
&RRO2QO\ $-&0 $&'
$-&0 '&'
$-&4 /&'
$-&4 $&'
$-&4 '&'
+HDW&RRO $-(0 '&'
$-(4 /&'
$-(4 $&'
$-(4 '&'
:ULWHWKHPRGHODQGVHULDO
QXPEHUVKHUH
0RGHO BBBBBBBBBBBBBBBBBBBBBBBBB
6HULDO
BBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LQGWKHVHQXPEHUVRQDODEHORQWKHIURQWRI
WKHEDVHSDQEHKLQGWKHIURQWJULOOH
$LU&RQGLWLRQHUV
*($SSOLDQFHVFRP
5RRP
7,16($-%5= * (
6DIHW\,QVWUXFWLRQV
2SHUDWLQJ,QVWUXFWLRQV
&DUHDQG&OHDQLQJ
$LU)LOWHU
)URQW*ULOOH
*ULOOHDQG&DVH
2XWGRRU&RLOV
,QVWDOODWLRQ,QVWUXFWLRQV
%HIRUH<RX%HJLQ
,QVWDOOLQJD-0RGHOLQ
DQ([LVWLQJ:DOO&DVH
7KURXJKWKH:DOO
,QVWDOODWLRQ
:LQGRZ,QVWDOODWLRQ
2SWLRQDO
7URXEOHVKRRWLQJ7LSV
1RUPDO2SHUDWLQJ6RXQGV
&RQVXPHU6XSSRUW
&RQVXPHU6XSSRUW%DFN&RYHU
:DUUDQW\
2ZQHU·V0DQXDODQG
,QVWDOODWLRQ,QVWUXFWLRQV
(VSDxRO
)RUD6SDQLVKYHUVLRQRIWKLVPDQXDOYLVLW
RXU:HEVLWHDW*($SSOLDQFHVFRP
3DUDFRQVXOWDUXQDYHUVLRQHQHVSDxROGH
HVWHPDQXDOGHLQVWUXFFLRQHVYLVLWHQXHVWUR
VLWLRGHLQWHUQHW*($SSOLDQFHVFRP
)UDQoDLVH
)RUD)UHQFKYHUVLRQRIWKLVPDQXDOYLVLW
RXU:HEVLWHDW*($SSOLDQFHVFRP
3RXUXQHYHUVLRQIUDQoDLVHGHFHPDQXHO
G·XWLOLVDWLRQYHXLOOH]YLVLWHUQRWUHVLWHZHE
jO·DGUHVVH*($SSOLDQFHVFRP
$VDQ(1(5*<67$5
SDUWQHU*(KDV
GHWHUPLQHGWKDWWKLVSURGXFWPHHWVWKH
(1(5*<67$5
JXLGHOLQHVIRUHQHUJ\HIILFLHQF\
(
1(5*<67$5
ODEHOHGSURGXFW

&RQVXPHU6XSSRUW 7URXEOHVKRRWLQJ7LSV ,QVWDOODWLRQ,QVWUXFWLRQV &DUHDQG&OHDQLQJ 2SHUDWLQJ,QVWUXFWLRQV 6DIHW\,QVWUXFWLRQV
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
:$51,1*5LVNRIHOHFWULFVKRFN
&DQFDXVHLQMXU\RUGHDWK)RU\RXUVDIHW\
WKHLQIRUPDWLRQLQWKLVPDQXDOPXVWEHIROORZHG
WRPLQLPL]HWKHULVNRIILUHHOHFWULFVKRFNRU
SHUVRQDOLQMXU\
8VHWKLVDSSOLDQFHRQO\IRULWVLQWHQGHG
SXUSRVHDVGHVFULEHGLQWKLV2ZQHU·V
0DQXDO
7KLVDLUFRQGLWLRQHUPXVWEHSURSHUO\
LQVWDOOHGLQDFFRUGDQFHZLWKWKH
,QVWDOODWLRQ,QVWUXFWLRQVEHIRUHLWLVXVHG
1HYHUXQSOXJ\RXUDLUFRQGLWLRQHUE\
SXOOLQJRQWKHSRZHUFRUG$OZD\VJULS
SOXJILUPO\DQGSXOOVWUDLJKWRXWIURPWKH
UHFHSWDFOH
5HSODFHLPPHGLDWHO\DOOHOHFWULFVHUYLFH
FRUGVWKDWKDYHEHFRPHIUD\HGRU
RWKHUZLVHGDPDJHG$GDPDJHGSRZHU
VXSSO\FRUGPXVWEHUHSODFHGZLWKD
QHZSRZHUVXSSO\FRUGREWDLQHGIURP
WKHPDQXIDFWXUHUDQGQRWUHSDLUHG'R
QRWXVHDFRUGWKDWVKRZVFUDFNVRU
DEUDVLRQGDPDJHDORQJLWVOHQJWKRUDW
HLWKHUWKHSOXJRUFRQQHFWRUHQG
7XUQ2))DQGXQSOXJ\RXUDLUFRQGLWLRQHU
EHIRUHPDNLQJDQ\UHSDLUVRUFOHDQLQJ
127(:HVWURQJO\UHFRPPHQGWKDWDQ\
VHUYLFLQJEHSHUIRUPHGE\DTXDOLILHG
LQGLYLGXDO
)RU\RXUVDIHW\«GRQRWVWRUHRUXVH
FRPEXVWLEOHPDWHULDOVJDVROLQHRURWKHU
IODPPDEOHYDSRUVRUOLTXLGVLQWKHYLFLQLW\
RIWKLVRUDQ\RWKHUDSSOLDQFH
$OODLUFRQGLWLRQHUVFRQWDLQUHIULJHUDQWV
ZKLFKXQGHUIHGHUDOODZPXVWEHUHPRYHG
SULRUWRSURGXFWGLVSRVDO,I\RXDUHJHWWLQJ
ULGRIDQROGSURGXFWZLWKUHIULJHUDQWV
FKHFNZLWKWKHFRPSDQ\KDQGOLQJGLVSRVDO
DERXWZKDWWRGR
6$)(7<35(&$87,216
:$51,1*5LVNRIHOHFWULFVKRFN
&DQFDXVHLQMXU\RUGHDWK7KLVDSSOLDQFH
PXVWEHSURSHUO\JURXQGHG'RQRWXQGHUDQ\
FLUFXPVWDQFHVFXWRUUHPRYHWKHWKLUGJURXQG
SURQJIURPWKHSRZHUFRUG)RUSHUVRQDOVDIHW\
WKLVDSSOLDQFHPXVWEHSURSHUO\JURXQGHG
7KHSRZHUFRUGRIWKLVDSSOLDQFHLV
HTXLSSHGZLWKDSURQJJURXQGLQJSOXJ
ZKLFKPDWHVZLWKDVWDQGDUGSURQJ
JURXQGLQJZDOORXWOHWWRPLQLPL]HWKH
SRVVLELOLW\RIHOHFWULFVKRFNKD]DUGIURP
WKLVDSSOLDQFH
+DYHWKHZDOORXWOHWDQGFLUFXLWFKHFNHG
E\DTXDOLILHGHOHFWULFLDQWRPDNHVXUH
WKHRXWOHWLVSURSHUO\JURXQGHG
3RZHUFRUGPD\LQFOXGHDFXUUHQW
LQWHUUXSWHUGHYLFH$WHVWDQGUHVHWEXWWRQ
LVSURYLGHGRQWKHSOXJFDVH7KHGHYLFH
VKRXOGEHWHVWHGRQDSHULRGLFEDVLVE\
ILUVWSUHVVLQJWKH7(67EXWWRQDQGWKHQ
WKH5(6(7EXWWRQ,IWKH7(67EXWWRQGRHV
QRWWULSRULIWKH5(6(7EXWWRQZLOOQRW
VWD\HQJDJHGGLVFRQWLQXHXVHRIWKHDLU
FRQGLWLRQHUDQGFRQWDFWDTXDOLILHGVHUYLFH
WHFKQLFLDQ
:KHUHDSURQJZDOORXWOHWLV
HQFRXQWHUHGLWLV\RXUSHUVRQDO
UHVSRQVLELOLW\DQGREOLJDWLRQWRKDYH
LWUHSODFHGZLWKDSURSHUO\JURXQGHG
SURQJZDOORXWOHW
:$51,1*5LVNRIHOHFWULFVKRFN
&DQFDXVHLQMXU\RUGHDWK
7KHDLUFRQGLWLRQHUVKRXOGDOZD\VEH
SOXJJHGLQWRLWVRZQLQGLYLGXDOHOHFWULFDO
RXWOHWZKLFKKDVDYROWDJHUDWLQJWKDW
PDWFKHVWKHUDWLQJSODWH7KLVSURYLGHV
WKHEHVWSHUIRUPDQFHDQGDOVRSUHYHQWV
RYHUORDGLQJKRXVHZLULQJFLUFXLWVZKLFK
FRXOGFDXVHDILUHKD]DUGIURPRYHUKHDWHG
ZLUHV
6HHWKH,QVWDOODWLRQ,QVWUXFWLRQV(OHFWULFDO
5HTXLUHPHQWVVHFWLRQIRUVSHFLILFHOHFWULFDO
FRQQHFWLRQUHTXLUHPHQWV
+2:72&211(&7(/(&75,&,7<
6$9(7+(6(,16758&7,216

6DIHW\,QVWUXFWLRQV 2SHUDWLQJ,QVWUXFWLRQV &DUHDQG&OHDQLQJ ,QVWDOODWLRQ,QVWUXFWLRQV 7URXEOHVKRRWLQJ7LSV &RQVXPHU6XSSRUW
*($SSOLDQFHVFRP
:$51,1*5LVNRIHOHFWULFVKRFN
&DQFDXVHLQMXU\RUGHDWK
:HVWURQJO\UHFRPPHQGDJDLQVWWKHXVH
RIDQH[WHQVLRQFRUG
,I\RXPXVWXVHDQH[WHQVLRQFRUG
LWLVDEVROXWHO\QHFHVVDU\WKDWLWEHD
8/OLVWHGJDXJHZLUHJURXQGLQJ
W\SHDSSOLDQFHH[WHQVLRQFRUGKDYLQJD
JURXQGLQJW\SHSOXJDQGRXWOHWDQGWKDW
WKHHOHFWULFDOUDWLQJRIWKHFRUGEH
DPSHUHVPLQLPXPDQGYROWV
'2127XVHDQH[WHQVLRQFRUGZLWKDQ\
RIWKHYROWPRGHOV
86(2)(;7(16,21&25'6³9ROWPRGHOVRQO\
:$51,1*5LVNRIHOHFWULFVKRFN
&DQFDXVHLQMXU\RUGHDWK
:HVWURQJO\UHFRPPHQGDJDLQVWWKHXVH
RIDQDGDSWHUSOXJ
,I\RXPXVWXVHDQDGDSWHUZKHUHORFDO
FRGHVSHUPLWDWHPSRUDU\FRQQHFWLRQ
PD\EHPDGHWRDSURSHUO\JURXQGHG
SURQJZDOORXWOHWE\XVHRID8/OLVWHG
DGDSWHUDYDLODEOHDWPRVWORFDOKDUGZDUH
VWRUHV
7KHODUJHUVORWLQWKHDGDSWHUPXVWEH
DOLJQHGZLWKWKHODUJHUVORWLQWKHZDOO
RXWOHWWRSURYLGHSURSHUSRODULW\LQWKH
FRQQHFWLRQRIWKHSRZHUFRUG
:KHQGLVFRQQHFWLQJWKHSRZHUFRUGIURP
WKHDGDSWHUDOZD\VKROGWKHDGDSWHULQ
SODFHZLWKRQHKDQGZKLOHSXOOLQJWKH
SRZHUFRUGSOXJZLWKWKHRWKHUKDQG
,IWKLVLVQRWGRQHWKHDGDSWHUJURXQG
WHUPLQDOLVYHU\OLNHO\WREUHDNZLWK
UHSHDWHGXVH
,IWKHDGDSWHUJURXQGWHUPLQDOEUHDNV
'212786(WKHDLUFRQGLWLRQHUXQWLOD
SURSHUJURXQGKDVEHHQHVWDEOLVKHG
$WWDFKLQJWKHDGDSWHUJURXQGWHUPLQDO
WRDZDOORXWOHWFRYHUVFUHZGRHVQRW
JURXQGWKHDSSOLDQFHXQOHVVWKHFRYHU
VFUHZLVPHWDOQRWLQVXODWHGDQGWKH
ZDOORXWOHWLVJURXQGHGWKURXJKWKH
KRXVHZLULQJ<RXVKRXOGKDYHWKHFLUFXLW
FKHFNHGE\DTXDOLILHGHOHFWULFLDQWRPDNH
VXUHWKHRXWOHWLVSURSHUO\JURXQGHG
86(2)$'$37(53/8*6³9ROWPRGHOVRQO\
5($'$1')2//2:7+,66$)(7<,1)250$7,21&$5()8//<
6$9(7+(6(,16758&7,216

&RQVXPHU6XSSRUW 7URXEOHVKRRWLQJ7LSV ,QVWDOODWLRQ,QVWUXFWLRQV &DUHDQG&OHDQLQJ 2SHUDWLQJ,QVWUXFWLRQV 6DIHW\,QVWUXFWLRQV
$LU&RQGLWLRQHU&RQWUROV
212))
7XUQVDLUFRQGLWLRQHURQDQGRII
'LVSOD\
'LVSOD\VWKHWHPSHUDWXUHVHWWLQJ'LVSOD\V
KRXUVZKHQVHWWLQJWKHWLPHU
02'(
2QWKHUHPRWHFRQWUROXVHWRVHWWKHDLU
FRQGLWLRQHUWR&22/RU)$1PRGH
2QWKHDLUFRQGLWLRQHUFRQWUROVXVHWR
VHW&22/RU)$1PRGHDW+,*+0('RU
/2:IDQVSHHG,QGLFDWRUOLJKWVRQWKHDLU
FRQGLWLRQHUFRQWUROVZLOOVKRZWKHPRGH
DQGIDQVSHHGVHOHFWHG
7(03,QFUHDVH'HFUHDVH²3DGV
8VHWRVHWWHPSHUDWXUHZKHQLQ&22/
PRGH
)DQ6SHHGV5HPRWHFRQWURORQO\
8VHWRVHWWKHIDQVSHHGDW/2:0('
RU+,*+
7,0(5
21³:KHQWKHDLUFRQGLWLRQHULVRIILWFDQ
EHVHWWRDXWRPDWLFDOO\WXUQRQLQKDOIDQ
KRXUWRKRXUVDWLWVSUHYLRXVVHWWLQJ
(DFKWRXFKZLOOVHWWKHWLPHLQKDOIKRXUVXS
WRDQGWKHQLQKRXUVXSWR
7RFDQFHOWKH2Q7LPHUSUHVVWKH21SDG
XQWLO´&/µDSSHDUV7KHQZDLWXQWLOWKH
GLVSOD\WXUQVRII
2))³:KHQWKHDLUFRQGLWLRQHULVRQLWFDQ
EHVHWWRDXWRPDWLFDOO\WXUQRIILQKDOIDQ
KRXUWRKRXUV(DFKWRXFKZLOOVHWWKH
WLPHLQKDOIKRXUVXSWRDQGWKHQLQKRXUV
XSWR
7RFDQFHOWKH2II7LPHUSUHVVWKH2))
SDGXQWLO´&/µDSSHDUVDQGZDLWIRUWKHVHW
WHPSHUDWXUHWREHGLVSOD\HG7KHXQLWZLOO
QRZUHVXPHQRUPDORSHUDWLRQ
6/((3
3UHVVWRVHWWKHDLUFRQGLWLRQHUWRUXQIRU
KRXUVEHIRUHLWDXWRPDWLFDOO\UHWXUQVWR
WKHSUHYLRXVVHWWLQJ
:KHQWKHVOHHSWLPHULVVHWWKHVHW
WHPSHUDWXUHZLOODXWRPDWLFDOO\LQFUHDVH
)DIWHUWKHVHFRQGKRXUWKHQ)HDFK
KRXURYHUWKHQH[WWZRKRXUV
7RFDQFHOWKHVOHHSPRGHSUHVVWKH
02'(SDGRUWKH6/((3SDGDVHFRQGWLPH
5HPRWH&RQWURO6LJQDO5HFHLYHU
127(:KHQWKHDLUFRQGLWLRQHULVWXUQHGRQ
LWZLOODXWRPDWLFDOO\VWDUWLQWKHVHWWLQJODVWXVHG
7RHQVXUHSURSHURSHUDWLRQDLPWKHUHPRWH
FRQWURODWWKHVLJQDOUHFHLYHURQWKHDLU
FRQGLWLRQHU
7KHUHPRWHFRQWUROVLJQDOKDVDUDQJH
RIXSWRIHHW
0DNHVXUHQRWKLQJLVEHWZHHQWKHDLU
FRQGLWLRQHUDQGWKHUHPRWHFRQWUROWKDW
FRXOGEORFNWKHVLJQDO
0DNHVXUHEDWWHULHVDUHIUHVKDQGLQVWDOOHG
FRUUHFWO\³VHHWKH&DUHDQG&OHDQLQJVHFWLRQ
5HPRWH&RQWURO
$ERXWWKHFRQWUROVRQWKHDLUFRQGLWLRQHU³&RRO2QO\0RGHOV
$SSHDUDQFHPD\YDU\
5HPRWH&RQWURO
/LJKWVEHVLGHWKHWRXFKSDGVRQWKHDLUFRQGLWLRQHU
FRQWUROSDQHOLQGLFDWHWKHVHOHFWHGVHWWLQJV
&RQWUROV

6DIHW\,QVWUXFWLRQV 2SHUDWLQJ,QVWUXFWLRQV &DUHDQG&OHDQLQJ ,QVWDOODWLRQ,QVWUXFWLRQV 7URXEOHVKRRWLQJ7LSV &RQVXPHU6XSSRUW
*($SSOLDQFHVFRP
&22/02'(
5HPRWH&RQWURO
3UHVV&22/SDG
3UHVV/2:0('RU+,*+SDGVWRVHWGHVLUHGIDQ
VSHHG
3UHVVWKH,1&5($6('(&5($6(²SDGVWRVHW
WKHGHVLUHGWHPSHUDWXUH)WR)LQ)
LQFUHPHQWV
&RQWURO3DQHO
3UHVVWKH02'(SDGXQWLOWKH&22/LQGLFDWRUOLJKWLVOLW
DQGWKH/2:0('RU+,*+LQGLFDWRUOLJKWLVOLWIRUWKH
GHVLUHGIDQVSHHG
3UHVVWKH,1&5($6('(&5($6(²SDGVWRVHWWKH
GHVLUHGWHPSHUDWXUH)WR)LQ)LQFUHPHQWV
$WKHUPRVWDWLVXVHGWRPDLQWDLQWKHURRPWHPSHUDWXUH
7KHFRPSUHVVRUZLOOF\FOHRQDQGRIIWRNHHSWKHURRP
DWWKHVHWOHYHORIFRPIRUW6HWWKHWKHUPRVWDWDWDORZHU
QXPEHUDQGWKHLQGRRUDLUZLOOEHFRPHFRROHU
6HWWKHWKHUPRVWDWDWDKLJKHUQXPEHUDQGWKHLQGRRUDLU
ZLOOEHFRPHZDUPHU
127(,IWKHDLUFRQGLWLRQHULVRIIDQGLVWKHQWXUQHGRQ
ZKLOHVHWWR&22/LWZLOOWDNHDSSUR[LPDWHO\PLQXWHV
IRUWKHFRPSUHVVRUWRVWDUWDQGFRROLQJWREHJLQ
&RROLQJ'HVFULSWLRQV
)RU1RUPDO&RROLQJ³6HOHFWWKH&22/PRGHDQG+,*+
RU0('IDQZLWKDPLGGOHVHWWHPSHUDWXUH
)RU0D[LPXP&RROLQJ³6HOHFWWKH&22/PRGH
DQG+,*+IDQZLWKDORZHUVHWWHPSHUDWXUH
)RU4XLHWHUDQG1LJKWWLPH&RROLQJ³6HOHFWWKH&22/
PRGHDQG/2:IDQZLWKDPLGGOHVHWWHPSHUDWXUH
127(,I\RXVZLWFKIURPD&22/VHWWLQJWR2))RUWR
DIDQVHWWLQJZDLWDWOHDVWPLQXWHVEHIRUHVZLWFKLQJ
EDFNWRD&22/VHWWLQJ
)$102'(
8VHWKH)$1PRGHWRSURYLGHDLUFLUFXODWLRQDQGILOWHULQJ
ZLWKRXWFRROLQJ6LQFHIDQRQO\VHWWLQJVGRQRWSURYLGH
FRROLQJDWHPSHUDWXUHVHWWLQJZLOOQRWEHGLVSOD\HG
5HPRWH&RQWURO
3UHVV)$1SDG3UHVV/2:0('RU+,*+SDGVWRVHW
GHVLUHGIDQVSHHG
&RQWURO3DQHO
3UHVVWKH02'(SDGXQWLOWKH)$1LQGLFDWRUOLJKWLVOLW
DQGWKH/2:0('RU+,*+LQGLFDWRUOLJKWLVOLWIRUWKH
GHVLUHGIDQVSHHG

&RQVXPHU6XSSRUW 7URXEOHVKRRWLQJ7LSV ,QVWDOODWLRQ,QVWUXFWLRQV &DUHDQG&OHDQLQJ 2SHUDWLQJ,QVWUXFWLRQV 6DIHW\,QVWUXFWLRQV
$LU&RQGLWLRQHU&RQWUROV
212))
7XUQVDLUFRQGLWLRQHURQDQGRII
'LVSOD\
'LVSOD\VWKHWHPSHUDWXUHVHWWLQJ'LVSOD\V
KRXUVZKHQVHWWLQJWKHWLPHU
02'(
2QWKHDLUFRQGLWLRQHUFRQWUROVXVHWRVHW
&22/+($7RU)$1PRGH,QGLFDWRUOLJKWV
RQWKHDLUFRQGLWLRQHUFRQWUROVZLOOVKRZWKH
PRGHVHOHFWHG
7(03,QFUHDVH'HFUHDVH²3DGV
8VHWRVHWWHPSHUDWXUHZKHQLQ&22/
RU+($7PRGH
)$16SHHGV
8VHWRVHWWKHIDQVSHHGDW/2:RU+,*+
,QGLFDWRUOLJKWVZLOOVKRZWKHVSHHGVHOHFWHG
7,0(5
21³:KHQWKHDLUFRQGLWLRQHULVRIILWFDQ
EHVHWWRDXWRPDWLFDOO\WXUQRQLQKDOIDQ
KRXUWRKRXUVDWLWVSUHYLRXVVHWWLQJ
(DFKWRXFKZLOOVHWWKHWLPHLQKDOIKRXUV
XSWRDQGWKHQLQKRXUVXSWR
7RFDQFHOWKH2Q7LPHUSUHVVWKH21SDG
XQWLO´&/µDSSHDUV7KHQZDLWXQWLOWKH
GLVSOD\WXUQVRII
2))³:KHQWKHDLUFRQGLWLRQHULVRQLWFDQ
EHVHWWRDXWRPDWLFDOO\WXUQRIILQKDOIDQ
KRXUWRKRXUV(DFKWRXFKZLOOVHWWKH
WLPHLQKDOIKRXUVXSWRDQGWKHQLQKRXUV
XSWR
7RFDQFHOWKH2II7LPHUSUHVVWKH2))
SDGXQWLO´&/µDSSHDUVDQGZDLWIRUWKHVHW
WHPSHUDWXUHWREHGLVSOD\HG7KHXQLWZLOO
QRZUHVXPHQRUPDORSHUDWLRQ
5HPRWH&RQWURO6LJQDO5HFHLYHU
127(:KHQWKHDLUFRQGLWLRQHULVWXUQHGRQ
LWZLOODXWRPDWLFDOO\VWDUWLQWKHVHWWLQJODVWXVHG
7RHQVXUHSURSHURSHUDWLRQDLPWKH
UHPRWHFRQWURODWWKHVLJQDOUHFHLYHU
RQWKHDLUFRQGLWLRQHU
7KHUHPRWHFRQWUROVLJQDOKDVDUDQJH
RIXSWRIHHW
0DNHVXUHQRWKLQJLVEHWZHHQWKHDLU
FRQGLWLRQHUDQGWKHUHPRWHFRQWUROWKDW
FRXOGEORFNWKHVLJQDO
0DNHVXUHEDWWHULHVDUHIUHVKDQGLQVWDOOHG
FRUUHFWO\³VHHWKH&DUHDQG&OHDQLQJVHFWLRQ
5HPRWH&RQWURO
$ERXWWKHFRQWUROVRQWKHDLUFRQGLWLRQHU³+HDW&RRO0RGHOV
$SSHDUDQFHPD\YDU\
5HPRWH&RQWURO
/LJKWVEHVLGHWKHWRXFKSDGVRQWKHDLUFRQGLWLRQHU
FRQWUROSDQHOLQGLFDWHWKHVHOHFWHGVHWWLQJV
&RQWUROV

6DIHW\,QVWUXFWLRQV 2SHUDWLQJ,QVWUXFWLRQV &DUHDQG&OHDQLQJ ,QVWDOODWLRQ,QVWUXFWLRQV 7URXEOHVKRRWLQJ7LSV &RQVXPHU6XSSRUW
*($SSOLDQFHVFRP
&22/02'(
5HPRWH&RQWURO
3UHVV&22/SDG
3UHVV/2:RU+,*+SDGVWRVHWGHVLUHGIDQVSHHG
3UHVVWKH,1&5($6('(&5($6(²SDGVWRVHWWKH
GHVLUHGWHPSHUDWXUH)WR)LQ)LQFUHPHQWV
&RQWURO3DQHO
3UHVVWKH02'(SDGXQWLOWKH&22/LQGLFDWRUOLJKWLVOLW
3UHVVWKH)$1SDGXQWLO+,*+RU/2:LQGLFDWRUOLJKW
LVOLWIRUGHVLUHGIDQVSHHG
3UHVVWKH,1&5($6('(&5($6(²SDGVWRVHWWKH
GHVLUHGWHPSHUDWXUH)WR)LQ)LQFUHPHQWV
$WKHUPRVWDWLVXVHGWRPDLQWDLQWKHURRPWHPSHUDWXUH
7KHFRPSUHVVRUZLOOF\FOHRQDQGRIIWRNHHSWKHURRP
DWWKHVHWOHYHORIFRPIRUW6HWWKHWKHUPRVWDWDWDORZHU
QXPEHUDQGWKHLQGRRUDLUZLOOEHFRPHFRROHU
6HWWKHWKHUPRVWDWDWDKLJKHUQXPEHUDQGWKHLQGRRUDLU
ZLOOEHFRPHZDUPHU
127(,IWKHDLUFRQGLWLRQHULVRIIDQGLVWKHQWXUQHGRQ
ZKLOHVHWWR&22/LWZLOOWDNHDSSUR[LPDWHO\PLQXWHV
IRUWKHFRPSUHVVRUWRVWDUWDQGFRROLQJWREHJLQ
&RROLQJ'HVFULSWLRQV
)RU1RUPDO&RROLQJ³6HOHFWWKH&22/PRGHDQG+,*+
IDQZLWKDPLGGOHVHWWHPSHUDWXUH
)RU0D[LPXP&RROLQJ³6HOHFWWKH&22/PRGH
DQG+,*+IDQZLWKDORZHUVHWWHPSHUDWXUH
)RU4XLHWHUDQG1LJKWWLPH&RROLQJ³6HOHFWWKH&22/
PRGHDQG/2:IDQZLWKDPLGGOHVHWWHPSHUDWXUH
127(7KHUHZLOOEHDPLQXWHGHOD\EHWZHHQVHWWLQJ
FKDQJHVVXFKDV&22/WR2))DQGEDFNWR&22/
)$1
8VHWKH)$1WRSURYLGHDLUFLUFXODWLRQDQGILOWHULQJ
ZLWKRXWFRROLQJRUKHDWLQJ6LQFHIDQRQO\VHWWLQJVGRQRW
SURYLGHFRROLQJRUKHDWLQJDWHPSHUDWXUHVHWWLQJZLOOQRW
EHGLVSOD\HG
5HPRWH&RQWURO
3UHVV)$1SDG3UHVV/2:RU+,*+SDGVWRVHWGHVLUHG
IDQVSHHG
&RQWURO3DQHO
3UHVVWKH02'(SDGXQWLOWKH)$1LQGLFDWRUOLJKWLVOLW
DQGWKH/2:RU+,*+LQGLFDWRUOLJKWLVOLWIRUWKHGHVLUHG
IDQVSHHG
+($702'(
5HPRWH&RQWURO
3UHVV+($7SDG
3UHVV/2:RU+,*+SDGVWRVHWGHVLUHGIDQVSHHG
3UHVVWKH,1&5($6('(&5($6(²SDGVWRVHWWKH
GHVLUHGWHPSHUDWXUH)WR)LQ)LQFUHPHQWV
&RQWURO3DQHO
3UHVVWKH02'(SDGXQWLOWKH+($7LQGLFDWRUOLJKWLVOLW
3UHVVWKH)$1SDGXQWLO+,*+RU/2:LQGLFDWRUOLJKW
LVOLWIRUGHVLUHGIDQVSHHG
3UHVVWKH,1&5($6('(&5($6(²SDGVWRVHWWKH
GHVLUHGWHPSHUDWXUH)WR)LQ)LQFUHPHQWV
$WKHUPRVWDWLVXVHGWRPDLQWDLQWKHURRPWHPSHUDWXUH
7KHKHDWHUZLOOF\FOHRQDQGRIIWRNHHSWKHURRP
DWWKHVHWOHYHORIFRPIRUW6HWWKHWKHUPRVWDWDWDKLJKHU
QXPEHUDQGWKHLQGRRUDLUZLOOEHFRPHZDUPHU
6HWWKHWKHUPRVWDWDWDORZHUQXPEHUDQGWKHLQGRRUDLU
ZLOOEHFRPHFRROHU
127(,IWKHDLUFRQGLWLRQHULVRIIDQGLVWKHQWXUQHGRQ
ZKLOHVHWWR+($7LWZLOOWDNHDSSUR[LPDWHO\PLQXWH
IRUWKHKHDWHUWRVWDUWDQGKHDWLQJWREHJLQ
+HDWLQJ'HVFULSWLRQV
)RU1RUPDO+HDWLQJ³6HOHFWWKH+($7PRGHDQG+,*+
IDQZLWKDPLGGOHVHWWHPSHUDWXUH
)RU0D[LPXP+HDWLQJ³6HOHFWWKH+($7PRGH
DQG+,*+IDQZLWKDKLJKHUVHWWHPSHUDWXUH
)RU4XLHWHUDQG1LJKWWLPH+HDWLQJ³6HOHFWWKH+($7
PRGHDQG/2:IDQZLWKDPLGGOHVHWWHPSHUDWXUH

No function (reserved
for future use)
&RQVXPHU6XSSRUW 7URXEOHVKRRWLQJ7LSV ,QVWDOODWLRQ,QVWUXFWLRQV &DUHDQG&OHDQLQJ 2SHUDWLQJ,QVWUXFWLRQV 6DIHW\,QVWUXFWLRQV
$ERXWWKHFRQWUROVRQWKHDLUFRQGLWLRQHU
$X[LOLDU\&RQWUROV²'LS6ZLWFKHVORFDWLRQYDULHVE\PRGHO
9HQW&RQWURO
7KHYHQWFRQWUROLVORFDWHGEHKLQGWKHIURQWJULOOHRQWKH
ULJKWVLGHRIWKHDLUGLVFKDUJHDUHD:KHQ&/26('RQO\
WKHDLULQVLGHWKHURRPZLOOEHFLUFXODWHGDQGFRQGLWLRQHG
:KHQ23(1WKHYHQWDOORZVRXWGRRUIUHVKDLUH[FKDQJH
7RRSHQRUFORVHWKHYHQW
5HPRYHWKHIURQWJULOOH
5HPRYHWKHYHQWFDUGVFUHZ
5HPRYHYHQWFDUGWXUQLWRYHUDQGUHSODFHLWE\
ORFDWLQJUHDUKROHLQFDUGRYHUORFDWLQJSLQLQVLGHDLU
GLVFKDUJHDQGUHDWWDFKLQJVFUHZDWIURQW
+RUL]RQWDOORXYHUV
RQWKHIURQWJULOOH
OHW\RXFRQWUROWKH
DLUGLUHFWLRQXSDQG
GRZQ
5HPRYHWKHIURQWJULOOH
WRDGMXVWWKHYHUWLFDO
ORXYHUVVLGHWRVLGH
WRGLUHFWWKHDLUOHIW
RUULJKW
$LU'LUHFWLRQ
Locating hole
Screw hole
OPEN position
(Mesh end toward back)
CLOSE position
(Mesh end toward front)
Locating hole
Screw hole
The unit leaves the factory set at the CLOSE position.
7KHDX[LOLDU\GLSVZLWFKFRQWUROVDUHORFDWHG
EHKLQGWKHURRPFDELQHW³DVVKRZQLQWKLVILJXUH
7KHRZQHULVUHVSRQVLEOHIRUFKHFNLQJVZLWFKHV
DQGHQVXULQJWKH\DUHLQWKHGHVLUHGSRVLWLRQ
Fan Cycle/Continuous - Cool
Fan Cycle/Continuous - Heat (on some models)
Class 2 (on some models)
)DQ&\FOH&RQWLQXRXV&RRO
:KHQWKLVVZLWFKLVHQDEOHG83LWDOORZVWKHLQGRRU
IDQWRF\FOHRQRIIZLWKWKHFRPSUHVVRU:KHQWKLV
VZLWFKLVGLVDEOHG'2:1LWDOORZVWKHLQGRRUIDQWRUXQ
FRQWLQXRXVO\7KHGHIDXOWVHWWLQJLVGRZQFRQWLQXRXV
)DQ&\FOH&RQWLQXRXV+HDWRQVRPHPRGHOV
:KHQWKLVVZLWFKLVHQDEOHG83LWDOORZVWKHLQGRRU
IDQWRF\FOHRQRIIZLWKWKHKHDWHURSHUDWLRQ:KHQWKLV
VZLWFKLVGLVDEOHG'2:1LWDOORZVWKHLQGRRUIDQWRUXQ
FRQWLQXRXVO\7KHGHIDXOWVHWWLQJLV83F\FOLF
&ODVV5HPRWH7KHUPRVWDWRQVRPHPRGHOV
:KHQWKLVVZLWFKLVHQDEOHG83LWDOORZVWKHXQLW
WRRSHUDWHZLWKD&ODVV5HPRWH&RQWURO:DOO
7KHUPRVWDW7KHXQLWFRQWUROVDUHGLVDEOHG
7KHGHIDXOWVHWWLQJLVGRZQGLVDEOHG
Fan Cycle/Continuous - Cool
Fan Cycle/Continuous - Heat (on some models)
Class 2 (on some models)

6DIHW\,QVWUXFWLRQV 2SHUDWLQJ,QVWUXFWLRQV &DUHDQG&OHDQLQJ ,QVWDOODWLRQ,QVWUXFWLRQV 7URXEOHVKRRWLQJ7LSV &RQVXPHU6XSSRUW
*($SSOLDQFHVFRP
:KHQFRQQHFWHGWKHXQLWZLOOEHFRQWUROOHG
E\DUHPRWHWKHUPRVWDW
127(7KHQXPEHUGLSVZLWFKPXVWEHLQ
WKHHQDEOHG83SRVLWLRQWRDFWLYDWHWKHUHPRWH
WKHUPRVWDW6HHWKHLQVWDOODWLRQLQVWUXFWLRQV
VXSSOLHGZLWKWKHUHPRWHWKHUPRVWDW
,03257$17
7KHWKHUPRVWDWFRQQHFWLRQVSURYLGH9$&RQO\
,IXVLQJDGLJLWDOHOHFWURQLFZDOOWKHUPRVWDW
HQVXUHLWLVFRPSDWLEOHZLWK9$&VLJQDO6HH
WKH,QVWDOODWLRQ,QVWUXFWLRQVIRUWKHZDOOWKHUPRVWDW
127,&(
'DPDJHWRDZDOOWKHUPRVWDWRUWRWKHHOHFWURQLFV
FDQUHVXOWIURPLPSURSHUFRQQHFWLRQV6SHFLDO
FDUHPXVWEHXVHGLQFRQQHFWLQJWKHZLUHV1ROLQH
YROWDJHFRQQHFWLRQVVKRXOGEHPDGHWRDQ\FLUFXLW
,VRODWHDOOZLUHVLQEXLOGLQJIURPOLQHYROWDJH
7HUPLQDO&RQQHFWLRQV5HPRWH7KHUPRVWDW&ODVVRQVRPHPRGHOV
7KHFRQWUROVDUHORFDWHGXQGHUDSODVWLFFRYHU
EHKLQGWKHIURQWJULOOH
5HPRYHWKHIURQWJULOOH6HHWKH)URQW*ULOOH
VHFWLRQRI&DUHDQG&OHDQLQJ
5HPRYHWKHVFUHZVVHFXULQJWKHSODVWLFFRYHU
RYHUWKHZLULQJFRQQHFWLRQV6HWDVLGHVFUHZV
DQGSODVWLFFRYHU
7RPDNHZLULQJFRQQHFWLRQVLQVHUWWKHZLUHV
LQWRWKHERWWRPRIWKHWHUPLQDOVDQGWLJKWHQ
VFUHZVVHFXUHO\
$IWHUDOOGHVLUHGFRQQHFWLRQVKDYHEHHQPDGH
UHSODFHWKHSODVWLFFRYHUDQGIURQWJULOOH
7KHRZQHULVUHVSRQVLEOHIRUPDNLQJDOO
FRQQHFWLRQVDQGVHWWLQJWKHDSSURSULDWHGLS
VZLWFKHV
Terminal
connections
location
under front
grille

