHXU 8QHRGHXUG·LVRODQWDXWRXU  &·HVWWHPSRUDLUH
GHO·LQWpULHXUGXIRXUHVWQRUPDOH
SHQGDQWOHVSUHPLqUHVXWLOLVDWLRQV
%UXLWGXYHQWLODWHXU 8QYHQWLODWHXUGHUHIURLGLVVHPHQW  &·HVWQRUPDO/HYHQWLODWHXUGHUHIURLGLVVHPHQWVHPHWWUD
RXXQYHQWLODWHXUGHFRQYH[LRQ  HQPDUFKHHWV·pWHLQGUDSRXUUHIURLGLUOHVSLqFHVLQWHUQHV,O
VHORQODIRQFWLRQXWLOLVpHSHXW SRXUUDLWFRQWLQXHUjIRQFWLRQQHUPrPHDSUqVTXHOHIRXUVRLW
VHPHWWUHHQPDUFKHHWV·pWHLQGUH pWHLQW/HYHQWLODWHXUGHFRQYH[LRQVHPHWWUDHQPDUFKHHW
DXWRPDWLTXHPHQW V·pWHLQGUDMXVTX·jFHTXHODIRQFWLRQVRLWGpVDFWLYpHRXTXHOD
SRUWHVRLWRXYHUWH
/·pFUDQLQGLTXH /DIRQFWLRQ5DQJH/RFN2XW  $VVXUH]YRXVTXHOHVFRQWU{OHVGHVEUOHXUVVRLHQW
/2&YHUURXLOODJH YHUURXLOODJHGHODFXLVLQLqUH HQSRVLWLRQ2))DUUrW$UUrWH]FHWWHIRQFWLRQSRXU
HVWDFWLYH SRXUXWLOLVHUYRWUHFXLVLQLqUH&RQVXOWH]ODVHFWLRQ
9HUURXLOODJHGHODFXLVLQLqUH
background
$FFHVVRLUHV

9RXVFKHUFKH]TXHOTXHFKRVHGHSOXV"
9RXVSRXYH]WURXYHUFHVDFFHVVRLUHVHWELHQG·DXWUHVVXUOHVLWHHOHFWURPHQDJHUVJHFDRXHQ
FRPSRVDQWOHGXUDQWOHVKHXUHVRXYUDEOHV7HQH]YRWUHQXPpURGHPRGqOHjSRUWpHGH
ODPDLQ
3UpVHUYH]O·DVSHFWpFODWDQWGHYRWUHFXLVLQHHQIDLVDQWO·H[SpULHQFHGHFHVDXWUHVSURGXLWVIDQWDVWLTXHV
3URILWH]DXPD[LPXPGHYRWUHJULOOqFKHIULWH1HSDVXWLOLVHUDYHFOHVPRGqOHVGRWpVG·XQWLURLUGHJULOORLU
8WLOLVH]OHJULOOqFKHIULWHHWVDJULOOHGHFRXYHUWXUHSRXUJULOOHUGHVKDPEXUJHUVGHVIUXLWVGHPHU
GHVVWHDNVGHVOpJXPHVGXEDFRQGHVF{WHOHWWHVHWELHQG·DXWUHVDOLPHQWV/HUpFLSLHQW
GXEDVUHFXHLOOHWRXWHVOHVKXLOHVHWOHVSURGXLWVJUDVHQH[FqV
3LqFH*(DXWKHQWLTXH
)DFLOHjQHWWR\HU
*DUDQWLHG·XQDQ
2IIUHG·XQHGXUpHOLPLWpH([SpGLWLRQJUDWXLWH
4XDQGYRXVFRPPDQGH]YRWUHJULOOqFKHIULWHGDQVOHVMRXUVTXLVXLYHQWYRWUHDFKDWG·XQDSSDUHLOPpQDJHU*(
3HWLW *UDQG ([WUD*UDQG
3LqFH :%; :%; :%;
'LPHQVLRQV SRFP/[SR SRFP/[SR SRFP/[
FP+[SRFP3 FP+[SRFP3 FP+[SRFP3
/HJUDQGQRUPDOJULOOqFKHIULWHQ·HQWUHSDVGDQVOHVFXLVLQLqUHVGHSR
/HJULOOqFKHIULWHH[WUDJUDQGQ·HQWUHSDVGDQVOHVIRXUVPXUDX[GHSRGDQVOHVSHWLWVFXLVLQqUHVGHSRHWGDQVOHVFXLVLQqUHVGHSR
$SSHOH]OHRXSDVVH]YRWUHFRPPDQGHHQHQYR\DQWFHIRUPXODLUHj
*(3DUWV)DFWRU\/DQH0RQFWRQ1%(&0
%RQGHFRPPDQGHGHJULOOqFKHIULWH
4XDQWLWpBBBBBBBBBBBBBBBBBBBB 1XPpURGHSLqFH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1XPpURGHPRGqOHBBBBBBBBBBB 1XPpURGHVpULH BBBBBBBBBBBBBBBBBBB 0DUTXH BBBBBBBBBBB 'DWHG·DFKDWBBBBBBBBBBBBB
3UpQRPBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1RP BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$GUHVVHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
9LOOHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3URYLQFHBBBBBBBB &RGHSRVWDO BBBBBBBBBBBBBBBBBBBBBBBBBB
7pOpSKRQHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &RXUULHOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&KqTXHBBB BBBBBB
3RXUFRQVXOWH]VXUOHVSUL[FRXUDQWVDSSHOH]OH7RXVOHVRUGUHVSDUODFDUWHGHFUpGLWGRLYHQWrWUHDSSHOpVYLDWpOpSKRQH
eOpPHQWVGHVXUIDFHHWFXYHWWHV
GHSURSUHWp
*ULOOHV 7rWHVHWFRXYHUFOHVGHEUOHXUV
GHVXUIDFH
eOpPHQWVGHIRXU $PSRXOHV
RX
%RXWRQV
*ULOOHVGHIRXU
:;;*&6
:;;
:;;
30;
7URXVVHGHQHWWR\DJHGH
WDEOHGHFXLVVRQ
HQYLWURFpUDPLTXH
FRPSUHQGXQQHWWR\DQW
XQUDFORLUHWXQWDPSRQ
&KLIIRQVGH
QHWWR\DJHSRXU
WDEOHGHFXLVVRQ
HQYLWURFpUDPLTXH
&KLIIRQVGH
SROLVVDJHSRXU
pOHFWURPpQDJHUV
HQDFLHULQR[\GDEOH
1HWWR\DQWSRXU
pOHFWURPpQDJHUV
HQDFLHULQR[\GDEOH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
background

/HVGpSODFHPHQWVGXVHUYLFHSRXUYRXVHQVHLJQHUFRPPHQW
XWLOLVHUOHSURGXLW
0DXYDLVHLQVWDOODWLRQOLYUDLVRQRXPDLQWHQDQFH
'pIDLOODQFHRXGRPPDJHGXSURGXLWV·LOHVWPDOWUDLWpPDO
XWLOLVpPRGLILpXWLOLVpjG·DXWUHVILQVTXHO·XVDJHSUpYXRX
XWLOLVpFRPPHUFLDOHPHQW
5HPSODFHPHQWGHVIXVLEOHVUpVLGHQWLHOOHVRXUpLQLWLDOLVDWLRQ
GHVGLVMRQFWHXUV
'RPPDJHVDXSURGXLWVXLWHjXQDFFLGHQWLQFHQGLH
LQRQGDWLRQVRXIRUFHPDMHXUH
'RPPDJHVLQGLUHFWVRXFRQVpFXWLIVFDXVpVSDUGHVGpIDXWV
SRVVLEOHVGHO·DSSDUHLO
'RPPDJHVDSUqVODOLYUDLVRQ
/HVHUYLFHV·LOHVWLPSRVVLEOHG·DYRLUDFFqVDXSURGXLWSRXU
FHIDLUH
&HTXH0DEHQHFRXYUHSDV
*DUDQWLHGHODFXLVLQLqUHDXJD]*(
7RXVOHVVHUYLFHVVRXVJDUDQWLHVRQWIRXUQLVSDUQRVFHQWUHV
GHVHUYLFHRXXQWHFKQLFLHQGHVHUYLFHDXWRULVpjODFOLHQWqOH3RXUOH
VHUYLFHFRPSRVH]OH9HXLOOH]IRXUQLUOHQXPpURGH
VpULHHWOHQXPpURGHPRGqOHORUVTXHYRXVDSSHOH]SRXUREWHQLUOH
VHUYLFH
$JUDIH]YRWUHUHoXLFL/D
SUHXYHGHGDWHG·DFKDWRULJLQDO
HVWQpFHVVDLUHSRXUREWHQLU
O·HQWUHWLHQHWOHVUpSDUDWLRQV
VRXVODJDUDQWLH
3RXUODSpULRGHGH0DEHUHPSODFHUD
8QDQ 7RXWHSLqFHGHODFXLVLQLqUHTXLFRQQDvWXQHGpIDLOODQFHVXLWHjXQGpIDXWGHPDWpULDX
'HODGDWHGH RXGHIDEULFDWLRQ'XUDQWFHWWHDQQpHGHJDUDQWLHOLPLWpH0DEHIRXUQLUDDXVVLVDQVIUDLV
O·DFKDWRULJLQDO WRXVOHVVHUYLFHVjODPDLVRQHWWRXVOHVIUDLVGHPDLQG·RHXYUHSRXUUHPSODFHUODSLqFH
GpIHFWXHXVH
(;&/86,21'(*$5$17,(6,03/,&,7(6²9RWUHVHXOHWXQLTXHUHFRXUVHVWODUpSDUDWLRQGXSURGXLWVHORQ
OHVGLVSRVLWLRQVGHFHWWH*DUDQWLHOLPLWpH7RXWHVOHVJDUDQWLHVLPSOLFLWHVLQFOXDQWOHVJDUDQWLHVGH
FRPPHUFLDOLWpHWG·DGpTXDWLRQjXQXVDJHVSpFLILTXHVRQWOLPLWpHVjXQHDQQpHRXjODSpULRGHODSOXV
FRXUWHDXWRULVpHSDUODOpJLVODWLRQ
&HWWHJDUDQWLHHVWRIIHUWHjO·DFKHWHXULQLWLDODLQVLTX·jWRXWSURSULpWDLUHVXEVpTXHQWG·XQSURGXLWDFKHWp
HQYXHG·XQHXWLOLVDWLRQGRPHVWLTXHDX&DQDGD/HVHUYLFHjGRPLFLOHHQYHUWXGHODJDUDQWLHVHUDIRXUQL
GDQVOHVUpJLRQVRLOHVWGLVSRQLEOHHWR0DEHHVWLPHUDLVRQQDEOHGHOHIRXUQLU
&HUWDLQHVSURYLQFHVQ·DXWRULVHQWSDVO·H[FOXVLRQRXODOLPLWDWLRQGHVGRPPDJHVLQGLUHFWVODOLPLWDWLRQRXO·H[FOXVLRQ
QHYRXVVRQWSDVDSSOLFDEOHV&HWWHJDUDQWLHYRXVFRQIqUHGHVGURLWVVSpFLILTXHVHWYRXVGLVSRVH]GHGURLWV
VXSSOpPHQWDLUHVTXLYDULHQWG·XQHSURYLQFHjO·DXWUH3RXUHQVDYRLUSOXVVXUOHVGURLWVTXLYRXV
VRQWFRQIpUpVSRXUXQHSURYLQFHGRQQpHFRQVXOWH]OHEXUHDXG·LQIRUPDWLRQVSRXUOHVFRQVRPPDWHXUV
OHSOXVSURFKHRXOHSURFXUHXUGHYRWUHSURYLQFH
*DUDQW0DEH&DQDGD,QF
%XUOLQJWRQ2QWDULR
background
,PSULPpDX[eWDWV8QLV
6RXWLHQjODFOLHQWqOH
6LWH:HEDSSDUHLOVpOHFWURPpQDJHUV*(
ZZZHOHFWURPHQDJHUVJHFD
9RXVDYH]XQHTXHVWLRQRXYRXVDYH]EHVRLQG·DLGHSRXUYRWUHDSSDUHLOpOHFWURPpQDJHU"&RQWDFWH]QRXVSDU
,QWHUQHWDXVLWHZZZHOHFWURPHQDJHUVJHFDKHXUHVSDUMRXUWRXVOHVMRXUVGHO·DQQpH
6HUYLFHGHUpSDUDWLRQV 
6HUYLFHGHUpSDUDWLRQV*(HVWWRXWSUqVGHYRXV
3RXUIDLUHUpSDUHUYRWUHpOHFWURPpQDJHU*(LOVXIILWGHQRXVWpOpSKRQHUDX
6WXGLRGHFRQFHSWLRQUpDOLVWH
6XUGHPDQGH*(SHXWIRXUQLUXQHEURFKXUHVXUO·DPpQDJHPHQWG·XQHFXLVLQHSRXUOHVSHUVRQQHV
jPRELOLWpUpGXLWH
eFULYH] 'LUHFWHXU5HODWLRQVDYHFOHVFRQVRPPDWHXUV0DEH&DQDGD,QF
%XUHDX)DFWRU\/DQH
0RQFWRQ1%(&0
3URORQJDWLRQGHJDUDQWLH ZZZHOHFWURPHQDJHUVJHFD
$FKHWH]XQFRQWUDWG·HQWUHWLHQ*(DYDQWTXHYRWUHJDUDQWLHQ·H[SLUHHWEpQpILFLH]G·XQUDEDLVVXEVWDQWLHO$LQVL
OHVHUYLFHDSUqVYHQWH*(VHUDWRXMRXUVOjDSUqVH[SLUDWLRQGHODJDUDQWLH
9LVLWH]QRWUHVLWH:HERXDSSHOH]QRXVDX
3LqFHVHWDFFHVVRLUHV
&HX[TXLGpVLUHQWUpSDUHUHX[PrPHVOHXUVpOHFWURPpQDJHUVSHXYHQWUHFHYRLUSLqFHVHWDFFHVVRLUHVGLUHFWHPHQWj
ODPDLVRQFDUWHV9,6$0DVWHU&DUGHW'LVFRYHUDFFHSWpHV
/HVGLUHFWLYHVVWLSXOpHVGDQVOHSUpVHQWPDQXHOSHXYHQWrWUHHIIHFWXpHVSDUQ·LPSRUWHTXHOXWLOLVDWHXU/HV
DXWUHVUpSDUDWLRQVGRLYHQWJpQpUDOHPHQWrWUHHIIHFWXpHVSDUXQWHFKQLFLHQTXDOLILp6R\H]SUXGHQWFDUXQH
UpSDUDWLRQLQDGpTXDWHSHXWDIIHFWHUOHIRQFWLRQQHPHQWVpFXULWDLUHGHO·DSSDUHLO
9RXVWURXYHUH]GDQVOHVSDJHVMDXQHVGHYRWUHDQQXDLUHOHQXPpURGX&HQWUHGHVHUYLFH0DEHOHSOXVSURFKH
&RQWDFWH]QRXV
6LYRXVQ·rWHVSDVVDWLVIDLWGXVHUYLFHDSUqVYHQWHGRQWYRXVDYH]EpQpILFLp
3UHPLqUHPHQWFRPPXQLTXH]DYHFOHVJHQVTXLRQWUpSDUpYRWUHDSSDUHLO
(QVXLWHVLYRXVQ·rWHVWRXMRXUVSDVVDWLVIDLWHQYR\H]WRXVOHVGpWDLOV²QXPpURGHWpOpSKRQHFRPSULV²DX
'LUHFWHXU5HODWLRQVDYHFOHVFRQVRPPDWHXUV0DEH&DQDGD,QF
%XUHDX)DFWRU\/DQH
0RQFWRQ1%(&0
,QVFULYH]YRWUHDSSDUHLOpOHFWURPpQDJHU ZZZHOHFWURPHQDJHUVJHFD
,QVFULYH]YRWUHDSSDUHLOpOHFWURPpQDJHUHQGLUHFWDXVVLW{WTXHSRVVLEOH&HODDPpOLRUHUDQRVFRPPXQLFDWLRQVHW
QRWUHVHUYLFHDSUqVYHQWH9RXVSRXYH]pJDOHPHQWQRXVHQYR\HUSDUODSRVWHOHIRUPXODLUHG·LQVFULSWLRQMRLQWj
YRWUHGRFXPHQWDWLRQ
background
,QVWUXFFLRQHVGH6HJXULGDG²
,QVWUXFFLRQHVGH2SHUDFLyQ
$VDGR*XtDGHDVDGR 
$XWROLPSLH]D 
%ORTXHRGHFRFLQD
%ORTXHRGHFRQWURO
&DOHQWDPLHQWR
&DUDFWHUtVWLFDV
HVSHFLDOHV²
&RQYHFFLyQ²
)XQFLyQ6DEEDWK  
+RUQHDGRRURVWL]DGR
+RUQHDGR\URVWL]DGRFRQ
WHPSRUL]DGRU
+RUQR²
/HXGDU
4XHPDGRUHV
GHVXSHUILFLH
5HFLSLHQWHVGHFRFFLyQ
5HORM\WHPSRUL]DGRU
6RQGD
7HUPRVWDWR
&XLGDGR\OLPSLH]D
&DMyQGHDOPDFHQDPLHQWR
&LQWDGHHPEDODMH
)RFRVGHOX]
3DQHOGHFRQWURO
3DUULOODV 
3HULOODV 
3LVR
3XHUWD
3XHUWDGHOKRUQRGHVPRQWDEOH
5HMLOODVGHORVTXHPDGRUHV
\SDUULOODGHYHQWLODFLyQ
6XSHUILFLHGHODQDIH
6XSHUILFLHVGHDFHURLQR[LGDEOH 
6XSHUILFLHVSLQWDGDV
7DSDV\FDEH]DOHVGH
ORVTXHPDGRUHV
9HQWLODFLyQ
&RQVHMRVSDUDGHWHFFLyQ
GHSUREOHPDV²
$FFHVRULRV
$WHQFLyQDOFOLHQWH
$WHQFLyQDOFOLHQWH
*DUDQWtD  
3*6
3*6
-*63
0DQXDOGH
3URSLHWDULR
(VFULEDORVQ~PHURVGH
PRGHOR\GHVHULHDTXt
0RGHOR
BBBBBBBBBBBBB
6HULHBBBBBBBBBBBBBBB
3XHGHHQFRQWUDUORVHQXQD
HWLTXHWDXELFDGDGHWUiVGHOD
SXHUWDGHOKRUQRHQHOH[WUHPR
L]TXLHUGRLQIHULRUGHOPDUFRGHOD
FRFLQD
&RFLQDV
$JDVHPSRWUDEOHV
*($SSOLDQFHVFRP
background

,1)250$&,Ï1,03257$17('(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(86$5(/$57()$&72
³ 1RDOPDFHQHRXVHJDVROLQDXRWURV
YDSRUHVROtTXLGRVLQIODPDEOHVFHUFDGH
HVWHRFXDOTXLHURWURDUWHIDFWR
³ 1RLQVWDOHHVWHSURGXFWRFRQXQDFDPSDQD
FRQFRUWLQDGHDLUHXRWUDFDPSDQDGH
FRFLQDTXHOOHYHDLUHDODSODFDGHFRFFLyQ
(OIOXMRGHDLUHSRGUiLQWHUIHULUHQHO
IXQFLRQDPLHQWRGHORVTXHPDGRUHVGH
JDVSURGXFLHQGRULHVJRVGHLQFHQGLRR
H[SORVLyQ
³
48e+$&(56,+8(/(*$6
1RWUDWHGHHQFHQGHUQLQJ~QDUWHIDFWR
1RWRTXHQLQJ~QLQWHUUXSWRUHOpFWULFRQL
XWLOLFHQLQJ~QWHOpIRQRHQVXHGLILFLR
,QPHGLDWDPHQWHOODPHDVXSURYHHGRU
GHJDVGHVGHHOWHOpIRQRGHXQYHFLQR
6LJDODVLQVWUXFFLRQHVGHOSURYHHGRUGH
JDV

6LQRSXHGHFRPXQLFDUVHFRQHOSURYHHGRU
GHJDVOODPHDOGHSDUWDPHQWRGH
ERPEHURV
³ /DLQVWDODFLyQ\VHUYLFLRWpFQLFRGHEHQ
UHDOL]DUORVXQLQVWDODGRUFDOLILFDGRXQD
DJHQFLDGHVHUYLFLRRHOSURYHHGRUGHJDV
$'9(57(1&,$ 6LOD
LQIRUPDFLyQGHHVWHPDQXDOQRVHVLJXH
DOSLHGHODOHWUDSXHGHRFDVLRQDUVHXQ
LQFHQGLRRXQDH[SORVLyQJHQHUDQGR
GDxRVDODSURSLHGDGOHVLRQHVSHUVRQDOHV
RODPXHUWH
background
,1)250$&,Ï1'(6(*85,'$',03257$17(
/DOH\VREUHDJXDVSRWDEOHV\Wy[LFRVH[LJHTXHHO*REHUQDGRUGH&DOLIRUQLDSXEOLTXHXQDOLVWDGHVXVWDQFLDVTXHVHJ~Q
HOHVWDGRSURYRTXHQGHIHFWRVFRQJpQLWRVXRWURVGDxRVUHSURGXFWLYRV\H[LJHDODVHPSUHVDVTXHDGYLHUWDQDORVFOLHQWHV
VREUHODH[SRVLFLyQSRWHQFLDODGLFKDVVXVWDQFLDV
/RVDUWHIDFWRVGHJDVSXHGHQSURYRFDUXQDH[SRVLFLyQPtQLPDDHVWDVVXVWDQFLDVDVDEHUEHQFHQRPRQy[LGRGH
FDUERQRIRUPDOGHKtGR\KROOtQJHQHUDGRVSULQFLSDOPHQWHSRUODFRPEXVWLyQLQFRPSOHWDGHJDVQDWXUDORFRPEXVWLEOHV
/3/RVTXHPDGRUHVELHQDMXVWDGRVLQGLFDGRVSRUXQDOODPDD]XOLQDHQOXJDUGHDPDULOODPLQLPL]DUiQXQDFRPEXVWLyQ
LQFRPSOHWD/DH[SRVLFLyQDHVWDVVXVWDQFLDVSXHGHPLQLPL]DUVHYHQWLODQGRFRQXQDYHQWDQDDELHUWDRXVDQGRXQD
FDPSDQDRYHQWLODGRU
/DDLVODFLyQGHILEUDGHYLGULRGHORVKRUQRVDXWROLPSLDQWHVHPLWHXQDSHTXHxDFDQWLGDGGHPRQy[LGRGHFDUERQR
GXUDQWHHOFLFORGHOLPSLH]D/DH[SRVLFLyQSXHGHPLQLPL]DUVHYHQWLODQGRFRQXQDYHQWDQDDELHUWDRXVDQGRXQDFDPSDQD
RYHQWLODGRU

£$'9(57(1&,$
3DUDVXVHJXULGDGODLQIRUPDFLyQGHHVWHPDQXDOGHEHVHJXLUVHDOSLHGHODOHWUDDILQGH
PLQLPL]DUHOULHVJRGHLQFHQGLRRH[SORVLyQGHVFDUJDHOpFWULFDRSDUDSUHYHQLUGDxRVOHVLRQHV
SHUVRQDOHVRODPXHUWH
*($SSOLDQFHVFRP
',6326,7,92$17,92/&$'85$6
3DUDUHGXFLUHOULHVJRGHYROFDU
ODFRFLQDpVWDGHEHVXMHWDUVH
PHGLDQWHXQVRSRUWHDQWL
YROFDGXUDVFRQXQDDGHFXDGD
LQVWDODFLyQ9HUODVLQVWUXFFLRQHVGH
LQVWDODFLyQHQYLDGDVFRQHOVRSRUWH
SDUDREWHQHUGHWDOOHVFRPSOHWRV
DQWHVGHLQLFLDUODLQVWDODFLyQ
3DUD&RFLQDV6LQ$SR\R\
'HVOL]DEOHVV
3DUDFRQWURODUVLHOVRSRUWHHV
LQVWDODGR\DMXVWDGRGHIRUPD
DSURSLDGDPLUHTXHGHEDMRGH
ODFRFLQDODSDWDQLYHODGRUDWUDVHUDHVWpDMXVWDGDDOVRSRUWH(QDOJXQRVPRGHORVHO
FDMyQGHDOPDFHQDPLHQWRRHOSDQHOGHSURWHFFLyQVHSXHGHQUHWLUDUSDUDXQDIiFLO
LQVSHFFLyQ 6LQRHVSRVLEOHUHDOL]DUXQDLQVSHFFLyQYLVXDOGHVOLFHODFRFLQDKDFLD
DGHODQWHFRQILUPHTXHHOVRSRUWHDQWLYROFDGXUDVHVWpDMXVWDGRGHIRUPDVHJXUDDO
SLVRRODSDUHG\GHVOLFHODFRFLQDKDFLDDWUiVGHPRGRTXHODSDWDQLYHODGRUDWUDVHUD
VHHQFXHQWUHGHEDMRGHOVRSRUWHDQWLYROFDGXUDV
6LODFRFLQDHVH[SXOVDGDGHODSDUHGSRUDOJXQDUD]yQVLHPSUHUHSLWDHVWHSURFHGLPLHQWRDILQ
GHYHULILFDUTXHHVWpDVHJXUDGRGHIRUPDFRUUHFWDFRQXQVRSRUWHDQWLYROFDGXUDV
1XQFDTXLWHODVSDWDVGHQLYHODFLyQSRUFRPSOHWR\DTXHODFRFLQDQRTXHGDUiELHQ
VXMHWDDOGLVSRVLWLYRDQWLYROFDGXUDV
&RFLQDV(PSRWUDEOHV
3DUDFRQWURODUVLHOVRSRUWHHVWiLQVWDODGR\FRQHFWDGRFRUUHFWDPHQWHGHVOLFHOD
FRFLQDKDFLDDGHODQWHFRQILUPHTXHHOVRSRUWHDQWLYROFDGXUDVHVWpDGKHULGRGH
IRUPDVHJXUDDODSDUWHWUDVHUDGHODFRFLQD\GHVOLFHHVWD~OWLPDKDFLDDWUiVGH
PRGRTXHHOVRSRUWHDQWLYROFDGXUDVVHGHVOLFHSRUGHEDMRGHOPRVWUDGRUREORTXHGH
PDGHUDDGMXQWRDODSDUHGWUDVHUD
6LXVWHGQRUHFLELyXQVRSRUWHDQWLYROFDGXUDVFRQVXFRPSUDOODPHDO
SDUDUHFLELUXQRVLQFRVWRDOJXQRHQ&DQDGiOODPHDO3DUDFRQVXOWDU
LQVWUXFFLRQHVGHLQVWDODFLyQGHOVRSRUWHYLVLWH*($SSOLDQFHVFRPHQ&DQDGi
*($SSOLDQFHVFD
Un niño o adulto pueden volcar la cocina y morir.
Verifique que el soporte anti-volcaduras se haya
instalado y ajustado correctamente.
Verifique que el soporte anti-volcaduras se haya
instalado y ajustado correctamente.
No utilice la cocina sin que el soporte anti-volcaduras
esté colocado y ajustado.
Si estas instrucciones no se siguen, como resultado se podrá
producir la muerte o quemaduras graves de niños y adultos.
Riesgo de Volcaduras
ADVERTENCIA
Pared Trasera
Horno
Soporte
Anti-Volcaduras
Base o Bloque de
Madera Negra
&RFLQDV6LQ$SR\R\'HVOL]DEOHV
&RFLQDV(PSRWUDEOHV
6RSRUWH$QWL
9ROFDGXUDV
3DWD1LYHODGRUD
background

,1)250$&,Ï1,03257$17('(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(86$5(/$57()$&72
£$'9(57(1&,$
8VHHVWHDUWHIDFWRVRORFRQHOREMHWLYRSDUD
HOTXHIXHFUHDGRFRPRVHGHVFULEHHQHVWH
0DQXDOGH3URSLHWDULR
$VHJ~UHVHGHTXHXQWpFQLFRFDOLILFDGRKD\D
LQVWDODGR\FRQHFWDGRDWLHUUDHODUWHIDFWRGH
DFXHUGRFRQODVLQVWUXFFLRQHVGHLQVWDODFLyQ
VXPLQLVWUDGDV
$QWHVGHUHDOL]DUFXDOTXLHUFODVHGHUHSDUDFLyQ
GHVFRQHFWHODFRQH[LyQHOpFWULFDGHODFRFLQD
GHVGHHOSDQHOGHGLVWULEXFLyQGRPpVWLFD
TXLWDQGRHOIXVLEOHRGHVFRQHFWDQGRHOGLV\XQWRU
6ROLFLWHDOLQVWDODGRUTXHOHPXHVWUHODXELFDFLyQ
GHOGLV\XQWRURIXVLEOH0iUTXHORSDUDXQDIiFLO
UHIHUHQFLD
1RGHMHDORVQLxRVVRORVpVWRVQRGHEHQTXHGDU
VRORVRVLQDWHQFLyQHQXQiUHDGRQGHXQ
DUWHIDFWRHVWpHQXVR1XQFDGHEHSHUPLWLUVH
TXHVHVLHQWHQRVHSDUHQHQFXDOTXLHUSDUWHGH
HVWHDUWHIDFWR
6ROLFLWHDOLQVWDODGRUTXHOHPXHVWUHODXELFDFLyQ
GHODYiOYXODGHDSDJDGRGHOJDVGHODFRFLQD\
FyPRDSDJDUODFXDQGRVHDQHFHVDULR
+DJDTXHXQWpFQLFRFDOLILFDGRLQVWDOHVX
FRFLQD\ODFRQHFWHDWLHUUDGHDFXHUGRFRQODV
,QVWUXFFLRQHVGHLQVWDODFLyQ&XDOTXLHUDMXVWHR
UHSDUDFLyQGHEHUHDOL]DUODVyORXQLQVWDODGRUGH
FRFLQDVFDOLILFDGRRXQWpFQLFRGHVHUYLFLR
8ELTXHHODUWHIDFWROHMRVGHODFLUFXODFLyQGHOD
FRFLQD\IXHUDGHODVXELFDFLRQHVFRQFRUULHQWH
GHDLUHSDUDHYLWDUXQDSREUHFLUFXODFLyQGHDLUH
$VHJ~UHVHGHTXLWDUGHODFRFLQDWRGRVORV
PDWHULDOHVGHHPSDTXHDQWHVGHSRQHUODHQ
IXQFLRQDPLHQWRSDUDHYLWDUGDxRVSURYRFDGRV
SRULQFHQGLRVRKXPRVLHOPDWHULDOGHHPSDTXH
VHSUHQGLHUDIXHJR
1RGHMHQLxRVVRORVRVLQDWHQFLyQFXDQGR
XQDFRFLQDHVWiFDOLHQWHRHQIXQFLRQDPLHQWR
3RGUtDQVXIULUJUDYHVTXHPDGXUDV
1RLQWHQWHUHSDUDURFDPELDUQLQJXQDSLH]DGH
VXFRFLQDDPHQRVTXHHVWpHVSHFtILFDPHQWH
UHFRPHQGDGRHQHVWHPDQXDO&XDOTXLHURWUR
VHUYLFLRGHEHUHDOL]DUORXQWpFQLFRFDOLILFDGR
$VHJ~UHVHGHTXHXQWpFQLFRRLQVWDODGRU
FDOLILFDGRDMXVWHVXFRFLQDFRUUHFWDPHQWHDOWLSR
GHJDVQDWXUDOR/3TXHVHXWLOL]DUi6XFRFLQD
SXHGHFRQYHUWLUVHSDUDSRGHUXWLOL]DUVHFRQ
FXDOTXLHUWLSRGHJDV&RQVXOWHODV,QVWUXFFLRQHV
GHLQVWDODFLyQLQFOXLGDVFRQODFRFLQD
 (QFKXIHVXFRFLQDVRORHQXQWRPDFRUULHQWH
FRQFRQH[LyQDWLHUUDGHYROWLRV1RTXLWH
ODSDWDGHFRQH[LyQDWLHUUDUHGRQGDGHO
HQFKXIH6LWLHQHGXGDVVREUHODFRQH[LyQ
DWLHUUDGHOVLVWHPDHOpFWULFRKRJDUHxRHV
VXUHVSRQVDELOLGDGSHUVRQDO\VXREOLJDFLyQ
UHHPSOD]DUXQWRPDFRUULHQWHVLQFRQH[LyQD
WLHUUDSRUXQWRPDFRUULHQWHFRUUHFWDPHQWH
FRQHFWDGRDWLHUUDGHWUHVSDWDVGHDFXHUGR
FRQHO&yGLJR(OpFWULFR1DFLRQDO((88
1RXWLOLFHXQFDEOHGHH[WHQVLyQFRQHVWH
DUWHIDFWR
$'9(57(1&,$
8QWpFQLFR
FDOLILFDGRGHEHUHDOL]DUHVWRVDMXVWHV
GHDFXHUGRFRQODVLQVWUXFFLRQHVGHO
IDEULFDQWH\WRGRVORVFyGLJRV\
UHTXHULPLHQWRVGHODDXWRULGDGFRPSHWHQWH
1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGH
SURYRFDUOHVLRQHVJUDYHV\GDxRVDOD
SURSLHGDG/DDJHQFLDFDOLILFDGDDFDUJR
GHHVWHWUDEDMRDVXPHODUHVSRQVDELOLGDGGH
ODFRQYHUVLyQ
&RQVHUYHODFDPSDQD\ILOWURVGHJUDVDOLPSLRV
SDUDPDQWHQHUXQDEXHQDYHQWLODFLyQ\SDUD
HYLWDULQFHQGLRVSURYRFDGRVSRUODJUDVD
(QVHxHDORVQLxRVTXHQRGHEHQMXJDUFRQORV
FRQWUROHVXRWUDVSLH]DVGHODFRFLQD
6LHPSUHPDQWHQJDUHSDVDGRUHVDJDUUDGHUDV
\RWUDVWHODVDXQDGLVWDQFLDSUXGHQFLDOGHOD
FRFLQD
&XDQGRVHXVHQDUWHIDFWRVHOpFWULFRVVLHPSUHGHEHQVHJXLUVHSUHFDXFLRQHVEiVLFDVGHVHJXULGDG
LQFOX\HQGRODVVLJXLHQWHV
35(&$8&,21(6'(6(*85,'$'
background

