)5$1&$,6
,QVWDOODWLRQ*XLGH
(1*/,6+
$;,637=
1HWZRUN&DPHUD
'(876&+
(63$f2/
,7$/,$12
$;,6,QVWDOODWLRQ*XLGH
3DJH
$;,637=1HWZRUN&DPHUD
,QVWDOODWLRQ*XLGH
3OHDVHREVHUYHWKHIROORZLQJEHIRUHLQVWDOOLQJWKH$;,637=1HWZRUN&DPHUD
‡ 7KLVSURGXFWLVGHVLJQHGIRULQGRRUXVHRULQORFDWLRQVZKHUHLWLVSURWHFWHGIURPUDLQDQGPRLVWXUH7RRSHUDWHWKH
FDPHUDLQRXWGRRUFRQGLWLRQVXVHWKHRXWGRRUKRXVLQJDFFHVVRULHV
‡ :KHWKHUWKHFDPHUDLVLQXVHRUQRWWKH$;,6PXVWDOZD\VEHSRVLWLRQHGZKHUHLWLVQRWH[SRVHGWRGLUHFW
VXQOLJKWRUVWURQJKDORJHQOLJKWZKLFKFDQFDXVHSHUPDQHQWGDPDJHWRWKHFDPHUD©VLPDJHVHQVRU'DPDJHDVD
UHVXOWRIH[SRVXUHWRVWURQJOLJKWLVQRWFRYHUHGE\WKH$[LVZDUUDQW\
‡ 'RQRWXVHVWURQJRUDEUDVLYHGHWHUJHQWVZKHQFOHDQLQJWKHFDVLQJ8VHDPLOGGHWHUJHQWDQGZLSHJHQWO\
(1*/,6+
3DFNDJH&RQWHQWV
,WHP
37=1HWZRUN&DPHUD
3RZHUDGDSWHU
&HLOLQJEUDFNHWNLW
5HWDLQLQJZLUH
&RQQHFWRUEORFN
&'
3ULQWHG0DWHULDOV
1RWHV
$;,6
7KHDGDSWHULVFRXQWU\VSHFLILF
EUDFNHWVPRXQWLQJVFUHZV
6DIHW\ZLUH
*UHHQSLQ,2WHUPLQDOFRQQHFWRUEORFN
'RFXPHQWDWLRQDQGVRIWZDUH
$;,6,QVWDOODWLRQ*XLGH$[LV:DUUDQW\'RFXPHQW
-XQFWLRQER[
LQFHLOLQJ
&HLOLQJPRXQWLQJ
,IWKH$;,6LVWREHPRXQWHGRQD
FHLOLQJLWLVUHFRPPHQGHGWKDW\RXVHWWKH
,3DGGUHVVDQGJHWWKHFDPHUDXSDQG
UXQQLQJEHIRUHILQDOO\PRXQWLQJLW
+ROHIRU
FDEOHV
7KH$;,637=1HWZRUN&DPHUDLV
VXSSOLHGZLWKEUDFNHWVIRUFHLOLQJ
PRXQWLQJ
5HWDLQLQJ
ZLUH
8VLQJDSSURSULDWHVFUHZVQRWVXSSOLHG
DWWDFKWKHFHLOLQJEUDFNHW$WRDMXQF
WLRQER[DVVKRZQKHUH8VHWKHVFUHZ
VORWVIRUHDV\SRVLWLRQLQJ$WWDFKWKH
UHWDLQLQJZLUHLIUHTXLUHG
$OWHUQDWLYHO\DWWDFKWKHEUDFNHWGLUHFWO\
WRWKHFHLOLQJXVLQJWKHVFUHZKROHVLQ
WKHFHQWUHRIWKHEUDFNHW7KHVHVFUHZV
DUHQRWVXSSOLHG
)URQWRI
FDPHUD
&HLOLQJ
EUDFNHW$
6FUHZKROHVIRUGLUHFWDWWDFKPHQW
WRFHLOLQJ
3DJH
$;,6,QVWDOODWLRQ*XLGH
$WWDFKWKHVHFRQGEUDFNHW%WRWKHEDVHRI
WKHFDPHUDXVLQJRIWKHVXSSOLHGVFUHZV
7KHUHWDLQLQJZLUHVKRXOGEHDWWDFKHGWR
VFUHZ
5HWDLQLQJ
ZLUH
7LJKWHQWKHVFUHZVDOLWWOHDWDWLPHLQWKH
QXPEHUHGRUGHUVKRZQKHUHXQWLODOODUH
VHFXUHO\IDVWHQHG
&HLOLQJ
EUDFNHW%
,QVHUWWKHKRRNVRQEUDFNHW%LQWRWKHVORWV
RQEUDFNHW$DQGSXVKEUDFNHW%EDFNDV
IDUDVLWZLOOJR
&HLOLQJ
EUDFNHW$
3XVKXSRQWKHIURQWRIWKHFDPHUDDQG
IDVWHQLWXVLQJWKHVXSSOLHGVFUHZV
VWDUWLQJDWWKHIURQW
&RQQHFWWKHSRZHUDQGQHWZRUNFDEOHV
WRWKHVRFNHWVRQWKHUHDUSDQHO
&HLOLQJ
EUDFNHW%
$;,6,QVWDOODWLRQ*XLGH
3DJH
6HWWLQJWKH,3DGGUHVV
7KH$;,6LVGHVLJQHGIRUXVHRQDQ(WKHUQHWQHWZRUNDQGPXVWEHDVVLJQHGDQ,3DGGUHVV
WRPDNHLWDFFHVVLEOH
$;,6,38WLOLW\
$;,6,38WLOLW\LVWKHUHFRPPHQGHGPHWKRGIRUVHWWLQJDQ,3DGGUHVVLQ:LQGRZV7KLVIUHHDSSOL
FDWLRQFDQEHXVHGRQQHWZRUNVZLWKRUZLWKRXWD'+&3VHUYHU6HHSDJH IRUPRUHLQIRUPDWLRQ
$OOLQVWDOODWLRQPHWKRGV
5HTXLUHPHQWV
'+&36HUYHULQ
QHWZRUN
,QVWDOORQ
VDPHQHWZRUN
VHJPHQW
$;,6,38WLOLW\
UHFRPPHQGHGPHWKRG
6HHSDJH 2SWLRQDO
5HTXLUHG
:LQGRZV
83Q3Œ
6HHSDJH 2SWLRQDO
5HTXLUHG
:LQGRZV0(
RU;3
%RQMRXU
6HHSDJH 2SWLRQDO
5HTXLUHG
$;,6'\QDPLF'166HUYLFH
6HHSDJH 5HFRPPHQGHG
$;,6&DPHUD0DQDJHPHQW
6HHSDJH 2SWLRQDO
9LHZ'+&3VHUYHU
DGPLQSDJHVIRU,3DGGUHVV
6HHQRWHEHORZ
5HTXLUHG
,QVWDOODWLRQ
PHWKRGV
,QWHUQHW
FRQQHFWLRQZLWK
QR+773SUR[\
0DF26;
RUODWHU
5HTXLUHG
5HTXLUHG
1RWHV ‡ 83Q3ŒDQG'+&3DUHERWKHQDEOHGE\GHIDXOWLQWKH$;,6
2SHUDWLQJ
V\VWHP
$OO
:LQGRZV
$OO
