
3$576,1&/8'('
127(7KLVNLWKDVH[WUDVFUHZVWRSUHYHQWWKHWHFKQLFLDQ
IURPVSHQGLQJH[WUDWLPHORFDWLQJDUHSODFHPHQWVFUHZ
GXULQJLQVWDOODWLRQ
3$57 48$17,7<
7ULP)UDPH
%RWWRP'XFW
7RS%UDFNHW
%RWWRP%UDFNHW
8SSHU'XFW
5HDU'XFW
PP[PP UHTXLUHG
5RXQG+HDG H[WUD
6FUHZV
PP[PP UHTXLUHG
)ODW+HDG H[WUD
6FUHZV
$QWL7LS%UDFH
$QWL7LS%UDFNHW
7HPSODWH
5($'&$5()8//<
.((37+(6(,16758&7,216
,QVWDOODWLRQ
%XLOW,Q7ULP.LWV
,QVWUXFWLRQV
-;-;&;&;
%()25(<28%(*,1
5HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\DQGFDUHIXOO\
,03257$17³6DYHWKHVHLQVWUXFWLRQV
IRUORFDOLQVSHFWRU·VXVH
,03257$17³2EVHUYHDOOJRYHUQLQJFRGHV
DQGRUGLQDQFHV
1RWHWR,QVWDOOHU²%HVXUHWROHDYHWKHVHLQVWUXFWLRQV
ZLWKWKH&RQVXPHU
1RWHWR&RQVXPHU².HHSWKHVHLQVWUXFWLRQVIRUIXWXUH
UHIHUHQFH
6NLOOOHYHO²,QVWDOODWLRQRIWKLVDSSOLDQFHUHTXLUHVEDVLF
PHFKDQLFDODQGHOHFWULFDOVNLOOV
&RPSOHWLRQWLPH²WRKRXUV
3URSHULQVWDOODWLRQLVWKHUHVSRQVLELOLW\RIWKHLQVWDOOHU
3URGXFWIDLOXUHGXHWRLPSURSHULQVWDOODWLRQLVQRWFRYHUHGXQGHU
WKH:DUUDQW\
7KLVNLWLVDSSURYHGIRULQVWDOODWLRQDORQHRURYHUDQ\*(*(
3URILOH*(&DIHVLQJOHHOHFWULFZDOORYHQ1RWIRUXVHDGMDFHQWWR
ZLWKLQIHHWRIDQ\JDVRUHOHFWULFUDQJHFRRNWRSRURYHQ
)RUHDVLHULQVWDOODWLRQDQGSHUVRQDOVDIHW\ZHUHFRPPHQGWKDW
WZRSHRSOHLQVWDOOWKLVPLFURZDYHRYHQ
8QSOXJWKHPLFURZDYHRYHQEHIRUHDWWHPSWLQJLQVWDOODWLRQRI
WKLVNLW
7KH-;DQG-;NLWVDUHIRUXVHRQPRGHOV
3(%2'0%%3(%2'0::3(%26066
3(%&'1%%3(%&6166DQG3(%&'1::
7KH&;DQG&;NLWVDUHIRUXVHRQPRGHOV
&(%26666
'RQRWDOWHURUPRGLI\DQ\SDUWRIWKLVNLWRUWKHRYHQ
:$51,1*³7KLVRYHQPXVWEHSOXJJHGLQWRD
SURSHUO\JURXQGHGKROH9UHFHSWDFOHDVUHTXLUHGE\
WKH1DWLRQDO(OHFWULFDO&RGHRU&DQDGLDQ(OHFWULFDO&RGH
)25<2856$)(7<
:$51,1*³%HIRUHEHJLQQLQJWKHLQVWDOODWLRQ
VZLWFKSRZHURIIDWVHUYLFHSDQHODQGORFNWKHVHUYLFH
GLVFRQQHFWLQJPHDQVWRSUHYHQWSRZHUIURPEHLQJVZLWFKHGRQ
DFFLGHQWDOO\:KHQWKHVHUYLFHGLVFRQQHFWLQJPHDQVFDQQRWEH
ORFNHGVHFXUHO\IDVWHQDSURPLQHQWZDUQLQJGHYLFHVXFKDVDWDJ
WRWKHVHUYLFHSDQHO
4XHVWLRQV",QWKH86FDOO*(&$5(6RU9LVLWRXU:HEVLWHDWJHFRP
,Q&DQDGDFDOORU9LVLWRXU:HEVLWHDW*($SSOLDQFHVFD

722/6<28:,//1(('
,QVWDOODWLRQ,QVWUXFWLRQV
3KLOOLSV6FUHZGULYHU
7DSH0HDVXUH
'ULOOZLWKd%LWRU
6FLVVRUV2SWLRQDO
3HQFLO
$ZORU3XQFK
&87287',0(16,216
:$51,1*³7KLVWULPNLWXVHVDLUIORZ
IURPWKHWRSERWWRPDQGVLGHVRIWKHWULPIUDPH
%ORFNLQJWKHDLUIORZFDQFDXVHWKHPLFURZDYHWR
IXQFWLRQLPSURSHUO\DQGPD\FDXVHGDPDJHWR
WKHPLFURZDYH
$OORZDFOHDUDQFHEH\RQGWKHHGJHRIWKHWULP
IUDPHWRSURYLGHSURSHUDLUIORZ
'HSWK
+HLJKW
øµ2YHUODS
:LGWK
øµ2YHUODS
&OHDUDQFHEH\RQG
WULPIUDPH
RQDOOVLGHV
0LQ
µ0RGHOV
øµRYHUODS
µ0RGHOVµRYHUODS
&87287',0(16,216&217
2QPRGHOVDOORZ
øµRQDOOVLGHVIRURYHUODS
RIWKHWULPIUDPHRYHUWKHHGJHVRIWKHFXWRXW
2QPRGHOVDOORZ
øµDWWKHWRSDQGERWWRP
DQGRQHDFKVLGHIRURYHUODSRIWKHWULPIUDPH
RYHUWKHHGJHVRIWKHFXWRXW
)25,167$//$7,21$%29($%8,/7,129(1
0LFURZDYHRYHQVKRXOGEHLQVWDOOHGRQD
µ
SO\ZRRGEDVHDQGVXSSRUWHGE\[RU[
HTXLYDOHQWUXQQHUVRQDOOVLGHV%DVHPXVWEHFDSDEOH
RIVXSSRUWLQJDPLQLPXPRIOEVNJ
0LQGHSWKZLWK9²+HUW]JURXQGHGSRZHU
UHFHSWDFOHRXWVLGHFDELQHW
øµ
0LQGHSWKZLWK9²+HUW]JURXQGHGSRZHU
UHFHSWDFOHLQVLGHFDELQHW
µ
0RGHOV
+HLJKW
øµ
øµ
:LGWK µ
øµ µ