6LHPSUHPDQWHQJDXWHQVLOLRVGHPDGHUD
\SOiVWLFR\DOLPHQWRVHQODWDGRVDXQDGLVWDQFLD
SUXGHQFLDOGHODFRFLQD
6LHPSUHPDQWHQJDODVFREHUWXUDVGHSDUHG
FRPEXVWLEOHVFRUWLQDVRSHUVLDQDVDXQD
GLVWDQFLDSUXGHQFLDOGHVXFRFLQD
1ROLPSLHODFRFLQDFRQIOXLGRVGHOLPSLH]D
LQIODPDEOHVRYROiWLOHV
'HVSXpVGHXQXVRSURORQJDGRGHXQDFRFLQD
SXHGHQJHQHUDUVHWHPSHUDWXUDVHOHYDGDV\
PXFKRVUHYHVWLPLHQWRVGHSLVRVQRUHVLVWHQ
HVWDFODVHGHXVR1XQFDLQVWDOHODFRFLQDVREUH
EDOGRVDVGHYLQLORROLQyOHRTXHQRVRSRUWHQ
HVDFODVHGHXVR1XQFDODLQVWDOHGLUHFWDPHQWH
VREUHDOIRPEUDVGHFRFLQD
(YLWHUD\DUHODQDIHFRQLQVWUXPHQWRVILORVRVR
FRQDQLOORVXRWUDVMR\DV
1RSHUPLWDTXHQDGLHVHVXEDVHSDUHR
FXHOJXHGHODSXHUWDGHOKRUQRHOFDMyQGH
DOPDFHQDPLHQWRRHODQDIH3RGUtDQGDxDUOD
FRFLQDHLQFOXVRYROFDUODSURYRFDQGRJUDYHV
OHVLRQHVSHUVRQDOHV
35(&$8&,Ï1&LHUWRVHOHPHQWRV
GHLQWHUpVSDUDORVQLxRVQRGHEHQ
DOPDFHQDUVHHQJDELQHWHVXELFDGRVSRU
HQFLPDGHXQDFRFLQDRHQHOVDOSLFDGHURGH
XQDFRFLQDORVQLxRVTXHVHVXEDQDOD
FRFLQDSDUDDOFDQ]DUHOHPHQWRVSRGUtDQ
UHVXOWDUKHULGRV
3DUDVXVHJXULGDGQXQFDXWLOLFHVXDUWHIDFWR
SDUDFDOHQWDUODKDELWDFLyQ
/RVJUDQGHVUD\RQHVRLPSDFWRVHQODVSXHUWDV
GHYLGULRSXHGHQURPSHURWUL]DUHOYLGULR
1ROLPSLHODFRFLQDFXDQGRHODUWHIDFWRHVWpHQ
XVR
1XQFDXVHYHVWLPHQWDVKROJDGDVRDPSOLDV
PLHQWUDVXWLOLFHHVWHDUWHIDFWR7HQJD
FXLGDGRFXDQGRWUDWHGHDOFDQ]DUHOHPHQWRV
DOPDFHQDGRVHQJDELQHWHVXELFDGRVVREUHOD
FRFLQD(OPDWHULDOLQIODPDEOHSXHGHLQFHQGLDUVH
VLHQWUDHQFRQWDFWRGLUHFWRFRQOODPDVRODV
VXSHUILFLHVFDOLHQWHVGHOKRUQRORTXHSXHGH
SURYRFDUTXHPDGXUDVJUDYHV
1RDOPDFHQHPDWHULDOHVLQIODPDEOHVHQ
HOKRUQRHOFDMyQGHDOPDFHQDPLHQWR
RFHUFDGHODQDIH
1RDOPDFHQHRXVHPDWHULDOHVFRPEXVWLEOHV
JDVROLQDXRWURVYDSRUHVROtTXLGRVLQIODPDEOHV
FHUFDGHHVWHRFXDOTXLHURWURDUWHIDFWR
1RSHUPLWDTXHODJUDVDGHODFRFFLyQXRWURV
PDWHULDOHVLQIODPDEOHVVHDFXPXOHQGHQWURGH
ODFRFLQDRHQVXFHUFDQtD
1RXWLOLFHDJXDHQLQFHQGLRVGHJUDVD1XQFD
OHYDQWHXQDVDUWpQHQOODPDV$SDJXHORV
FRQWUROHV$SDJXHXQDVDUWpQHQOODPDVVREUH
XQDKRUQDOODGHVXSHUILFLHFXEULHQGRODVDUWpQ
SRUFRPSOHWRFRQXQDWDSDTXHVHDMXVWHELHQ
XQDSODQFKDSDUDJDOOHWDVRXQDEDQGHMDSODQD
8WLOLFHXQTXtPLFRVHFRPXOWLXVRRXQH[WLQWRU
GHLQFHQGLRVGHHVSXPD
/DJUDVDHQOODPDVIXHUDGHXQDVDUWpQSXHGH
DSDJDUVHFXEULpQGRODFRQELFDUERQDWRGH
VRGLRRVLHVWXYLHUDGLVSRQLEOHXQTXtPLFRVHFR
PXOWLXVRRXQH[WLQWRUGHLQFHQGLRVGHHVSXPD
/DVOODPDVGHQWURGHOKRUQRSXHGHQDSDJDUVH
SRUFRPSOHWRFHUUDQGRODSXHUWDGHOKRUQR\
DSDJDQGRHOFRQWURORXVDQGRXQTXtPLFRVHFR
PXOWLXVRRXQH[WLQWRUGHLQFHQGLRVGHHVSXPD
'HMHTXHODVUHMLOODVGHORVTXHPDGRUHV
\RWUDVVXSHUILFLHVVHHQIUtHQDQWHVGHWRFDUODVR
GHMDUODVGRQGHORVQLxRVSXHGDQDOFDQ]DUODV
1XQFDEORTXHHODYHQWLODFLyQRULILFLRV
GHYHQWLODFLyQGHODFRFLQD2IUHFHXQDHQWUDGD
\VDOLGDGHDLUHTXHUHVXOWDQQHFHVDULDVSDUD
TXHODFRFLQDIXQFLRQHGHPDQHUDDGHFXDGD
FRQXQDFRPEXVWLyQFRUUHFWD/DVDSHUWXUDV
GHDLUHHVWiQXELFDGDVHQODSDUWHWUDVHUDGHO
DQDIHHQODVSDUWHVVXSHULRUHVHLQIHULRUHVGH
ODSXHUWDGHKRUQR\HQODSDUWHLQIHULRUGHOD
FRFLQDEDMRHOFDMyQGHDOPDFHQDPLHQWRR
SDQHOGHSURWHFFLyQ
1ROHYDQWHHODQDIH/HYDQWDUHODQDIH
SXHGHSURYRFDUGDxRV\XQIXQFLRQDPLHQWR
LQDGHFXDGRGHODFRFLQD
35(&$8&,21(6'(6(*85,'$'
$'9(57(1&,$
181&$
XVHHVWHDUWHIDFWRFRPRXQDHVWXIDSDUDFDOHQWDU
ODKDELWDFLyQ(VDDFFLyQSXHGHSURYRFDU
HQYHQHQDPLHQWRSRUPRQy[LGRGHFDUERQR\HO
VREUHFDOHQWDPLHQWRGHODQDIHXKRUQR
*($SSOLDQFHVFRP
background

,1)250$&,Ï1,03257$17('(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(86$5(/$57()$&72
48(0$'25(6'(683(5),&,(
8WLOLFHUHFLSLHQWHVGHOWDPDxRDGHFXDGRHYLWHUHFLSLHQWHVLQHVWDEOHVRTXHVHYXHOFDQFRQIDFLOLGDG(OLMDUHFLSLHQWHVGH
FRFFLyQFRQEDVHVSODQDVORVXILFLHQWHPHQWHJUDQGHVSDUDFXEULUODVUHMLOODVGHORVTXHPDGRUHV3DUDHYLWDUGHUUDPHV
YHULILTXHTXHORVUHFLSLHQWHVGHFRFFLyQVHDQORVXILFLHQWHPHQWHJUDQGHVSDUDFRQWHQHUORVDOLPHQWRVGHPDQHUD
DGHFXDGD(VWRDKRUUDUiWLHPSRGHOLPSLH]D\HYLWDUiSHOLJURVDVDFXPXODFLRQHVGHDOLPHQWRV\DTXHODVVDOSLFDGXUDV
\GHUUDPHVTXHTXHGHQHQODFRFLQDSXHGHQSUHQGHUVHIXHJR8WLOLFHUHFLSLHQWHV\PDQLMDVTXHSXHGDQWRPDUVHFRQ
IDFLOLGDG\QRVHFDOLHQWHQ
6LHPSUHXWLOLFHODSRVLFLyQ/,7(HQFHQGHUFXDQGR
HQFLHQGDORVTXHPDGRUHVVXSHULRUHV\YHULILTXHTXH
HVWRVVHKD\DQHQFHQGLGR
1XQFDGHMHORVTXHPDGRUHVGHVXSHUILFLHVLQ
DWHQFLyQFRQFRQILJXUDFLRQHVDOWDVGHOODPD/RV
DOLPHQWRVTXHKLHUYHQ\VHGHUUDPDQSXHGHQ
SURYRFDUKXPR\GHUUDPHVJUDVRVRVTXHSXHGHQ
SUHQGHUVHIXHJR
$MXVWHHOWDPDxRGHODOODPDGHOTXHPDGRUSDUD
TXHQRVHH[WLHQGDPiVDOOiGHORVH[WUHPRVGHORV
UHFLSLHQWHVGHFRFFLyQ8QDOODPDH[FHVLYDUHVXOWD
SHOLJURVD
6yORXVHDJDUUDGHUDVVHFDVODVDJDUUDGHUDV
K~PHGDVRPRMDGDVFRORFDGDVHQVXSHUILFLHV
FDOLHQWHVSXHGHQSURYRFDUTXHPDGXUDVGHYDSRU1R
DFHUTXHDJDUUDGHUDVDODVOODPDVDELHUWDVFXDQGR
OHYDQWHUHFLSLHQWHVGHFRFFLyQ1RXWLOLFHWRDOODVX
RWUDVWHODVJUXHVDVHQOXJDUGHXQDDJDUUDGHUD
&XDQGRXWLOLFHUHFLSLHQWHVGHYLGULRFRQVWDWHTXH
HVWpQGLVHxDGRVSDUDFRFFLyQVREUHDQDIH
3DUDPLQLPL]DUODSRVLELOLGDGGHTXHPDGXUDVLQFHQGLR
GHPDWHULDOHVLQIODPDEOHV\GHUUDPHVJLUHODVPDQLMDV
GHORVUHFLSLHQWHVKDFLDHOFRVWDGRRSDUWHWUDVHUD
GHODFRFLQDVLQH[WHQGHUVHVREUHORVTXHPDGRUHV
DG\DFHQWHV
3UHVWHPXFKDDWHQFLyQDORVDOLPHQWRVTXHVHHVWpQ
IULHQGRHQXQDFRQILJXUDFLyQGHOODPDDOWD
6LHPSUHFDOLHQWHODJUDVDOHQWDPHQWH\SUpVWHOH
DWHQFLyQPLHQWUDVVHFDOLHQWD
1RGHMHQLQJ~QUHFLSLHQWHVREUHHODQDIH(ODLUH
FDOLHQWHGHODYHQWLODFLyQSXHGHSUHQGHUIXHJR
HOHPHQWRVLQIODPDEOHV\HOHYDUiODSUHVLyQGH
UHFLSLHQWHVFHUUDGRVORTXHSRGUtDKDFHUTXH
H[SORWDUDQ
6LYDDXWLOL]DUXQDFRPELQDFLyQGHDFHLWHV\JUDVDV
SDUDIUHtUPp]FOHORVDQWHVGHFDOHQWDUSRUTXHODV
JUDVDVVHGHUULWHQOHQWDPHQWH
8WLOLFHXQWHUPyPHWURSDUDJUDVDVFXDQGRVHD
SRVLEOHSDUDHYLWDUVREUHFDOHQWDUODPiVDOOiGHO
SXQWRGHDKXPDGR
1RPDQLSXOHORVTXHPDGRUHVVLQFRQWDUFRQWRGDV
ODVSDUWHVHQVXOXJDU
8WLOLFHODPHQRUFDQWLGDGSRVLEOHGHJUDVDSDUDSRGHU
IUHtUDOLPHQWRVGHPDQHUDHIHFWLYD/OHQDUGHPDVLDGR
ORVUHFLSLHQWHVSXHGHJHQHUDUGHUUDPHVFXDQGRVH
DJUHJDQORVDOLPHQWRV
1RIODPEHHDOLPHQWRVVREUHHODQDIH6LIODPEHD
DOLPHQWRVEDMRODFDPSDQDHQFLHQGDODYHQWLODFLyQ
1RXWLOLFHXQZRNVREUHODVXSHUILFLHGHFRFFLyQ
VLpVWHWLHQHXQDQLOORGHPHWDOUHGRQGRTXHVH
FRORFDVREUHODUHMLOODGHOTXHPDGRUSDUDVRVWHQHUHO
UHFLSLHQWH(VWHDQLOORDEVRUEHPXFKRFDORUORTXH
SRGUtDGDxDUODUHMLOODGHOTXHPDGRU\HOFDEH]DOGHO
TXHPDGRU7DPELpQSXHGHKDFHUTXHHOTXHPDGRU
IXQFLRQHGHXQDPDQHUDLQFRUUHFWD(VWRSXHGH
JHQHUDUXQQLYHOGHPRQy[LGRGHFDUERQRPD\RU
GHOSHUPLWLGRSRUQRUPDVDFWXDOHVSURYRFDQGRXQ
SHOLJURSDUDODVDOXG
/RVDOLPHQWRVTXHYD\DQDIUHtUVHGHEHQHVWDUORPiV
VHFRVSRVLEOH/DHVFDUFKDHQDOLPHQWRVFRQJHODGRV
RODKXPHGDGHQDOLPHQWRVIUHVFRVSXHGHQSURYRFDU
TXHODJUDVDFDOLHQWHFKLVSRUURWHHSRUORVFRVWDGRV
GHOUHFLSLHQWH
1XQFDWUDWHGHWUDVODGDUXQUHFLSLHQWHOOHQRGHJUDVD
FDOLHQWHHVSHFLDOPHQWHXQDIUHLGRUD(VSHUHDTXHOD
JUDVDVHHQIUtH
1RGHMHHOHPHQWRVSOiVWLFRVVREUHHODQDIHSRUTXH
SXHGHQGHUUHWLUVHVLVHORVGHMDPX\FHUFDGHOD
YHQWLODFLyQ
0DQWHQJDWRGDFODVHGHHOHPHQWRVSOiVWLFRVDOHMDGRV
GHORVTXHPDGRUHVGHVXSHUILFLH
3DUDHYLWDUODSRVLELOLGDGGHXQDTXHPDGXUD
VLHPSUHDVHJ~UHVHGHTXHORVFRQWUROHVGHWRGRV
ORVTXHPDGRUHVHVWpQHQODSRVLFLyQ2))DSDJDGR
\TXHWRGDVODVUHMLOODVHVWpQIUtDVDQWHVGHWUDWDUGH
TXLWDUODV
6LODFRFLQDHVWiXELFDGDFHUFDGHXQDYHQWDQDQR
FXHOJXHFRUWLQDVODUJDVTXHSRGUtDQOOHJDUDWRFDUORV
TXHPDGRUHVGHVXSHUILFLH\JHQHUDUXQSHOLJURGH
LQFHQGLR
6LKXHOHJDVFRUWHODOODYHGHSDVRGHJDV\OODPHD
XQWpFQLFRFDOLILFDGR1XQFDXVHIXHJRSDUDORFDOL]DU
XQDSpUGLGD
6LHPSUHDSDJXHORVFRQWUROHVGHORVTXHPDGRUHVGH
VXSHUILFLHDQWHVGHTXLWDUORVUHFLSLHQWHVGHFRFFLyQ
&XDQGRGHVDFWLYHHOEORTXHRGHODFRFLQDYHULILTXH
TXHORVFRQWUROHVGHVXSHUILFLHHVWpQHQODSRVLFLyQ
2))DSDJDGR(VWRLPSHGLUiODFLUFXODFLyQGHJDV
FXDQGRVHHQFLHQGD
ODFRFLQD
£$'9(57(1&,$
background
/($<6,*$(67$,1)250$&,Ï1'(6(*85,'$'&8,'$'26$0(17(

*8$5'((67$6,16758&&,21(6
1RXWLOLFHOLPSLDGRUHVGHKRUQR1RGHEHXWLOL]DUVHQLQJ~QOLPSLDGRUFRPHUFLDORUHYHVWLPLHQWRSURWHFWRUGHQLQJXQD
FODVHGHQWURRDOUHGHGRUGHQLQJXQDSLH]DGHOKRUQR/RVUHVLGXRVGHORVOLPSLDGRUHVGHKRUQRGDxDUiQODSDUWHLQWHUQD
GHODUWHIDFWRFXDQGRVHXWLOLFHHOFLFORDXWROLPSLDQWH
1ROLPSLHODMXQWDGHODSXHUWD/DMXQWDGHODSXHUWD
HVHVHQFLDOSDUDXQDEXHQVHOODGR'HEHWHQHUVH
FXLGDGRGHQRUHIUHJDUGDxDURPRYHUODMXQWD
$QWHVGHLQLFLDUHOFLFORGHDXWROLPSLH]DTXLWH
ODVSDUULOODVEULOODQWHVGHFRORUSODWDHQDOJXQRV
PRGHORV\WRGRVRWURVHOHPHQWRVGHFRFFLyQ
/DVSDUULOODVUHYHVWLGDVGHSRUFHODQDJULV
HQDOJXQRVPRGHORVSXHGHQOLPSLDUVHHQ
HOKRUQRGXUDQWHHOFLFORGHDXWROLPSLH]D
$VHJ~UHVHGHOLPSLDUORVGHUUDPHVH[FHVLYRVDQWHVGH
LQLFLDUODRSHUDFLyQGHDXWROLPSLH]D
6LHOPRGRGHDXWROLPSLH]DQRIXQFLRQDDSDJXHHO
KRUQR\GHVFRQHFWHHOVXPLQLVWURGHHOHFWULFLGDG/ODPH
DXQWpFQLFRFDOLILFDGRSDUDVROLFLWDUHODUUHJOR
/LPSLHVRORODVSDUWHVOLVWDGDVHQHO0DQXDO
GH3URSLHWDULR
+2512$872/,03,$17(

1RFDOLHQWHUHFLSLHQWHVFHUUDGRVGHDOLPHQWRV3RGUtD
KDEHUXQDDFXPXODFLyQGHSUHVLyQHQ
HOUHFLSLHQWH\pVWHSRGUtDH[SORWDUSURYRFDQGR
OHVLRQHV
0DQWHQJDODVYHQWLODFLRQHVGHOKRUQRVLQ
REVWUXFFLRQHV
0DQWHQJDHOKRUQROLEUHGHDFXPXODFLRQHV
GHJUDVD
&RORTXHODSDUULOODGHOKRUQRHQODSRVLFLyQGHVHDGD
PLHQWUDVHOKRUQRHVWiIUtR6LGHEHPDQLSXODUODV
SDUULOODVFXDQGRHVWiQFDOLHQWHVQRSHUPLWDTXHODV
DJDUUDGHUDVWRTXHQORVHOHPHQWRVFDOHQWDGRUHV
&XDQGRXWLOLFHEROVDVGHFRFFLyQRGHURVWL]DGRHQHO
KRUQRVLJDODVLQVWUXFFLRQHVGHOIDEULFDQWH
3DUDOHYDQWDUDOLPHQWRVSHVDGRVSXHGHMDODUVH
ODSDUULOODKDVWDDOFDQ]DUODWUDEDGHGHWHQFLyQ
7DPELpQHVXQDSUHFDXFLyQFRQWUDTXHPDGXUDVSRU
WRFDUVXSHUILFLHVFDOLHQWHVGHODSXHUWDRODVSDUHGHV
GHOKRUQR
1RXVHHOFDMyQSDUDVHFDUSHULyGLFRV6LVHORV
FDOLHQWDGHPiVSXHGHQSUHQGHUVHIXHJR
1RXVHHOKRUQRSDUDDOPDFHQDUHOHPHQWRV
/RVHOHPHQWRVJXDUGDGRVHQHOKRUQRSXHGHQ
SUHQGHUVHIXHJR
1RGHMHSURGXFWRVGHSDSHOXWHQVLOLRVGHFRFLQDR
DOLPHQWRVHQHOKRUQRFXDQGRQRORHVWpXVDQGR
1RXVHSDSHOGHDOXPLQLRSDUDFXEULUHOIRQGRGHO
KRUQR8QDLQVWDODFLyQLQDGHFXDGDGHOSDSHOGH
DOXPLQLRSXHGHSURYRFDUXQULHVJRGHGHVFDUJD
HOpFWULFDRGHLQFHQGLR
$VHJ~UHVHGHTXHXQDDVDGHUDVHHQFXHQWUHHQ
VXOXJDUFRUUHFWRDILQGHUHGXFLUODSRVLELOLGDGGH
LQFHQGLRVSRUJUDVD
6LOOHJDUDDWHQHUXQLQFHQGLRSRUJUDVDHQ
XQDDVDGHUDSUHVLRQHODDOPRKDGLOOD&/($5
2))\PDQWHQJDODSXHUWDGHOKRUQRFHUUDGDSDUD
FRQWHQHUHOLQFHQGLRKDVWDTXHVHDSDJXH
0DQWpQJDVHDOHMDGRGHODFRFLQDFXDQGRDEUDODSXHUWDGHOKRUQR(ODLUH\HOYDSRUFDOLHQWHVTXHVDOHQGHOD
FRFLQDSXHGHQSURYRFDUTXHPDGXUDVHQPDQRVURVWUR\RRMRV
£$'9(57(1&,$
+2512
&RFLQHFDUQHVURMDV\GHDYHSRUFRPSOHWR&DUQHVURMDVKDVWDDOFDQ]DUXQDWHPSHUDWXUD,17(51$GHSRUORPHQRV
)&\ODVFDUQHVGHDYHDXQDWHPSHUDWXUD,17(51$GHSRUORPHQRV)&/DFRFFLyQDHVWDV
WHPSHUDWXUDVJHQHUDOPHQWHSURWHJHGHHQIHUPHGDGHVWUDQVPLWLGDVSRUORVDOLPHQWRV
&2&,1(&$51(652-$6<'($9(325&203/(72«
$'9(57(1&,$181&$FXEUD
UDQXUDVRULILFLRVRFRQGXFWRVHQODSDUWHLQIHULRU
GHOKRUQRRFXEUDXQDSDUULOODHQWHUDFRQ
PDWHULDOHVFRPRSDSHOPHWiOLFR$OKDFHUORVH
EORTXHDODFRUULHQWHGHDLUHDWUDYpVGHOKRUQR\
SXHGHSURYRFDUHQYHQHQDPLHQWRSRUPRQy[LGR
GHFDUERQR(OUHYHVWLPLHQWRGHSDSHOPHWiOLFR
WDPELpQSXHGHFRQFHQWUDUFDORUJHQHUDQGRXQ
SHOLJURGHLQFHQGLR
*($SSOLDQFHVFRP
background

$ORODUJRGHHVWHPDQXDOODVFDUDFWHUtVWLFDV\DSDULHQFLDSXHGHQVHUGLIHUHQWHVDODVGHVXPRGHOR
&yPRHQFHQGHUXQTXHPDGRUGHVXSHUILFLHDJDV
3UHVLRQHODSHULOODGHFRQWUROKDFLDDGHQWUR\
JtUHODDODSRVLFLyQ/,7(HQFHQGHU
(VFXFKDUiXQFKDVTXLGRHOVRQLGRGHOFKLVSHUR
HOpFWULFRHQFHQGLHQGRHOTXHPDGRU
'HVSXpVGHTXHVHHQFLHQGDODOODPDJLUHOD
SHULOODSDUDDMXVWDUHOWDPDxRGHPLVPD6LOD
SHULOODSHUPDQHFHHQ/,7(VHJXLUiKDFLHQGR
´FOLFµ
&XDQGRVHJLUDXQTXHPDGRUD/,7(WRGRVORV
TXHPDGRUHVFRPLHQ]DQDFKLVSHDU1RLQWHQWH
GHVDUPDUROLPSLDUXQTXHPDGRUPLHQWUDVRWUR
VHHQFXHQWUHHQFHQGLGR3XHGHJHQHUDUVHXQD
GHVFDUJDHOpFWULFDORTXHSXHGHSURYRFDUTXH
XVWHGWLUHUHFLSLHQWHVGHFRFLQDFDOLHQWHV
3UHVLRQHODSHULOODGHFRQWUROKDFLD
DGHQWUR\JtUHODDODSRVLFLyQ/,7(
HQFHQGHU
&yPRHOHJLUHOWDPDxRGHODOODPD
3DUDXQPDQHMRVHJXURGHORVUHFLSLHQWHVGH
FRFFLyQQXQFDGHMHTXHODVOODPDVVHH[WLHQGDQ
PiVDOOiGHORVODGRVGHORVUHFLSLHQWHV
0LUHODOODPDQRODSHULOODFXDQGRUHGX]FDHO
FDORU(OWDPDxRGHODOODPDGHOTXHPDGRUDJDV
GHEHDMXVWDUVHDOUHFLSLHQWHTXHHVWpXVDQGR
/DVOODPDVVXSHULRUHVDOIRQGRGHOUHFLSLHQWHGH
FRFFLyQQRVRQ~WLOHV\VyORVLUYHQSDUDFDOHQWDU
ODPDQLMD
$QWHVGHHQFHQGHUXQTXHPDGRU
DJDV
&RQVWDWHTXHWRGDVODVUHMLOODVGHODQDIHHVWpQ
HQVXOXJDUHQWHVGHHQFHQGHUXQTXHPDGRU
6LVXDQDIHFXHQWDFRQODFDUDFWHUtVWLFD
GHEORTXHRGHFRFLQDYHULILTXHTXHHVWp
GHVDFWLYDGDDQWHVGHHQFHQGHU
ORVTXHPDGRUHVGHVXSHUILFLH
'HVSXpVGHHQFHQGHUXQTXHPDGRU
DJDV
1RKDJDIXQFLRQDUHOTXHPDGRUGXUDQWHXQ
SHUtRGRSURORQJDGRVLQUHFLSLHQWHVGHFRFFLyQ
VREUHODUHMLOOD/DWHUPLQDFLyQGHODUHMLOOD
SXHGHVDOWDUVHVLQXQUHFLSLHQWHTXHDEVRUED
HOFDORU
$VHJ~UHVHGHTXHORVTXHPDGRUHV\UHMLOODV
HVWpQIUtRVDQWHVGHFRORFDUODVPDQRV
XQDDJDUUDGHUDSDxRVGHOLPSLH]DXRWURV
PDWHULDOHVVREUHHOORV
&yPRXVDUORVTXHPDGRUHVGHVXSHUILFLHDJDV
4XHPDGRUHVDJDVVHOODGRV
6XDQDIHFXHQWDFRQFXDWURTXHPDGRUHVD
JDVVHOODGRV2IUHFHQFRPRGLGDGIDFLOLGDGGH
OLPSLH]D\IOH[LELOLGDGSDUDXWLOL]DUHQXQDDPSOLD
JDPDGHDSOLFDFLRQHVGHFRFFLyQ
(OTXHPDGRUPiVSHTXHxRXELFDGRHQOD
SRVLFLyQWUDVHUDGHUHFKDHVHOTXHPDGRUSDUD
IXHJROHQWR(VWHTXHPDGRUSXHGHJLUDUVHD/2
EDMRSDUDXQDFRQILJXUDFLyQGHFRFFLyQDIXHJR
PX\OHQWR2IUHFHXQGHVHPSHxRGHFRFFLyQ
SUHFLVRSDUDDOLPHQWRVGHOLFDGRVWDOHVFRPR
VDOVDVRDOLPHQWRVTXHUHTXLHUHQIXHJREDMR
GXUDQWHXQSHUtRGRODUJRGHFRFFLyQ
/RVTXHPDGRUHVPHGLDQRWUDVHURL]TXLHUGR\
JUDQGHIURQWDOL]TXLHUGRVRQORVTXHPDGRUHV
SULQFLSDOHVSDUDODPD\RUSDUWHGHODVFRFFLRQHV
(VWRVTXHPDGRUHVGHXVRJHQHUDOSXHGHQ
JLUDUVHGH+,DOWDD/2EDMDSDUDDMXVWDUVHD
XQDDPSOLDJDPDGHQHFHVLGDGHVGHFRFFLyQ
(OTXHPDGRUH[WUDJUDQGHIURQWDOGHUHFKR
HVHOGHPD\RUSRWHQFLD$OLJXDOTXHORV
RWURVWUHVTXHPDGRUHVSXHGHJLUDUVHGH+,
DOWDD/2EDMDSDUDXQDDPSOLDJDPDGH
DSOLFDFLRQHVGHFRFFLyQVLQHPEDUJRHVWH
TXHPDGRUHVWiGLVHxDGRSDUDOOHYDUDKHUYRU
JUDQGHVFDQWLGDGHVGHOtTXLGR&XHQWDFRQXQD
FRQILJXUDFLyQHVSHFLDO683(5%2,/
V~SHU
KHUYRUGLVHxDGDSDUDXWLOL]DUVHFRQHOHPHQWRV
GHFRFFLyQGHXQGLiPHWURGHSXOJDGDVR
PiV
0HGLDQR
3HTXHxR
*UDQGH
([WUDJUDQGH
6yORTXHPDGRUH[WUDJUDQGH
background
(QFDVRGHFRUWHGHHQHUJtD
6LRFXUULHUDXQFRUWHGHHQHUJtDXVWHGSXHGH
HQFHQGHUORVTXHPDGRUHVGHVXSHUILFLHDJDV
FRQXQIyVIRUR$FHUTXHXQIyVIRURHQFHQGLGR
DOTXHPDGRUOXHJRSUHVLRQHKDFLDDGHQWUR
ODSHULOODGHFRQWURO\JLUHDODSRVLFLyQ
/,7(HQFHQGHU7HQJDPXFKRFXLGDGRDO
HQFHQGHUORVTXHPDGRUHVGHHVWDPDQHUD
/RVTXHPDGRUHVGHVXSHUILFLHTXHVHHVWpQ
XWLOL]DQGRPLHQWUDVRFXUUHXQFRUWHGHHQHUJtD
VHJXLUiQIXQFLRQDQGRQRUPDOPHQWH
127$6LHOEORTXHRGHFRFLQDHVWDEDDFWLYDGR
HQHOPRPHQWRGHOFRUWHGHHQHUJtDORV
TXHPDGRUHVQRSRGUiQHQFHQGHUVH
8WLOLFHHOZRNGHHVWDPDQHUD
/HUHFRPHQGDPRVXVDUXQZRNGHEDVHSODQD
GHSXOJDGDVFPRPHQRU$VHJ~UHVH
GHTXHHOZRNTXHGHSODQRVREUHODUHMLOOD6H
HQFXHQWUDQGLVSRQLEOHVHQVXQHJRFLRPLQRULVWD
ORFDO
6yORGHEHXWLOL]DUVHXQZRNGHEDVHSODQD
1RXWLOLFHXQZRNGHEDVHSODQDVREUHXQDQLOOR
GHVRSRUWH&RORFDUHODQLOORVREUHXQTXHPDGRU
RUHMLOODSXHGHKDFHUTXHHOTXHPDGRUIXQFLRQH
GHPDQHUDLQDGHFXDGDJHQHUDGRQLYHOHVGH
PRQy[LGRGHFDUERQRVXSHULRUHVDODVQRUPDV
SHUPLWLGDV(VWRSXHGHVHUSHOLJURVRSDUDVX
VDOXG
8WLOLFHXQZRNGHEDVHSODQD
3DUULOODVSDUDDQDIHV
1RXWLOLFHSDUULOODVSDUDDQDIHVHQORV
TXHPDGRUHVDJDVVHOODGRV6LXWLOL]DXQD
SDUULOODSDUDDQDIHHQHOTXHPDGRUDJDV
VHOODGRSURYRFDUiXQDFRPEXVWLyQLQFRPSOHWD
\SRGUtDJHQHUDUH[SRVLFLyQDQLYHOHVGH
PRQy[LGRGHFDUERQRVXSHULRUHVDODVQRUPDV
DFWXDOHVSHUPLWLGDV
(VWRSXHGHVHUSHOLJURVRSDUDVXVDOXG
5HFLSLHQWHVGHFRFFLyQGHODQDIH
$OXPLQLR 6HUHFRPLHQGDQUHFLSLHQWHVGHSHVR
PHGLDQRSRUTXHVHFDOLHQWDQFRQUDSLGH]HQ
IRUPDSDUHMD/DPD\RUSDUWHGHORVDOLPHQWRV
VHGRUDQHQIRUPDSDUHMDHQXQDVDUWpQGH
DOXPLQLR8WLOLFHFDFHURODVFRQWDSDVTXH
DMXVWHQELHQFXDQGRFRFLQHFRQFDQWLGDGHV
PtQLPDVGHDJXD
+LHUURIXQGLGR 6LVHFDOLHQWDQOHQWDPHQWHOD
PD\RUtDGHODVVDUWHQHVEULQGDUiQUHVXOWDGRV
VDWLVIDFWRULRV
9DMLOODHVPDOWDGD (QFLHUWDVFRQGLFLRQHV
HOHVPDOWHGHDOJXQRVUHFLSLHQWHVSXHGH
GHUUHWLUVH6LJDODVUHFRPHQGDFLRQHVGHO
IDEULFDQWHGHUHFLSLHQWHVSDUDORVPpWRGRVGH
FRFFLyQ
9LGULR ([LVWHQGRVFODVHVGHUHFLSLHQWHV
GHYLGULR³ORVGHTXHVyORSXHGHQXVDUVH
HQHOKRUQR\ORVTXHVHXWLOL]DQHQHODQDIH
FDFHURODVFDIHWHUDV\WHWHUDV(OYLGULR
FRQGXFHHOFDORUPX\OHQWDPHQWH
9LWURFHUiPLFDUHVLVWHQWHDOFDORU 3XHGH
XWLOL]DUVHSDUDFRFFLyQHQHODQDIHXKRUQR
&RQGXFHHOFDORUPX\OHQWDPHQWH\WDPELpQVH
HQIUtDPX\GHVSDFLR9HULILTXHODVLQVWUXFFLRQHV
GHOIDEULFDQWHGHUHFLSLHQWHVSDUDDVHJXUDUVH
GHTXHSXHGDXWLOL]DUVHHQFRFLQDVDJDV
$FHURLQR[LGDEOH (VWHPHWDOVRORWLHQHSREUHV
SURSLHGDGHVGHFDOHQWDPLHQWR\DPHQXGR
VHFRPELQDFRQFREUHDOXPLQLRXRWURV
PHWDOHVSDUDPHMRUDUODGLVWULEXFLyQGHFDORU
/DVVDUWHQHVGHPHWDOFRPELQDGRDPHQXGR
IXQFLRQDQGHPDQHUDVDWLVIDFWRULDVLVHXWLOL]DQ
FRQFDORUPHGLDQRFRPRUHFRPLHQGDHO
IDEULFDQWH
*($SSOLDQFHVFRP