‡ 7KH$;,6KDVWKHGHIDXOW,3DGGUHVV
‡ 7RYLHZWKHDGPLQSDJHVIRUWKH'+&3VHUYHUSOHDVHVHHWKHVHUYHU©VRZQGRFXPHQWDWLRQ<RXPD\QHHGWR
FRQWDFW\RXUQHWZRUNDGPLQLVWUDWRU
‡ ,IVHWWLQJWKH,3DGGUHVVIDLOVFKHFNWKDWWKHUHLVQRILUHZDOOEORFNLQJWKHRSHUDWLRQ
‡ %RQMRXUDSSOLHVRQO\WREURZVHUVWKDWVXSSRUWLWHJ6DIDUL%RQMRXULVDWUDGHPDUNRI$SSOH&RPSXWHU,QF
(1*/,6+
7KLVWDEOHVKRZVDOORIWKHDYDLODEOHPHWKRGVIRUVHWWLQJRUGLVFRYHULQJWKH,3DGGUHVV6HOHFWD
PHWKRGIURPWKHOHIWKDQGFROXPQDQGFKHFNWKHUHTXLUHPHQWVIRULWWRWKHULJKW
3DJH
$;,6,QVWDOODWLRQ*XLGH
$;,6,38WLOLW\
$;,6,38WLOLW\LVDIUHH:LQGRZV
DSSOLFDWLRQWKDWGLVFRYHUVDQGGLVSOD\V$[LV
GHYLFHVRQ\RXUQHWZRUN
7KHDSSOLFDWLRQFDQDOVREHXVHGWR
PDQXDOO\VHWDVWDWLF,3DGGUHVV
1RWHWKDW\RXPXVWLQVWDOOWKHFDPHUDRQ
WKHVDPHQHWZRUNVHJPHQWSK\VLFDO
VXEQHWDVWKHFRPSXWHUUXQQLQJ$;,6,38WLOLW\
$;,6,38WLOLW\LVDYDLODEOHRQWKH&'VXSSOLHGZLWKWKLVSURGXFWRULWFDQEHGRZQORDGHGIURP
ZZZD[LVFRP
$XWRPDWLFGLVFRYHU\
&KHFNWKDWWKHFDPHUDLVFRQQHFWHGWRWKHQHWZRUNDQGWKDWSRZHUKDVEHHQDSSOLHG
6WDUW$;,6,38WLOLW\:KHQWKHFDPHUDDSSHDUVLQWKHZLQGRZGRXEOHFOLFNLWWRRSHQWKH
KRPHSDJH
6HHSDJH IRULQVWUXFWLRQVRQKRZWRVHWWKHSDVVZRUG
6HWWKH,3DGGUHVVPDQXDOO\
$FTXLUHDQXQXVHG,3DGGUHVVRQWKHVDPHQHWZRUNVHJPHQW\RXUFRPSXWHULVFRQQHFWHG
WR/RFDWHWKHVHULDOQXPEHU61RQWKHFDPHUD©VXQGHUVLGHODEHO
&OLFNWKHEXWWRQ
6HW,3DGGUHVVXVLQJVHULDOQXPEHUDQGHQWHUWKHVHULDOQXPEHUDQG
,3DGGUHVVIRUWKHFDPHUD
&OLFNWKH6HW,3EXWWRQDQGWKHQUHVWDUWWKHFDPHUDZLWKLQPLQXWHV
&OLFN9LHZ+RPH3DJHWRDFFHVVWKHFDPHUD©VZHESDJHV
6HHSDJH IRULQVWUXFWLRQVRQKRZWRVHWWKHSDVVZRUG
1RWH
$;,6,38WLOLW\FDQEHXVHGWRFKDQJHDG\QDPLFDOO\VHW,3DGGUHVVWRDVWDWLFRQH
$;,6&DPHUD0DQDJHPHQW
$;,6&DPHUD0DQDJHPHQWLVDSRZHUIXODQGHIILFLHQWLQVWDOODWLRQDQGPDQDJHPHQWWRRO
VSHFLDOO\GHVLJQHGIRUXVHZLWK$[LVYLGHRSURGXFWV8VLQJVWDQGDUGQHWZRUNSURWRFROVDQG
PHWKRGVWKHWRROFDQDXWRPDWLFDOO\ILQGDQGVHW,3DGGUHVVHVVKRZFRQQHFWLRQVWDWXVDQG
PDQDJHILUPZDUHXSJUDGHVRIPXOWLSOH$[LVYLGHRSURGXFWV$;,6&DPHUD0DQDJHPHQWLVIUHH
RIFKDUJHDQGLVDYDLODEOHRQWKH&'LQFOXGHGZLWKWKLVSURGXFWRUIURPZZZD[LVFRP
$;,6,QVWDOODWLRQ*XLGH
3DJH
83Q3Œ
83Q3ŒIXQFWLRQDOLW\LVHQDEOHGE\GHIDXOWLQWKH$;,6,IDOVRHQDEOHGRQ\RXUFRPSXWHU:LQGRZV
0(RU;3WKHFDPHUDZLOODXWRPDWLFDOO\EHGHWHFWHGDQGDQHZLFRQZLOOEHDGGHGWR¦0\1HWZRUN
3ODFHV§&OLFNWKLVLFRQWRDFFHVVWKHFDPHUD6HHDOVRSDJH IRULQVWUXFWLRQVRQKRZWRVHWWKH
SDVVZRUG
1RWH
7RLQVWDOOWKH83Q3ŒVHUYLFHRQ\RXUFRPSXWHURSHQWKH&RQWURO3DQHOIURPWKH6WDUW0HQXDQG
RSHQ$GG5HPRYH3URJUDPV6HOHFW$GG5HPRYH:LQGRZV&RPSRQHQWVDQGRSHQWKH
1HWZRUNLQJ6HUYLFHVVHFWLRQ&OLFN'HWDLOVDQGWKHQVHOHFW83Q3DVWKHVHUYLFHWRDGG
83Q3ŒLVDFHUWLILFDWLRQPDUNRIWKH83Q3Œ,PSOHPHQWHUV&RUSRUDWLRQ
(1*/,6+
%RQMRXU
%RQMRXUZLOODXWRPDWLFDOO\GLVFRYHUWKH$;,6ZKHQLWLVFRQQHFWHGWRWKHQHWZRUN6LPSO\
QDYLJDWHWRWKH%RQMRXUERRNPDUNLQ\RXUEURZVHUHJ6DIDULDQGFOLFNRQWKHFDPHUDOLQNWR
DFFHVVWKHZHESDJHV6HHSDJH IRULQVWUXFWLRQVRQKRZWRVHWWKHSDVVZRUG
0DQXDO,QVWDOODWLRQZLWK$533LQJ
$FTXLUHDQXQXVHG,3DGGUHVVRQWKHVDPHQHWZRUNVHJPHQWDV\RXUFRPSXWHU
/RFDWHWKHVHULDOQXPEHU61RQWKHFDPHUD©VXQGHUVLGHODEHO
2SHQD&RPPDQG3URPSWRQ\RXUFRPSXWHU$VDSSURSULDWHIRU\RXURSHUDWLQJV\VWHP
HQWHUWKHIROORZLQJFRPPDQGV
:LQGRZVV\QWD[
:LQGRZVH[DPSOH
DUSV,3$GGUHVV!6HULDO1XPEHU!