øµ
'HSWKPLQ
øµRUµ
øµRUµ
,167$//7+($17,7,3%5$&(
$
'UDZDOLQHRQWKHFXWRXWIORRUDWWKHFHQWHURI
WKHFXWRXWDQGH[WHQGWKHOLQHµGRZQWKH
IDFHRIWKHFDELQHW
%
)ROGRUFXWWKHIURQWHGJHRIWKHWHPSODWH
DORQJWKHIURQWJXLGHOLQH3ODFHWKHWHPSODWH
IOXVKDORQJWKHIURQWHGJHRIWKHFXWRXWIORRU
DOLJQLQJWKHFHQWHUOLQHRIWKHWHPSODWHZLWKWKH
FHQWHUOLQHRIWKHFXWRXWIORRU0DUNWKHFHQWHUV
RIWKHWZRVFUHZKROHVZLWKDQDZORUFHQWHU
SXQFKIRUWKHDQWLWLSEUDFHORFDWLRQDVVKRZQ
&
5HPRYHWKH
WHPSODWHDQGGULOO
WZRKROHVIRUWKH
DQWLWLSEUDFH
'
,QVWDOOWKHDQWLWLS
EUDFHRQWRWKH
FXWRXWIORRUXVLQJ
WZRURXQGKHDG
VFUHZV
5RXQG+HDG
6FUHZV
$QWL7LS
%UDFH
&XWRXW
)ORRU
&HQWHU
/LQH
%
$
&
',0(16,216
$
øµ
% µ
&
øµ
/HYHO
%RWWRPRIWULPNLWPXVWEH
PLQLPXPRIIURPIORRU
· P
FP

,167$//%27720'8&7$66(0%/<
720,&52:$9(29(1
$
)DVWHQWKHDQWLWLSEUDFNHWWRWKHERWWRPGXFW
XVLQJIRXUURXQGKHDGVFUHZV
%
,QVWDOOWKHUHDUGXFWWRWKHERWWRPGXFWZLWK
RQHURXQGKHDGVFUHZ
&
5HPRYHDOOORRVHLWHPVLQFOXGLQJWKHWXUQWDEOH
DQGWXUQWDEOHVXSSRUWIURPWKHPLFURZDYH
RYHQ&DUHIXOO\WXUQWKHRYHQXSVLGHGRZQ
5HPRYHRQHVFUHZIURPPLFURZDYHRYHQ
FDELQHW3ODFHWKHERWWRPGXFWDVVHPEO\RQ
WKHPLFURZDYHRYHQERWWRPDQGIDVWHQZLWK
VL[URXQGKHDGVFUHZVDQGWKHVFUHZMXVW
UHPRYHGIURPWKHPLFURZDYHRYHQ7XUQWKH
PLFURZDYHRYHQULJKWVLGHXSEHLQJFDUHIXO
QRWWREHQGWKHERWWRPGXFWIODQJH
,QVWDOODWLRQ,QVWUXFWLRQV
$QWL7LS
%UDFNHW
5RXQG+HDG
6FUHZV
%RWWRP'XFW
)5217
5($5
5HDU'XFW
5RXQG+HDG6FUHZ
,167$//833(5'8&7$1'723
%5$&.(7
$
5HPRYHWZRVFUHZVIURPEDFNRIWKH
PLFURZDYHRYHQ3HHORIIWKHDGKHVLYHEDFNLQJ
IURPWKHXSSHUGXFWDQGVHFXUHLWWRWKH
PLFURZDYHRYHQE\SUHVVLQJLWILUPO\GRZQ
RQGXFW)DVWHQWKHXSSHUGXFWZLWKWKHWZR
VFUHZVMXVWUHPRYHGIURPWKHPLFURZDYHRYHQ
%
3ODFHWKHWRSEUDFNHWRQWRSRIWKHXSSHU
GXFWZLWKWKHRSHQLQJRQWKHWRSEUDFNHW
OLQHGXSZLWKWKHRSHQLQJRQWKHGXFW$WWDFK
WKHWRSEUDFNHWWRWKHXSSHUGXFWXVLQJWZR
URXQGKHDGVFUHZV
0LFURZDYHRYHQ
XSVLGHGRZQ
6FUHZIURP
PLFURZDYHRYHQ
5RXQG+HDG
6FUHZV
5RXQG+HDG
6FUHZV
,167$//0,&52:$9(29(1
,172&$%,1(7
$
6OLGHWKHPLFURZDYHRYHQSDUWZD\LQWRWKH
FDELQHWRSHQLQJ
%
3OXJLQWKH
PLFURZDYH
RYHQ
&
7KHDQWLWLS
EUDFNHW
PXVWEH
IODWWRWKH
FXWRXWIORRUWRHQJDJHFRUUHFWO\ZLWKWKH
DQWLWLSEUDFHDVVKRZQ&DUHIXOO\VOLGHWKH
PLFURZDYHRYHQEDFNHQJDJLQJWKHDQWLWLS
EUDFH0DNHVXUHWKHSRZHUFRUGLVQRW
PDVKHGRUFXWDV\RXVOLGHWKHPLFURZDYH
LQWRSODFH
'
&HQWHUWKHPLFURZDYHRYHQZLWKLQWKHFXWRXW
RSHQLQJ
$QWL7LS
$VVHPEO\
%RWWRP'XFW
$QWL7LS
%UDFNHW
$QWL7LS
%UDFH
6FUHZV
IURP
PLFURZDYH
RYHQ
5RXQG+HDG
6FUHZV

0)/
,QVWDOODWLRQ,QVWUXFWLRQV
,167$//7+(%27720%5$&.(7
$1'6(&85(7+(723%5$&.(7
$
'ULOOSLORWKROHVWKURXJKWKHWKUHHKROHVRQWKH
IURQWIODQJHRIWKHERWWRPGXFWDVVHPEO\
%
+ROGWKHERWWRPEUDFNHWDJDLQVWWKHIURQW
IODQJHRIWKHERWWRPGXFWDVVHPEO\OLQLQJXS
WKHWKUHHKROHVLQWKHERWWRPEUDFNHWZLWKWKH
WKUHHKROHVLQWKHERWWRPGXFW6FUHZLQWKUHH
URXQGKHDGVFUHZV'ULOOSLORWKROHVWKURXJKWKH
WZRKROHVLQWKHWDEVRQWKHVLGHVRIWKHERWWRP
EUDFNHW6FUHZLQWZRURXQGKHDGVFUHZV
&
'ULOOSLORWKROHVWKURXJKWKHVLGHKROHVLQWKH
WRSEUDFNHW6HFXUHWKHWRSEUDFNHWWRWKH
FDELQHWXVLQJWZRURXQGKHDGVFUHZV
,167$//7+(75,0)5$0(
$
3ODFHWKHWULPIUDPHRYHUWKHPLFURZDYHRYHQ
ZLWKWKHYHQWRSHQLQJVDWWKHERWWRP
%
3UHVVWKHWULPIUDPHLQWRWKHRSHQLQJXQWLODOO