background

&yPRXVDUORVFRQWUROHVGHOKRUQRHQDOJXQRVPRGHORV
$ORODUJRGHHVWHPDQXDOODVFDUDFWHUtVWLFDV\DSDULHQFLDSXHGHQVHUGLIHUHQWHVDODVGHVXPRGHOR
&DUDFWHUtVWLFDV\FRQILJXUDFLRQHVGHFRQWUROGHOKRUQR
UHORM\WHPSRUL]DGRU
/DVFDUDFWHUtVWLFDV\DSDULHQFLD
SXHGHQYDULDU
$OPRKDGLOOD%$.(KRUQHDU
3UHVLRQHHVWDDOPRKDGLOODSDUDVHOHFFLRQDUODIXQFLyQ
EDNHKRUQHDU
$OPRKDGLOOD%52,/+,/2DVDUDOWREDMR
3UHVLRQHHVWDDOPRKDGLOODSDUDVHOHFFLRQDUODIXQFLyQ
EURLODVDU
$OPRKDGLOOD&219(&7,21%$.(08/7,5$&.
KRUQHDGRSRUFRQYHFFLyQHQRYDULDVSDUULOODV
3UHVLRQHSDUDVHOHFFLRQDUKRUQHDGRFRQODIXQFLyQ
FRQYHFFLyQ
$OPRKDGLOOD&219(&7,2152$67URVWL]DGRSRU
FRQYHFFLyQ
3UHVLRQHSDUDVHOHFFLRQDUURVWL]DGRFRQODIXQFLyQ
FRQYHFFLyQ
$OPRKDGLOOD3522)OHXGDU
3UHVLRQHSDUDVHOHFFLRQDUXQPHGLRFDOLHQWH~WLOSDUD
OHXGDUSURGXFWRVFRQOHYDGXUD
$OPRKDGLOOD67$57LQLFLR
'HEHSUHVLRQDUVHSDUDLQLFLDUFXDOTXLHUIXQFLyQGH
FRFFLyQRGHOLPSLH]D
3DQWDOOD
0XHVWUDODKRUDODWHPSHUDWXUDGHOKRUQRVLHOKRUQRVH
HQFXHQWUDHQORVPRGRVEDNHKRUQHDUEURLODVDURVHOI
FOHDQLQJDXWROLPSLDQWH\ORVWLHPSRVHVWDEOHFLGRVSDUD
ODVRSHUDFLRQHVFRQWHPSRUL]DGRU\KRUQRDXWRPiWLFR
WDPELpQPRVWUDUiVLODFRFLQDHVWiEORTXHDGD
6L´)\XQQ~PHURROHWUDµGHVWHOODQHQODSDQWDOOD\HO
FRQWUROGHOKRUQRKDFHXQDVHxDOHVWRLQGLFDXQFyGLJRGH
HUURUGHIXQFLyQ3UHVLRQHODDOPRKDGLOOD&/($52))ERUUDU
DSDJDGR3HUPLWDTXHHOKRUQRVHHQIUtHGXUDQWHXQDKRUD
9XHOYDDHQFHQGHUHOKRUQR6LVHUHSLWHHOFyGLJRGHHUURUGH
IXQFLyQGHVFRQHFWHODHQHUJtDGHOKRUQR\OODPHDOVHUYLFLRGH
UHSDUDFLyQ
6LVXKRUQRIXHFRQILJXUDGRSDUDXQDRSHUDFLyQGH
KRUQRFRQWHPSRUL]DGRU\RFXUULyXQFRUWHGHHQHUJtD
HOpFWULFDHOUHORM\WRGDVODVIXQFLRQHVSURJUDPDGDVGHEHUiQ
UHFRQILJXUDUVH
/DKRUDGHVWHOODUiHQODSDQWDOODFXDQGRKD\DRFXUULGRXQ
FRUWHGHHQHUJtD
$OPRKDGLOOD6(/)&/($167'/2:
DXWROLPSLH]DEDMDHVWiQGDU
3UHVLRQHHVWDDOPRKDGLOODSDUDVHOHFFLRQDUODIXQFLyQ
DXWROLPSLH]D9HUODVHFFLyQ&yPRXWLOL]DUHOKRUQR
DXWROLPSLDQWH
$OPRKDGLOOD29(1/,*+7212))OX]GHKRUQR
HQFHQGLGRDSDJDGR
7RTXHHVWDDOPRKDGLOODSDUDDSDJDURHQFHQGHUODOX]
$OPRKDGLOOD'(/$<67$57LQLFLRUHWDUGDGR
8WLOtFHODMXQWRDODVDOPRKDGLOODV&22.,1*7,0(
WLHPSRGHFRFFLyQR6(/)&/($167'/2:DXWR
OLPSLH]DEDMDHVWiQGDUSDUDFRQILJXUDUHOLQLFLR\
DSDJDGRDXWRPiWLFRHQHOWLHPSRHVWDEOHFLGR
$OPRKDGLOOD&22.,1*7,0(WLHPSRGHFRFFLyQ
3UHVLRQHHVWDDOPRKDGLOOD\OXHJRSUHVLRQHODV
DOPRKDGLOODVQXPpULFDVSDUDFRQILJXUDUHOWLHPSR
GHFRFFLyQTXHGHVHDSDUDVXVDOLPHQWRV(OKRUQR
VHDSDJDUiFXDQGRVHKD\DWHUPLQDGRHOWLHPSRGH
FRFFLyQ
$OPRKDGLOOD&/($52))ERUUDUDSDJDGR
3UHVLRQHSDUDFDQFHODU72'$6ODVRSHUDFLRQHVGHO
KRUQRFRQH[FHSFLyQGHOUHORMHOWHPSRUL]DGRU\HO
EORTXHRGHFRFLQD
$OPRKDGLOOD&/2&.UHORM
3UHVLRQHDQWHVGHFRQILJXUDUHOUHORM
$OPRKDGLOODVQXPpULFDV
8WLOtFHODVSDUDFRQILJXUDUFXDOTXLHUIXQFLyQ
TXHUHTXLHUDQ~PHURVWDOHVFRPRKRUDWHPSRUL]DGRU
WHPSHUDWXUDGHOKRUQRWHPSHUDWXUDLQWHUQDGHORV
DOLPHQWRVKRUDULRGHLQLFLR\WLHPSRGHRSHUDFLyQSDUD
KRUQHDGRFRQWHPSRUL]DGRU\DXWROLPSLH]D
$OPRKDGLOOD.,7&+(17,0(5212))
WHPSRUL]DGRUFRFLQDHQFHQGLGRDSDJDGR
3UHVLRQHSDUDVHOHFFLRQDUODFDUDFWHUtVWLFD
WHPSRUL]DGRU
$OPRKDGLOOD352%(VRQGD
3UHVLRQHFXDQGRXWLOLFHODVRQGDSDUDFRFLQDU
$OPRKDGLOOD:$50FDOHQWDU
3UHVLRQHSDUDPDQWHQHUFDOLHQWHVORVDOLPHQWRV
FRFLQDGRV9HUODVHFFLyQ&yPRFRQILJXUDUHOKRUQR
SDUDPDQWHQHUFDOLHQWH
$OPRKDGLOOD5$1*(/2&.287EORTXHRGHFRFLQD
3UHVLRQH\PDQWHQJDODDOPRKDGLOOD5$1*(/2&.287
EORTXHRGHFRFLQDGXUDQWHVHJXQGRVSDUD
EORTXHDUGHVEORTXHDUORVTXHPDGRUHVGHVXSHUILFLH
ORVTXHPDGRUHVGHOKRUQR\SDQHOGHFRQWUROSDUDTXH
QRSXHGDQDFWLYDUVH
background
$OPRKDGLOOD%$.(KRUQHDU
3UHVLRQHHVWDDOPRKDGLOODSDUDVHOHFFLRQDUODIXQFLyQ
EDNHKRUQHDU
$OPRKDGLOOD%52,/+,/2DVDUDOWREDMR
3UHVLRQHHVWDDOPRKDGLOODSDUDVHOHFFLRQDUODIXQFLyQ
EURLODVDU
$OPRKDGLOOD29(1/,*+7OX]GHOKRUQR
7RTXHHVWDDOPRKDGLOODSDUDDSDJDURHQFHQGHUOD
OX]
$OPRKDGLOOD6(/)&/($1/2:67'
DXWROLPSLH]DEDMDHVWiQGDU
3UHVLRQHHVWDDOPRKDGLOODSDUDVHOHFFLRQDU
ODIXQFLyQDXWROLPSLH]D9HUODVHFFLyQ
&yPRXWLOL]DUHOKRUQRDXWROLPSLDQWH
$OPRKDGLOOD67$57LQLFLR
'HEHSUHVLRQDUVHSDUDLQLFLDUFXDOTXLHUIXQFLyQGH
FRFFLyQRGHOLPSLH]D
$OPRKDGLOODVQXPpULFDV
8WLOtFHODVSDUDFRQILJXUDUFXDOTXLHUIXQFLyQTXH
UHTXLHUDQ~PHURVWDOHVFRPRKRUDWHPSRUL]DGRU
WHPSHUDWXUDGHOKRUQRWHPSHUDWXUDLQWHUQDGHORV
DOLPHQWRVKRUDULRGHLQLFLR\WLHPSRGHRSHUDFLyQ
SDUDKRUQHDGRFRQWHPSRUL]DGRU\DXWROLPSLH]D
%/248(2'(&21752/
(OEORTXHRGHFRQWUROHV\3UHVLRQH\VRVWHQJD
ODVDOPRKDGLOODV\DOPLVPRWLHPSRGXUDQWH
VHJXQGRV
$OPRKDGLOOD&/($52))ERUUDUDSDJDGR
3UHVLRQHSDUDFDQFHODU72'$6ODVRSHUDFLRQHVGHO
KRUQRFRQH[FHSFLyQGHOUHORMHOWHPSRUL]DGRU\HO
EORTXHRGHFRQWURO
$OPRKDGLOOD.,7&+(17,0(5212))
WHPSRUL]DGRUFRFLQDHQFHQGLGRDSDJDGR
3UHVLRQHSDUDVHOHFFLRQDUODFDUDFWHUtVWLFD
GHWHPSRUL]DGRU
$OPRKDGLOOD&/2&.UHORM
3UHVLRQHDQWHVGHFRQILJXUDUHOUHORM
$OPRKDGLOOD'(/$<67$57LQLFLRUHWDUGDGR
8WLOtFHODMXQWRDODVDOPRKDGLOODV&22.,1*7,0(
WLHPSRGHFRFFLyQR6(/)&/($1/267'DXWR
OLPSLH]DEDMDHVWiQGDUSDUDFRQILJXUDUHOLQLFLR\
DSDJDGRDXWRPiWLFRHQHOWLHPSRHVWDEOHFLGR
$OPRKDGLOOD&22.,1*7,0(
WLHPSRGHFRFFLyQ
3UHVLRQHHVWDDOPRKDGLOOD\OXHJRSUHVLRQHODV
DOPRKDGLOODVQXPpULFDVSDUDFRQILJXUDUHOWLHPSR
GHFRFFLyQTXHGHVHDSDUDVXVDOLPHQWRV(OKRUQR
VHDSDJDUiFXDQGRVHKD\DWHUPLQDGRHOWLHPSRGH
FRFFLyQ
3DQWDOOD
0XHVWUDODKRUDODWHPSHUDWXUDGHOKRUQR
VLHOKRUQRVHHQFXHQWUDHQORVPRGRVEDNH
KRUQHDUEURLODVDURVHOIFOHDQLQJDXWROLPSLDQWH
\ORVWLHPSRVHVWDEOHFLGRVSDUDODVRSHUDFLRQHVGH
WHPSRUL]DGRU\KRUQRDXWRPiWLFR
6L´)\XQQ~PHURROHWUDµGHVWHOODQHQODSDQWDOOD\HO
FRQWUROGHOKRUQRKDFHXQDVHxDOHVWRLQGLFDXQFyGLJR
GHHUURUGHIXQFLyQ3UHVLRQHODDOPRKDGLOOD&/($52))
ERUUDUDSDJDGR3HUPLWDTXHHOKRUQRVHHQIUtHGXUDQWH
XQDKRUD9XHOYDDHQFHQGHUHOKRUQR6LVHUHSLWHHOFyGLJR
GHHUURUGHIXQFLyQGHVFRQHFWHODHQHUJtDGHOKRUQR\OODPH
DOVHUYLFLRGHUHSDUDFLyQ
6LVXKRUQRIXHFRQILJXUDGRSDUDXQDRSHUDFLyQGH
KRUQRWHPSRUL]DGD\RFXUULyXQFRUWHGHHQHUJtD
HOpFWULFDHOUHORM\WRGDVODVIXQFLRQHVSURJUDPDGDV
GHEHUiQUHFRQILJXUDUVH
/DKRUDGHVWHOODUiHQODSDQWDOODFXDQGRKD\DRFXUULGR
XQFRUWHGHHQHUJtD
*($SSOLDQFHVFRP
&DUDFWHUtVWLFDV\FRQILJXUDFLRQHVGHFRQWUROGHOKRUQR
UHORM\WHPSRUL]DGRU

background
3DUDHYLWDUSRVLEOHVTXHPDGXUDVFRORTXHODVSDUULOODVHQODSRVLFLyQGHVHDGDDQWHVGHHQFHQGHUHOKRUQR
$QWHVGHFRPHQ]DU«
/DVSDUULOODVWLHQHWRSHVGHPRGRTXHFXDQGR
VHODVFRORFDFRUUHFWDPHQWHHQORVVRSRUWHV
VHGHWHQGUiQDQWHVGHVDOLUVHGHOWRGR\QRVH
YROFDUiQ
&XDQGRFRORTXHRTXLWHUHFLSLHQWHVGHFRFFLyQ
WLUHGHODSDUULOODKDVWDTXHVHGHWHQJD
(OTXHPDGRUSDUDKRUQHDGRVHHQFXHQWUD
GHEDMRGHOSLVRGHOKRUQR1RFRORTXH
DOLPHQWRVHQHOSLVRGHOKRUQR
3DUDTXLWDUXQDSDUULOODWLUHGHHOODLQFOLQHHO
H[WUHPRIURQWDOKDFLDDUULED\ViTXHOD
3DUDYROYHUDFRORFDUGHSRVLWHHOH[WUHPRGH
ODSDUULOODWUDEDGHGHWHQFLyQVREUHHOVRSRUWH
LQFOLQHHOIUHQWHKDFLDDUULED\SUHVLRQHOD
SDUULOODKDFLDDGHQWUR
35(&$8&,Ï1&XDQGRHVWp
XVDQGRODSDUULOODHQODSRVLFLyQPiVEDMD
$QHFHVLWDUiWHQHUFXLGDGRFXDQGRODTXLWH
5HFRPHQGDPRVTXHGHVOLFHODSDUULOODYDULDV
SXOJDGDV\OXHJRXWLOL]DQGRGRVDJDUUDGHUDV
ODTXLWHVRVWHQLHQGRDPERVODGRV/DSDUULOOD
HVEDMD\XVWHGSXHGHTXHPDUVHVLFRORFDOD
PDQRHQODPLWDGGHODSDUULOOD\WLUDKDFLD
DIXHUD7HQJDPXFKRFXLGDGRGHQRTXHPDUVH
ODPDQRFRQODSXHUWDFXDQGRXWLOLFHODSDUULOOD
HQODSRVLFLyQPiVEDMD$
7KHRYHQKDVUDFNSRVLWLRQV
&yPRFRQILJXUDUHOKRUQRSDUDKRUQHDGRRURVWL]DGR
3UHVLRQHODDOPRKDGLOOD%$.(KRUQHDU
3UHVLRQHODVDOPRKDGLOODVQXPpULFDV
SDUDFRQILJXUDUODWHPSHUDWXUD
GHVHDGD
3UHVLRQHODDOPRKDGLOOD67$57LQLFLR
9HULILTXHODFRFFLyQGHORVDOLPHQWRV
FXDQGRKD\DDOFDQ]DGRHOWLHPSRPtQLPR
LQGLFDGRHQODUHFHWD&RFtQHORVPiVVL
IXHVHQHFHVDULR
3UHVLRQHODDOPRKDGLOOD&/($52))
ERUUDUDSDJDGRFXDQGRKD\DWHUPLQDGR
ODFRFFLyQ
127$$XWRPiWLFDPHQWHVHHQFHQGHUi\
DSDJDUiXQYHQWLODGRUGHUHIULJHUDFLyQSDUD
HQIULDUODVSLH]DVLQWHUQDV(VWRHVQRUPDO\HO
YHQWLODGRUSXHGHFRQWLQXDUIXQFLRQDQGRD~Q
GHVSXpVGHDSDJDGRHOKRUQR
6LYDDKRUQHDUFXDWURFDSDVGHWRUWDDOPLVPR
WLHPSRFRORTXHGRVFDSDVHQODSDUULOOD%\GRV
FDSDVHQODSDUULOOD''LVWULEX\DODVSDUULOODVGH
PRGRTXHQRTXHGHQGLUHFWDPHQWHHQFLPDGH
ODVRWUDV

&yPRXVDUHOKRUQR
3RVLFLyQGH 7LSR
ODVSDUULOODV GHDOLPHQWRV
3DVWHOHVFRQJHODGRV &R'
VREUHXQDSODQFKDSDUDJDOOHWDV
7RUWD´$QJHO)RRGµ $
7RUWDV%XQGWRGHOLEUD %R&
%L]FRFKRVPXIILQVEURZQLHV &R'
*DOOHWDVPDJGDOHQDV
WRUWDVUHOOHQDVSDVWHOHV
*XLVRV &R'
3DYR $
background

*($SSOLDQFHVFRP
3DSHOGHDOXPLQLR
1RXWLOLFHSDSHOGHDOXPLQLRHQHOSLVRGHO
KRUQR
1XQFDFXEUDXQDSDUULOODSRUFRPSOHWR
FRQSDSHOGHDOXPLQLR(VWRLQWHUUXPSLUiOD
FLUFXODFLyQGHFDORU\SURYRFDUiXQKRUQHDGR
LQFRPSOHWR
3XHGHXWLOL]DUVHXQDOiPLQDGHSDSHOGH
DOXPLQLRPiVSHTXHxDSDUDUHWHQHUORV
GHUUDPHVFRORFiQGRODHQXQDSDUULOODPiVEDMD
YDULDVSXOJDGDVGHEDMRGHORVDOLPHQWRV
3UHFDOHQWDPLHQWR\FRORFDFLyQGHPROGHV
3UHFDOLHQWHGHOKRUQRVLDVtORLQGLFDODUHFHWD
(OSUHFDOHQWDPLHQWRHVQHFHVDULRSDUDREWHQHU
EXHQRVUHVXOWDGRVFXDQGRKRUQHHWRUWDV
JDOOHWDVSDVWHOLWRV\SDQHV
3DUDSUHFDOHQWDUFRQILJXUHHOKRUQRDOD
WHPSHUDWXUDFRUUHFWD(OFRQWUROHPLWLUiXQSLWLGR
FXDQGRHOKRUQRVHKD\DSUHFDOHQWDGR\OD
SDQWDOODPRVWUDUiODWHPSHUDWXUDFRQILJXUDGD
(OWLHPSRGHSUHFDOHQWDPLHQWRYDULDUiGH
DFXHUGRFRQODFRQILJXUDFLyQGHWHPSHUDWXUD
/RVUHVXOWDGRVGHKRUQHDGRVHUiQPHMRUHV
VLORVPROGHVSDUDKRUQHDUVHFHQWUDQHQ
HOKRUQR6LYDDKRUQHDUFRQPiVGHXQD
EDQGHMDFROyTXHODVGHPRGRTXHWHQJDQXQ
HVSDFLRDOUHGHGRUGHSRUORPHQRVFP
D
øFP
1RFRORTXHDOLPHQWRVGLUHFWDPHQWH
VREUHHOSLVRGHOKRUQR
+XPHGDGGHOKRUQR
$PHGLGDTXHHOKRUQRVHFDOLHQWDHOFDPELR
GHWHPSHUDWXUDGHODLUHGHQWURGHOKRUQR
SXHGHJHQHUDUODIRUPDFLyQGHJRWDVGHDJXD
VREUHODSXHUWDGHYLGULR(VWDVJRWDVVRQ
LQRIHQVLYDV\VHHYDSRUDUiQDPHGLGDTXHHO
KRUQRVLJDFDOHQWiQGRVH
background
&RUWHGHHQHUJtD
35(&$8&,Ï11RLQWHQWH
RSHUDUHOHQFHQGLGRHOpFWULFRGXUDQWHXQFRUWH
GHHQHUJtDHOpFWULFD
(OKRUQRRDVDGRUQRSXHGHQHQFHQGHUVH
GXUDQWHXQFRUWHGHHQHUJtD(OJDVQRFLUFXODUi
DPHQRVTXHODEDUUDLQFDQGHVFHQWHHVWp
FDOLHQWH
6LHOKRUQRVHHQFXHQWUDHQXVRGXUDQWHXQ
FRUWHGHHQHUJtDHOTXHPDGRUGHOKRUQR
VHDSDJD\QRSXHGHYROYHUDHQFHQGHUVH
KDVWDTXHYXHOYDHOVHUYLFLRHOpFWULFR(VWR
VXFHGHSRUTXHODFLUFXODFLyQGHJDVVH
GHWLHQHDXWRPiWLFDPHQWH\QRVHUHDQXGDUi
DOYROYHUODHOHFWULFLGDGKDVWDTXHODEDUUD
LQFDQGHVFHQWHKD\DDOFDQ]DGRWHPSHUDWXUDGH
IXQFLRQDPLHQWR
9HQWLODFLyQGHOKRUQR
6XKRUQRFXHQWDFRQXQDYHQWLODFLyQ
XELFDGDKDFLDODSDUWHILQDO1REORTXHHHVWD
YHQWLODFLyQFXDQGRFRFLQHHQHOKRUQRSRUTXH
HVLPSRUWDQWHQRLQWHUUXPSLUODFLUFXODFLyQGH
DLUHFDOLHQWHGHVGHHOKRUQR\GHDLUHIUHVFR
KDFLDHOTXHPDGRU1RWRTXHODVDSHUWXUDV
GHYHQWLODFLyQRVXSHUILFLHVFHUFDQDVGXUDQWH
HOIXQFLRQDPLHQWRGHOKRUQRRDVDGRUSRUTXH
SXHGHQHVWDUFDOLHQWHV
/DVPDQLMDVGHFDFHURODV\VDUWHQHVXELFDGDV
VREUHHODQDIHSXHGHQFDOHQWDUVHVLVH
HQFXHQWUDQPX\FHUFDGHODYHQWLODFLyQ
1RGHMHHOHPHQWRVSOiVWLFRVVREUHHODQDIH
SRUTXHSXHGHQGHUUHWLUVHVLVHORVGHMDPX\
FHUFDGHODYHQWLODFLyQ
1RGHMHQLQJ~QUHFLSLHQWHVREUHHODQDIH(O
DLUHFDOLHQWHGHODYHQWLODFLyQSXHGHSUHQGHU
IXHJRHOHPHQWRVLQIODPDEOHV\HOHYDUiOD
SUHVLyQGHUHFLSLHQWHVFHUUDGRVORTXHSRGUtD
KDFHUORVH[SORWDU
/RVHOHPHQWRVPHWiOLFRVSXHGHQFDOHQWDUVH
VLVHORVGHMDVREUHHODQDIH\SURYRFDU
TXHPDGXUDV

&yPRXVDUHOKRUQR
&yPRFRQILJXUDUHOKRUQRSDUDDVDU
3DUDHYLWDUSRVLEOHVTXHPDGXUDVFRORTXH
ODVSDUULOODVHQODSRVLFLyQGHVHDGDDQWHVGH
HQFHQGHUHOKRUQR
&RORTXHODFDUQHRSHVFDGRVREUH
XQDUHMLOODGHQWURGHXQDDVDGHUD
6LJDODVSRVLFLRQHVGHODVSDUULOODV
VXJHULGDVHQOD*XtDGHDVDGR
/DSXHUWDGHOKRUQRGHEHHVWDUFHUUDGD
FXDQGRDVHDOLPHQWRV
3UHVLRQHODDOPRKDGLOOD%52,/+,/2DVDU
DOWREDMRXQDYH]SDUDFRQILJXUDU+,%URLO
$VDUDOWR
3DUDFDPELDUD/2%URLODVDUEDMR
SUHVLRQHODDOPRKDGLOOD%52,/+,/2DVDU
DOWREDMRGHQXHYR
8WLOLFH/2%URLODVDUEDMRSDUDFRFLQDUSRU
FRPSOHWRDOLPHQWRVFRPRDYHVRFRUWHVJUXHVRV
GHFDUQHVLQGRUDUORVGHPiV
3UHVLRQHODDOPRKDGLOOD67$57LQLFLR
&XDQGRKD\DILQDOL]DGRGHDVDUSUHVLRQH
ODDOPRKDGLOOD&/($52))ERUUDU
DSDJDGR
6LUYDORVDOLPHQWRVLQPHGLDWDPHQWH\GHMHOD
EDQGHMDIXHUDGHOKRUQRSDUDTXHVHHQIUtH
GXUDQWHODFRPLGDSDUDORJUDUXQDOLPSLH]D
PiVVHQFLOOD
127$1RVHSRGUiDVDUVLODVRQGDVHHQFXHQWUD
HQFKXIDGD
background
*($SSOLDQFHVFRP
&DQWLGDG 3RVLFLRQ 3ULPHU/DGR 6HJXQGR/DGR
$OLPHQWR \R*URVRU GHOD 7LHPSRPLQ 7LHPSRPLQ &RPHQWDULRV
3DUULOOD
&DUQHSLFDGD
µD
µ '   'LVWULE~\DODVHQ
FPDFPGHDQFKR IRUPDXQLIRUPH
%LVWHF
-XJRVR
µDµ )   (VGLItFLOFRFLQDU
0HGLR FPDFPGHDQFKR (  MXJRVRVORVILOHWHV
%LHQFRFLGR
D
øOEVNJDNJ
(   GHPHQRVGH
µ
FP
-XJRVR
µFPGHDQFKR (   5HWLUHODJUDVD
0HGLR
D
øOEVNJDNJ
(  
%LHQFRFLGR '  
3ROOR HQWHURWUR]DGR &   3LQWHFDGDODGRFRQ

D
øOEVNJDNJ
PDQWHFDGHUUHWLGD
DORODUJR $VHSULPHURHOODGR
3HFKXJD &   GHODSLHOKDFLDDEDMR
3URGXFWRV 'LVWULEX\D
GHSDQDGHUtD XQLIRUPHPHQWH
3DQWRVWDGR DUHEDQDGDV )   &RORTXHORVPXIILQV
0XIILQVLQJOHVHV FRUWDGRV )  LQJOHVHVFRQHOODGR
FRUWDGRKDFLDDUULED
\SLQWHFRQPDQWHFD
VLORGHVHD
&RODV ² & ² 1RGDU 5HDOLFHXQFRUWHDOR
GHODQJRVWD YXHOWD ODUJRÈEUDOD3LQWHFRQ
PDQWHFDGHUUHWLGD
DQWHVGHDVDU\
GHVSXpVGHODPLWDG
GHOWLHPSRGHFRFFLyQ
)LOHWHV OE
NJ
µD
µ (   'pYXHOWDFRQFXLGDGR
GHSHVFDGR >FPDFP@ 3LQWDUFRQOLPyQ\
GHJURVRU PDQWHFDDQWHV\
GXUDQWHODFRFFLyQ
VLORGHVHD
6DOPyQ
%LVWHF µ>FP@GHJURVRU (   *LUHFRQFXLGDGR
)LOHWH 
µD
µ (  1RJLUHHOODGRGHOD
>FPDFP@GHJURVRU SLHOKDFLDDEDMR
7DMDGDVGHMDPyQ
µFPGHJURVRU '  
SUHFRFLGDV µFPGHJURVRU '  
&RVWLOOLWDV
GHFHUGR
µ>FP@GHJURVRU '   5HWLUHODJUDVD
%LHQFRFLGDV µ>FP@GHJURVRU '  
OENJ
&RVWLOOLWDV
GHFRUGHUR
0HGLR