SLQJOW,3$GGUHVV!
DUSVF
SLQJOW
81,;/LQX[0DFV\QWD[
81,;/LQX[0DFH[DPSOH
DUSV,3$GGUHVV!6HULDO1XPEHU!WHPS
SLQJV,3$GGUHVV!
DUSVFWHPS
SLQJV
&KHFNWKDWWKHQHWZRUNFDEOHLVFRQQHFWHG6WDUWUHVWDUWWKHFDPHUDE\GLVFRQQHFWLQJDQG
UHFRQQHFWLQJSRZHUZKLFKPXVWEHGRQHZLWKLQPLQXWHVRIHQWHULQJWKH$53FRPPDQG
&ORVHWKH&RPPDQGSURPSWZKHQ\RXVHH¨5HSO\IURP©RUVLPLODU
6WDUW\RXUEURZVHUW\SHLQKWWS,3DGGUHVV!LQWKH/RFDWLRQ$GGUHVVILHOGDQGSUHVV(QWHU
RQ\RXUNH\ERDUG
6HHSDJH IRULQVWUXFWLRQVRQKRZWRVHWWKHSDVVZRUG
1RWHV ‡ 7RRSHQDFRPPDQGSURPSWLQ:LQGRZVIURPWKH6WDUWPHQXVHOHFW5XQDQGW\SHFPGRUFRPPDQGLQ
:LQGRZV0(&OLFN2.
‡ 7RXVHWKH$53FRPPDQGRQD0DF26;XVHWKH7HUPLQDOXWLOLW\ZKLFKLVIRXQGXQGHU$SSOLFDWLRQV!8WLOLWLHV
3DJH
$;,6,QVWDOODWLRQ*XLGH
7KH$;,6,QWHUQHW'\QDPLF'166HUYLFH
7KH$;,6,QWHUQHW'\QDPLF'166HUYLFHLVDIUHHVHUYLFHSURYLGHGE\$[LV7KHVHUYLFHDOORZV
\RXWRTXLFNO\DQGVLPSO\LQVWDOO\RXUFDPHUDZKLFKWKHQUHFHLYHVDVWDWLFQDPH'16QDPH
DQGDG\QDPLF,3DGGUHVV0RUHLQIRUPDWLRQDERXWWKH$;,6,QWHUQHW'\QDPLF'166HUYLFHLV
DYDLODEOHDWZZZD[LVFDPQHW
7RSHUIRUPWKLVSURFHGXUH\RXUQHWZRUNVKRXOGKDYHDQ,QWHUQHWFRQQHFWLRQZLWKQR+773
SUR[\DQG,3DGGUHVVHVVKRXOGSUHIHUDEO\EHDVVLJQHGYLD'+&3
&RQQHFWWKH$;,6WR\RXUORFDOQHWZRUNXVLQJDVWDQGDUGQHWZRUNFDEOH
&RQQHFWSRZHUWRWKHFDPHUD
:DLWVHFRQGVDQGXVLQJDVXLWDEO\SRLQWHGREMHFWSXVKWKHUHVHWEXWWRQRQWKH
XQGHUVLGHRIWKHFDPHUDRQFH
9LVLWZZZD[LVFDPQHWZKHUH\RXZLOOEHJXLGHGWKURXJKWKHUHPDLQGHURIWKH
LQVWDOODWLRQ3OHDVHKDYHWKHVHULDOQXPEHURI\RXUSURGXFWUHDG\DQGIROORZWKH
LQVWUXFWLRQVRQWKHVFUHHQ
7KHVHULDOQXPEHU0$&DGGUHVV61LVORFDWHGRQWKHODEHORQWKHXQGHUVLGHRIWKH$;,6
(QWHUDSDVVZRUGIRUWKHURRWXVHUDGPLQLVWUDWRU
,IUHTXLUHGDFFHSWWKHLQVWDOODWLRQRI$0&RQWR\RXUZRUNVWDWLRQ6HH$;,60HGLD
&RQWURO$0&RQSDJHIRUPRUHLQIRUPDWLRQ
7KHLQVWDOODWLRQLVQRZFRPSOHWH
1RWH
3OHDVHQRWHWKDWWKLVSURFHGXUHZLOOVHQGWKH,3DGGUHVVILUPZDUHYHUVLRQSURGXFWW\SHVHULDO
QXPEHUDQG+773SRUWQXPEHURIWKH37=QHWZRUNFDPHUDWRWKH$;,6,QWHUQHW'\QDPLF'16
6HUYLFH1RSHUVRQDOLQIRUPDWLRQLVWUDQVIHUUHG
7RUHPRYHWKH'16QDPHDQGXQUHJLVWHUIURPWKLVVHUYLFHRSHQWKH6HWXSSDJHVLQWKH37=
QHWZRUNFDPHUDFOLFN6\VWHP2SWLRQV!1HWZRUN!7&3,3!%DVLFFOLFNWKH6HWWLQJVEXWWRQ
IRUWKH$;,6,QWHUQHW'\QDPLF'166HUYLFHDQGILQDOO\FOLFNWKH5HPRYHEXWWRQ
6HWWLQJWKH3DVVZRUG
:KHQDFFHVVLQJWKH$;,6IRUWKHILUVWWLPH
WKH&RQILJXUH5RRW3DVVZRUGGLDORJZLOOEHGLV
SOD\HGRQWKHVFUHHQ
(QWHUDSDVVZRUGDQGWKHQUHHQWHULWWRFRQILUP
WKHVSHOOLQJ&OLFN2.