VLGHVVQDSLQWRSODFH
&
2SHQWKHPLFURZDYHRYHQGRRU6HFXUHWKH
WULPIUDPHXVLQJIRXUIODWKHDGVFUHZVWZRRQ
WKHLQVLGHWRSDQGWZRRQWKHLQVLGHERWWRP
5(3/$&($1</226(,7(06
$
<RXUWULPNLWLVQRZIXOO\LQVWDOOHG5HSODFHWKH
WXUQWDEOHDQGWXUQWDEOHVXSSRUWWKDWZHUH
UHPRYHGIURPWKHLQVLGHRIWKHPLFURZDYH
RYHQ
%
.HHSWKHVHLQVWDOODWLRQLQVWUXFWLRQVDQGH[WUD
VFUHZVIRUIXWXUHUHIHUHQFHDQGQHHG'RQRW
SODFHWKHPLQWKHPLFURZDYHRYHQ
&
5HSODFHKRXVHIXVHRUFORVHFLUFXLWEUHDNHU
WRUHVWRUHSRZHUDWWKHVHUYLFHSDQHO
5RXQG+HDG
6FUHZV
&XWRXW
2SHQLQJ
3RVLWLRQLQJ
)ODQJH
)ODW+HDG
6FUHZV
)ODW+HDG6FUHZV
&+(&./(9(/,1*
&KHFNWKHOHYHOLQJE\SODFLQJDOHYHODWWKHIURQW
DQGVLGHVRIWKHPLFURZDYH,WPD\EHQHFHVVDU\WR
DGGZRRGVKLPVXQGHUWKHERWWRPGXFWWROHYHOWKH
PLFURZDYHIURQWWREDFNRUVLGHWRVLGH
*(
3ULQWHGLQ.RUHD

/,6(=$77(17,9(0(17&(6,16758&7,216
(7&216(59(=/(6
,QVWUXFWLRQV
(QVHPEOHGHILQLWLRQ
IRXU
G·LQVWDOODWLRQ
HQFDVWUp
-;-;&;&;
$9$17'(&200(1&(5
/LVH]DWWHQWLYHPHQWWRXWHVFHVLQVWUXFWLRQV
,03257$17³&RQVHUYH]FHVLQVWUXFWLRQVSRXU
O·LQVSHFWHXUORFDO
,03257$17³2EVHUYH]WRXVOHVFRGHVHW
UqJOHPHQWVHQYLJXHXU
5HPDUTXHGHVWLQpHjO·LQVWDOODWHXU²9HLOOH]jODLVVHUFHV
LQVWUXFWLRQVDXFRQVRPPDWHXU
5HPDUTXHGHVWLQpHDXFRQVRPPDWHXU²&RQVHUYH]FHV
LQVWUXFWLRQVSRXUYRXV\UHSRUWHUXOWpULHXUHPHQW
1LYHDXGHFRPSpWHQFH²/·LQVWDOODWLRQGHFHWDSSDUHLO
QpFHVVLWHGHVFRPSpWHQFHVGHEDVHHQPpFDQLTXHHWHQ
pOHFWULFLWp
'XUpHGHO·LQVWDOODWLRQ²jKHXUHV
/·LQVWDOODWHXUHVWUHVSRQVDEOHGHODTXDOLWpGHO·LQVWDOODWLRQ
8QHSDQQHGXSURGXLWGXHjXQHPDXYDLVHLQVWDOODWLRQQ·HVWSDV
FRXYHUWHSDUODJDUDQWLH
&HWWHWURXVVHHVWDSSURXYpHSRXUXQHLQVWDOODWLRQVHXOHRXDYHF
WRXVPRGqOHVGHIRXUVpOHFWULTXHVHQFDVWUpV*(*(3URILOH*(
&DIH(OOHQ·HVWSDVFRQoXHSRXUrWUHXWLOLVpHjXQHGLVWDQFH
LQIpULHXUHjFPSLGHVFXLVLQLqUHVVXUIDFHVGHFXLVVRQRX
IRXUVjJD]RXpOHFWULTXHV
3RXUXQHLQVWDOODWLRQSOXVIDFLOHHWYRWUHSURSUHVpFXULWpQRXV
UHFRPPDQGRQVTXHO·LQVWDOODWLRQGHFHIRXUjPLFURRQGHV
VRLWIDLWHSDUGHX[SHUVRQQHV
'pEUDQFKH]OHIRXUjPLFURRQGHVDYDQWGHFRPPHQFHUO·LQVWDOODWLRQ
GHFHWHQVHPEOH
/HVWURXVVHV-;HW-;VRQWXWLOLVpHVSRXUOHVPRGqOHV
3(%2'0%%3(%2'0::3(%260663(%&'1%%
3(%&6166HW3(%&'1::
/HVWURXVVHV&;HW&;VRQWXWLOLVpHVSRXUOHVPRGqOHV
&(%6666
1·DOWpUH]RXQHPRGLILH]DXFXQHSLqFHGHFHWHQVHPEOHQL
DXFXQHSLqFHGXIRXU
$9(57,66(0(17³&HIRXUGRLWrWUHEUDQFKp
jXQHSULVHjDOYpROHVGHYROWVFRUUHFWHPHQWPLVHjOD
WHUUHWHOTX·H[LJpSDUOH&RGHFDQDGLHQGHO·pOHFWULFLWpRXOH&RGH
QDWLRQDOGHO·pOHFWULFLWp
'HVTXHVWLRQV"$SSHOH]OHRXYLVLWH]QRWUHVLWH:HEjO·DGUHVVHVXLYDQWHZZZHOHFWURPHQDJHUVJHFD
3,Ê&(6&2035,6(6
5(0$548(&HWHQVHPEOHFRPSUHQGGHVYLVVXSSOpPHQWDLUHV
SRXUpYLWHUTXHOHWHFKQLFLHQQHSHUGHGHWHPSVjFKHUFKHUXQH
YLVGHUHPSODFHPHQWORUVGHO·LQVWDOODWLRQ
3,Ê&( 48$17,7e
&DGUHGHILQLWLRQ
RXJDUQLWXUH
&RQGXLWLQIpULHXU
6XSSRUWVXSpULHXU
6XSSRUWLQIpULHXU
&RQGXLWVXSpULHXU
&RQGXLWDUULqUH
9LVjWrWHURQGH UHTXLVHV
GHPP[PP VXSSOpP
9LVjWrWHSODWH UHTXLVHV
GHPP[PP VXSSOpP
5HQIRUWGXVXSSRUW
DQWLEDVFXOHPHQW
6XSSRUW
DQWLEDVFXOHPHQW
*DEDULW
32859275(6e&85,7e
$9(57,66(0(17³$YDQWGHFRPPHQFHU
O·LQVWDOODWLRQFRXSH]OHFRXUDQWVXUOHWDEOHDXGHGLVWULEXWLRQHW
EORTXH]OHGLVSRVLWLIGHVHFWLRQQHPHQWpOHFWULTXHSRXUpYLWHU