&RQVXPHU6XSSRUW 7URXEOHVKRRWLQJ7LSV ,QVWDOODWLRQ,QVWUXFWLRQV &DUHDQG&OHDQLQJ 2SHUDWLQJ,QVWUXFWLRQV 6DIHW\,QVWUXFWLRQV
7KHIURQWJULOOHFDQEHUHPRYHGIRUPRUHWKRURXJK
FOHDQLQJDQGWRORFDWHWKHPRGHODQGVHULDO
QXPEHUVRQWKHIURQWRIWKHEDVHSDQ
7RUHPRYH
3XOOWKHILOWHURXW
5HPRYHWKHWZRJULOOHVFUHZV
3XOOWKHJULOOHRXWIURPWKHERWWRPDQGOLIWXS
IURPWKHWDEVRQWKHWRSRIWKHFDVH
7RUHSODFH
+RRNWKHWDEVRQWKHIURQWJULOOHHYHQZLWKWKHWDEV
RQWKHFDVHDQGVQDSLQWRSODFH
5HSODFHWKHVFUHZVDQGILOWHU
)URQW*ULOOH
2XWGRRU&RLOV
7KHFRLOVRQWKHRXWGRRUVLGHRIWKHDLUFRQGLWLRQHU
VKRXOGEHFKHFNHGUHJXODUO\
,IWKH\DUHFORJJHGZLWKGLUWRUVRRWWKH\PD\EH
SURIHVVLRQDOO\VWHDPFOHDQHGDVHUYLFHDYDLODEOH
WKURXJK\RXU*(VHUYLFHRXWOHW
*ULOOHDQG&DVH
7XUQWKHDLUFRQGLWLRQHURIIDQGUHPRYHWKHSOXJ
IURPWKHZDOORXWOHWEHIRUHFOHDQLQJ
7RFOHDQXVHZDWHUDQGDPLOGGHWHUJHQW
'RQRWXVHEOHDFKRUDEUDVLYHV
Grille
Tab
Grille
Tab
On some models
On some models
&DUHDQGFOHDQLQJRIWKHDLUFRQGLWLRQHU

+RZWR,QVHUWWKH%DWWHULHVLQWKH5HPRWH&RQWURO
5HPRYHWKHEDWWHU\FRYHUE\VOLGLQJLW
DFFRUGLQJWRWKHDUURZGLUHFWLRQ
,QVHUWQHZEDWWHULHVPDNLQJVXUHWKDWWKH
DQG²RIEDWWHU\DUHLQVWDOOHGFRUUHFWO\
5HDWWDFKWKHFRYHUE\VOLGLQJLWEDFN
LQWRSRVLWLRQ
127(6
8VH$$$YROWEDWWHULHV'RQRWXVH
UHFKDUJHDEOHEDWWHULHV
5HPRYHWKHEDWWHULHVIURPWKHUHPRWHFRQWURO
LIWKHV\VWHPLVQRWJRLQJWREHXVHGIRUDORQJ
WLPH
*($SSOLDQFHVFRP
6DIHW\,QVWUXFWLRQV 2SHUDWLQJ,QVWUXFWLRQV &DUHDQG&OHDQLQJ ,QVWDOODWLRQ,QVWUXFWLRQV 7URXEOHVKRRWLQJ7LSV &RQVXPHU6XSSRUW
7RPDLQWDLQRSWLPXPSHUIRUPDQFHFOHDQWKHILOWHUDWOHDVWHYHU\GD\V
$LU)LOWHU
FRONT
FRONT
Dirty filter—Needs cleaning Clogged filter—Greatly
reduces cooling, heating
and airflow.
7XUQWKHDLUFRQGLWLRQHURIIEHIRUHFOHDQLQJ
7KHPRVWLPSRUWDQWWKLQJ\RXFDQGRWRPDLQWDLQ
WKHDLUFRQGLWLRQHULVWRFOHDQWKHILOWHUDWOHDVW
HYHU\GD\V$FORJJHGILOWHUUHGXFHVFRROLQJ
KHDWLQJDQGDLUIORZ
.HHSLQJWKHDLUILOWHUFOHDQZLOO
'HFUHDVHFRVWRIRSHUDWLRQ
6DYHHQHUJ\
3UHYHQWFORJJHGKHDWH[FKDQJHUFRLOV
5HGXFHWKHULVNRISUHPDWXUHFRPSRQHQWIDLOXUH
7RFOHDQWKHDLUILOWHUV
9DFXXPRIIWKHKHDY\VRLO
5XQZDWHUWKURXJKWKHILOWHUV
'U\WKRURXJKO\EHIRUHUHSODFLQJ
7RUHPRYHWKHDLUILOWHURQVRPHPRGHOV
&DUHIXOO\SXOOWKHWDEIRUZDUGXSDQGRXW
7RUHPRYHWKHDLUILOWHURQRWKHUPRGHOV
3XOOLWGRZQ
7RUHSODFHWKHDLUILOWHU
5HSODFHWKHFOHDQILOWHUE\SXVKLQJLWEDFN
LQWRSODFH
127,&('RQRWRSHUDWHWKHDLU
FRQGLWLRQHUZLWKRXWWKHILOWHULQSODFH,IDILOWHU
EHFRPHVWRUQRUGDPDJHGLWVKRXOGEHUHSODFHG
LPPHGLDWHO\
2SHUDWLQJZLWKRXWWKHILOWHULQSODFHRUZLWKD
GDPDJHGILOWHUZLOODOORZGLUWDQGGXVWWRUHDFK
WKHLQGRRUFRLODQGUHGXFHWKHFRROLQJKHDWLQJ
DLUIORZDQGHIILFLHQF\RIWKHXQLW
5HSODFHPHQWILOWHUVDUHDYDLODEOHIURP\RXU
VDOHVSHUVRQ*(GHDOHU*(6HUYLFHDQG3DUWV&HQWHU
RUDXWKRUL]HG&XVWRPHU&DUH
VHUYLFHUV

(/(&75,&$/5(48,5(0(176
:$51,1*5LVNRIHOHFWULFVKRFN&DQ
FDXVHLQMXU\RUGHDWK7KLVDSSOLDQFHPXVWEH
SURSHUO\JURXQGHG:KHUHDSURQJZDOORXWOHW
LVHQFRXQWHUHGLWLV\RXUUHVSRQVLELOLW\DQG
REOLJDWLRQWRKDYHLWUHSODFHGZLWKDSURSHUO\
JURXQGHGSURQJRXWOHW
6RPHPRGHOVUHTXLUHDYROWDF
+]JURXQGHGRXWOHWSURWHFWHGZLWKD
DPSWLPHGHOD\IXVHRUFLUFXLWEUHDNHU
7KHSURQJJURXQGLQJSOXJPLQLPL]HVWKHSRVVLELOLW\RI
HOHFWULFVKRFNKD]DUG,IWKHZDOORXWOHW\RXSODQWRXVH
LVRQO\DSURQJRXWOHWLWLV\RXUUHVSRQVLELOLW\WRKDYHLW
UHSODFHGZLWKDSURSHUO\JURXQGHGSURQJZDOORXWOHW
'RQRWXQGHUDQ\FLUFXPVWDQFHVFXWRUUHPRYH
WKHWKLUGJURXQGSURQJIURPWKHSRZHUFRUG
%()25(<28%(*,1
5HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\
DQGFDUHIXOO\
•
,03257$17³ 6DYHWKHVHLQVWUXFWLRQV
IRUORFDOLQVSHFWRU·VXVH
•
,03257$17³ 2EVHUYHDOOJRYHUQLQJFRGHV
DQGRUGLQDQFHV
• 1RWHWR,QVWDOOHU² %HVXUHWROHDYHWKHVHLQVWUXFWLRQV
ZLWKWKH&RQVXPHU
• 1RWHWR&RQVXPHU² .HHSWKHVHLQVWUXFWLRQV
IRUIXWXUHUHIHUHQFH
• 6NLOOOHYHO² ,QVWDOODWLRQRIWKLVDSSOLDQFHUHTXLUHVEDVLF
PHFKDQLFDOVNLOOV
• &RPSOHWLRQWLPH²
$SSUR[LPDWHO\KRXU
• :HUHFRPPHQGWKDWWZRSHRSOHLQVWDOOWKLVSURGXFW
• 3URSHULQVWDOODWLRQLVWKHUHVSRQVLELOLW\RIWKHLQVWDOOHU
• 3URGXFWIDLOXUHGXHWRLPSURSHULQVWDOODWLRQ
LVQRWFRYHUHGXQGHUWKH:DUUDQW\
4XHVWLRQV"&DOO*(&$5(6RU9LVLWRXU:HEVLWHDW*($SSOLDQFHVFRP
,QVWDOODWLRQ
$LU&RQGLWLRQHU
,QVWUXFWLRQV
12
(/(&75,&$/5(48,5(0(176FRQW
'RQRWFKDQJHWKHSOXJRQWKHSRZHUFRUGRI
WKLVDLUFRQGLWLRQHU
$OXPLQXPKRXVHZLULQJPD\SUHVHQWVSHFLDO
SUREOHPV³FRQVXOWDTXDOLILHGHOHFWULFLDQ
6RPHPRGHOVUHTXLUHYROWDFSURWHFWHG
ZLWKDWLPHGHOD\IXVHRUFLUFXLWEUHDNHU7KHVHPRGHOV
VKRXOGEHLQVWDOOHGRQWKHLURZQVLQJOHEUDQFKFLUFXLWIRUEHVW
SHUIRUPDQFHDQGWRSUHYHQWRYHUORDGLQJKRXVHRUDSDUWPHQW
ZLULQJFLUFXLWVZKLFKFRXOGFDXVHDSRVVLEOHILUHKD]DUGIURP
RYHUKHDWLQJZLUHV
$LUFRQGLWLRQHUEUHDNLQSHULRG
127(²$VZLWKDQ\PHFKDQLFDOGHYLFHZLWKPRYLQJ
SDUWVWKLVXQLWZLOOKDYHDZHDULQSHULRG$)7(5
,167$//$7,21WKLVXQLWVKRXOGEHRSHUDWHGIRU
KRXUVWRDFKLHYHRSWLPXPHȻFLHQF\
,03257$17
*(VWURQJO\UHFRPPHQGVWKHUHPRYDORIWKHROGZDOOFDVH
DQGWKHLQVWDOODWLRQRIDQHZ*(:DOO&DVH,I\RX'2127
XVHD*(:DOO&DVH\RXUXQWKHULVNRISRRUSHUIRUPDQFH
RUSURGXFWIDLOXUH7KLVLVQRWFRYHUHGXQGHUWKHWHUPVRI
WKH*(ZDUUDQW\

722/6<280$<1(('
13
3RZHUFRUGPD\LQFOXGHDFXUUHQWLQWHUUXSWHUGHYLFH
$WHVWDQGUHVHWEXWWRQLVSURYLGHGRQWKHSOXJFDVH
7KHGHYLFHVKRXOGEHWHVWHGRQDSHULRGLFEDVLVE\ILUVW
SUHVVLQJWKH7(67EXWWRQDQGWKHQWKH5(6(7EXWWRQ
,IWKH7(67EXWWRQGRHVQRWWULSRULIWKH5(6(7EXWWRQ
ZLOOQRWVWD\HQJDJHGGLVFRQWLQXHXVHRIWKHDLU
FRQGLWLRQHUDQGFRQWDFWDTXDOLILHGVHUYLFHWHFKQLFLDQ
,QVWDOODWLRQ,QVWUXFWLRQV
Adjustable Wrench
Level
Phillips-head
screwdriver
Hand or Saber Saw
Drill
Pencil
Ruler or Tape Measure
Scissors or knife
5HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\DQGFDUHIXOO\
*(.,7180%(56
86(*(
.,7180%(5 )25 '(6&5,37,21
5$%$ 8VHWKHVHNLWVIRUDOO*( 6WDQGDUGZDOOFDVHIRU´-µPRGHOFKDVVLV5$*VWDPSHG
$$ PRGHOVDQGRWKHUEUDQGV DOXPLQXPH[WHULRUJULOOHLQFOXGHG5HPRYHWKHH[LVWLQJFDVH
QRWOLVWHG DQGUHSODFH
5$.$
$OO*(0RGHOV .LWIRUZLQGRZLQVWDOODWLRQ
5$. 5$%RU ,I\RXDWWDFKDFXVWRPDUFKLWHFWXUDORXWGRRUJULOOHXVHWKLVNLW
-&KDVVLV WRHQVXUHSURSHUDLUIORZ
5$* 5$%RU 6WDQGDUGDOXPLQXPH[WHULRUJULOOHLQFOXGHGZLWK5$%
-&KDVVLV 5$%$$DQG$ZDOOFDVHV
5$*( 5$%RU $UFKLWHFWXUDOORXYHUHGH[WHULRUJULOOH
-&KDVVLV

5(029($//6+,33,1*3$'6
,)35(6(17,16,'($,5&21',7,21(5
1(;772&2035(6625
,QVWDOODWLRQ,QVWUXFWLRQV
5(029(/2&.,1*3/$7(21)5217
/()76,'(
1
5(,167$///2&.,1*3/$7(:,7+7$%
%(+,1':$//&$6()/$1*(7,*+7(1
6&5(:
Locking
plate
Remove
screw
,167$//,1*$-02'(/,1$1(;,67,1*:$//&$6(
5HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\DQGFDUHIXOO\
Remove
shipping
pads (if
present)
&$5()8//<6/,'($,5&21',7,21(5
%$&.,172&$6(
0DNHVXUHWKDWWKHWXELQJRQWKHXQLWGRHV
QRWWRXFKWKHZDOOFDVHDQGWKDWWKHFDVH
LQVWDOODWLRQLVVHFXUH
2
3
14
$77$&+)5217*5,//(
$QRSHQLQJIRUWKHSRZHUFRUGLVRQWKHERWWRP
RIWKHIURQWJULOOH
$77$&+32:(5&25'72%$6(3$1
:,7+&/$03
Clamp
Power cord
Base pan
4
5
6

15
,QVWDOODWLRQ,QVWUXFWLRQV
35(3$5(23(1,1*,1:$//
0DNHFHUWDLQDZDOOUHFHSWDFOHLVDYDLODEOHFORVH
WRWKHKROHORFDWLRQRUPDNHDUUDQJHPHQWVWRLQVWDOO
DUHFHSWDFOH
7KHFRUGOHQJWKIRUWKHYROWPRGHOVLVs
WRWKHULJKWDQGsWRWKHOHIW
)RUWKHYROWPRGHOVWKHFRUGOHQJWKLVs
WRWKHULJKWDQGsWRWKHOHIW
1
,167$//,1*7+528*+7+(:$//
5HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\DQGFDUHIXOO\
68332575(48,5(0(176)25$,5
&21',7,21(5
7KHDLUFRQGLWLRQHUZDOOFDVHPD\EHLQVWDOOHG
ZLWKsPLQH[WHQVLRQRXWIURPWKHLQVLGHZDOO
RUZLWKsPLQH[WHQVLRQRXWIURPWKHRXWVLGHZDOO
7KHILQLVKHGVLGHVRIWKHRSHQLQJVKRXOGEHVWUXFWXUDO
ZDOOPHPEHUV
/LQWHO² 8VHDOLQWHOLQEULFNYHQHHUDQGEULFN
DQGEORFNW\SHVRIZDOOWRVXSSRUWWKHEULFNV
RUEORFNVDERYHWKHRSHQLQJ'RQRWDOORZWKHZDOO
FDVHWREHXVHGLQOLHXRIDOLQWHO
)ODVKLQJ²,QVWDOOIODVKLQJGULSUDLODVVKRZQ
WRSUHYHQWZDWHUIURPGULSSLQJLQVLGHWKHZDOO
DQGGRZQWKHRXWVLGHRIWKHEXLOGLQJ
2
Trim molding
(if desired)
Plaster line
Caulking
(above
and below
the flashing)
1/4s min. extension
inside the wall from
the trim molding
Room side
Flashing
(drip rail)
Brick veneer
Caulking
(on all 4 sides
on the outside
and inside
of the case)
Lintel angle
(if required)
68332575(48,5(0(176)25$,5
&21',7,21(5
0RUWDUEHWZHHQWKHFDVHDQGWKHEULFNZDOODURXQG
WKHFDVHPD\EHXQGHUFXWDWDERXW°IRU
LPSURYHGFDXONLQJ
3
Caulking
Top of case
Inside
Outside
Undercut
mortar

,QVWDOODWLRQ,QVWUXFWLRQV
16
:,1'2:,167$//$7,21³237,21$/
:$51,1*5LVNRILQMXU\,QVWDOODWLRQPXVWFRPSO\ZLWKWKHVHJXLGHOLQHV
5HTXLUHVRSWLRQDODFFHVVRU\NLWV5$.$DQG:DOO6OHHYH5$%$$RU$
5HDGWKHVHLQVWUXFWLRQVFRPSOHWHO\DQGFDUHIXOO\
Air conditioner
Type C (painted) (6)
Type D (2)
Type E (4)
Large washer (2)
Adjusting bolt (2)
Lock nut (2)
Spacer (2)
Support bracket hardware
Type A (9)
Type B (2)
Sill support
bracket (2)
Filler Panels
Cut panels
and discard
center piece
Window
locking
bracket
Spring
clip (4)
2 angles
(left and right
hand)
Case side
gasket (2)
Vinyl window gasket
Bottom window gasket
Case top gasket
Foam top
window gasket
B
Right side
A
Left side
(holes are on the left)
(holes are on the right)
:,1'2:5(48,5(0(176
• 7KHVHLQVWUXFWLRQVDUHIRUDVWDQGDUGGRXEOHKXQJZLQGRZ
<RXZLOOQHHGWRPRGLI\WKHPIRURWKHUW\SHVRIZLQGRZV
• 7KHDLUFRQGLWLRQHUFDQEHLQVWDOOHGZLWKRXWWKHDFFRUGLRQ
SDQHOVLIQHHGHGWRILWLQDQDUURZZLQGRZ6HHWKHZLQGRZ
RSHQLQJGLPHQVLRQVWRWKHULJKW
• $OOVXSSRUWLQJSDUWVPXVWEHVHFXUHGWRILUPZRRGPDVRQU\
RUPHWDO
• 7KHHOHFWULFDORXWOHWPXVWEHZLWKLQUHDFKRIWKHSRZHUFRUG
1
Window opening dimensions are for
a standard double-hung window.
17s min.
31s to 43s
(With filler panels)
26
1
⁄4s min. (Without filler panels)

5(029($,5&21',7,21(5)520&$6(
5HPRYHWKHIURQWJULOOH6HHWKH&DUHDQG&OHDQLQJ
VHFWLRQ
)LQGWKHORFNLQJSODWHORFDWHGRQWKHIURQW
OHIWVLGH
5HPRYHWKHVFUHZDQGWKHORFNLQJSODWHWRXQORFN
WKHDLUFRQGLWLRQHU
5HPRYHDQGGLVFDUGWKHVKLSSLQJVFUHZ
RQWKHEDFNRIWKHDLUFRQGLWLRQHUWRDOORZ
UHPRYDORIWKHDLUFRQGLWLRQHUIURPWKHFDVH
3XOOWKHERWWRPFRUQHUVRIWKHDLUFRQGLWLRQHU
DQGVOLGHLWRXWRIWKHFDVH
5HPRYHDOOVKLSSLQJSDGVLISUHVHQWLQVLGHWKHDLU
FRQGLWLRQHUQH[WWRWKHFRPSUHVVRU
5HPRYHWKHUHDUJULOOHWKDWLVWDSHGWRWKHEDFN
RIWKHFDVH5HPRYHWKHSDFNHWRIVFUHZVWDSHG
WRWKHEDFNRIWKHJULOOH:KLOHKROGLQJWKHJULOOHDWD
DQJOHLQVHUWLWLQWRWKHFOLSVDWWKHWRSRIWKHFDVH
DQGSXVKWKHERWWRPLQ.HHSVOLJKWXSZDUGSUHVVXUH
RQWKHJULOOHXQWLOLWILWVIOXVKZLWKWKHERWWRPRIWKH
FDVH
17
67250:,1'2:5(48,5(0(176
$VWRUPZLQGRZIUDPHZLOOQRWDOORZWKHDLU
FRQGLWLRQHUWRWLOWWRZDUGVWKHRXWVLGHDQGZLOONHHS
LWIURPGUDLQLQJSURSHUO\7RDGMXVWIRUWKLVDWWDFK
DSLHFHRIZRRGWRWKHVWRRO
:22'3,(&(6
:,'7+ s
/(1*7+ /RQJHQRXJKWRILWLQVLGHWKHZLQGRZIUDPH
7+,&.1(66 7RGHWHUPLQHWKHWKLFNQHVVSODFHDSLHFH
RIZRRGRQWKHVWRROWRPDNHLWsKLJKHUWKDQWKHWRS
RIWKHVWRUPZLQGRZIUDPH
$WWDFKVHFXUHO\ZLWKQDLOVRUVFUHZVSURYLGHGE\
WKHLQVWDOOHU
2
1/2s higher
than frame
Storm
window
frame
Stool
Sill
Wood
3
A
B
C
Locking
plate
Remove
screw
D
Remove
screw
E
F
,IDWWDFKLQJWKHJULOOH
IURPWKHRXWVLGHRIWKH
FDVHXVHWKHORQJVFUHZV
,IDWWDFKLQJWKHJULOOH
IURPWKHLQVLGHRIWKHFDVH
XVHWKHVKRUWVFUHZV
G
Clips
Insert the 2 long screws
on the outside
Insert the 2 short screws
on the inside
,QVWDOODWLRQ,QVWUXFWLRQV
Remove shipping pads
(if present)

,QVWDOODWLRQ,QVWUXFWLRQV
18
,167$//6,//68332576
$VVHPEOHWKHVLOOVXSSRUWV'RQRWIXOO\WLJKWHQ
WKHVSDFHUPRXQWLQJVFUHZVDWWKLVWLPH
%HIRUHDWWDFKLQJWKHVLOOVXSSRUWVSODFHWKHPRQ
WKHZLQGRZVWRRO6HOHFWWKHVSDFHUSRVLWLRQWKDW
ZLOOSODFHWKHVSDFHUQHDUWKHRXWHUPRVWSRLQW
RQWKHVLOO7LJKWHQWKHVSDFHUPRXQWLQJVFUHZV
7XUQWKHEROWVDQGWLJKWHQWKHORFNQXWVWRPDNH
WKHVLOOVXSSRUWVOHYHORUWLOWGRZQsWRWKHRXWVLGH
/LQHXSWKH´9µQRWFKZLWK
øsPDUNV'ULOOSLORWKROHV
DQGDWWDFKWKHVLOOVXSSRUWV
127(6
• 2QQDUURZVLOOVWKHUHPD\QRWEHHQRXJKURRPWRXVH
WKHORFNQXW
• $GHHSRIIVHWVLOOPD\UHTXLUHDORQJHUDGMXVWLQJEROW
WKDQWKHVWDQGDUGKH[KHDGEROWSURYLGHG
• 2QZRRGVLOOVXVHWKHODUJHZDVKHUEHWZHHQWKHEROW
KHDGDQGWKHVLOO7KLVSUHYHQWVWKHEROWIURPGLJJLQJ
LQWRWKHZRRG
35(3$5(:,1'2:
0DUNWKHFHQWHUOLQHRIWKHVWRRO0HDVXUHIURPWKH
FHQWHUOLQH
øsRQERWKVLGHVIRUWKHSDQHOFXWV
0HDVXUH
øsIURPWKHFHQWHUOLQHRQERWKVLGHV
IRUWKHVLOOVXSSRUWEUDFNHWV
4
A
B
:,1'2:,167$//$7,21³237,21$/FRQW
Stool
Sill
13
3
⁄8s
Centerline
5
A
B
C
Sill support
Average sill
Narrow sill
Offset sill (such as brick or stone)
Spacer
Lock nut
Adjusting bolt
Large washer
(for use with wood sills)
Sill support
Spacer
Type B
Type E
Spacer mounting
screws Type (A)
Stool
Screws are in position
Sill support
“V” notch
Sill
Bolt
Stool
Sill
Outside
Outside
Inside
Inside
13
3
⁄8s
12
3
⁄8s
12
3
⁄8s
Centerline
Inside
Outside

,QVWDOODWLRQ,QVWUXFWLRQV
19
0($685(&87$1',167$//),//(5
3$1(/6
0HDVXUHIURPWKHHGJHRIWKHSDQHOPDUNV
VHH3UHSDUHWKH:LQGRZWRWKHLQVLGHRIWKH
ZLQGRZWUDFNRQHDFKVLGH$DQG%
0DUNWKH$DQG%PHDVXUHPHQWVRQHDFKVLGH
RIWKHILOOHUSDQHOERDUG&XWWKHSDQHOVDQGGLVFDUG
WKHFHQWHUSLHFH1RWHSRVLWLRQRIWKHQRWFKHV
3XWWRJHWKHUWKHSDQHODVVHPEOLHV5HPRYH
WKHSDSHUEDFNLQJIURPWKHFDVHVLGHJDVNHW
DQGDWWDFKLWWRWKHDQJOH3XVKDSHQFLOSRLQW
WKURXJKWKHJDVNHWVWRORFDWHWKHKROHVLQ
WKHDQJOHV
,QVWDOOWKHSDQHOVLQWKHZLQGRZ3ODFHWKHVSULQJFOLSV
sIURPWKHWRSDQGWKHERWWRP6TXHH]HDQGSXVK
WKHFOLSVWRILWLQWKHZLQGRZWUDFNDQGWKHWDELQWR
WKHVLOOVXSSRUW
6
A
B
C
D
A
Width of the air
conditioner
(panel marks)
Left side
Window track
Sill
B
Right side
13
3
⁄8s 13
3
⁄8s
Filler Panels
Cut panels
and discard
center piece
B
Right
side
A
Left side
(holes are on the left)
(holes are on the right)
Type C
(painted
screws)
Gasket
Angle
Panel
Tab
Angle
Hook the tab into
the sill support
Gasket
3s
Inside
Outside

,167$//&$6(,1:,1'2:
3HHORIIWKHEDFNLQJIURPWKHERWWRPZLQGRZ
JDVNHW
3ODFHWKHJDVNHWRQWKHVWRRODQGRYHUWKH
EUDFNHWVHYHQZLWKWKHUHDUHGJHVWLFN\
VLGHGRZQ
&DUHIXOO\VOLGHWKHHPSW\FDVHLQWRWKHZLQGRZ
XQWLOWKHKROHVLQWKHFDVHOLQHXSZLWKWKHKROHV
LQWKHSDQHODQJOHV
127(6
• 7KHFDVHVKRXOGKDYHDsPLQLPXPWLOWWRZDUG
WKHRXWVLGH
• %HVXUHWKHVHDOJDVNHWDQGSDQHOJDVNHWVUHPDLQ
LQSRVLWLRQDQGGRQRWUROOZLWKWKHFDVH
/RZHUWKHZLQGRZVRLWILWVEHKLQGWKHSDQHOWDEV
,QVHUWWKHW\SH$VFUHZVWKURXJKWKHKROHVLQWKH
FDVHDQGLQWRWKHSDQHODQJOHVRQHDFKVLGH
:LWKWKHZLQGRZFORVHGPDUNZKHUHWKHZLQGRZ
VDVKPHHWVWKHFDVH
3HHORIIWKHEDFNLQJIURPWKHFDVHWRSJDVNHW
+ROGRQWRWKHFDVHRSHQWKHZLQGRZDQGSODFH
WKHJDVNHWDORQJWKHPDUNRQWKHFDVH
3ODFHWKHYLQ\OZLQGRZJDVNHWRYHUWKHFDVHWRS
JDVNHW,QVHUWWKHSDQHOWDEVWKURXJKWKHVOLWVLQ
WKHJDVNHW&XWWKHJDVNHWRQHDFKVLGHWRWKHZLGWK
RIWKHZLQGRZ
&ORVHWKHZLQGRZWLJKWO\RQWKHYLQ\OJDVNHW
%HQGWKHJDVNHWIRUZDUGWRH[SRVHWKHSDQHOWDEV
'ULOOSLORWKROHVLQWRWKHZLQGRZVDVK
,QVWDOODWLRQ,QVWUXFWLRQV
20
:,1'2:,167$//$7,21³237,21$/FRQW
7
A
B
C
D
E
F
G
H
I
Bottom window gasket
Case holes
Case
screws
Panel
tabs
Put the gasket on
top of the case
where the window
will close.
Panel tab
Vinyl window gasket
Attach the panel tab
to the window on each side
with a type D screw.

,QVWDOODWLRQ,QVWUXFWLRQV
21
5(3/$&($,5&21',7,21(5
,1&$6(
&DUHIXOO\VOLGHWKHDLUFRQGLWLRQHUEDFNLQWR
WKHFDVH
$WWDFKWKHSRZHUFRUGWRWKHEDVHSDQZLWK
WKHFODPS
5HLQVWDOOWKHORFNLQJSODWHZLWKWKHWDEEHKLQG
WKHZDOOFDVHIODQJH7LJKWHQWKHVFUHZ
5HDWWDFKWKHIURQWJULOOH$QRSHQLQJIRUWKHSRZHU
FRUGLVRQWKHERWWRPRIWKHIURQWJULOOH
)LOOKROHVDQGFUDFNVZLWKFDXONLQJSURYLGHGE\
WKHLQVWDOOHU
,167$//:,1'2:*$6.(7$1'
/2&.,1*%5$&.(7
&XWWKHIRDPWRSZLQGRZJDVNHWWRWKHZLQGRZ
ZLGWK
6WXIIWKHIRDPEHWZHHQWKHJODVVDQGWKHZLQGRZ
WRSUHYHQWDLUDQGLQVHFWVIURPJHWWLQJLQWRWKH
URRP
$WWDFKWKHZLQGRZORFNLQJEUDFNHWZLWK
W\SH(VFUHZ
8
A
B
9
A
B
C
C
D
E
Clamp
Power cord
Base pan
Locking
plate
Tighten
screw

&RQVXPHU6XSSRUW 7URXEOHVKRRWLQJ7LSV ,QVWDOODWLRQ,QVWUXFWLRQV &DUHDQG&OHDQLQJ 2SHUDWLQJ,QVWUXFWLRQV 6DIHW\,QVWUXFWLRQV
%HIRUH\RXFDOOIRUVHUYLFH«
7URXEOHVKRRWLQJ7LSV6DYHWLPHDQGPRQH\5HYLHZWKHFKDUWEHORZILUVWDQG\RXPD\QRWQHHGWRFDOOIRUVHUYLFH
1RUPDO2SHUDWLQJ6RXQGV
<RXPD\KHDUDSLQJLQJQRLVHFDXVHGE\
ZDWHUEHLQJSLFNHGXSDQGWKURZQDJDLQVWWKH
FRQGHQVHURQUDLQ\GD\VRUZKHQWKHKXPLGLW\
LVKLJK7KLVGHVLJQIHDWXUHKHOSVUHPRYH
PRLVWXUHDQGLPSURYHHIILFLHQF\
<RXPD\KHDUWKHWKHUPRVWDWFOLFNZKHQWKH
FRPSUHVVRUF\FOHVRQDQGRII
:DWHUZLOOFROOHFWLQWKHEDVHSDQGXULQJKLJK
KXPLGLW\RURQUDLQ\GD\V7KHZDWHUPD\
RYHUIORZDQGGULSIURPWKHRXWGRRUVLGHRI
WKHXQLW
7KHIDQPD\UXQHYHQZKHQWKHFRPSUHVVRU
GRHVQRW
3UREOHP 3RVVLEOH&DXVHV :KDW7R'R
$LUFRQGLWLRQHU 7KHDLUFRQGLWLRQHU • 0DNHVXUHWKHDLUFRQGLWLRQHUSOXJLVSXVKHGFRPSOHWHO\
GRHVQRWVWDUW LVXQSOXJJHG LQWRWKHRXWOHW
7KHIXVHLVEORZQFLUFXLW •&KHFNWKHKRXVHIXVHFLUFXLWEUHDNHUER[DQGUHSODFH
EUHDNHULVWULSSHG WKHIXVHRUUHVHWWKHEUHDNHU
3RZHUIDLOXUH •,ISRZHUIDLOXUHRFFXUVWXUQWKHDLUFRQGLWLRQHU2)):KHQ
SRZHULVUHVWRUHGZDLWPLQXWHVWRUHVWDUWWKHDLUFRQGLWLRQHU
WRSUHYHQWWULSSLQJRIWKHFRPSUHVVRURYHUORDG
7KHFXUUHQWLQWHUUXSWHU •3UHVVWKH5(6(7EXWWRQORFDWHGRQWKHSRZHUFRUGSOXJ
GHYLFHLVWULSSHG
•,IWKH5(6(7EXWWRQZLOOQRWVWD\HQJDJHGGLVFRQWLQXHXVH
RIWKHDLUFRQGLWLRQHUDQGFRQWDFWDTXDOLILHGVHUYLFH
WHFKQLFLDQ
$LUFRQGLWLRQHUGRHV $LUIORZLVUHVWULFWHG •0DNHVXUHWKHUHDUHQRFXUWDLQVEOLQGVRUIXUQLWXUHEORFNLQJ
QRWFRRORUKHDWVRPH WKHIURQWRIWKHDLUFRQGLWLRQHU
PRGHOVDVLWVKRXOG
7KHWHPSFRQWUROPD\ •,Q &22/PRGHRU+($7PRGHVRPHPRGHOVSUHVVWKH
QRWEHVHWFRUUHFWO\ '(&5($6(²SDG
7KHDLUILOWHULVGLUW\ •&OHDQWKHILOWHUDWOHDVWHYHU\GD\V
6HHWKH2SHUDWLQJ,QVWUXFWLRQVVHFWLRQ
7KHURRPPD\KDYHEHHQKRW •:KHQWKHDLUFRQGLWLRQHULVILUVWWXUQHGRQ\RXQHHG
WRDOORZWLPHIRUWKHURRPWRFRROGRZQ
&ROGDLULVHVFDSLQJ •&KHFNIRURSHQIXUQDFHUHJLVWHUVDQGFROGDLUUHWXUQV
•0DNHVXUHWKHDLUFRQGLWLRQHU·VYHQWLVLQWKHFORVHGSRVLWLRQ
&RROLQJFRLOVKDYHLFHGXS •6HH´$LUFRQGLWLRQHUIUHH]LQJXSµEHORZ
$LUFRQGLWLRQHU ,FHEORFNVWKHDLUIORZ •6HWWKHFRQWUROVDW+,*+)$1RU+,*+&22/DQGVHWWKH
IUHH]LQJXS DQGVWRSVWKHDLUFRQGLWLRQHU WKHUPRVWDWWRDKLJKHUWHPSHUDWXUHWRDOORZWKHLFHWRPHOW
IURPFRROLQJWKHURRP
7KHUHPRWHFRQWUROLV 7KHEDWWHULHVDUHLQVHUWHG •&KHFNWKHSRVLWLRQRIWKHEDWWHULHV7KH\VKRXOGEH
QRWZRUNLQJ LQFRUUHFWO\ LQVHUWHGFRUUHFWO\
7KHEDWWHULHVPD\EHGHDG • 5HSODFHWKHEDWWHULHV
:DWHUGULSVRXWVLGH +RWKXPLGZHDWKHU •7KLVLVQRUPDO
:DWHUGULSVLQGRRUV 7KHDLUFRQGLWLRQHULVQRW •)RUSURSHUZDWHUGLVSRVDOPDNHVXUHWKHDLUFRQGLWLRQHU
WLOWHGWRWKHRXWVLGH VODQWVVOLJKWO\IURPWKHFDVHIURQWWRWKHUHDU
:DWHUFROOHFWVLQ 0RLVWXUHUHPRYHGIURPDLU •7KLVLVQRUPDOIRUDVKRUWSHULRGLQDUHDVZLWKOLWWOH
EDVHSDQ DQGGUDLQVLQWREDVHSDQ KXPLGLW\QRUPDOIRUDORQJHUSHULRGLQYHU\KXPLGDUHDV