µ
>FP@GHJURVRU
(   5HWLUHODJUDVD
DOUHGHGRUGHD
%LHQFRFLGDV R]JDJ ( 
0HGLR 
øµ>
FP@
GHJURVRU ( 
%LHQFRFLGDV DOUHGHGRUGHOE
NJ
(  
*XtDGHDVDGR
(OWDPDxRSHVRJURVRU
WHPSHUDWXUDLQLFLDO\HO
SXQWRGHFRFFLyQSUHIHULGR
DIHFWDUiQORVWLHPSRV
GHDVDGR(VWDJXtD
HVWiEDVDGDHQFDUQHV
FRQWHPSHUDWXUDGH
UHIULJHUDGRU
(O0LQLVWHULRGH$JULFXOWXUDGHORV
((88DILUPD´ODFDUQHYDFXQD
MXJRVDHVPX\SRSXODUSHUR
GHEHVDEHUVHTXHDOFRFLQDUOD
DVyOR)&DOJXQRV
RUJDQLVPRVTXHSURYRFDQ
LQWR[LFDFLyQSXHGHQVREUHYLYLUµ
)XHQWH6DIH)RRG%RRN<RXU
.LWFKHQ*XLGH86'$5HY-XQLR


background
&yPRFRQILJXUDUHOUHORM
(OUHORMGHEHHVWDUFRQILJXUDGRHQOD
KRUDFRUUHFWDSDUDTXHODVIXQFLRQHV
FRQWHPSRUL]DGRUGHOKRUQRIXQFLRQHQ
DGHFXDGDPHQWH/DKRUDQRSXHGH
PRGLILFDUVHGXUDQWHORVFLFORVGHKRUQHDGRFRQ
WHPSRUL]DGRURGHDXWROLPSLH]D
3UHVLRQHODDOPRKDGLOOD&/2&.UHORM
3UHVLRQHODVDOPRKDGLOODVQXPpULFDV
3UHVLRQHODDOPRKDGLOOD67$57LQLFLR
$VHJ~UHVHGHTXHHOUHORMPXHVWUH
ODKRUDFRUUHFWD
&yPRFRQILJXUDUHOWHPSRUL]DGRU
3UHVLRQHODDOPRKDGLOOD.,7&+(17,0(5
212))WHPSRUL]DGRUFRFLQDHQFHQGLGR
DSDJDGR
7RTXHODVDOPRKDGLOODVQXPpULFDVKDVWD
TXHDSDUH]FDHOWLHPSRTXHGHVHDHQOD
SDQWDOOD3RUHMHPSORSDUDFRQILJXUDU
KRUDV\PLQXWRVSUHVLRQH\HQ
HVHRUGHQ6LFRPHWHXQHUURUSUHVLRQHOD
DOPRKDGLOOD.,7&+(17,0(5212))
WHPSRUL]DGRUFRFLQDHQFHQGLGRDSDJDGR
\FRPLHQFHGHQXHYR
3UHVLRQHODDOPRKDGLOOD67$57LQLFLR
'HVSXpVGHSUHVLRQDUODDOPRKDGLOOD67$57
LQLFLR6(7GHVDSDUHFHHVWROHLQGLFDTXHKD\
XQDFXHQWDUHJUHVLYDDXQTXHODSDQWDOODQR
FDPELDKDVWDTXHKD\DSDVDGRXQPLQXWR/RV
VHJXQGRVQRSRGUiQYHUVHHQODSDQWDOODKDVWD
ODFXHQWDUHJUHVLYDGHO~OWLPRPLQXWR
&XDQGRHOWHPSRUL]DGRUDOFDQ]DHO
FRQWUROVRQDUiYHFHVVHJXLGRGHXQ
SLWLGRFDGDVHJXQGRVKDVWDTXHVH
SUHVLRQHODDOPRKDGLOOD.,7&+(17,0(5
212))WHPSRUL]DGRUFRFLQDHQFHQGLGR
DSDJDGR
(OWRQRGHVHJXQGRVSXHGHFDQFHODUVH
VLJXLHQGRORVSDVRVLQFOXLGRVHQ&DUDFWHUtVWLFDV
HVSHFLDOHVGHODVHFFLyQ&RQWUROGHOKRUQREDMR
´7RQRVDOILQDOL]DUXQFLFORWHPSRUL]DGRµ
(OWHPSRUL]DGRUVyORPDUFD
PLQXWRV
(OWHPSRUL]DGRUQRFRQWUROD
ODVRSHUDFLRQHVGHOKRUQR/D
FRQILJXUDFLyQPiVDOWDGHO
WHPSRUL]DGRUHVKRUDV\
PLQXWRV
&yPRUHFRQILJXUDUHOWHPSRUL]DGRU
6LODSDQWDOODWRGDYtDPXHVWUDHOWLHPSR
UHVWDQWHXVWHGSXHGHFDPELDUORSUHVLRQDQGR
ODDOPRKDGLOOD.,7&+(17,0(5212))
WHPSRUL]DGRUFRFLQDHQFHQGLGRDSDJDGR
OXHJRSUHVLRQHODVDOPRKDGLOODVQXPpULFDV
KDVWDTXHHOWLHPSRTXHGHVHHDSDUH]FDHQOD
SDQWDOOD
6LHOWLHPSRUHVWDQWHQRDSDUHFHHQOD
SDQWDOODHQODSDQWDOODDSDUHFHQHOUHORM
HOLQLFLRUHWDUGDGR\HOWLHPSRGHFRFFLyQ
pVWHDSDUHFHUiSUHVLRQDQGRODDOPRKDGLOOD
.,7&+(17,0(5212))WHPSRUL]DGRUFRFLQD
HQFHQGLGRDSDJDGR\OXHJRSUHVLRQDQGR
ODVDOPRKDGLOODVQXPpULFDVSDUDLQJUHVDUHO
WLHPSRTXHGHVHH
&yPRFDQFHODUHOWHPSRUL]DGRU
3UHVLRQHODDOPRKDGLOOD.,7&+(17,0(521
2))WHPSRUL]DGRUFRFLQDHQFHQGLGRDSDJDGR
GRVYHFHV
&yPRXVDUHOUHORM\HOWHPSRUL]DGRU

background

6XFRQWUROOHSHUPLWLUiEORTXHDUODV
DOPRKDGLOODVSDUDTXHQRSXHGDQDFWLYDUVHDO
SUHVLRQDUODV
3DUDEORTXHDUGHVEORTXHDUORVFRQWUROHV
3UHVLRQHODVDOPRKDGLOODV\DOPLVPR
WLHPSRGXUDQWHVHJXQGRVKDVWDTXHHO
FRQWUROPXHVWUH/2&21EORTXHR
DFWLYDGR
3DUDGHVEORTXHDUHOFRQWUROSUHVLRQHODV
DOPRKDGLOODV\DOPLVPRWLHPSR
GXUDQWHVHJXQGRVKDVWDTXHHOFRQWURO
PXHVWUH/2&2))EORTXHRGHVDFWLYDGR
&XDQGRHVWDFDUDFWHUtVWLFDHVWiDFWLYDGD\VH
SUHVLRQDQODVDOPRKDGLOODVHOFRQWUROHPLWLUiXQ
SLWLGR\ODSDQWDOODPRVWUDUi/2&21EORTXHR
DFWLYDGR
(OPRGRGHEORTXHRGHFRQWURODIHFWDDWRGDV
ODVDOPRKDGLOODV&XDQGRHVWDFDUDFWHUtVWLFD
HVWiDFWLYDGDQRIXQFLRQDUiQLQJXQD
DOPRKDGLOOD
(ODMXVWHTXHGDUiHQODPHPRULDGHVSXpVGH
XQFRUWHGHHQHUJtD
%ORTXHRGHFRQWUROHVHQDOJXQRVPRGHORV
&yPRXVDUODFRFLQDRHOEORTXHRGHFRQWURO *($SSOLDQFHVFRP
(OFRQWUROSHUPLWHHOEORTXHRGHORV
TXHPDGRUHVGHVXSHUILFLHTXHPDGRUHVGHO
KRUQR\SDQHOGHFRQWUROSDUDTXHQRSXHGDQ
DFWLYDUVH
3DUDEORTXHDUGHVEORTXHDUORVFRQWUROHV
$SDJXHWRGRVORVTXHPDGRUHVGH
VXSHUILFLH
3UHVLRQH\VRVWHQJDODDOPRKDGLOOD5$1*(
/2&.287EORTXHRGHFRFLQDGXUDQWH
VHJXQGRVKDVWDTXHODSDQWDOODPXHVWUH
/2&21EORTXHRDFWLYDGR
3DUDGHVWUDEDUHOFRQWUROSUHVLRQH
\VRVWHQJDODDOPRKDGLOOD5$1*(
/2&.287EORTXHRGHFRFLQDGXUDQWH
VHJXQGRVKDVWDTXHODSDQWDOODPXHVWUH
/2&2))EORTXHRGHVDFWLYDGR
&XDQGRHVWDFDUDFWHUtVWLFDHVWiDFWLYDGD\VH
SUHVLRQDQODVDOPRKDGLOODVHOFRQWUROHPLWLUiXQ
SLWLGR\ODSDQWDOODPRVWUDUi/2&21EORTXHR
DFWLYDGR
(OPRGRGHEORTXHRGHFRQWURODIHFWDDWRGRV
ORVFRQWUROHV&XDQGRHVWDFDUDFWHUtVWLFDHVWi
DFWLYDGDQRIXQFLRQDUiQLQJ~QFRQWURO
(ODMXVWHTXHGDUiHQODPHPRULDGHVSXpVGH
XQFRUWHGHHQHUJtD
%ORTXHRGHODFRFLQDHQDOJXQRVPRGHORV
background

&yPRXWLOL]DUODVFDUDFWHUtVWLFDVGHKRUQHDGR\URVWL]DGR
FRQWHPSRUL]DGRUHQDOJXQRVPRGHORV
127$/RVDOLPHQWRVTXHVHHFKDQDSHUGHUFRQIDFLOLGDG³FRPROHFKHKXHYRVSHVFDGRUHOOHQRVFDUQHGHDYH\FHUGR³
QRGHEHQGHMDUVHUHSRVDUSRUPiVGHKRUDDQWHV\GHVSXpVGHODFRFFLyQ/DWHPSHUDWXUDDPELHQWHSURPXHYHHO
FUHFLPLHQWRGHEDFWHULDVGDxLQDV9HULILTXHTXHODOX]GHOKRUQRHVWpDSDJDGDSRUTXHHOFDORUSURYHQLHQWHGHOIRFRSXHGH
DFHOHUDUHOFUHFLPLHQWRGHEDFWHULDV
&yPRFRQILJXUDUXQLQLFLRLQPHGLDWR\XQDSDJDGRDXWRPiWLFR
(OKRUQRVHHQFLHQGHLQPHGLDWDPHQWH\FRFLQD
ORVDOLPHQWRVGXUDQWHXQSHUtRGRGHWLHPSR
VHOHFFLRQDGR$OILQDOL]DUHOWLHPSRGHFRFFLyQ
HOKRUQRVHDSDJDDXWRPiWLFDPHQWH
3UHVLRQHODDOPRKDGLOOD%$.(KRUQHDU
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHVHDGD
3UHVLRQHODDOPRKDGLOOD&22.,1*7,0(
WLHPSRGHFRFFLyQ
127$6LVXUHFHWDUHTXLHUHSUHFDOHQWDPLHQWR
SXHGHQHFHVLWDUDJUHJDUWLHPSRDGLFLRQDODO
WLHPSRGHFRFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHVHDGD
3RGUiQYHUVHHQODSDQWDOODOD
WHPSHUDWXUDGHOKRUQR\HOWLHPSRGH
FRFFLyQLQJUHVDGRV
3UHVLRQHODDOPRKDGLOOD67$57LQLFLR
/DSDQWDOODPRVWUDUiODQXHYDWHPSHUDWXUD
FRPHQ]DQGRD)>&@\HOWLHPSRGH
FRFFLyQ/DSDQWDOODFRPLHQ]DDFDPELDUXQD
YH]TXHODWHPSHUDWXUDDOFDQ]DORV)
&
(OKRUQRFRQWLQXDUiFRFLQDQGRGXUDQWHHO
WLHPSRSURJUDPDGROXHJRVHDSDJDUiGH
PDQHUDDXWRPiWLFDDPHQRVTXHVHFRQILJXUH
ODFDUDFWHUtVWLFD:$50FDOHQWDU9HUODVHFFLyQ
&yPRFRQILJXUDUHOKRUQRSDUDFDOHQWDU
3UHVLRQHODDOPRKDGLOOD&/($52))
ERUUDUDSDJDGRSDUDERUUDUODSDQWDOOD
&yPRFRQILJXUDUXQLQLFLRUHWDUGDGR\XQDSDJDGRDXWRPiWLFR
8VWHGSXHGHFRQILJXUDUHOKRUQRSDUDTXH
HIHFW~HXQLQLFLRUHWDUGDGRFRFLQHGXUDQWH
XQWLHPSRGHWHUPLQDGR\OXHJRVHDSDJXHGH
PDQHUDDXWRPiWLFD
$VHJ~UHVHGHTXHHOUHORMPXHVWUHODKRUD
FRUUHFWD
3UHVLRQHODDOPRKDGLOOD%$.(KRUQHDU
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHVHDGD
3UHVLRQHODDOPRKDGLOOD&22.,1*7,0(
WLHPSRGHFRFFLyQ
127$6LVXUHFHWDUHTXLHUHSUHFDOHQWDPLHQWR
SXHGHQHFHVLWDUDJUHJDUWLHPSRDGLFLRQDODO
WLHPSRGHFRFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHVHDGD
3UHVLRQHODDOPRKDGLOOD'(/$<67$57
LQLFLRUHWDUGDGR
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODKRUDHQTXHGHVHDTXHHO
KRUQRVHHQFLHQGD\FRPLHQFHODFRFFLyQ
3UHVLRQHODDOPRKDGLOOD67$57LQLFLR
127$6RQDUiXQWRQRGHDWHQFLyQVLXVWHG
HVWiXWLOL]DQGRKRUQHDGRFRQWHPSRUL]DGRU
\QRSUHVLRQDODDOPRKDGLOOD67$57LQLFLR
GHGHVSXpVGHLQJUHVDUODWHPSHUDWXUDGH
KRUQHDGR
6LGHVHDYHULILFDUORVKRUDULRVTXHKD
FRQILJXUDGRSUHVLRQHODDOPRKDGLOOD'(/$<
67$57LQLFLRUHWDUGDGRSDUDFRQWURODUODKRUD
GHLQLFLRFRQILJXUDGDRSUHVLRQHODDOPRKDGLOOD
&22.,1*7,0(WLHPSRGHFRFFLyQSDUD
YHULILFDUODH[WHQVLyQGHFRFFLyQTXHKD
FRQILJXUDGR
&XDQGRVHHQFLHQGHHOKRUQRHQHOKRUDULRTXH
KDFRQILJXUDGRODSDQWDOODPRVWUDUiODQXHYD
WHPSHUDWXUDFRPHQ]DQGRD)>&@\
HOWLHPSRGHFRFFLyQ/DSDQWDOODFRPLHQ]DD
FDPELDUXQDYH]TXHODWHPSHUDWXUDDOFDQ]D
ORV)&
(OKRUQRFRQWLQXDUiFRFLQDQGRGXUDQWHHO
WLHPSRSURJUDPDGROXHJRVHDSDJDUiGH
PDQHUDDXWRPiWLFDDPHQRVTXHVHFRQILJXUH
ODFDUDFWHUtVWLFD:$50FDOHQWDU9HUODVHFFLyQ
&yPRFRQILJXUDUHOKRUQRSDUDFDOHQWDU
3UHVLRQHODDOPRKDGLOOD&/($52))
ERUUDUDSDJDGRSDUDERUUDUODSDQWDOOD
background
,QWURGX]FDODVRQGDHQORVDOLPHQWRV
(QFKXIHODVRQGDGHQWURGHODVDOLGDGHO
KRUQR9HULILTXHTXHHVWpLQWURGXFLGD
KDVWDHOIRQGR&LHUUHODSXHUWDGHOKRUQR
9HULILTXHTXHHOFDEOHGHODVRQGDQR
WRTXHHOHOHPHQWRDVDGRU
3UHVLRQHODDOPRKDGLOOD352%(VRQGD
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDLQWHUQDGHVHDGD
GHORVDOLPHQWRVRGHODFDUQH/D
WHPSHUDWXUDLQWHUQDPi[LPDDODTXH
SXHGHQFRQILJXUDUVHORVDOLPHQWRVHV)
&
3UHVLRQHODDOPRKDGLOOD%$.(KRUQHDU
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHOKRUQR
GHVHDGD
3UHVLRQHODDOPRKDGLOOD67$57LQLFLR
/DSDQWDOODGHVWHOODUiVLODVRQGDVHHQFXHQWUD
HQFKXIDGDGHQWURGHODVDOLGD\XVWHGQRKD
FRQILJXUDGRXQDWHPSHUDWXUDGHVRQGD\
SUHVLRQDGRODDOPRKDGLOOD67$57LQLFLR
'HVSXpVGHTXHODWHPSHUDWXUDLQWHUQDGH
ORVDOLPHQWRVDOFDQFHORV)&OD
WHPSHUDWXUDQXHYDLQWHUQDSRGUiYHUVHHQOD
SDQWDOOD
&XDQGRODWHPSHUDWXUDLQWHUQDGHORV
DOLPHQWRVDOFDQ]DODFLIUDTXHXVWHGKD
FRQILJXUDGRODVRQGD\HOKRUQRVHDSDJDQ
\ORVFRQWUROHVGHOKRUQRFRPLHQ]DQD
GHVWHOODU3DUDGHWHQHUHOGHVWHOORSUHVLRQH
ODDOPRKDGLOOD&/($52))ERUUDU
DSDJDGR8WLOLFHJXDQWHVGHFRFLQDSDUD
TXLWDUODVRQGDGHORVDOLPHQWRV1RXWLOLFH
SLQ]DVSDUDTXLWDUODSRUTXHSRGUtDQ
GDxDUOD
3DUDFDPELDUODWHPSHUDWXUDGHOKRUQR
GXUDQWHHOFLFORGHURVWL]DGRSUHVLRQHOD
DOPRKDGLOOD%$.(KRUQHDU\OXHJRODV
DOPRKDGLOODVQXPpULFDVSDUDFRQILJXUDUOD
QXHYDWHPSHUDWXUD
6LVHTXLWDODVRQGDGHORVDOLPHQWRVDQWHVGH
DOFDQ]DUODWHPSHUDWXUDILQDOVRQDUiXQWRQR
\ODSDQWDOODGHVWHOODUiKDVWDTXHVHTXLWHOD
VRQGDGHOKRUQR
3XHGHXWLOL]DUHOWHPSRUL]DGRUDXQTXHQR
SXHGHQXVDUVHRSHUDFLRQHVGHOKRUQRFRQ
WHPSRUL]DGRUPLHQWUDVVHXWLOLFHODVRQGD

(QPXFKRVDOLPHQWRVHVSHFLDOPHQWHDVDGRV\FDUQHVGHDYHODWHPSHUDWXUDLQWHUQDGHORVDOLPHQWRVHVODPHMRU
SUXHEDSDUDYHULILFDUHOJUDGRGHFRFFLyQ0HGLDQWHODVRQGDGHWHPSHUDWXUDVHHYLWDWHQHUTXHDGLYLQDUHOJUDGR
GHFRFFLyQ\VHORJUDHOSXQWRGHFRFFLyQH[DFWR
(OXVRGHVRQGDVGLVWLQWDVDODVRWRUJDGDVFRQ
HVWHSURGXFWRSXHGHSURYRFDUOHVGDxRVDODV
PLVPDVRDOFRQWUROGHOKRUQR
8WLOLFHODVPDQLMDVGHODVRQGD\HOHQFKXIH
FXDQGRODVLQWURGX]FD\TXLWHGHORVDOLPHQWRV
\GHODVDOLGD
3DUDHYLWDUGDxRVDODVRQGDQRXWLOLFH
SLQ]DVSDUDWLUDUGHOFDEOHFXDQGRORTXLWH
3DUDHYLWDUURPSHUODVRQGDYHULILTXH
TXHORVDOLPHQWRVHVWpQWRWDOPHQWH
GHVFRQJHODGRVDQWHVGHLQWURGXFLUOD
3DUDHYLWDUSRVLEOHVTXHPDGXUDVQR
GHVHQFKXIHODVRQGDGHODVDOLGDKDVWDTXH
HOKRUQRVHKD\DHQIULDGR
1XQFDGHMHODVRQGDGHQWURGHOKRUQR
GXUDQWHXQFLFORGHDXWROLPSLH]D
1RJXDUGHODVRQGDGHQWURGHOKRUQR
/DVRQGDGHWHPSHUDWXUDFXHQWD
FRQXQDVRQGDVLPLODUDXQSLQFKR
HQXQH[WUHPR\XQHQFKXIHHQHO
RWURH[WUHPRTXHVHLQWURGXFHHQ
ODVDOLGDGHOKRUQR
'HVSXpVGHSUHSDUDUODFDUQH\FRORFDUODHQXQ
SRVDIXHQWHVRVREUHXQDUHMLOODGHXQDDVDGHUD
VLJDHVWDVLQVWUXFFLRQHVSDUDXQDFRORFDFLyQ
DGHFXDGDGHODVRQGD
,QWURGX]FDODVRQGDFRPSOHWDPHQWHHQOD
FDUQH(VWDQRGHEHWRFDUKXHVRJUDVDR
FDUWtODJR
3DUDDVDGRVVLQKXHVRLQWURGX]FDODVRQGD
GHQWURGHODSDUWHPiVFDUQRVD3DUDMDPyQR
FRUGHURFRQKXHVRLQWURGX]FDODVRQGDHQHO
FHQWURGHOP~VFXORJUDQGHPiVEDMR
,QWURGX]FDODVRQGDHQHOFHQWURGHSODWRVWDOHV
FRPRSDQGHFDUQHRHVWRIDGRV
,QWURGX]FDODVRQGDGHQWURGHODSDUWHPiV
FDUQRVDGHOPXVORLQWHUQRGHVGHDEDMR\HQ
IRUPDSDUDOHODDODSDWDGHXQSDYRHQWHUR
&yPRFRQILJXUDUHOKRUQRSDUDURVWL]DGRFXDQGRVHXVDODVRQGD
&yPRXVDUODVRQGDHQDOJXQRVPRGHORV *($SSOLDQFHVFRP
(QFKXIH
&DEOH
0DQLMDV
6RQGD
background

&yPRXVDUHOKRUQRSRUFRQYHFFLyQHQDOJXQRVPRGHORV
&yPRDGDSWDUUHFHWDV«
8VWHGSXHGHXWLOL]DUVXVUHFHWDVIDYRULWDVHQHO
KRUQRSRUFRQYHFFLyQ
&XDQGRKRUQHHSRUFRQYHFFLyQODFDUDFWHUtVWLFD
GH&RQYHUVLyQDXWRPiWLFDGHUHFHWDV
DXWRPiWLFDPHQWHUHGXFHODWHPSHUDWXUD
GHKRUQHDGRFRQILJXUDGDDODUHFRPHQGDGD
HQ)&9HUOD&RQYHUVLyQDXWRPiWLFD
GHUHFHWDVHQODVHFFLyQGH&DUDFWHUtVWLFDV
HVSHFLDOHV
8WLOLFHHOWDPDxRGHEDQGHMDUHFRPHQGDGR
$OJXQDVLQVWUXFFLRQHVHQSDTXHWHVGH
HVWRIDGRVFRQJHODGRVRSODWRVSULQFLSDOHV
KDQVLGRGHVDUUROODGRVXWLOL]DQGRKRUQRV
SRUFRQYHFFLyQFRPHUFLDOHV3DUDPHMRUHV
UHVXOWDGRVSUHFDOLHQWHHOKRUQR\XWLOLFH
ODWHPSHUDWXUDSDUDKRUQHDGRFRP~Q
LQGLFDGDHQHOSDTXHWH
9HQWLODGRUSRUFRQYHFFLyQ
(QXQKRUQRSRUFRQYHFFLyQXQYHQWLODGRU
KDFHFLUFXODUDLUHFDOLHQWHVREUHSRUGHEDMR\
DOUHGHGRUGHORVDOLPHQWRV
(VWDFLUFXODFLyQGHDLUHFDOLHQWHVHGLVWULEX\H
GHPDQHUDSDUHMDDWUDYpVGHODFDYLGDG
GHOKRUQR&RPRUHVXOWDGRORVDOLPHQWRVVH
FRFLQDQ\GRUDQHQIRUPDSDUHMDDPHQXGR
HQPHQRVWLHPSRTXHFRQHOFDORUQRUPDO
127$(OYHQWLODGRUSRUFRQYHFFLyQVH
HQFHQGHUi\DSDJDUiGXUDQWHODFRFFLyQSDUD
GLVWULEXLUPHMRUHODLUHGHQWURGHOKRUQR
(OYHQWLODGRUGHOKRUQRSRUFRQYHFFLyQVH
DSDJDFXDQGRVHDEUHODSXHUWDGHOKRUQR
'HELGRDTXHHODLUHFDOLHQWHFLUFXOD
HQIRUPDSDUHMDHQWRGRHOKRUQRORVDOLPHQWRV
SXHGHQKRUQHDUVHFRQH[FHOHQWHVUHVXOWDGRV
XVDQGRSDUULOODVP~OWLSOHV
(OKRUQHDGRFRQSDUULOODVP~OWLSOHVSXHGH
LQFUHPHQWDUXQSRFRORVWLHPSRVGHFRFFLyQ
GHDOJXQRVDOLPHQWRVSHURHOUHVXOWDGRWRWDO
HVHODKRUURGHWLHPSR/DVJDOOHWDVPXIILQV
EL]FRFKRV\RWURVSDQHVUiSLGRVORJUDQ
UHVXOWDGRVPX\EXHQRVFRQHOKRUQHDGRGH
SDUULOODVP~OWLSOHV
&XDQGRKRUQHHHQSDUULOODVFRORTXHXQD
HQODFXDUWD'SRVLFLyQRWUDHQODTXLWD(
SRVLFLyQ\RWUDHQODVH[WD)SRVLFLyQ6LODV
DVDGHUDVQRHQWUDQXWLOLFHODVSRVLFLRQHV%'
\)
+RUQHDGRSRUFRQYHFFLyQFRQYDULDVSDUULOODV
0XOWLUDFNSRVLWLRQ
(OYHQWLODGRUSRUFRQYHFFLyQKDFHFLUFXODUHO
DLUHFDOLHQWHHQIRUPDSDUHMDVREUH\DOUHGHGRU
GHORVDOLPHQWRV
&XDQGRKRUQHHSRUFRQYHFFLyQFRQVyOR
SDUULOODVLJDODVSRVLFLRQHVUHFRPHQGDGDVHQOD
VHFFLyQ&yPRXVDUHOKRUQR
,GHDOSDUDDOLPHQWRVKRUQHDGRVGHPDQHUD
XQLIRUPHFRFLQDGRVHQXQDSDUULOOD\SDUD
DOLPHQWRVJUDQGHV$GHPiVSXHGHQRWDUVH
XQDKRUURGHWLHPSR
%XHQRVUHVXOWDGRVFRQJDOOHWDVEL]FRFKRV
PXIILQVEURZQLHVPDJGDOHQDVEROORVGH
FUHPDSDQHFLOORVGXOFHVSDVWHO´DQJHOIRRGµ
\SDQHV
+RUQHDGRSRUFRQYHFFLyQFRQVyORXQDSDUULOOD
background
3UHVLRQHODDOPRKDGLOOD&219(&7,21
%$.(08/7,5$&.KRUQHDGRSRU
FRQYHFFLyQHQRYDULDVSDUULOODVR
&219(&7,2152$67URVWL]DGRSRU
FRQYHFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHOKRUQR
GHVHDGD
3UHVLRQHODDOPRKDGLOOD67$57LQLFLR
3DUDFDPELDUODWHPSHUDWXUDGHOKRUQR
SUHVLRQHODDOPRKDGLOOD&219(&7,21%$.(
08/7,5$&.KRUQHDGRSRUFRQYHFFLyQ
HQRYDULDVSDUULOODVR&219(&7,21
52$67URVWL]DGRSRUFRQYHFFLyQ\OXHJRODV
DOPRKDGLOODVQXPpULFDVSDUDFRQILJXUDUOD
QXHYDWHPSHUDWXUD&XDQGRHOKRUQRFRPLHQ]D
DFDOHQWDUSRGUiYHUVHODQXHYDWHPSHUDWXUD
FRPHQ]DQGRD)&&XDQGRHOKRUQR
DOFDQ]DODWHPSHUDWXUDFRQILJXUDGDVRQDUiQ
SLWLGRV
3UHVLRQHODDOPRKDGLOOD&/($52))ERUUDU
DSDJDGRFXDQGRKD\DILQDOL]DGR
0LHQWUDVFRFLQHSRUFRQYHFFLyQVH
HVFXFKDUiXQYHQWLODGRU(OYHQWLODGRUVH
GHWHQGUiFXDQGRVHDEUDODSXHUWDSHURHO
FDORUQRVHDSDJDUi
'XUDQWHHOKRUQHDGRSXHGHQHVFXFKDUVH
FKDVTXLGRVSURYHQLHQWHVGHOKRUQR(VWR
HVQRUPDO
(OHPHQWRVGHFRFFLyQSDUDFRFLQDSRUFRQYHFFLyQ
$QWHVGHXWLOL]DUHOKRUQRSRUFRQYHFFLyQ
YHULILTXHTXHVXVHOHPHQWRVGHFRFFLyQGHMHQ
HVSDFLRSDUDODFLUFXODFLyQGHDLUHHQHOKRUQR
6LYDDKRUQHDUFRQYDULDVDVDGHUDVGHMHXQ
HVSDFLRHQWUHHOODV$GHPiVDVHJ~UHVHGH
TXHODVDVDGHUDVQRVHWRFDQHQWUHVtRDODV
SDUHGHVGHOKRUQR
3DSHO\SOiVWLFR
/RVUHFLSLHQWHVGHSDSHO\SOiVWLFRUHVLVWHQWHV
DOFDORUUHFRPHQGDGRVSDUDXWLOL]DUHQ
KRUQHDGRQRUPDOWDPELpQSXHGHQXWLOL]DUVH
SDUDKRUQHDGRSRUFRQYHFFLyQSHURQRGHEHQ
XWLOL]DUVHDWHPSHUDWXUDVPiVHOHYDGDVTXHOD
WHPSHUDWXUDUHFRPHQGDGDSRUHOIDEULFDQWH
GHORVHOHPHQWRVGHFRFFLyQ7DPELpQSXHGHQ
XWLOL]DUVHHOHPHQWRVGHFRFFLyQUHVLVWHQWHVD
WHPSHUDWXUDVGH)&
0HWDO\YLGULR
3XHGHXWLOL]DUVHFXDOTXLHUFODVHGHHOHPHQWR
GHFRFFLyQHQVXKRUQRSRUFRQYHFFLyQ6LQ
HPEDUJRODVEDQGHMDVGHPHWDOVHFDOLHQWDQ
PiVUiSLGR\VHODVUHFRPLHQGDSDUDKRUQHDGR
SRUFRQYHFFLyQ
/DVEDQGHMDVRVFXUDVRFRQDFDEDGRPDWH
KRUQHDUiQDOLPHQWRVPiVUiSLGRTXHODV
EULOODQWHV
/DVEDQGHMDVGHYLGULRRFHUiPLFDFRFLQDQ
PiVGHVSDFLR
3DUDUHFHWDVFRPRSROORDOKRUQRXWLOLFHXQD
EDQGHMDFRQODGRVEDMRV(ODLUHFDOLHQWHQR
SXHGHFLUFXODUELHQDOUHGHGRUGHORVDOLPHQWRV
HQXQDEDQGHMDFRQODGRVDOWRV
&yPRFRQILJXUDUHOKRUQRSDUDKRUQHDGRRURVWL]DGRSRUFRQYHFFLyQ
5RVWL]DGRSRUFRQYHFFLyQ
%XHQRSDUDJUDQGHVFRUWHVGHFDUQHWLHUQD
VLQFXEULU
(OYHQWLODGRUSRUFRQYHFFLyQKDFHFLUFXODUHO
DLUHFDOLHQWHHQIRUPDSDUHMDVREUH\DOUHGHGRU
GHORVDOLPHQWRV/DVFDUQHVYDFXQDV\GHDYH
VHGRUDQSRUFRPSOHWRFRPRVLVHKXELHVHQ
FRFLQDGRDOVSLHGR(ODLUHFDOLHQWHVHOODORV
MXJRVUiSLGDPHQWHSDUDORJUDUXQSURGXFWR
MXJRVR\WLHUQRPLHQWUDVDOPLVPRWLHPSRVH
FUHDXQULFDFDSDH[WHUQDPDUUyQGRUDGD
&XDQGRHVWpURVWL]DQGRSRUFRQYHFFLyQUHVXOWD
LPSRUWDQWHTXHXWLOLFHXQDDVDGHUD\XQDUHMLOOD
GLVHxDGDSDUDDVDUDODSDUULOODSDUDREWHQHU
PHMRUHVUHVXOWDGRVGHDVDGRSRUFRQYHFFLyQ
/DDVDGHUDVHXWLOL]DSDUDUHWHQHUORVGHUUDPHV
GHJUDVD\ODUHMLOODVHXWLOL]DSDUDHYLWDUODV
VDOSLFDGXUDVGHJUDVDPLHQWUDVHODLUHFDOLHQWH
FLUFXODEDMRODFDUQHSDUDLQFUHPHQWDUHOGRUDGR
HQODSDUWHLQIHULRUGHODVFDUQHVYDFXQDVR
GHDYH
&RORTXHODSDUULOODGHOKRUQRHQODSRVLFLyQ
FHQWUDOHQWUHODSDUWHVXSHULRUHLQIHULRUGHO
KRUQR
&XDQGRKRUQHHJDOOHWDV
REWHQGUiPHMRUHVUHVXOWDGRV
VLXVDXQDSODQFKDSODQD
SDUDJDOOHWDVHQOXJDUGHXQD
EDQGHMDGHODGRVEDMRV

*($SSOLDQFHVFRP
127$&XDQGRKRUQHHSRUFRQYHFFLyQODWHPSHUDWXUDGHOKRUQRVHUi)&PHQRV
TXHODWHPSHUDWXUDFRQILJXUDGD3DUDPiVLQIRUPDFLyQYHDOD&RQYHUVLyQDXWRPiWLFDGH
UHFHWDVHQODVHFFLyQGH&DUDFWHUtVWLFDVHVSHFLDOHV&XDQGRXWLOLFHURVWL]DGRSRUFRQYHFFLyQOD
WHPSHUDWXUDGHOKRUQRQRVHFRQYHUWLUiDXWRPiWLFDPHQWH
background

&yPRXVDUODVFDUDFWHUtVWLFDVFRQWHPSRUL]DGRUSDUDFRFFLyQ
SRUFRQYHFFLyQHQDOJXQRVPRGHORV
0LHQWUDVFRFLQHFRQHVWDVFDUDFWHUtVWLFDVVHHVFXFKDUiXQYHQWLODGRU(OYHQWLODGRUVHGHWHQGUiFXDQGRVHDEUDODSXHUWD
SHURHOFDORUQRVHDSDJDUi
127$/RVDOLPHQWRVTXHVHHFKDQDSHUGHUFRQIDFLOLGDG³FRPROHFKHKXHYRVSHVFDGRUHOOHQRVFDUQHGHDYH
\FHUGR³QRGHEHQGHMDUVHUHSRVDUSRUPiVGHKRUDDQWHV\GHVSXpVGHODFRFFLyQ/DWHPSHUDWXUDDPELHQWHSURPXHYH
HOFUHFLPLHQWRGHEDFWHULDVGDxLQDV9HULILTXHTXHODOX]GHOKRUQRHVWpDSDJDGDSRUTXHHOFDORUSURYHQLHQWHGHOIRFR
SXHGHDFHOHUDUHOFUHFLPLHQWRGHEDFWHULDV
&yPRFRQILJXUDUXQLQLFLRLQPHGLDWR\XQDSDJDGRDXWRPiWLFR
(OKRUQRVHHQFLHQGHLQPHGLDWDPHQWH\FRFLQD
ORVDOLPHQWRVGXUDQWHXQSHUtRGRGHWLHPSR
VHOHFFLRQDGR$OILQDOL]DUHOWLHPSRGHFRFFLyQ
HOKRUQRVHDSDJDDXWRPiWLFDPHQWH
$VHJ~UHVHGHTXHHOUHORMPXHVWUHODKRUD
FRUUHFWD
3UHVLRQHODDOPRKDGLOOD&219(&7,21
%$.(08/7,5$&.KRUQHDGRSRU
FRQYHFFLyQHQRYDULDVSDUULOODVR
&219(&7,2152$67URVWL]DGRSRU
FRQYHFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHOKRUQR
GHVHDGD
3UHVLRQHODDOPRKDGLOOD&22.,1*7,0(
WLHPSRGHFRFFLyQ
127$6LVXUHFHWDUHTXLHUHSUHFDOHQWDPLHQWR
SXHGHQHFHVLWDUDJUHJDUWLHPSRDGLFLRQDODO
WLHPSRGHFRFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR(O
WLHPSRGHFRFFLyQPtQLPRTXHXVWHGSXHGH
FRQILJXUDUHVPLQXWR/DWHPSHUDWXUDGHO
KRUQRTXHKDFRQILJXUDGR\HOWLHPSRGH
FRFFLyQLQJUHVDGRDSDUHFHUiQHQOD
SDQWDOOD
3UHVLRQHODDOPRKDGLOOD67$57LQLFLR
/DSDQWDOODPRVWUDUiODQXHYDWHPSHUDWXUD
FRPHQ]DQGRD)>&@\HOWLHPSRGH
FRFFLyQ/DSDQWDOODFRPLHQ]DDFDPELDUXQD
YH]TXHODWHPSHUDWXUDDOFDQ]DORV)
&
(OKRUQRFRQWLQXDUiFRFLQDQGRGXUDQWH
HOWLHPSRSURJUDPDGROXHJRVHDSDJDUi
GHPDQHUDDXWRPiWLFDDPHQRVTXHVH
FRQILJXUHODFDUDFWHUtVWLFD:$50FDOHQWDU
9HUODVHFFLyQ&yPRFRQILJXUDUHOKRUQRSDUD
PDQWHQHUFDOLHQWH
6LIXHUDQHFHVDULRSUHVLRQHODDOPRKDGLOOD
&/($52))ERUUDUDSDJDGRSDUDERUUDU
ODSDQWDOOD4XLWHORVDOLPHQWRVGHOKRUQR
5HFXHUGHDXQTXHHOKRUQRVHDSDJD
DXWRPiWLFDPHQWHORVDOLPHQWRVTXHVH
GHMHQHQHOKRUQRVHJXLUiQFRFLQiQGRVH
GHVSXpVGHDSDJDGRHOPLVPR
127$&XDQGRKRUQHHSRUFRQYHFFLyQODWHPSHUDWXUDGHOKRUQRVHUi)&PHQRU
DODWHPSHUDWXUDFRQILJXUDGD3DUDPiVLQIRUPDFLyQYHDOD&RQYHUVLyQDXWRPiWLFDGHUHFHWDV
HQODVHFFLyQGH&DUDFWHUtVWLFDVHVSHFLDOHV&XDQGRXWLOLFHURVWL]DGRSRUFRQYHFFLyQ
ODWHPSHUDWXUDGHOKRUQRQRVHFRQYHUWLUiDXWRPiWLFDPHQWH
background