TXHOHFRXUDQWQHVRLWDFFLGHQWHOOHPHQWUpWDEOL4XDQGLOQ·HVW
SDVSRVVLEOHGHEORTXHUOHGLVMRQFWHXUSRVH]XQPR\HQ
G·DYHUWLVVHPHQWELHQYLVLEOHFRPPHXQHpWLTXHWWHVXUOHWDEOHDX
GHGLVWULEXWLRQ

287,/61e&(66$,5(6
,QVWUXFWLRQVG·LQVWDOODWLRQ
7RXUQHYLV3KLOOLSVQ
5XEDQjPHVXUHU
3HUFHXVHDYHFIRUHWGH
SRRXQ
&LVHDX[IDFXOWDWLIV
&UD\RQ
$OqQHRXSRLQoRQ
',0(16,216'(/·289(5785(
$9(57,66(0(17³&HFDGUHGHILQLWLRQ
SHUPHWjO·DLUGHFLUFXOHUjSDUWLUGXKDXWGXEDVHWGHV
F{WpV8QHREVWUXFWLRQGHODFLUFXODWLRQGHO·DLUSHXWHQWUDvQHU
XQPDXYDLVIRQFWLRQQHPHQWGXIRXUjPLFURRQGHVHW
O·HQGRPPDJHU
/DLVVH]XQHVSDFHGHSRDXGHOjGXERUGGXFDGUHGHILQLWLRQ
SRXUSHUPHWWUHjO·DLUGHFLUFXOHU
3URIRQGHXU
+DXWHXU
&KHYDXFK
GH
øSR
/DUJHXU
&KHYDXFKHPHQWGH
øSR
(VSDFHGHSRDXGHOj
GXFDGUHGHILQLWLRQ
VXUWRXVOHVF{WpV
SRPLQ
',0(16,216'(/·289(5785(
68,7(
6XUOHVPRGqOHVGHSRSUpYR\H]XQHVSDFHGH
øSRVXUWRXV
OHVF{WpVSRXUSHUPHWWUHOHFKHYDXFKHPHQWGXFDGUHGHILQLWLRQ
VXUOHVERUGVGHO·RXYHUWXUH
6XUOHVPRGqOHVGHSRSUpYR\H]XQHVSDFHGH
øSRDX[
SDUWLHVVXSpULHXUHHWLQIpULHXUHHWSRGHFKDTXHF{WpSRXU
SHUPHWWUHOHFKHYDXFKHPHQWGXFDGUHGHILQLWLRQVXUOHVERUGV
GHO·RXYHUWXUH
,167$//$7,21$8'(6686'·81)285(1&$675e
/HIRXUjPLFURRQGHVGRLWrWUHLQVWDOOpVXUXQHEDVHHQ
FRQWUHSODTXpGH
SRHWVRXWHQXSDUGHVFRXOLVVHDX[GH
[SRRXGHVFRXOLVVHDX[pTXLYDOHQWVGH[SRVXUWRXV
OHVF{WpV/DEDVHGRLWSRXYRLUVRXWHQLUXQHFKDUJHPLQLPDOH
GHOENJ
3URIRQGHXUPLQDYHFSULVHPLVHjODWHUUHGH9HW
+]jO·H[WpULHXUGHO·RXYHUWXUH
øSR
3URIRQGHXUPLQDYHFSULVHPLVHjODWHUUHGH9HW
+]jO·LQWpULHXUGHO·RXYHUWXUHSR
0RGqOHV SR SR
+DXWHXU
øSR
øSR
/DUJHXU
SR
SR
3URIRQGHXUPLQ
øRXSR
øRXSR
0217$*('85(1)257'8
6833257$17,%$6&8/(0(17
7UDFH]XQHOLJQHVXUODVXUIDFHLQIpULHXUHGHO·RXYHUWXUHDX
FHQWUHGHFHOOHFLHWHQSURORQJHDQWODOLJQHGHSRVXU
ODSDUWLHIURQWDOHGHO·DUPRLUH
3OLH]RXGpFRXSH]OHERUGDYDQWGXJDEDULWOHORQJGH
ODOLJQHGHJXLGDJHDYDQW3ODFH]OHJDEDULWHQO·DOLJQDQW
DYHFOHERUGDYDQWGHODVXUIDFHLQIpULHXUHGHO·RXYHUWXUH
HWHQDOLJQDQWODOLJQHFHQWUDOHGXJDEDULWDYHFODOLJQH
FHQWUDOHGHFHWWHVXUIDFHLQIpULHXUH)DLWHVGHVUHSqUHV
SRXUOHFHQWUHGHVGHX[WURXVjYLVDYHFXQHDOqQHRXXQ
SRLQoRQHWFHSRXUO·HPSODFHPHQWGXUHQIRUWGXVXSSRUW
DQWLEDVFXOHPHQWFRPPHLOHVWLOOXVWUp
5HWLUH]OHJDEDULW
HWSHUFH]OHVGHX[
WURXVGHVWLQpVDX
UHQIRUWGXVXSSRUW
DQWLEDVFXOHPHQW
,QVWDOOH]OHUHQIRUW
GXVXSSRUW
DQWLEDVFXOHPHQWVXU
ODVXUIDFHLQIpULHXUH
GHO·RXYHUWXUHDYHF
GHX[YLVjWrWHURQGH
9LVjWrWH
URQGH
5HQIRUWGX
VXSSRUW
DQWLEDVFXO
6XUIDFHLQIpULHXUHGHO·RXYHUWXUH
/LJQHFHQWUDOH
%
$
&
',0(16,216
$
SR
% SR
&
SR
1LYHDX
/DSDUWLHLQIpULHXUHGXFDGUHGHILQLWLRQGRLWrWUHjDXPRLQVSRGXVRO
SL P
SR FP
0RGqOHVGHSR&KHYDXFKGH
øSR
0RGqOHVGHSR&KHYDXFKGHSR
$
%
&
'

,QVWUXFWLRQVG·LQVWDOODWLRQ
0217$*('8&21'8,7,1)e5,(85
'8)2850,&5221'(6
)L[H]OHVXSSRUWDQWLEDVFXOHPHQWDXFRQGXLWLQIpULHXUDX
PR\HQGHTXDWUHYLVjWrWHURQGH
,QVWDOOH]OHFRQGXLWDUULqUHDXFRQGXLWLQIpULHXUDXPR\HQ
G·XQHYLVjWrWHURQGH
5HWLUH]WRXWDUWLFOHLQVWDEOHVHWURXYDQWjO·LQWpULHXUGX
IRXUjPLFURRQGHV\FRPSULVOHSODWHDXWRXUQDQWHWVRQ
VXSSRUW5HWRXUQH]VRLJQHXVHPHQWOHIRXUjPLFURRQGHV
5HWLUH]O·XQHGHVYLVGHODFDLVVHGXIRXUjPLFURRQGHV
3ODFH]OHFRQGXLWLQIpULHXUVXUODSDUWLHLQIpULHXUHGXIRXU