$;,6,QVWDOODWLRQ*XLGH
3DJH
7KH(QWHU1HWZRUN3DVVZRUGGLDORJZLOODSSHDU(QWHUWKH8VHUQDPHURRW
1RWH7KHGHIDXOWDGPLQLVWUDWRUXVHUQDPHURRWLVSHUPDQHQWDQGFDQQRWEHGHOHWHG
(QWHUWKHSDVVZRUGDVVHWLQVWHSDERYHDQGFOLFN2.,IWKHSDVVZRUGLVORVWWKH$;,6
PXVWEHUHVHWWRWKHIDFWRU\GHIDXOWVHWWLQJV6HHSDJH ,IUHTXLUHGFOLFN<HVWRLQVWDOO$0&$;,60HGLD&RQWUROWRDOORZYLHZLQJRIWKHYLGHR
VWUHDPLQ0LFURVRIW,QWHUQHW([SORUHU<RXZLOOQHHGDGPLQLVWUDWRUULJKWVRQWKHFRPSXWHU
WRGRWKLV
7KH/LYH9LHZSDJHRIWKH$;,6LVGLVSOD\HGFRPSOHWHZLWKOLQNVWRWKH6HWXSWRROV
ZKLFKDOORZ\RXWRFXVWRPL]HWKHFDPHUDWR\RXUVSHFLILFQHHGV
(1*/,6+
+HOS'LVSOD\VFRQWH[W
VHQVLWLYHRQOLQHKHOS
6HWXS3URYLGHVDOO
WKHQHFHVVDU\WRROV
IRUVHWWLQJXSWKH
FDPHUDWR
UHTXLUHPHQWV
$;,60HGLD&RQWURO$0&
$;,60HGLD&RQWURO$0&LVDQ$FWLYH;FRPSRQHQWIRUSURYLGLQJVXSSRUWIRUDXGLRDQG
YLHZLQJYLGHRVWUHDPVLQ0LFURVRIW,QWHUQHW([SORUHU$0&LVLQVWDOOHGDXWRPDWLFDOO\RQILUVW
XVH
2QFH$0&LVLQVWDOOHGWKH$0&YLHZHUWRROEDUZLOOGLVSOD\DXGLRDQGYLGHRFRQWUROVRQWKH
/LYH9LHZSDJH
,I\RXUZRUNLQJHQYLURQPHQWUHVWULFWVDGGLWLRQDOVRIWZDUHFRPSRQHQWV\RXFDQFRQILJXUH\RXU
$;,6WRXVHD-DYDDSSOHWIRUXSGDWLQJLPDJHVDSSOLHVRQO\WRYLGHRLPDJHVQRWDXGLR
6HHWKHRQOLQHKHOSILOHVXQGHU/LYH9LHZ&RQILJ!/D\RXW!'HIDXOW9LHZHUIRU,QWHUQHW
([SORUHU$OWHUQDWLYHO\XVHDQRWKHUVXSSRUWHG:HEEURZVHU
3DJH
$;,6,QVWDOODWLRQ*XLGH
$FFHVVLQJWKH$;,6IURPWKH,QWHUQHW
2QFHLQVWDOOHG\RXU37=QHWZRUNFDPHUDLVDFFHVVLEOHRQ\RXUORFDOQHWZRUN/$17RDFFHVV
WKH37=QHWZRUNFDPHUDIURPWKH,QWHUQHWQHWZRUNURXWHUVPXVWEHFRQILJXUHGWRDOORZ
LQFRPLQJWUDIILFZKLFKLVXVXDOO\GRQHRQDVSHFLILFSRUW3OHDVHUHIHUWRWKHGRFXPHQWDWLRQ
IRU\RXUURXWHUIRUIXUWKHULQVWUXFWLRQV
)RUPRUHLQIRUPDWLRQRQWKLVDQGRWKHUWRSLFVSOHDVHYLVLWWKH$[LV6XSSRUW:HEDW
ZZZD[LVFRPWHFKVXS
5HVHWWLQJWRWKHIDFWRU\GHIDXOWVHWWLQJV
7KLVZLOOUHVHWDOOSDUDPHWHUVLQFOXGLQJWKH,3DGGUHVVWRWKH)DFWRU\'HIDXOWVHWWLQJV
'LVFRQQHFWSRZHUIURPWKHFDPHUD
3UHVVDQGKROGWKH5HVHWEXWWRQRQWKHXQGHUVLGHRIWKHFDPHUDDQGUHFRQQHFWSRZHU
.HHSWKHEXWWRQSUHVVHGIRUVHFRQGVDQGWKHQUHOHDVHLW
5HLQVWDOOWKHFDPHUDXVLQJRQHRIWKHPHWKRGVGHVFULEHGLQWKLVGRFXPHQW
)XUWKHULQIRUPDWLRQ
)RUIXUWKHULQIRUPDWLRQSOHDVHVHHWKH$;,68VHU©V0DQXDOZKLFKLVDYDLODEOHRQWKH&'
LQFOXGHGLQWKLVSDFNDJH8SGDWHGYHUVLRQVFDQEHREWDLQHGIURPZZZD[LVFRP
$;,6*XLGHG©LQVWDOODWLRQ
3DJH
$;,6&DPpUDUpVHDX37=
*XLGHG©LQVWDOODWLRQ
2EVHUYH]OHVFRQVLJQHVVXLYDQWHVDYDQWG©LQVWDOOHUODFDPpUDUpVHDX37=$;,6
‡ &HSURGXLWHVWFRQoXSRXUXQHXWLOLVDWLRQLQWpULHXUHVHXOHPHQWRXGDQVGHVOLHX[SURWpJpVGHODSOXLHHWGHO©KXPLGLWp3RXUXQH
XWLOLVDWLRQHQH[WpULHXUVHUYH]YRXVGHVKRXVVHVSUpYXHV
‡ /DFDPpUD$;,6QHGRLWMDPDLVrWUHH[SRVpHGLUHFWHPHQWDX[UD\RQVGXVROHLORXjXQHIRUWHOXPLqUHKDORJqQHSRXYDQW
HQGRPPDJHUGHIDoRQSHUPDQHQWHOHFDSWHXUG©LPDJHGHODFDPpUD/DJDUDQWLHG©$[LVQHFRXYUHSDVOHVGRPPDJHVVXLWHjXQH
H[SRVLWLRQjXQHIRUWHOXPLqUH
‡ 1HSDVXWLOLVHUGHGpWHUJHQWVDEUDVLIVRXDJUHVVLIV8WLOLVHUXQQHWWR\DQWGRX[
5HPDUTXHV
$;,6
/HWUDQVIRUPDWHXUYDULHG©XQSD\VjO©DXWUH
VXSSRUWVYLVGHPRQWDJH
)5$1&$,6
$UWLFOH
&DPpUDUpVHDX37=
7UDQVIRUPDWHXU
.LWGHVXSSRUWVSRXU
SODIRQG
)LOGHFRQWHQWLRQ
&RQQHFWHXUV
&'
'RFXPHQWDWLRQ
LPSULPpH
)5$1d$,6
&RQWHQXGHO©HPEDOODJH
)LOGHVpFXULWp
&RQQHFWHXUVSRXUWHUPLQDX[(6jEURFKHVYHUWV
'RFXPHQWDWLRQHWORJLFLHO
$;,6*XLGHG©LQVWDOODWLRQGRFXPHQWGHJDUDQWLHG©$[LV