&yPRFRQILJXUDUXQLQLFLRUHWDUGDGR\XQDSDJDGRDXWRPiWLFR
8VWHGSXHGHFRQILJXUDUHOKRUQRSDUDTXH
HIHFW~HXQLQLFLRUHWDUGDGRFRFLQHGXUDQWH
XQWLHPSRGHWHUPLQDGR\OXHJRVHDSDJXHGH
PDQHUDDXWRPiWLFD
$VHJ~UHVHGHTXHHOUHORMPXHVWUHODKRUD
FRUUHFWD
3UHVLRQHODDOPRKDGLOOD&219(&7,21
%$.(08/7,5$&.KRUQHDGRSRU
FRQYHFFLyQHQRYDULDVSDUULOODVR
&219(&7,2152$67URVWL]DGRSRU
FRQYHFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHOKRUQR
GHVHDGD
3UHVLRQHODDOPRKDGLOOD&22.,1*7,0(
WLHPSRGHFRFFLyQ
127$6LVXUHFHWDUHTXLHUHSUHFDOHQWDPLHQWR
SXHGHQHFHVLWDUDJUHJDUWLHPSRDGLFLRQDODO
WLHPSRGHFRFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR
3UHVLRQHODDOPRKDGLOOD'(/$<67$57
LQLFLRUHWDUGDGR
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODKRUDHQTXHGHVHDTXHHO
KRUQRVHHQFLHQGD\FRPLHQFHODFRFFLyQ
6LGHVHDYHULILFDUORVKRUDULRVTXHKDFRQILJXUDGR
SUHVLRQHODDOPRKDGLOOD'(/$<67$57LQLFLR
UHWDUGDGRSDUDFRQWURODUODKRUDGHLQLFLR
FRQILJXUDGDRSUHVLRQHODDOPRKDGLOOD&22.,1*
7,0(WLHPSRGHFRFFLyQSDUDYHULILFDUODH[WHQVLyQ
GHFRFFLyQTXHKDFRQILJXUDGR
3UHVLRQHODDOPRKDGLOOD67$57LQLFLR
127$6RQDUiXQWRQRGHDWHQFLyQVLXVWHG
HVWiXWLOL]DQGRKRUQHDGRRURVWL]DGRFRQ
WHPSRUL]DGRU\QRSUHVLRQDODDOPRKDGLOOD
67$57LQLFLRGHVSXpVGHLQJUHVDUOD
WHPSHUDWXUDGHKRUQHDGRRDVDGR
&XDQGRHOKRUQRVHHQFLHQGHHQHOKRUDULRTXH
KDFRQILJXUDGRODSDQWDOODPRVWUDUiODQXHYD
WHPSHUDWXUDFRPHQ]DQGRD)>&@\
HOWLHPSRGHFRFFLyQ/DSDQWDOODFRPLHQ]DD
FDPELDUXQDYH]TXHODWHPSHUDWXUDDOFDQ]D
ORV)&
(OKRUQRFRQWLQXDUiFRFLQDQGRGXUDQWH
HOWLHPSRSURJUDPDGROXHJRVHDSDJDUi
GHPDQHUDDXWRPiWLFDDPHQRVTXHVH
FRQILJXUHODFDUDFWHUtVWLFD:$50FDOHQWDU
9HUODVHFFLyQ&yPRFRQILJXUDUHOKRUQRSDUD
PDQWHQHUFDOLHQWH
6LIXHUDQHFHVDULRSUHVLRQHODDOPRKDGLOOD
&/($52))ERUUDUDSDJDGRSDUDERUUDU
ODSDQWDOOD4XLWHORVDOLPHQWRVGHOKRUQR
5HFXHUGHDXQTXHHOKRUQRVHDSDJD
DXWRPiWLFDPHQWHORVDOLPHQWRVTXHVH
GHMHQHQHOKRUQRVHJXLUiQFRFLQiQGRVH
GHVSXpVGHDSDJDGRHOPLVPR
*($SSOLDQFHVFRP
127$&XDQGRKRUQHHSRUFRQYHFFLyQODWHPSHUDWXUDGHOKRUQRVHUi)&PHQRU
DODWHPSHUDWXUDFRQILJXUDGD3DUDPiVLQIRUPDFLyQYHDOD&RQYHUVLyQDXWRPiWLFDGHUHFHWDV
HQODVHFFLyQGH&DUDFWHUtVWLFDVHVSHFLDOHV&XDQGRXWLOLFHURVWL]DGRSRUFRQYHFFLyQ
ODWHPSHUDWXUDGHOKRUQRQRVHFRQYHUWLUiDXWRPiWLFDPHQWH
background

&yPRXVDUHOKRUQRSRUFRQYHFFLyQHQDOJXQRVPRGHORV
&yPRFRQILJXUDUHOKRUQRSDUDURVWL]DGRSRUFRQYHFFLyQFXDQGR
VHXVDODVRQGD
/DSDQWDOODGHVWHOODUi352%(VRQGD\HO
FRQWUROGHOKRUQRLQGLFDUiVLODVRQGDVH
HQFXHQWUDHQFKXIDGDGHQWURGHODVDOLGD\
XVWHGQRKDFRQILJXUDGRXQDWHPSHUDWXUD
GHVRQGD\SUHVLRQDGRODDOPRKDGLOOD67$57
LQLFLR
&RORTXHHOHVWDQWHGHOKRUQRHQOD
SRVLFLyQTXHFHQWUDORVDOLPHQWRVHQWUHOD
SDUWHVXSHULRUHLQIHULRUGHOKRUQR
,QWURGX]FDODVRQGDHQODFDUQH
(QFKXIHODVRQGDGHQWURGHODVDOLGDGHO
KRUQR9HULILTXHTXHHVWpLQWURGXFLGD
KDVWDHOIRQGR&LHUUHODSXHUWDGHOKRUQR
3UHVLRQHODDOPRKDGLOOD&219(&7,21
52$67URVWL]DGRSRUFRQYHFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHOKRUQR
GHVHDGD
3UHVLRQHODDOPRKDGLOOD352%(VRQGD
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDLQWHUQD
GHVHDGDGHODFDUQH
3UHVLRQHODDOPRKDGLOOD67$57LQLFLR
&XDQGRHOKRUQRFRPLHQ]DDFDOHQWDUOD
SDODEUD/2EDMRDSDUHFHUiHQODSDQWDOOD
'HVSXpVGHTXHODWHPSHUDWXUDLQWHUQDGHORV
DOLPHQWRVDOFDQFHORV)&ODQXHYD
WHPSHUDWXUDLQWHUQDSRGUiYHUVHHQODSDQWDOOD
&XDQGRODWHPSHUDWXUDLQWHUQDGHOD
FDUQHDOFDQ]DODFLIUDTXHXVWHGKD
FRQILJXUDGRODVRQGD\HOKRUQRVH
DSDJDQ\ORVFRQWUROHVGHOKRUQR
GHVWHOODQ3DUDGHWHQHUHOGHVWHOOR
SUHVLRQHODDOPRKDGLOOD&/($52))
ERUUDUDSDJDGR8WLOLFHJXDQWHVGH
FRFLQDSDUDTXLWDUODVRQGDGHORV
DOLPHQWRV
35(&$8&,Ï13DUDHYLWDU
SRVLEOHVTXHPDGXUDVQRGHVHQFKXIHODVRQGD
GHODVDOLGDGHOKRUQRKDVWDTXHpVWHVHKD\D
HQIULDGR1RJXDUGHODVRQGDHQHOKRUQR
127$
6LVHTXLWDODVRQGDGHORVDOLPHQWRVDQWHVGH
DOFDQ]DUODWHPSHUDWXUDILQDOVRQDUiXQWRQR
\ODSDQWDOODGHVWHOODUiKDVWDTXHVHTXLWHOD
VRQGDGHOKRUQR
0LHQWUDVFRFLQHFRQHVWDFDUDFWHUtVWLFDVH
HVFXFKDUiXQYHQWLODGRU(OYHQWLODGRUVH
GHWHQGUiFXDQGRVHDEUDODSXHUWDSHURHO
FDORUQRVHDSDJDUi
3XHGHXVDUVHHOWHPSRUL]DGRUGHODFRFLQD
DXQTXHQRSXHGHQXWLOL]DUVHODVRSHUDFLRQHV
FRQWHPSRUL]DGRUGHKRUQR
3DUDPHMRUHVUHVXOWDGRVFXDQGR
URVWLFHSDYRV\DVDGRVJUDQGHV
UHFRPHQGDPRVHOXVRGHOD
VRQGDLQFOXLGDHQHOKRUQRSRU
FRQYHFFLyQ
3DUDFDPELDUODWHPSHUDWXUD
GHOKRUQRGXUDQWHHOFLFORGH
URVWL]DGRSRUFRQYHFFLyQ
SUHVLRQHODDOPRKDGLOOD
&219(&7,2152$67URVWL]DGR
SRUFRQYHFFLyQ\OXHJRODV
DOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODQXHYDWHPSHUDWXUD
GHVHDGD
*XtDGHURVWL]DGRSRUFRQYHFFLyQ
0LQXWRV/E 7HPS 7HPS
&DUQHV 0LQXWRVNJ +RUQR ,QWHUQD
9DFXQD &RVWLOODFRVWLOODVLQKXHVR -XJRVR ²² )& )&
/RPR 0HGLR ²² )& )&
DOEV>NJDNJ@ %LHQFRFLGR ²² )& )&
%LIHGHORPR -XJRVR ²² )& )&
0HGLR ²² )& )&
&HUGR &RQKXHVRVLQKXHVRDOEV ²² )& )&
>NJDNJ@
&RVWLOOLWDVDFRVW
²²WRWDO
)& )&
>FPDFP@GHJURVRU FRVW
²²WRWDO
)& )&
 FRVW
²²WRWDO
)& )&
-DPyQ (QODWDGRSDUWHWUDVHUDSDWDDOEV ²² )& )&
>NJDNJ@FRPSOHWDPHQWHFRFLGD
&RUGHUR &RQKXHVRVLQKXHVRDOEV 0HGLR ²² )& )&
>NJDNJ@ %LHQFRFLGR ²² )& )&
)UXWRV 3HVFDGRHQWHURDOEV>NJDNJ@
²²WRWDO
)&
GHPDU
&RODVGHODQJRVWDDR]>JDJ@FDGDXQD
²²WRWDO
)&
$YHV 3ROORHQWHUR
øD
øOEV ²² )&
²)

>NJDNJ@
²&
*DOOLQDVGH&RUQXDOOHVVLQUHOOHQRD
øOEV ²² )&
²)
>NJDNJ@ WRWDO
²&
&RQUHOOHQRD
øOEV ²² )&
²)

>NJDNJ@

WRWDO
²&
3DWRDOEV>NJDNJ@ ²² )&
²)²&
3DYRHQWHUR
6LQUHOOHQRDOEV>NJDNJ@ ²² )&
²)²&
6LQUHOOHQRDOEV>NJDNJ@ ²² )&
²)²&
3HFKXJDGHSDYRDOEV>NJDNJ@ ²² )& )&
/DVDYHVUHOOHQDVJHQHUDOPHQWHUHTXLHUHQPLQXWRVGHWLHPSRDGLFLRQDOGHURVWL]DGR&XEUDODVSDWDV\SHFKXJDFRQ
SDSHOGHDOXPLQLRSDUDTXHODSLHOQRVHGRUHRVHTXHGHPDVLDGR
(O'HSDUWDPHQWRGH$JULFXOWXUDGHORV((88GHFODUDTXH´ODFDUQHYDFXQDMXJRVDHVPX\SRSXODUSHURVHGHEHVDEHUTXHVL
VHODFRFLQDDVyOR)DOJXQRVRUJDQLVPRVWy[LFRVSXHGHQVREUHYLYLUµ)XHQWH6DIH)RRG%RRN<RXU.LWFKHQ*XLGH/LEURGH
$OLPHQWRV6HJXURV*XtDGH&RFLQD86'$5HYLVLyQMXQLRGH
background
/DFDUDFWHUtVWLFDGHOHXGDGRPDQWLHQHXQPHGLRFDOLHQWH~WLOSDUDOHXGDUSURGXFWRVFRQOHYDGXUD
&yPRFRQILJXUDUHOKRUQRSDUDOHXGDU
&RORTXHODPDVDFXELHUWDHQXQUHFLSLHQWH
GHQWURGHOKRUQRHQ
ODVSDUULOODV%R&
127$3DUDPHMRUHVUHVXOWDGRVFXEUDOD
PDVDFRQXQSDxRRXQHQYROWRULRSOiVWLFR
HQPDQWHFDGRHOSOiVWLFRSXHGHFRORFDUVH
GHEDMRGHOUHFLSLHQWHSDUDTXHHOYHQWLODGRUGHO
KRUQRQRORGHVSODFH

3UHVLRQHODDOPRKDGLOOD3522)OHXGDU\
OXHJRODDOPRKDGLOOD67$57LQLFLR
(QODSDQWDOODSRGUiYHUVH3U)OHXGDU
/DOX]LQWHUQDGHOKRUQRVHHQFLHQGH\FRQWLQ~D
HQFHQGLGDGXUDQWHHOOHXGDGR
/DFDUDFWHUtVWLFDGHOHXGDGRDXWRPiWLFDPHQWH
XWLOL]DODWHPSHUDWXUDySWLPDSDUDHOSURFHVR
GHOHXGDGR\SRUORWDQWRQRH[LVWHXQDMXVWH
GHWHPSHUDWXUD

&RQILJXUH.,7&+(17,0(5212))
WHPSRUL]DGRUGHFRFLQDHQFHQGLGR
DSDJDGRSDUDHOWLHPSRPtQLPRGH
OHXGDGR
&XDQGRKD\DILQDOL]DGRGHOHXGDU
SUHVLRQHODDOPRKDGLOOD&/($52))
ERUUDUDSDJDGR
3DUDHYLWDUEDMDUODWHPSHUDWXUDGHOKRUQR\
SURORQJDUHOWLHPSRGHOHXGDGRQRDEUDOD
SXHUWDGHOKRUQRLQQHFHVDULDPHQWH
9HULILTXHTXHORVSURGXFWRVQROHXGHQGH
PiV
127$
1RXWLOLFHHOPRGROHXGDUSDUDFDOHQWDU
DOLPHQWRVRSDUDPDQWHQHUORVFDOLHQWHV/D
WHPSHUDWXUDGHOHXGDGRGHOKRUQRQRHV
ORVXILFLHQWHPHQWHFDOLHQWHSDUDFRQVHUYDU
DOLPHQWRVDWHPSHUDWXUDVVHJXUDV8VHOD
FDUDFWHUtVWLFD:$50PDQWHQHUFDOLHQWHSDUD
PDQWHQHUORVDOLPHQWRVFDOLHQWHV
(OOHXGDGRQRIXQFLRQDFXDQGRHOKRUQRWLHQH
XQDWHPSHUDWXUDPD\RUD)&(QOD
SDQWDOODSRGUiYHUVH´+27µFDOLHQWH
&yPRFRQILJXUDUHOKRUQRSDUDPDQWHQHUDOLPHQWRVFDOLHQWHV
/DFDUDFWHUtVWLFD:$50PDQWLHQHFDOLHQWHVORV
DOLPHQWRVFRFLGRV
(VWDFDUDFWHUtVWLFDQRHVWiGLVHxDGDSDUD
UHFDOHQWDUDOLPHQWRVIUtRV
3DUDXWLOL]DUODFDUDFWHUtVWLFD:$50SUHVLRQH
ODDOPRKDGLOOD:$50\OXHJRODDOPRKDGLOOD
67$57LQLFLR
3DUDXWLOL]DUODFDUDFWHUtVWLFD:$50GHVSXpVGH
KRUQHDGRRURVWL]DGRFRQWHPSRUL]DGRUVLJD
ORVVLJXLHQWHVSDVRV
3UHVLRQHHOPRGRGHFRFFLyQTXHGHVHD
XVDU%$.(KRUQHDU&219(&7,21%$.(
08/7,5$&.KRUQHDGRSRUFRQYHFFLyQ
HQRYDULDVSDUULOODVR&219(&7,21
52$67URVWL]DGRSRUFRQYHFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHOKRUQR
3UHVLRQHODDOPRKDGLOOD&22.,1*7,0(
WLHPSRGHFRFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR
3UHVLRQHODDOPRKDGLOOD:$50PDQWHQHU
FDOLHQWH
3UHVLRQHODDOPRKDGLOOD67$57LQLFLR
3DUDYROYHUFUXMLHQWHVSURGXFWRVQRIUHVFRV
&RORTXHORVDOLPHQWRVHQSODWRVREDQGHMDV
GHODGRVEDMRV
3DUDPHMRUHVUHVXOWDGRVFRORTXHORVDOLPHQWRV
HQXQDVRODFDSD1RORVDSLOH
1RORVFXEUD
9HULILTXHVLHVWiQFUXMLHQWHVGHVSXpVGH
PLQXWRV$JUHJXHWLHPSRVLIXHVH
QHFHVDULR
127$6,03257$17(6
/RVDOLPHQWRVGHEHQPDQWHQHUVHHQVX
UHFLSLHQWHFDOLHQWHRWUDVSDVDUVHDXQSODWRGH
VHUYLFLRUHVLVWHQWHDOFDORU
6LVHWUDWDGHDOLPHQWRVK~PHGRVF~EUDORV
FRQXQDWDSDDSWDSDUDHOKRUQRRSDSHOGH
DOXPLQLR
/RVDOLPHQWRVIULWRVRFUXMLHQWHVQRQHFHVLWDQ
FXEULUVHSHURSXHGHQVHFDUVHPXFKRVLVHORV
FDOLHQWDGXUDQWHPXFKRWLHPSR
$ODEULUHOFDMyQHQIRUPDUHLWHUDGDHODLUH
FDOLHQWHVHHVFDSDUi\ORVDOLPHQWRVVH
HQIULDUiQ
'HVSXpVGHDJUHJDUHOHPHQWRVHVSHUHXQ
WLHPSRH[WUDSDUDTXHODWHPSHUDWXUDGHQWUR
GHOKRUQRVHHVWDELOLFH
&RQFDUJDVLPSRUWDQWHVSXHGHVHUQHFHVDULR
FXEULUDOJXQRVGHORVDOLPHQWRVFRFLGRV
4XLWHWRGRVORVXWHQVLOLRVDQWHVGHFRORFDU
UHFLSLHQWHVHQHOKRUQR
1RXWLOLFHUHFLSLHQWHVWDSDVRHQYROWRULRV
SOiVWLFRV
35(&$8&,Ï1/RV
UHFLSLHQWHVWDSDVRHQYROWRULRVSOiVWLFRVVH
GHUUHWLUiQVLVHORVFRORFDHQHOKRUQR(OSOiVWLFR
GHUUHWLGRQRSXHGHTXLWDUVH\HVWRQRVH
HQFXHQWUDFXELHUWRSRUODJDUDQWtD

&yPRXVDUODVFDUDFWHUtVWLFDV
GHOHXGDGR\FDOHQWDPLHQWRHQDOJXQRVPRGHORV *($SSOLDQFHVFRP
background

$MXVWHHOWHUPRVWDWRGHOKRUQRXVWHGPLVPR
(VSRVLEOHTXHVXQXHYRKRUQRFRFLQHGHPDQHUDGLIHUHQWHDODDFRVWXPEUDGD8WLOtFHORGXUDQWHDOJXQDVVHPDQDV
SDUDIDPLOLDUL]DUVHFRQVXVIXQFLRQHV6LOXHJRGHHVWHSHUtRGRFRQVLGHUDTXHODWHPSHUDWXUDGHOKRUQRHV
GHPDVLDGREDMDRGHPDVLDGRDOWDHVSRVLEOHUHJXODUOD
1RXWLOLFHWHUPyPHWURVFRPRORVTXHVHYHQGHQHQODVWLHQGDVSDUDYHULILFDUODWHPSHUDWXUDGHOKRUQR'LFKRV
WHUPyPHWURVSXHGHQDUURMDUYDULDFLRQHVGHWHPSHUDWXUDGHHQWUH\JUDGRV)²JUDGRV&
127$(VWHDMXVWHVRODPHQWHDIHFWDODVWHPSHUDWXUDVGHKRUQHDGRKRUQHDGRSRUFRQYHFFLyQHQDOJXQRVPRGHORV
\URVWL]DGRSRUFRQYHFFLyQHQDOJXQRVPRGHORVQRDIHFWDODVWHPSHUDWXUDVGHDVDGRRDXWROLPSLH]D(ODMXVWHVH
FRQVHUYDUiHQODPHPRULDD~QGHVSXpVGHXQFRUWHGHHQHUJtD
&yPRDMXVWDUHOWHUPRVWDWR
3UHVLRQHODVDOPRKDGLOODV%52,/+,/2
DVDUDOWREDMR\%$.(KRUQHDUDOPLVPR
WLHPSRGXUDQWHVHJXQGRVKDVWDTXHHQ
ODSDQWDOODSXHGDYHUVH6)
3UHVLRQHODDOPRKDGLOOD%$.(KRUQHDU(Q
ODSDQWDOODVHYHUiXQQ~PHURGHGRV
GtJLWRV
3UHVLRQH%$.(KRUQHDUGHQXHYRSDUD
DOWHUQDUHQWUHVXELU\EDMDUODWHPSHUDWXUD
GHOKRUQR
/DWHPSHUDWXUDGHOKRUQRSXHGHVXELUVH
HQ)&REDMDUVHHQ)
&3UHVLRQHODVDOPRKDGLOODV
QXPpULFDVHQODPLVPDPDQHUDHQTXHODV
OHH3RUHMHPSORSDUDFDPELDUOD
WHPSHUDWXUDGHOKRUQR)&SUHVLRQH
\
&XDQGRKD\DILQDOL]DGRHODMXVWHSUHVLRQH
ODDOPRKDGLOOD67$57LQLFLRSDUDYROYHUD
ODKRUD8WLOLFHHOKRUQRGHODPDQHUD
QRUPDO
+
£(OWLSRGHPDUJDULQDXWLOL]DGRPRGLILFDHOKRUQHDGR
/DPD\RUtDGHODVUHFHWDVGHKRUQHDGRLQFOX\HQSURGXFWRVGHDOWRFRQWHQLGRJUDVRWDOHVFRPRODPDQWHFDRODPDUJDULQD
GHJUDVD6LVHUHGXFHHOFRQWHQLGRGHJUDVDHOUHVXOWDGRILQDOSXHGHVHUGLIHUHQWHDOHVSHUDGR
6LVHXWLOL]DQSURGXFWRVGHEDMRFRQWHQLGRJUDVRHQWRUWDVSDVWHOHVPDVDVJDOOHWDVRGXOFHVODUHFHWDSXHGHIUDFDVDU$
PHQRUFRQWHQLGRJUDVRPD\RUHVGLIHUHQFLDVHQHOUHVXOWDGRILQDO
/DVQRUPDVIHGHUDOHVGHORV((88H[LJHQTXHORVSURGXFWRVFRQGHQRPLQDFLyQGH´PDUJDULQDµWHQJDQXQFRQWHQLGRJUDVRGHDO
PHQRVHQUHODFLyQDOSHVR/RVSURGXFWRVGHEDMRFRQWHQLGRJUDVRFRQWLHQHQPHQRVJUDVD\PiVDJXD(OHOHYDGRFRQWHQLGR
GHKXPHGDGGHHVWRVSURGXFWRVDIHFWDODWH[WXUD\HOVDERUGHORVDOLPHQWRVKRUQHDGRV3DUDREWHQHUORVPHMRUHVUHVXOWDGRVFRQ
VXVUHFHWDVWUDGLFLRQDOHVIDYRULWDVXWLOLFHPDUJDULQDXRWURVSURGXFWRVFRQXQFRQWHQLGRGHSRUORPHQRVGHDFHLWHYHJHWDO
background
/DSXHUWDGHOKRUQRGHEHHVWDUFHUUDGD\WRGRVORVFRQWUROHVGHEHQHVWDUFRUUHFWDPHQWHFRQILJXUDGRVSDUDTXHHO
FLFORIXQFLRQHHQIRUPDDGHFXDGD
$QWHVGHXQFLFORGHDXWROLPSLH]D
5HWLUHXQDDVDGHUDXQDUHMLOODGHODPLVPD
WRGRVORVUHFLSLHQWHVGHFRFLQDODVRQGD
\UHVWRVGHSDSHOGHDOXPLQLRGHOLQWHULRU
GHOKRUQR\DTXHQRVRSRUWDQODVDOWDV
WHPSHUDWXUDVGHOLPSLH]D
127$
/DVSDUULOODVEULOODQWHVGHFRORUSODWDHQ
DOJXQRVPRGHORVSXHGHQGHMDUVHGHQWUR
GHOKRUQRGXUDQWHHOFLFORGHDXWROLPSLH]D
VLQHPEDUJRODVSDUULOODVVHUiQRVFXUDVFRQ
DFDEDGRPDWH\VHUiQGLItFLOGHVOL]DU
6LVXKRUQRHVWiHTXLSDGRFRQSDUULOODV
UHYHVWLGDVGHSRUFHODQDJULVSXHGHQ
GHMDUVHGHQWURGHOKRUQRGXUDQWHHOFLFORGH
DXWROLPSLH]D
/DVXFLHGDGXELFDGDHQHOPDUFRIURQWDOGHOD
FRFLQD\IXHUDGHODMXQWDGHODSXHUWDGHEHUiQ
OLPSLDUVHDPDQR/LPSLHHVWDViUHDVFRQDJXD
FDOLHQWHHVSRQMLOODVHPEHELGDVHQMDEyQR
OLPSLDGRUHVWDOHVFRPR6RIW6FUXE
(QMXDJXH
ELHQFRQDJXDOLPSLD\VHTXH
1ROLPSLHODMXQWD(OPDWHULDOGHILEUDGHYLGULR
GHODMXQWDGHODSXHUWDGHOKRUQRQRUHVLVWH
SURGXFWRVDEUDVLYRV(VHVHQFLDOTXHODMXQWD
VHPDQWHQJDLQWDFWD6LXVWHGQRWDTXHHVWi
GHVJDVWDGDUHHPSOiFHOD
/LPSLHFRQXQSDxRORVGHVHFKRVSHVDGRV
DFXPXODGRVHQHOSLVRGHOKRUQR
9HULILTXHTXHODWDSDGHOIRFRGHOX]GHOKRUQR
HVWpHQVXOXJDU\TXHODOX]GHOKRUQRHVWp
DSDJDGD
,03257$17( /DVHPDQDFLRQHVSURGXFLGDV
SRUHOFLFORGHDXWROLPSLH]DGHFXDOTXLHUKRUQR
DIHFWDQODVDOXGGHDOJXQDVDYHVGHPDQHUD
QRWRULD3URFXUHOOHYDUVXVPDVFRWDVDRWUD
KDELWDFLyQELHQYHQWLODGD
:LSHXSKHDY\VRLORQWKHRYHQ
ERWWRP
&yPRFRQILJXUDUHOKRUQRSDUDXQDDXWROLPSLH]D
$SDJXHWRGRVORVTXHPDGRUHV
GHVXSHUILFLH
3UHVLRQHODDOPRKDGLOOD6(/)&/($1/2
67'DXWROLPSLH]DEDMDHVWiQGDUR6(/)
&/($1/2:67'XQDYH]SDUDXQFLFORGH
KRUDVKRUDVHQDOJXQRVPRGHORVR
GRVYHFHVSDUDXQFLFORGHKRUDV
KRUDVHQDOJXQRVPRGHORV
6HUHFRPLHQGDXQFLFORGHKRUDVSDUD
OLPSLDUGHUUDPHVSHTXHxRV\FRQWHQLGRV
6HUHFRPLHQGDXQFLFORGHDXWROLPSLH]D
GHKRUDVRPiVSDUDXQKRUQRPiV
VXFLR
6HQHFHVLWDXQFLFORGLIHUHQWHDR
KRUDVXWLOLFHODVDOPRKDGLOODVQXPpULFDVH
LQJUHVHHOWLHPSRGHOLPSLH]DGHVHDGR
(OWLHPSRGHOLPSLH]DSXHGHFRQILJXUDUVHHQWUH
KRUDV
øKRUDVHQDOJXQRVPRGHORV\
KRUDVGHDFXHUGRFRQHOJUDGRGHVXFLHGDGGHO
KRUQR
3UHVLRQHODDOPRKDGLOOD67$57LQLFLR
/DSXHUWDVHEORTXHDDXWRPiWLFDPHQWH
/DSDQWDOODPRVWUDUiHOWLHPSRGHOLPSLH]D
UHVWDQWH1RSRGUiDEULUVHODSXHUWDGHOKRUQR
KDVWDTXHODWHPSHUDWXUDGHVFLHQGDSRU
GHEDMRGHODWHPSHUDWXUDGHWUDEDGR\VH
DSDJXHODOX]/2&.('EORTXHDGR
&XDQGRODOX]/2&.('EORTXHDGRVHDSDJXH
XVWHGSRGUiDEULUODSXHUWD
(QPRGHORVFRQEORTXHRGHFRFLQD
SUHVLRQHODDOPRKDGLOOD5$1*(/2&.287
EORTXHRGHFRFLQDGXUDQWHVHJXQGRV
SDUDDSDJDUOR
/DOH\HQGD/2&.('EORTXHDGRFRPHQ]DUi
DGHVWHOODU\HOFRQWUROGHOKRUQRGDUiXQD
VHxDOVLFRQILJXUDHOFLFORGHOLPSLH]D\ROYLGD
FHUUDUODSXHUWDGHOKRUQR
3DUDGHWHQHUHOFLFORGHOLPSLH]DSUHVLRQHOD
DOPRKDGLOOD&/($52))ERUUDUDSDJDGR
&XDQGRVHDSDJDODOX]/2&.('EORTXHDGR
TXHLQGLFDTXHHOKRUQRVHKDHQIULDGRSRU
GHEDMRGHODWHPSHUDWXUDGHEORTXHDGR
SRGUiDEULUVHODSXHUWD
&yPRXVDUHOKRUQRDXWROLPSLDQWH *($SSOLDQFHVFRP

background

&yPRXVDUHOKRUQRDXWROLPSLDQWH
'HVSXpVGHXQFLFORGHOLPSLH]D
3XHGHQTXHGDUFHQL]DVEODQFDVHQHOKRUQR
/tPSLHODVFRQXQSDxRK~PHGRGHVSXpVGH
TXHVHHQIUtHHOKRUQR
6LTXHGDQPDQFKDVEODQFDVTXtWHODVFRQXQD
HVSRQMLOODSOiVWLFDHPEHELGDHQGHWHUJHQWH\
HQMXDJXHELHQFRQXQDPH]FODGHYLQDJUH\
DJXD
(QJHQHUDOHVWRVGHSyVLWRVVRQUHVWRVGHVDO
TXHQRSXHGHQHOLPLQDUVHGXUDQWHHOFLFORGH
OLPSLH]D
6LHOKRUQRQRTXHGDOLPSLRGHVSXpVGHXQFLFOR
GHOLPSLH]DUHStWDOR
1RSXHGHFRQILJXUDUVHHOKRUQRSDUD
FRFLQDUKDVWDTXHpVWHVHHQFXHQWUHOR
VXILFLHQWHPHQWHIUtRSDUDTXHVHGHVWUDEHOD
SXHUWD
0LHQWUDVHOKRUQRVHHQFXHQWUDHQHOSURFHVR
GHDXWROLPSLH]DXVWHGSXHGHSUHVLRQDUOD
DOPRKDGLOOD&/2&.UHORMSDUDTXHVHYHD
ODKRUD3DUDYROYHUDODFXHQWDUHJUHVLYDGH
OLPSLH]DSUHVLRQHODDOPRKDGLOOD6(/)&/($1
/267'DXWROLPSLH]DEDMDHVWiQGDU
6LUHVXOWDGLItFLOGHVOL]DUODVSDUULOODVFRORTXH
XQDSHTXHxDFDQWLGDGGHDFHLWHGHFRFLQD
HQXQDWRDOODGHSDSHO\IURWHORVH[WUHPRV
GHODVSDUULOODV
127$(QPRGHORVFRQEORTXHRGHFRFLQD
SUHVLRQH\VRVWHQJDODDOPRKDGLOOD5$1*(
/2&.287EORTXHRGHFRFLQDGXUDQWH
VHJXQGRVSDUDDSDJDUOR
/DSXHUWDGHOKRUQRGHEHHVWDUFHUUDGD\WRGRVORVFRQWUROHVGHEHQHVWDUFRUUHFWDPHQWHFRQILJXUDGRVSDUDTXHHO
FLFORIXQFLRQHHQIRUPDDGHFXDGD
&yPRFRQILJXUDUXQLQLFLRUHWDUGDGRGHOLPSLH]D
127$/RVTXHPDGRUHVGHVXSHUILFLHGHEHQ
DSDJDUVHDQWHVGHLQLFLDUVHHOFLFORGHDXWR
OLPSLH]D
3UHVLRQHODDOPRKDGLOOD6(/)&/($1/2
67'DXWROLPSLH]DEDMDHVWiQGDUXQDYH]
SDUDXQFLFORGHOLPSLH]DGHKRUDV
KRUDVHQDOJXQRVPRGHORVRGRVYHFHV
SDUDXQFLFORGHOLPSLH]DGHKRUDV
KRUDVHQDOJXQRVPRGHORV
6HUHFRPLHQGDXQFLFORGHKRUDVSDUD
OLPSLDUGHUUDPHVSHTXHxRV\FRQWHQLGRV
6HUHFRPLHQGDXQFLFORGHDXWROLPSLH]D
GHKRUDVRPiVSDUDXQKRUQRPiVVXFLR
6LQHFHVLWDXQFLFORGLIHUHQWHDRKRUDV
XWLOLFHODVDOPRKDGLOODVQXPpULFDVH
LQJUHVHHOWLHPSRGHOLPSLH]DGHVHDGR
(OWLHPSRGHOLPSLH]DSXHGHFRQILJXUDUVHHQWUH
KRUDV
øKRUDVHQDOJXQRVPRGHORV\KRUDV
GHDFXHUGRFRQHOJUDGRGHVXFLHGDGGHOKRUQR
3UHVLRQHODDOPRKDGLOOD'(/$<67$57
LQLFLRUHWDUGDGR
0HGLDQWHODVDOPRKDGLOODVQXPpULFDV
LQJUHVHODKRUDHQTXHGHVHDLQLFLDUHOFLFOR
GHOLPSLH]D
3UHVLRQHODDOPRKDGLOOD67$57LQLFLR
/DSXHUWDVHEORTXHDDXWRPiWLFDPHQWH
/DSDQWDOODPRVWUDUiODKRUDGHLQLFLR1R
SRGUiDEULUVHODSXHUWDGHOKRUQRKDVWDTXH
ODWHPSHUDWXUDGHVFLHQGDSRUGHEDMRGHOD
WHPSHUDWXUDGHEORTXHR\VHDSDJXHODOX]
/2&.('EORTXHDGR
&XDQGRODOX]/2&.('EORTXHDGRVHDSDJXH
XVWHGSRGUiDEULUODSXHUWD
(QPRGHORVFRQEORTXHRGHFRFLQD
SUHVLRQHODDOPRKDGLOOD5$1*(/2&.287
EORTXHRGHFRFLQDGXUDQWHVHJXQGRV
SDUDDSDJDUOR
background
*($SSOLDQFHVFRP
&DUDFWHUtVWLFDVHVSHFLDOHV
GHORVFRQWUROHVGHOKRUQR