jPLFURRQGHVHWIL[H]OHDXPR\HQGHVL[YLVjWrWHURQGH
HWGHODYLVUHWLUpHSUpFpGHPPHQWGXIRXUjPLFURRQGHV
5HWRXUQH]OHIRXUHQRULHQWDQWOHF{WpGURLWYHUVOHKDXW
HWHQYRXVDVVXUDQWTXHOHUHERUGGXFRQGXLWLQIpULHXUQH
IOpFKLWSDV
6XSSRUW
DQWLEDVFXOHPHQW
9LVjWrWHURQGH
&RQGXLWLQIpULHXU
$9$17
$55,Ê5(
&RQGXLW
DUULqUH
9LVjWrWHURQGH
0217$*('8&21'8,7683e5,(85
(7'86833257683e5,(85
5HWLUH]OHVGHX[YLVjO·DUULqUHGXIRXUjPLFURRQGHV
5HWLUH]OHILOPSURWHFWHXUGXFRQGXLWVXSpULHXUHWIL[H]FH
GHUQLHUDXIRXUjPLFURRQGHVHQO·HQIRQoDQWIHUPHPHQW
VXUOHFRQGXLW)L[H]OHFRQGXLWVXSpULHXUDXPR\HQGHV
GHX[YLVSUpFpGHPPHQWUHWLUpHVGXIRXUjPLFURRQGHV
3ODFH]OHVXSSRUWVXSpULHXUVXUOHGHVVXVGXFRQGXLW
VXSpULHXUHQDOLJQDQWO·RXYHUWXUHGXVXSSRUWVXSpULHXU
DYHFO·RXYHUWXUHGXFRQGXLW)L[H]OHVXSSRUWVXSpULHXU
DXFRQGXLWVXSpULHXUHQXWLOLVDQWGHX[YLVjWrWHURQGH
)RXUjPLFURRQGHV
UHQYHUVp
9LVGXIRXUj
PLFURRQGHV
9LVjWrWH
URQGH
9LVjWrWHURQGH
9LV
GXIRXUj
PLFURRQGHV
9LVjWrWH
URQGH
$
%
&
$
%
0217$*('8)2850,&52
21'(6'$16/·289(5785(
)DLWHVJOLVVHUOHIRXUjPLFURRQGHVSDUWLHOOHPHQWGDQV
O·RXYHUWXUHGHO·DUPRLUH
%UDQFKH]
OHIRXUj
PLFURRQGHV
/HVXSSRUW
DQWLEDVFXO
GRLWrWUH
SDUDOOqOHj
ODVXUIDFH
LQIpULHXUHGH
O·RXYHUWXUH
SRXUTX·LOVH
ORJHFRUUHFWHPHQWGDQVOHUHQIRUWGXVXSSRUW
DQWLEDVFXOHPHQWFRPPHLOHVWLOOXVWUp)DLWHVJOLVVHU
VRLJQHXVHPHQWO·DUULqUHGXIRXUjPLFURRQGHVSRXU
O·HQJDJHUGDQVOHUHQIRUWGXVXSSRUWDQWLEDVFXOHPHQW
$VVXUH]YRXVTXHOHFRUGRQG·DOLPHQWDWLRQQHVH
UHWURXYHSDVpFUDVpRXFRXSpSDUO·HQFDVWUHPHQW
GXIRXUjPLFURRQGHV
&HQWUH]OHIRXUjPLFURRQGHVGDQVO·RXYHUWXUH
&RQGXLWLQIpULHXU
6XSSRUW
DQWLEDVFXOHPHQW
$
%
&
'
5HQIRUWGX
VXSSRUW
DQWLEDVFXOHPHQW
(QVHPEOH
GHVXSSRUW
DQWLEDVFXOHPHQW

0)/
,QVWUXFWLRQVG·LQVWDOODWLRQ
0217$*('86833257,1)e5,(85
(7),;$7,21'86833257
683e5,(85
3HUFH]GHVDYDQWWURXVHQSDVVDQWOHIRUHWGDQVOHVWURLV
WURXVGXERUGDYDQWGXFRQGXLWLQIpULHXU
0DLQWHQH]OHVXSSRUWLQIpULHXUFRQWUHOHERUGDYDQWGX
FRQGXLWLQIpULHXUHQDOLJQDQWOHVWURLVWURXVGXVXSSRUW
LQIpULHXUDYHFOHVWURLVWURXVGXFRQGXLWLQIpULHXU,QVpUH]
WURLVYLVjWrWHURQGH3HUFH]GHVDYDQWWURXVHQSDVVDQW
OHIRUHWGDQVOHVGHX[WURXVGHVODQJXHWWHVVXUOHVF{WpV
GXVXSSRUWLQIpULHXU,QVpUH]GHX[YLVjWrWHURQGH
3HUFH]GHVDYDQWWURXVHQSDVVDQWOHIRUHWSDUOHVWURXV
GXVXSSRUWVXSpULHXU)L[H]OHVXSSRUWVXSpULHXUDODFDLVVH
HQXWLOLVDQWGHX[YLVjWrWHURQGH
0217$*('8&$'5('(),1,7,21
3ODFH]OHFDGUHGHILQLWLRQVXUOHIRXUjPLFURRQGHVHQ
RULHQWDQWOHVRXYHUWXUHVGHVpYHQWVYHUVOHEDV
(QIRQFH]OHFDGUHGHILQLWLRQGDQVO·RXYHUWXUHMXVTX·jFH
TXHWRXVOHVF{WpVV·HQFOHQFKHQWHQSRVLWLRQ
2XYUH]ODSRUWHGXIRXUjPLFURRQGHV)L[H]OHFDGUHGH
ILQLWLRQDYHFTXDWUHYLVjWrWHSODWHGHX[jO·LQWpULHXUHWDX
KDXWHWGHX[jO·LQWpULHXUHWDXEDV
5(0,6((13/$&('(7287(6/(6
3,Ê&(602%,/(6
9RWUHFDGUHGHILQLWLRQHVWPDLQWHQDQWLQVWDOOp5HPHWWH]
OHSODWHDXWRXUQDQWHWOHVXSSRUWGXSODWHDXWRXUQDQWj
O·LQWpULHXUGXIRXUjPLFURRQGHV
&RQVHUYH]OHVLQVWUXFWLRQVG·LQVWDOODWLRQHWOHVYLV
VXSSOpPHQWDLUHVjWLWUHGHUpIpUHQFHHWSRXUXQXVDJH
XOWpULHXU1HOHVSODFH]SDVGDQVOHIRXUjPLFURRQGHV
5HPHWWH]OHIXVLEOHHQSODFHRXUpDUPH]OHGLVMRQFWHXUGX
WDEOHDXGHGLVWULEXWLRQSRXUUHVWDXUHUO·DOLPHQWDWLRQ
9LVjWrWH
URQGH
2XYHUWXUH