7KLVZDUUDQW\LVH[WHQGHGWRWKHRULJLQDOSXUFKDVHUDQGDQ\VXFFHHGLQJRZQHUIRUSURGXFWVSXUFKDVHG
IRUKRPHXVHZLWKLQWKH86$DQG&DQDGD,IWKHSURGXFWLVORFDWHGLQDQDUHDZKHUHVHUYLFHE\D*(
$XWKRUL]HG6HUYLFHULVQRWDYDLODEOH\RXPD\EHUHVSRQVLEOHIRUDWULSFKDUJHRU\RXPD\EHUHTXLUHG
WREULQJWKHSURGXFWWRDQ$XWKRUL]HG*(6HUYLFHORFDWLRQIRUVHUYLFH,Q$ODVNDWKHZDUUDQW\H[FOXGHV
WKHFRVWRIVKLSSLQJRUVHUYLFHFDOOVWR\RXUKRPH
6RPHVWDWHVGRQRWDOORZWKHH[FOXVLRQRUOLPLWDWLRQRILQFLGHQWDORUFRQVHTXHQWLDOGDPDJHV7KLVZDUUDQW\
JLYHV\RXVSHFLILFOHJDOULJKWVDQG\RXPD\DOVRKDYHRWKHUULJKWVZKLFKYDU\IURPVWDWHWRVWDWH7RNQRZ
ZKDW\RXUOHJDOULJKWVDUHFRQVXOW\RXUORFDORUVWDWHFRQVXPHUDIIDLUVRIILFHRU\RXUVWDWH·V$WWRUQH\
*HQHUDO
:DUUDQWRU*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<
6DIHW\,QVWUXFWLRQV 2SHUDWLQJ,QVWUXFWLRQV &DUHDQG&OHDQLQJ ,QVWDOODWLRQ,QVWUXFWLRQV 7URXEOHVKRRWLQJ7LSV &RQVXPHU6XSSRUW
$LU&RQGLWLRQHU:DUUDQW\
6HUYLFHWULSVWR\RXUKRPHWRWHDFK\RXKRZWRXVH
WKHSURGXFW
,PSURSHULQVWDOODWLRQGHOLYHU\RUPDLQWHQDQFH,I\RX
KDYHDQLQVWDOODWLRQSUREOHPRULIWKHDLUFRQGLWLRQHU
LVRILPSURSHUFRROLQJFDSDFLW\IRUWKHLQWHQGHGXVH
FRQWDFW\RXUGHDOHURULQVWDOOHU<RXDUHUHVSRQVLEOHIRU
SURYLGLQJDGHTXDWHHOHFWULFDOFRQQHFWLQJIDFLOLWLHV
)DLOXUHRIWKHSURGXFWUHVXOWLQJIURPPRGLILFDWLRQV
WRWKHSURGXFWRUGXHWRXQUHDVRQDEOHXVHLQFOXGLQJ
IDLOXUHWRSURYLGHUHDVRQDEOHDQGQHFHVVDU\
PDLQWHQDQFH
,QFRPPHUFLDOORFDWLRQVODERUQHFHVVDU\WRPRYHWKH
XQLWWRDORFDWLRQZKHUHLWLVDFFHVVLEOHIRUVHUYLFHE\
DQLQGLYLGXDOWHFKQLFLDQ
5HSODFHPHQWRIKRXVHIXVHVRUUHVHWWLQJRIFLUFXLW
EUHDNHUV
)DLOXUHGXHWRFRUURVLRQRQPRGHOVQRWFRUURVLRQ
SURWHFWHG
'DPDJHWRWKHSURGXFWFDXVHGE\LPSURSHUSRZHU
VXSSO\YROWDJHDFFLGHQWILUHIORRGVRUDFWVRI*RG
,QFLGHQWDORUFRQVHTXHQWLDOGDPDJHFDXVHGE\SRVVLEOH
GHIHFWVZLWKWKLVDLUFRQGLWLRQHU
'DPDJHFDXVHGDIWHUGHOLYHU\
3URGXFWQRWDFFHVVLEOHWRSURYLGHUHTXLUHGVHUYLFH
:KDW*(:LOO1RW&RYHU
$OOZDUUDQW\VHUYLFHSURYLGHGE\RXU)DFWRU\6HUYLFH&HQWHUV
RUDQDXWKRUL]HG&XVWRPHU&DUH
WHFKQLFLDQ7RVFKHGXOHVHUYLFH
RQOLQHYLVLWXVDW*($SSOLDQFHVFRPRUFDOO*(&$5(6
)RUVHUYLFHLQ&DQDGDFRQWDFW*RUGRQ:LOOLDPV
&RUSDW3OHDVHKDYHVHULDOQXPEHUDQGPRGHO
QXPEHUDYDLODEOHZKHQFDOOLQJIRUVHUYLFH
6WDSOH\RXUUHFHLSWKHUH
3URRIRIWKHRULJLQDOSXUFKDVH
GDWHLVQHHGHGWRREWDLQ
VHUYLFHXQGHUWKHZDUUDQW\
)RU7KH3HULRG2I *(:LOO5HSODFH
2QH<HDU $Q\SDUWRIWKHDLUFRQGLWLRQHUZKLFKIDLOVGXHWRDGHIHFWLQPDWHULDOVRUZRUNPDQVKLS
)URPWKHGDWHRIWKH 'XULQJWKLVOLPLWHGRQH\HDUZDUUDQW\*(ZLOODOVRSURYLGHIUHHRIFKDUJHDOOODERU
RULJLQDOSXUFKDVH DQGUHODWHGVHUYLFHWRUHSODFHWKHGHIHFWLYHSDUW
)LYH<HDUV $Q\SDUWRIWKHVHDOHGUHIULJHUDWLQJV\VWHPWKHFRPSUHVVRUFRQGHQVHUHYDSRUDWRU
)URPWKHGDWHRIWKH DQGDOOFRQQHFWLQJWXELQJZKLFKIDLOVGXHWRDGHIHFWLQPDWHULDOVRUZRUNPDQVKLS
RULJLQDOSXUFKDVH 'XULQJWKLVIRXU\HDUOLPLWHGDGGLWLRQDOZDUUDQW\*(ZLOODOVRSURYLGHIUHHRIFKDUJH
DOOODERUDQGUHODWHGVHUYLFHWRUHSODFHWKHGHIHFWLYHSDUW
(;&/86,212),03/,(':$55$17,(6³<RXUVROHDQGH[FOXVLYHUHPHG\LVSURGXFWUHSDLUDVSURYLGHGLQWKLV/LPLWHG
:DUUDQW\$Q\LPSOLHGZDUUDQWLHVLQFOXGLQJWKHLPSOLHGZDUUDQWLHVRIPHUFKDQWDELOLW\RUILWQHVVIRUDSDUWLFXODU
SXUSRVHDUHOLPLWHGWRRQH\HDURUWKHVKRUWHVWSHULRGDOORZHGE\ODZ

&RQVXPHU6XSSRUW
*($SSOLDQFHV:HEVLWH
*($SSOLDQFHVFRP
+DYHDTXHVWLRQRUQHHGDVVLVWDQFHZLWK\RXUDSSOLDQFH"7U\WKH*($SSOLDQFHV:HEVLWHKRXUVDGD\
DQ\GD\RIWKH\HDU)RUJUHDWHUFRQYHQLHQFHDQGIDVWHUVHUYLFH\RXFDQQRZGRZQORDG2ZQHU·V0DQXDOV
RUGHUSDUWVRUHYHQVFKHGXOHVHUYLFHRQOLQH
6FKHGXOH6HUYLFH *($SSOLDQFHVFRP
([SHUW*(UHSDLUVHUYLFHLVRQO\RQHVWHSDZD\IURP\RXUGRRU*HWRQOLQHDQGVFKHGXOH\RXUVHUYLFHDW
\RXUFRQYHQLHQFHDQ\GD\RIWKH\HDU2UFDOO*(&$5(6GXULQJQRUPDOEXVLQHVVKRXUV
5HDO/LIH'HVLJQ6WXGLR *($SSOLDQFHVFRP
*(VXSSRUWVWKH8QLYHUVDO'HVLJQFRQFHSW³SURGXFWVVHUYLFHVDQGHQYLURQPHQWVWKDWFDQEHXVHGE\
SHRSOHRIDOODJHVVL]HVDQGFDSDELOLWLHV:HUHFRJQL]HWKHQHHGWRGHVLJQIRUDZLGHUDQJHRISK\VLFDODQG
PHQWDODELOLWLHVDQGLPSDLUPHQWV)RUGHWDLOVRI*(·V8QLYHUVDO'HVLJQDSSOLFDWLRQVLQFOXGLQJNLWFKHQGHVLJQ
LGHDVIRUSHRSOHZLWKGLVDELOLWLHVFKHFNRXWRXU:HEVLWHWRGD\)RUWKHKHDULQJLPSDLUHGSOHDVHFDOO7''
*($&
([WHQGHG:DUUDQWLHV *($SSOLDQFHVFRP
3XUFKDVHD*(H[WHQGHGZDUUDQW\DQGOHDUQDERXWVSHFLDOGLVFRXQWVWKDWDUHDYDLODEOHZKLOH\RXUZDUUDQW\
LVVWLOOLQHIIHFW<RXFDQSXUFKDVHLWRQOLQHDQ\WLPHRUFDOOGXULQJQRUPDOEXVLQHVVKRXUV
*(&RQVXPHU+RPH6HUYLFHVZLOOVWLOOEHWKHUHDIWHU\RXUZDUUDQW\H[SLUHV
3DUWVDQG$FFHVVRULHV *($SSOLDQFHVFRP
,QGLYLGXDOVTXDOLILHGWRVHUYLFHWKHLURZQDSSOLDQFHVFDQKDYHSDUWVRUDFFHVVRULHVVHQWGLUHFWO\WRWKHLUKRPHV
9,6$0DVWHU&DUGDQG'LVFRYHUFDUGVDUHDFFHSWHG2UGHURQOLQHWRGD\KRXUVHYHU\GD\RU
E\SKRQHDWGXULQJQRUPDOEXVLQHVVKRXUV
,QVWUXFWLRQVFRQWDLQHGLQWKLVPDQXDOFRYHUSURFHGXUHVWREHSHUIRUPHGE\DQ\XVHU2WKHUVHUYLFLQJ
JHQHUDOO\VKRXOGEHUHIHUUHGWRTXDOLILHGVHUYLFHSHUVRQQHO&DXWLRQPXVWEHH[HUFLVHGVLQFHLPSURSHU
VHUYLFLQJPD\FDXVHXQVDIHRSHUDWLRQ
&RQWDFW8V *($SSOLDQFHVFRP
,I\RXDUHQRWVDWLVILHGZLWKWKHVHUYLFH\RXUHFHLYHIURP*(FRQWDFWXVRQRXU:HEVLWHZLWKDOOWKHGHWDLOV
LQFOXGLQJ\RXUSKRQHQXPEHURUZULWHWR *HQHUDO0DQDJHU&XVWRPHU5HODWLRQV
*($SSOLDQFHV$SSOLDQFH3DUN
/RXLVYLOOH.<
5HJLVWHU<RXU$SSOLDQFH *($SSOLDQFHVFRP
5HJLVWHU\RXUQHZDSSOLDQFHRQOLQH³DW\RXUFRQYHQLHQFH7LPHO\SURGXFWUHJLVWUDWLRQZLOODOORZIRUHQKDQFHG
FRPPXQLFDWLRQDQGSURPSWVHUYLFHXQGHUWKHWHUPVRI\RXUZDUUDQW\VKRXOGWKHQHHGDULVH
<RXPD\DOVRPDLOLQWKHSUHSULQWHGUHJLVWUDWLRQFDUGLQFOXGHGLQWKHSDFNLQJPDWHULDO
3ULQWHGLQ&KLQD

,QVWUXFWLRQVGHVpFXULWp
,QVWUXFWLRQV
GHIRQFWLRQQHPHQW²
(QWUHWLHQHWQHWWR\DJH
)LOWUHjDLU
*ULOOHIURQWDOH
*ULOOHHWERvWLHU
6HUSHQWLQVH[WpULHXUV
,QVWUXFWLRQVGHPRQWDJH
$YDQWGHFRPPHQFHU
,QVWDOODWLRQG·XQPRGqOH©-ªGDQV
XQORJHPHQWPXUDOH[LVWDQW
,QVWDOODWLRQjWUDYHUVOHPXU³
)DFXOWDWLI
,QVWDOODWLRQGHIHQrWUH³HQRSWLRQ
VXUOHVPRGqOHVTXLFRPSRUWHQW
FHPDWpULHO²
(QFDVGHSDQQH
$YDQWG·DSSHOHUOHVHUYLFH
%UXLWVQRUPDX[GH
IRQFWLRQQHPHQW
6RXWLHQDXFRQVRPPDWHXU
*DUDQWLH
6RXWLHQDX
FRQVRPPDWHXU&RXYHUWXUHDUULqUH
7UDQVFULYH]OHVQXPpURVGHPRGqOH
HWGHVpULHLFL
GHPRGqOHBBBBBBBBBBBBBBBBBBBBBBBB
GHVpULHBBBBBBBBBBBBBBBBBBBBBBBBBB
7URXYH]FHVQXPpURVVXUXQHpWLTXHWWHSODFpH
GHUULqUHODFDUURVVHULHF{WpFKDPEUHVXUOH
SODWHDX
&RQGLWLRQQHXUG·DLU
ZZZHOHFWURPHQDJHUVJHFD
0DQXHOG·XWLOLVDWLRQHW
LQVWUXFWLRQVG·LQVWDOODWLRQ
5DIUDvFKLVVHPHQW
$-&0 $&'
XQLTXHPHQW $-&0 '&'
$-&4 /&'
$-&4 $&'
$-&4 '&'
5pFKDXIIHPHQW
$-(0 '&'
UDIUDvFKHVVPHQW
$-(4 /&'
$-(4 $&'
$-(4 '&'
(QTXDOLWpGHSDUWHQDLUH(1(5*<67$5
*(DWURXYpTXHFHSURGXLWUHQFRQWUH
OHVGLUHFWLYHVG·(1(5*<67$5
HQPDWLqUH
G·HIILFLHQFHpQHUJpWLTXH
3URGXLWDYHFO·HWLTXHWWH(1(5*<67$5
7,16($-%5=*(

$9(57,66(0(175LVTXH
G·pOHFWURFXWLRQ3HXWFDXVHUGHVEOHVVXUHVYRLUH
OHGpFqV&HWDSSDUHLOGRLWrWUHPLVjODWHUUH
FRUUHFWHPHQW1HFRXSH]RXQ·HQOHYH]MDPDLVOD
EURFKHGHPLVHjODWHUUHODWURLVLqPHEURFKHGHOD
ILFKHGXFRUGRQG·DOLPHQWDWLRQ3RXUYRWUHVpFXULWp
SHUVRQQHOOHFHWDSSDUHLOGRLWrWUHELHQPLVjOD
WHUUH
/HFRUGRQG·DOLPHQWDWLRQGHFHWDSSDUHLOHVW
PXQLG·XQHILFKHWULSKDVpHPLVHjODWHUUH
TXLFRUUHVSRQGjXQHSULVHPXUDOHQRUPDOH
WULSKDVpHSRXUUpGXLUHOHGDQJHUGH
VHFRXVVHpOHFWULTXH
)DLWHVYpULILHUODSULVHPXUDOHHWOHFLUFXLW
pOHFWULTXHSDUXQpOHFWULFLHQTXDOLILpSRXU
YRXVDVVXUHUTXHODSULVHHVWELHQjODWHUUH
/HFRUGRQG·DOLPHQWDWLRQSHXWFRPSUHQGUH
XQPpFDQLVPHG·LQWHUUXSWLRQGHFRXUDQW
8QERXWRQG·HVVDLHWGHUHPLVHHQPDUFKH
HVWIRXUQLVXUOHERvWLHUGHODSULVH9RXVGHYH]
HVVD\HUOHPpFDQLVPHSpULRGLTXHPHQWHQ
DSSX\DQWG·DERUGVXUOHERXWRQ7(67HVVDL
SXLVVXUOHERXWRQ5(6(7UHPLVHHQPDUFKH
6LOHERXWRQ7(67QHEDVFXOHSDVRXVLOH
ERXWRQ5(6(7QHUHVWHSDVHQIRQFpFHVVH]
G·XWLOLVHUYRWUHFRQGLWLRQQHXUG·DLUHWDSSHOH]
XQWHFKQLFLHQGHVHUYLFHTXDOLILp
6LYRXVDYH]XQHSULVHELSKDVpHYRXVrWHV
SHUVRQQHOOHPHQWUHVSRQVDEOHHWREOLJp
GHODIDLUHUHPSODFHUSDUXQHSULVHPXUDOH
WULSKDVpHELHQPLVHjODWHUUH
$9(57,66(0(175LVTXH
G·pOHFWURFXWLRQ3HXWFDXVHUGHVEOHVVXUHV
YRLUHOHGpFqV
9RXVGHYH]WRXMRXUVEUDQFKHUOH
FRQGLWLRQQHXUGDQVVDSURSUHSULVH
pOHFWULTXHG·XQYROWDJHTXLFRUUHVSRQG
jODSODTXHVLJQDOpWLTXH&HODYRXV
SHUPHWWUDG·REWHQLUOHPHLOOHXUUHQGHPHQW
HWHPSrFKHUDODVXUFKDUJHGHVFLUFXLWV
pOHFWULTXHVGHODPDLVRQTXLULVTXH
G·RFFDVLRQQHUXQGDQJHUG·LQFHQGLH
&RQVXOWH]OHV,QVWUXFWLRQVGHPRQWDJHVHFWLRQ
GHV([LJHQFHVpOHFWULTXHVSRXUOHVH[LJHQFHV
GHEUDQFKHPHQWVpOHFWULTXHVSDUWLFXOLHUV
$/,0(17$7,21'(/·$33$5(,/
$9(57,66(0(175LVTXH
G·pOHFWURFXWLRQ3HXWFDXVHUGHVEOHVVXUHVYRLUHOH
GpFqV3RXUYRWUHVpFXULWpYRXVGHYH]VXLYUHOHV
LQVWUXFWLRQVGHFHPDQXHOSRXUUpGXLUHOHVULVTXHV
G·LQFHQGLHGHVHFRXVVHpOHFWULTXHHWGHEOHVVXUH
1·XWLOLVH]FHWDSSDUHLOTXHSRXUVRQXVDJH
SUpYXWHOTXHGpFULWGDQVOH0DQXHOGH
O·XWLOLVDWHXU
9RXVGHYH]ELHQPRQWHUFHFRQGLWLRQQHXU
FRQIRUPpPHQWDX[,QVWUXFWLRQVGHPRQWDJH
DYDQWGHO·XWLOLVHU
1HGpEUDQFKH]MDPDLVYRWUHFRQGLWLRQQHXUHQ
WLUDQWVXUOHFRUGRQG·DOLPHQWDWLRQ6DLVLVVH]
IHUPHPHQWODILFKHHWVRUWH]ODGURLWGHVD
SULVH
5HPSODFH]LPPpGLDWHPHQWWRXWFRUGRQ
G·DOLPHQWDWLRQDEvPpRXHQGRPPDJp8Q
FRUGRQG·DOLPHQWDWLRQpOHFWULTXHHQGRPPDJp
QHGRLWSDVrWUHUpSDUpPDLVSOXW{WUHPSODFp
SDUXQDXWUHFRUGRQG·DOLPHQWDWLRQREWHQX
GXIDEULFDQW1·XWLOLVH]SDVXQFRUGRQ
G·DOLPHQWDWLRQTXLPRQWUHGHVILVVXUHVRXGHV
VLJQHVG·DEUDVLRQVXUVDORQJXHXURXHQFRUH
SUqVGHODSULVHRXGXFRQQHFWHXU
eWHLJQH]HWGpEUDQFKH]YRWUHFOLPDWLVHXU
DYDQWGHSURFpGHUjXQHUpSDUDWLRQRXXQ
QHWWR\DJH
5(0$548(1RXVYRXVUHFRPPDQGRQV
LQVWDPPHQWGHIDLUHHIIHFWXHUWRXWVHUYLFH
SDUXQWHFKQLFLHQTXDOLILp
3RXUYRWUHVpFXULWp«QHUDQJH]MDPDLVRX
Q·XWLOLVH]MDPDLVGHVPDWpULDX[FRPEXVWLEOHV
GHO·HVVHQFHRXG·DXWUHVYDSHXUVRXOLTXLGHV
LQIODPPDEOHVjSUR[LPLWpGHFHWDSSDUHLORX
GHWRXWDXWUHDSSDUHLOpOHFWURPpQDJHU
7RXVOHVFRQGLWLRQQHXUVFRQWLHQQHQWGHV
IOXLGHVIULJRULJqQHVTXLHQYHUWXGHODORL
IpGpUDOHGRLYHQWrWUHUHWLUpVDYDQWODPLVHDX
UHEXWGHO·DSSDUHLO6LYRXVYRXVGpEDUUDVVH]
G·XQYLHLODSSDUHLOFRQWHQDQWGHVIOXLGHV
IULJRULJqQHVUHQVHLJQH]YRXVVXUODIDoRQGH
IDLUHDXSUqVGHO·HQWUHSULVHTXLV·RFFXSHGHOD
PLVHDXUHEXW
35e&$87,216'(6e&85,7e
5(16(,*1(0(176,03257$176(10$7,Ê5('(6e&85,7e
/,6(=7287(6/(6,16758&7,216$9$1786$*(
&216(59(=&(6,16758&7,216
6RXWLHQDX
FRQVRPPDWHXU
(QFDV
GHSDQQH
,QVWUXFWLRQVGH
PRQWDJH
(QWUHWLHQ
HWQHWWR\DJH
,QVWUXFWLRQVGH
IRQFWLRQQHPHQW
,QVWUXFWLRQV
GHVpFXULWp

$9(57,66(0(175LVTXH
G·pOHFWURFXWLRQ3HXWFDXVHUGHVEOHVVXUHV
YRLUHOHGpFqV
1RXVYRXVUHFRPPDQGRQVLQVWDPPHQW
GHQHSDVXWLOLVHUGHUDOORQJH
6LYRXVGHYH]XWLOLVHUXQHUDOORQJHLOIDXW
DEVROXPHQWTX·HOOHVRLWKRPRORJXpH
$&125FDOLEUHWULSKDVpHjWURLVILOV
SRXUDSSDUHLOpOHFWURPpQDJHUPXQLH
G·XQHILFKHHWG·XQHSULVHDYHFPLVHjOD
WHUUHHWTXHVDFDSDFLWppOHFWULTXHVRLWGH
DPSqUHVPLQLPXPHWYROWV
1·87,/,6(=-$0$,6GHUDOORQJHDYHF
XQPRGqOHGHYROWV
87,/,6$7,21'(5$//21*(6³
PRGqOHVGHYROWVXQLTXHPHQW
$9(57,66(0(175LVTXH
G·pOHFWURFXWLRQ3HXWFDXVHUGHVEOHVVXUHV
YRLUHOHGpFqV
1RXVVRPPHVDEVROXPHQWRSSRVpVj
O·XWLOLVDWLRQG·XQHILFKHG·DGDSWDWLRQ
6LYRXVGHYH]XWLOLVHUXQHILFKH
G·DGDSWDWLRQTXDQGOHVFRGHVORFDX[
OHSHUPHWWHQWYRXVSRXYH]pWDEOLUXQ
FRQWDFWWHPSRUDLUHDYHFXQHSULVHPXUDOH
ELSKDVpHELHQPLVHjODWHUUHHQXWLOLVDQW
XQHILFKHG·DGDSWDWLRQKRPRORJXpH
8/HQYHQWHGDQVXQJUDQGQRPEUHGH
TXLQFDLOOHULHV
/DIHQWHODSOXVJUDQGHGHO·DGDSWDWHXU
GRLWrWUHDOLJQpHjODSOXVJUDQGHIHQWHGH
ODSULVHPXUDOHSRXUREWHQLUXQHERQQH
SRODULWpDYHFOHFRUGRQG·DOLPHQWDWLRQ
4XDQGYRXVGpEUDQFKH]OHFRUGRQ
G·DOLPHQWDWLRQGHO·DGDSWDWHXUWHQH]
O·DGDSWDWHXUHQSODFHHQWLUDQWODILFKHGX
FRUGRQG·DOLPHQWDWLRQDYHFYRWUHDXWUH
PDLQ6LYRXVQHOHIDLWHVSDVYRXVFDVVHUH]
SUREDEOHPHQWODEURFKHGHPLVHjODWHUUH
GHO·DGDSWDWHXU
6LODEURFKHGHPLVHjODWHUUHGHO·DGDSWDWHXU
HVWFDVVpH1·87,/,6(=3$6 OHFRQGLWLRQQHXU
DYDQWGHELHQOHUHPHWWUHjODWHUUH
6LYRXVIL[H]ODEURFKHGHPLVHjODWHUUH
GHO·DGDSWDWHXUjXQHYLVGXFRXYHUFOHGH
ODSULVHPXUDOHFHODQHPHWSDVjODWHUUH
O·DSSDUHLOjPRLQVTXHODYLVVRLWHQPpWDO
HWSDVLVROpHHWTXHODSULVHPXUDOHVRLW
PLVHjODWHUUHSDUO·LQWHUPpGLDLUHGX
FkEODJHGHODPDLVRQ9RXVGHYH]IDLUH
YpULILHUOHFLUFXLWSDUXQpOHFWULFLHQTXDOLILp
SRXUYRXVDVVXUHUTXHODSULVHHVWELHQ
PLVHjODWHUUH
87,/,6$7,21'(),&+(6'·$'$37$7,21³
PRGqOHVGHYROWVXQLTXHPHQW
/,6(=(768,9(=6&5838/(86(0(17&(6
,1)250$7,216'(6e&85,7e
&216(59(=&(6,16758&7,216
/HVILFKHVG·DGDSWDWLRQVRQWLQWHUGLWHVDX&DQDGD
ZZZHOHFWURPHQDJHUVJHFD
,QVWUXFWLRQV
GHVpFXULWp
,QVWUXFWLRQVGH
IRQFWLRQQHPHQW
(QWUHWLHQHWQHWWR\DJH ,QVWUXFWLRQV
GHPRQWDJH
(QFDV
GHSDQQH
6RXWLHQDX
FRQVRPPDWHXU

3RXUYRXVDVVXUHUG·XQIRQFWLRQQHPHQWDGpTXDW
SRLQWH]ODWpOpFRPPDQGHVXUOHUpFHSWHXUGHVLJQDO
GXFRQGLWLRQQHXU
/HUD\RQG·DFWLRQGXVLJQDOGHODWpOpFRPPDQGH
V·pWHQGMXVTX·jSLHGVP
$VVXUH]YRXVTX·DXFXQREVWDFOHSRXYDQWEORTXHU
OHVLJQDOQHVHWURXYHHQWUHOHFRQGLWLRQQHXUHW
ODWpOpFRPPDQGH
$VVXUH]YRXVTXHOHVSLOHVVRQWUpFHQWHVHWLQVWDOOpHV
FRUUHFWHPHQW³YRLUODVHFWLRQ(QWUHWLHQHWQHWWR\DJH
7pOpFRPPDQGH
212))PDUFKHDUUrW
0HWOHFRQGLWLRQQHXUHQSRVLWLRQGHPDUFKH
RXG·DUUrW
$IILFKDJH
$IILFKHOHUpJODJHGHWHPSpUDWXUH$IILFKHOHV
KHXUHVORUVGXUpJODJHGHODPLQXWHULH
02'(
6XUODWpOpFRPPDQGHXWLOLVH]FHWWHIRQFWLRQSRXU
UpJOHUOHFRQGLWLRQQHXUDXPRGH&22/IUDLV
RX)$1YHQWLODWHXU
6XUOHVFRPPDQGHVGXFRQGLWLRQQHXUXWLOLVH]FHWWH
IRQFWLRQSRXUUpJOHUOHPRGH&22/RX)$1
jODYLWHVVHGHYHQWLODWHXU+,*+KDXW0('
PR\HQRX/2:EDV/HVWpPRLQVOXPLQHX[VXU
OHVFRPPDQGHVGXFRQGLWLRQQHXULQGLTXHQWOH
PRGHHWODYLWHVVHGXYHQWLODWHXUVpOHFWLRQQpV
7(03,QFUHDVH'HFUHDVH²3DGV
WRXFKHVG·DXJPHQWDWLRQGLPLQXWLRQ
GHODWHPSpUDWXUH
8WLOLVH]FHWWHIRQFWLRQSRXUUpJOHUODWHPSpUDWXUH
ORUVTXHO·DSSDUHLOHVWHQPRGH&22/
9LWHVVHVGXYHQWLODWHXU)$1
WpOpFRPPDQGHVHXOHPHQW
8WLOLVH]FHWWHIRQFWLRQSRXUUpJOHUODYLWHVVH
GXYHQWLODWHXUj/2:0('RX+,*+
7,0(5PLQXWHULH
21PDUFKH³/RUVTXHOHFRQGLWLRQQHXUHVW
HQSRVLWLRQG·DUUrWLOSHXWrWUHUpJOpSRXUGpPDUUHU
DXWRPDWLTXHPHQWGDQVXQGpODLG·XQHGHPLKHXUH
jKHXUHVjVRQUpJODJHSUpFpGHQW&KDTXH
HIIOHXUHPHQWDXJPHQWHODGXUpHG·XQHGHPLKHXUH
MXVTX·jSXLVG·XQHKHXUHMXVTX·j
3RXUDQQXOHUODFRPPDQGH2Q7LPHU0LQXWHULH
0DUFKHDSSX\H]VXUODWRXFKH210DUFKH
MXVTX·jYRLUDSSDUDvWUH©&/ª$WWHQGH]HQVXLWHTXH
O·DIILFKDJHV·pWHLJQH
2))DUUrW³4XDQGOHFRQGLWLRQQHXUHVW
HQPDUFKHYRXVSRXYH]OHUpJOHUGHPDQLqUH
jFHTX·LOV·DUUrWHDXWRPDWLTXHPHQWDXERXWG·XQH
GXUpHG·XQHGHPLKHXUHjKHXUHV&KDTXH
HIIOHXUHPHQWDXJPHQWHODGXUpHG·XQHGHPLKHXUH
MXVTX·jSXLVG·XQHKHXUHMXVTX·j
3RXUDQQXOHUODFRPPDQGH2II7LPHU0LQXWHULH
$UUrWDSSX\H]VXUODWRXFKH2))$UUrWMXVTX·jYRLU
DSSDUDvWUH©&/ªHWDWWHQGH]TXHODWHPSpUDWXUH
UpJOpHVRLWDIILFKpH/·DSSDUHLOUHSUHQGUDDORUVVRQ
IRQFWLRQQHPHQWQRUPDO
6/((3VRPPHLO
3UHVVH]FHWWHWRXFKHSRXUIDLUHIRQFWLRQQHU
OHFRQGLWLRQQHXUSHQGDQWKHXUHVDYDQWTX·LO
UHWRXUQHDXUpJODJHSUpFpGHQWDXWRPDWLTXHPHQW
/RUVTXHODPLQXWHULHGHVRPPHLOHVWUpJOpH
ODWHPSpUDWXUHVpOHFWLRQQpHDXJPHQWHUD
DXWRPDWLTXHPHQWGH)&DSUqVODGHX[LqPH
KHXUHSXLVGH)&SDUKHXUHSRXUOHVGHX[
KHXUHVVXLYDQWHV
3RXUDQQXOHUOHPRGHGHVRPPHLOHQIRQFH]
ODWRXFKH02'(RXODWRXFKH6/((3VRPPHLO
XQHGHX[LqPHIRLV
5pFHSWHXUGHVLJQDX[GHODWpOpFRPPDQGH
5(0$548(
/RUVTXHOHFRQGLWLRQQHXUHVWDOOXPp
LOGpPDUUHDXWRPDWLTXHPHQWDYHFOHVUpJODJHV
SUpFpGHPPHQWXWLOLVpV
&RPPDQGHVVXUOHFRQGLWLRQQHXU³
0RGqOHVDYHFPRGH&RRO&OLPDWLVDWLRQVHXOHPHQW
7pOpFRPPDQGH
/HVWpPRLQVOXPLQHX[jF{WpGHVWRXFKHVjHIIOHXUHPHQWVXUOHWDEOHDX
GHFRPPDQGHGXFRQGLWLRQQHXULQGLTXHQWOHVUpJODJHVVpOHFWLRQQpV
&RPPDQGHV
/·DVSHFWSHXWYDULHU
&RPPDQGHVGXFRQGLWLRQQHXU
6RXWLHQDX
FRQVRPPDWHXU
(QFDV
GHSDQQH
,QVWUXFWLRQVGH
PRQWDJH
(QWUHWLHQ
HWQHWWR\DJH
,QVWUXFWLRQVGH
IRQFWLRQQHPHQW
,QVWUXFWLRQV
GHVpFXULWp

ZZZHOHFWURPHQDJHUVJHFD
02'(&/,0$7,6$7,21&22/
7pOpFRPPDQGH
$SSX\H]VXUODWRXFKH&22/IUDLV
$SSX\H]VXUOHVWRXFKHV/2:EDV0('PR\HQ
RX+,*+KDXWSRXUUpJOHUODYLWHVVH
GHYHQWLODWHXUYRXOXH
$SSX\H]VXUOHVWRXFKHV,1&5($6('(&5($6(
SRXUUpJOHUODWHPSpUDWXUHYRXOXHHQWUH)&
HW)&SDULQFUpPHQWVGH)&
7DEOHDXGHFRPPDQGH
$SSX\H]VXUODWRXFKH02'(MXVTX·jFHTXHOH
WpPRLQOXPLQHX[GHODIRQFWLRQ&22/VRLWDOOXPp
HWMXVTX·jFHTXHOHWpPRLQOXPLQHX[GHODYLWHVVH
GHYHQWLODWHXUYRXOXH/2:0('RX+,*+VRLW
DXVVLDOOXPp
$SSX\H]VXUOHVWRXFKHV,1&5($6('(&5($6(²
SRXUUpJOHUODWHPSpUDWXUHYRXOXHHQWUH)&
HW)&SDULQFUpPHQWVGH)&
8QWKHUPRVWDWHVWXWLOLVpSRXUPDLQWHQLUOD
WHPSpUDWXUHDPELDQWH/HFRPSUHVVHXUHIIHFWXHUD
XQF\FOHPDUFKHDUUrWSRXUJDUGHUODWHPSpUDWXUH
DPELDQWHDXQLYHDXGHFRQIRUWFKRLVL5pJOH]OH
WKHUPRVWDWjXQHYDOHXUSOXVEDVVHHWO·DLULQWpULHXU
VHUHIURLGLUD
5pJOH]OHWKHUPRVWDWjXQHYDOHXUSOXVpOHYpHHWO·DLU
LQWpULHXUVHUpFKDXIIHUD
5(0$548(6LOHFRQGLWLRQQHXUHQSRVLWLRQG·DUUrW
HVWPLVHQSRVLWLRQGHPDUFKHDORUVTX·LOHVWUpJOp
j&22/LOIDXGUDHQYLURQPLQXWHVSRXUGpPDUUHU
OHFRPSUHVVHXUHWDPRUFHUXQUHIURLGLVVHPHQW
,QVWUXFWLRQVFRQFHUQDQWODFOLPDWLVDWLRQ
3RXUXQUHIURLGLVVHPHQWQRUPDO³6pOHFWLRQQH]
OHPRGH&22/HWODYLWHVVHGHYHQWLODWHXU+,*+
RX0('DYHFXQUpJODJHGHWHPSpUDWXUHPR\HQ
3RXUXQUHIURLGLVVHPHQWPD[LPDO³6pOHFWLRQQH]
OHPRGH&22/HWODYLWHVVHGHYHQWLODWHXU+,*+
DYHFXQUpJODJHGHWHPSpUDWXUHSOXVEDV
3RXUXQUHIURLGLVVHPHQWSOXVVLOHQFLHX[RXGXUDQW
ODQXLW³6pOHFWLRQQH]OHPRGH&22/HWODYLWHVVH
GHYHQWLODWHXU/2:DYHFXQUpJODJHGH
WHPSpUDWXUHPR\HQ
5(0$548(6LYRXVSDVVH]GXPRGH&22/
DXPRGH)$1RXjODSRVLWLRQ2))DUUrW
DWWHQGH]DXPRLQVPLQXWHVDYDQWGHUHYHQLUDX
PRGH&22/
02'(9(17,/$7(85)$1
8WLOLVH]OHPRGH)$1YHQWLODWHXUSRXUILOWUHUHW
IDLUHFLUFXOHUO·DLUVDQVUHIURLGLVVHPHQWeWDQWGRQQp
TX·XQUpJODJHHQPRGHYHQWLODWHXUVHXOHPHQW
Q·HQWUDvQHSDVGHUHIURLGLVVHPHQWOHUpJODJH
GHWHPSpUDWXUHQHVHUDSDVDIILFKp
7pOpFRPPDQGH
$SSX\H]VXUODWRXFKH)$1$SSX\H]VXUOHV
WRXFKHV/2:EDV0('PR\HQRX+,*+KDXW
SRXUUpJOHUOHYHQWLODWHXUjODYLWHVVHGpVLUpH
7DEOHDXGHFRPPDQGH
$SSX\H]VXUODWRXFKH02'(MXVTX·jFHTXHOH
WpPRLQOXPLQHX[)$1VRLWDOOXPpHWMXVTX·jFH
TXHOHWpPRLQOXPLQHX[/2:0('RX+,*+
FRUUHVSRQGDQWjODYLWHVVHYRXOXHVRLWDXVVLDOOXPp
,QVWUXFWLRQV
GHVpFXULWp
,QVWUXFWLRQVGH
IRQFWLRQQHPHQW
(QWUHWLHQHWQHWWR\DJH ,QVWUXFWLRQV
GHPRQWDJH
(QFDV
GHSDQQH
6RXWLHQDX
FRQVRPPDWHXU