%RvWHGH
MRQFWLRQDX
SODIRQG
0RQWDJHDXSODIRQG
6LODFDPpUD$;,6GRLWrWUHIL[pHDX
SODIRQGLOHVWUHFRPPDQGpGHGpILQLUO©DGUHVVH
,3HWGHIDLUHIRQFWLRQQHUODFDPpUDDYDQWOH
PRQWDJH
7URXSRXU
OHVFkEOHV
/DFDPpUDUpVHDX37=$;,6HVWIRXUQLHDYHF
VXSSRUWVGHPRQWDJHSRXUSODIRQG
$YHFOHVYLVDGpTXDWHVQRQIRXUQLHVIL[H]
OHVXSSRUWGHSODIRQG$jXQHERvWHGH
MRQFWLRQFRPPHGDQVO©LOOXVWUDWLRQ8WLOLVH]
OHVHPSODFHPHQWVGHVYLV)L[H]OHILOGH
FRQWHQWLRQVLEHVRLQHVW
)LOGH
FRQWHQWLRQ
6XSSRUWGH
SODIRQG$
2XIL[H]OHVXSSRUWGLUHFWHPHQWDXSODIRQG
jO©DLGHGHVRULILFHVSRXUYLVVLWXpVDX
FHQWUHGXVXSSRUW&HVYLVQHVRQWSDV
IRXUQLHV
$YDQWGH
ODFDPpUD
2ULILFHVGHVYLVSRXUXQHIL[DWLRQ
GLUHFWHDXSODIRQG
3DJH
$;,6*XLGHG©LQVWDOODWLRQ
)L[H]OHVHFRQGVXSSRUW%jODEDVHGHOD
FDPpUDjO©DLGHGHGHVYLVIRXUQLHV/HILOGH
FRQWHQWLRQGRLWrWUHIL[pjODYLV
6HUUH]OHVYLVSHWLWjSHWLWGDQVO©RUGUH
QXPpURWpLOOXVWUpMXVTX©jFHTX©HOOHVVRLHQW
FRPSOqWHPHQWVHUUpHV
,QVpUH]OHVFURFKHWVVXUOHVXSSRUW%GDQVOHV
WURXVGXVXSSRUW$HWSRXVVH]OHVXSSRUW%
jIRQGYHUVO©DUULqUHMXVTX©jODEXWpH
)LOGH
FRQWHQWLRQ
6XSSRUWGH
SODIRQG%
6XSSRUWGH
SODIRQG$
3RXVVH]O©DYDQWGHODFDPpUDYHUVOHKDXW
HWIL[H]ODjO©DLGHGHVYLVIRXUQLHVHQ
FRPPHQoDQWSDUO©DYDQW
%UDQFKH]OHVFkEOHVG©DOLPHQWDWLRQHW
UpVHDXDX[SULVHVVLWXpHVjO©DUULqUH
6XSSRUWGH
SODIRQG%
$;,6*XLGHG©LQVWDOODWLRQ
3DJH
'pILQLWLRQGHO©DGUHVVH,3
/DFDPpUD$;,6DpWpFRQoXHSRXUrWUHXWLOLVpHVXUXQUpVHDX(WKHUQHWHWGRLWVHYRLU
DWWULEXHUXQHDGUHVVH,3SRXUrWUHDFFHVVLEOH
$SSOLFDWLRQ$;,6,38WLOLW\
1RXVUHFRPPDQGRQVO©XWLOLVDWLRQGHO©DSSOLFDWLRQ$;,6,38WLOLW\SRXUODGpILQLWLRQG©XQHDGUHVVH
,3VRXV:LQGRZV&HWWHDSSOLFDWLRQJUDWXLWHSHXWrWUHXWLOLVpHVXUGHVUpVHDX[DYHFRXVDQV
VHUYHXU'+&35HSRUWH]YRXVjODSDJH SRXUSOXVG©LQIRUPDWLRQV
7RXWHVOHVPpWKRGHVG©LQVWDOODWLRQ
6HUYHXU'+&3
GDQVOHUpVHDX
,QVWDOODWLRQ
VXUOHPrPH
VHJPHQWGH
UpVHDX
$SSOLFDWLRQ$;,6,38WLOLW\
PpWKRGHUHFRPPDQGpH
9RLUSDJH (QRSWLRQ
1pFHVVDLUH
:LQGRZV
83Q3Œ
9RLUSDJH (QRSWLRQ
1pFHVVDLUH
:LQGRZV0(
RX;3
%RQMRXU
9RLUSDJH (QRSWLRQ
1pFHVVDLUH
0DF26;
RXYHUVLRQ
XOWpULHXUH
$;,6'\QDPLF'166HUYLFH
9RLUSDJH 5HFRPPDQGp
$;,6&DPHUD0DQDJHPHQW
9RLUSDJH (QRSWLRQ
0pWKRGHV
G©LQVWDOODWLRQ
&RQVXOWH]OHVSDJHV
1pFHVVDLUH
DGPLQLVWUDWLYHVGX
VHUYHXU'+&3SRXUO©DGUHVVH,3
9RLUUHPDUTXHFLGHVVRXV
&RQQH[LRQ
,QWHUQHWVDQV
SUR[\+773
1pFHVVDLUH
1pFHVVDLUH
6\VWqPH
G©H[SORLWDWLRQ
7RXV
:LQGRZV
7RXV
5HPDUTXHV‡83Q3ŒHW'+&3VRQWWRXVGHX[DFWLYpVSDUGpIDXWGDQVODFDPpUD$;,6
‡/©DGUHVVH,3SDUGpIDXWGHODFDPpUD$;,6HVW
‡3RXUFRQVXOWHUOHVSDJHVDGPLQLVWUDWLYHVGXVHUYHXU'+&3YHXLOOH]YRXVUpIpUHUjODGRFXPHQWDWLRQGX
VHUYHXU,OHVWSRVVLEOHTXHYRXVGHYLH]FRQWDFWHUO©DGPLQLVWUDWHXUGHYRWUHUpVHDX
‡(QFDVG©pFKHFGHODGpILQLWLRQGHO©DGUHVVH,3YpULILH]TX©DXFXQSDUHIHXQHEORTXHO©RSpUDWLRQ
‡%RQMRXUV©DSSOLTXHXQLTXHPHQWDX[QDYLJDWHXUVTXLOHSUHQQHQWHQFKDUJHGRQW6DIDUL%RQMRXUHVWXQH
PDUTXHGH$SSOH&RPSXWHU,QF
)5$1&$,6
&RQILJXUDWLRQ
)5$1d$,6
&HWDEOHDXUHSUHQGWRXWHVOHVPpWKRGHVGLVSRQLEOHVSHUPHWWDQWGHGpILQLURXGHGpWHUPLQHUO©DGUHVVH
,36pOHFWLRQQH]XQHPpWKRGHGDQVODFRORQQHGHJDXFKHHWYpULILH]HQOHVFRQGLWLRQVGDQVOD
FRORQQHGHGURLWH
3DJH
$;,6*XLGHG©LQVWDOODWLRQ
$SSOLFDWLRQ$;,6,38WLOLW\
/©XWLOLWDLUH$SSOLFDWLRQ$;,6,38WLOLW\HVW
XQHDSSOLFDWLRQ:LQGRZVJUDWXLWHVHUYDQWj
GpWHFWHUHWDIILFKHUOHVSpULSKpULTXHV$[LV
VXUYRWUHUpVHDX