/RVQXHYRVFRQWUROHVFRQDOPRKDGLOODVFXHQWDQFRQFDUDFWHUtVWLFDVDGLFLRQDOHV/DVVLJXLHQWHVVRQODVFDUDFWHUtVWLFDV\OD
PDQHUDHQTXHSXHGHDFWLYDUODV
/RVPRGRVGHFDUDFWHUtVWLFDVHVSHFLDOHVVyORSXHGHQDFWLYDUVHPLHQWUDVODSDQWDOODPXHVWUDODKRUD6HFRQVHUYDQHQOD
PHPRULDGHORVFRQWUROHVKDVWDTXHVHUHSLWDQORVSDVRV
&XDQGRODSDQWDOODPXHVWUDVXRSFLyQSUHVLRQHODDOPRKDGLOOD67$57LQLFLR/DVFDUDFWHUtVWLFDVHVSHFLDOHVVH
FRQVHUYDUiQHQODPHPRULDGHVSXpVGHXQFRUWHGHHQHUJtDFRQH[FHSFLyQGHO6DEEDWKTXHGHEHUHFRQILJXUDUVH
$SDJDGROXHJRGHKRUDV
&RQHVWDRSFLyQHQFDVRGHGHMDUVHHOKRUQR
HQFHQGLGRDFFLGHQWDOPHQWHHOFRQWUROORDSDJD
HQIRUPDDXWRPiWLFDOXHJRGHKRUDVGXUDQWH
IXQFLRQHVGHKRUQHDGR\GHVSXpVGHKRUDV
GXUDQWHODIXQFLyQGHDVDGR
6LGHVHDDSDJDU2))HVWDIXQFLyQVLJDORV
SDVRVVLJXLHQWHV
3UHVLRQHODVDOPRKDGLOODV%52,/+,/2
DVDUDOWREDMR\%$.(KRUQHDUDOPLVPR
WLHPSRGXUDQWHVHJXQGRVKDVWDTXHHQ
ODSDQWDOODSXHGDYHUVH6)
3UHVLRQHODDOPRKDGLOOD'(/$<67$57
LQLFLRUHWDUGDGRKDVWDTXHDSDUH]FDQR
VKGQQRDSDJDGRHQODSDQWDOOD
3UHVLRQHODDOPRKDGLOOD67$57LQLFLRSDUD
DFWLYDUODFDUDFWHUtVWLFDGHQRDSDJDGR\
GHMDUHOFRQWUROFRQILJXUDGRHQHVWHPRGR
GHFDUDFWHUtVWLFDVHVSHFLDOHV
+
6HOHFFLyQGHWHPSHUDWXUDHQ)DKUHQKHLWR&HOVLXV
6XFRQWUROGHKRUQRHVWiFRQILJXUDGRSDUD
XWLOL]DUODVVHOHFFLRQHVGHWHPSHUDWXUD
)DKUHQKHLWSHURSXHGHPRGLILFDUVHSDUDXVDU
VHOHFFLRQHVHQ&HOVLXV
3UHVLRQHODVDOPRKDGLOODV%52,/+,/2
DVDUDOWREDMR\%$.(KRUQHDUDOPLVPR
WLHPSRGXUDQWHVHJXQGRVKDVWDTXHHQ
ODSDQWDOODSXHGDYHUVH6)
3UHVLRQHODVDOPRKDGLOODV&22.,1*7,0(
WLHPSRGHFRFFLyQ\%52,/+,/2DVDU
DOWREDMRDOPLVPRWLHPSR(QODSDQWDOOD
SRGUiYHUVH))DKUHQKHLW
3UHVLRQHODVDOPRKDGLOODV&22.,1*7,0(
WLHPSRGHFRFFLyQ\%52,/+,/2DVDU
DOWREDMRGHQXHYRDOPLVPRWLHPSR(QOD
SDQWDOODSRGUiYHUVH&&HOVLXV
3UHVLRQHODDOPRKDGLOOD67$57LQLFLR
+
+
background
&DUDFWHUtVWLFDVHVSHFLDOHV
GHORVFRQWUROHVGHOKRUQR

KRUDVKRUDVREORTXHRGHOUHORM
6XVFRQWUROHVHVWiQFRQILJXUDGRVSDUDXVDUXQ
UHORMGHKRUDV
6LSUHILHUHWHQHUXQUHORMGHHVWLORPLOLWDUGH
KRUDVRDQXODUODYLVXDOL]DFLyQGHOUHORMVLJDORV
VLJXLHQWHVSDVRV
3UHVLRQHODVDOPRKDGLOODV%52,/+,/2
DVDUDOWREDMR\%$.(KRUQHDUDOPLVPR
WLHPSRGXUDQWHVHJXQGRVKDVWDTXHHQ
ODSDQWDOODSXHGDYHUVH6)
3UHVLRQHODDOPRKDGLOOD&/2&.UHORMXQD
YH](QODSDQWDOODSRGUiYHUVHKU6L
HVWDHVODRSFLyQTXHGHVHDSUHVLRQHOD
DOPRKDGLOOD67$57LQLFLR
3UHVLRQHODDOPRKDGLOOD&/2&.UHORMGHQXHYR
SDUDFDPELDUDOUHORMHVWLORPLOLWDUGHKRUDV
(QODSDQWDOODSRGUiYHUVHKU6LHVWDHV
ODRSFLyQTXHGHVHDSUHVLRQHODDOPRKDGLOOD
67$57LQLFLR
3UHVLRQHODDOPRKDGLOOD&/2&.UHORMGHQXHYR
SDUDDQXODUODYLVXDOL]DFLyQGHOUHORM(QOD
SDQWDOODSRGUiYHUVH2))DSDJDGR6LHVWDHV
ODRSFLyQTXHGHVHDSUHVLRQHODDOPRKDGLOOD
67$57LQLFLR
127$6LHOUHORMVHHQFXHQWUDHQHOPRGRVLQ
YLVXDOL]DFLyQXVWHGQRSRGUiXWLOL]DUODIXQFLyQ
GH,QLFLRUHWDUGDGR
+
6HxDOHVVRQRUDVDOILQDOL]DUXQFLFORFRQWHPSRUL]DGRU
$OILQDOL]DUXQFLFORFRQWHPSRUL]DGRUVH
HVFXFKDQWUHVSLWLGRVFRUWRVVHJXLGRVSRU
XQSLWLGRFDGDVHLVVHJXQGRVKDVWDTXHVH
SUHVLRQHODDOPRKDGLOODGH&/($52))ERUUDU
DSDJDGR(VWHSLWLGRFRQWLQXRFDGDVHLV
VHJXQGRVSXHGHFDQFHODUVH
3DUDGHVDFWLYDUHOSLWLGRFRQWLQXRFDGDVHLV
VHJXQGRV
3UHVLRQHODVDOPRKDGLOODV%52,/+,/2
DVDUDOWREDMR\%$.(KRUQHDUDOPLVPR
WLHPSRGXUDQWHVHJXQGRVKDVWDTXHHQ
ODSDQWDOODSXHGDYHUVH6)
3UHVLRQHODDOPRKDGLOOD.,7&+(17,0(5
212))WHPSRUL]DGRUFRFLQDERUUDU
DSDJDGR/DSDQWDOODPXHVWUD&21%((3
SLWLGRFRQWLQXR3UHVLRQHODDOPRKDGLOOD
.,7&+(17,0(5212))WHPSRUL]DGRU
FRFLQDERUUDUDSDJDGRGHQXHYR/D
SDQWDOODPXHVWUD%((3SLWLGR(VWR
FDQFHODHOSLWLGRFDGDVHJXQGRV
3UHVLRQHODDOPRKDGLOOD67$57LQLFLR
+
background

&yPRXWLOL]DUOD&RQYHUVLyQ$XWRPiWLFDGH5HFHWDV
HQDOJXQRVPRGHORV
&XDQGRVHXWLOL]DHOKRUQHDGRSRUFRQYHFFLyQ
ODIXQFLyQGH&RQYHUVLyQ$XWRPiWLFDGH
5HFHWDVUHHPSOD]DDXWRPiWLFDPHQWHODV
WHPSHUDWXUDVGHKRUQHDGRWUDGLFLRQDOHV
LQJUHVDGDVSRUODVWHPSHUDWXUDVGHKRUQHDGR
SRUFRQYHFFLyQ
/DSDQWDOODPRVWUDUiODWHPSHUDWXUDFRQYHUWLGD
UHGXFLGDUHDO3RUHMHPSORVLVHLQJUHVDXQD
WHPSHUDWXUDGHUHFHWDWUDGLFLRQDOGH)
&\VHSUHVLRQDODDOPRKDGLOOD67$57
LQLFLRODSDQWDOODPRVWUDUiODOH\HQGD&21
FRQYHUVLyQ\OXHJRODWHPSHUDWXUDFRQYHUWLGD
D)&
127$(VWDFDUDFWHUtVWLFDQRPRGLILFDORV
WLHPSRVGHFRFFLyQVLQRODVWHPSHUDWXUDV
GHFRFFLyQ&XDQGRVHXWLOLFHHOURVWL]DGR
SRUFRQYHFFLyQODWHPSHUDWXUDGHOKRUQR
QRVHFRQYHUWLUiDXWRPiWLFDPHQWH
3DUDGHVDFWLYDUHVWDFDUDFWHUtVWLFD
3UHVLRQHODVDOPRKDGLOODV%52,/+,/2
DVDUDOWREDMR\%$.(KRUQHDUDOPLVPR
WLHPSRGXUDQWHVHJXQGRVKDVWDTXHHQ
ODSDQWDOODSXHGDYHUVH6)
3UHVLRQHODDOPRKDGLOOD&219(&7,21
%$.(08/7,5$&.KRUQHDGRSRU
FRQYHFFLyQHQRYDULDVSDUULOODV(QOD
SDQWDOODSRGUiYHUVH&2121FRQYHUVLyQ
DFWLYDGD3UHVLRQHODDOPRKDGLOOD
&219(&7,21%$.(08/7,5$&.
KRUQHDGRSRUFRQYHFFLyQHQRYDULDV
SDUULOODVGHQXHYR(QODSDQWDOODSRGUi
YHUVH&212))FRQYHUVLyQGHVDFWLYDGD
3UHVLRQHODDOPRKDGLOOD67$57LQLFLR
3DUDDFWLYDUHVWDFDUDFWHUtVWLFDUHSLWDORVSDVRV
GHSHURSUHVLRQHODDOPRKDGLOOD67$57
LQLFLRFXDQGRHQODSDQWDOODDSDUH]FD&2121
FRQYHUVLyQDFWLYDGD
+
*($SSOLDQFHVFRP
&RFLQDU\PDQWHQHUFDOLHQWHHQDOJXQRVPRGHORV
6XFRQWUROSRVHHXQDFDUDFWHUtVWLFDGHFRFLQDU\
PDQWHQHUTXHFRQVHUYDFDOLHQWHVORVDOLPHQWRV
FRFLGRVKDVWDKRUDVGHVSXpVGHILQDOL]DGDV
ODVIXQFLRQHVGHKRUQHDGRRURVWL]DGRFRQ
WHPSRUL]DGRU
127$(VWDFDUDFWHUtVWLFDVyORSXHGH
SURJUDPDUVHFRQKRUQHDGRRURVWL]DGRFRQ
WHPSRUL]DGRU9HUODVHFFLyQ&yPRXVDUODV
FDUDFWHUtVWLFDVGHKRUQHDGR\URVWL]DGRFRQ
WHPSRUL]DGRU'HVSXpVGHTXHHOKRUQHDGRR
URVWL]DGRFRQWHPSRUL]DGRUVHKD\DQGHWHQLGR
DXWRPiWLFDPHQWHVHLQLFLDUiODFDUDFWHUtVWLFD
GHFRFLQDU\PDQWHQHU
3DUDDFWLYDUHVWDFDUDFWHUtVWLFDGHVSXpV
GHHOKRUQHDGR\URVWL]DGRFRQWHPSRUL]DGRU
VLJDORVVLJXLHQWHVSDVRV
3UHVLRQHODVDOPRKDGLOODV%52,/+,/2
DVDUDOWREDMR\%$.(KRUQHDUDOPLVPR
WLHPSRGXUDQWHVHJXQGRVKDVWDTXHHQ
ODSDQWDOODSXHGDYHUVH6)
3UHVLRQHODDOPRKDGLOOD&22.,1*7,0(
WLHPSRGHFRFFLyQ(QODSDQWDOODSRGUi
YHUVH+OG2))PDQWHQHUDSDJDGR
3UHVLRQHODDOPRKDGLOOD&22.,1*7,0(
WLHPSRGHFRFFLyQGHQXHYRSDUDDFWLYDU
HVWDFDUDFWHUtVWLFD(QODSDQWDOODSRGUi
YHUVH+OG21PDQWHQHUHQFHQGLGR
3UHVLRQHODDOPRKDGLOOD67$57LQLFLRSDUD
DFWLYDUODFDUDFWHUtVWLFDFRFLQDU\
PDQWHQHU\GHMDUHOFRQWUROFRQILJXUDGR
HQHVWHPRGRGHFDUDFWHUtVWLFDV
HVSHFLDOHV
127$6LVHFRQILJXUyODFDUDFWHUtVWLFDGH
&RFLQDU\PDQWHQHUHOFRQWUROHPLWLUiXQ
SLWLGRFDGDVHJXQGRVSDUDUHFRUGDUOHTXH
ODFRPLGDVHHQFXHQWUDHQHOKRUQR3UHVLRQH
ODDOPRKDGLOOD&/($52))ERUUDUDSDJDGR
\TXLWHORVDOLPHQWRVFXDQGRORGHVHH(VWH
UHFRUGDWRULRQRIXQFLRQDUiVLODVVHxDOHV
VRQRUDVDOILQDOGHXQFLFORFRQWHPSRUL]DGRUVH
KDQFDQFHODGR9HU6HxDOHVVRQRUDVDOILQDOL]DU
XQFLFORFRQWHPSRUL]DGRUHQHVWDVHFFLyQGH
&DUDFWHUtVWLFDVHVSHFLDOHV
background

&yPRXVDUODIXQFLyQ6DEEDWK
'LVHxDGDSDUDXWLOL]DUVHGXUDQWHHO6DEEDWKXRWUDV)LHVWDV-XGtDV
/DIXQFLyQ6DEEDWKVRODPHQWHSXHGHXWLOL]DUVHSDUDKRUQHDUURVWL]DU1RHVSRVLEOHXWLOL]DUODSDUDFRQYHFFLyQDVDGRDXWROLPSLH]DR
LQLFLRUHWDUGDGR
127$/DOX]LQWHULRUGHOKRUQRVHHQFLHQGHDXWRPiWLFDPHQWHFXDQGRVHDEUHODSXHUWD\VHDSDJDFXDQGRVHODFLHUUD3XHGHTXLWDUVHHOIRFRGHOX]9HUOD
VHFFLyQGH5HHPSOD]RGH)RFRGH/X](QORVPRGHORVFRQLQWHUUXSWRUGHOX]HQHOSDQHOGHFRQWUROODOX]GHOKRUQRSXHGHHQFHQGHUVH\GHMDUVHDVt
&yPRFRQILJXUDUKRUQHDGRURVWL]DGRFRPXQHV
$VHJ~UHVHGHTXHHOUHORMPXHVWUHODKRUDFRUUHFWD\
TXHHOKRUQRHVWpDSDJDGR
3UHVLRQH\VRVWHQJDODVDOPRKDGLOODV%52,/+,
/2DVDUDOWREDMR\%$.(KRUQHDUDOPLVPR
WLHPSRKDVWDTXHHQODSDQWDOODSXHGDYHUVH
6)
127$6LHQODSDQWDOODDSDUHFHQ%$.(
KRUQHDUR%URLODVDUODVDOPRKDGLOODV%52,/
+,/2DVDUDOWREDMR\%$.(KRUQHDUQRVH
SUHVLRQDURQDOPLVPRWLHPSR3UHVLRQHOD
DOPRKDGLOOD&/($52))ERUUDUDSDJDGR\
FRPLHQFHGHQXHYR
3UHVLRQHODDOPRKDGLOOD'(/$<67$57LQLFLR
UHWDUGDGRKDVWDTXHDSDUH]FD6$EE$W+HQOD
SDQWDOOD
3UHVLRQHODDOPRKDGLOOD67$57LQLFLR\
DSDUHFHUiHQODSDQWDOOD
3UHVLRQHODDOPRKDGLOOD%$.(KRUQHDU1RVH
GDUiXQDVHxDO
0HGLDQWHODVDOPRKDGLOODVQXPpULFDVLQJUHVH
ODWHPSHUDWXUDGHVHDGDHQWUH)&\
)&1RVHGDUiXQDVHxDOR
WHPSHUDWXUD
3UHVLRQHODDOPRKDGLOOD67$57LQLFLR
'HVSXpVGHXQSHUtRGRDOHDWRULRGH
DSUR[LPDGDPHQWHVHJXQGRVDPLQXWR
DSDUHFHUiHQODSDQWDOODLQGLFDQGRTXHHOKRUQR
HVWiKRUQHDQGRURVWL]DQGR6L
QRDSDUHFH
HQODSDQWDOODFRPLHQFHGHQXHYRHQHO3DVR
3DUDDMXVWDUODWHPSHUDWXUDGHOKRUQRSUHVLRQH
ODDOPRKDGLOOD%$.(KRUQHDULQJUHVHODQXHYD
WHPSHUDWXUDXVDQGRODVDOPRKDGLOODVQXPpULFDV\
SUHVLRQHODDOPRKDGLOOD67$57LQLFLR
127$/DVDOPRKDGLOODV&/($52))ERUUDU
DSDJDGR\&22.,1*7,0(WLHPSRGHFRFFLyQ
IXQFLRQDUiQGXUDQWHODIXQFLyQGH6DEEDWK
&yPRFRQILJXUDUKRUQHDGRURVWL]DGRFRQWHPSRUL]DGRU,QLFLRLQPHGLDWR
\DSDJDGRDXWRPiWLFR
$VHJ~UHVHGHTXHHOUHORMPXHVWUHODKRUDFRUUHFWD\
TXHHOKRUQRHVWpDSDJDGR

3UHVLRQH\VRVWHQJDODVDOPRKDGLOODV%52,/+,
/2DVDUDOWREDMR\%$.(KRUQHDUDOPLVPR
WLHPSRKDVWDTXHHQODSDQWDOODSXHGDYHUVH6)
127$6LHQODSDQWDOODDSDUHFHQ%$.(
KRUQHDUR%52,/DVDUODVDOPRKDGLOODV%52,/
+,/2DVDUDOWREDMR\%$.(KRUQHDUQRVH
SUHVLRQDURQDOPLVPRWLHPSR3UHVLRQHOD
DOPRKDGLOOD&/($52))ERUUDUDSDJDGR\
FRPLHQFHGHQXHYR
3UHVLRQHODDOPRKDGLOOD'(/$<67$57LQLFLR
UHWDUGDGRKDVWDTXHDSDUH]FD6$EE$W+HQOD
SDQWDOOD
3UHVLRQHODDOPRKDGLOOD67$57LQLFLR\
DSDUHFHUiHQODSDQWDOOD
3UHVLRQHODDOPRKDGLOOD&22.,1*7,0(WLHPSR
GHFRFFLyQ
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUHOWLHPSRGHVHDGRGHFRFFLyQHQWUH
PLQXWR\KRUDV\PLQXWRV(OWLHPSRGH
FRFFLyQLQJUHVDGRDSDUHFHUiHQODSDQWDOOD
3UHVLRQHODDOPRKDGLOOD67$57LQLFLR
3UHVLRQHODDOPRKDGLOOD%$.(KRUQHDU1RVH
GDUiXQDVHxDO
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUODWHPSHUDWXUDGHVHDGD1RVHGDUi
XQDVHxDORWHPSHUDWXUD
3UHVLRQHODDOPRKDGLOOD67$57LQLFLR
'HVSXpVGHXQSHUtRGRDOHDWRULRGH
DSUR[LPDGDPHQWHVHJXQGRVDPLQXWR
DSDUHFHUiHQODSDQWDOODLQGLFDQGRTXHHO
KRUQRHVWiKRUQHDQGRURVWL]DQGR6L
QR
DSDUHFHHQODSDQWDOODFRPLHQFHGH
QXHYRHQHO3DVR
3DUDDMXVWDUODWHPSHUDWXUDGHOKRUQRSUHVLRQH
ODDOPRKDGLOOD%$.(KRUQHDULQJUHVHODQXHYD
WHPSHUDWXUDXVDQGRODVDOPRKDGLOODVQXPpULFDV\
SUHVLRQHODDOPRKDGLOOD67$57LQLFLR
&XDQGRGHKD\DWHUPLQDGRODFRFFLyQODSDQWDOOD
FDPELDUiGH
D\DSDUHFHUiLQGLFDQGR
TXHHOKRUQRVHKDDSDJDGR2))SHURVLJXH
FRQILJXUDGRHQ6DEEDWK5HWLUHORVDOLPHQWRVGHO
KRUQR
&XDQGRODSDQWDOODPXHVWUD
HOKRUQRHVWiFRQILJXUDGRSDUD
6DEEDWK&XDQGRODSDQWDOOD
PXHVWUD
HOKRUQRHVWi
KRUQHDQGRURVWL]DQGR
&XDQGRODSDQWDOODPXHVWUD

HOKRUQRHVWiFRQILJXUDGRSDUD
6DEEDWK&XDQGRODSDQWDOOD
PXHVWUD
HOKRUQRHVWi
KRUQHDQGRURVWL]DQGR
background

+
&yPRGHVDFWLYDUODIXQFLyQ6DEEDWK
3UHVLRQHODDOPRKDGLOOD&/($52))ERUUDU
DSDJDGR
6LHOKRUQRHVWiFRFLQDQGRHVSHUHXQSHUtRGR
DOHDWRULRGHDSUR[LPDGDPHQWHVHJXQGRVD
PLQXWRKDVWDTXHVyORDSDUH]FDHQOD
SDQWDOOD
3UHVLRQH\VRVWHQJDODVDOPRKDGLOODV%52,/+,
/2DVDUDOWREDMR\%$.(KRUQHDUDOPLVPR
WLHPSRKDVWDTXHHQODSDQWDOODSXHGDYHUVH
6)
3UHVLRQHODDOPRKDGLOOD'(/$<67$57LQLFLR
UHWDUGDGRKDVWDTXHVKGQRQRVKGQ
DSDUH]FDQHQODSDQWDOOD
(OLMDVKGQLQGLFDQGRTXHHOKRUQRVH
DSDJDUiDXWRPiWLFDPHQWHGHVSXpVGH
KRUDVRQRVKGQLQGLFDQGRTXHHOKRUQRQRVH
DSDJDUiDXWRPiWLFDPHQWHGHVSXpVGH
KRUDV
3UHVLRQHODDOPRKDGLOOD67$57LQLFLRFXDQGROD
RSFLyQGHVHDGDHVWiHQODSDQWDOODVKGQR
QRVKGQ
127$(QFDVRGHFRUWHGHHQHUJtDFRQODIXQFLyQ
GH6DEEDWKDFWLYDGDGLFKDIXQFLyQVHDSDJDUi
DXWRPiWLFDPHQWHD~QFXDQGRYXHOYDODHQHUJtD(O
FRQWUROGHOKRUQRGHEHYROYHUDFRQILJXUDUVH
*($SSOLDQFHVFRP
&XLGDGR\OLPSLH]DGHODFRFLQD
$VHJ~UHVHGHTXHWRGRVORVFRQWUROHVHVWpQDSDJDGRV\TXHODVVXSHUILFLHVHVWpQIUtDVDQWHVGHOLPSLDUFXDOTXLHU
SDUWHGHODFRFLQD
$'9(57(1&,$6LVHTXLWDODFRFLQDSDUDHIHFWXDUXQDOLPSLH]D
UHSDUDFLRQHVRFXDOTXLHURWUDUD]yQYHULILTXHTXHHOGLVSRVLWLYRDQWLYROFDGXUDVVHFRORTXH
GHPDQHUDDGHFXDGDFXDQGRYXHOYDDLQVWDODUVHODFRFLQD6LQRWRPDHVWDSUHFDXFLyQOD
FRFLQDSXHGHYROFDUVH\SURYRFDUOHVLRQHV
&yPRTXLWDUHOHQYROWRULRGHSURWHFFLyQ\ODFLQWDGHHPEDODMH
&RQFXLGDGRWRPHXQDSXQWDGHOHQYROWRULRGH
SURWHFFLyQFRQVXVGHGRV\OHQWDPHQWHTXtWHOR
GHODVXSHUILFLHGHODUWHIDFWR1RXVHHOHPHQWRV
ILORVRVSDUDTXLWDUHOHQYROWRULR4XLWHWRGR
HOHQYROWRULRDQWHVGHXVDUHODUWHIDFWRSRU
SULPHUDYH]
3DUDDVHJXUDUVHGHQRGDxDUODWHUPLQDFLyQGH
SURGXFWRODPHMRUIRUPDGHTXLWDUHOSHJDPHQWR
GHODFLQWDGHHPEDODMHGHORVDUWHIDFWRVQXHYRV
FRQVLVWHHQDSOLFDUGHWHUJHQWHOtTXLGRFRP~Q
DFHLWHPLQHUDORDFHLWHGHFRFLQD$SOLTXHFRQXQ
SDxRVXDYH\GHMHUHPRMDU
127$6HGHEHUHWLUDUHODGKHVLYRGHWRGDVODV
SDUWHV6LVHGHUULWHVHUiLPSRVLEOHGHTXLWDU
background
&XLGDGR\OLPSLH]DGHODFRFLQD
6XSHUILFLHGHODQDIH
3DUDQRGDxDUODVXSHUILFLHGHHVPDOWHGH
SRUFHODQDGHODQDIH\SDUDTXHQRSLHUGDHO
EULOOROLPSLHORVGHUUDPHVUiSLGDPHQWH6LQRVH
ORVOLPSLDORVDOLPHQWRVTXHFRQWLHQHQPXFKR
iFLGRWRPDWHVUHSROORMXJRGHIUXWDVHWFR
FRQDOWRFRQWHQLGRGHD]~FDUSXHGHQGHMDUXQD
PDQFKD
&XDQGRODVXSHUILFLHVHKDHQIULDGROLPSLH\
HQMXDJXH(QHOFDVRGHRWURVGHUUDPHVFRPR
VDOSLFDGXUDVGHJUDVDHWFOLPSLHFRQMDEyQ
\DJXDFXDQGRODVXSHUILFLHVHKD\DHQIULDGR
/XHJRHQMXDJXH\SXODFRQXQSDxRVHFR
127$1ROHYDQWHHODQDIH/HYDQWDUHODQDIH
SXHGHSURYRFDUGDxRV\XQIXQFLRQDPLHQWR
LQDGHFXDGRGHODFRFLQD
127$3DUDDQDIHVGHDFHURLQR[LGDEOHYHUOD
VHFFLyQ6XSHUILFLHVGHDFHURLQR[LGDEOH
7DSDV\FDEH]DOHVGHORVTXHPDGRUHV
/RVTXHPDGRUHVGHEHQOLPSLDUVHHQIRUPD
UHJXODU\HQHVSHFLDOGHVSXpVGHGHUUDPHV
$SDJXHWRGRVORVFRQWUROHVDQWHVGHTXLWDU
SLH]DVGHORVTXHPDGRUHV
/DVUHMLOODVGHORVTXHPDGRUHVORVFDEH]DOHVGH
ORVTXHPDGRUHV\ODVWDSDVGHORVTXHPDGRUHV
SXHGHQTXLWDUVHSDUDXQDOLPSLH]DPiV
VHQFLOOD
(OHOHFWURGRGHOFKLVSHURVREUHVDOHGH
ODVXSHUILFLHGHODEDVHGHOTXHPDGRU&XDQGR
OLPSLHHODQDIHWHQJDFXLGDGRGHQRHQJDQFKDU
HOHOHFWURGRGHOFKLVSHURFRQHOSDxRGH
OLPSLH]D(OFKLVSHURSRGUtDGDxDUVH
3DUDHYLWDUHQJDQFKDUHOSDxRFRQ
HOFKLVSHURGHMHORVFDEH]DOHVGHORV
TXHPDGRUHVHQVXOXJDUFXDQGROLPSLHHO
DQDIH
7HQJDFXLGDGRGHQRSUHVLRQDUORVFRQWUROHV
GHODQDIHPLHQWUDVOROLPSLD
3XHGHSURGXFLUVHXQDSHTXHxDGHVFDUJD
HOpFWULFDORTXHSXHGHSURYRFDUTXHXVWHG
DUURMHUHFLSLHQWHVGHFRFLQDFDOLHQWHV
/LPSLHODVSLH]DVGHORVTXHPDGRUHVFRQ
OLPSLDGRUHVPXOWLSURSyVLWRQRDEUDVLYRV\DJXD
WLELD0RMHELHQODVXFLHGDGUHEHOGH6pTXHODV
FRQXQSDxRQRODVYXHOYDDFRORFDUPRMDGDV
'HVSXpVGHODOLPSLH]DFRORTXHSULPHUR
HOFDEH]DOGHOTXHPDGRUOXHJRODWDSDGHO
TXHPDGRU\ILQDOPHQWHODUHMLOODGHOTXHPDGRU
$VHJ~UHVHGHTXHODVWDSDV\ORVFDEH]DOHV
VHHQFXHQWUHQHQORVOXJDUHVFRUUHFWRV+D\
XQFRQMXQWRGHFDEH]DO\WDSDGHTXHPDGRU
SHTXHxRRWURPHGLDQRRWURJUDQGH\RWUR
H[WUDJUDQGH
35(&$8&,Ï11287,/,&(
(/48(0$'256,172'$6/$63,(=$6(168/8*$5
(OHFWURGR
7DSDGHO
TXHPDGRU
&DEH]DOGHO
TXHPDGRU
%DVHGH
TXHPDGRU
&DEH]DO\WDSD
GHTXHPDGRU
PHGLDQR
)UHQWHGHOD
FRFLQD
&DEH]DO\WDSD
GHTXHPDGRU
JUDQGH
&DEH]DO\WDSD
GHTXHPDGRU
SHTXHxR
&DEH]DO\WDSDGH
TXHPDGRUH[WUDJUDQGH
HQDOJXQRVPRGHORV
4XHPDGRUGHUHFKRIURQWDO
HQDOJXQRVPRGHORV
$VHJ~UHVHGHTXHHORULILFLRGHO
FDEH]DOGHOTXHPDGRUVHHQFXHQWUH
VREUHHOHOHFWURGR\TXHHOFDEH]DO
GHOTXHPDGRUHVWpFRPSOHWDPHQWH
LQWURGXFLGRGHQWURGHODEDVHGHO
TXHPDGRU8QSHTXHxRHVSDFLRHQWUH
ODEDVH\HOFDEH]DOUHVXOWDQRUPDO
7DSDGHOTXHPDGRU
&iPDUDGHHVWDELOLGDG
%DVHGH
TXHPDGRU
4XHPDGRUGHUHFKRIURQWDOHQ
DOJXQRVPRGHORVTXHPDGRUL]TXLHUGR
IURQWDOTXHPDGRUGHUHFKRWUDVHUR\
TXHPDGRUL]TXLHUGRWUDVHUR
9HULILTXHTXHODUDQXUDXELFDGD
HQHOFDEH]DOGHOTXHPDGRUHVWp
FRORFDGRVREUHHOHOHFWURGR/DWDSD
GHOTXHPDGRUWLHQHGHWUHVDFXDWUR
SHUQRV&XDQGRYXHOYDDFRORFDUOD
WDSDYHULILTXHTXHQRKD\DTXHGDGR
QLQJ~QSHUQRHQODFiPDUDGH
HVWDELOLGDG
&DEH]DOGHOTXHPDGRU
8WLOLFHXQD
DJXMDGHFRVHU
RJDQFKLWR
SDUDGHVWDSDU
HOSHTXHxR
RULILFLRGHO
FDEH]DOGHO
TXHPDGRU
HQDOJXQRVPRGHORV