3RXUYRXVDVVXUHUG·XQIRQFWLRQQHPHQWDGpTXDW
SRLQWH]ODWpOpFRPPDQGHVXUOHUpFHSWHXUGHVLJQDO
GXFRQGLWLRQQHXU
/HUD\RQG·DFWLRQGXVLJQDOGHODWpOpFRPPDQGH
V·pWHQGMXVTX·jSLHGVP
$VVXUH]YRXVTX·DXFXQREVWDFOHSRXYDQWEORTXHU
OHVLJQDOQHVHWURXYHHQWUHOHFRQGLWLRQQHXUHW
ODWpOpFRPPDQGH
$VVXUH]YRXVTXHOHVSLOHVVRQWUpFHQWHVHWLQVWDOOpHV
FRUUHFWHPHQW³YRLUODVHFWLRQ(QWUHWLHQHWQHWWR\DJH
7pOpFRPPDQGH
212))PDUFKHDUUrW
0HWOHFRQGLWLRQQHXUHQSRVLWLRQGHPDUFKH
RXG·DUUrW
$IILFKDJH
$IILFKHOHUpJODJHGHWHPSpUDWXUH$IILFKHOHV
KHXUHVORUVGXUpJODJHGHODPLQXWHULH
02'(
6XUOHVFRPPDQGHVGXFRQGLWLRQQHXUXWLOLVH]FHWWH
IRQFWLRQSRXUUpJOHUOHPRGH&22/IUDLV+($7
FKDOHXURX)$1YHQWLODWHXU/HVWpPRLQVOXPLQHX[
VXUOHVFRPPDQGHVGXFRQGLWLRQQHXULQGLTXHQW
OHPRGHVpOHFWLRQQp
7(03,QFUHDVH'HFUHDVH²3DGV
7RXFKHVG·DXJPHQWDWLRQ'LPLQXWLRQ
GHODWHPSpUDWXUH
8WLOLVH]FHWWHIRQFWLRQSRXUUpJOHUODWHPSpUDWXUH
ORUVTXHO·DSSDUHLOHVWHQPRGH&22/RX+($7
9LWHVVHVGXYHQWLODWHXU)$1
7pOpFRPPDQGHVHXOHPHQW
8WLOLVH]FHWWHIRQFWLRQSRXUUpJOHUODYLWHVVH
GXYHQWLODWHXUj/2:EDVRX+,*+KDXW/HV
WpPRLQVOXPLQHX[LQGLTXHQWODYLWHVVHVpOHFWLRQQpH
7,0(5PLQXWHULH
21PDUFKH³/RUVTXHOHFRQGLWLRQQHXUHVWHQ
SRVLWLRQG·DUUrWLOSHXWrWUHUpJOpSRXUGpPDUUHU
DXWRPDWLTXHPHQWGDQVXQGpODLG·XQHGHPLKHXUH
jKHXUHVjVRQUpJODJHSUpFpGHQW&KDTXH
HIIOHXUHPHQWDXJPHQWHODGXUpHG·XQHGHPLKHXUH
MXVTX·jSXLVG·XQHKHXUHMXVTX·j
3RXUDQQXOHUODFRPPDQGH2Q7LPHU0LQXWHULH
0DUFKHDSSX\H]VXUODWRXFKH210DUFKH
MXVTX·jYRLUDSSDUDvWUH©&/ª$WWHQGH]HQVXLWHTXH
O·DIILFKDJHV·pWHLJQH
2))DUUrW³4XDQGOHFRQGLWLRQQHXUHVW
HQPDUFKHYRXVSRXYH]OHUpJOHUGHPDQLqUH
jFHTX·LOV·DUUrWHDXWRPDWLTXHPHQWDXERXWG·XQH
GXUpHG·XQHGHPLKHXUHjKHXUHV&KDTXH
HIIOHXUHPHQWDXJPHQWHODGXUpHG·XQHGHPLKHXUH
MXVTX·jSXLVG·XQHKHXUHMXVTX·j
3RXUDQQXOHUODFRPPDQGH2II7LPHU0LQXWHULH
$UUrWDSSX\H]VXUODWRXFKH2))$UUrWMXVTX·jYRLU
DSSDUDvWUH©&/ªHWDWWHQGH]TXHODWHPSpUDWXUH
UpJOpHVRLWDIILFKpH/·DSSDUHLOUHSUHQGUDDORUVVRQ
IRQFWLRQQHPHQWQRUPDO
5pFHSWHXUGHVLJQDX[GHODWpOpFRPPDQGH
5(0$548(
/RUVTXHOHFRQGLWLRQQHXUHVWDOOXPp
LOGpPDUUHDXWRPDWLTXHPHQWDYHFOHVUpJODJHV
SUpFpGHPPHQWXWLOLVpV
&RPPDQGHVVXUOHFRQGLWLRQQHXU³
0RGqOHVDYHFPRGHV&KDXIIDJH&OLPDWLVDWLRQ
7pOpFRPPDQGH
/HVWpPRLQVOXPLQHX[jF{WpGHVWRXFKHVjHIIOHXUHPHQWVXUOHWDEOHDX
GHFRPPDQGHGXFRQGLWLRQQHXULQGLTXHQWOHVUpJODJHVVpOHFWLRQQpV
&RPPDQGHV
&RPPDQGHVGXFRQGLWLRQQHXU
/·DVSHFWSHXWYDULHU
6RXWLHQDX
FRQVRPPDWHXU
(QFDV
GHSDQQH
,QVWUXFWLRQVGH
PRQWDJH
(QWUHWLHQ
HWQHWWR\DJH
,QVWUXFWLRQVGH
IRQFWLRQQHPHQW
,QVWUXFWLRQV
GHVpFXULWp

ZZZHOHFWURPHQDJHUVJHFD
02'(&/,0$7,6$7,21&22/
7pOpFRPPDQGH
$SSX\H]VXUODWRXFKH&22/IUDLV
$SSX\H]VXUOHVWRXFKHV/2:EDVRX+,*+
KDXWSRXUUpJOHUODYLWHVVHGHYHQWLODWHXUYRXOXH
$SSX\H]VXUOHVWRXFKHV,1&5($6('(&5($6(²
SRXUUpJOHUODWHPSpUDWXUHYRXOXHHQWUH)&
HW)&SDULQFUpPHQWVGH)&
7DEOHDXGHFRPPDQGH
$SSX\H]VXUODWRXFKH02'(MXVTX·jFHTXHOH
WpPRLQOXPLQHX[GHODIRQFWLRQ&22/V·DOOXPH
$SSX\H]VXUODWRXFKH)$1YHQWLODWHXUMXVTX·j
FHTXHOHWpPRLQOXPLQHX[GHODYLWHVVHYRXOXH
+,*+RX/2:V·DOOXPH
$SSX\H]VXUOHVWRXFKHV,1&5($6('(&5($6(²
SRXUUpJOHUODWHPSpUDWXUHYRXOXHHQWUH)&
HW)&SDULQFUpPHQWVGH)&
8QWKHUPRVWDWHVWXWLOLVpSRXUPDLQWHQLUOD
WHPSpUDWXUHDPELDQWH/HFRPSUHVVHXUHIIHFWXHUD
XQF\FOHPDUFKHDUUrWSRXUJDUGHUODWHPSpUDWXUH
DPELDQWHDXQLYHDXGHFRQIRUWFKRLVL
5pJOH]OHWKHUPRVWDWjXQHYDOHXUSOXVEDVVHHWO·DLU
LQWpULHXUVHUHIURLGLUD5pJOH]OHWKHUPRVWDWjXQH
YDOHXUSOXVpOHYpHHWO·DLULQWpULHXUVHUpFKDXIIHUD
5(0$548(6LOHFRQGLWLRQQHXUHQSRVLWLRQG·DUUrW
HVWPLVHQSRVLWLRQGHPDUFKHDORUVTX·LOHVWUpJOp
j&22/LOIDXGUDHQYLURQPLQXWHVSRXUGpPDUUHU
OHFRPSUHVVHXUHWDPRUFHUXQUHIURLGLVVHPHQW
,QVWUXFWLRQVFRQFHUQDQWODFOLPDWLVDWLRQ
3RXUXQUHIURLGLVVHPHQWQRUPDO³6pOHFWLRQQH]
OHPRGH&22/HWODYLWHVVHGHYHQWLODWHXU+,*+
DYHFXQUpJODJHGHWHPSpUDWXUHPR\HQ
3RXUXQUHIURLGLVVHPHQWPD[LPDO³6pOHFWLRQQH]
OHPRGH&22/HWODYLWHVVHGHYHQWLODWHXU+,*+
DYHFXQUpJODJHGHWHPSpUDWXUHSOXVEDV
3RXUXQUHIURLGLVVHPHQWSOXVVLOHQFLHX[RXGXUDQW
ODQXLW³6pOHFWLRQQH]OHPRGH&22/HWODYLWHVVH
GHYHQWLODWHXU/2:DYHFXQUpJODJHGH
WHPSpUDWXUHPR\HQ
5(0$548(,O\DXQGpODLGHPLQXWHVHQWUHOHV
FKDQJHPHQWVGHUpJODJHSDUH[HPSOHGH&22/
j2))DUUrWHWUHWRXUj&22/
9(17,/$7(85)$1
8WLOLVH]OHPRGH)$1SRXUILOWUHUHWIDLUHFLUFXOHUO·DLU
VDQVUHIURLGLVVHPHQWRXFKDXIIDJHeWDQWGRQQp
TX·XQUpJODJHHQPRGHYHQWLODWHXUVHXOHPHQW
Q·HQWUDvQHQLUHIURLGLVVHPHQWQLFKDXIIDJHOH
UpJODJHGHWHPSpUDWXUHQHVHUDSDVDIILFKp
7pOpFRPPDQGH
$SSX\H]VXUODWRXFKH)$1$SSX\H]VXUOHV
WRXFKHV/2:EDVRX+,*+KDXWSRXUUpJOHUOH
YHQWLODWHXUjODYLWHVVHGpVLUpH
7DEOHDXGHFRPPDQGH
$SSX\H]VXUODWRXFKH02'(MXVTX·jFHTXHOH
WpPRLQOXPLQHX[)$1VRLWDOOXPpHWMXVTX·jFH
TXHOHWpPRLQOXPLQHX[/2:RX+,*+
FRUUHVSRQGDQWjODYLWHVVHYRXOXHVRLWDXVVLDOOXPp
02'(&+$8))$*(+($7
7pOpFRPPDQGH
$SSX\H]VXUODWRXFKH+($7FKDOHXU
$SSX\HUVXUODWRXFKH/2:EDVRX+,*+KDXW
SRXUUpJOHUODYLWHVVHGHYHQWLODWHXUYRXOXH
$SSX\H]VXUOHVWRXFKHV,1&5($6('(&5($6(²
SRXUUpJOHUODWHPSpUDWXUHYRXOXHHQWUH)&
HW)&SDULQFUpPHQWVGH)&
7DEOHDXGHFRPPDQGH
$SSX\H]VXUODWRXFKH02'(MXVTX·jFHTXHOH
WpPRLQOXPLQHX[GHODIRQFWLRQ+($7V·DOOXPH
$SSX\H]VXUODWRXFKH)$1MXVTX·jFHTXHOH
WpPRLQOXPLQHX[GHODYLWHVVHGHYHQWLODWHXU
YRXOXH+,*+RX/2:V·DOOXPH
$SSX\H]VXUOHVWRXFKHV,1&5($6('(&5($6(²
SRXUUpJOHUODWHPSpUDWXUHYRXOXHHQWUH)&
HW)&SDULQFUpPHQWVGH)&
8QWKHUPRVWDWHVWXWLOLVpSRXUPDLQWHQLUODWHPSpUDWXUH
DPELDQWH/·pOpPHQWFKDXIIDQWV·DOOXPHUDHWV·pWHLQGUDHQ
DOWHUQDQFHSRXUPDLQWHQLUODSLqFHDXGHJUpGHFRQIRUW
UpJOp5pJOH]OHWKHUPRVWDWjXQHYDOHXUVXSpULHXUHHWO·DLU
LQWpULHXUVHUpFKDXIIHUD
5pJOH]OHWKHUPRVWDWjXQHYDOHXUSOXVpOHYpHHWO·DLU
LQWpULHXUVHUpFKDXIIHUD5pJOH]OHWKHUPRVWDWjXQH
YDOHXUSOXVpOHYpHHWO·DLULQWpULHXUVHUHIURLGLUD
5(0$548(6LOHFOLPDWLVHXUHVWpWHLQWSXLVDOOXPpDORUV
TX·LOHVWUpJOpj+($7O·pOpPHQWFKDXIIDQWSUHQGUDHQYLURQ
PLQXWHSRXUGpPDUUHUHWUpFKDXIIHUODSLqFH
,QVWUXFWLRQVFRQFHUQDQWOHFKDXIIDJH
3RXUXQUpFKDXIIHPHQWQRUPDO³6pOHFWLRQQH]
OHPRGH+($7HWODYLWHVVHGHYHQWLODWHXU+,*+
DYHFXQUpJODJHGHWHPSpUDWXUHPR\HQ
3RXUXQUpFKDXIIHPHQWPD[LPDO³6pOHFWLRQQH]
OHPRGH+($7HWODYLWHVVHGHYHQWLODWHXU+,*+
DYHFXQUpJODJHGHWHPSpUDWXUHSOXVpOHYp
3RXUXQUpFKDXIIHPHQWSOXVVLOHQFLHX[RXGXUDQW
ODQXLW³6pOHFWLRQQH]OHPRGH+($7HWODYLWHVVHGH
YHQWLODWHXU/2:DYHFXQUpJODJHGHWHPSpUDWXUH
PR\HQ
,QVWUXFWLRQV
GHVpFXULWp
,QVWUXFWLRQVGH
IRQFWLRQQHPHQW
(QWUHWLHQHWQHWWR\DJH ,QVWUXFWLRQV
GHPRQWDJH
(QFDV
GHSDQQH
6RXWLHQDX
FRQVRPPDWHXU

$XVXMHWGHVFRPPDQGHVVXUOHFOLPDWLVHXU
'HVSHUVLHQQHV
KRUL]RQWDOHVVXUOD
JULOOHIURQWDOHYRXV
SHUPHWWHQWGHGLULJHU
O·DLUYHUVOHKDXWRX
OHEDV
5HWLUH]ODJULOOH
IURQWDOHSRXUUpJOHU
OHVSHUVLHQQHV
YHUWLFDOHVGHIDoRQ
jGLULJHUO·DLUYHUVOD
JDXFKHRXODGURLWH
&RPPDQGHG·pYHQW
/DFRPPDQGHG·pYHQWHVWVLWXpHGHUULqUHODJULOOH
IURQWDOHVXUOHF{WpGURLWGHOD]RQHG·pYDFXDWLRQ
G·DLU/RUVTXHFHWWHFRPPDQGHHVWUpJOpHj
&/26('VHXOO·DLUjO·LQWpULHXUGHODSLqFHHVW
FOLPDWLVpHWPLVHQFLUFXODWLRQ/RUVTX·HOOHHVW
UpJOpHj23(1O·pYHQWSHUPHWXQpFKDQJHDYHF
O·DLUIUDLVGHO·H[WpULHXU
3RXURXYULURXIHUPHUO·pYHQW
5HWLUHUODJULOOHIURQWDOH
(QOHYH]ODYLVGHODFDUWHG·pYHQW
(QOHYH]ODFDUWHG·pYHQWUHWRXUQH]ODHWUHPSODFH]
ODHQWURXYDQWOHWURXDUULqUHGDQVODFDUWHVXUOH
WDTXHWG·HPSODFHPHQWjO·LQWpULHXUGHODGpFKDUJH
G·DLUHWHQUDWWDFKDQWODYLVjO·DYDQW
'LUHFWLRQGHO·DLU
Trou d’emplacement
Trou de vis
Position OUVERTE (extrémité de
la maille vers l’arrière)
Position FERMÉE (extrémité de
la maille vers l’avant)
Trou d’emplacement
Trou de vis
L’appareil quitte l’usine en position fermée.
Aucune fonction
(réservé pour usage futur)
&RPPDQGHVDX[LOLDLUHV²&RPPXWDWHXUV',3O·HPSODFHPHQWYDULHVHORQOHPRGqOH
/HVFRPPXWDWHXUV',3DX[LOLDLUHVVRQWVLWXpV
jO·DUULqUHGHODFDUURVVHULHGDQVODSLqFH²WHO
TX·LQGLTXpVXUFHWWHLOOXVWUDWLRQ
/HSURSULpWDLUHHVWUHVSRQVDEOH
GHYpULILHUOHVFRPPXWDWHXUV
HWGHV·DVVXUHUTX·LOVVRQW
HQERQQHSRVLWLRQ
Fonctionnement cyclique/continu du ventilateur –
Chauffage (sur certains modèles)
Classe 2 (sur certains modèles)
)RQFWLRQQHPHQWF\FOLTXHFRQWLQXGXYHQWLODWHXU²5HIURLGLVVHPHQW
4XDQGFHFRPPXWDWHXUHVWEUDQFKp83KDXWOHYHQWLODWHXU
LQWpULHXUVHPHWHQPDUFKHHWV·DUUrWHDYHFOHFRPSUHVVHXU
4XDQGFHFRPPXWDWHXUHVWGpEUDQFKp'2:1EDVOH
YHQWLODWHXULQWpULHXUIRQFWLRQQHFRQWLQXHOOHPHQW/HUpJODJH
SDUGpIDXWHVWODSRVLWLRQEDVVHFRQWLQXHOOHPHQW
)RQFWLRQQHPHQWF\FOLTXHFRQWLQXGXYHQWLODWHXU²&KDXIIDJHVXUFHUWDLQVPRGqOHV
/RUVTXHFHFRPPXWDWHXUHVWDFWLYp83KDXWOHYHQWLODWHXU
LQWpULHXUSHXWIRQFWLRQQHUFRQWLQXHOOHPHQWHQPRGH
FKDXIIDJH/RUVTX·LOHVWGpVDFWLYp'2:1EDVOHYHQWLODWHXU
LQWpULHXUSHXWHIIHFWXHUGHVF\FOHVHQWUHODPDUFKHHWO·DUUrW
RQRII/HUpJODJHSDUGpIDXWHVWODSRVLWLRQKDXWF\FOLTXH
&ODVVH²7KHUPRVWDWjGLVWDQFHVXUFHUWDLQVPRGqOHV
4XDQGFHFRPPXWDWHXUHVWEUDQFKp83KDXWO·DSSDUHLOHVW
FRQWU{OpSDUXQWKHUPRVWDWPXUDODYHFFRPPDQGHjGLVWDQFH
GHFODVVH/HVFRPPDQGHVGHO·DSSDUHLOVRQWKRUVVHUYLFH
/HUpJODJHSDUGpIDXWHVWODSRVLWLRQEDVVHGpVDFWLYp
Fonctionnement cyclique/continu du ventilateur –
Refroidissement
Fonctionnement cyclique/continu du
ventilateur – Chauffage (sur certains modèles)
Classe 2 (sur certains modèles)
Fonctionnement cyclique/continu du ventilateur –
Refroidissement
6RXWLHQDX
FRQVRPPDWHXU
(QFDV
GHSDQQH
,QVWUXFWLRQVGH
PRQWDJH
(QWUHWLHQ
HWQHWWR\DJH
,QVWUXFWLRQVGH
IRQFWLRQQHPHQW
,QVWUXFWLRQV
GHVpFXULWp

ZZZHOHFWURPHQDJHUVJHFD
8QHIRLVUDFFRUGpO·DSSDUHLOVHUDFRQWU{OpSDU
XQWKHUPRVWDWjGLVWDQFH
5(0$548(/HFRPPXWDWHXUQXPpURGRLWrWUH
DFWLYpSRVLWLRQKDXWHSRXUDFWLYHUOHWKHUPRVWDW
jGLVWDQFH9RLUOHVLQVWUXFWLRQVG·LQVWDOODWLRQ
IRXUQLHVDYHFOHWKHUPRVWDWjGLVWDQFH
,03257$17
/HVUDFFRUGHPHQWVGXWKHUPRVWDWSURFXUHQW
XQFRXUDQWGH9&$VHXOHPHQW
6LYRXVXWLOLVH]XQWKHUPRVWDWPXUDOQXPpULTXH
pOHFWURQLTXHDVVXUH]YRXVTX·LOHVWFRPSDWLEOH
DYHFXQVLJQDOGH9&$&RQVXOWH]
OHVLQVWUXFWLRQVG·LQVWDOODWLRQGXWKHUPRVWDWPXUDO
$9,6
/·HQGRPPDJHPHQWGXWKHUPRVWDWPXUDO
RXGHO·pOHFWURQLTXHSHXWUpVXOWHUGHUDFFRUGHPHQWV
LQFRUUHFWV8QHDWWHQWLRQVSpFLDOHGRLWrWUHDSSRUWpH
DXUDFFRUGHPHQWGHVILOV$XFXQFLUFXLWQHGRLWrWUH
UDFFRUGpjXQHWHQVLRQVHFWHXU,VROH]GHODWHQVLRQ
VHFWHXUWRXVOHVILOVGDQVOHEkWLPHQW
%RUQHVGHUDFFRUGHPHQWGXWKHUPRVWDWjGLVWDQFH&ODVVHVXUFHUWDLQVPRGqOHV
/HVFRPPDQGHVVRQWVLWXpHVVRXVOHFRXYHUFOH
GHSODVWLTXHGHUULqUHODJULOOHIURQWDOH
(QOHYH]ODJULOOHIURQWDOH&RQVXOWH]ODUXEULTXH
VXUODJULOOHIURQWDOHGDQVODVHFWLRQ(QWUHWLHQ
HWQHWWR\DJH
(QOHYH]OHVYLVTXLIL[HQWOHFRXYHUFOH
GHSODVWLTXHDXGHVVXVGHVFRQQH[LRQV
GHFkEODJH0HWWH]OHVYLVHWOHFRXYHUFOH
GHF{Wp
3RXUIDLUHOHVUDFFRUGHPHQWVLQVpUH]OHV
ILOVGDQVOHEDVGHVERUQHVHWYLVVH]OHVYLV
IHUPHPHQW
8QHIRLVWHUPLQpVOHVUDFFRUGHPHQWVYRXOXV
UHSODFH]OHFRXYHUFOHGHSODVWLTXHHWODJULOOH
IURQWDOH
/HSURSULpWDLUHHVWUHVSRQVDEOHGHIDLUHWRXVOHV
UDFFRUGHPHQWVHWGHUpJOHUOHVFRPPXWDWHXUV',3
DSSURSULpV
Emplacement
des bornes
de raccordement
sous la grille
frontale
,QVWUXFWLRQV
GHVpFXULWp
,QVWUXFWLRQVGH
IRQFWLRQQHPHQW
(QWUHWLHQHWQHWWR\DJH ,QVWUXFWLRQV
GHPRQWDJH
(QFDV
GHSDQQH
6RXWLHQDX
FRQVRPPDWHXU
Rouge – 24 V AC seulement
Vert – ventilateur vitesse réduite
Vert – ventilateur vitesse élevée
Jaune – Compresseur
Blanc – Chauffage
Commun – Terre

(QWUHWLHQHWQHWWR\DJHGXFRQGLWLRQQHXU
/DJULOOHIURQWDOHSHXWrWUHHQOHYpHSRXUQHWWR\HU
HQSURIRQGHXUHWUHSpUHUOHVQXPpURVGHPRGqOH
HWGHVpULHjO·DYDQWGXSODWHDX
3RXUUHWLUHU
7LUH]VXUOHILOWUHSRXUOHGpJDJHU
(QOHYH]OHVGHX[YLVGHODJULOOH
'pJDJH]ODJULOOHGXEDVHWVRXOHYH]ODjSDUWLU
GHVODQJXHWWHVVLWXpHVVXUOHGHVVXVGXERvWLHU
3RXUUHSODFHU
3ODFH]OHVODQJXHWWHVVXUODJULOOHIURQWDOHYLVjYLV
GHVODQJXHWWHVVXUOHGHYDQWGXERvWLHUHWPHWWH]
OHVHQSODFHHQH[HUoDQWXQHSUHVVLRQ
5HSODFH]OHVYLVHWOHILOWUH
*ULOOHIURQWDOH
6HUSHQWLQVH[WpULHXUV
/HVVHUSHQWLQVVLWXpVGXF{WpH[WpULHXU
GXFRQGLWLRQQHXUGRLYHQWrWUHYpULILpV
UpJXOLqUHPHQW6·LOVVRQWREVWUXpVSDUGHODVDOHWp
RXGHODVXLHLOHVWSRVVLEOHGHOHVIDLUHQHWWR\HU
jODYDSHXUSDUGHVSURIHVVLRQQHOVHQSDVVDQW
SDUYRWUH&HQWUHGHVHUYLFHV*(
*ULOOHHWERvWLHU
eWHLJQH]OHFRQGLWLRQQHXUHWUHWLUH]ODILFKH
G·DOLPHQWDWLRQpOHFWULTXHGHODSULVHPXUDOH
DYDQWOHQHWWR\DJH3RXUQHWWR\HUXWLOLVH]GH
O·HDXHWXQGpWHUJHQWGRX[1·XWLOLVH]MDPDLV
G·DJHQWGHEODQFKLPHQWRXG·DEUDVLI
Sur certaines
modèles
Sur certaines
modèles
Grille
Languette
Languette
Grille
6RXWLHQDX
FRQVRPPDWHXU
(QFDV
GHSDQQH
,QVWUXFWLRQVGH
PRQWDJH
(QWUHWLHQ
HWQHWWR\DJH
,QVWUXFWLRQVGH
IRQFWLRQQHPHQW
,QVWUXFWLRQV
GHVpFXULWp

ZZZHOHFWURPHQDJHUVJHFD
3RXUFRQVHUYHUXQUHQGHPHQWRSWLPDOQHWWR\H]OHILOWUHDXPRLQVWRXVOHVMRXUV
(QOHYH]OHFRXYHUFOHGXORJHPHQWGHVSLOHV
HQOHIDLVDQWJOLVVHUGDQVOHVHQVGHODIOqFKH
,QVpUH]OHVQRXYHOOHVSLOHVHQYRXVDVVXUDQW
TXHOHVS{OHVHWGHVSLOHVVRQWRULHQWpV
GDQVODERQQHGLUHFWLRQ
5HPHWWH]OHFRXYHUFOHHQOHIDLVDQWJOLVVHU
HQSODFH
5(0$548(
8WLOLVH]SLOHV©$$$ªYROW1·HPSOR\H]
SDVGHSLOHVUHFKDUJHDEOHV
5HWLUH]OHVSLOHVGHODWpOpFRPPDQGHVLYRXV
QHSUpYR\H]SDVXWLOLVHUOHV\VWqPHVXUXQH
ORQJXHSpULRGHGHWHPSV
&RPPHQWLQVpUHUOHVSLOHVGDQVODWpOpFRPPDQGH
)LOWUHjDLU
eWHLJQH]OHFRQGLWLRQQHXUDYDQWOHQHWWR\DJH
/DPHVXUHODSOXVXWLOHTXHYRXVSRXYH]SUHQGUH
SRXUHQWUHWHQLUYRWUHFRQGLWLRQQHXUHVWGHQHWWR\HU
OHILOWUHDXPRLQVWRXVOHVMRXUV8QILOWUHREVWUXp
UpGXLWO·HIILFDFLWpGHODFOLPDWLVDWLRQGXFKDXIIDJH
HWGHODYHQWLODWLRQ
/HQHWWR\DJHUpJXOLHUGXILOWUHjDLU
'LPLQXHOHFRWGHIRQFWLRQQHPHQW
eFRQRPLVHO·pQHUJLH
3UpYLHQWO·REVWUXFWLRQGHVVHUSHQWLQV
GHO·pFKDQJHXUGHFKDOHXU
5pGXLWOHULVTXHGHGpIHFWXRVLWpVSUpFRFHV
3RXUQHWWR\HUOHILOWUHjDLU
(QOHYH]OHVSDUWLFXOHVJURVVLqUHVDYHF
O·DVSLUDWHXU
)DLWHVFLUFXOHUGHO·HDXjWUDYHUVOHILOWUH
6pFKH]jIRQGDYDQWGHOHUHPHWWUHHQSODFH
3RXUUHWLUHUOHILOWUHjDLUVXUFHUWDLQHVPRGqOHV
7LUH]VRLJQHXVHPHQWODODQJXHWWHYHUVO·DYDQW
HWOHKDXWSRXUODGpJDJHU
3RXUUHWLUHUOHILOWUHjDLUVXUFHUWDLQHVPRGqOHV
7LUHUYHUVOHEDV
3RXUUHPHWWUHOHILOWUHjDLUHQSODFH
5HSODFH]OHILOWUHSURSUHHQOHSRXVVDQWHQSODFH
$9,61HIDLWHVSDVIRQFWLRQQHUOH
FRQGLWLRQQHXUVLOHILOWUHQ·HVWSDVHQSODFH
/HILOWUHGRLWrWUHUHPSODFpLPPpGLDWHPHQW
V·LOHVWWRUGXRXHQGRPPDJp
/HIRQFWLRQQHPHQWGHO·DSSDUHLODYHFXQILOWUH
HQGRPPDJpRXPDOSODFpSHUPHWjODVDOHWp
HWODSRXVVLqUHG·DWWHLQGUHOHVVHUSHQWLQVLQWpULHXUV
HWUpGXLWOHUHQGHPHQWGHO·DSSDUHLOHWO·HIILFDFLWpGH
ODFOLPDWLVDWLRQGXFKDXIIDJHHWGHODYHQWLODWLRQ
9RXVSRXYH]YRXVSURFXUHUGHVILOWUHVGH
UHPSODFHPHQWDXSUqVGHYRWUHYHQGHXUYRWUH
UHYHQGHXU*(YRWUH&HQWUHGHVHUYLFHVHWSLqFHV
*(RXGHUpSDUDWHXUV&XVWRPHU&DUH
DXWRULVpV
,QVWUXFWLRQV
GHVpFXULWp
,QVWUXFWLRQVGH
IRQFWLRQQHPHQW
(QWUHWLHQHWQHWWR\DJH ,QVWUXFWLRQV
GHPRQWDJH
(QFDV
GHSDQQH
6RXWLHQDX
FRQVRPPDWHXU
FRONT
FRONT
)LOWUHHQFUDVVp²5HTXLHUW
XQQHWWR\DJH
)LOWUHREVWUXp²5pGXLW
FRQVLGpUDEOHPHQWOH
FOLPDWLVDWLRQOHFKDXIIDJH
HWODYHQWLODWLRQ

4XHVWLRQV"&RPSRVH]OHRXYLVLWH]QRWUHVLWHZHEjZZZHOHFWURPHQDJHUVJHFD
,QVWUXFWLRQV
&RQGLWLRQQHXU
GHPRQWDJH
G·DLU
(;,*(1&(6(10$7,Ê5(
'·$/,0(17$7,21e/(&75,48(
$9(57,66(0(175LVTXHG·pOHFWURFXWLRQ
3HXWFDXVHUGHVEOHVVXUHVYRLUHOHGpFqV&HWDSSDUHLOGRLW
rWUHPLVjODWHUUHFRUUHFWHPHQW(QSUpVHQFHG·XQHSULVH
PXUDOHjWURXVYRXVDYH]ODUHVSRQVDELOLWpHWO·REOLJDWLRQ
GHODIDLUHUHPSODFHUSDUXQHSULVHjWURXV
&HUWDLQVPRGqOHVQpFHVVLWHQWXQHSULVHPLVHj
ODWHUUHGHYROWVFD+]SURWpJpHSDU
XQGLVMRQFWHXURXXQIXVLEOHjIXVLRQWHPSRULVp
GHDPS
/DILFKHWULSKDVpHUpGXLWOHGDQJHUGHVHFRXVVHpOHFWULTXH
6LODSULVHPXUDOHTXHYRXVDOOH]XWLOLVHUQ·HVWTX·XQHSULVH
ELSKDVpHYRXVrWHVUHVSRQVDEOHGHODIDLUHUHPSODFHUSDU
XQHSULVHPXUDOHWULSKDVpHELHQPLVHjODWHUUH
1·HQOHYH]QHFRXSH]RXQ·{WH]MDPDLVODWURLVLqPHEURFKH
GHPLVHjODWHUUHGXFRUGRQG·DOLPHQWDWLRQ
1HFKDQJH]MDPDLVODILFKHGXFRUGRQG·DOLPHQWDWLRQ
GHFHFRQGLWLRQQHXU
8QFkEODJHGHODPDLVRQHQDOXPLQLXPSHXW
RFFDVLRQQHUGHVSUREOqPHVSDUWLFXOLHUV³FRQVXOWH]XQ
pOHFWULFLHQTXDOLILp
&HUWDLQVPRGqOHVQpFHVVLWHQWXQHDOLPHQWDWLRQ
GHYROWVFDSURWpJpHSDUXQGLVMRQFWHXU
RXXQIXVLEOHjIXVLRQWHPSRULVp9RXVGHYH]PRQWHUFHV
PRGqOHVVXUOHXUSURSUHFLUFXLWGpULYpSRXUpYLWHUODVXUFKDUJH
GHVFLUFXLWVGHFkEODJHGHODPDLVRQRXGHO·DSSDUWHPHQWTXL
SHXWRFFDVLRQQHUXQGDQJHUG·LQFHQGLHSDUVXUFKDXIIHGHV
FkEOHV
$9$17'(&200(1&(5
9HXLOOH]OLUHWRXWHVFHVLQVWUXFWLRQV
DWWHQWLYHPHQW
,03257$17³&RQVHUYH]FHVLQVWUXFWLRQV
jO·XVDJHGHO·LQVSHFWHXUORFDO
,03257$17³5HVSHFWH]WRXVOHVFRGHV
HWOHVRUGRQQDQFHVHQYLJXHXU
1RWHDXPRQWHXU²&RQVHUYH]OH0DQXHO
GXSURSULpWDLUH
1RWHDXFRQVRPPDWHXU²&RQVHUYH]FHVLQVWUXFWLRQV
SRXUFRQVXOWDWLRQXOWpULHXUH
1LYHDXGHFRPSpWHQFH²/·LQVWDOODWLRQGHFHWDSSDUHLO
H[LJHGHVFRPSpWHQFHVGHEDVHHQPpFDQLTXH
7HPSVG·H[pFXWLRQ²
(QYLURQKHXUH
1RXVUHFRPPDQGRQVTXHO·LQVWDOODWLRQGHFHSURGXLW
VRLWHIIHFWXpHSDUGHX[SHUVRQQHV
/DUHVSRQVDELOLWpGHO·H[DFWLWXGHGHO·LQVWDOODWLRQ
LQFRPEHjO·LQVWDOODWHXU
/DJDUDQWLHQHFRXYUHSDVOHVGpIHFWXRVLWpVGXSURGXLW
FDXVpHVSDUXQHLQVWDOODWLRQLQDGpTXDWH
,03257$17*(UHFRPPDQGHIRUWHPHQW
GHUHPSODFHUO·DQFLHQORJHPHQWPXUDOSDUXQQRXYHDX
GHPDUTXH*(6LYRXVGpFLGH]GHJDUGHUOHORJHPHQW
PXUDOH[LVWDQWYRXVSRXUULH]DYRLUEHVRLQG·XQHWURXVVH
G·DGDSWDWLRQSRXUREWHQLUXQUHQGHPHQWDGpTXDW
6LYRXVQ·XWLOLVH]3$6GHWURXVVHYRXVULVTXH]G·REWHQLU
XQUHQGHPHQWPpGLRFUHRXXQHGpIDLOODQFHGXSURGXLW
FHTXLQ·HVWSDVFRXYHUWSDUODJDUDQWLH*(
3pULRGHGHURGDJHGXFOLPDWLVHXU
5(0$548(&RPPHWRXWDSSDUHLOPpFDQLTXHGRWp
GHSLqFHVPRELOHVFHWDSSDUHLOSDVVHUDSDUXQH
SpULRGHGHURGDJH$35Ê6/·,167$//$7,21O·DSSDUHLO
GRLWIRQFWLRQQHUSHQGDQWKHXUHVSRXUDWWHLQGUH
O·HȻFDFLWpRSWLPDOH