&HWWHDSSOLFDWLRQVHUWpJDOHPHQWjGpILQLU
PDQXHOOHPHQWXQHDGUHVVH,3VWDWLTXH
1RWH]TXHYRXVGHYH]LQVWDOOHUODFDPpUD
VXUOHPrPHVHJPHQWGHUpVHDXVRXVUpVHDXSK\VLTXHTXHO©RUGLQDWHXUH[pFXWDQWO©DSSOLFDWLRQ
$;,6,38WLOLW\
/©DSSOLFDWLRQ$SSOLFDWLRQ$;,6,38WLOLW\HVWGLVSRQLEOHVXUOH&'IRXUQLDYHFFHSURGXLWRX
SHXWrWUHWpOpFKDUJpHVXUZZZD[LVFRP
'pWHFWLRQDXWRPDWLTXH
9pULILH]TXHODFDPpUDHVWFRQQHFWpHDXUpVHDXHWTXHO©DOLPHQWDWLRQHVWDFWLYpH
'pPDUUH]$;,6,38WLOLW\'RXEOHFOLTXH]VXUO©LF{QHGHODFDPpUDORUVTX©HOOHDSSDUDvWGDQV
ODIHQrWUHGHIDoRQjHQRXYULUODSDJHG©DFFXHLO
&RQVXOWH]ODSDJH SRXUVDYRLUFRPPHQWGpILQLUOHPRWGHSDVVH
'pILQLVVH]PDQXHOOHPHQWO©DGUHVVH,3
7URXYH]XQHDGUHVVH,3LQXWLOLVpHVXUOHPrPHVHJPHQWGHUpVHDXTXHFHOXLGHYRWUH
RUGLQDWHXU5HSpUH]OHQXPpURGHVpULH16VXUO©pWLTXHWWHVLWXpHVRXVODFDPpUD
&OLTXH]VXUOHERXWRQ
6HW,3DGGUHVVXVLQJVHULDOQXPEHU3DUDPpWUHUO©DGUHVVH,3HQ
XWLOLVDQWOHQXPpURGHVpULHSXLVVDLVLVVH]OHQXPpURGHVpULHHWO©DGUHVVH,3GHODFDPpUD
&OLTXH]VXUOHERXWRQ6HW,33DUDPpWUHU,3SXLVUHGpPDUUH]ODFDPpUDGDQVOHVPLQXWHV
&OLTXH]VXU$IILFKHUSDJHG©DFFXHLOSRXUDFFpGHUDX[SDJHV:HEGHODFDPpUD
&RQVXOWH]ODSDJH SRXUVDYRLUFRPPHQWGpILQLUOHPRWGHSDVVH
5HPDUTXH
$;,6,38WLOLW\SHXWVHUYLUjWUDQVIRUPHUXQHDGUHVVH,3G\QDPLTXHHQXQHDGUHVVH,3VWDWLTXH
$;,6&DPHUD0DQDJHPHQW
$;,6&DPHUD0DQDJHPHQWHVWXQRXWLOGHJHVWLRQHWG©LQVWDOODWLRQHIILFDFHHWSHUIRUPDQW
FRQoXVSpFLDOHPHQWSRXUOHVDSSDUHLOVYLGpR$[LVŸO©DLGHGHSURWRFROHVHWGHPpWKRGHV
FRQYHQWLRQQHOVLOGpWHFWHHWGpILQLWDXWRPDWLTXHPHQWOHVDGUHVVHV,3DIILFKHOHVpWDWVGH
FRQQH[LRQHWJqUHOHVPLVHVjQLYHDXGHPLFURSURJUDPPHVGHQRPEUHX[SURGXLWV$[LV$;,6
&DPHUD0DQDJHPHQWHVWIRXUQLJUDWXLWHPHQWVXUOH&'LQFOXVDYHFFHSURGXLWRXHVW
WpOpFKDUJHDEOHjO©DGUHVVHZZZD[LVFRP
$;,6*XLGHG©LQVWDOODWLRQ
3DJH
83Q3Œ
/DIRQFWLRQ83Q3ŒHVWDFWLYpHSDUGpIDXWGDQVODFDPpUD$;,66LHOOHHVWDXVVLDFWLYpHVXUYRWUHRUGLQDWHXU
:LQGRZV0(RX;3ODFDPpUDVHUDDXWRPDWLTXHPHQWGpWHFWpHHWXQHQRXYHOOHLF{QHVHUDDMRXWpHjœ 0HV
HPSODFHPHQWVUpVHDX &OLTXH]VXUFHWWHLF{QHSRXUDFFpGHUjYRWUHFDPpUD&RQVXOWH]pJDOHPHQWODSDJH SRXU
VDYRLUFRPPHQWGpILQLUOHPRWGHSDVVH
5HPDUTXH
3RXULQVWDOOHUOHVHUYLFH83Q3ŒVXUYRWUHRUGLQDWHXURXYUH]OH3DQQHDXGHFRQILJXUDWLRQGHSXLVOH
PHQX'pPDUUHUHWVpOHFWLRQQH]$MRXWVXSSUHVVLRQGHSURJUDPPHV6pOHFWLRQQH]$MRXWHU
6XSSULPHUGHVFRPSRVDQWV:LQGRZVHWRXYUH]ODVHFWLRQ
6HUYLFHVGHPLVHHQUpVHDX&OLTXH]VXU'pWDLOVSXLVVpOHFWLRQQH]83Q3FRPPHVHUYLFHjDMRXWHU
)5$1d$,6
83Q3ŒHVWXQHPDUTXHGHFHUWLILFDWLRQGH83Q3Œ,PSOHPHQWHUV&RUSRUDWLRQ
%RQMRXU
)5$1&$,6
%RQMRXUŒGpWHFWHUDDXWRPDWLTXHPHQWODFDPpUD$;,6GqVTX©HOOHVHUDFRQQHFWpHDXUpVHDX$FFpGH]
VLPSOHPHQWDXUDFFRXUFLGH%RQMRXUGDQVYRWUHQDYLJDWHXUH[HPSOH6DIDULHWFOLTXH]VXUOHOLHQGHOD
FDPpUDSRXUDFFpGHUDX[SDJHV:HE&RQVXOWH]ODSDJH SRXUVDYRLUFRPPHQWGpILQLUOHPRWGHSDVVH
,QVWDOODWLRQPDQXHOOHDYHF$533LQJ
7URXYH]XQHDGUHVVH,3LQXWLOLVpHVXUOHPrPHVHJPHQWGHUpVHDXTXHFHOXLGHYRWUHRUGLQDWHXU
5HSpUH]OHQXPpURGHVpULH61VXUO©pWLTXHWWHVLWXpHVRXVODFDPpUD
2XYUH]XQHLQYLWHGHFRPPDQGHVXUYRWUHRUGLQDWHXU(QIRQFWLRQGHYRWUHV\VWqPHG©H[SORLWDWLRQ
HQWUH]OHVFRPPDQGHVVXLYDQWHV
6\QWD[HSRXU:LQGRZV
([HPSOHSRXU:LQGRZV
DUSVDGUHVVH,3!QXPpURGHVpULH!
SLQJOWDGUHVVH,3!
DUSVF
SLQJOW
6\QWD[HSRXU81,;/LQX[0DF
([HPSOHSRXU81,;/LQX[0DF
DUSVDGUHVVH,3!QXPpURGHVpULH!
WHPS
SLQJVDGUHVVH,3!