(OHFWURGR
127$1RJXDUGHPDWHULDOHVLQIODPDEOHVHQHO
KRUQRFDMyQRFHUFDGHODQDIH1RDOPDFHQHR
XVHPDWHULDOHVFRPEXVWLEOHVJDVROLQDXRWURV
YDSRUHVROtTXLGRVLQIODPDEOHVFHUFDGHHVWHR
FXDOTXLHURWURDUWHIDFWR
background
&8VXEKHDG
5HMLOODVGHORVTXHPDGRUHV\SDUULOODGHYHQWLODFLyQ
/DVUHMLOODVGHORVTXHPDGRUHVGHHVPDOWHGH
SRUFHODQD\ODSDUULOODGHYHQWLODFLyQGHEHQ
OLPSLDUVHHQIRUPDUHJXODU\SRUVXSXHVWR
GHVSXpVGHGHUUDPHV
/DVUHMLOODVSXHGHQOLPSLDUVHHQHOODYDYDMLOODVR
SXHGHQODYDUVHFRQDJXDFDOLHQWHMDERQRVD\
HQMXDJDUVHFRQDJXDOLPSLD
7DPELpQSXHGHQXVDUVHOLPSLDGRUHVDEUDVLYRV
\HVSRQMLOODVSDUDOLPSLDUODVUHMLOODVGHORV
TXHPDGRUHV\ODSDUULOODGHYHQWLODFLyQ6HTXH
ODVUHMLOODV\ODSDUULOODFRQXQSDxRQRODV
YXHOYDDFRORFDUHQ
HODQDIHPRMDGDV
3DUDHOLPLQDUDOLPHQWRVSHJDGRVFRORTXH
ODVUHMLOODV\ODSDUULOODHQXQUHFLSLHQWHFRQ
WDSD$JUHJXHWD]DPOGHDPRQtDFR\
GpMHORVVXPHUJLGDVSRUYDULDVKRUDVRWRGDOD
QRFKH/DYHHQMXDJXHELHQ\VHTXH$SHVDU
GHTXHVRQUHVLVWHQWHVODVUHMLOODV\ODSDUULOOD
JUDGXDOPHQWHLUiQSHUGLHQGRHOEULOORDXQTXH
OHVEULQGHHOPD\RUFXLGDGR(VWRVHGHEHDVX
H[SRVLFLyQFRQWLQXDDDOWDVWHPSHUDWXUDV
1RKDJDIXQFLRQDUHOTXHPDGRUGXUDQWHXQ
SHUtRGRSURORQJDGRVLQUHFLSLHQWHVGHFRFFLyQ
VREUHODUHMLOOD/DWHUPLQDFLyQGHODSDUULOOD
SXHGHVDOWDUVHVLQXQUHFLSLHQWHTXHDEVRUEDHO
FDORU
'HVSXpVGHODOLPSLH]DYXHOYDDFRORFDU
SULPHURODSDUULOODGHYHQWLODFLyQFHQWUDO
&RORTXHODVUHMLOODVODWHUDOHVSDUDTXHODV
H[WHQVLRQHVFHQWUDOHVHVWpQRULHQWDGDVKDFLD
HOFHQWURGHODQDIH/DVH[WHQVLRQHVFHQWUDOHV
WUDVHUDVGHEHQVXSHUSRQHUVHXQSRFRFRQOD
SDUULOODGHYHQWLODFLyQ9HULILTXHTXHODVUHMLOODV
HVWpQELHQFRORFDGDVVREUHORVTXHPDGRUHV\
TXHHVWpQHVWDEOHV\QLYHODGDV
3DWLWDVGHJRPDGHODUHMLOOD
3DUDPHMRUDUODHVWDELOLGDGHODQDIHFXHQWD
FRQSDWLWDVGHJRPDHQODVUHMLOODVGHORV
TXHPDGRUHV6LDOJXQDGHHVWDVSDWLWDVVH
GDxDUDRSHUGLHUDUHHPSOiFHODVGHLQPHGLDWR
3DUDVROLFLWDUSDWLWDVGHUHHPSOD]ROODPHD
QXHVWURQ~PHURJUDWXLWR
&HQWURQDFLRQDO
GHUHSXHVWRV
*($SSOLDQFHVFRP
3DWDVGHJRPD
GHODUHMLOOD:%7
3HULOODVGHFRQWURO
3DUDXQDOLPSLH]DPiVVHQFLOODODVSHULOODVGH
FRQWUROSXHGHQTXLWDUVH
9HULILTXHTXHODVSHULOODVHVWpQHQODSRVLFLyQ
2))DSDJDGR\ViTXHODVGHORVYiVWDJRVSDUD
ODOLPSLH]D
/DVSHULOODVSXHGHQOLPSLDUVHHQHOODYDYDMLOODV
RWDPELpQSXHGHQODYDUVHFRQMDEyQ\DJXD
$VHJ~UHVHGHTXHODSDUWHLQWHUQDGHODVSHULOODV
HVWpQVHFDVDQWHVGHYROYHUDFRORFDUVH
9XHOYDDFRORFDUODVSHULOODVHQODSRVLFLyQ
2))DSDJDGRSDUDDVHJXUDUXQDFRORFDFLyQ
FRUUHFWD
*($SSOLDQFHVFRP

7RGDVODVSDUULOODVGHOKRUQRSXHGHQOLPSLDUVH
DPDQRFRQXQOLPSLDGRUDEUDVLYRRXQD
HVSRQMLOODGHDFHUR'HVSXpVGHOLPSLDU
HQMXDJXHODVSDUULOODVFRQDJXDOLPSLD\
VpTXHODVFRQXQSDxROLPSLR/DVSDUULOODV
UHYHVWLGDVGHSRUFHODQDJULVSXHGHQ
SHUPDQHFHUHQHOKRUQRGXUDQWHHOFLFORGH
DXWROLPSLH]DVLQVXIULUGDxRV/DVSDUULOODV
EULOODQWHVGHFRORUSODWDSXHGHQSHUPDQHFHUHQ
HOKRUQRGXUDQWHHOFLFORGHDXWROLPSLH]DSHUR
SHUGHUiQHOOXVWUH\UHVXOWDUiGLItFLOGHVOL]DUODV
6HUiQHFHVDULRHQJUDVDUWRGRVORVH[WUHPRVGH
ODVSDUULOODVFRQDFHLWHYHJHWDOVXDYHGHVSXpV
GHOLPSLDUODVDPDQRRHQ_HOKRUQR(VWR
D\XGDUiDPDQWHQHUHOIiFLOGHVOL]DPLHQWRGH
ODVSDUULOODV
3DUULOODVGHOKRUQR
3DUULOODGHOKRUQR
background

&XLGDGR\OLPSLH]DGHODFRFLQD
6RSRUWHGHODWDSDGHFDEOHV
%RPELOOD
GH*
3RUWDOiPSDUD
/HQJHWD
&XELHUWDGHYLGULR
5HFHSWiFXOR
%RPELOOD
GH*
3RUWDOiPSDUD
/HQJHWD
&XELHUWDGHYLGULR
5HFHSWiFXOR
HQDOJXQDVPRGHORV
HQDOJXQDVPRGHORV
5HHPSOD]RGHODERPELOODGHOKRUQRHQDOJXQRVPRGHORV
9HULILTXHTXHODWDSDGHODOiPSDUD\OD
ERPELOODVHKD\DQHQIULDGRSRUFRPSOHWR
3DUDTXLWDUODWDSD
&RORTXHXQDPDQRGHEDMRGHODWDSDSDUD
TXHQRVHFDLJDFXDQGRODOLEHUHQ&RQORV
GHGRVGHODPLVPDPDQRSUHVLRQH
ILUPHPHQWHVREUH
HOVRSRUWHGHODWDSDGHORVFDEOHV
/HYDQWH\TXLWHODWDSD
1RTXLWHQLQJ~QWRUQLOORSDUDVDFDUODWDSD
5HHPSODFHODERPELOODFRQXQDXQLGDGGH
YDWLRV
3DUDYROYHUDFRORFDUODWDSD
&ROyTXHODGHQWURGHODUDQXUDGHO
UHFHSWiFXORGHODERPELOOD7LUHGHOFDEOH
KDFLDDGHODQWHHQGLUHFFLyQGHOFHQWURGH
ODWDSDKDVWDTXHVHWUDEHHQVXOXJDU
&RQHFWHODHQHUJtDHOpFWULFDKDFLD
ODFRFLQD
5HHPSOD]RGHODERPELOODGHOKRUQRHQDOJXQRVPRGHORV
$'9(57(1&,$
3(/,*52'(
'(6&$5*$(/e&75,&$248(0$'85$6$QWHVGH
UHHPSOD]DUODERPELOODGHOKRUQRGHVFRQHFWH
ODDOLPHQWDFLyQGHHQHUJtDDOKRUQRGHVGHHOSDQHO
SULQFLSDOGHIXVLEOHVRGHOLQWHUUXSWRUGHFLUFXLWRV1R
KDFHUORSXHGHSURYRFDUXQDGHVFDUJDHOpFWULFDRXQD
TXHPDGXUD
35(&$8&,Ï1
3(/,*52'(
48(0$'85$6/DWDSDGHYLGULR\ODOiPSDUDGHOX]
VHGHEHUiQUHWLUDUFXDQGRHVWpQIUtDV7RFDUHOYLGULR
FDOLHQWHVLQSURWHFFLyQHQODVPDQRVRFRQXQWUDSR
K~PHGRSXHGHRFDVLRQDUTXHPDGXUDV
3DUDUHWLUDU
*LUHODFXELHUWDGHYLGULRHQVHQWLGR
FRQWUDULRDODVPDQHFLOODVGHOUHORMGH
YXHOWDKDVWDTXHODVOHQJHWDVGHOD
FXELHUWDGHYLGULROLEHUHQORVVXUFRVGHO
SRUWDOiPSDUDV&RORFDUVHJXDQWHVGH
OiWH[SXHGHEULQGDUXQPHMRUDJDUUH
8WLOL]DQGRJXDQWHVRXQSDxRVHFR
UHPXHYDODERPELOODMDOiQGRODHQOtQHD
UHFWD
3DUDUHHPSOD]DU
8WLOLFHXQDQXHYDERPELOODKDOyJHQDGH
YROWLRVQRH[FHGDYDWLRV
5HHPSODFHODOiPSDUDGHOX]FRQHO
PLVPRWLSRGHOiPSDUDTXHVHUHWLUy(Q
VXPRGHORFRUUHVSRQGHUiXQRGHORVGRV
WLSRVTXHILJXUDQDODL]TXLHUGD3DUD
GHWHUPLQDUFXiOHVODOiPSDUDFRUUHFWD
FRQWUROHODVWHUPLQDOHVGHODOiPSDUD/DV
OiPSDUDVFRQWHUPLQDOHVFRQFODYLMDV
UHFWDVVRQOiPSDUDVGH*/DV
OiPSDUDVFRQWHUPLQDOHVFRQFODYLMDV
FRQFXUYDVVRQOiPSDUDVGH*
1RODVLQWHUFDPELH$VHJ~UHVHDO
UHHPSOD]DUODOiPSDUDTXHVHDGH
YROWVRYROWV12GHYROWV
8WLOL]DQGRJXDQWHVRXQSDxRVHFR
UHPXHYDODERPELOODGHVXSDTXHWH1R
WRTXHODERPELOODFRQORVGHGRVGHVQXGRV
(ODFHLWHSDUDSLHOGDxDUiODOiPSDUD\
DFRUWDUiVXWLHPSRGHGXUDFLyQ
(PSXMHODERPELOODHQOtQHDUHFWDGHQWUR
GHOUHFHSWiFXORKDVWDHOWRSH
&RORTXHODVOHQJHWDVGHODFXELHUWDGH
YLGULRGHQWURGHORVVXUFRVGHO
SRUWDOiPSDUDV*LUHODFXELHUWDGHYLGULR
HQVHQWLGRGHODVPDQHFLOODVGHOUHORM
GHYXHOWD
3DUDXQDPHMRULOXPLQDFLyQGHQWURGHO
KRUQROLPSLHIUHFXHQWHPHQWHODFXELHUWD
GHYLGULRXWLOL]DQGRXQSDxRK~PHGR(VWR
GHEHUtDKDFHUVHFXDQGRHOKRUQRHVWi
FRPSOHWDPHQWHIUtR
&RQHFWHQXHYDPHQWHHOVXPLQLVWUR
HOpFWULFRDOKRUQR
8VH
JXDQWHVR
XQSDxR
5HFHSWiFXOR
background

3LVRGHOKRUQRGHVPRQWDEOH
&yPRTXLWDUHOSLVRGHOKRUQRSDUDXQD
OLPSLH]DPiVIiFLO
4XLWHODSXHUWDGHOKRUQRXWLOL]DQGR
ODVLQVWUXFFLRQHVGHODVHFFLyQ3XHUWD
GHOKRUQRGHVPRQWDEOH
7RPHODVUDQXUDVGHOSLVRGHOKRUQR
HQFDGDODGR\TXtWHOR
/LPSLHHOSLVRGHOKRUQRFRQDJXD
WLELDMDERQRVD
,03257$17(6LHPSUHYXHOYDDFRORFDUHO
SLVRGHVPRQWDEOHDQWHVGHOSUy[LPRXVR
3LVRGHOKRUQR
1RIURWHROLPSLHODMXQWDGHODSXHUWD
GDGRTXHWLHQHXQUHVLVWHQFLDPX\
EDMDDODDEUDVLyQ
6LVHDGYLHUWHTXHODMXQWDHVWi
GHVJDVWDGDUDtGDRGDxDGDRVLVH
KDGHVSOD]DGRGHVXOXJDUVHODGHEH
UHHPSOD]DU
3DUDOLPSLDUODSDUWHLQWHUQDGHODSXHUWD
'HELGRDTXHHOiUHDTXHVHHQFXHQWUD
GHQWURGHODMXQWDVHOLPSLDGXUDQWHHOFLFOR
GHDXWROLPSLH]DQRHVQHFHVDULROLPSLDUODD
PDQR
(OiUHDTXHVHHQFXHQWUDIXHUDGHODMXQWD\
HOEXUOHWHGHODSXHUWDSXHGHQOLPSLDUVHFRQ
HVSRQMLOODSOiVWLFDFRQMDEyQDJXDFDOLHQWH\
GHWHUJHQWH(QMXDJXHELHQFRQXQDVROXFLyQ
GHDJXD\YLQDJUH
3DUDOLPSLDUODSDUWHH[WHUQDGHODSXHUWD
8WLOLFHMDEyQ\DJXDSDUDOLPSLDU
FXLGDGRVDPHQWHODSDUWHVXSHULRU
ORVODGRV\HOIUHQWHGHODSXHUWDGHOKRUQR
(QMXDJXHELHQ7DPELpQHVSRVLEOHXWLOL]DU
XQOLPSLDGRUGHYLGULRSDUDOLPSLDUODSDUWH
H[WHULRUGHODSXHUWD1RSHUPLWDTXHFDLJD
DJXDVREUHODVDEHUWXUDVGHYHQWLODFLyQ
6LTXHGDDOJXQDPDQFKDSHUVLVWHQWHHQOD
VHFFLyQGHYHQWLODFLyQGHODSXHUWDXWLOLFH
XQOLPSLDGRUDEUDVLYRVXDYH\XQDHVSRQMD
SDUDREWHQHUORVPHMRUHVUHVXOWDGRV
/DVVDOSLFDGXUDVGHVDOVDVMXJRVGHIUXWDV
VDOVDVGHWRPDWH\MXJRVGHDOLPHQWRV
TXHFRQWLHQHQiFLGRVSXHGHQGHFRORUDUOD
VXSHUILFLHSRUORTXHVHORVGHEHHQMXDJDU
GHLQPHGLDWR&XDQGRODVXSHUILFLHHVWpIUtD
OLPSLH\HQMXDJXH
1RXWLOLFHOLPSLDGRUHVSDUDKRUQRVSROYRV
OLPSLDGRUHVRDEUDVLYRVSRWHQWHVHQODSDUWH
H[WHUQDGHODSXHUWD
3XHUWDGHOKRUQRGHVPRQWDEOH
&yPROLPSLDUODSXHUWDGHOKRUQR
/DSXHUWDHVPX\SHVDGD7HQJDFXLGDGR
DOTXLWDU\OHYDQWDUODSXHUWD
1ROHYDQWHODSXHUWDGHODPDQLMD
3DUDTXLWDUODSXHUWD
$EUDODSXHUWDSRUFRPSOHWR
3UHVLRQHODVWUDEDVGHODELVDJUDKDFLD
DEDMRHQGLUHFFLyQGHOPDUFRGHODSXHUWD
KDVWDGHVWUDEDUODV3XHGHQHFHVLWDUVH
XQDKHUUDPLHQWDFRPRXQGHVWRUQLOODGRU
GHODGRVSODQRV
7RPHFRQILUPH]DDPERVODGRVGHOD
SXHUWDHQODSDUWHVXSHULRU
&LHUUHODSXHUWDKDVWDODSRVLFLyQ
GHUHPRFLyQGHSXHUWDDPLWDGGH
FDPLQRHQWUHODSRVLFLyQGHDVDGR
\ODSXHUWDFHUUDGD
/HYDQWHODSXHUWDKDVWDTXHHOEUD]RGHOD
ELVDJUDKD\DVDOLGRGHODUDQXUD
3DUDYROYHUDFRORFDUODSXHUWD
7RPHFRQILUPH]DDPERVODGRVGHOD
SXHUWDHQODSDUWHVXSHULRU
&RQODSXHUWDHQHO
PLVPRiQJXOR
GHODSRVLFLyQ
GHUHPRFLyQ
LQWURGX]FDOD
PXHVFDGHOEUD]RGHOD
ELVDJUDGHQWURGHO
H[WUHPRLQIHULRUGHOD
UDQXUDGHODELVDJUD/D
UDQXUDGHOEUD]RGHOD
ELVDJUDGHEHHVWDUELHQFRORFDGRHQOD
SDUWHLQIHULRUGHODUDQXUD
$EUDODSXHUWDSRUFRPSOHWR6LODSXHUWD
QRVHDEUHSRUFRPSOHWRODPXHVWUDQR
HVWiELHQFRORFDGDHQHOH[WUHPRLQIHULRU
GHODUDQXUD
3UHVLRQHODVWUDEDVGHODELVDJUDKDFLD
DUULEDFRQWUDHOPDUFRIURQWDOGHOD
FDYLGDGGHOKRUQRKDVWDDOFDQ]DUOD
SRVLFLyQGHWUDEDGR
&LHUUHODSXHUWDGHOKRUQR
3RVLFLyQGHUHPRFLyQ
0XHVFD
([WUHPR
LQIHULRUGH
ODELVDJUD
7UDEDGHODELVDJUD
5DQXUD
7LUHODVWUDEDVGHODELVDJUDKDFLD
DEDMRSDUDGHVWUDEDU
%UD]RGH
ODELVDJUD
*($SSOLDQFHVFRP
3UHVLRQHODVWUDEDVGHODELVDJUD
KDFLDDUULEDSDUDWUDEDU
%UD]RGHOD
ELVDJUD
7UDED
GHOD
ELVDJUD
background
6XSHUILFLHVSLQWDGDV
/DVVXSHUILFLHVSLQWDGDVLQFOX\HQODSDUWH
VXSHULRU\ORVODGRVGHODSXHUWD\ODSDUWH
IURQWDOGHOFDMyQ/tPSLHODVFRQMDEyQ\DJXDR
FRQXQDVROXFLyQGHDJXD\YLQDJUH
1RXWLOLFHOLPSLDGRUHVGHKRUQRFRPHUFLDOHV
SROYRVOLPSLDGRUHVHVSRQMLOODVGHDFHURR
DEUDVLYRVSRWHQWHVVREUHFXDOTXLHUVXSHUILFLH
SLQWDGD
6XSHUILFLHVGHDFHURLQR[LGDEOHHQDOJXQRVPRGHORV
1RXWLOLFHDOPRKDGLOODVGHDFHUR\DTXHUD\DQ
ODVXSHUILFLH
3DUDOLPSLDUODVXSHUILFLHGHDFHURLQR[LGDEOH
XWLOLFHDJXDWLELDMDERQRVD
RXQOLPSLDGRUROXVWUDGRUGHDFHURLQR[LGDEOH
6LHPSUHOLPSLHODVXSHUILFLHHQGLUHFFLyQGHOD
YHWD6LJDODVLQVWUXFFLRQHVGHOSURGXFWRSDUD
OLPSLDUODVXSHUILFLHGHDFHURLQR[LGDEOH
3DUDFRQVXOWDUVREUHODFRPSUDGHOLPSLDGRUHV
ROXVWUDGRUHVGHDFHURLQR[LGDEOHRSDUD
HQFRQWUDUODXELFDFLyQGHOGLVWULEXLGRUR7LHQGD
0DEHPiVFHUFDQRVOODPHDQXHVWURQ~PHUR
JUDWXLWRGHDWHQFLyQDOFOLHQWH
&HQWURQDFLRQDO
GHSLH]DV 
*($SSOLDQFHVFRP
9HQWLODFLyQGHOKRUQR
(OKRUQRVHYHQWLODDWUDYpVGHXQDDEHUWXUDHQ
HODQDIHEDMRODSDUULOOD
1XQFDFXEUDODDEHUWXUDFRQSDSHOGH
DOXPLQLRRFXDOTXLHURWURPDWHULDO(VWRQR
SHUPLWLUiTXHODYHQWLODFLyQGHOKRUQRIXQFLRQH
FRUUHFWDPHQWH
3DQHOGHFRQWURO
6LDVtORGHVHDSXHGHDSDJDUODVDOPRKDGLOODV
QXPpULFDVDQWHVGHODOLPSLH]D
9HUODVHFFLyQ%ORTXHRGHFRFLQDR%ORTXHRGH
FRQWURO
/LPSLHORVGHUUDPHVFRQXQSDxRK~PHGR
7DPELpQSXHGHXWLOL]DUXQOLPSLDGRU
GHYLGULR
4XLWHVXFLHGDGHVPiVUHEHOGHVFRQDJXDWLELD
MDERQRVD1RXWLOLFHDEUDVLYRVGHQLQJXQD
FODVH
$FWLYHODVDOPRKDGLOODVGHVSXpVGHODOLPSLH]D
9HQWLODFLyQ
FHQWUDO
&yPRTXLWDUHOFDMyQGHDOPDFHQDPLHQWR
3DUDTXLWDUHOFDMyQ
7LUHGHOFDMyQKDFLDIXHUDKDVWDTXHVH
GHWHQJD
/HYDQWHHOIUHQWHGHOFDMyQKDVWDTXHODV
WUDEDVVXSHUHQODVJXtDV
5HWLUHHOFDMyQ
3DUDYROYHUDFRORFDUHOFDMyQ
&RORTXHORVULHOHVGHOFDMyQ
HQODVJXtDV
(PSXMHHOFDMyQKDVWDTXHVHGHWHQJD
/HYDQWHHOIUHQWHGHOFDMyQ\HPSXMHKDVWD
TXHODVWUDEDVVXSHUHQODVJXtDV
%DMHHOIUHQWHGHOFDMyQ\HPSXMHKDFLD
DEDMRKDVWDTXHFLHUUH
*XtDGHWRSH
5LHO
$QDIH

&XLGDGR\OLPSLH]DGHODFRFLQD
background
*($SSOLDQFHVFRP
$QWHVGHOODPDUDOVHUYLFLRWpFQLFR«
&RQVHMRVSDUDGHWHFFLyQGHSUREOHPDV
£$KRUUHWLHPSR\GLQHUR/HDODVWDEODVGHODVVLJXLHQWHV
SiJLQDV\TXL]iVQRQHFHVLWHOODPDUHOVHUYLFLRWpFQLFR
3UREOHPD &DXVDVSRVLEOHV 4XpKDFHU
/DVOODPDVGHORV /DFDOLGDGGHFRPEXVWLyQGH  8WLOLFHODVVLJXLHQWHVLOXVWUDFLRQHVSDUDGHWHUPLQDUVLODVOODPDV
TXHPDGRUHVVRQ ODVOODPDVGHOTXHPDGRUWLHQHQ GHORVTXHPDGRUHVVRQQRUPDOHV6LODVOODPDVVHSDUHFHQD$
DPDULOODVRWLHQHQ TXHGHWHUPLQDUVHYLVXDOPHQWH OODPHDOVHUYLFLRWpFQLFR/DVOODPDVQRUPDOHVGHEHQVHUFRPR
SXQWDVDPDULOODV %R&GHSHQGLHQGRGHOWLSRGHJDVTXHXWLOLFH&RQJDV/3
HVQRUPDOTXHKD\DSXQWDVDPDULOODVHQORVFRQRVH[WHUQRV





$²/ODPDVDPDULOODV%²3XQWDVDPDULOODV &²/ODPDVD]XOHV
/ODPHDOVHUYLFLR HQORVFRQRVH[WHUQRV 1RUPDOHVSDUDJDV
WpFQLFR 1RUPDOSDUDJDV/3 QDWXUDO
/DVSHULOODVGHFRQWURO /DSHULOODQRHVWiSUHVLRQDGD  3DUDJLUDUGHODSRVLFLyQ2))DSDJDGRSUHVLRQHODSHULOOD
QRJLUDQ KDFLDDGHQWUR\OXHJRJLUH
/RVTXHPDGRUHVQR /DFDUDFWHUtVWLFDGH%ORTXHR 'HMHTXHODFRFLQDVHHQIUtH\SUHVLRQH\VRVWHQJDODDOPRKDGLOOD
VHHQFLHQGH GHFRQWUROHVHVWiDFWLYDGD5$1*(/2&.287%ORTXHRGHFRFLQDGXUDQWHVHJXQGRVKDVWD
TXHVHYHD/2&2))%ORTXHRGHVDFWLYDGR
(OHQFKXIHGHODFRFLQDQR 9HULILTXHTXHHOHQFKXIHHOpFWULFRHVWpFRQHFWDGRDXQ
HVWiLQWURGXFLGRGHOWRGRHQ WRPDFRUULHQWHFRQWHQVLyQ\DGHFXDGDFRQH[LyQDWLHUUD
HOWRPDFRUULHQWH
(OVXPLQLVWURGHJDVQRHVWi 9HUODV,QVWUXFFLRQHVGHLQVWDODFLyQLQFOXLGDVFRQODFRFLQD
FRQHFWDGRRHQFHQGLGR
8QIXVLEOHSXHGHKDEHUVH &DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOGLV\XQWRU
TXHPDGRRHOGLV\XQWRU
SXHGHKDEHUVDOWDGR
/DVSLH]DVGHORVTXHPDGRUHV 9HUODVHFFLyQ&XLGDGR\OLPSLH]DGHODFRFLQD
QRVHYROYLHURQDFRORFDU
FRUUHFWDPHQWH
(OEORTXHRGHFRFLQDR 6L/2&21EORTXHRDFWLYDGRDSDUHFHHQODSDQWDOODHO
GHFRQWUROHVHVWiDFWLYDGR
FRQWUROGHODFRFLQDHVWiDFWLYDGR'HVDFWLYHHVWDIXQFLyQ
SDUDXVDUODFRFLQD9HUODVHFFLyQ%ORTXHRGHFRFLQDR
 %ORTXHRGHFRQWURO
&RQWLQ~DHOVRQLGRGHO /DSHULOODGHOFRQWUROHVWiHQ 4XLWHODSHULOODGHODSRVLFLyQ/,7(HQFHQGHUDODFRQILJXUDFLyQ
FKLVSHURGHVSXpVGH ODSRVLFLyQ/,7(HQFHQGHU GHVHDGD
HQFHQGLGRVORVTXHPDGRUHV
 $SDJXHHOTXHPDGRU\YXHOYDDHQFHQGHU6LHOVRQLGRGHO
FKLVSHURFRQWLQ~DOODPHDOVHUYLFLRWpFQLFR
/ODPDVGHORVTXHPDGRUHV
 3URSRUFLyQLQDGHFXDGDGH
6LODFRFLQDHVWiFRQHFWDGDDJDV/3YHULILTXHWRGRVORVSDVRV
PX\JUDQGHVRDPDULOODV DLUHHQJDV GHODV,QVWUXFFLRQHVGHLQVWDODFLyQLQFOXLGDVFRQVXFRFLQD
/DOX]GHOKRUQRQRIXQFLRQD
(OIRFRGHOX]HVWiVXHOWR  $MXVWHRFDPELHHOIRFR
RQRIXQFLRQD
/DOX]GHIXQFLRQDPLHQWR  /ODPHDOVHUYLFLRWpFQLFR
HVWiURWD
(OKRUQRQRIXQFLRQD (OHQFKXIHGHODFRFLQDQRHVWi  9HULILTXHTXHHOHQFKXIHHOpFWULFRHVWpFRQHFWDGRDXQ
LQWURGXFLGRGHOWRGRHQ WRPDFRUULHQWHFRQWHQVLyQ\DGHFXDGDFRQH[LyQDWLHUUD
HOWRPDFRUULHQWH
8QIXVLEOHSXHGHKDEHUVH  &DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOGLV\XQWRU
TXHPDGRRHOGLV\XQWRUSXHGH
KDEHUVDOWDGR
/RVFRQWUROHVGHOKRUQR  9HUODVHFFLyQ&yPRXVDUHOKRUQR
HVWiQPDOFRQILJXUDGRV

background
3UREOHPD &DXVDVSRVLEOHV 4XpKDFHU
/RVDOLPHQWRVQRVHKRUQHDQ/RVFRQWUROHVGHOKRUQRHVWiQ  9HUODVHFFLyQ&yPRXVDUHOKRUQR
RDVDQFRUUHFWDPHQWH PDOFRQILJXUDGRV
/DSRVLFLyQGHODSDUULOODHV  9HUODVHFFLyQ&yPRXVDUHOKRUQR
LQFRUUHFWDRHVWiQLYHODGD
6HHVWiQXWLOL]DQGRUHFLSLHQWHV  9HUODVHFFLyQ&yPRXVDUHOKRUQR
GHFRFFLyQLQFRUUHFWRVRGH
WDPDxRLQDSURSLDGR
(OWHUPRVWDWRGHOKRUQR  9HUODVHFFLyQ$MXVWHHOWHUPRVWDWRGHOKRUQRXVWHGPLVPR
GHEHDMXVWDUVH
/RVDOLPHQWRVQRVH /RVFRQWUROHVGHOKRUQRHVWiQ  $VHJ~UHVHGHSUHVLRQDUODDOPRKDGLOOD%52,/+,/2
DVDQGHPDQHUDDGHFXDGD PDOFRQILJXUDGRV
6HHVWiXVDQGRXQDSRVLFLyQ  9HUOD*XtDGHDVDGR
GHSDUULOODLQDGHFXDGD
/RVUHFLSLHQWHVQRVRQ  3DUDPHMRUHVUHVXOWDGRVXWLOLFHXQDEDQGHMDGLVHxDGD
DGHFXDGRVSDUDDVDU SDUDDVDUDODSDUULOOD
/DVRQGDHVWiHQFKXIDGDGHQWUR  'HVHQFKXIH\TXLWHODVRQGDGHOKRUQR
GHODVDOLGDGHOKRUQR
(QDOJXQDVUHJLRQHVOD  3UHFDOLHQWHHOHOHPHQWRGHDVDGRGXUDQWHPLQXWRV
HOHFWULFLGDGYROWDMHSXHGH
VHUEDMD  $VHSRUHOSHUtRGRGHWLHPSRPiVSURORQJDGRTXHVH
UHFRPLHQGHHQOD*XtDGH$VDGR
/DWHPSHUDWXUDGH /DIXQFLyQGH&RQYHUVLyQ  3DUDPiVLQIRUPDFLyQYHDOD&RQYHUVLyQDXWRPiWLFD
KRUQHDGRSRUFRQYHFFLyQ DXWRPiWLFDGHUHFHWDVHVWi GHUHFHWDVHQODVHFFLyQ&DUDFWHUtVWLFDVHVSHFLDOHV
FRQILJXUDGDUHGXFHHQ DFWLYDGDSDUDUHGXFLUHQIRUPD
IRUPDDXWRPiWLFD DXWRPiWLFDODWHPSHUDWXUD
)& FRQILJXUDGDGHKRUQHDGR
UHFRPHQGDGDSDUDKRUQHDGR
SRUFRQYHFFLyQ)&
/DWHPSHUDWXUDGHOKRUQR (OWHUPRVWDWRGHOKRUQR  9HUODVHFFLyQ$MXVWHHOWHUPRVWDWRGHOKRUQRXVWHGPLVPR
HVPX\DOWDRPX\EDMD GHEHDMXVWDUVH
/DSXHUWDGHOKRUQR /DSXHUWDQRHVWiELHQDOLQHDGD  'DGRTXHHOKRUQRHVGHVPRQWDEOHDYHFHVVHGHVHTXLOLEUD
HVWiWRUFLGD GXUDQWHODLQVWDODFLyQ4XLWH\YXHOYDDFRORFDUODSXHUWDGHO
KRUQR9HUODVHFFLyQ3XHUWDGHOKRUQRGHVPRQWDEOH
(OFDMyQGHDOPDFHQDPLHQWR
 (OVRSRUWHGHFDMyQWUDVHURVH  9XHOYDDFRORFDUHOFDMyQ9HUODVLQVWUXFFLRQHVGH&yPRTXLWDU
HVWiWRUFLGR HQFXHQWUDVREUHODULHOGHODJXtDHOFDMyQGHDOPDFHQDPLHQWRHQODVHFFLyQ&XLGDGR\OLPSLH]D
 GHVXFRFLQD
(OFDMyQGHDOPDFHQDPLHQWR
(OFDEOHGHHQHUJtDSXHGHHVWDU  &DPELHODXELFDFLyQGHOFDMyQ\GHOFDEOHGHHQHUJtD9HUODV
QRFLHUUD REVWUX\HQGRHOFDMyQHQOD LQVWUXFFLRQHVGH&yPRTXLWDUHOFDMyQGHDOPDFHQDPLHQWRHQOD
SDUWHWUDVHUDLQIHULRUGHODFRFLQD VHFFLyQ&XLGDGR\OLPSLH]DGHVXFRFLQD
(OVRSRUWHGHFDMyQWUDVHURVH  9XHOYDDFRORFDUHOFDMyQ9HUODVLQVWUXFFLRQHVGH&yPRTXLWDU
HQFXHQWUDVREUHODULHOGHODJXtD HOFDMyQGHDOPDFHQDPLHQWRHQODVHFFLyQ&XLGDGR\OLPSLH]D
 GHVXFRFLQD