180e526'(752866(6*(
/HFRUGRQG·DOLPHQWDWLRQSHXWFRPSUHQGUH
XQPpFDQLVPHG·LQWHUUXSWLRQGHFRXUDQW8QERXWRQ
G·HVVDLHWGHUHPLVHHQPDUFKHHVWIRXUQLVXUOHERvWLHU
GHODSULVH9RXVGHYH]HVVD\HUOHPpFDQLVPH
SpULRGLTXHPHQWHQDSSX\DQWG·DERUGVXUOHERXWRQ
7(67HVVDLSXLVVXUOHERXWRQ5(6(7UHPLVHHQ
PDUFKH
6LOHERXWRQ7(67QHEDVFXOHSDVRXVLOHERXWRQ
5(6(7QHUHVWHSDVHQIRQFpFHVVH]G·XWLOLVHUYRWUH
FRQGLWLRQQHXUG·DLUHWDSSHOH]XQWHFKQLFLHQGHVHUYLFH
TXDOLILp
,QVWUXFWLRQVGHPRQWDJH
87,/,6(=/(
180e52'(
752866(*( 3285 '(6&5,37,21
5$%$ 8WLOLVH]FHVWURXVVHVSRXU /RJHPHQWPXUDOVWDQGDUGSRXUFKkVVLVPRGqOH©-ª*ULOOH
$$ WRXVOHVPRGqOHV*(HWOHV H[WpULHXUH5$*HQDOXPLQLXPHVWDPSpLQFOXVH(QOHYH]
DXWUHVPDUTXHVQRQOLVWpHV HWUHPSODFH]OHORJHPHQWH[LVWDQW
5$.$
7RXVOHVPRGqOHV*(
7URXVVHSRXULQVWDOODWLRQGDQVIHQrWUH
5$. 5$%RX 6LYRXVPHWWH]XQHJULOOHH[WpULHXUHRUQHPHQWDOHSHUVRQQDOLVpH
&KkVVLV©-ª XWLOLVH]FHWWHWURXVVHSRXUREWHQLUXQHYHQWLODWLRQDGpTXDWH
5$* 5$%RX *ULOOHH[WpULHXUHHQDOXPLQLXPVWDQGDUGFRPSULVHDYHFOHV
&KkVVLV©-ª ORJHPHQWVPXUDX[5$%HW
5$*( 5$%RX *ULOOHH[WpULHXUHRUQHPHQWDOHjSHUVLHQQHV
&KkVVLV©-ª
287,/6'21792863289(=$92,5%(62,1
Clé anglaise
Niveau
Tournevis à tête Phillips
Scie à main ou scie sauteuse
Perceuse
Crayon
Mètre à ruban ou ridge
Scissors ou couteau
9HXLOOH]OLUHWRXWHVFHVLQVWUXFWLRQVDWWHQWLYHPHQW

,QVWUXFWLRQVGHPRQWDJH
5(7,5(=/$3/$48('(9(5528,//$*(
685/(&Ð7e*$8&+($9$17
1
5e,167$//(=/$3/$48('(
9(5528,//$*((13/$d$17
/$/$1*8(77('(55,Ê5(/(5(%25'
'8/2*(0(17085$/
Plaque de
verrouillage
Enlevez la vis
,167$//$7,21'·8102'Ê/(©-ª'$1681/2*(0(17
085$/(;,67$17
9HXLOOH]OLUHWRXWHVFHVLQVWUXFWLRQVDWWHQWLYHPHQW
/·,17e5,(85'8&21',7,211(85
5(7,5(=7286/(6&2866,1(76
'(3527(&7,216,$33/,&$%/(6,78e
&Ð7e'8&2035(66(85
*/,66(='e/,&$7(0(17/(
&21',7,211(85'$16/(/2*(0(17
$VVXUH]YRXVTXHODWXEXOXUHGHO·DSSDUHLOQ·HQWUH
SDVHQFRQWDFWDYHFOHORJHPHQWPXUDOHWTXH
FHGHUQLHUHVWLQVWDOOpFRUUHFWHPHQW
2
3
),;(=/$*5,//()5217$/(
8QHRXYHUWXUHSRXUOHFRUGRQG·DOLPHQWDWLRQ
VHWURXYHGDQVOHEDVGHODJULOOHIURQWDOH
),;(=/(&25'21'·$/,0(17$7,21
$83/$7($8/·$,'('·81($*5$)(
Agrafe
Cordon
d’alimentation
Plateau du fond
4
5
6
Enlevez les
coussinets
de protection
(si applicable)

,QVWUXFWLRQVGHPRQWDJH
35e3$5$7,21'(/·289(5785(
'$16/(085
$VVXUH]YRXVTX·XQHSULVHPXUDOHVHWURXYH
jSUR[LPLWpGHO·RXYHUWXUHRXLQVWDOOH]HQXQH
/DORQJXHXUGXFRUGRQGHVPRGqOHVYROWV
HVWSRPjGURLWHHWSRPjJDXFKH
'DQVOHFDVGHVPRGqOHVYROWVODORQJXHXU
GXFRUGRQHVWSRPjGURLWHHWSRP
jJDXFKH
1
,167$//$7,2175$9(56/(085
9HXLOOH]OLUHWRXWHVFHVLQVWUXFWLRQVDWWHQWLYHPHQW
6833257'8&21',7,211(85
/HORJHPHQWPXUDOGXFRQGLWLRQQHXUGRLW
rWUHLQVWDOOpHQH[FpGDQWOHPXULQWpULHXURXH[WpULHXU
G·DXPRLQVSRPP
/HVF{WpVILQLVGHO·RXYHUWXUHGRLYHQWrWUHGHV
pOpPHQWVGHFKDUSHQWHGXPXU
/LQWHDX²3RXUOHVPXUVGHPDoRQQHULHXWLOLVH]
XQOLQWHDXSRXUVXSSRUWHUOHVEULTXHVRXOHVEORFV
DXGHVVXVGHO·RXYHUWXUH/HORJHPHQWPXUDO
QHGRLWSDVVHVXEVWLWXHUDXOLQWHDX
6ROLQ²,QVWDOOH]XQVROLQJDUQLWXUHGHJRXWWLqUH
GHODPDQLqUHLOOXVWUpHSRXUHPSrFKHUO·HDX
GHGpJRXWWHUjO·LQWpULHXUGXPXUHWVXUO·H[WpULHXU
GXEkWLPHQW
2
Moulure
(s’il y a lieu)
Panneau
de plâtre
Calfeutrage
(au-dessus
et en-dessous
du solin)
Prolongement minimum
de 1/4 po (6,4 mm)
à partir de la moulure
Intérieur
de la pièce
Solin (garniture
de gouttière)
Parement
de briques
Calfeutrage
(sur les 4 côtés,
à l’extérieur
et l’intérieur
du logement)
Cornière
de linteau
(s’il y a lieu)
6833257'8&21',7,211(85
/HPRUWLHUHQWUHOHORJHPHQWHWODEULTXHDXWRXU
GXORJHPHQWSHXWrWUHFUHXVpjSRXUDPpOLRUHU
OHFDOIHXWUDJH
3
Calfeutrage
Dessus du logement
Intérieur
Extérieur
Mortier
creusé

,QVWUXFWLRQVGHPRQWDJH
,167$//$7,21'()(1Ç75((1237,21
$9(57,66(0(175LVTXHGHEOHVVXUHV/·LQVWDOODWLRQGRLWrWUHFRQIRUPHjFHVGLUHFWLYHV
1pFHVVLWHOHVWURXVVHVG·DFFHVVRLUHVHQRSWLRQ5$.$HWPDQFKRQPXUDO5$%$$RX$
/LVH]WRXWHVFHVLQVWUXFWLRQVDWWHQWLYHPHQW
Conditionneur d’air
Type C (peintes) (6)
Type D (2)
Type E (4)
Grande rondelle (2)
Boulon de réglage (2)
Contre-écrou (2)
Agrafe d’écartement (2)
Quincaillerie pour la ferrure
de support
Type A (9)
Type B (2)
Ferrure
de support
de seuil (2)
Joint
d’étanchéité
de la paroi
latérale du
logement (2)
Joint d’étanchéité inférieur de la fenêtre
Panneaux
de fermeture
Découpez
les panneaux
et jetez la
partie centrale
Ferrure
de verrouillage
de la fenêtre
Bride à
ressort (4)
2 angles
(côtés gauche
et droit)
Joint d’étanchéité
en vinyle de la fenêtre
Joint d’étanchéité de la paroi
supérieure du logement
Joint d’étanchéité
supérieur en mousse
de la fenêtre
%
Côté
droit
$
Côté
gauche
(les trous sont du côté gauche)
(les trous sont du côté droit)
,16758&7,2165(/$7,9(6/$)(1Ç75(
&HVLQVWUXFWLRQVV·DSSOLTXHQWDX[IHQrWUHVjJXLOORWLQH
jGHX[FKkVVLVPRELOHV(OOHVGHYURQWrWUHDGDSWpHVSRXU
OHVDXWUHVW\SHVGHIHQrWUHV
/HFRQGLWLRQQHXUSHXWrWUHPRQWpVDQVOHVSDQQHDX[
DFFRUGpRQVVLODIHQrWUHHVWpWURLWH9R\H]OHVGLPHQVLRQV
GHO·RXYHUWXUHGHIHQrWUHGDQVO·LOOXVWUDWLRQjGURLWH
7RXWHODIHUUXUHGHPRQWDJHGRLWrWUHIL[pHVROLGHPHQW
VXUOHERLVODPDoRQQHULHRXOHPpWDO
/DSULVHG·DOLPHQWDWLRQpOHFWULTXHGRLWVHWURXYHUGDQV
ODSRUWpHGXFRUGRQG·DOLPHQWDWLRQ
1
Les dimensions de l’ouverture de fenêtre s’appliquent
aux fenêtres à guillotine à deux châssis mobiles.
17 po min.
31 po à 43 po
(avec panneaux de fermeture)
26
1
⁄4 po min. (sans panneaux de fermeture)

,16758&7,2165(/$7,9(6
/$&2175()(1Ç75(
/HFDGUHGHODFRQWUHIHQrWUHHPSrFKHOH
FRQGLWLRQQHXUGHSHQFKHUYHUVO·H[WpULHXUHWGRQF
GHVHGUDLQHUDGpTXDWHPHQW3RXUUpJOHUFHSUREOqPH
IL[H]XQHSLqFHGHERLVVXUOHUHERUGGHIHQrWUH
3,Ê&(6'(%2,6
/$5*(85SR
/21*8(856XIILVDPPHQWORQJXHSRXUVHORJHU
jO·LQWpULHXUGXFDGUHGHIHQrWUH
e3$,66(853RXUGpWHUPLQHUO·pSDLVVHXUSODFH]XQHSLqFH
GHERLVVXUOHUHERUGGHODIHQrWUHGHIDoRQjFHTXH
ODSLqFHVRLWSRSOXVpOHYpHTXHOHGHVVXVGXFDGUH
GHODFRQWUHIHQrWUH
)L[H]VROLGHPHQWjO·DLGHGHVFORXVRXGHVYLVIRXUQLHV
SDUO·LQVWDOODWHXU
2
1/2 po plus
élevé que
le cadre
Cadre de la
contre-fenêtre
Rebord
Seuil
Bois
5(7,5(=/(&21',7,211(85'(621
/2*(0(17
5HWLUH]ODJULOOHIURQWDOH&RQVXOWH]ODVHFWLRQ
(QWUHWLHQHWQHWWR\DJH
7URXYH]ODSODTXHGHYHUURXLOODJHVLWXpHGXF{Wp
DYDQWJDXFKH
(QOHYH]ODYLVHWODSODTXHGHYHUURXLOODJHSRXU
GpYHUURXLOOHUOHFRQGLWLRQQHXU
5HWLUH]HWMHWH]ODYLVVLWXpHjO·DUULqUHGX
FRQGLWLRQQHXUSRXUSHUPHWWUHGHGpJDJHU
OHFRQGLWLRQQHXUGHVRQORJHPHQW
7LUH]OHVFRLQVLQIpULHXUVGXFRQGLWLRQQHXU
HWIDLWHVOHJOLVVHUjO·H[WpULHXUGXORJHPHQW
(QOHYH]WRXVOHVFRXVVLQHWVGHSURWHFWLRQ
VLDSSOLFDEOHVLWXpSUqVGXFRPSUHVVHXU
jO·LQWpULHXUGXFRQGLWLRQQHXU
(QOHYH]ODJULOOHDUULqUHIL[pHDYHFGXUXEDQGHUULqUH
OHORJHPHQW(QOHYH]OHSDTXHWGHYLVDWWDFKpDYHF
GXUXEDQjO·DUULqUHGHODJULOOH(QODWHQDQWjXQDQJOH
GHLQVpUH]ODJULOOHGDQVOHVDJUDIHVVLWXpHVGDQV
ODSDUWLHVXSpULHXUHGXORJHPHQWHWSRXVVH]VXUOHEDV
GHODJULOOHSRXUODPHWWUHHQSODFH0DLQWHQH]XQH
OpJqUHSUHVVLRQYHUVOHKDXWGHODJULOOHMXVTX·jFH
TX·HOOHVHORJHFRQWUHODSDUWLHLQIpULHXUHGXORJHPHQW
3
A
B
C
Plaque de
verrouillage
Retirez la vis
D
Retirez la vis
E
F
6LYRXVIL[H]ODJULOOH
GHSXLVO·H[WpULHXUGX
ORJHPHQWXWLOLVH]GHX[
YLVORQJXHV
6LODJULOOHHVWIL[pHGHSXLV
O·LQWpULHXUGXERvWLHU
XWLOLVH]YLVFRXUWHV
G
Agrafes
Insérez les deux vis longues
depuis l’extérieur
Insérez les deux vis courtes
depuis l’intérieur
,QVWUXFWLRQVGHPRQWDJH
Enlevez les
coussinets
de protection
(si applicable)

,167$//$7,21'()(1Ç75((1237,21VXLWH
,QVWUXFWLRQVGHPRQWDJH
,167$//(=/(668332576'(6(8,/
)L[H]OHVVXSSRUWVGHVHXLO1HVHUUH]SDV
FRPSOqWHPHQWOHVYLVGHPRQWDJHGHO·DJUDIH
G·pFDUWHPHQWSRXUO·LQVWDQW
$YDQWGHIL[HUOHVVXSSRUWVGHVHXLOSODFH]OHV
VXUOHUHERUGGHODIHQrWUH3ODFH]O·DJUDIH
G·pFDUWHPHQWOHSOXVSUqVSRVVLEOHGXSRLQW
OHSOXVH[WpULHXUGXVHXLO6HUUH]OHVYLVGHPRQWDJH
GHO·DJUDIHG·pFDUWHPHQW
9LVVH]OHVERXORQVHWVHUUH]OHVFRQWUHpFURXV
GHIDoRQjPHWWUHOHVVXSSRUWVGHVHXLOGHQLYHDX
RXLQFOLQpVGHSRYHUVO·H[WpULHXU$OLJQH]O·HQFRFKH
HQ©9ªVXUOHVPDUTXHVWUDFpHVj
øSR3HUFH]
GHVDYDQWWURXVHWIL[H]OHVVXSSRUWVGHVHXLO
5(0$548(6
'DQVOHFDVG·XQVHXLOpWURLWO·HVSDFHSHXWV·DYpUHU
LQVXIILVDQWSRXUXWLOLVHUXQFRQWUHpFURX
8QVHXLOSURIRQGpPHQWGpFDOpSHXWH[LJHUO·XWLOLVDWLRQ
G·XQERXORQGHUpJODJHSOXVORQJTXHOHERXORQjWrWH
KH[DJRQDOHVWDQGDUGIRXUQL
3RXUHPSrFKHUOHERXORQGHV·HQIRQFHUGDQVXQVHXLO
HQERLVXWLOLVH]XQHURQGHOOHGHJUDQGIRUPDWHQWUH
ODWrWHGXERXORQHWOHVHXLO
35e3$5(=/$)(1Ç75(
7UDFH]ODOLJQHGHFHQWUHGXUHERUGGHIHQrWUH
0HVXUH]
øSRGHFKDTXHF{WpGHODOLJQH
GHFHQWUHSRXUWUDFHUODSRVLWLRQGHVSDQQHDX[
0HVXUH]
øSRGHFKDTXHF{WpGHODOLJQHGHFHQWUH
SRXUGpWHUPLQHUODSRVLWLRQGHVIHUUXUHVGHVXSSRUW
GHVHXLO
4
A
B
5
A
B
C
Seuil standard
Seuil étroit
Seuil décalé (comme la brique ou la pierre)
Support de seuil
Agrafe d’écartement
Contre-écrou
Boulon de réglage
Grande rondelle
(pour seuils en bois)
Support
de seuil
Agrafe
d’écartement
Type B
Type E
Vis de montage de l’agrafe
d’écartement Type (A)
Rebord
Les vis sont en place
Encoche
en « V »
du support
Seuil
Boulon
Rebord
Seuil
13
3
⁄8 po
Ligne de centre
Rebord
Seuil
Extérior
Extérior
Intérior
Intérior
13
3
⁄8 po
12
3
⁄8 po
12
3
⁄8 po
Ligne de centre
Extérior
Intérior

0(685(=&283(=(7,167$//(=/(6
3$11($8;'()(50(785(
'HFKDTXHF{Wp$HW%PHVXUH]ODGLVWDQFHHQWUH
ODPDUTXHGXSDQQHDXYRLU3UpSDUH]ODIHQrWUHHW
O·LQWpULHXUGXUDLOGHODIHQrWUH
7UDFH]OHVGLVWDQFHV$HW%GHFKDTXHF{Wp
GHODSLqFHjGpFRXSHU&RXSH]OHVSDQQHDX[
HWMHWH]OHPRUFHDXGXFHQWUH5HPDUTXH]
ODSRVLWLRQGHVHQFRFKHV
$VVHPEOH]OHVFRPSRVDQWVGHVSDQQHDX[
(QOHYH]OHGRXEODJHHQSDSLHUGXMRLQWG·pWDQFKpLWp
GHODSDURLODWpUDOHGXERvWLHUHWIL[H]OHMRLQW
VXUO·DQJOH3RXVVH]XQHSRLQWHGHFUD\RQjWUDYHUV
OHVMRLQWVSRXUORFDOLVHUOHVWURXVGHVDQJOHV
0RQWH]OHVSDQQHDX[GDQVODIHQrWUH3ODFH]OHVEULGHV
jUHVVRUWjSRGXKDXWHWGXEDVGHVSDQQHDX[
3OLH]HWSRXVVH]OHVEULGHVSRXUOHVORJHUGDQVOHVUDLOV
GHODIHQrWUHHWLQVpUH]ODODQJXHWWHGDQVOHVXSSRUW
GHVHXLO
,QVWUXFWLRQVGHPRQWDJH
6
A
B
C
D
Seuil
A
Largeur du
conditionneur
(marques des panneaux))
Côté
gauche
Rail de la fenêtre
B
Côté
droit
13
3
⁄8 po 13
3
⁄8 po
%$
Joint
d’étanchéité
Type C
(vis peintes)
Joint
d’étanchéité
Angle
Panneau
Languette
Angle
Insérez la languette
dans le support
de seuil
Panneaux
de fermeture
Découpez les
panneaux et
jetez la partie
centrale
Côté
droit
Côté
gauche
(les trous sont du côté gauche)
(les trous sont du côté droit)
3 po
Extérior
Intérior

,167$//$7,21'()(1Ç75((1237,21VXLWH
,QVWUXFWLRQVGHPRQWDJH
0217(=/(/2*(0(17
'$16/$)(1Ç75(
(QOHYH]OHGRXEODJHHQSDSLHUGXMRLQWG·pWDQFKpLWp
LQIpULHXUGHODIHQrWUH
3ODFH]OHMRLQWG·pWDQFKpLWpVXUOHUHERUGGHOD
IHQrWUHHWSDUGHVVXVOHVVXSSRUWVjpJDOLWpDYHF
OHERUGDUULqUHVXUIDFHDGKpVLYHYHUVOHEDV
)DLWHVGpOLFDWHPHQWJOLVVHUOHORJHPHQWYLGHGDQV
ODIHQrWUHMXVTX·jFHTXHOHVWURXVGXORJHPHQW
V·DOLJQHQWVXUOHVWURXVGHVDQJOHVGHVSDQQHDX[
5(0$548(
/HORJHPHQWGHYUDLWDYRLUXQHLQFOLQDLVRQPLQLPDOH
GHSRYHUVO·H[WpULHXU
$VVXUH]YRXVTXHOHVMRLQWVG·pWDQFKpLWpGHPHXUHQW
HQSODFHHWQHURXOHQWSDVDYHFOHERvWLHU
%DLVVH]ODIHQrWUHSRXUTX·HOOHUHSRVHGHUULqUH
OHVODQJXHWWHVGHVSDQQHDX[,QVpUH]OHVTXDWUH
YLVGHW\SH$jWUDYHUVOHVWURXVGXORJHPHQW
HWOHVWURXVGHVDQJOHVGHX[GHFKDTXHF{Wp
/DIHQrWUHpWDQWIHUPpHPDUTXH]O·HQGURLW
ROHFKkVVLVGHODIHQrWUHHQWUHHQFRQWDFWDYHF
OHORJHPHQWGXFRQGLWLRQQHXU
(QOHYH]OHGRXEODJHHQSDSLHUGXMRLQWG·pWDQFKpLWp
GHODSDURLVXSpULHXUHGXORJHPHQW
7HQH]ELHQOHORJHPHQWRXYUH]ODIHQrWUHHWSODFH]
OHMRLQWG·pWDQFKpLWpOHORQJGHODPDUTXHWUDFpH
VXUOHORJHPHQW
3ODFH]OHMRLQWG·pWDQFKpLWpHQYLQ\OHGHODIHQrWUH
SDUGHVVXVOHMRLQWG·pWDQFKpLWpGHODSDURLVXSpULHXUH
GXORJHPHQW,QVpUH]OHVODQJXHWWHVGHVSDQQHDX[
GDQVOHVIHQWHVGXMRLQWG·pWDQFKpLWp&RXSH]OHMRLQW
GHFKDTXHF{WpjODODUJHXUGHODIHQrWUH
)HUPH]ODIHQrWUHIHUPHPHQWVXUOHMRLQWG·pWDQFKpLWp
HQYLQ\OH&RXUEH]OHMRLQWG·pWDQFKpLWpYHUVO·DYDQW
SRXUH[SRVHUOHVODQJXHWWHVGHVSDQQHDX[3HUFH]
GHVDYDQWWURXVGDQVOHFKkVVLVGHODIHQrWUH
7
A
B
C
D
E
F
G
H
I
Joint d’étanchéité inférieur de la fenêtre
Trous du logement
Languettes
des panneaux
Vis du
logement
Placez le joint
d’étanchéité
à l’endroit
où la fenêtre
se ferme sur
le dessus
du logement.
Languette
de panneau
Joint d’étanchéité
en vinyle de la fenêtre
De chaque côté, fixez
la languette de panneau
à la fenêtre à l’aide d’une
vis de type D.

,QVWUXFWLRQVGHPRQWDJH
5(3/$&(=/(&21',7,211(85
'$16621/2*(0(17
)DLWHVGpOLFDWHPHQWJOLVVHUOHFRQGLWLRQQHXUGDQV
VRQORJHPHQW
)L[H]OHFRUGRQG·DOLPHQWDWLRQDXSODWHDXGXIRQG
jO·DLGHGHO·DJUDIH
5HPHWWH]ODSODTXHGHYHUURXLOODJHHQSODFH
HQPHWWDQWODODQJXHWWHGHUULqUHOHUHERUGGHODSDURL
GXORJHPHQW6HUUH]ODYLV
)L[H]ODJULOOHIURQWDOH8QHRXYHUWXUHSRXUOHFRUGRQ
G·DOLPHQWDWLRQVHWURXYHGDQVOHEDVGHODJULOOH
IURQWDOH
%RXFKH]OHVWURXVHWOHVILVVXUHVDYHFGXFDOIHXWUDJH
IRXUQLSDUO·LQVWDOODWHXU
0217(=/(-2,17'·e7$1&+e,7e
(102866('(/$)(1Ç75((7
/$)(5585('(9(5528,//$*(
&RXSH]jODODUJHXUGHODIHQrWUHOHMRLQW
G·pWDQFKpLWpVXSpULHXUHQPRXVVH
,QVpUH]ODPRXVVHHQWUHODYLWUHHWODIHQrWUHSRXU
HPSrFKHUO·DLUHWOHVLQVHFWHVGHSpQpWUHUGDQV
ODSLqFH
)L[H]ODIHUUXUHGHYHUURXLOODJHGHODIHQrWUHjO·DLGH
G·XQHYLVGHW\SH(
8
A
B
9
A
B
C
C
D
E
Agrafe
Cordon
d’alimentation
Plateau
du fond
Plaque de
verrouillage
Serrez la vis

$YDQWG·DSSHOHUOHVHUYLFH
(QFDVGHSDQQHeFRQRPLVH]GXWHPSVHWGHO·DUJHQWeWXGLH]OHWDEOHDXFLGHVVRXVYRWUHDSSHOGHVHUYLFHHVWSHXWrWUHLQXWLOH
%UXLWVQRUPDX[GHIRQFWLRQQHPHQW
9RXVSRXYH]HQWHQGUHXQFOLTXHWLVGjGHO·HDXTXL
HVWDEVRUEpHHWHVWSURMHWpHFRQWUHOHFRQGHQVDWHXUOHV
MRXUVGHSOXLHRTXDQGLO\DEHDXFRXSG·KXPLGLWp&HWWH
FDUDFWpULVWLTXHGLPLQXHO·KXPLGLWpHWDPpOLRUH
OHUHQGHPHQW
9RXVSRXYH]HQWHQGUHOHFODTXHPHQWGXWKHUPRVWDW
TXDQGOHFRPSUHVVHXUVHPHWHQPDUFKHHWV·DUUrWH
'HO·HDXV·DPDVVHGDQVOHSODWHDXGXEDVSHQGDQWOHV
SpULRGHVGHJUDQGHKXPLGLWpRXV·LOSOHXW&HWWHHDXSHXW
GpERUGHUHWFRXOHUGHO·DSSDUHLOGXF{WpH[WpULHXU
/HYHQWLODWHXUSHXWWRXUQHUPrPHTXDQGOHFRPSUHVVHXU
QHIRQFWLRQQHSDV
3UREOqPH &DXVHVSRVVLEOHV 4XHIDLUH
/HFRQGLWLRQQHXUQHVH /HFRQGLWLRQQHXU $VVXUH]YRXVTXHODILFKHGXFRQGLWLRQQHXUVRLWELHQEUDQFKpH
PHWSDVHQPDUFKH HVWGpEUDQFKp GDQVODSULVHPXUDOH
/HIXVLEOHDVDXWp 9pULILH]ODERvWHjIXVLEOHjGLVMRQFWHXUVHWUHPSODFH]OHIXVLEOH
OHGLVMRQFWHXUHVWRXYHUW RXUHEUDQFKH]OHGLVMRQFWHXU
,O\DXQHSDQQHGHFRXUDQW 6·LOVHSURGXLWXQHSDQQHGHFRXUDQWGpEUDQFKH]OHFRQGLWLRQQHXU
HQOHPHWWDQWHQSRVLWLRQ2))
DUUrW
4XDQGOHFRXUDQWUHYLHQW
DWWHQGH]PLQXWHVDYDQWGHUHPHWWUHHQPDUFKHOHFRQGLWLRQQHXU
SRXUpYLWHUGHGpFOHQFKHUODVXUFKDUJHGXFRPSUHVVHXU
/HPpFDQLVPHG·LQWHUUXSWLRQ $SSX\H]VXUOHERXWRQ5(6(7UHPLVHHQPDUFKHVLWXpVXUODILFKH
GHFRXUDQWHVWGpFODQFKp GXFRUGRQpOHFWULTXH
6LOHERXWRQ5(6(7QHUHVWHSDVHQIRQFpDUUrWH]OHFRQGLWLRQQHXU
G·DLUHWDSSHOH]XQWHFKQLFLHQTXDOLILp
/HFRQGLWLRQQHXUQH /DFLUFXODWLRQG·DLUHVWEORTXpH $VVXUH]YRXVTX·LOQ·\DSDVGHULGHDXGHVWRUHRXGHPHXEOH
UHIURLGLWRXQHFKDXIIH TXLEORTXHOHGHYDQWGXFRQGLWLRQQHXU
FHUWDLQVPRGqOHVSDV
/HFRQWU{OHGHWHPSpUDWXUH (QPRGH&22/
IUDLV
RX+($7
FKDOHXU
FHUWDLQVPRGqOHV
FRPPHLOGHYUDLW
Q·HVWSDVELHQUpJOp DSSX\H]VXUODWRXFKH'(&5($6(²SDG
/HILOWUHjDLUHVWVDOH 1HWWR\H]OHILOWUHDXPRLQVWRXVOHVMRXUV&RQVXOWHUODVHFWLRQ
,QVWUXFWLRQVGHIRQFWLRQQHPHQW
/DFKDPEUHpWDLWFKDXGH $SUqVDYRLUPLVHQPDUFKHOHFRQGLWLRQQHXUDWWHQGH]
TXHODFKDPEUHVHUHIURLGLVVH
/·DLUIURLGV·pFKDSSH 9pULILH]OHVJULOOHVjUHJLVWUHGHSODQFKHUHWOHVUHSULVHVG·DLUIURLG
GHODFKDPEUH
$VVXUH]YRXVTXHO·pYHQWGXFRQGLWLRQQHXUHVWjODSRVLWLRQIHUPpH
/HVVHUSHQWLQVVRQWJHOpV &RQVXOWH]´/HFRQGLWLRQQHXUG·DLUJqOHµFLGHVVRXV
/HFRQGLWLRQQHXU /DJODFHEORTXHODFLUFXODWLRQ 5pJOH]OHVFRPPDQGHVj+,*+)$1
KDXWYHQWLODWHXU
G·DLUJqOH G·DLUHWHPSrFKHOHRX+,*+&22/
KDXWIUDLV
HWUpJOH]OHWKHUPRVWDWjXQH
FRQGLWLRQQHXUGH
WHPSpUDWXUHSOXVpOHYpHSRXUIDLUHIRQGUHODJODFH
UHIURLGLUODFKDPEUH
/DWpOpFRPPDQGH /HVSLOHVQHVRQWSDVLQVpUpHV 9pULILH]ODSRVLWLRQGHVSLOHV(OOHVGRLYHQWrWUHLQVpUpHV
QHIRQFWLRQQHSDV FRUUHFWHPHQW FRUUHFWHPHQW
/HVSLOHVVRQWSHXWrWUH 5HPSODFHUOHVSLOHV
GpFKDUJpHV
'HO·HDXFRXOHjO·H[WpULHXU ,OIDLWWUqVFKDXGHWKXPLGH &·HVWQRUPDO
'HO·HDXFRXOHjO·LQWpULHXU /HFRQGLWLRQQHXUQ·HVWSDV 3RXUREWHQLUXQHERQQHpYDFXDWLRQGHO·HDXDVVXUH]YRXV
LQFOLQpYHUVO·H[WpULHXU TXHOHFRQGLWLRQQHXUVRLWOpJqUHPHQWLQFOLQpGHO·DYDQW
GXERvWLHUYHUVO·DUULqUH
/·HDXV·DPDVVHGDQV /·KXPLGLWpHVWH[WUDLWHGH &·HVWQRUPDOSHQGDQWXQHSpULRGHFRXUWHGDQVGHVUpJLRQV
OHSODWHDXGXIRQG O·DLUGHODFKDPEUHHWSDVVH SHXKXPLGHVQRUPDOSHQGDQWGHVSpULRGHVSOXVORQJXHV
GDQVOHSODWHDXGXIRQG GDQVGHVUpJLRQVWUqVKXPLGHV
6RXWLHQDX
FRQVRPPDWHXU
(QFDV
GHSDQQH
,QVWUXFWLRQVGH
PRQWDJH
(QWUHWLHQ
HWQHWWR\DJH
,QVWUXFWLRQVGH
IRQFWLRQQHPHQW
,QVWUXFWLRQV
GHVpFXULWp

&HWWHJDUDQWLHFRXYUHO·DFKHWHXURULJLQDOHWWRXWSRVVHVVHXUVXEVpTXHQWGHSURGXLWVDFKHWpVSRXUXQXVDJH
DX&DQDGD6LOHSURGXLWHVWLQVWDOOpGDQVXQHUpJLRQRQHVHWURXYHDXFXQUpSDUDWHXUDXWRULVp*(YRXV
GHYUH]SHXWrWUHDVVXPHUOHVIUDLVGHWUDQVSRUWRXDSSRUWHUH[SpGLHUOHSURGXLWjXQFHQWUHGHVHUYLFH
DXWRULVp*(
&HUWDLQHVSURYLQFHVQHSHUPHWWHQWSDVO·H[FOXVLRQRXODOLPLWDWLRQGHVGRPPDJHVLQGLUHFWVRXFRQVpFXWLIV
HWSDUFRQVpTXHQWO·H[FOXVLRQFLGHVVXVSHXWQHSDVV·DSSOLTXHUjYRXV&HWWHJDUDQWLHYRXVGRQQHGHV
GURLWVMXULGLTXHVSDUWLFXOLHUVHWYRXVSRXYH]pJDOHPHQWDYRLUG·DXWUHVGURLWVTXLYDULHQWG·XQHSURYLQFHj
O·DXWUH3RXUFRQQDvWUHYRVGURLWVMXULGLTXHVGDQVYRWUHSURYLQFHFRQVXOWH]YRWUHEXUHDXORFDORXSURYLQFLDO
GHSURWHFWLRQGHVFRQVRPPDWHXUV
*DUDQW*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<
*DUDQWLHGXFRQGLWLRQQHXUG·DLU
/HVGpSODFHPHQWVGHVHUYLFHjYRWUHPDLVRQSRXUYRXV
DSSUHQGUHjXWLOLVHUOHSURGXLW
8QPRQWDJHXQHOLYUDLVRQRXXQHQWUHWLHQGpILFLHQW
6LYRXVDYH]XQSUREOqPHGHPRQWDJH
RXVLOHFRQGLWLRQQHXUQ·DSDVODERQQHFDSDFLWpGH
UHIURLGLVVHPHQWSRXUVRQXVDJHSUpYXDSSHOH]YRWUH
UHYHQGHXURXYRWUHLQVWDOODWHXU9RXVrWHVUHVSRQVDEOH
GHIRXUQLUXQHLQVWDOODWLRQGHUDFFRUGHPHQWpOHFWULTXH
FRQYHQDEOH
/HVSDQQHVRFFDVLRQQpHVSDUGHVPRGLILFDWLRQV
DXSURGXLWRXXQHXWLOLVDWLRQQRQUDLVRQQDEOH
HQSDUWLFXOLHUXQHDEVHQFHG·HQWUHWLHQUDLVRQQDEOH
HWQpFHVVDLUH
'DQVOHVHPSODFHPHQWVFRPPHUFLDX[ODPDLQ
G·±XYUHQpFHVVDLUHSRXUGpPpQDJHUO·DSSDUHLOMXVTX·j
XQHPSODFHPHQWRLOHVWDFFHVVLEOHSDUXQWHFKQLFLHQ
SDUWLFXOLHU
/HUHPSODFHPHQWGHVIXVLEOHVGHODPDLVRQ
RXODUpDFWLYDWLRQGHVGLVMRQFWHXUV
/HVSDQQHVRFFDVLRQQpHVSDUODFRUURVLRQVXUOHV
PRGqOHVTXLQHVRQWSDVSURWpJpVFRQWUHODFRUURVLRQ
/HVGRPPDJHVRFFDVLRQQpVSDUXQPDXYDLVYROWDJH
GHO·DOLPHQWDWLRQpOHFWULTXHXQDFFLGHQWXQLQFHQGLH
XQHLQRQGDWLRQRXXQHFDODPLWpQDWXUHOOH
/HVGRPPDJHVLQGLUHFWVHWFRQVpFXWLIVjODSURSULpWp
SHUVRQQHOOHRFFDVLRQQpVSDUGHVYLFHVSRVVLEOHVGH
FHFRQGLWLRQQHXU
/HVGRPPDJHVRFFDVLRQQpVSDUODOLYUDLVRQ
/HVHUYLFHV·LOHVWLPSRVVLEOHG·DYRLUDFFqVDXSURGXLW
SRXUFHIDLUH
&HTXLQ·HVWSDVFRXYHUW
$JUDIH]OHUHoXG·DFKDWLFL
3RXUREWHQLUOHVHUYLFHVRXV
JDUDQWLHYRXVGHYUH]IRXUQLU
ODSUHXYHGHO·DFKDWRULJLQDO
3RXUODSpULRGHGH 1RXVUHPSODFHURQV
8QDQ 7RXWHSLqFHGXFRQGLWLRQQHXUTXLQHIRQFWLRQQHSDVjFDXVHG·XQYLFHGHPDWpULDX
SDUWLUGHODGDWH RXGHPDLQG·±XYUH3HQGDQWFHWWHJDUDQWLHOLPLWpHG·XQDQQRXVIRXUQLURQVpJDOHPHQW
G·DFKDWRULJLQDO JUDWXLWHPHQWWRXWHODPDLQG·±XYUHHWOHVHUYLFHFRQQH[HQpFHVVDLUHVSRXUUHPSODFHUOD
SLqFHGpIHFWXHXVH
&LQTDQV
7RXWpOpPHQWGXV\VWqPHGHUpIULJpUDWLRQVFHOOpOHFRPSUHVVHXUOHFRQGHQVDWHXUO·pYDSRUDWHXU
SDUWLUGHODGDWH HWWRXVOHVWX\DX[GHFRQQH[LRQTXLQHIRQFWLRQQHSDVjFDXVHG·XQYLFHGHPDWpULDXRXGH
G·DFKDWRULJLQDO PDLQG·±XYUH3HQGDQWFHWWHJDUDQWLHOLPLWpHDGGLWLRQQHOOHGHTXDWUHDQVQRXVIRXUQLURQV
pJDOHPHQWJUDWXLWHPHQWWRXWHODPDLQG·±XYUHHWOHVHUYLFHFRQQH[HQpFHVVDLUHVSRXU
UHPSODFHUODSLqFHGpIHFWXHXVH
7RXWOHVHUYLFHHQYHUWXGHODJDUDQWLHHVWRIIHUWSDUQRVFHQWUHV
GHVHUYLFHG·XVLQHRXSDUXQWHFKQLFLHQDXWRULVpGH&XVWRPHU
&DUH
3RXUREWHQLUOHVHUYLFHFRQWDFWH]*RUGRQ:LOOLDPV
&RUSDX9HXLOOH]IRXUQLUOHQXPpURGHVpULH
HWOHQXPpURGHPRGqOHORUVTXHYRXVDSSHOH]SRXUREWHQLUOH
VHUYLFH
(;&/86,21'(*$5$17,(6,03/,&,7(6²9RWUHVHXOHWXQLTXHUHFRXUVHVWODUpSDUDWLRQGXSURGXLW
VHORQOHVGLVSRVLWLRQVGHFHWWH*DUDQWLHOLPLWpH7RXWHVOHVJDUDQWLHVLPSOLFLWHVLQFOXDQWOHV
JDUDQWLHVGHFRPPHUFLDOLWpHWG·DGpTXDWLRQjXQXVDJHVSpFLILTXHVRQWOLPLWpHVjXQHDQQpH
RXjODSpULRGHODSOXVFRXUWHDXWRULVpHSDUODOpJLVODWLRQ
,QVWUXFWLRQV
GHVpFXULWp
,QVWUXFWLRQVGH
IRQFWLRQQHPHQW
(QWUHWLHQHWQHWWR\DJH ,QVWUXFWLRQV
GHPRQWDJH
(QFDV
GHSDQQH
6RXWLHQDX
FRQVRPPDWHXU