)ODVTXHGH
SRVLWLRQQHPHQW
9LVjWrWHSODWH
9LVjWrWHSODWH
9e5,),&$7,21'81,9($8
3RXUYpULILHUODPLVHjQLYHDXSODFH]XQQLYHDXjO·DYDQWHWVXUOHV
F{WpVGXIRXUjPLFURRQGHV,OVHSHXWTXHYRXVGHYLH]DMRXWHU
GHVFDOHVHQERLVHQGHVVRXVGXFRQGXLWLQIpULHXUSRXUPHWWUHOH
IRXUjPLFURRQGHVjQLYHDX
*(
,PSULPpHQ&RUpH
$
%
&
$
%
&
$
%
&

3$57(6,1&/8,'$6
127$(VWHNLWFXHQWDFRQWRUQLOORVDGLFLRQDOHVDILQGHHYLWDU
TXHHOWpFQLFRQHFHVLWHWLHPSRDGLFLRQDOSDUDXELFDUXQ
WRUQLOORGHUHHPSOD]RGXUDQWHODLQVWDODFLyQ
3$57( &$17,'$'
(VWUXFWXUD
FRQ7HUPLQDFLyQ
&RQGXFWR
,QIHULRU
6RSRUWH6XSHULRU
6RSRUWH,QIHULRU
&RQGXFWR
6XSHULRU
&RQGXFWR7UDVHUR
7RUQLOORVFRQ
UHTXHULGRV
&DEH]D5HGRQGD
DGLFLRQDOHV
GHPP[PP
7RUQLOORVFRQ
UHTXHULGRV
&DEH]D3ODQDGH
DGLFLRQDOHV
PP[PP
$EUD]DGHUD$QWL
9ROFDGXUDV
6RSRUWH$QWL
9ROFDGXUDV
3ODQWLOOD
/($'(7(1,'$0(17(
&216(59((67$6,16758&&,21(6
,QVWUXFFLRQHV
.LWVFRQ7HUPLQDFLRQHV,QFRUSRUDGDV
GH,QVWDODFLyQ
-;-;&;&;
$17(6'(&20(1=$5
/HDHVWDVLQVWUXFFLRQHVHQVXWRWDOLGDG\DWHQWDPHQWH
,03257$17(³&RQVHUYHHVWDVLQVWUXFFLRQHV
SDUDXVRGHOLQVSHFWRUORFDO
,03257$17(³&XPSODFRQWRGRVORVFyGLJRV\
RUGHQDQ]DVJXEHUQDPHQWDOHV
1RWDSDUDHO,QVWDODGRU²$VHJ~UHVHGHTXHHO&RPSUDGRU
FRQVHUYHHVWDVLQVWUXFFLRQHV
1RWDSDUDHO&RPSUDGRU²&RQVHUYHHVWDVLQVWUXFFLRQHVSDUD
UHIHUHQFLDIXWXUD
1LYHOGHKDELOLGDG²/DLQVWDODFLyQGHHVWHHOHFWURGRPpVWLFR
UHTXLHUHXQQLYHOEiVLFRGHKDELOLGDGHVPHFiQLFDV
7LHPSRSDUD&RPSOHWDUOD,QVWDODFLyQ²\KRUDV
/DFRUUHFWDLQVWDODFLyQGHOSURGXFWRHVUHVSRQVDELOLGDGGHO
LQVWDODGRU
6LVHSURGXFHQIDOODVHQHOSURGXFWRGHELGRDXQDLQVWDODFLyQ
LQDGHFXDGDOD*DUDQWtDQRFXEULUiODVPLVPDV
(VWHNLWVHHQFXHQWUDDSUREDGRSDUDVHULQVWDODGRVRORRVREUH
FXDOTXLHUKRUQRHOpFWULFRVLPSOHGHSDUHG*(*(3URILOH*(
&DIH1RGHEHXVDUVHHQIRUPDDG\DFHQWHGHQWURGHORVSLHV
GHFXDOTXLHUFRFLQDHOpFWULFDRDJDVHVWXIDXKRUQR
3DUDXQDLQVWDODFLyQPiVIiFLO\SDUDVXVHJXULGDGSHUVRQDO
UHFRPHQGDPRVTXHODLQVWDODFLyQGHOKRUQRPLFURRQGDVVHD
UHDOL]DGDSRUGRVSHUVRQDV
'HVHQFKXIHHOKRUQRPLFURRQGDVDQWHVGHLQWHQWDULQVWDODUHVWH
NLW
/RVNLWV-;\-;VRQSDUDXVRFRQORVPRGHORV
3(%2'0%%3(%2'0::3(%26066
3(%&'1%%3(%&6166\3(%&'1::
/RVNLWV&;\&;VRQSDUDXVRFRQORVPRGHORV
&(%26666
1RDOWHUHQLPRGLILTXHQLQJXQDSDUWHGHHVWHNLWQLGHOKRUQR
$'9(57(1&,$³(VWHKRUQRGHEHUiHVWDU
FRUUHFWDPHQWHHQFKXIDGRHQXQUHFHSWiFXORGHDJXMHURV\
9GHDFXHUGRFRQORUHTXHULGRSRUHO&yGLJRGH(OHFWULFLGDG
1DFLRQDORHO&yGLJRGH(OHFWULFLGDGGH&DQDGi
3$5$686(*85,'$'
$'9(57(1&,$³$QWHVGHFRPHQ]DUFRQOD
LQVWDODFLyQDSDJXHHOLQWHUUXSWRUGHOSDQHOGHOVHUYLFLR\
EORTXHHHOVXPLQLVWURGHOVHUYLFLRDILQGHHYLWDUTXHODFRUULHQWH
VHDFWLYHHQIRUPDDFFLGHQWDO&XDQGRHOVXPLQLVWURGHOVHUYLFLR
QRSXHGDVHUEORTXHDGRDMXVWHGHIRUPDVHJXUDXQGLVSRVLWLYR
GHDGYHUWHQFLDYLVLEOHWDOFRPRXQDHWLTXHWDDOSDQHOGHO
VHUYLFLR
¢3UHJXQWDV"(Q((88OODPHDO*(&$5(6R9LVLWHQXHVWUR6LWLR:HEHQ
*HFRP(Q&DQDGiOODPHDOR9LVLWHQXHVWUR6LWLR:HEHQ*($SSOLDQFHVFD

+(55$0,(17$648(1(&(6,7$5È
,QVWUXFFLRQHVGH,QVWDODFLyQ
'HVWRUQLOODGRU3KLOOLSVQ
&LQWDPpWULFD
7DODGURFRQ%URFDGHµ
%LWRQ
7LMHUDV2SFLRQDO
/iSL]
3XQ]yQR3HUIRUDGRUD
',0(16,21(6'(5(&257(
$'9(57(1&,$³
(VWHNLWFRQ
WHUPLQDFLyQXVDHOIOXMRGHDLUHGHVGHODSDUWHVXSHULRU