$QWHVGHOODPDUDOVHUYLFLRWpFQLFR
&RQVHMRVSDUDGHWHFFLyQGHSUREOHPDV
background
*($SSOLDQFHVFRP

3UREOHPD &DXVDVSRVLEOHV 4XpKDFHU
5HVXOWDGLItFLOGHVOL]DU /DVSDUULOODVEULOODQWHVGHFRORU  $SOLTXHXQDSHTXHxDFDQWLGDGGHDFHLWHYHJHWDOHQXQD
ODVSDUULOODVGHOKRUQR SODWDVLODVWXYLHUDVHOLPSLDURQ WRDOODGHSDSHO\IURWHORVERUGHVGHODVSDUULOODVGHOKRUQR
HQXQFLFORGHDXWROLPSLH]D 1RURFtHFRQ3DP
XRWUROXEULFDQWHHQVSUD\
/DVSDUULOODVUHYHVWLGDVGH
SRUFHODQDJULVVLODVWXYLHUDVH
OLPSLDURQGHPDQHUDLQDGHFXDGD
(OUHORM\HOWHPSRUL]DGRU (OHQFKXIHGHODFRFLQDQRHVWi  9HULILTXHTXHHOHQFKXIHHOpFWULFRHVWpFRQHFWDGRDXQ
QRIXQFLRQDQ LQWURGXFLGRGHOWRGRHQ WRPDFRUULHQWHFRQWHQVLyQ\DGHFXDGDFRQH[LyQDWLHUUD
HOWRPDFRUULHQWH
8QIXVLEOHSXHGHKDEHUVH  &DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOGLV\XQWRU
TXHPDGRRHOGLV\XQWRU
SXHGHKDEHUVDOWDGR
/RVFRQWUROHVGHOKRUQR  9HUODVHFFLyQ&yPRXVDUHOUHORM\HOWHPSRUL]DGRU
HVWiQPDOFRQILJXUDGRV
(OKRUQRQRUHDOL]D 8QTXHPDGRUGHVXSHUILFLH  $SDJXHWRGRVORVTXHPDGRUHVGHVXSHUILFLH
ODDXWROLPSLH]D HVWiHQFHQGLGR
/DWHPSHUDWXUDGHOKRUQR  'HMHTXHODFRFLQDVHHQIUtH\YXHOYDDFRQILJXUDUORVFRQWUROHV
HVWiPX\HOHYDGDSDUD
FRQILJXUDUODIXQFLyQGH
DXWROLPSLH]D
/RVFRQWUROHVGHOKRUQR  9HUODVHFFLyQ&yPRXWLOL]DUHOKRUQRDXWROLPSLDQWH
HVWiQPDOFRQILJXUDGRV
/DVRQGDHVWiHQFKXIDGD  4XLWHODVRQGDGHOKRUQR
GHQWURGHODVDOLGDGHOKRUQR
5XLGRGH´FUXMLGRVµR (VHOVRQLGRGHOPHWDO  (VWRHVQRUPDO
´FKDVTXLGRVµ FDOHQWiQGRVH\HQIULiQGRVH
GXUDQWHODVIXQFLRQHVGH
FRFFLyQ\OLPSLH]D
+XPRH[FHVLYRHQHO 6XFLHGDGH[FHVLYD  3UHVLRQHODDOPRKDGLOOD&/($52))ERUUDUDSDJDGR$EUDODV
KRUQRGXUDQWHHOFLFOR YHQWDQDVSDUDTXHVDOJDHOKXPR(VSHUHKDVWDTXHVHDSDJXH GH
OLPSLH]D ODOX]GHEORTXHR/LPSLHHOH[FHVRGHVXFLHGDG
\YXHOYDDFRQILJXUDUHOFLFORGHOLPSLH]D
/DSXHUWDGHOKRUQRQR (OKRUQRHVWiPX\FDOLHQWH  'HMHTXHHOKRUQRVHHQIUtHSRUGHEDMRGHODWHPSHUDWXUD
VHDEUHGHVSXpVGHXQ GHWUDEDGR
FLFORGHOLPSLH]D
(OKRUQRQRHVWiOLPSLR /RVFRQWUROHVGHOKRUQR  9HUODVHFFLyQ&yPRXWLOL]DUHOKRUQRDXWROLPSLDQWH
GHVSXpVGHXQFLFOR QRHVWiQFRQILJXUDGRV
GHOLPSLH]D FRUUHFWDPHQWH
(OKRUQRHVWDEDPX\VXFLR  /LPSLHORVGHUUDPHVPiVUHEHOGHVDQWHVGHLQLFLDUHOFLFOR
GHOLPSLH]D/RVKRUQRVPX\VXFLRVSXHGHQQHFHVLWDUXQDQXHYD
DXWROLPSLH]DRXQDOLPSLH]DPiVSURORQJDGD
´/2&.('µGHVWHOOD 6HKDVHOHFFLRQDGRHOFLFORGH  &LHUUHODSXHUWDGHOKRUQR
HQODSDQWDOOD DXWROLPSLH]DSHURODSXHUWD
GHOKRUQR QRHVWiFHUUDGD
/DOX]´/2&.('µ /DSXHUWDGHOKRUQRHVWi  3UHVLRQHODDOPRKDGLOOD&/($52))ERUUDUDSDJDGR
HVWiHQFHQGLGDFXDQGR WUDEDGDSRUTXHODWHPSHUDWXUD 'HMHHQIULDUHOKRUQR
GHVHDFRPHQ]DUDXWLOL]DU GHQWURGHOPLVPRQRKD
HOKRUQR GHVFHQGLGRGHEDMRGHOD
WHPSHUDWXUDGHWUDEDGR
background
3UREOHPD &DXVDVSRVLEOHV 4XpKDFHU
´)\XQQ~PHURR +D\XQFyGLJRGHHUURUGH  3UHVLRQHODDOPRKDGLOOD&/($52))ERUUDUDSDJDGR
OHWUDµGHVWHOODQHQOD IXQFLyQ 9XHOYDDHQFHQGHUHOKRUQR
SDQWDOOD
6LHOFyGLJRGHIXQFLyQVHUHSLWH  'HVHQFKXIHHOKRUQRSRUORPHQRVVHJXQGRV\OXHJR
YXHOYDDHQFKXIDUOR6LHOFyGLJRGHHUURUGHIXQFLyQ
VHUHSLWHOODPHDOVHUYLFLRWpFQLFR
(OFRQWUROHPLWHXQD 2OYLGyLQJUHVDUXQDWHPSHUDWXUD  3UHVLRQHODDOPRKDGLOOD%$.(KRUQHDU\ODWHPSHUDWXUD
VHxDOGHVSXpVGHLQJUHVDU GHKRUQHDGRRXKRUDULR GHVHDGDRODDOPRKDGLOOD6(/)&/($1/2:67'
XQWLHPSRGHFRFFLyQ GHOLPSLH]D DXWROLPSLH]DEDMDHVWiQGDU\HOWLHPSRGHOLPSLH]DGHVHDGR
FRFFLyQRGHLQLFLR
/DSDQWDOODTXHGD 8QIXVLEOHSXHGHKDEHUVH  &DPELHHOIXVLEOHRYXHOYDDFRQILJXUDUHOGLV\XQWRU
HQEODQFR TXHPDGRRHOGLV\XQWRU
SXHGHKDEHUVDOWDGR
(OUHORMVHHQFXHQWUDHQHO  9HUODVHFFLyQGH&DUDFWHUtVWLFDVHVSHFLDOHVGHOFRQWURO
PRGRVLQYLVXDOL]DFLyQGHOKRUQR
/DSDQWDOODGHVWHOOD &RUWHGHHQHUJtD  5HFRQILJXUHHOUHORM
/DSDQWDOODQR /DVDOPRKDGLOODVGHFRQWURO  /DVDOPRKDGLOODV%52,/+,/2DVDUDOWREDMR\%$.(
PXHVWUD´6)µ GHOKRUQRQRVHSUHVLRQDURQ KRUQHDUGHEHQSUHVLRQDUVHDOPLVPRWLHPSR\
FRUUHFWDPHQWH VRVWHQHUVHGXUDQWHVHJXQGRV
$SDUHFH´SUREHµ (VWROHUHFXHUGDGHLQJUHVDU  ,QJUHVHXQDWHPSHUDWXUDGHVRQGD
VRQGDHQODSDQWDOOD XQDWHPSHUDWXUDGHVRQGD
GHVSXpVGHHQFKXIDUODVRQGD
&RUWHGHHQHUJtDHOUHORM &RUWHGHHQHUJtDRVXELGD  5HFRQILJXUHHOUHORM6LHOKRUQRQRHVWDEDHQXVRXVWHGGHEH
GHVWHOOD GHWHQVLyQ UHFRQILJXUDUORSUHVLRQDQGRODDOPRKDGLOOD&/($52))
ERUUDUDSDJDGRFRQILJXUDQGRHOUHORM\UHFRQILJXUDQGR
FXDOTXLHUIXQFLyQGHFRFFLyQ
(PLVLyQGHYDSRUGHVGH &XDQGRVHXWLOL]DHOVLVWHPDGH  (VWRHVQRUPDO
ODYHQWLODFLyQ FRQYHFFLyQHVQRUPDOYHUXQD
HPLVLyQGHYDSRUGHODYHQWLODFLyQ
GHOKRUQR$PHGLGDTXHHOQ~PHUR
GHHVWDQWHVRODFDQWLGDGGHDOLPHQWRV
DFRFLQDUVHLQFUHPHQWDODFDQWLGDG
GHYDSRUYLVLEOHVHHOHYDUi
6DOHRORUD´TXHPDGRµ (VWRHVQRUPDOHQXQKRUQR  3DUDDFHOHUDUHOSURFHVRFRQILJXUHXQFLFORGHDXWROLPSLH]D
RD´DFHLWHµGHVGHOD QXHYR\GHVDSDUHFHFRQHO GXUDQWHXQPtQLPRGHKRUDV9HUODVHFFLyQ&yPRXWLOL]DU
YHQWLODFLyQGHOKRUQR WLHPSRHOKRUQRDXWROLPSLDQWH
2ORUSHQHWUDQWHHQ /DVSULPHUDVYHFHVTXHVHXWLOL]D  (VWRHVWHPSRUDO
HOKRUQR HOKRUQRHVQRUPDOVHQWLUXQRORU
SURYHQLHQWHGHODLVODQWHTXH
UHFXEUHODSDUWHLQWHUQDGHOKRUQR
6HR\HXQYHQWLODGRU 8QYHQWLODGRUGHHQIULDPLHQWR  (VWRHVQRUPDO6HHQFHQGHUi\DSDJDUiXQYHQWLODGRUGH
RXQYHQWLODGRUSRUFRQYHFFLyQ  UHIULJHUDFLyQSDUDHQIULDUODVSLH]DVLQWHUQDV3XHGHIXQFLRQDU
SXHGHQHQFHQGHUVHHQIRUPD D~QGHVSXpVGHTXHHOKRUQRVHKD\DDSDJDGR(OYHQWLODGRU
DXWRPiWLFDVHJ~QODIXQFLyQ VHHQFHQGHUi\DSDJDUiKDVWDTXHWHUPLQHODIXQFLyQ
TXHVHHVWpXWLOL]DQGR RVHDEUDODSXHUWD
$SDUHFH/2&EORTXHR /DFDUDFWHUtVWLFDGH%ORTXHR  $VHJ~UHVHGHTXHORVFRQWUROHVGHTXHPDGRUHVGHVXSHUILFLH
HQODSDQWDOOD GHFRFLQDHVWiDFWLYDGD HVWpQDSDJDGRV'HVDFWLYHHVWDIXQFLyQSDUDXVDUODFRFLQD
9HUODVHFFLyQ%ORTXHRGHFRFLQD
$QWHVGHOODPDUDOVHUYLFLRWpFQLFR
&RQVHMRVSDUDGHWHFFLyQGHSUREOHPDV

background

$FFHVRULRV
¢'HVHDDOJRPiV"
8VWHGSXHGHHQFRQWUDUHVWRVDFFHVRULRV\PXFKRVPiVHQ*($SSOLDQFHVFRPROODPHDO
HQKRUDULRGHWUDEDMRQRUPDO7HQJDOLVWRHOQ~PHURGHPRGHOR
£3UXHEHHVWRVRWURVH[FHOHQWHVSURGXFWRVSDUDTXHVXFRFLQDVHYHDHVWXSHQGD
£$SURYHFKHDOPi[LPRVXEDQGHMDSDUDDVDU1RSDUDXVDUFRQPRGHORVGHFDMyQDVDGRU
£8WLOLFHVXEDQGHMD\WDSDGHUHMLOODSDUDDVDUKDPEXUJXHVDVIUXWRVGHPDUILOHWHVYHJHWDOHVSDQFHWD
FRVWLOODV\PXFKRPiV/DEDQGHMDLQIHULRUUHWLHQHHOH[FHVRGHJUDVDV\DFHLWHV
3LH]D*(JHQXLQD
)iFLOGHOLPSLDU
*DUDQWtDGHXQDxR
£2IHUWDGHWLHPSROLPLWDGR£(QYtRVLQFDUJR
&XDQGRVROLFLWHODEDQGHMDSDUDDVDUGHQWURGHORVGtDVGHKDEHUDGTXLULGRVXSURGXFWRGHFRFLQD*(
3HTXHxD *UDQGH ([WUDJUDQGH
1GHSLH]D :%; :%; :%;
'LPHQVLRQHV µ$[µ$[µ3 µ$[µ$[µ3 µ$[µ$[µ3
/DEDQGHMDSDUDDVDUJUDQGHHVWiQGDUQRHQWUDHQFRFLQDVGHSXOJDGDV
/DEDQGHMDH[WUDJUDQGHQRHQWUDHQKRUQRVGHSDUHGHVGHSXOJDGDVHPSRWUDGDVGHSXOJDGDVRFRFLQDVGHSXOJDGDV
/ODPHDORXWLOLFHHVWHIRUPXODULRSDUDHQYLDUVXVROLFLWXGSRUFRUUHR
*(3DUWV32%R[0HPSKLV71
)RUPXODULRGHVROLFLWXGGHODEDQGHMDSDUDDVDU
&DQWLGDG BBBBBBBBBBBBBBBBBBB 1~PHURGHSLH]DBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1~PHURGHPRGHORBBBBBBBBBBBB 1~PHURGHVHULH BBBBBBBBBBBBBBBB 0DUFDBBBBBBBBBBBBBB )HFKDGHFRPSUDBBBBBBBBB
1RPEUH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $SHOOLGRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'LUHFFLyQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&LXGDG BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (VWDGRBBBBBBBBBB &yGLJR3RVWDOBBBBBBBBBBBBBBBBBBBBBBBBB
7HOpIRQRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &RUUHRHOHFWUyQLFRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&KHFN BBBBBB *LURSRVWDOBBBBBB
3DUDFRQVXOWDUVREUHORVSUHFLRVDFWXDOHVOODPHDO7RGDVODVyUGHQHVFRQWDUMHWDGHFUpGLWRVHGHEHUiQUHDOL]DUHQIRUPDWHOHIyQLFD
(OHPHQWRVGHVXSHUILFLH\
EDQGHMDVFROHFWRUDV
5HMLOODV &DEH]DOHVRWDSDVGH
TXHPDGRUHVGHVXSHUILFLH
(OHPHQWRVGHOKRUQR %RPELOODVGHOX]
3HULOODV
%DQGHMDVGHOKRUQR
:;;*&6
:;;
:;;
30;
.LWGHOLPSLH]D
GHDQDIHV
YLWURFHUiPLFRV
,QFOX\HOLPSLDGRU
UDVTXHWD\SDxR
7RDOOLWDV
GHOLPSLH]D
GHDQDIHV
YLWURFHUiPLFRV
7RDOOLWDVSDUD
SXOLUDUWHIDFWRV
GHDFHUR
LQR[LGDEOH
/LPSLDGRU
GHDUWHIDFWRV
GHDFHUR
LQR[LGDEOH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
R
background

9LVLWDVDVXKRJDUSDUDHQVHxDUOHDXVDUHOSURGXFWR
,QVWDODFLyQHQWUHJDRPDQWHQLPLHQWRLQDGHFXDGRV
'DxRRIDOODVGHOSURGXFWRHQFDVRGHDEXVRXVR
LQDGHFXDGRPRGLILFDFLyQXVRSDUDRWURVSURSyVLWRVTXH
QRVHDQHODGHFXDGRRXVRFRPHUFLDO
5HHPSOD]RGHIXVLEOHVGRPpVWLFRVRODUHFRQILJXUDFLyQGH
GLV\XQWRUHV
'DxRVDOSURGXFWRSURYRFDGRVSRUDFFLGHQWHVLQFHQGLRV
LQXQGDFLRQHVRIXHU]DPD\RU
'DxRVLQFLGHQWDOHVRUHVXOWDQWHVSURYRFDGRVSRUSRVLEOHV
GHIHFWRVHQHVWHDUWHIDFWR
'DxRVSURYRFDGRVGHVSXpVGHODHQWUHJD
8QSURGXFWRQRDFFHVLEOHSDUDSUHVWDUHOVHUYLFLRWpFQLFR
VROLFLWDGR
*(QRFXEULUi
(VWDJDUDQWtDVHH[WLHQGHDOFRPSUDGRURULJLQDO\FXDOTXLHUGXHxRSRVWHULRUSDUDSURGXFWRVDGTXLULGRVSDUD
XVRGRPpVWLFRGHQWURGHORV((886LHOSURGXFWRVHHQFXHQWUDHQXQDUHJLyQGRQGHQRKD\6HUYLFLR7pFQLFRGH
*(XVWHGVHUiUHVSRQVDEOHGHOFDUJRGHOYLDMHRXVWHGSXHGHWHQHUTXHOOHYDUHOSURGXFWRDXQ6HUYLFLR7pFQLFR
$XWRUL]DGRGH*(SDUDHIHFWXDUODUHSDUDFLyQ(Q$ODVNDODJDUDQWtDH[FOX\HHOFRVWRGHHQYtRRYLVLWDVHIHFWXDU
DUUHJORVHQVXKRJDU
$OJXQRVHVWDGRVQRSHUPLWHQODH[FOXVLyQROLPLWDFLyQGHGDxRVLQFLGHQWDOHVRUHVXOWDQWHV(VWDJDUDQWtD
OHRWRUJDGHUHFKRVOHJDOHVHVSHFtILFRV\XVWHGSXHGHFRQWDUFRQRWURVGHUHFKRVTXHSXHGHQYDULDUGHHVWDGR
DHVWDGR3DUDFRQRFHUVXVGHUHFKRVOHJDOHVFRQVXOWHDVXRILFLQDGHOFRQVXPLGRUORFDORHVWDWDORDO)LVFDO*HQHUDO
GHVXHVWDGR
*DUDQWH*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<
3RUHOSHUtRGRGH *(UHHPSOD]DUi
2QH<HDU &XDOTXLHUSLH]DGHODFRFLQDTXHIDOOHGHELGRDXQGHIHFWRGHORVPDWHULDOHVRPDQRGHREUD
8QDxRGHVGHODIHFKD 'XUDQWHHVWDJDUDQWtDOLPLWDGDGHXQDxR*(WDPELpQRIUHFHHQIRUPDJUDWXLWDODPDQRGH
GHFRPSUDRULJLQDO REUD\WUDEDMRVHQHOKRJDUSDUDUHHPSOD]DUODSLH]DGHIHFWXRVD
*DUDQWtDGHODFRFLQDDJDVGH*(3DUDFOLHQWHVGHORV(VWDGRV8QLGRV
7RGRVORVVHUYLFLRVWpFQLFRVGHJDUDQWtDRWRUJDGRVSRUQXHVWURV
&HQWURVGH6HUYLFLRGH)iEULFDRXQWpFQLFRDXWRUL]DGRSRU
&XVWRPHU&DUH
3DUDSURJUDPDUHOVHUYLFLRWpFQLFRRQOLQH
YLVtWHQRVHQ*($SSOLDQFHVFRPROODPHDO*(&$5(6
7HQJDHOQ~PHURGHVHULH\GHPRGHORDPDQR
FXDQGROODPHSDUDVROLFLWDUXQVHUYLFLRWpFQLFR
$EURFKHVXUHFLERDTXt
6HQHFHVLWDXQDSUXHEDGH
ODIHFKDGHFRPSUDRULJLQDO
SDUDREWHQHUVHUYLFLR
WpFQLFRFXELHUWRSRUOD
JDUDQWtD
(;&/86,Ï1'(*$5$17Ë$6,03/Ë&,7$6³6X~QLFR\H[FOXVLYRUHFXUVRHVODUHSDUDFLyQGHOSURGXFWRFRPRVHHVWDEOHFHHQOD
SUHVHQWH*DUDQWtD/LPLWDGD/DVJDUDQWtDVLPSOtFLWDVLQFOX\HQGRJDUDQWtDVGHFRPHUFLDELOLGDG\DSWLWXGSDUDXQREMHWLYR
SDUWLFXODUVHHQFXHQWUDQOLPLWDGDVDXQDxRRHOSHUtRGRPiVFRUWRSHUPLWLGRSRUODOH\
background
,PSUHVRHQORV(VWDGRV8QLGRV
6RSRUWHDOFRQVXPLGRU
3iJLQD:HEGH*($SSOLDQFHV
*($SSOLDQFHVFRP
¢7LHQHDOJXQDSUHJXQWDVREUHVXHOHFWURGRPpVWLFR"£3UXHEHODSiJLQD:HEGH*($SSOLDQFHVKRUDVDOGtDFXDOTXLHU
GtDGHODxR3DUDPD\RUFRQYHQLHQFLD\VHUYLFLRPiVUiSLGR\DSXHGHGHVFDUJDUORV0DQXDOHVGHORV3URSLHWDULRV
SHGLUSLH]DVRLQFOXVRKDFHUXQDFLWDHQOtQHDSDUDTXHYHQJDQDUHDOL]DUXQDUHSDUDFLyQ
6ROLFLWHXQDUHSDUDFLyQ *($SSOLDQFHVFRP
(OVHUYLFLRGHH[SHUWRV*(HVWiDWDQVyORXQSDVRGHVXSXHUWD£(QWUHHQOtQHD\VROLFLWHVXUHSDUDFLyQFXDQGROHYHQJD
ELHQFXDOTXLHUGtDGHODxR2OODPHDO*(&$5(6GXUDQWHKRUDVQRUPDOHVGHRILFLQD
5HDO/LIH'HVLJQ6WXGLR(VWXGLRGHGLVHxRSDUDODYLGDUHDO
*($SSOLDQFHVFRP
*(DSR\DHOFRQFHSWRGH'LVHxR8QLYHUVDO³SURGXFWRVVHUYLFLRV\DPELHQWHVTXHSXHGHQXVDUJHQWHGHWRGDVODV
HGDGHVWDPDxRV\FDSDFLGDGHV5HFRQRFHPRVODQHFHVLGDGGHGLVHxDUSDUDXQDJUDQJDPDGHKDELOLGDGHV\
GLILFXOWDGHVItVLFDV\PHQWDOHV3DUDPiVGHWDOOHVFREUHODVDSOLFDFLRQHVGH*('LVHxR8QLYHUVDOLQFOX\HQGRLGHDVGH
GLVHxRSDUDODFRFLQDSDUDSHUVRQDVFRQGLVFDSDFLGDGHVPLUHQXHVWUDSiJLQD:HEKR\PLVPR3DUDSHUVRQDVFRQ
GLILFXOWDGHVDXGLWLYDVIDYRUGHOODPDUDO7''*($&
*DUDQWtDVDPSOLDGDV *($SSOLDQFHVFRP
&RPSUHXQDJDUDQWtDDPSOLDGD\REWHQJDGHWDOOHVVREUHGHVFXHQWRVHVSHFLDOHVGLVSRQLEOHVPLHQWUDVVXJDUDQWtDHVWi
D~QDFWLYD3XHGHFRPSUDUODHQOtQHDHQFXDOTXLHUPRPHQWRROODPDUDO
GXUDQWHKRUDVQRUPDOHVGHRILFLQD*(&RQVXPHU+RPH6HUYLFHVHVWDUiD~QDKtFXDQGRVXJDUDQWtDWHUPLQH
3LH]DV\DFFHVRULRV *($SSOLDQFHVFRP
$TXHOORVLQGLYLGXRVFRQODFDOLILFDFLyQQHFHVDULDSDUDUHSDUDUVXVSURSLRVHOHFWURGRPpVWLFRVSXHGHQ
SHGLUTXHVHOHVPDQGHQODVSLH]DVRDFFHVRULRVGLUHFWDPHQWHDVXVKRJDUHVDFHSWDPRVODVWDUMHWDV
9,6$0DVWHU&DUG\'LVFRYHU+DJDVXSHGLGRHQOtQHDKR\KRUDVFDGDGtDROODPDUSRUWHOpIRQR
DOGXUDQWHKRUDVQRUPDOHVGHRILFLQD
/DVLQVWUXFFLRQHVGHVFULWDVHQHVWHPDQXDOFXEUHQORVSURFHGLPLHQWRVDVHJXLUSRUFXDOTXLHUXVXDULR&XDOTXLHU
RWUDUHSDUDFLyQGHEHUtDSRUUHJODJHQHUDOUHIHULUVHDSHUVRQDOFDOLILFDGRDXWRUL]DGR'HEHHMHUFHUVHSUHFDXFLyQ
\DTXHODVUHSDUDFLRQHVLQFRUUHFWDVSXHGHQFDXVDUFRQGLFLRQHVGHIXQFLRQDPLHQWRLQVHJXUDV
3yQJDVHHQFRQWDFWRFRQQRVRWURV *($SSOLDQFHVFRP
6LQRHVWiVDWLVIHFKRFRQHOVHUYLFLRTXHUHFLEHGH*(SyQJDVHHQFRQWDFWRFRQQRVRWURVHQQXHVWUDSiJLQD:HE
LQGLFDQGRWRGRVORVGHWDOOHVDVtFRPRVXQ~PHURGHWHOpIRQRRHVFUtEDQRVD
*HQHUDO0DQDJHU&XVWRPHU5HODWLRQV
*($SSOLDQFHV$SSOLDQFH3DUN
/RXLVYLOOH.<
5HJLVWUHVXHOHFWURGRPpVWLFR *($SSOLDQFHVFRP
£5HJLVWUHVXQXHYRHOHFWURGRPpVWLFRHQOtQHD³FXDQGRXVWHGSUHILHUD(OUHJLVWUDUVXSURGXFWRDWLHPSROH
SURSRUFLRQDUiVLVXUJLHUDODQHFHVLGDGXQDPHMRUFRPXQLFDFLyQ\XQVHUYLFLRPiVUiSLGREDMRORVWpUPLQRVGHVX
JDUDQWtD7DPELpQSXHGHHQYLDUVXWDUMHWDGHUHJLVWURSUHLPSUHVDTXHVHLQFOX\HHQHOPDWHULDOGHHPEDODMH

background
&RQVXPHU6XSSRUW
*($SSOLDQFHV:HEVLWH
,QWKH86*($SSOLDQFHVFRP
+DYHDTXHVWLRQRUQHHGDVVLVWDQFHZLWK\RXUDSSOLDQFH"7U\WKH*($SSOLDQFHV:HEVLWHKRXUVDGD\
DQ\GD\RIWKH\HDU)RUJUHDWHUFRQYHQLHQFHDQGIDVWHUVHUYLFH\RXFDQQRZGRZQORDG2ZQHU·V0DQXDOV
RUGHUSDUWVRUHYHQVFKHGXOHVHUYLFHRQOLQH
,Q&DQDGDZZZ*($SSOLDQFHVFD
6FKHGXOH6HUYLFH ,QWKH86*($SSOLDQFHVFRP
([SHUW*(UHSDLUVHUYLFHLVRQO\RQHVWHSDZD\IURP\RXUGRRU*HWRQOLQHDQGVFKHGXOH\RXUVHUYLFHDW\RXU
FRQYHQLHQFHDQ\GD\RIWKH\HDU2UFDOO*(&$5(6GXULQJQRUPDOEXVLQHVVKRXUV
,Q&DQDGDFDOO
5HDO/LIH'HVLJQ6WXGLR ,QWKH86*($SSOLDQFHVFRP
*(VXSSRUWVWKH8QLYHUVDO'HVLJQFRQFHSW³SURGXFWVVHUYLFHVDQGHQYLURQPHQWVWKDWFDQEHXVHGE\SHRSOHRI
DOODJHVVL]HVDQGFDSDELOLWLHV:HUHFRJQL]HWKHQHHGWRGHVLJQIRUDZLGHUDQJHRISK\VLFDODQGPHQWDODELOLWLHV
DQGLPSDLUPHQWV)RUGHWDLOVRI*(·V8QLYHUVDO'HVLJQDSSOLFDWLRQVLQFOXGLQJNLWFKHQGHVLJQLGHDVIRUSHRSOHZLWK
GLVDELOLWLHVFKHFNRXWRXU:HEVLWHWRGD\)RUWKHKHDULQJLPSDLUHGSOHDVHFDOO7''*($&
,Q&DQDGDFRQWDFW 0DQDJHU&RQVXPHU5HODWLRQV0DEH&DQDGD,QF
6XLWH)DFWRU\/DQH
0RQFWRQ1%(&0
([WHQGHG:DUUDQWLHV ,QWKH86*($SSOLDQFHVFRP
3XUFKDVHD*(H[WHQGHGZDUUDQW\DQGOHDUQDERXWVSHFLDOGLVFRXQWVWKDWDUHDYDLODEOHZKLOH\RXUZDUUDQW\LVVWLOO
LQHIIHFW<RXFDQSXUFKDVHLWRQOLQHDQ\WLPHRUFDOOGXULQJQRUPDOEXVLQHVVKRXUV*(&RQVXPHU+RPH
6HUYLFHVZLOOVWLOOEHWKHUHDIWHU\RXUZDUUDQW\H[SLUHV,Q&DQDGDFDOO
3DUWVDQG$FFHVVRULHV ,QWKH86*($SSOLDQFHVFRP
,QGLYLGXDOVTXDOLILHGWRVHUYLFHWKHLURZQDSSOLDQFHVFDQKDYHSDUWVRUDFFHVVRULHVVHQWGLUHFWO\WRWKHLUKRPHV9,6$
0DVWHU&DUGDQG'LVFRYHUFDUGVDUHDFFHSWHG2UGHURQOLQHWRGD\KRXUVHYHU\GD\RUE\SKRQHDW
GXULQJQRUPDOEXVLQHVVKRXUV
,QVWUXFWLRQVFRQWDLQHGLQWKLVPDQXDOFRYHUSURFHGXUHVWREHSHUIRUPHGE\DQ\XVHU2WKHUVHUYLFLQJJHQHUDOO\VKRXOG
EHUHIHUUHGWRTXDOLILHGVHUYLFHSHUVRQQHO&DXWLRQPXVWEHH[HUFLVHGVLQFHLPSURSHUVHUYLFLQJPD\FDXVHXQVDIH
RSHUDWLRQ
&XVWRPHUVLQ&DQDGDVKRXOGFRQVXOWWKH\HOORZSDJHVIRUWKHQHDUHVW0DEHVHUYLFHFHQWHURUFDOO
&RQWDFW8V ,QWKH86*($SSOLDQFHVFRP
,I\RXDUHQRWVDWLVILHGZLWKWKHVHUYLFH\RXUHFHLYHIURP*(FRQWDFWXVRQRXU:HEVLWHZLWKDOOWKHGHWDLOVLQFOXGLQJ
\RXUSKRQHQXPEHURUZULWHWR *HQHUDO0DQDJHU&XVWRPHU5HODWLRQV
*($SSOLDQFHV$SSOLDQFH3DUN
/RXLVYLOOH.<
,Q&DQDGDZZZ*($SSOLDQFHVFDRUZULWHWR 'LUHFWRU&RQVXPHU5HODWLRQV0DEH&DQDGD,QF
6XLWH)DFWRU\/DQH
0RQFWRQ1%(&0
5HJLVWHU<RXU$SSOLDQFH ,QWKH86*($SSOLDQFHVFRP
5HJLVWHU\RXUQHZDSSOLDQFHRQOLQH²DW\RXUFRQYHQLHQFH7LPHO\SURGXFWUHJLVWUDWLRQZLOODOORZIRUHQKDQFHG
FRPPXQLFDWLRQDQGSURPSWVHUYLFHXQGHUWKHWHUPVRI\RXUZDUUDQW\VKRXOGWKHQHHGDULVH<RXPD\DOVRPDLO
LQWKHSUHSULQWHGUHJLVWUDWLRQFDUGLQFOXGHGLQWKHSDFNLQJPDWHULDO,Q&DQDGDZZZ*($SSOLDQFHVFD
3ULQWHGLQWKH8QLWHG6WDWHV

Specifications

Indexed Terms: Gas Range, Self Cleaning

GE - General Electric JGSP42DET1BB Questions and Answers

Find answers or ask new question.
Questions and Answers

Related Products

No image
GE - General Electric JGBS64DEF1BB GE gas range
2023-03-10 2 docs
No image
GE - General Electric JGBS18GER2SA GE gas range
2023-02-23 3 docs
No image
GE - General Electric JGB918CEK5CC GE gas range
2023-02-20 1 docs
No image
GE - General Electric JGBS18DEN6CC GE gas range
2023-02-20 2 docs
No image
GE - General Electric JGBP32SEN2SS GE gas range
2023-02-20 1 docs
No image
GE - General Electric PGS968DEP3BB GE gas range
2023-02-19 2 docs