6RXWLHQDXFRQVRPPDWHXU
6LWH:HEDSSDUHLOVpOHFWURPpQDJHUV*(
ZZZHOHFWURPHQDJHUVJHFD
9RXVDYH]XQHTXHVWLRQRXYRXVDYH]EHVRLQG·DLGHSRXUYRWUHDSSDUHLOpOHFWURPpQDJHU"&RQWDFWH]QRXV
SDU,QWHUQHWDXVLWHZZZHOHFWURPHQDJHUVJHFDKHXUHVSDUMRXUWRXVOHVMRXUVGHO·DQQpH
6HUYLFHGHUpSDUDWLRQV
6HUYLFHGHUpSDUDWLRQV*(HVWWRXWSUqVGHYRXV
3RXUIDLUHUpSDUHUYRWUHpOHFWURPpQDJHU*(LOVXIILWGHQRXVWpOpSKRQHU
6WXGLRGHFRQFHSWLRQUpDOLVWH
6XUGHPDQGH*(SHXWIRXUQLUXQHEURFKXUHVXUO·DPpQDJHPHQWG·XQHFXLVLQHSRXUOHVSHUVRQQHV
jPRELOLWpUpGXLWH
eFULYH]'LUHFWHXU5HODWLRQVDYHFOHVFRQVRPPDWHXUV0DEH&DQDGD,QF
%XUHDX)DFWRU\/DQH
0RQFWRQ1%(&0
3LqFHVHWDFFHVVRLUHV
&HX[TXLGpVLUHQWUpSDUHUHX[PrPHVOHXUVpOHFWURPpQDJHUVSHXYHQWUHFHYRLUSLqFHVHWDFFHVVRLUHV
GLUHFWHPHQWjODPDLVRQFDUWHV9,6$0DVWHU&DUGHW'LVFRYHUDFFHSWpHV
/HVGLUHFWLYHVVWLSXOpHVGDQVOHSUpVHQWPDQXHOSHXYHQWrWUHHIIHFWXpHVSDUQ·LPSRUWHTXHOXWLOLVDWHXU
/HVDXWUHVUpSDUDWLRQVGRLYHQWJpQpUDOHPHQWrWUHHIIHFWXpHVSDUXQWHFKQLFLHQTXDOLILp6R\H]SUXGHQW
FDUXQHUpSDUDWLRQLQDGpTXDWHSHXWDIIHFWHUOHIRQFWLRQQHPHQWVpFXULWDLUHGHO·DSSDUHLO
9RXVWURXYHUH]GDQVOHVSDJHVMDXQHVGHYRWUHDQQXDLUHOHQXPpURGX&HQWUHGHVHUYLFH0DEHOHSOXVSURFKH
$XWUHPHQWDSSHOH]QRXVDX
&RQWDFWH]QRXV
6LYRXVQ·rWHVSDVVDWLVIDLWGXVHUYLFHDSUqVYHQWHGRQWYRXVDYH]EpQpILFLp
3UHPLqUHPHQWFRPPXQLTXH]DYHFOHVJHQVTXLRQWUpSDUpYRWUHDSSDUHLO
(QVXLWHVLYRXVQ·rWHVWRXMRXUVSDVVDWLVIDLWHQYR\H]WRXVOHVGpWDLOV³QXPpURGHWpOpSKRQHFRPSULV³DX
'LUHFWHXU5HODWLRQVDYHFOHVFRQVRPPDWHXUV0DEH&DQDGD,QF
%XUHDX)DFWRU\/DQH
0RQFWRQ1%(&0
,QVFULYH]YRWUHDSSDUHLOpOHFWURPpQDJHU
,QVFULYH]YRWUHDSSDUHLOpOHFWURPpQDJHUHQGLUHFWDXVVLW{WTXHSRVVLEOH&HODDPpOLRUHUDQRV
FRPPXQLFDWLRQVHWQRWUHVHUYLFHDSUqVYHQWH9RXVSRXYH]pJDOHPHQWQRXVHQYR\HUSDUODSRVWH
OHIRUPXODLUHG·LQVFULSWLRQMRLQWjYRWUHGRFXPHQWDWLRQ

,QVWUXFFLRQHVGHVHJXULGDG
,QVWUXFFLRQHVGHRSHUDFLyQ²
&XLGDGR\OLPSLH]D
)LOWURGHDLUH
5HMLOODGHODQWHUD
5HMLOOD\FDMD
%RELQDVSDUDH[WHULRUHV
,QVWUXFFLRQHVGHLQVWDODFLyQ
$QWHVGHHPSH]DU
&yPRLQVWDODUXQPRGHOR-HQ
XQDFDMDGHSDUHGH[LVWHQWH
,QVWDODFLyQRSFLRQDODWUDYpV
GHODSDUHG
,QVWDODFLyQGHYHQWDQD³
RSFLRQDOHQPRGHORVTXH
YLHQHQHTXLSDGRV²
6ROXFLRQDUSUREOHPDV
$QWHVGHOODPDUSDUD
VROLFLWDUVHUYLFLR
6RQLGRVQRUPDOHVGHRSHUDFLyQ
$SR\RDOFRQVXPLGRU
$SR\RDOFRQVXPLGRU&XELHUWDWUDVHUD
*DUDQWtD
(VFULEDORVQ~PHURVGHPRGHOR
\VHULHDTXt
GH0RGHORBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GH6HULHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(VWRVQ~PHURVVHHQFXHQWUDQHQXQDHWLTXHWD
XELFDGDGHWUiVGHOJDELQHWHGHODPELHQWHVREUHOD
EDQGHMDGHODEDVH
$FRQGLFLRQDGRUGHDLUH
0DQXDOGHOSURSLHWDULR
\LQVWUXFFLRQHV
GHLQVWDODFLyQ
5HIUHVFDU $-&0 $&'
VRODPHQWH $-&0 '&'
$-&4 /&'
$-&4 $&'
$-&4 '&'
5HIUHVFDU $-(0 '&'
FDOHQWDU $-(4 /&'
$-(4 $&'
$-(4 '&'
*($SSOLDQFHVFRP
3URGXFWRFRQODHWLTXHWD(1(5*<67$5
&RPRXQDVRFLDGRGH(1(5*<67$5
*(KDGHWHUPLQDGRTXHHVWHSURGXFWR
FXPSOHFRQODVJXtDVGH(1(5*<67$5
SDUDHILFLHQFLDHQHUJpWLFD
7,16($-%5=*(

,1)250$&,Ï1,03257$17('(6(*85,'$'
/($72'$6/$6,16758&&,21(6$17(6'(86$5
£$'9(57(1&,$5LHVJRGHGHVFDUJD
HOpFWULFD3XHGHSURYRFDUOHVLRQHVRODPXHUWH3RU
VXVHJXULGDGVHGHEHVHJXLUODLQIRUPDFLyQHQHVWH
PDQXDOSDUDPLQLPL]DUHOULHVJRGHLQFHQGLRV
GHVFDUJDVHOpFWULFDVROHVLRQHVSHUVRQDOHV
8VHHVWHHOHFWURGRPpVWLFRVRODPHQWHSDUD
HOSURSyVLWRGHWHUPLQDGRVHJ~QVHGHVFULEH
HQHO0DQXDOGHOSURSLHWDULR
(VWHDFRQGLFLRQDGRUGHDLUHGHEHLQVWDODUVH
FRUUHFWDPHQWHGHDFXHUGRFRQODV
,QVWUXFFLRQHVGHLQVWDODFLyQDQWHVGHVXXVR
1XQFDGHVHQFKXIHVXDFRQGLFLRQDGRUGHDLUH
WLUDQGRGHOFDEOHHOpFWULFR6LHPSUHDJDUUH
ILUPHPHQWHHOHQFKXIH\WLUHGHpOGLUHFWDPHQWH
KDFLDDIXHUD
5HHPSODFHLQPHGLDWDPHQWHWRGRVORVFDEOHV
HOpFWULFRVTXHVHKD\DQSHODGRRTXHVHKD\DQ
GDxDGRGHDOJXQDRWUDPDQHUD8QFDEOH
GHFRUULHQWHGDxDGRQRGHEHUHSDUDUVHVLQR
TXHGHEHVHUVXVWLWXLGRSRUXQRQXHYRTXH
VHDGTXLHUDGHOIDEULFDQWH1RXVHXQFDEOH
HOpFWULFRTXHPXHVWUHHYLGHQFLDVGHGHWHULRUR
RGDxRVGHDEUDVLyQHQVXVXSHUILFLHHQDOJXQR
GHVXVH[WUHPRV
$3$*8(\GHVHQFKXIHVXDFRQGLFLRQDGRUGH
DLUHDQWHVGHUHDOL]DUFXDOTXLHUUHSDUDFLyQR
OLPSLH]D
127$5HFRPHQGDPRVHQpUJLFDPHQWHTXH
FXDOTXLHUVHUYLFLROOHYDGRDFDERHQHVWHHTXLSR
RUHDOLFHXQLQGLYLGXRFDOLILFDGR
3RUVXVHJXULGDG«QRDOPDFHQHQLXVH
PDWHULDOHVFRPEXVWLEOHVJDVROLQDXRWURV
YDSRUHVROtTXLGRVLQIODPDEOHVHQODSUR[LPLGDG
GHpVWHRDOJ~QRWURHOHFWURGRPpVWLFR
7RGRVORVDFRQGLFLRQDGRUHVGHDLUHFRQWLHQHQ
UHIULJHUDQWHVORVTXHSRU/H\)HGHUDOGHEHQ
VHUUHPRYLGRVDQWHVGHGHVHFKDUORV6LXVWHG
SODQHDGHVKDFHUVHGHDOJ~QSURGXFWRTXH
FRQWHQJDUHIULJHUDQWHVSyQJDVHHQFRQWDFWR
FRQODFRPSDxtDTXHVHHQFDUJDGHUHFRJHUVX
EDVXUDSDUDTXHOHLQGLTXHQTXpKDFHU
35(&$8&,21(6'(6(*85,'$'
£$'9(57(1&,$5LHVJRGH
GHVFDUJDHOpFWULFD3XHGHSURYRFDUOHVLRQHVROD
PXHUWH(VWHDSDUDWRGHEHFRQWDUFRQXQDDGHFXDGD
FRQH[LyQDWLHUUD%DMRQLQJXQDFLUFXQVWDQFLDFRUWH
RUHPXHYDODWHUFHUDS~DWLHUUDGHOFDEOHHOpFWULFR
(QSRVGHODVHJXULGDGSHUVRQDOHVWH
HOHFWURGRPpVWLFRGHEHVLHPSUHFRQHFWDUVHDWLHUUD
(OFDEOHHOpFWULFRGHHVWHHOHFWURGRPpVWLFRHVWi
HTXLSDGRFRQXQHQFKXIHGHWUHVS~DVWLHUUD
TXHFRPELQDFRQXQWRPDFRUULHQWHHVWiQGDU
GHWUHVWRPDVGHSDUHGSDUDPLQLPL]DUOD
SRVLELOLGDGGHXQDGHVFDUJDHOpFWULFD
3LGDDXQWpFQLFRTXHLQVSHFFLRQHHO
WRPDFRUULHQWH\HOFLUFXLWRSDUDFHUFLRUDUVH
GHTXHHOWRPDFRUULHQWHHVWiFRQHFWDGRD
WLHUUDGHODPDQHUDDSURSLDGD
(OFDEOHGHDOLPHQWDFLyQSXHGHLQFOXLUXQ
GLVSRVLWLYRSDUDLQWHUUXSFLyQGHFRUULHQWH
6HLQFOX\HXQERWyQGHSUXHED\GHUHLQLFLR
HQHOGLVSRVLWLYR(OGLVSRVLWLYRGHEHSRQHUVH
DSUXHEDSHULyGLFDPHQWHSULPHURVHSUHVLRQD
HOERWyQGH7(67SUXHED\OXHJR5(6(7
UHLQLFLR6LHOERWyQ7(67QRVHGLVSDUDR
VLHOERWyQ5(6(7QRTXHGDHQJDQFKDGR
GHMHGHXWLOL]DUHODFRQGLFLRQDGRUGHDLUH\
FRPXQtTXHVHFRQXQWpFQLFRFDOLILFDGR
'RQGHH[LVWDXQWRPDFRUULHQWHGHGRV
WRPDVHVVXUHVSRQVDELOLGDG\REOLJDFLyQ
SHUVRQDOKDFHUTXHGLFKRWRPDFRUULHQWH
VHDUHHPSOD]DGRSRUXQRGHWUHVWRPDVFRQ
FRQH[LyQDWLHUUD
£$'9(57(1&,$5LHVJRGH
GHVFDUJDHOpFWULFD3XHGHSURYRFDUOHVLRQHVROD
PXHUWH
(ODFRQGLFLRQDGRUGHDLUHGHEHUtDVLHPSUH
HVWDUFRQHFWDGRDXQWRPDFRUULHQWHLQGLYLGXDO
FRQVXFLUFXLWRGHYROWDMHFRUUHVSRQGLHQWH(VWR
SURSRUFLRQDHOPD\RUUHQGLPLHQWR\DGHPiV
HYLWDTXHORVFLUFXLWRVGHOUHVWRGHODFDVDVH
VREUHFDUJXHQORFXDOSRGUtDFDXVDULQFHQGLRV
SRUHOVREUHFDOHQWDPLHQWRGHOFDEOHDGR
9HUODV,QVWUXFFLRQHVGHLQVWDODFLyQHQOD
VHFFLyQ5HTXLVLWRV(OpFWULFRVSDUDORVUHTXLVLWRV
HVSHFtILFRVGHFRQH[LyQ
&Ï02&21(&7$5/$(/(&75,&,'$'
*8$5'((67$6,16758&&,21(6
$SR\RDOFRQVXPLGRU 6ROXFLRQDUSUREOHPDV ,QVWDODFLyQ &XLGDGR\OLPSLH]D 2SHUDFLyQ 6HJXULGDG

*($SSOLDQFHVFRP
£$'9(57(1&,$5LHVJRGH
GHVFDUJDHOpFWULFD3XHGHSURYRFDUOHVLRQHVR
ODPXHUWH
(QpUJLFDPHQWHUHFRPHQGDPRVFRQWUD
HOXVRGHFDEOHVGHH[WHQVLyQ
6LXVWHGVHYHHQODQHFHVLGDGGHXVDU
XQFDEOHHOpFWULFRGHH[WHQVLyQHV
DEVROXWDPHQWHQHFHVDULRTXHHOPLVPR
HVWpOLVWDGREDMD8/VHDFDOLEUHGHO
WLSRGHWRPDVFRQFRQH[LyQDWLHUUD
SDUDHOHFWURGRPpVWLFRV\HOtQGLFH
HOpFWULFRGHEHVHUGHDPSHULRV
PtQLPR\YROWLRV
1286(XQFDEOHGHH[WHQVLyQFRQ
QLQJXQRGHORVPRGHORVGH
YROWLRV
862'(&$%/(6'((;7(16,Ï1³
0RGHORVGHYROWLRVVRODPHQWH
£$'9(57(1&,$5LHVJRGH
GHVFDUJDHOpFWULFD3XHGHSURYRFDUOHVLRQHV
RODPXHUWH
(QpUJLFDPHQWHUHFRPHQGDPRVFRQWUD
HOXVRGHHQFKXIHVDGDSWDGRUHV
6LXVWHGVHYHHQODQHFHVLGDGGHXVDU
XQDGDSWDGRUGRQGHORVFyGLJRVOHJDOHV
ORFDOHVORSHUPLWDQSXHGHKDFHU
XQDFRQH[LyQWHPSRUDODXQLQWHUUXSWRU
GHWRPDVVLHPSUHTXHVHXVHXQ
WRPDFRUULHQWHOLVWDGREDMD8/GLVSRQLEOH
HQODPD\RUtDGHODVIHUUHWHUtDV
/DUDQXUDPD\RUHQHODGDSWDGRUGHEH
HVWDUDOLQHDGDFRQODS~DPD\RUHQOD
SDUHGSDUDSURSRUFLRQDUXQDSRODULGDG
DSURSLDGDHQODFRQH[LyQGHOFDEOH
HOpFWULFR
&XDQGRVHGLVSRQJDDGHVFRQHFWDUHO
FDEOHHOpFWULFRGHODGDSWDGRUVLHPSUH
VRVWHQJDHODGDSWDGRUHQVXOXJDURQXQD
PDQRPLHQWUDVWLUDGHOFDEOHHOpFWULFRFRQ
ODRWUDPDQR6LQRKDFHHVWRODWHUPLQDO
GHWLHUUDGHODGDSWDGRUSRGUtDURPSHUVH
GHVSXpVGHTXHHVWHSURFHVRVHUHSLWD
YDULDVYHFHV
6LVHURPSHHOWHUPLQDOGHFRQH[LyQ
DWLHUUDGHODGDSWDGRU1286(HO
DFRQGLFLRQDGRUGHDLUHKDVWDTXHOD
FRQH[LyQDWLHUUDVHKD\DUHVWDEOHFLGR
8QLUHOWHUPLQDOGHFRQH[LyQDWLHUUD
GHODGDSWDGRUDXQWRUQLOORGHODFXELHUWD
HQODSDUHGQRFRQHFWDDWLHUUDHO
HOHFWURGRPpVWLFRDSURSLDGDPHQWHQRVHU
TXHHOWRUQLOORGHODFXELHUWDVHDPHWiOLFR
\QRHVWpDLVODGR\HOWRPDFRUULHQWHGHOD
FDVDHVWpDSURSLDGDPHQWHFRQHFWDGR
DWLHUUDDWUDYpVGHOFDEOHDGRGHODFDVD
+DJDTXHXQWpFQLFRFDOLILFDGR
LQVSHFFLRQHHOFLUFXLWRGHODFDVDSDUD
FHUFLRUDUVHTXHHVWiFRQHFWDGRDWLHUUD
DSURSLDGDPHQWH
862'((1&+8)(6$'$37$'25(6³
0RGHORVGHYROWLRVVRODPHQWH
/($<6,*$(67$6,16758&&,21(6'(6(*85,'$'
&8,'$'26$0(17(
*8$5'((67$6,16758&&,21(6
6HJXULGDG 2SHUDFLyQ &XLGDGR\OLPSLH]D ,QVWDODFLyQ 6ROXFLRQDUSUREOHPDV $SR\RDOFRQVXPLGRU

212))HQFHQGLGRDSDJDGR
$SDJD\SUHQGHHODFRQGLFLRQDGRUGHDLUH
3DQWDOOD
0XHVWUDODFRQILJXUDFLyQGHWHPSHUDWXUD
0XHVWUDODKRUDDOFRQILJXUDUHOWHPSRUL]DGRU
02'(PRGR
(QHOFRQWUROUHPRWRXVDGRSDUDDMXVWDU
HODFRQGLFLRQDGRUGHDLUHDOPRGR&22/IUtR
R)$1YHQWLODGRU
(QORVFRQWUROHVGHODFRQGLFLRQDGRUGHDLUH
XVDGRSDUDDMXVWDUHQ&22/RHQPRGR)$1
HQ+,*+DOWR0('PHGLRR/2:EDMRSDUD
ODYHORFLGDGGHOYHQWLODGRU/DVOXFHVLQGLFDGRUDV
HQORVFRQWUROHVGHODFRQGLFLRQDGRUGHDLUH
PRVWUDUiQHOPRGR\ODYHORFLGDGGHOYHQWLODGRU
VHOHFFLRQDGRV
7(037HFODVGH
$80(17$5
5('8&,5
²
8VDGRSDUDDMXVWDUODWHPSHUDWXUDFXDQGR
HVWpHQHOPRGR&22/
9HORFLGDGHVGHO9HQWLODGRU
)$1
FRQWUROUHPRWR~QLFDPHQWH
8VDGRSDUDDMXVWDUODYHORFLGDGGHOYHQWLODGRU
D/2:0('R+,*+
7,0(5VLQFURQL]DGRU
21HQFHQGLGR³&XDQGRHODFRQGLFLRQDGRU
GHDLUHHVWiDSDJDGRSXHGHDMXVWDUVHSDUDTXH
VHHQFLHQGDDXWRPiWLFDPHQWHPHGLDKRUDKDVWD
KRUDVDVXQLYHODQWHULRU&RQFDGDSUHVLyQ
VHILMDUiODKRUDHQSHULRGRVGHPHGLDKRUDKDVWD
\OXHJRHQSHULRGRVGHXQDKRUDKDVWD
3DUDFDQFHODUODIXQFLyQ2Q7LPHU7HPSRUL]DGRU
(QFHQGLGRSUHVLRQHODWHFOD21(QFHQGHUKDVWD
TXHDSDUH]FD´&/µ/XHJRHVSHUHKDVWDTXHOD
SDQWDOODVHDSDJXH
2))DSDJDGR³&XDQGRHODFRQGLFLRQDGRU
GHDLUHHVWiHQFHQGLGRVHSXHGHSURJUDPDU
DXWRPiWLFDPHQWHSDUDDSDJDUVHGHQWURGH
XQSHULRGRGHVGHPHGLDKRUDKDVWDKRUDV
&RQFDGDSUHVLyQVHILMDUiODKRUDHQSHULRGRV
GHPHGLDKRUDKDVWD\OXHJRHQSHULRGRV
GHXQDKRUDKDVWD
3DUDFDQFHODUODIXQFLyQ2II7LPHU7HPSRUL]DGRU
$SDJDGRSUHVLRQHODWHFOD2))$SDJDUKDVWD
TXHDSDUH]FD´&/µ\HVSHUHKDVWDTXHVH
YLVXDOLFHODWHPSHUDWXUDFRQILJXUDGD/DXQLGDG
UHDQXGDUiVXIXQFLRQDPLHQWRQRUPDO
6/((3GRUPLU
3UHVLRQHSDUDTXHHODFRQGLFLRQDGRUGH
DLUHIXQFLRQHSRUKRUDVDQWHVGHUHJUHVDU
DODVHOHFFLyQDQWHULRUDXWRPiWLFDPHQWH
&XDQGRHOVLQFURQL]DGRUSDUDGRUPLUKD\D
VLGRDMXVWDGRODWHPSHUDWXUDVHOHFFLRQDGD
DXPHQWDUiDXWRPiWLFDPHQWH)&GHVSXpV
GHODSULPHUDKRUDOXHJR)&FDGDKRUD
HQODVSUy[LPDVGRVKRUDV
3DUDFDQFHODUHOPRGRGHGRUPLUSUHVLRQH
ODWHFOD02'(PRGRRODWHFOD6/((3GRUPLU
XQDVHJXQGDYH]
5HFHSWRUGHODVHxDOGHOFRQWUROUHPRWR
127$&XDQGRHODFRQGLFLRQDGRUGHDLUHHVWi
HQFHQGLGRVHHQFHQGHUiDXWRPiWLFDPHQWHHQHO
~OWLPRQLYHOHVWDEOHFLGR
$FHUFDGHORVFRQWUROHVHQHODFRQGLFLRQDGRUGHDLUH³
0RGHORV6yORSDUD)UtR
3DUDJDUDQWL]DUXQDRSHUDFLyQDSURSLDGD
RULHQWHHOFRQWUROUHPRWRKDFLDHOUHFHSWRU
GHVHxDOGHODFRQGLFLRQDGRUGHDLUH
(OUHFHSWRUGHVHxDOWLHQHXQUDQJRPi[LPR
GHSLHV
&HUFLyUHVHGHTXHQRKD\DQDGDHQWUHHO
DFRQGLFLRQDGRUGHDLUH\HOFRQWUROUHPRWR
TXHSXHGDEORTXHDUODVHxDO
&HUFLyUHVHGHTXHODVEDWHUtDVVHDQQXHYDV
\VHLQVWDOHQFRUUHFWDPHQWH³YHUOD6HFFLyQ
GH&XLGDGR\/LPSLH]D
&RQWUROUHPRWR
&RQWUROHV
&RQWUROHVGHODFRQGLFLRQDGRUGHDLUH
&RQWUROUHPRWR
/DVOXFHVDOODGRGHODVWHFODVGHWRTXHHQHOSDQHOGHFRQWURO
GHODFRQGLFLRQDGRUGHDLUHLQGLFDQHOQLYHOVHOHFFLRQDGR
/DDSDULHQFLDSRGUtDYDULDU
$SR\RDOFRQVXPLGRU 6ROXFLRQDUSUREOHPDV ,QVWDODFLyQ &XLGDGR\OLPSLH]D 2SHUDFLyQ 6HJXULGDG

*($SSOLDQFHVFRP
02'2)5,2&22/
&RQWUROUHPRWR
3UHVLRQHHOERWyQ&22/IUtR
3UHVLRQHORVERWRQHV/2:EDMR0('PHGLR
R+,*+DOWRSDUDHVWDEOHFHUODYHORFLGDG
GHVHDGDGHOYHQWLODGRU
3UHVLRQHODVWHFODVGH
$80(17$55('8&,5²
SDUDDMXVWDUODWHPSHUDWXUDGHVHDGD)&
D)&HQLQFUHPHQWRVGH)&
3DQHOGHFRQWURO
3UHVLRQHHOERWyQ02'(PRGRKDVWDTXHODOX]
LQGLFDGRUD&22/VHLOXPLQH\ODOX]LQGLFDGRUD
/2:0('R+,*+HVWpLOXPLQDGDSDUDOD
YHORFLGDGGHVHDGDGHOYHQWLODGRU
3UHVLRQHORVERWRQHV$80(17$5
5('8&,5
²
SDUDDMXVWDUODWHPSHUDWXUDGHVHDGD)&
D)&HQLQFUHPHQWRVGH)&
6HXVDXQWHUPRVWDWRSDUDPDQWHQHUOD
WHPSHUDWXUDGHODKDELWDFLyQ(OFRPSUHVRUKDUi
FLFORHQWUHDSDJDGR\HQFHQGLGRSDUDPDQWHQHU
ODKDELWDFLyQDODWHPSHUDWXUDGHVHDGD$MXVWH
HOWHUPRVWDWRDXQQ~PHURPHQRU\HODLUHLQWHUQR
VHHQIULDUiPiV
6LORDMXVWDDXQQ~PHURPD\RUODWHPSHUDWXUDGHO
DLUHLQWHUQRVHFDOHQWDUiPiV
127$6LHODFRQGLFLRQDGRUGHDLUHHVWiDSDJDGR
\OXHJRVHHQFLHQGHPLHQWUDVHVWiHQ&22/
WRPDUiDSUR[LPDGDPHQWHPLQXWRVSDUDTXHHO
FRPSUHVRUFRPLHQFHDHQIULDURWUDYH]
'HVFULSFLRQHVGHHQIULDPLHQWR
3DUDHQIULDPLHQWRQRUPDO³6HOHFFLRQHHOPRGR
GHYHQWLODGRU&22/\+,*+R0('FRQXQD
WHPSHUDWXUDGHDMXVWHPHGLD
3DUDHQIULDPLHQWRPi[LPR³6HOHFFLRQHHOPRGR
GHYHQWLODGRU&22/\+,*+FRQXQDWHPSHUDWXUD
GHDMXVWHPHQRU
3DUDHQIULDPLHQWRVLOHQFLRVR\HQIULDPLHQWR
QRFWXUQR³6HOHFFLRQHHOPRGRGHYHQWLODGRU&22/
\/2:FRQXQDWHPSHUDWXUDGHDMXVWHPHGLD
127$+DEUiXQUHWUDVRGHPLQXWRVHQWUHORV
FDPELRVGHFRQILJXUDFLyQWDOHVFRPRGH&22/
D2))DSDJDGR\GHQXHYRD&22/
02'29(17,/$'25)$1
8VHHOPRGR)$1YHQWLODGRUSDUDSURSRUFLRQDU
FLUFXODFLyQGHDLUH\ILOWUDFLyQVLQHQIULDPLHQWR
'HELGRDTXHORVQLYHOHVGHYHQWLODGRU~QLFDPHQWH
QRSURSRUFLRQDQHQIULDPLHQWRHOQLYHOGH
WHPSHUDWXUDQRVHPXHVWUDHQODSDQWDOOD
&RQWUROUHPRWR
3UHVLRQHHOERWyQ)$13UHVLRQHORVERWRQHV/2:
0('R+,*+SDUDHVWDEOHFHUODYHORFLGDGGHVHDGD
GHOYHQWLODGRU
3DQHOGHFRQWURO
3UHVLRQHHOERWyQ02'(KDVWDTXHODOX]LQGLFDGRUD
GHO)$1VHLOXPLQH\ODOX]LQGLFDGRUD/2:0('
R+,*+VHLOXPLQHSDUDODYHORFLGDGGHOYHQWLODGRU
GHVHDGD
6HJXULGDG 2SHUDFLyQ &XLGDGR\OLPSLH]D ,QVWDODFLyQ 6ROXFLRQDUSUREOHPDV $SR\RDOFRQVXPLGRU

212))HQFHQGLGRDSDJDGR
$SDJD\SUHQGHHODFRQGLFLRQDGRUGHDLUH
3DQWDOOD
0XHVWUDODFRQILJXUDFLyQGHWHPSHUDWXUD
0XHVWUDORVKRUDULRVHQTXHHOWHPSRUL]DGRU
IXHFRQILJXUDGR
02'(PRGR
(QORVFRQWUROHVGHODFRQGLFLRQDGRUDMXVWH
HOPRGRGH&22/IUtR+($7FDORUR)$1
YHQWLODGRU/DVOXFHVLQGLFDGRUDVGHORV
FRQWUROHVGHODFRQGLFLRQDGRUGHDLUHPRVWUDUiQ
HOPRGRVHOHFFLRQDGR
7(037HFODVGH$XPHQWDU
5HGXFLU²
8VDGRSDUDDMXVWDUODWHPSHUDWXUDFXDQGR
HVWpHQHOPRGR&22/R+($7
9HORFLGDGHVGHO9HQWLODGRU
&RQWUROUHPRWR~QLFDPHQWH
8VDGRSDUDDMXVWDUODYHORFLGDGGHOYHQWLODGRU
D/2:EDMR0('PHGLRR+,*+DOWR
7,0(5VLQFURQL]DGRU
21HQFHQGLGR³&XDQGRHODFRQGLFLRQDGRU
GHDLUHHVWiDSDJDGRSXHGHDMXVWDUVHSDUDTXH
VHHQFLHQGDDXWRPiWLFDPHQWHPHGLDKRUDKDVWD
KRUDVDVXQLYHODQWHULRU&RQFDGDSUHVLyQ
VHILMDUiODKRUDHQSHULRGRVGHPHGLDKRUDKDVWD
\OXHJRHQSHULRGRVGHXQDKRUDKDVWD
3DUDFDQFHODUODIXQFLyQ2Q7LPHU7HPSRUL]DGRU
(QFHQGLGRSUHVLRQHODWHFOD21(QFHQGHUKDVWD
TXHDSDUH]FD´&/µ/XHJRHVSHUHKDVWDTXHOD
SDQWDOODVHDSDJXH
2))DSDJDGR³&XDQGRHODFRQGLFLRQDGRU
GHDLUHHVWiHQFHQGLGRVHSXHGHSURJUDPDU
DXWRPiWLFDPHQWHSDUDDSDJDUVHGHQWUR
GHXQSHULRGRGHVGHPHGLDKRUDKDVWDKRUDV
&RQFDGDSUHVLyQVHILMDUiODKRUDHQSHULRGRV
GHPHGLDKRUDKDVWD\OXHJRHQSHULRGRV
GHXQDKRUDKDVWD
3DUDFDQFHODUODIXQFLyQ2II7LPHU7HPSRUL]DGRU
$SDJDGRSUHVLRQHODWHFOD2))$SDJDUKDVWD
TXHDSDUH]FD´&/µ\HVSHUHKDVWDTXHVH
YLVXDOLFHODWHPSHUDWXUDFRQILJXUDGD/DXQLGDG
UHDQXGDUiVXIXQFLRQDPLHQWRQRUPDO
5HFHSWRUGHODVHxDOGHOFRQWUROUHPRWR
127$&XDQGRHODFRQGLFLRQDGRUGHDLUHHVWi
HQFHQGLGRVHHQFHQGHUiDXWRPiWLFDPHQWHHQHO
~OWLPRQLYHOHVWDEOHFLGR
$FHUFDGHORVFRQWUROHVHQHODFRQGLFLRQDGRUGHDLUH³
0RGHORVGH&DORU)UtR
3DUDJDUDQWL]DUXQDRSHUDFLyQDSURSLDGD
RULHQWHHOFRQWUROUHPRWRKDFLDHOUHFHSWRU
GHVHxDOGHODFRQGLFLRQDGRUGHDLUH
(OUHFHSWRUGHVHxDOWLHQHXQUDQJRPi[LPR
GHSLHV
&HUFLyUHVHGHTXHQRKD\DQDGDHQWUH
HODFRQGLFLRQDGRUGHDLUH\HOFRQWUROUHPRWR
TXHSXHGDEORTXHDUODVHxDO
&HUFLyUHVHGHTXHODVEDWHUtDVVHDQQXHYDV
\VHLQVWDOHQFRUUHFWDPHQWH³YHUOD6HFFLyQ
GH&XLGDGR\/LPSLH]D
&RQWUROUHPRWR
&RQWUROHV
&RQWUROHVGHODFRQGLFLRQDGRUGHDLUH
&RQWUROUHPRWR
/DVOXFHVDOODGRGHODVWHFODVGHWRTXHHQHOSDQHOGHFRQWURO
GHODFRQGLFLRQDGRUGHDLUHLQGLFDQHOQLYHOVHOHFFLRQDGR
$SR\RDOFRQVXPLGRU 6ROXFLRQDUSUREOHPDV ,QVWDODFLyQ &XLGDGR\OLPSLH]D 2SHUDFLyQ 6HJXULGDG
/DDSDULHQFLDSRGUtDYDULDU