DUSVFWHPS
SLQJV
9pULILH]TXHOHFkEOHUpVHDXHVWEUDQFKp'pPDUUH]UHGpPDUUH]ODFDPpUDHQGpEUDQFKDQWUHEUDQFKDQW
O©DOLPHQWDWLRQ&HWWHRSpUDWLRQGRLWDYRLUOLHXGDQVOHVPLQXWHVTXLVXLYHQWODVDLVLHGHODFRPPDQGH
$53
)HUPH]ODFRPPDQGHG©LQYLWHTXDQGYRXVYR\H]œ5HSO\IURP©$XWUHSRVVLELOLWp
'pPDUUH]YRWUHQDYLJDWHXUWDSH]KWWSDGUHVVH,3!GDQVOHFKDPS(PSODFHPHQW$GUHVVHHWDSSX\H]
VXU(QWUpHVXUOHFODYLHU
&RQVXOWH]ODSDJH SRXUVDYRLUFRPPHQWGpILQLUOHPRWGHSDVVH
5HPDUTXHV ‡3RXURXYULUXQHLQYLWHGHFRPPDQGHGDQV:LQGRZVGDQVOHPHQX'pPDUUHUVpOHFWLRQQH]([pFXWHUžHWWDSH]FPGRX
FRPPDQGHVRXV:LQGRZV0(&OLTXH]VXU2.
‡3RXUXWLOLVHUODFRPPDQGH$53VXU0DF26;XWLOLVH]O©XWLOLWDLUH7HUPLQDOGLVSRQLEOHVRXV$SSOLFDWLRQ!8WLOLWDLUHV
3DJH
$;,6*XLGHG©LQVWDOODWLRQ
$;,6,QWHUQHW'\QDPLF'166HUYLFH
$;,6,QWHUQHW'\QDPLF'166HUYLFHHVWXQVHUYLFHJUDWXLWG©$[LV&HVHUYLFHYRXVSHUPHW
G©LQVWDOOHUIDFLOHPHQWHWUDSLGHPHQWYRWUHFDPpUDTXLUHoRLWDORUVXQQRPVWDWLTXHQRP'16
HWXQHDGUHVVH,3G\QDPLTXH'DYDQWDJHG©LQIRUPDWLRQVVXUO©$;,6,QWHUQHW'\QDPLF'16
6HUYLFHVRQWGLVSRQLEOHVVXUOHVLWHZZZD[LVFDPQHW
3RXUHIIHFWXHUFHWWHSURFpGXUHYRWUHUpVHDXGRLWGLVSRVHUG©XQHFRQQH[LRQ,QWHUQHWVDQVSUR[\
+773/©DIIHFWDWLRQGHVDGUHVVHV,3GRLWTXDQWjHOOHDYRLUOLHXGHSUpIpUHQFHYLD'+&3
&RQQHFWH]YRWUH$;,6jYRWUHUpVHDXORFDOjO©DLGHG©XQFkEOHGHUpVHDXVWDQGDUG
&RQQHFWH]O©DOLPHQWDWLRQjODFDPpUD
3DWLHQWH]PLQXWHSXLVDYHFXQREMHWDGpTXDWSRXVVH]OHERXWRQGHUpLQLWLDOLVDWLRQVRXV
ODFDPpUDXQHIRLV
9LVLWH]OHVLWHZZZD[LVFDPQHWRYRXVVHUH]JXLGpSRXUO
H[pFXWLRQGHVGHUQLqUHV
SKDVHVGHO©LQVWDOODWLRQ0XQLVVH]YRXVGXQXPpURGHVpULHGHYRWUHSURGXLWHWVXLYH]OHV
LQVWUXFWLRQVTXLV©DIILFKHQWjO©pFUDQ
/HQXPpURGHVpULHDGUHVVH0$&61VHWURXYHVXUO©pWLTXHWWHFROOpHVXUODSDUWLHLQIpULHXUHGHODFDPpUD$;,6
(QWUH]XQPRWGHSDVVHSRXUO©XWLOLVDWHXUURRWDGPLQLVWUDWHXU
/HFDVpFKpDQWDFFHSWH]O©LQVWDOODWLRQGH$0&VXUYRWUHVWDWLRQGHWUDYDLO5HSRUWH]YRXV
jOD$;,60HGLD&RQWURO$0&jODSDJHSRXUSOXVG©LQIRUPDWLRQV
/©LQVWDOODWLRQHVWWHUPLQpH
5HPDUTXH
5HPDUTXH]TXHFHWWHSURFpGXUHHQYHUUDO©DGUHVVH,3ODYHUVLRQGXPLFURSURJUDPPHOHW\SHGX
SURGXLWOHQXPpURGHVpULHHWOHQXPpURGXSRUWKWWSGHODFDPpUD&DPpUDUpVHDX37=j$[LV
,QWHUQHW'\QDPLF'166HUYLFH$XFXQHLQIRUPDWLRQSHUVRQQHOOHQ©HVWWUDQVPLVH
3RXUUHWLUHUOHQRP'16HWDQQXOHUO©HQUHJLVWUHPHQWjFHVHUYLFHRXYUH]OHVSDJHV6HWXSVXUOD
&DPpUDUpVHDX37=FOLTXH]VXU6\VWHP2SWLRQV!1HWZRUN!7&3,3!%DVLFSXLVFOLTXH]VXU
OHERXWRQ6HWWLQJVGH$;,6,QWHUQHW'\QDPLF'166HUYLFHHWHQILQVXUOHERXWRQ5HPRYH
'pILQLWLRQGXPRWGHSDVVH
6LYRXVDFFpGH]jODFDPpUD$;,6SRXUOD
SUHPLqUHIRLVODIHQrWUHGHGLDORJXHœ&RQILJXUH
5RRW3DVVZRUGV©DIILFKHjO©pFUDQ
(QWUH]XQPRWGHSDVVHHWHQWUH]OHXQHVHFRQGH
IRLVSRXUHQFRQILUPHUO©RUWKRJUDSKH&OLTXH]VXU
2.