LQIHULRURORVFRVWDGRVGHODHVWUXFWXUDFRQWHUPLQDFLyQ
%ORTXHDUHOIOXMRGHDLUHSXHGHKDFHUTXHHOPLFURRQGDV
IXQFLRQHGHIRUPDLQDGHFXDGD\RFDVLRQDUGDxRVVREUH
HOPLVPR
'HMHXQHVSDFLRGHµPiVDOOiGHOH[WUHPRGHOD
HVWUXFWXUDFRQWHUPLQDFLyQSDUDEULQGDUHOIOXMRGH
DLUHDSURSLDGR
3URIXQGLGDG
$OWXUD
6XSHUSRVLFLyQ
øµ
$QFKR
6XSHUSRVLFLyQ
øµ
'HVSHMHGHµPiVDOOi
GHODHVWUXFWXUDFRQ
WHUPLQDFLyQKDFLDWRGRV
ORVODGRV
0tQGH
0RGHORVGHµ6XSHUSRVLFLyQ
øµ
0RGHORVGHµ
6XSHUSRVLFLyQµ
',0(16,21(6'(5(&257(&217
(QPRGHORVGHµGHMHòµKDFLDWRGRVORVODGRVSDUD
ODVXSHUSRVLFLyQGHODHVWUXFWXUDFRQWHUPLQDFLyQVREUH
ORVH[WUHPRVGHOUHFRUWH
(QPRGHORVGHµGHMHòµVREUHODSDUWHVXSHULRU
HLQIHULRU\µDFDGDODGRSDUDODVXSHUSRVLFLyQGH
ODHVWUXFWXUDFRQWHUPLQDFLyQVREUHORVH[WUHPRVGHO
UHFRUWH
3$5$/$,167$/$&,Ï162%5(81+2512
(03275$%/(
(OKRUQRPLFURRQGDVGHEHUtDVHULQVWDODGRHQXQDEDVHGH
FRQWUDFKDSDGRGHµ\FRQWDUFRQHOVRSRUWHGHWLUDQWHV
HTXLYDOHQWHVGH[R[/DEDVHGHEHUiSRGHU
VRSRUWDUXQPtQLPRGHOLEUDVNJ
*URVRUPtQLPRFRQUHFHSWiFXORGHFRUULHQWHDWLHUUDGH
9+HUW]IXHUDGHOJDELQHWHGH
øµ
*URVRUPtQLPRFRQUHFHSWiFXORGHFRUULHQWHDWLHUUDGH
9+HUW]GHQWURGHOJDELQHWHGH
µ
0RGHORV
$OWXUD
øµ
øµ
$QFKR µ
øµ µ
øµ
*URVRUPLQ
øµRµ
øµRµ
,167$/(/$6$%5$=$'(5$6
$17,92/&$'85$6
$
'LEXMHXQDOtQHDVREUHHOSLVRGHUHFRUWHHQHOFHQWURGHO
UHFRUWH\H[WLHQGDODOtQHDòµGHEDMRGHODFDUDGHO
JDELQHWH
%
'REOHRUHFRUWHHOH[WUHPRIURQWDOGHODSODQWLOODDORODUJR
GHODOtQHDGHJXtDIURQWDO&RORTXHODSODQWLOODDORODUJR
GHOH[WUHPRIURQWDOGHODSXHUWDGHUHFRUWHDOLQHDQGROD
OtQHDFHQWUDOGHODSODQWLOODFRQODOtQHDFHQWUDOGHOSLVRGH
UHFRUWH0DUTXHORVFHQWURVGHORVGRVDJXMHURVSDUDORV
WRUQLOORVFRQXQSXQ]yQRXQDSHUIRUDGRUDFHQWUDOHQOD
XELFDFLyQGHODDEUD]DGHUDDQWLYROFDGXUDVFRPRVH
PXHVWUD
&
5HWLUHODSODQWLOOD\
KDJDGRVDJXMHURV
SDUDODDEUD]DGHUD
DQWLYROFDGXUDV
'
,QVWDOHODDEUD]DGHUD
DQWLYROFDGXUDVHQHO
SLVRGHUHFRUWH
XVDQGRGRVWRUQLOORV
FRQFDEH]DUHGRQGD
7RUQLOORV
FRQ&DEH]D
5HGRQGD
$EUD]DGHUD
$QWL
9ROFDGXUDV
3LVRGH
UHFRUWH
/tQHD
FHQWUDO
%
$
&
',0(16,21(6
$
øµ
% µ
&
øµ
1LYHO
/DSDUWHLQIHULRUGHONLWFRQWHUPLQDFLyQ
GHEHUiWHQHUXQPtQLPRGHµGHVGHHOSLVR
· P
FP

,167$/((/(16$0%/('(/
&21'8&72,1)(5,25$/+2512
0,&5221'$6
$
$MXVWHHOVRSRUWHDQWLYROFDGXUDVDOFRQGXFWRLQIHULRU
XVDQGRFXDWURWRUQLOORVFRQFDEH]DUHGRQGD
%
,QVWDOHHOFRQGXFWRWUDVHURDOFRQGXFWRLQIHULRUFRQ
XQWRUQLOORFRQFDEH]DUHGRQGD
&
5HWLUHWRGRVORVHOHPHQWRVVXHOWRVLQFOX\HQGRHO
SODWRJLUDWRULR\VXVRSRUWHFRUUHVSRQGLHQWHGHO
KRUQRPLFURRQGDV&RQFXLGDGRGpYXHOWDHOKRUQR
5HWLUHXQWRUQLOORGHOJDELQHWHGHOKRUQR
PLFURRQGDV&RORTXHHOHQVDPEOHGHOFRQGXFWR
LQIHULRUHQODSDUWHLQIHULRUGHOKRUQRPLFURRQGDV\
DMXVWHFRQVHLVWRUQLOORVGHFDEH]DUHGRQGD\HO
WRUQLOORTXHDFDEDGHUHWLUDUGHOKRUQRPLFURRQGDV
9XHOYDDFRORFDUHOKRUQRPLFURRQGDVHQVX
SRVLFLyQRULJLQDOWHQLHQGRFXLGDGRGHQRGREODUOD
SHVWDxDGHOFRQGXFWRLQIHULRU
,QVWUXFFLRQHVGH,QVWDODFLyQ
6RSRUWH$QWL
9ROFDGXUDV
7RUQLOORVFRQ&DEH]D
5HGRQGD
&RQGXFWR,QIHULRU
)5(17(
3$57(
75$6(5$
&RQGXFWR
7UDVHUR
7RUQLOORFRQ&DEH]D5HGRQGD
,167$/((/&21'8&72683(5,25<
(/623257(683(5,25
$
5HWLUHORVGRVWRUQLOORVGHODSDUWHWUDVHUDGHOKRUQR
PLFURRQGDV5HWLUHHODGKHVLYRGHOFRQGXFWR
VXSHULRU\SpJXHORHQHOKRUQRPLFURRQGDV