*($SSOLDQFHVFRP
02'2)5,2&22/
&RQWUROUHPRWR
3UHVLRQHHOERWyQ&22/IUtR
$SSX\H]VXUOHVWRXFKHV/2:EDMRRX+,*+
DOWRSRXUUpJOHUODYLWHVVHGHYHQWLODWHXUYRXOXH
$SSX\H]VXUOHVWRXFKHV$80(17$55('8&,5²
SRXUUpJOHUODWHPSpUDWXUHYRXOXHHQWUH)
&D)&HQLQFUHPHQWRVGH)&
3DQHOGHFRQWURO
&RQILJXUHODWHPSHUDWXUDFXDQGRVHHQFXHQWUH
HQPRGRGH&22/
3UHVLRQHODWHFOD)$1YHQWLODGRUKDVWDTXH
ODOX]LQGLFDGRUDGH+,*+R/2:VHHQFLHQGD
HQODYHORFLGDGGHOYHQWLODGRUGHVHDGD
3UHVLRQHORVERWRQHV$80(17$55('8&,5²
SDUDDMXVWDUODWHPSHUDWXUDGHVHDGD)&D
)&HQLQFUHPHQWRVGH)&
6HXVDXQWHUPRVWDWRSDUDPDQWHQHUOD
WHPSHUDWXUDGHODKDELWDFLyQ(OFRPSUHVRUKDUi
FLFORHQWUHDSDJDGR\HQFHQGLGRSDUDPDQWHQHU
ODKDELWDFLyQDODWHPSHUDWXUDGHVHDGD
$MXVWHHOWHUPRVWDWRDXQQ~PHURPHQRU\HODLUH
LQWHUQRVHHQIULDUiPiV6LORDMXVWDDXQQ~PHUR
PD\RUODWHPSHUDWXUDGHODLUHLQWHUQRVHFDOHQWDUi
PiV
127$6LHODFRQGLFLRQDGRUGHDLUHHVWiDSDJDGR
\OXHJRVHHQFLHQGHPLHQWUDVHVWiHQ&22/
WRPDUiDSUR[LPDGDPHQWHPLQXWRVSDUDTXHHO
FRPSUHVRUFRPLHQFHDHQIULDURWUDYH]
'HVFULSFLRQHVGHHQIULDPLHQWR
3DUDHQIULDPLHQWRQRUPDO³6HOHFFLRQHHOPRGR
GHYHQWLODGRU&22/\+,*+FRQXQDWHPSHUDWXUD
GHDMXVWHPHGLD
3DUDHQIULDPLHQWRPi[LPR³6HOHFFLRQHHOPRGR
GHYHQWLODGRU&22/\+,*+FRQXQDWHPSHUDWXUD
GHDMXVWHPHQRU
3DUDHQIULDPLHQWRVLOHQFLRVR\HQIULDPLHQWR
QRFWXUQR³6HOHFFLRQHHOPRGRGHYHQWLODGRU&22/
\/2:FRQXQDWHPSHUDWXUDGHDMXVWHPHGLD
127$+DEUiXQUHWUDVRGHPLQXWRVHQWUHORV
FDPELRVGHFRQILJXUDFLyQWDOHVFRPRGH&22/
D2))\GHQXHYRD&22/
02'29(17,/$'25)$1
8VHHO)$1SDUDKDFHUTXHFLUFXOHHODLUH\ILOWURVLQ
HQIULDURFDOHQWDU'HELGRDTXHODVFRQILJXUDFLRQHV
VyORGHYHQWLODFLyQQREULQGDQIUtRRFDORUQR
DSDUHFHUiXQDFRQILJXUDFLyQGHWHPSHUDWXUD
&RQWUROUHPRWR
3UHVLRQHHOERWyQ)$13UHVLRQHORVERWRQHV/2:
R+,*+SDUDHVWDEOHFHUODYHORFLGDGGHVHDGDGHO
YHQWLODGRU
3DQHOGHFRQWURO
3UHVLRQHHOERWyQ02'(KDVWDTXHODOX]LQGLFDGRUD
GHOYHQWLODGRU)$1VHLOXPLQH\ODOX]LQGLFDGRUD
/2:R+,*+VHLOXPLQHSDUDODYHORFLGDGGHO
YHQWLODGRUGHVHDGD
02'2'(&$/25+($7
&RQWUROUHPRWR
3UHVLRQHODWHFOD+($7
3UHVLRQHODVWHFODV/2:R+,*+SDUDFRQILJXUDU
ODYHORFLGDGGHOYHQWLODGRUGHVHDGD
3UHVLRQHODVWHFODV$80(17$5
5('8&,5
²
SDUDFRQILJXUDUODWHPSHUDWXUDGHVHDGDHQWUH
)&D)&HQLQFUHPHQWRV
GH)&
3DQHOGHFRQWURO
3UHVLRQHODWHFOD02'(KDVWDTXHODOX]
LQGLFDGRUDGH+($7VHHQFLHQGD
3UHVLRQHODWHFOD)$1KDVWDTXHODOX]LQGLFDGRUD
GH+,*+R/2:VHHQFLHQGDGHDFXHUGR
DODYHORFLGDGGHOYHQWLODGRUGHVHDGD
3UHVLRQHODVWHFODV$80(17$5
5('8&,5
²
SDUDFRQILJXUDUODWHPSHUDWXUDGHVHDGDHQWUH
)&D)&HQLQFUHPHQWRV
GH)&
6HXWLOL]DXQWHUPRVWDWRSDUDPDQWHQHUODWHPSHUDWXUD
GHODPELHQWH(OFDOHQWDGRUUHDOL]DUiHOFLFORGH
HQFHQGLGR\DSDJDGRSDUDPDQWHQHUODKDELWDFLyQHQHO
QLYHOGHFRQIRUWFRQILJXUDGR$MXVWHHOWHUPRVWDWRHQXQ
Q~PHURPiVDOWR\HODLUHLQWHULRUFRPHQ]DUiDVHUPiV
FiOLGR
&RQILJXUHHOWHUPRVWDWRHQXQQ~PHURVXSHULRU
\HODLUHLQWHULRUVHUiPiVFDOLHQWH&RQILJXUHHO
WHUPRVWDWRHQXQQ~PHURLQIHULRU\HODLUHLQWHULRU
VHUiPiVIUtR
127$6LHODFRQGLFLRQDGRUGHDLUHHVWiDSDJDGR\OXHJR
HVHQFHQGLGRPLHQWUDVVHHQFXHQWUDHQODFRQILJXUDFLyQ
+($7&DORUSDVDUiDSUR[LPDGDPHQWHPLQXWRKDVWD
TXHHOFDOHQWDGRUVHLQLFLH\FRPLHQFHDFDOHQWDU
'HVFULSFLRQHVGHFDOHIDFFLyQ
3DUD&DOHIDFFLyQ1RUPDO³6HOHFFLRQHHOPRGR
+HDW\HOYHQWLODGRUHQ+,*+FRQXQDFRQILJXUDFLyQ
GHWHPSHUDWXUDPHGLD
3DUDXQD0i[LPD&DOHIDFFLyQ³6HOHFFLRQH
HOPRGR+($7\HOYHQWLODGRUHQ+,*+FRQXQD
FRQILJXUDFLyQGHWHPSHUDWXUDVXSHULRU
3DUDXQD&DOHIDFFLyQ0iV6XDYH\1RFWXUQD³
6HOHFFLRQHHOPRGR+($7\HOYHQWLODGRUHQ/2:
FRQXQDFRQILJXUDFLyQGHWHPSHUDWXUDPHGLD
6HJXULGDG 2SHUDFLyQ &XLGDGR\OLPSLH]D ,QVWDODFLyQ 6ROXFLRQDUSUREOHPDV $SR\RDOFRQVXPLGRU

6REUHORVFRQWUROHVGHODFRQGLFLRQDGRUGHDLUH
&RQWUROGHOHVFDSH
(OFRQWUROGHYHQWLODFLyQHVWiXELFDGRGHWUiV
GHODUHMLOODIURQWDOGHOODGRGHUHFKRGHOiUHD
GHGHVFDUJDGHDLUH&XDQGRHVWi&/26('
FHUUDGDVyORHODLUHGHQWURGHODKDELWDFLyQ
FLUFXOD\DFRQGLFLRQD&XDQGRHVWi23(1
DELHUWDODYHQWLODFLyQSHUPLWHHOLQWHUFDPELR
GHDLUHFRQHOH[WHULRU
3DUDDEULURFHUUDUHOHVFDSH
5HWLUHODUHMLOODGHODQWHUD
5HWLUHHOWRUQLOORGHODWDUMHWDGHOYHQWLODGRU
5HWLUHODWDUMHWDGHOYHQWLODGRUYROWHH
\UHHPSODFHORFDOL]DQGRHORULILFLRSRVWHULRU
HQODWDUMHWDVREUHODSDWDGHORFDOL]DFLyQ
DOLQWHULRUGHODGHVFDUJDGHDLUH\YROYLHQGR
DFRORFDUHOWRUQLOORDOIUHQWH
8QDVSHUVLDQDV
KRUL]RQWDOHVHQODUHMLOOD
GHODQWHUDOHSHUPLWHQ
FRQWURODUODGLUHFFLyQ
GHODLUHKDFLDDUULED
\KDFLDDEDMR
5HWLUHODUHMLOOD
GHODQWHUDSDUDDMXVWDU
ODVSHUVLDQDVYHUWLFDOHV
GHODGRDODGRSDUD
GLULJLUHODLUHKDFLDOD
L]TXLHUGDRODGHUHFKD
'LUHFFLyQGHODLUH
(QFRQWUDUHORULILFLR
2ULILFLRSDUDWRUQLOOR
3RVLFLyQ$%,(57$
H[WUHPRGHODPDOODKDFLD
DWUiV
3RVLFLyQ&(55$'$
H[WUHPRGHODPDOODKDFLD
GHODQWH
2ULILFLRSDUDWRUQLOOR
/DXQLGDGVDOHGHIiEULFDHQODSRVLFLyQ&(55$'$
6LQIXQFLyQUHVHUYDGR
SDUDXVRIXWXUR
&RQWUROHV$X[LOLDUHV²,QWHUUXSWRUHVGH/XFHV%DMDVODXELFDFLyQYDUtDVHJ~QHOPRGHOR
/RVFRQWUROHVDX[LOLDUHVGHLQWHUUXSWRUHV
GHOXFHVEDMDVHVWiQXELFDGRVGHWUiVGHOJDELQHWH
GHODKDELWDFLyQ³FRPRVHPXHVWUDHQODILJXUD
(OGXHxRHVUHVSRQVDEOH
GHYHULILFDUORVLQWHUUXSWRUHV
\DVHJXUDUTXHVHHQFXHQWUHQ
HQODSRVLFLyQGHVHDGD
&LFORGHO9HQWLODGRU&RQWLQXR)UtR
&LFORGHO9HQWLODGRU&RQWLQXR
HQDOJXQRVPRGHORV
&ODVHHQDOJXQRVPRGHORV
&LFORGHO9HQWLODGRU&RQWLQXR)UtR
&XDQGRHVWHLQWHUUXSWRUVHHQFXHQWUDHQODSRVLFLyQGH
HQFHQGLGR83DUULEDHOYHQWLODGRULQWHUQRVHHQFLHQGH\
DSDJDMXQWRDOFRPSUHVRU&XDQGRHVWHLQWHUUXSWRUHVWiHQ
ODSRVLFLyQGHDSDJDGR'2:1DEDMRHOYHQWLODGRU
LQWHUQRIXQFLRQDGHPDQHUDFRQVWDQWH
/DFRQILJXUDFLyQ
SUHGHWHUPLQDGDHVDEDMRFRQWLQXD
&LFORGHO9HQWLODGRU&RQWLQXR²&DORUHQDOJXQRVPRGHORV
&XDQGRHVWHLQWHUUXSWRUHVWi83DFWLYDGRSHUPLWHTXHHO
YHQWLODGRULQWHUQRIXQFLRQHFRQWLQXDPHQWHFRQODRSHUDFLyQGH
FDOHQWDGRU&XDQGRHVWHLQWHUUXSWRUHVWi'2:1GHVDFWLYDGR
SHUPLWHTXHHOYHQWLODGRULQWHULRUVHHQFLHQGD\DSDJXH/D
FRQILJXUDFLyQSUHGHWHUPLQDGDHVDUULEDFtFOLFD
&ODVH²7HUPRVWDWR5HPRWRHQDOJXQRVPRGHORV
&XDQGRHVWHLQWHUUXSWRUHVWiHQODSRVLFLyQGHHQFHQGLGR83
DUULEDODXQLGDGFRPLHQ]DDIXQFLRQDUFRQXQ7HUPRVWDWRGH
SDUHGDFRQWUROUHPRWR&ODVH/RVFRQWUROHVGHODXQLGDGTXHGDQ
DQXODGRV/DFRQILJXUDFLyQSUHGHWHUPLQDGDHVDEDMRGHVDFWLYDGD
&LFORGHO9HQWLODGRU&RQWLQXR)UtR
&LFORGHO9HQWLODGRU&RQWLQXR²
&DORUHQDOJXQRVPRGHORV
&ODVHHQDOJXQRVPRGHORV
(QFRQWUDUHORULILFLR
$SR\RDOFRQVXPLGRU 6ROXFLRQDUSUREOHPDV ,QVWDODFLyQ &XLGDGR\OLPSLH]D 2SHUDFLyQ 6HJXULGDG

*($SSOLDQFHVFRP
$OHVWDUFRQHFWDGDODXQLGDGVHUiFRQWURODGD
SRUXQWHUPRVWDWRUHPRWR
127$(OLQWHUUXSWRUGHOX]EDMDQ~PHURVHGHEH
FRQHFWDUHQODSRVLFLyQKDFLD83DUULEDSDUD
DFWLYDUHOWHUPRVWDWRUHPRWR/HDODVLQVWUXFFLRQHV
GHLQVWDODFLyQVXPLQLVWUDGDVFRQHOWHUPRVWDWR
UHPRWR
,03257$17(
/DVFRQH[LRQHVGHOWHUPRVWDWREULQGDQ9$&
~QLFDPHQWH
6LVHXVDUiXQWHUPRVWDWRGLJLWDOHOHFWUyQLFR
GHSDUHGDVHJ~UHVHGHTXHVHDFRPSDWLEOH
FRQODVHxDOGH9$&/HDODV,QVWUXFFLRQHV
GH,QVWDODFLyQGHOWHUPRVWDWRGHSDUHG
$9,62
(QFDVRGHFRQH[LRQHVLQGHELGDVVHSXHGHQ
SURGXFLUGDxRVVREUHODSDUHGGHOWHUPRVWDWR
RVREUHORVFRPSRQHQWHVHOHFWUyQLFRV6HGHEH
WHQHUHVSHFLDOFXLGDGRDOFRQHFWDUORVFDEOHV
1RVHGHEHUHDOL]DUQLQJXQDFRQH[LyQGHOtQHD
GHYROWDMHVREUHQLQJ~QFLUFXLWR$tVOHWRGRVORV
FDEOHVGHODOtQHDGHYROWDMH
&RQH[LRQHV7HUPLQDOHVGHO7HUPRVWDWR5HPRWR²&ODVHHQDOJXQRVPRGHORV
/RVFRQWUROHVVHHQFXHQWUDQEDMRXQDWDSDSOiVWLFD
GHWUiVGHODUHMLOODIURQWDO
5HWLUHODUHMLOODIURQWDO&RQVXOWHODVHFFLyQ
GH&XLGDGR\/LPSLH]DGHOD5HMLOOD)URQWDO
4XLWHORVWRUQLOORVTXHILMDQODWDSDSOiVWLFD
VREUHODVFRQH[LRQHVGHOFDEOHDGR6HSDUH
ORVWRUQLOORV\ODWDSD
3DUDUHDOL]DUFRQH[LRQHVGHFDEOHVLQVHUWHORV
PLVPRVHQODSDUWHWUDVHUDGHODVWHUPLQDOHV
\DMXVWHORVWRUQLOORVGHIRUPDVHJXUD
/XHJRGHTXHWRGDVODVFRQH[LRQHVGHVHDGDV
VHKD\DQUHDOL]DGRYXHOYDDFRORFDUODWDSD
SOiVWLFD\ODUHMLOODIURQWDO
(OGXHxRHVUHVSRQVDEOHGHUHDOL]DUWRGDV
ODVFRQH[LRQHV\GHFRQILJXUDUORVLQWHUUXSWRUHV
GHOXFHVEDMDVDGHFXDGRV
6HJXULGDG 2SHUDFLyQ &XLGDGR\OLPSLH]D ,QVWDODFLyQ 6ROXFLRQDUSUREOHPDV $SR\RDOFRQVXPLGRU
8ELFDFLyQGH
ODVFRQH[LRQHV
GHOWHUPLQDO
EDMRODUHMLOOD
IURQWDO
5RMR²VyOR9$&
9HUGH²9HQWLODGRUEDMDYHORFLGDG
9HUGH²9HQWLODGRUDOWDYHORFLGDG
$PDULOOR²&RPSUHVRU
%ODQFR²&DOHQWDGRU
&RP~Q²7LHUUD

/DUHMLOODIURQWDOSXHGHVHUUHWLUDGDSDUDXQD
OLPSLH]DPiVDIRQGR\SDUDXELFDUORVQ~PHURV
GHPRGHOR\VHULHHQHOIUHQWHGHODEDQGHMD
GHODEDVH
3DUDUHWLUDU
+DOHHOILOWURKDFLDDUULED
5HWLUHORVGRVWRUQLOORVGHODUHMLOOD
+DOHODUHMLOODSRUDEDMR\OHYDQWHSRUODV
SHVWDxDVHQODSDUWHVXSHULRUGHODFDMD
3DUDUHHPSOD]DU
(QJDQFKHODVSHVWDxDVHQODUHMLOODGHODQWHUDDO
PLVPRQLYHOFRQODVSHVWDxDVDOIUHQWHGHODFDMD
\HQFDMHHQVXOXJDU
5HHPSODFHORVWRUQLOORV\HOILOWUR
5HMLOODGHODQWHUD
&XLGDGR\OLPSLH]DGHODFRQGLFLRQDGRUGHDLUH
%RELQDVH[WHULRUHV
/RVUHVRUWHVHQHOODGRH[WHULRUGHODFRQGLFLRQDGRU
GHDLUHGHEHQUHYLVDUVHFRQIUHFXHQFLD6LHVWiQ
REVWUXLGRVFRQVXFLHGDGXKROOtQVHSXHGHQOLPSLDU
SURIHVLRQDOPHQWHDWUDYpVGHOVHUYLFLRGLVSRQLEOH
HQVXFHQWURGHVHUYLFLRV*(
5HMLOOD\FDMD
$SDJXHHODFRQGLFLRQDGRUGHDLUH\UHWLUHHO
HQFKXIHGHODWRPDFRUULHQWHDQWHVGHOLPSLDU
3DUDOLPSLDUXVHDJXD\XQGHWHUJHQWHVXDYH
1RXVHEODQTXHDGRURDEUDVLYRV
(QDOJXQRVPRGHORV
(QDOJXQRVPRGHORV
3HVWDxD
5HMLOOD
5HMLOOD
3HVWDxD
$SR\RDOFRQVXPLGRU 6ROXFLRQDUSUREOHPDV ,QVWDODFLyQ &XLGDGR\OLPSLH]D 2SHUDFLyQ 6HJXULGDG

*($SSOLDQFHVFRP
3DUDPDQWHQHUXQGHVHPSHxRySWLPROLPSLHHOILOWURDOPHQRVFDGDGtDV
&yPR,QVHUWDUODVSLODVHQHOFRQWUROUHPRWR
5HWLUHODFXELHUWDGHODEDWHUtDGHVOL]iQGROD
GHDFXHUGRFRQODGLUHFFLyQGHODIOHFKD
,QVHUWHEDWHUtDVQXHYDVFHUFLRUiQGRVHGHTXH
ORVSRORVSRVLWLYRV\QHJDWLYRV²HVWiQ
RULHQWDGRVFRUUHFWDPHQWH
&RORTXHODFXELHUWDRWUDYH]GHVOL]iQGROD
HQVXOXJDU
127$6
8VHEDWHUtDV´$$$µGHYROWLRV1RXVH
EDWHUtDVUHFDUJDEOHV
5HWLUHODVEDWHUtDVGHOFRQWUROUHPRWRVLQRYD
DXVDUHOVLVWHPDSRUXQSHUtRGRSURORQJDGR
)LOWURGHDLUH
FRONT
FRONT
)LOWURVXFLR²QHFHVLWD
OLPSLH]D
)LOWURREVWUXLGR²UHGXFHHQ
JUDQSDUWHHOHQIULDPLHQWR
ODFDOHIDFFLyQ\HOIOXMRGHO
DLUH
$SDJXHHODFRQGLFLRQDGRUGHDLUHDQWHV
GHOLPSLDU
/RPiVLPSRUWDQWHTXHSXHGHKDFHUSDUD
PDQWHQHUHODFRQGLFLRQDGRUGHDLUHHVOLPSLDU
HOILOWURFRPRPtQLPRFDGDGtDV8QILOWUR
REVWUXLGRUHGXFHHOHQIULDPLHQWRODFDOHIDFFLyQ
\HOIOXMRGHODLUH
0DQWHQHUHOILOWURGHODLUHOLPSLR
'LVPLQX\HHOFRVWRGHRSHUDFLyQ
$KRUUDHQHUJtD
(YLWDODREVWUXFFLyQGHODVERELQDV
GHLQWHUFDPELRGHFDOHIDFFLyQ
5HGXFHHOULHVJRGHIDOODSUHPDWXUD
GHORVFRPSRQHQWHV
3DUDOLPSLDUORVILOWURVGHODLUH
$VSLUHODVXFLHGDGSHVDGD
'HMHFRUUHUDJXDDWUDYpVGHORVILOWURV
6HTXHSRUFRPSOHWRDQWHVGHUHHPSOD]DU
3DUDUHWLUDUHOILOWURGHDLUHHQDOJXQRVPRGHORV
&XLGDGRVDPHQWHKDOHODSHVWDxDKDFLDGHODQWH
DUULED\DIXHUD
3DUDUHWLUDUHOILOWURGHDLUHHQRWURVPRGHORV
+iOHORKDFLDDEDMR
3DUDUHHPSOD]DUHOILOWURGHODLUH
5HHPSODFHHOILOWUROLPSLRHPSXMiQGRORGHQXHYR
HQVXOXJDU
$9,621RRSHUHHODFRQGLFLRQDGRUGHDLUH
VLQHOILOWURHQVXOXJDU6LXQILOWURVHURPSHRVH
GDxDVHGHEHUHHPSOD]DUGHLQPHGLDWR
2SHUDUVLQHOILOWURHQVXOXJDURFRQXQILOWUR
GDxDGRSHUPLWHTXHODVXFLHGDG\HOSROYROOHJXHQ
DODERELQDLQWHULRU\UHGXFHHOHQIULDPLHQWR
ODFDOHIDFFLyQHOIOXMRGHODLUH\ODHILFDFLD
GHODXQLGDG
/RVILOWURVGHUHHPSOD]RHVWiQGLVSRQLEOHVDWUDYpV
GHVXFRQFHVLRQDULR*(FHQWURGHVHUYLFLRV
\SDUWHVGH*(RGHORVWpFQLFRVGHVHUYLFLR
DOFOLHQWH&XVWRPHU&DUH
6HJXULGDG 2SHUDFLyQ &XLGDGR\OLPSLH]D ,QVWDODFLyQ 6ROXFLRQDUSUREOHPDV $SR\RDOFRQVXPLGRU

¢3UHJXQWDV"/ODPHDO*(&$5(6RELHQYLVLWHQXHVWUDSiJLQD:HE*($SSOLDQFHVFRP
,QVWUXFFLRQHV
$FRQGLFLRQDGRUHV
GHLQVWDODFLyQ
GH$LUH
5(48,6,726(/e&75,&26
£
$'9(57(1&,$
5LHVJRGHGHVFDUJD
HOpFWULFD3XHGHSURYRFDUOHVLRQHVRODPXHUWH(VWH
DSDUDWRGHEHFRQWDUFRQXQDDGHFXDGDFRQH[LyQD
WLHUUD3DUDHOXVRGHHVWHDSDUDWRHVVXUHVSRQVDELOLGDG\
REOLJDFLyQFDPELDUXQWRPDFRUULHQWHGHSDUHGGHHVSLJDV
SRUXQRGHHVSLJDVFRQDGHFXDGDFRQH[LyQDWLHUUD
$OJXQRVPRGHORVUHTXLHUHQWRPDFRUULHQWHV
GHYROWLRVGHFRUULHQWHDOWHUQD\+]
FRQHFWDGRVDWLHUUDSURWHJLGRVFRQXQIXVLEOH
GHGLODWDFLyQGHWLHPSRGHDPSHULRVRXQ
FRUWDFLUFXLWRV
(OHQFKXIHGHWUHVS~DVFRQFRQH[LyQDWLHUUDPLQLPL]DOD
SRVLELOLGDGGHGHVFDUJDVHOpFWULFDV6LHOWRPDFRUULHQWHGHOD
SDUHGTXHXVWHGSODQHDXVDUVRODPHQWHWLHQHWRPDVHVVX
UHVSRQVDELOLGDGKDFHUTXHXQWpFQLFRORUHHPSODFHSRUXQRGH
WUHVWRPDVFRQFRQH[LyQDWLHUUD
%DMRQLQJXQDFLUFXQVWDQFLDFRUWHRUHPXHYDODWHUFHUDS~D
FRQH[LyQDWLHUUDGHOFDEOHHOpFWULFR
1RFDPELHHOHQFKXIHHQHOFDEOHHOpFWULFRGHHVWH
DFRQGLFLRQDGRUGHDLUH
/RVFDEOHVFDVHURVGHDOXPLQLRSRGUtDQSUHVHQWDU
SUREOHPDVHVSHFLDOHV&RQVXOWHDXQWpFQLFR
HOHFWULFLVWDFDOLILFDGR
$OJXQRVPRGHORVUHTXLHUHQYROWLRVGHFRUULHQWH
DOWHUQDSURWHJLGRVSRUXQIXVLEOHGHGLODWDFLyQGHWLHPSRRXQ
FRUWDFLUFXLWRV(VWRVPRGHORVGHEHUtDQLQVWDODUVHHQXQUDPDO
H[FOXVLYRGHOFLUFXLWRSDUDXQUHQGLPLHQWRPiVQRWDEOH\
SDUDSUHYHQLUVREUHFDUJDVHQORVFLUFXLWRVGHFDEOHDGRVGHVX
FDVDRDSDUWDPHQWRORFXDOSRGUtDUHSUHVHQWDUXQULHVJRGH
LQFHQGLRSRUHOVREUHFDOHQWDPLHQWRGHORVDODPEUHV
$17(6'(,1,&,$5
/HDHVWDVLQVWUXFFLRQHVFRPSOHWD\FXLGDGRVDPHQWH
,03257$17(³*XDUGHHVWDVLQVWUXFFLRQHVSDUD
XVRGHOLQVSHFWRUORFDO
,03257$17(³2EVHUYHWRGRVORVFyGLJRV\
yUGHQHVGHOH\
1RWDDOLQVWDODGRU²$VHJ~UHVHGHGHMDUHVWDV
LQVWUXFFLRQHVFRQHOFRQVXPLGRU
1RWDDOFRQVXPLGRU²&RQVHUYHHVWDVLQVWUXFFLRQHVSDUD
UHIHUHQFLDIXWXUD
1LYHOGHGHVWUH]D²/DLQVWDODFLyQGHHVWHDSDUDWR
UHTXLHUHGHGHVWUH]DVPHFiQLFDVEiVLFDV
7LHPSRGHHMHFXFLyQ²
$SUR[KRUD
5HFRPHQGDPRVGRVSHUVRQDVSDUDODLQVWDODFLyQGHHVWH
SURGXFWR
/DLQVWDODFLyQDSURSLDGDHVODUHVSRQVDELOLGDGGHOLQVWDODGRU
/DIDOODGHOSURGXFWRGHELGRDXQDLQVWDODFLyQLQDGHFXDGD
QRHVWiFXELHUWDSRUODJDUDQWtD
£,03257$17(*(UHFRPLHQGDHQIiWLFDPHQWH
UHWLUDUODFDMDGHSDUHGDQWLJXD\ODLQVWDODFLyQGHXQD
QXHYDFDMDGHSDUHG*(6LGHFLGHFRQVHUYDUODFDMDGH
SDUHGH[LVWHQWHTXL]iVQHFHVLWHXQNLWSDUDDVHJXUDUHO
GHVHPSHxRDGHFXDGR6L12XVDXQNLWFRUUHHOULHVJR
GHXQGHVHPSHxRGHILFLHQWHRODIDOODGHOSURGXFWRORFXDO
QRHVWiFXELHUWRSRUORVWpUPLQRVGHODJDUDQWtDGH*(
3HUtRGRGHURGDMHGHODFRQGLFLRQDGRUGHDLUH
127$²$OLJXDOTXHFRQFXDOTXLHUGLVSRVLWLYR
PHFiQLFRFRQSDUWHVPyYLOHVHVWDXQLGDGWHQGUi
XQSHUtRGRGHDFRVWXPEUDPLHQWR/8(*2'(/$
,167$/$&,Ï1HVWDXQLGDGGHEHUtDVHUXVDGDGXUDQWH
KRUDVSDUDORJUDUHOQLYHOGHH¿FLHQFLDPi[LPR

1Ò0(526'(.,7'(*(
(OFDEOHGHDOLPHQWDFLyQSXHGHLQFOXLUXQGLVSRVLWLYRSDUD
LQWHUUXSFLyQGHFRUULHQWH6HLQFOX\HXQERWyQGHSUXHED
\GHUHLQLFLRHQHOGLVSRVLWLYR(OGLVSRVLWLYRGHEHSRQHUVH
DSUXHEDSHULyGLFDPHQWHSULPHURVHSUHVLRQDHOERWyQ
GH7(67SUXHED\OXHJR5(6(7UHLQLFLR
6LHOERWyQ7(67QRVHGLVSDUDRVLHOERWyQ5(6(7QR
TXHGDHQJDQFKDGRGHMHGHXWLOL]DUHODFRQGLFLRQDGRU
GHDLUH\FRPXQtTXHVHFRQXQWpFQLFRFDOLILFDGR
,QVWUXFFLRQHVSDUDODLQVWDODFLyQ
86((/.,7*(
1Ò0(52 3$5$ '(6&5,3&,Ï1
5$%$ 8VHHVWRVNLWVSDUDWRGRV &DMDGHSDUHGHVWiQGDUSDUDPRGHORVGHFKDVLV´-µ5HMLOODH[WHULRU
$$ ORVPRGHORVGH*(\RWUDV GHDOXPLQLRHVWDPSDGD5$*5HWLUHODFDMDH[LVWHQWH
PDUFDVTXHQRILJXUDQ \UHHPSOiFHOD
5$.$
7RGRVORV0RGHORVGH*( .LWGHLQVWDODFLyQGHYHQWDQD
5$. 5$%y 6LXQHXQDUHMLOODDUTXLWHFWyQLFDDODPHGLGDSDUDH[WHULRUHV
&KDVLV- XVHHVWHNLWSDUDJDUDQWL]DUHOIOXMRGHDLUHFRUUHFWR
5$* 5$%y 5HMLOODH[WHULRUHVWiQGDUGHDOXPLQLR,QFOXLGDFRQODVFDMDV
&KDVLV- GHSDUHG5$%\
5$*( 5$%y 5HMLOODH[WHULRUFRQSHUVLDQDVDUTXLWHFWyQLFD
&KDVLV-
+(55$0,(17$648(32'5Ë$1(&(6,7$5
/ODYHDMXVWDEOH
1LYHO
'HVWRUQLOODGRU
GHHVWUHOOD
6LHUUDGHPDQRRGHYDLYpQ
7DODGRU
/iSL]
5HJODRFLQWD
GHPHGLU
7LMHUDVRFXFKLOOR
/HDHVWDVLQVWUXFFLRQHVFRPSOHWD\FXLGDGRVDPHQWH

,QVWUXFFLRQHVSDUDODLQVWDODFLyQ
5(7,5(/$3/$&$'(%/248(2
(1(//$'2,=48,(5'2'(/$17(52
98(/9$$,167$/$5/$3/$&$
'(%/248(2&21/$3(67$³$'(75È6
'(/5(%25'('(/$&$-$'(3$5('
$35,(7((/7251,//2
3ODFD
GHEORTXHR
5HWLUH
HOWRUQLOOR
&Ï02,167$/$58102'(/2-(181$&$-$
'(3$5('(;,67(17(
/HDHVWDVLQVWUXFFLRQHVFRPSOHWD\FXLGDGRVDPHQWH
5(7,5(72'26/263527(&7256
'((03$48(6,$3/,&$%/($/
,17(5,25'(/$&21',&,21$'25
'($,5($//$'2'(/&2035(625
&8,'$'26$0(17('(6/,&(
(/$&21',&,21$'25'($,5(+$&,$
$75È6(1/$&$-$
9HULILTXHTXHHOWXERHQODXQLGDGQRWRTXH
ODFDMDGHSDUHG\TXHODLQVWDODFLyQGHODFDMDVHD
VHJXUD
81$/$5(-,//$'(/$17(5$
8QDDEHUWXUDSDUDHOFDEOHHOpFWULFRHVWi
HQODSDUWHGHDEDMRGHODUHMLOODGHODQWHUD
81$(/&$%/((/e&75,&2
$/$%$1'(-$&21/$$%5$=$'(5$
$EUD]DGHUD
&DEOH
HOpFWULFR
%DQGHMD
5HWLUHORV
SURWHFWRUV
GHHPSDTXH
VLDSOLFDEOH

,QVWUXFFLRQHVSDUDODLQVWDODFLyQ
35(3$5(/$$%(5785$'(/$3$5('
9HULILTXHTXHKD\DXQUHFHSWiFXORGHSDUHG
GLVSRQLEOHFHUFDQRDODXELFDFLyQGHORULILFLR
RGLVSRQJDODLQVWDODFLyQGHXQUHFHSWiFXOR
/DORQJLWXGGHOFDEOHSDUDORVPRGHORVGHYROWLRV
HVµKDFLDODGHUHFKD\µKDFLDODL]TXLHUGD
3DUDORVPRGHORVGHYROWLRVODORQJLWXG
GHOFDEOHHVµKDFLDODGHUHFKD\µKDFLD
ODL]TXLHUGD
&Ï02,167$/$5$75$9e6'(/$3$5('
/HDHVWDVLQVWUXFFLRQHVFRPSOHWD\FXLGDGRVDPHQWH
5(48,6,7263$5$(/$32<2
'(/$&21',&,21$'25'($,5(
/DFDMDGHSDUHGGHODFRQGLFLRQDGRUGHDLUH
VHSXHGHLQVWDODUFRQXQDH[WHQVLyQPtQLPDGHµ
GHVGHODSDUHGLQWHULRURFRQXQDH[WHQVLyQPtQLPD
GHµGHVGHODSDUHGH[WHULRU
/RVFRVWDGRVWHUPLQDGRVGHODDEHUWXUDGHEHQVHU
PLHPEURVGHSDUHGHVHVWUXFWXUDOHV
'LQWHO²8VHXQGLQWHOHQHOHQFKDSHGHODGULOOR
\HQWLSRVGHSDUHGGHODGULOOR\EORTXHSDUDDSR\DU
ORVODGULOORVRORVEORTXHVSRUHQFLPDGHODDEHUWXUD
1RSHUPLWDTXHODFDMDGHSDUHGVHXVHFRPRGLQWHO
7DSDMXQWDV²,QVWDOHWDSDMXQWDVFRPRVHPXHVWUD
SDUDHYLWDUTXHHODJXDJRWHHDOLQWHULRUGHODSDUHG
\KDFLDDEDMRDOH[WHULRUGHODFRQVWUXFFLyQ
0ROGXUD
VLVHGHVHD
/tQHDGH
\HVR
&DODIDWHR
RFDXONLQJ
SRUHQFLPD
\GHEDMR
GHOWDSDMXQWDV
([WHQVLyQGHPtQµDOLQWHULRUGHOD
SDUHGGHVGHODPROGXUD
/DGRGHOD
KDELWDFLyQ
7DSDMXQWDV
(QFKDSH
GHEORTXH
ÈQJXORGHO
GLQWHOVLHV
QHFHVDULR
(QPDVLOODGR
HQORV
FRVWDGRV
GHOH[WHULRU
HLQWHULRU
GHODFDMD
5(48,6,726'($32<23$5$
(/$&21',&,21$'25'($,5(
(OPRUWHURRFHPHQWRHQWUHODFDMD\HOODGULOOR
DOUHGHGRUGHODFDMDSXHGHFRUWDUVHPiVEDMD
DDSUR[LPDGDPHQWHSDUDPHMRUDUHOFDODIDWHR
&DODIDWHR
3DUWHVXSHULRU
GHODFDMD
,QWHULRU
([WHULRU
&HPHQWR
FRUWDGR
PiVEDMR

,QVWUXFFLRQHVSDUDODLQVWDODFLyQ
,167$/$&,Ï1'(9(17$1$³23&,21$/
£$'9(57(1&,$
5LHVJRGHOHVLRQHV/DLQVWDODFLyQGHEHFXPSOLUFRQHVWDVQRUPDV
5HTXLHUHNLWVGHDFFHVRULRVRSFLRQDOHV5$.$\IXQGDGHODSDUHG5$%$$RU$
/HDHVWDVLQVWUXFFLRQHVFRPSOHWD\FXLGDGRVDPHQWH
$FRQGLFLRQDGRUGHDLUH
7LSR&SLQWDGRV
7LSR'
7LSR(
$UDQGHODJUDQGH
3HUQRGHDMXVWH
7XHUFDGHVHJXULGDG
(VSDFLDGRU
+HUUDPLHQWDVGHVRSRUWH
SDUDDSR\R
7LSR$
7LSR%
(PSDTXH
ODWHUDOGH
ODFDMD
3DQHOHV
GHUHOOHQR
&RUWHORV
SDQHOHV
\GHVHFKH
ODSLH]D
FHQWUDO
6RSRUWHGH
DSR\RSDUDOD
DOIDMtDLQWHULRU
6RSRUWH
SDUD
EORTXHRGH
YHQWDQD
*DQFKR
GHUHVRUWH
iQJXORV
L]TXLHUGR
\GHUHFKR
(PSDTXHVGHYLQLORSDUD
YHQWDQD
(PSDTXHSDUDSDUWHLQIHULRUGHODYHQWDQD
(PSDTXHSDUDSDUWHVXSHULRU
GHODFDMD
(PSDTXHGHHVSXPD
SDUDSDUWHVXSHULRUGHOD
YHQWDQD
%
/DGR
GHUHFKR
$
/DGR
L]TXLHUGR
RULILFLRVDODL]TXLHUGD
RULILFLRVDODGHUHFKD
5(48,6,7263$5$/$9(17$1$
(VWDVLQVWUXFFLRQHVVRQSDUDXQDYHQWDQDHVWiQGDU
WLSRJXLOORWLQD1HFHVLWDUiPRGLILFDUODVSDUDRWURVWLSRV
GHYHQWDQDV
(ODFRQGLFLRQDGRUGHDLUHVHSXHGHLQVWDODUVLQORV
SDQHOHVGHDFRUGHyQVLHVQHFHVDULRSDUDDMXVWDUVH
DXQDYHQWDQDDQJRVWD&RQVXOWHODVGLPHQVLRQHV
GHODDEHUWXUDGHODYHQWDQDDODGHUHFKD
7RGDVODVSDUWHVGHDSR\RVHGHEHQDVHJXUDU
DODPDGHUDILUPHPDPSRVWHUtDRPHWDO
(OWRPDFRUULHQWHGHEHHVWDUDODOFDQFHGHOFDEOHHOpFWULFR
/DVGLPHQVLRQHVGHODDEHUWXUDGHODYHQWDQDVRQ
SDUDXQDYHQWDQDHVWiQGDUWLSRJXLOORWLQD
µPtQ
µDµ
FRQSDQHOHVGHUHOOHQR
øµPtQVLQSDQHOHVGHUHOOHQR

,QVWUXFFLRQHVSDUDODLQVWDODFLyQ
5(48,6,726'(9(17$1$3$5$
7250(17$
8QPDUFRGHYHQWDQDSDUDWRUPHQWDQRSHUPLWLUi
TXHHODFRQGLFLRQDGRUGHDLUHVHLQFOLQHKDFLDIXHUD
HLPSHGLUiTXHVHGUHQHFRUUHFWDPHQWH3DUD
DMXVWDUODDJUHJXHXQSHGD]RGHPDGHUDDODDOIDMtD
H[WHULRU
3,(=$6'(0$'(5$
(63(625µ
/21*,78'6XILFLHQWHORQJLWXGSDUDDMXVWDUVHDOLQWHULRU
GHOPDUFRGHODYHQWDQD
(63(6253DUDGHWHUPLQDUHOHVSHVRUFRORTXHXQSHGD]R
GHPDGHUDHQODDOIDMtDH[WHULRUSDUDKDFHUODµPiV
DOWDTXHODVXSHUILFLHGHOPDUFRGHODYHQWDQDSDUD
WRUPHQWD
6XMHWHILUPHPHQWHFRQFODYRVRWRUQLOORVTXHVXPLQLVWUD
HOLQVWDODGRU
µPiV
DOWRTXHHO
PDUFR
0DUFRGH
YHQWDQDSDUD
WRUPHQWD
0DGHUD
$OIDMtD
LQWHULRU
$OIDMtD
H[WHULRU
5(7,5((/$&21',&,21$'25'($,5(
'(/$&$-$
5HWLUHODUHMLOODGHODQWHUD&RQVXOWHODVHFFLyQ
&XLGDGR\OLPSLH]D
(QFXHQWUHODSODFDGHEORTXHRTXHVHHQFXHQWUD
HQHOFRVWDGRL]TXLHUGRGHODQWHUR
5HWLUHHOWRUQLOOR\ODSODFDGHEORTXHRSDUDOLEHUDU
HODFRQGLFLRQDGRUGHDLUH
5HWLUH\GHVHFKHHOWRUQLOORGHHQYtRHQODSDUWH
SRVWHULRUGHODFRQGLFLRQDGRUGHDLUHSDUDUHWLUDU
HODFRQGLFLRQDGRUGHDLUHGHODFDMD
+DOHODVHVTXLQDVGHODSDUWHLQIHULRUGHO
DFRQGLFLRQDGRUGHDLUH\GHVOLFHKDFLDIXHUD
GHODFDMD
5HWLUHWRGRVORVSURWHFWRUVGHHQYtRVLDSOLFDEOH
DOLQWHULRUGHODFRQGLFLRQDGRUGHDLUHDOODGRGHO
FRPSUHVRU
5HWLUHODUHMLOODSRVWHULRUTXHHVWiSHJDGDDODSDUWH
SRVWHULRUGHODFDMD5HWLUHHOSDTXHWHGHWRUQLOORVTXH
HVWiSHJDGRHQODSDUWHSRVWHULRUGHODUHMLOOD0LHQWUDV
VRVWLHQHODUHMLOODHQXQiQJXORGHLQVpUWHODHQORV
JDQFKRVHQODSDUWHVXSHULRUGHODFDMD\HPSXMHOD
SDUWHGHDEDMRKDFLDDGHQWUR0DQWHQJDXQDSUHVLyQ
OLJHUDPHQWHKDFLDDUULEDVREUHODUHMLOODKDVWDTXHHVWp
QLYHODGDFRQODSDUWHGHDEDMRGHODFDMD
$
%
&
3ODFDGH
EORTXHR
5HWLUHHO
WRUQLOOR
'
5HWLUHHO
WRUQLOOR
(
)
6LHVWiLQVWDODQGRODUHMLOOD
GHVGHHOH[WHULRUGHOD
FDMDXVHGRVWRUQLOORV
ODUJRV
6LDxDGLUiODUHMLOODGHVGH
HOLQWHULRUGHODFDMDXVH
WRUQLOORVFRUWRV
*
*DQFKRV
,QVHUWHORVGRVWRUQLOORVODUJRV
HQHOH[WHULRU
,QVHUWHORVGRVWRUQLOORVFRUWRV
HQHOLQWHULRU
5HWLUHORV
SURWHFWRUV
GHHPSDTXH
VLDSOLFDEOH

35(3$5(/$9(17$1$
0DUTXHODOtQHDFHQWUDOGHODDOIDMtDLQWHULRU0LGD
GHVGHODOtQHDFHQWUDO
øµHQDPERVODGRVSDUD
ORVFRUWHVGHORVSDQHOHV
0LGD
øµGHVGHODOtQHDFHQWUDOHQDPERV
ODGRVSDUDORVVRSRUWHVGHDSR\RGHODDOIDMtDH[WHULRU
,QVWUXFFLRQHVSDUDODLQVWDODFLyQ
,167$/(/26623257(6
'(/$$/)$-Ë$(;7(5,25
$UPHORVVRSRUWHVGHODDOIDMtDH[WHULRU1R
DSULHWHSRUFRPSOHWRORVWRUQLOORVGHPRQWDMHGHO
HVSDFLDGRUHQHVWHPRPHQWR
$QWHVGHXQLUORVVRSRUWHVGHODDOIDMtDH[WHULRU
FROyTXHORVHQODDOIDMtDLQWHULRUGHODYHQWDQD
6HOHFFLRQHODSRVLFLyQGHOHVSDFLDGRUFHUFD
GHOSXQWRPiVH[WHUQRGHODDOIDMtDH[WHULRU
$SULHWHORVWRUQLOORVGHPRQWDMHGHOHVSDFLDGRU
*LUHORVSHUQRV\DSULHWHODVWXHUFDVGHVHJXULGDG
SDUDQLYHODUORVVRSRUWHVGHODDOIDMtDH[WHULRURLQFOLQDU
µKDFLDHQH[WHULRU$OLQHHKDVWDODPXHVFDHQ9
FRQODVPDUFDVGH
øµ3HUIRUHRULILFLRVSLORWR\XQD
ORVVRSRUWHVGHODDOIDMtDH[WHULRU
127$6
(QDOIDMtDVH[WHULRUHVDQJRVWDVHVSRVLEOHTXHQRKD\D
VXILFLHQWHHVSDFLRSDUDXVDUODWXHUFDGHVHJXULGDG
8QDDOIDMtDH[WHULRUFRQGHVQLYHOSURIXQGRYDDUHTXHULU
XQSHUQRGHDMXVWHPiVODUJRTXHHOSHUQRGHFDEH]D
KH[DJRQDOHVWiQGDUTXHVHVXPLQLVWUD
(QDOIDMtDVH[WHULRUHVGHPDGHUDXVHODDUDQGHODJUDQGH
HQWUHODFDEH]DGHOSHUQR\ODDOIDMtDH[WHULRU(VWRHYLWD
TXHHOSHUQRVHHQWLHUUHHQODPDGHUD
$
%
,167$/$&,Ï1(181$9(17$1$³23&,21$/FRQW
$
%
&
$OIDMtDH[WHULRUWtSLFD
$OIDMtDH[WHULRUDQJRVWD
$OIDMtDH[WHULRUGHVQLYHODGDFRPRHQODGULOORRSLHGUD
6RSRUWHGH
DOIDMtDH[WHULRU
(VSDFLDGRU
7RUQLOORVGHPRQWDMH
GHOHVSDFLDGRU
7LSR$
7XHUFDGH
VHJXULGDG
3HUQRGHDMXVWH
$UDQGHODJUDQGH
SDUDXVRFRQDOIDMtDV
H[WHULRUHVGHPDGHUD
6RSRUWH
GHODDOIDMtD
H[WHULRU
(VSDFLDGRU
7LSR%
7LSR(
$OIDMtDLQWHULRU
0XHVFD
HQIRUPDGH9
SDUDVRSRUWH
GHODDOIDMtD
H[WHULRU
$OIDMtDH[WHULRU
3HUQR
$OIDMtD
H[WHULRU
øµ
øµ
øµ
øµ
$OIDMtD
H[WHULRU
$OIDMtDLQWHULRU
$OIDMtDLQWHULRU
/tQHDFHQWUDO
/tQHDFHQWUDO
)XHUD
'HQWUR
)XHUD
'HQWUR
)XHUD
'HQWUR
7RUQLOORVHQSRVLFLyQ

,QVWUXFFLRQHVSDUDODLQVWDODFLyQ
0,'$&257((,167$/(/263$1(/(6
'(5(//(12
0LGDGHVGHHOERUGHGHODVPDUFDVGHORVSDQHOHV
YHU3UHSDUHODYHQWDQDKDFLDHOLQWHULRUGHOULHO
GHODYHQWDQDHQFDGDODGR$\%
0DUTXHODVPHGLGDV$\%HQFDGDODGRGH
ODSODFDGHOSDQHOGHUHOOHQR&RUWHORVSDQHOHV
\GHVHFKHODSLH]DGHOFHQWUR2EVHUYHODSRVLFLyQ
GHODVPXHVFDV
8QDODVDUPD]RQHVGHORVSDQHOHV5HWLUH
HOSURWHFWRUGHSDSHOGHOHPSDTXHODWHUDO
GHODFDMD\SpJXHORDOiQJXOR&RQODSXQWD
GHXQOiSL]HPSXMHDWUDYpVGHORVHPSDTXHV
SDUDHQFRQWUDUORVRULILFLRVHQORViQJXORV
,QVWDOHORVSDQHOHVHQODYHQWDQD&RORTXHORVJDQFKRV
GHUHVRUWHDµGHODSDUWHVXSHULRU\ODSDUWHLQIHULRU
$SULHWH\HPSXMHORVJDQFKRVSDUDTXHHQFDMHQ
HQHOULHOGHODYHQWDQD\ODSHVWDxDHQHOVRSRUWH
GHODDOIDMtDH[WHULRU
$
%
&
'
$
$QFKRGHO
DFRQGLFLRQDGRU
GHDLUH
/DGR
L]TXLHUGR
5LHOGH
ODYHQWDQD
$OIDMtDH[WHULRU
%
/DGR
GHUHFKR
øµ
øµ
3DQHOHV
GHUHOOHQR
&RUWHORV
SDQHOHV
\GHVHFKH
ODSLH]D
GHOFHQWUR
%
/DGR
GHUHFKR
$
/DGR
L]TXLHUGR
RULILFLRVDODL]TXLHUGD
RULILFLRVDODGHUHFKD
7LSR&
WRUQLOORV
SLQWDGRV
(PSDTXH
ÈQJXOR
3DQHO
3HVWDxD
ÈQJXOR
(QJDQFKHODSHVWDxD
HQHOVRSRUWHGHOD
DOIDMtD
(PSDTXH
µ
'HQWUR
)XHUD

,QVWUXFFLRQHVSDUDODLQVWDODFLyQ
,167$/(/$&$-$(1/$9(17$1$
3HOHODSURWHFFLyQGHOHPSDTXHSDUDODSDUWH
LQIHULRUGHODYHQWDQD
&RORTXHHOHPSDTXHHQODDOIDMtDLQWHULRUVREUH
ORVVRSRUWHVDOPLVPRQLYHOGHOERUGHSRVWHULRU
FRQHOODGRSHJDMRVRKDFLDDEDMR
&XLGDGRVDPHQWHGHVOLFHODFDMDYDFtDKDFLDOD
YHQWDQDKDVWDTXHORVRULILFLRVHQODFDMDHVWpQ
DOLQHDGRVFRQORVRULILFLRVHQORViQJXORVGHO
SDQHO
127$6
/DFDMDGHEHWHQHUXQDLQFOLQDFLyQPtQLPD
GHµKDFLDHOH[WHULRU
&HUFLyUHVHGHTXHHOHPSDTXHVHOODQWH\ORV
HPSDTXHVGHOSDQHOSHUPDQH]FDQHQSRVLFLyQ
\QRVHHQUROOHQFRQODFDMD
%DMHODYHQWDQDGHPDQHUDTXHVHDMXVWHGHWUiV
GHODVSHVWDxDVGHOSDQHO,QVHUWHORVFXDWUR
WRUQLOORVWLSR$DWUDYpVGHORVRULILFLRVHQODFDMD
\HQORViQJXORVGHOSDQHOHQFDGDODGR
&RQODYHQWDQDFHUUDGDPDUTXHGyQGHHOPDUFR
GHODYHQWDQDVHHQFXHQWUDFRQODFDMD
3HOHHOUHVSDOGRGHOHPSDTXHSDUDODSDUWHVXSHULRU
GHODFDMD
6RVWHQJDODFDMDDEUDODYHQWDQD\FRORTXH
HOHPSDTXHDORODUJRGHODPDUFDGHODFDMD
&RORTXHHOHPSDTXHGHYLQLORSDUDODYHQWDQDHQFLPD
GHOHPSDTXHSDUDODSDUWHVXSHULRUGHODFDMD,QVHUWH
ODVSHVWDxDVGHOSDQHODWUDYpVGHORVFRUWHVHQ
HOHPSDTXH&RUWHHOHPSDTXHHQFDGDODGRDODQFKR
GHODYHQWDQD
&LHUUHODYHQWDQDILUPHPHQWHVREUHHOHPSDTXH
GHYLQLOR'REOHHOHPSDTXHKDFLDGHODQWHSDUD
H[SRQHUODVSHVWDxDVGHOSDQHO3HUIRUHRULILFLRVSLORWR
HQHOPDUFRGHODYHQWDQD
,167$/$&,Ï1(181$9(17$1$³23&,21$/FRQW
$
%
&
'
(
)
*
+
,
(PSDTXHSDUDODSDUWHLQIHULRUGHODYHQWDQD
2ULILFLRVGHODFDMD
7RUQLOORV
GHODFDMD
3HVWDxDV
GHOSDQHO
&RORTXHHO
HPSDTXHHQOD
SDUWHVXSHULRUGH
ODFDMDGRQGH
ODYHQWDQDVHYD
DFHUUDU
3HVWDxD
GHOSDQHO
(PSDTXHGHYLQLOR
SDUDODYHQWDQD
8QDODSHVWDxDGHOSDQHO
DODYHQWDQDHQFDGDODGR
FRQXQWRUQLOORWLSR'

,QVWUXFFLRQHVSDUDODLQVWDODFLyQ
5((03/$&((/$&21',&,21$'25'(
$,5((1/$&$-$
&XLGDGRVDPHQWHGHVOLFHHODFRQGLFLRQDGRU
GHDLUHGHQXHYRKDFLDODFDMD
8QDHOFDEOHHOpFWULFRDODEDQGHMDGHODEDVH
FRQODDEUD]DGHUD
9XHOYDDLQVWDODUODSODFDGHEORTXHRFRQODSHVWDxD
GHWUiVGHOUHERUGHGHODFDMDHQODSDUHG$SULHWH
HOWRUQLOOR
9XHOYDDXQLUODUHMLOODGHODQWHUD+D\XQDDEHUWXUD
SDUDHOFDEOHHOpFWULFRHQODSDUWHGHDEDMRGHODUHMLOOD
GHODQWHUD
5HOOHQHORVRULILFLRV\ODVJULHWDVFRQHQPDVLOODGRTXH
HOLQVWDODGRUGHEHVXPLQLVWUDU
,167$/((/(03$48(3$5$
/$9(17$1$<(/623257(
'(%/248(2
&RUWHHOHPSDTXHGHHVSXPDSDUDODSDUWH
VXSHULRUGHODYHQWDQDDODQFKRGHODYHQWDQD
5HOOHQHODHVSXPDHQWUHHOYLGULR\ODYHQWDQD
SDUDHYLWDUTXHHODLUH\ORVLQVHFWRVHQWUHQ
HQODKDELWDFLyQ
8QDHOVRSRUWHGHEORTXHRGHODYHQWDQDFRQ
XQWRUQLOORWLSR(
$
%
$
%
&
&
'
(
$EUD]DGHUD
&DEOHHOpFWULFR
%DQGHMD
GHODEDVH
3ODFDGH
EORTXHR
$SULHWH
HOWRUQLOOR

$QWHVGHOODPDUSDUDVROLFLWDUVHUYLFLR«
,GHDVSDUDODLGHQWLILFDFLyQ\VROXFLyQGHSUREOHPDV£$KRUUHGLQHUR\WLHPSR5HYLVHODVLJXLHQWHWDEODSULPHUR
\TXL]iVQRWHQJDTXHOODPDUSDUDVROLFLWDUVHUYLFLR
6RQLGRVGHRSHUDFLyQQRUPDOHV
4XL]iVHVFXFKHXQVRQLGRPHWiOLFRFDXVDGRSRU
HODJXDWRPDGD\WLUDGDFRQWUDHOFRQGHQVDGRUHQ
ORVGtDVOOXYLRVRVRFXDQGRODKXPHGDGHVDOWD(VWD
FDUDFWHUtVWLFDGHGLVHxRD\XGDDUHPRYHUODKXPHGDG
\PHMRUDODHILFLHQFLD
4XL]iVHVFXFKHTXHHOWHUPRVWDWRKDFHFOLFFXDQGR
HOFRPSUHVRUKDFHFLFORHQWUHHQFHQGLGR\DSDJDGR
(ODJXDVHDFXPXODHQODEDQGHMDGXUDQWHGtDV
OOXYLRVRVRFRQPXFKDKXPHGDG(ODJXDSRGUtD
GHUUDPDUVH
\JRWHDUGHVGHHOODGRH[WHUQRGHODXQLGDG
(OYHQWLODGRUSRGUtDIXQFLRQDUDXQVLHOFRPSUHVRU
QRORKDFH
3UREOHPD &DXVDVSRVLEOHV 4XpKDFHU
(ODFRQGLFLRQDGRUGHDLUH (ODFRQGLFLRQDGRUGHDLUH &HUFLyUHVHGHTXHHODFRQGLFLRQDGRUGHDLUHHVWiHQFKXIDGR
QRHQFLHQGH HVWiGHVFRQHFWDGR WRWDOPHQWHHQHOWRPDFRUULHQWH
(OIXVLEOHVHGLVSDUy ,QVSHFFLRQHORVIXVLEOHVFDMDGHLQWHUUXSWRUHVGHODFDVD
HOFRUWDFLUFXLWRVVHGLVSDUy \UHHPSODFHFXDOTXLHUIXVLEOHRUHDMXVWHHOLQWHUUXSWRU
,QWHUUXSFLyQHQHO 6LRFXUUHXQDLQWHUUXSFLyQHQHOVXPLQLVWURHOpFWULFR
VXPLQLVWURHOpFWULFR DSDJXH2))
DSDJDGR
HODFRQGLFLRQDGRUGHDLUH&XDQGR
ODHQHUJtDVHUHVWDXUHHVSHUHPLQXWRVSDUDUHLQLFLDU
HODFRQGLFLRQDGRUGHDLUHSDUDSUHYHQLUTXHVHGLVSDUH
HOFRPSUHVRUSRUVREUHFDUJD
(OGLVSRVLWLYRGHLQWHUUXSFLyQ 3UHVLRQHHOERWyQ5(6(7
UHLQLFLR
XELFDGRHQHOFDEOH
GHFRUULHQWHVHKDDFWLYDGR GHDOLPHQWDFLyQ
6LHOERWyQ5(6(7QRVHPDQWLHQHHQVXOXJDUQRXWLOLFH
PiVHODFRQGLFLRQDGRUGHDLUH\FRPXQtTXHVH
FRQXQWpFQLFRFDOLILFDGR
(ODFRQGLFLRQDGRUGHDLUH (OIOXMRGHDLUHHVWiUHVWULQJLGR &HUFLyUHVHGHTXHQRH[LVWHQLQJXQDFRUWLQDSHUVLDQD
QRHQIUtDRFDORUDOJXQRV RPXHEOHEORTXHDQGRHOIUHQWHGHODFRQGLFLRQDGRUGHDLUH
PRGHORVFRPRGHEHUtD
(OFRQWUROGHWHPSHUDWXUDQR (QHOPRGR&22/IUtRR+($7FDORUDOJXQRVPRGHORV
HVWiDMXVWDGRDSURSLDGDPHQWH SUHVLRQHHOWHFOD5('8&,5
(OILOWURGHDLUHHVWiVXFLR /LPSLHHOILOWURFDGDGtDVSRUORPHQRV9HUODVHFFLyQ
GH,QVWUXFFLRQHVGH2SHUDFLyQ
/DKDELWDFLyQSRGUtDKDEHU &XDQGRHODFRQGLFLRQDGRUGHDLUHVHHQFLHQGHXVWHG
HVWDGRFDOLHQWH QHFHVLWDGDUOHWLHPSRSDUDTXHHQIUtHODKDELWDFLyQ
(ODLUHIUtRVHHVWiHVFDSDQGR &HUFLyUHVHGHTXHORVUHJLVWURVGHODFDOHIDFFLyQQRHVWiQ
DELHUWRV\VHHQFXHQWUDQUHWRUQDQGRHODLUHIUtR
$VHJ~UHVHGHTXHODYHQWLODFLyQGHODFRQGLFLRQDGRUGHDLUH
VHHQFXHQWUHHQODSRVLFLyQFHUUDGD
/DVERELQDVGHHQIULDPLHQWR 9HU´$FRQGLFLRQDGRUGHDLUHFRQJHOiQGRVHµPiVDGHODQWH
VHFRQJHODURQ
(ODFRQGLFLRQDGRUGHDLUH (OKLHOREORTXHDHOIOXMR &RQILJXUHORVFRQWUROHVHQ+,*+)$1YHQWLODGRUDOWR
VHHVWiFRQJHODQGR GHDLUHKDFLDHODFRQGLFLRQDGRUR+,*+&22/IUtRDOWR\DMXVWHHOWHUPRVWDWRHQXQD
GHDLUHHYLWDQGRTXHVHHQIUtH WHPSHUDWXUDDOWDSDUDSHUPLWLUTXHHOKLHORVHGHUULWD
ODKDELWDFLyQ
(OFRQWUROUHPRWR /DVEDWHUtDVHVWiQLQVHUWDGDV ,QVSHFFLRQHODSRVLFLyQGHODVEDWHUtDV'HEHQHVWDU
QRIXQFLRQD LQFRUUHFWDPHQWH LQVHUWDGDVFRUUHFWDPHQWH
/DVEDWHUtDVSRGUtDQHVWDULQVHUYLEOHV5HHPSODFHODVEDWHUtDV
+D\DJXDJRWHDQGRDIXHUD 7LHPSRK~PHGR\FDOLHQWH (VWRHVQRUPDO
+D\DJXDJRWHDQGRHQHO (ODFRQGLFLRQDGRUGHDLUH 3DUDGUHQDUHODJXDDSURSLDGDPHQWHFHUFLyUHVHGHTXH
LQWHULRUGHODKDELWDFLyQ QRHVWiLQFOLQDGRKDFLDDIXHUD HODFRQGLFLRQDGRUGHDLUHHVWiLQFOLQDGROLJHUDPHQWH
GHVGHHOIUHQWHKDFLDDWUiV
6HDFXPXODDJXDHQ /DKXPHGDGUHPRYLGDGHODLUH (VWRHVQRUPDOSRUXQFRUWRSHUtRGRHQiUHDVFRQSRFD
ODEDQGHMD \VHGUHQDKDVWDODEDQGHMD KXPHGDGQRUPDOSRUXQSHUtRGRGHWLHPSRPiV
SURORQJDGRHQiUHDVPiVK~PHGDV
$SR\RDOFRQVXPLGRU 6ROXFLRQDUSUREOHPDV ,QVWDODFLyQ &XLGDGR\OLPSLH]D 2SHUDFLyQ 6HJXULGDG

(VWDJDUDQWtDVHH[WLHQGHDOFRPSUDGRURULJLQDO\FXDOTXLHUFRPSUDGRUSRVWHULRUGHSURGXFWRVFRPSUDGRVSDUD
XVRUHVLGHQFLDOGHQWURGH(VWDGRV8QLGRV6LHOSURGXFWRHVWiVLWXDGRHQXQiUHDTXHQRGLVSRQHGHVHUYLFLR
SRUSDUWHGHXQSURYHHGRUGHVHUYLFLRDXWRUL]DGRGH*(SRGUtDWHQHUTXHKDFHUVHFDUJRGHORVFRVWHV
GHHQYtRRELHQSRGUtDVROLFLWiUVHOHTXHOOHYHHOSURGXFWRDXQDFHQWURGHVHUYLFLRGH*(DXWRUL]DGRSDUD
UHDOL]DUODUHSDUDFLyQ(Q$ODVNDODJDUDQWtDH[FOX\HHOFRVWRGHHQYtRRODVYLVLWDVGHVHUYLFLRDVXFDVD
$OJXQRVHVWDGRVQRSHUPLWHQODH[FOXVLyQRODVOLPLWDFLRQHVGHGDxRVLQFLGHQWDOHVRFRQVHFXHQFLDOHV(VWD
JDUDQWtDGDGHUHFKRVOHJDOHVHVSHFtILFRV\XVWHGSRGUtDWHQHURWURVGHUHFKRVTXHYDULDUiQGHHVWDGRDHVWDGR
3DUDVDEHUFXiOHVVRQVXVGHUHFKRVOHJDOHVFRQVXOWHDODRILFLQDGHDVXQWRVGHOFRQVXPLGRUORFDORODRILFLQD
GHO$WWRUQH\*HQHUDOHQVXORFDOLGDG
*DUDQWH*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<
*DUDQWtDGHVXDFRQGLFLRQDGRUGHDLUH
9LDMHVGHVHUYLFLRDVXFDVDSDUDPRVWUDUOHFyPR
IXQFLRQDHOHTXLSR
,QVWDODFLyQHQWUHJDRPDQWHQLPLHQWRLQDSURSLDGD
6LXVWHGWLHQHXQSUREOHPDGXUDQWHODLQVWDODFLyQ
RVLVXDFRQGLFLRQDGRUGHDLUHQRWLHQHODFDSDFLGDG
GHHQIULDPLHQWRTXHXVWHGQHFHVLWDSyQJDVHHQ
FRQWDFWRFRQQXHVWURGLVWULEXLGRURLQVWDODGRU
8VWHGHVUHVSRQVDEOHGHSURSRUFLRQDUODV
IDFLOLGDGHVGHFRQH[LyQHOpFWULFDQHFHVDULDV
)DOORGHOSURGXFWRUHVXOWDQWHGHPRGLILFDFLRQHVDO
SURGXFWRRGHELGRDXVRLUUD]RQDEOHLQFOX\HQGRQR
SURSRUFLRQDUPDQWHQLPLHQWRUD]RQDEOH\QHFHVDULR
(QORFDOHVFRPHUFLDOHVODPDQRGHREUDQHFHVDULD
SDUDUHWLUDUODXQLGDGKDFLDXQOXJDUSDUDUHYLVLyQSRU
SDUWHGHXQWpFQLFRLQGLYLGXDO
5HHPSOD]RGHIXVLEOHVGHODFDVDRUHDMXVWHGHOVLVWHPD
GHFLUFXLWRV
)DOORVGHELGRDODFRUURVLyQHQPRGHORVTXHQRHVWiQ
SURWHJLGRVFRQWUDODFRUURVLyQ
'DxRDOSURGXFWRFDXVDGRSRUYROWDMHLQDSURSLDGR
KDFLDHOHTXLSRDFFLGHQWHVLQFHQGLRVLQXQGDFLRQHV
RDFWRVGHODQDWXUDOH]DGHIXHU]DPD\RU
'DxRVLQFLGHQWDOHVRFRQVHFXHQFLDOHVFDXVDGRVSRU
GHIHFWRVSRVLEOHVFRQHVWHDFRQGLFLRQDGRUGHDLUH
'DxRVFDXVDGRVGHVSXpVGHODHQWUHJD
3URGXFWRQRDFFHVLEOHSDUDIDFLOLWDUHOVHUYLFLR
UHTXHULGR
/RTXHQRHVWiFXELHUWR
3RUHOSHUtRGRGH *(UHHPSOD]DUi
8QDxR &XDOTXLHUSDUWHGHODFRQGLFLRQDGRUGHDLUHTXHIDOOHGHELGRDGHIHFWRVHQORVPDWHULDOHVRHQ
$SDUWLUGHODIHFKD ODIDEULFDFLyQ'XUDQWHHVWDJDUDQWtDOLPLWDGDGHXQDxR*(WDPELpQSURSRUFLRQDUiVLQFRVWR
GHODFRPSUDRULJLQDO DOJXQRWRGDODPDQRGHREUD\HOVHUYLFLRUHODFLRQDGR³SDUDUHHPSOD]DUSDUWHVGHIHFWXRVDV
&LQFRDxRV &XDOTXLHUSDUWHGHOVLVWHPDGHUHIULJHUDFLyQVHOODGDFRPSUHVRUFRQGHQVDGRUHYDSRUDGRU
$SDUWLUGHODIHFKD \WXEHUtDVGHFRQH[LyQTXHIDOOHQGHELGRDGHIHFWRVHQORVPDWHULDOHVRIDEULFDFLyQ'XUDQWH
GHODFRPSUDRULJLQDOHVWRVFXDWURDxRVDGLFLRQDOHVGHJDUDQWtDOLPLWDGD*(WDPELpQSURSRUFLRQDUiVLQFRVWR
DOJXQRWRGDODPDQRGHREUD\HOVHUYLFLRUHODFLRQDGRSDUDUHHPSOD]DUSDUWHVGHIHFWXRVDV
7RGRVORVVHUYLFLRVGHJDUDQWtDORVSURSRUFLRQDQQXHVWURV
&HQWURVGH5HSDUDFLyQGH)iEULFDRQXHVWURVWpFQLFRV&XVWRPHU
&DUH
DXWRUL]DGRV3DUDFRQFHUWDUXQDFLWDGHUHSDUDFLyQHQ
OtQHDYLVtWHQRVDO*($SSOLDQFHVFRPROODPHDO*(&$5(6
&XDQGROODPHSDUDVROLFLWDUVHUYLFLRSRUIDYRU
WHQJDDPDQRHOQ~PHURGHVHULH\HOQ~PHURGHPRGHOR
*UDSHDTXtVXUHFLER
6HUHTXLHUHIDFLOLWDUSUXHED
GHODIHFKDGHFRPSUDRULJLQDO
SDUDREWHQHUXQVHUYLFLR
EDMRODJDUDQWtD
(;&/86,Ï1'(*$5$17Ë$6,03/Ë&,7$6³6X~QLFR\H[FOXVLYRGHUHFKRHVODUHSDUDFLyQGHOSURGXFWR
WDO\FRPRVHLQGLFDHQHVWD*DUDQWtDOLPLWDGD&XDOTXLHUJDUDQWtDLPSOtFLWDLQFOX\HQGRODV
JDUDQWtDVLPSOtFLWDVGHFRPHUFLDELOLGDGRDGHFXDFLyQSDUDXQILQGHWHUPLQDGRHVWiQOLPLWDGDV
DXQDxRRHOSHUtRGRGHWLHPSRPiVEUHYHSHUPLWLGRSRUODOH\
6HJXULGDG 2SHUDFLyQ &XLGDGR\OLPSLH]D ,QVWDODFLyQ 6ROXFLRQDUSUREOHPDV $SR\RDOFRQVXPLGRU

$SR\RDOFRQVXPLGRU
3iJLQD:HEGH*($SSOLDQFHV
*($SSOLDQFHVFRP
¢7LHQHDOJXQDSUHJXQWDVREUHVXHOHFWURGRPpVWLFR"£3UXHEHODSiJLQD:HEGH*($SSOLDQFHVKRUDVDOGtD
FXDOTXLHUGtDGHODxR3DUDPD\RUFRQYHQLHQFLD\VHUYLFLRPiVUiSLGR\DSXHGHGHVFDUJDUORV0DQXDOHVGHORV
3URSLHWDULRVSHGLUSLH]DVRLQFOXVRKDFHUXQDFLWDHQOtQHDSDUDTXHYHQJDQDUHDOL]DUXQDUHSDUDFLyQ
6ROLFLWHXQDUHSDUDFLyQ *($SSOLDQFHVFRP
(OVHUYLFLRGHH[SHUWRV*(HVWiDWDQVyORXQSDVRGHVXSXHUWD£(QWUHHQOtQHD\VROLFLWHVXUHSDUDFLyQFXDQGR
OHYHQJDELHQFXDOTXLHUGtDGHODxR2OODPHDO*(&$5(6GXUDQWHKRUDVQRUPDOHVGHRILFLQD
5HDO/LIH'HVLJQ6WXGLR(VWXGLRGHGLVHxRSDUDODYLGDUHDO *($SSOLDQFHVFRP
*(DSR\DHOFRQFHSWRGH'LVHxR8QLYHUVDO³SURGXFWRVVHUYLFLRV\DPELHQWHVTXHSXHGHQXVDUJHQWHGHWRGDV
ODVHGDGHVWDPDxRV\FDSDFLGDGHV5HFRQRFHPRVODQHFHVLGDGGHGLVHxDUSDUDXQDJUDQJDPDGHKDELOLGDGHV
\GLILFXOWDGHVItVLFDV\PHQWDOHV3DUDPiVGHWDOOHVFREUHODVDSOLFDFLRQHVGH*('LVHxR8QLYHUVDOLQFOX\HQGR
LGHDVGHGLVHxRSDUDODFRFLQDSDUDSHUVRQDVFRQGLVFDSDFLGDGHVPLUHQXHVWUDSiJLQD:HEKR\PLVPR3DUD
SHUVRQDVFRQGLILFXOWDGHVDXGLWLYDVIDYRUGHOODPDUDO7''*($&
3LH]DV\DFFHVRULRV *($SSOLDQFHVFRP
$TXHOORVLQGLYLGXRVFRQODFDOLILFDFLyQQHFHVDULDSDUDUHSDUDUVXVSURSLRVHOHFWURGRPpVWLFRVSXHGHQ
SHGLUTXHVHOHVPDQGHQODVSLH]DVRDFFHVRULRVGLUHFWDPHQWHDVXVKRJDUHVDFHSWDPRVODVWDUMHWDV
9,6$0DVWHU&DUG\'LVFRYHU+DJDVXSHGLGRHQOtQHDKR\KRUDVFDGDGtDROODPDUSRUWHOpIRQR
DOGXUDQWHKRUDVQRUPDOHVGHRILFLQD
/DVLQVWUXFFLRQHVGHVFULWDVHQHVWHPDQXDOFXEUHQORVSURFHGLPLHQWRVDVHJXLUSRUFXDOTXLHUXVXDULR
&XDOTXLHURWUDUHSDUDFLyQGHEHUtDSRUUHJODJHQHUDOUHIHULUVHDSHUVRQDOFDOLILFDGRDXWRUL]DGR'HEH
HMHUFHUVHSUHFDXFLyQ\DTXHODVUHSDUDFLRQHVLQFRUUHFWDVSXHGHQFDXVDUFRQGLFLRQHVGHIXQFLRQDPLHQWR
LQVHJXUDV
3yQJDVHHQFRQWDFWRFRQQRVRWURV *($SSOLDQFHVFRP
6LQRHVWiVDWLVIHFKRFRQHOVHUYLFLRTXHUHFLEHGH*(SyQJDVHHQFRQWDFWRFRQQRVRWURVHQQXHVWUDSiJLQD
:HELQGLFDQGRWRGRVORVGHWDOOHVDVtFRPRVXQ~PHURGHWHOpIRQRRHVFUtEDQRVD
*HQHUDO0DQDJHU&XVWRPHU5HODWLRQV
*($SSOLDQFHV$SSOLDQFH3DUN
/RXLVYLOOH.<
5HJLVWUHVXHOHFWURGRPpVWLFR *($SSOLDQFHVFRP
£5HJLVWUHVXQXHYRHOHFWURGRPpVWLFRHQOtQHD³FXDQGRXVWHGSUHILHUD(OUHJLVWUDUVXSURGXFWRDWLHPSROH
SURSRUFLRQDUiVLVXUJLHUDODQHFHVLGDGXQDPHMRUFRPXQLFDFLyQ\XQVHUYLFLRPiVUiSLGREDMRORVWpUPLQRVGH
VXJDUDQWtD7DPELpQSXHGHHQYLDUVXWDUMHWDGHUHJLVWURSUHLPSUHVDTXHVHLQFOX\HHQHOPDWHULDO
GHHPEDODMH
*DUDQWtDVDPSOLDGDV *($SSOLDQFHVFRP
&RPSUHXQDJDUDQWtDDPSOLDGD\REWHQJDGHWDOOHVVREUHGHVFXHQWRVHVSHFLDOHVGLVSRQLEOHVPLHQWUDVVXJDUDQWtD
HVWiD~QDFWLYD3XHGHFRPSUDUODOODPDQGRDOGXUDQWHKRUDVQRUPDOHVGHRILFLQD
*(&RQVXPHU+RPH6HUYLFHVHVWDUiD~QDKtFXDQGRVXJDUDQWtDWHUPLQH