SUHVLRQDQGRHOPLVPRGHPDQHUDILUPHGHO
FRQGXFWR$MXVWHHOFRQGXFWRVXSHULRUFRQORVGRV
WRUQLOORVTXHDFDEDGHUHWLUDUGHOKRUQRPLFURRQGDV
%
&RORTXHHOVRSRUWHVXSHULRUVREUHHOFRQGXFWR
VXSHULRUFRQODDEHUWXUDGHOVRSRUWHVXSHULRU
DOLQHDGDFRQODDEHUWXUDGHOFRQGXFWR$GMXQWHHO
VRSRUWHVXSHULRUDOFRQGXFWRVXSHULRUXVDQGRGRV
WRUQLOORVFRQFDEH]DUHGRQGD
+RUQRPLFURRQGDV
GDGRYXHOWD
7RUQLOORGHOKRUQR
PLFURRQGDV
7RUQLOORV
FRQ&DEH]D
5HGRQGD
7RUQLOORV
FRQ&DEH]D
5HGRQGD
,167$/((/+2512
0,&5221'$6(1(/*$%,1(7(
$
'HVOLFHODSDUWHGHOKRUQRPLFURRQGDVHQOD
DEHUWXUDGHOJDELQHWH
%
(QFKXIHHO
KRUQR
PLFURRQGDV
&
/DDEUD]DGHUD
DQWL
YROFDGXUDVVH
GHEHUiDSR\DU
GHIRUPD
SODQDVREUHHOSLVRGHUHFRUWHSDUDDMXVWDUVHGH
IRUPDFRUUHFWDFRQODDEUD]DGHUDDQWLYROFDGXUDV
FRPRVHPXHVWUD&RQFXLGDGRGHVOLFHODSDUWH
WUDVHUDGHOKRUQRPLFURRQGDVDMXVWDQGROD
DEUD]DGHUDDQWLYROFDGXUDV$VHJ~UHVHGHTXHHO
FDEOHGHFRUULHQWHQRVHDPDFKDFDGRQLFRUWDGRDO
GHVOL]DUHOKRUQRPLFURRQGDVHQVXSRVLFLyQ
'
&HQWUHHOKRUQRPLFURRQGDVGHQWURGHODDEHUWXUD
UHFRUWDGD
(QVDPEOH$QWL
9ROFDGXUDV
&RQGXFWR,QIHULRU
6RSRUWH$QWL
9ROFDGXUDV
$EUD]DGHUD$QWL
9ROFDGXUDV
7RUQLOORV
GHOKRUQR
PLFURRQGDV
7RUQLOORVFRQ&DEH]D
5HGRQGD

0)/
,QVWUXFFLRQHVGH,QVWDODFLyQ
,167$/((/623257(,1)(5,25<
$6(*85((/623257(683(5,25
$
7DODGUHDJXMHURVSLORWRDWUDYpVGHWUHVDJXMHURV
HQODSHVWDxDIURQWDOGHOHQVDPEOHGHOFRQGXFWR
LQIHULRU
%
6RVWHQJDHOVRSRUWHLQIHULRUFRQWUDODSHVWDxD
IURQWDOGHOHQVDPEOHGHOFRQGXFWRLQIHULRU
DOLQHDQGRORVWUHVDJXMHURVHQHOVRSRUWHLQIHULRUFRQ
ORVWUHVDJXMHURVHQHOFRQGXFWRLQIHULRU$MXVWHORV
WUHVWRUQLOORVGHFDEH]DUHGRQGD7DODGUHDJXMHURV
SLORWRDWUDYpVGHORVGRVDJXMHURVHQODVOHQJHWDV
VREUHORVFRVWDGRVGHOVRSRUWHLQIHULRU$MXVWHORV
GRVWRUQLOORVGHFDEH]DUHGRQGD
&
7DODGUHORVDJXMHURVSLORWRDWUDYpVGHORVDJXMHURV
ODWHUDOHVHQHOVRSRUWHVXSHULRU$VHJXUHHOVRSRUWH
VXSHULRUDOJDELQHWHXVDQGRGRVWRUQLOORVFRQ
FDEH]DUHGRQGD
,167$/(/$(6758&785$&21
7(50,1$&,Ï1
$
&RORTXHODHVWUXFWXUDFRQWHUPLQDFLyQVREUHHO
KRUQRPLFURRQGDVFRQODVDEHUWXUDVGHYHQWLODFLyQ
HQODSDUWHWUDVHUD
%
3UHVLRQHODHVWUXFWXUDFRQWHUPLQDFLyQHQOD
DEHUWXUDKDVWDTXHWRGRVORVFRVWDGRVVHDMXVWHQ
FRUUHFWDPHQWH
&
$EUDODSXHUWDGHOKRUQRPLFURRQGDV$VHJXUHOD
HVWUXFWXUDFRQWHUPLQDFLyQXVDQGRFXDWURWRUQLOORV
GHFDEH]DSODQDGRVHQODSDUWHVXSHULRULQWHUQD\
GRVHQODSDUWHLQIHULRULQWHUQD
5((03/$&(&8$/48,(5
(/(0(172)/2-2
$
6XNLWFRQWHUPLQDFLyQVHHQFXHQWUDDKRUD
FRPSOHWDPHQWHLQVWDODGR5HHPSODFHHOSODWR
JLUDWRULR\VXVRSRUWHFRUUHVSRQGLHQWHTXHIXHURQ
UHWLUDGRVGHOLQWHULRUGHOKRUQRPLFURRQGDV
%
*XDUGHHVWDVLQVWUXFFLRQHVGHLQVWDODFLyQ\
WRUQLOORVDGLFLRQDOHVSDUDXVRIXWXUR1RORV
FRORTXHHQHOKRUQRPLFURRQGDV
&
5HHPSODFHHOIXVLEOHGHOKRJDURFLHUUHHOGLV\XQWRU
SDUDUHLQLFLDUODFRUULHQWHHQHOSDQHOGHOVHUYLFLR
7RUQLOORVFRQ
&DEH]D5HGRQGD
$EHUWXUD
GH
5HFRUWH
3HVWDxDGH
3RVLFLRQDPLHQWR
7RUQLOORVFRQ
&DEH]D3ODQD
7RUQLOORVFRQ&DEH]D3ODQD
&21752/(/$1,9(/$&,Ï1
&RQWUROHODQLYHODFLyQFRORFDQGRXQQLYHOHQHOIUHQWH
\ORVFRVWDGRVGHOKRUQRPLFURRQGDV(VSRVLEOHTXH
VHDQHFHVDULRDJUHJDUFXxDVGHPDGHUDGHEDMRGHO
FRQGXFWRLQIHULRUSDUDQLYHODUHOIUHQWHGHOPLFURRQGDV
FRQODSDUWHWUDVHUDRXQFRVWDGRFRQHORWUR
*(
3ULQWHGLQ.RUHD