$;,6*XLGHG©LQVWDOODWLRQ
3DJH
/DERvWHGHGLDORJXHœ(QWHU1HWZRUN3DVVZRUGV©DIILFKH(QWUH]OHQRPG©XWLOLVDWHXU
URRW
5HPDUTXHOHQRPG©XWLOLVDWHXUSDUGpIDXWGHO©DGPLQLVWUDWHXUjVDYRLUURRWHVW
SHUPDQHQWHWQHSHXWSDVrWUHVXSSULPp
(QWUH]OHPRWGHSDVVHFRPPHH[SOLTXpjO©pWDSHHWFOLTXH]VXU2.6LYRXVDYH]RXEOLp
YRWUHPRWGHSDVVHYRXVGHYUH]UpWDEOLUOHVSDUDPqWUHVG©XVLQHGHODFDPpUD$;,6
5HSRUWH]YRXVjODSDJH 6LQpFHVVDLUHFOLTXH]VXU2XLSRXULQVWDOOHU$0&$[LV0HGLD&RQWURODILQGHSRXYRLU
YLVXDOLVHUOHIORWYLGpRGDQV0LFURVRIW,QWHUQHW([SORUHU3RXUFHIDLUHYRXVGHYUH]rWUH
FRQQHFWpjYRWUHRUGLQDWHXUDYHFOHVGURLWVG©DGPLQLVWUDWHXU
)5$1&$,6
$LGHDLGHHQOLJQH
FRQWH[WXHOOH
)5$1d$,6
/DSDJH/LYH9LHZGHODFDPpUD$;,6V©DIILFKHDYHFGHVOLHQVYHUVOHVRXWLOVGH
FRQILJXUDWLRQSRXUDGDSWHUODFDPpUDjYRVEHVRLQV
6HWXSFRQWLHQWWRXV
OHVRXWLOVQpFHVVDLUHV
SRXUDGDSWHUOD
FDPpUDjYRVEHVRLQV
$;,60HGLD&RQWURO$0&
$;,60HGLD&RQWURO$0&HVWXQFRPSRVDQW$FWLYH;SRXUODSULVHHQFKDUJHDXGLRHWODYLVXDOLVDWLRQ
GXIORWYLGpRGDQV0LFURVRIW,QWHUQHW([SORUHU$0&HVWDXWRPDWLTXHPHQWLQVWDOOpORUVGHODSUHPLqUH
XWLOLVDWLRQ
'qVTXHO©$0&HVWLQVWDOOpODEDUUHG©RXWLOVGHODYLVLRQQHXVH$0&SURSRVHGHVFRPPDQGHVDXGLRHW
YLGpRGDQVODSDJH/LYH9LHZ
6LYRWUHHQYLURQQHPHQWGHWUDYDLOOLPLWHOHVFRPSRVDQWVORJLFLHOVVXSSOpPHQWDLUHVYRXVSRXYH]
FRQILJXUHUYRWUH$;,6SRXUXWLOLVHUXQDSSOHW-DYDSRXUPHWWUHjMRXUOHVLPDJHVXQLTXHPHQWSRXU
ODYLGpRSDVO©DXGLR5HSRUWH]YRXVDXILFKLHUG©DLGHVRXV/LYH9LHZ&RQILJ!/D\RXW!'HIDXOW9LHZHU
IRU,QWHUQHW([SORUHUSRXUGHSOXVDPSOHVLQIRUPDWLRQV9RXVSRXYH]pJDOHPHQWXWLOLVHUXQDXWUH
QDYLJDWHXU:HESULVHQFKDUJH
3DJH
$;,6*XLGHG©LQVWDOODWLRQ
$FFqVjODFDPpUD$;,6GHSXLV,QWHUQHW
8QHIRLVLQVWDOOpHYRWUHFDPpUD&DPpUDUpVHDX37=HVWDFFHVVLEOHGHSXLVYRWUHUpVHDXORFDO
/$13RXUDFFpGHUjOD&DPpUDUpVHDX37=GHSXLV,QWHUQHWYRXVGHYH]FRQILJXUHUOHV
URXWHXUVUpVHDXDILQG©DXWRULVHUO©HQWUpHGHGRQQpHVFHTXLVHIDLWJpQpUDOHPHQWVXUXQSRUW
VSpFLILTXH&RQVXOWH]ODGRFXPHQWDWLRQGHYRWUHURXWHXUSRXUREWHQLUGDYDQWDJHG©LQVWUXFWLRQV
3RXUGHSOXVDPSOHVLQIRUPDWLRQVYLVLWH]OHVLWHGHVXSSRUWG©$[LVVXUZZZD[LVFRPWHFKVXS
5pWDEOLVVHPHQWGHVSDUDPqWUHVSDUGpIDXWGpILQLVHQ
XVLQH
3URFpGH]FRPPHVXLWSRXUUHYHQLUDX[SDUDPqWUHVSDUGpIDXWGpILQLVHQXVLQHHWUpLQLWLDOLVHU
O©DGUHVVH,3
'pEUDQFKH]O©DOLPHQWDWLRQGHODFDPpUD
0DLQWHQH]HQIRQFpOHERXWRQGHUpLQLWLDOLVDWLRQVRXVODFDPpUDHWUHEUDQFKH]
O©DOLPHQWDWLRQ
0DLQWHQH]OHERXWRQHQIRQFpSHQGDQWVHFRQGHVSXLVUHOkFKH]OH
5pLQVWDOOH]ODFDPpUDjO©DLGHG©XQHGHVPpWKRGHVG©LQVWDOODWLRQGpFULWHVGDQVFHGRFXPHQW
3OXVG©LQIRUPDWLRQV
3RXUGDYDQWDJHG©LQIRUPDWLRQVFRQVXOWH]OH0DQXHOGHO©XWLOLVDWHXUGHODFDPpUD$;,6
GLVSRQLEOHVXUOH&'IRXUQL'HVYHUVLRQVPLVHVjMRXUVRQWGLVSRQLEOHVVXUZZZD[LVFRP
$;,6,QVWDOODWLRQVDQOHLWXQJ
6HLWH
$;,637=1HW]ZHUNNDPHUD
,QVWDOODWLRQVDQOHLWXQJ
/HVHQ6LHGLHIROJHQGHQ+LQZHLVHDXIPHUNVDPGXUFKEHYRU6LHGLH$;,637=
1HW]ZHUNNDPHUDLQVWDOOLHUHQ
/LHIHUXPIDQJ
+LQZHLVH
37=1HW]ZHUNNDPHUD
$;,6
1HW]DGDSWHU
'HU$GDSWHULVWODQGHVVSH]LILVFK
'HFNHQKDOWHUXQJVVDW]
+DOWHUXQJHQ6FKUDXEHQ
+DOWHNDEHO
6LFKHUXQJVNDEHO
$QVFKOXVVOHLVWH
*UQHSROLJH($$QVFKOXVVOHLVWH
&'
'RNXPHQWDWLRQXQG6RIWZDUH
*HGUXFNWH'RNXPHQWH
$;,6,QVWDOODWLRQVKDQGEXFK$[LV*DUDQWLHHUNOlUXQJ
'(876&+
.RPSRQHQWH
$QVFKOXVVGRVH
IU'HFNH
'HFNHQPRQWDJH
:HQQGLH$;,6DQGHU'HFNHPRQWLHUW
ZHUGHQVROOVROOWHQ6LHYRUGHUDEVFKOLH‰HQGHQ
0RQWDJHGLH,3$GUHVVHIHVWOHJHQXQGGLH
.DPHUDHLQULFKWHQXQGLQ%HWULHEQHKPHQ
/RFKIU
GLH.DEHO
,P/LHIHUXPIDQJGHU$;,637=
1HW]ZHUNNDPHUDVLQG+DOWHUXQJHQIUGLH
'HFNHQPRQWDJHHQWKDOWHQ
%HIHVWLJHQ6LHGLH'HFNHQKDOWHUXQJ$PLW
+DOWHNDEHO
JHHLJQHWHQ6FKUDXEHQQLFKWPLWJHOLHIHUWDQ
HLQHU$QVFKOXVVGRVHZLHLQGHU$EELOGXQJ
GDUJHVWHOOW9HUZHQGHQ6LHIUGLHHLQIDFKH
0RQWDJHGLH6FKOLW]HIUGLH6FKUDXEHQ
%ULQJHQ6LHEHL%HGDUIGDV+DOWHNDEHODQ
6LHN|QQHQGLH+DOWHUXQJDXFKGLUHNWDQGHU
'HFNHEHIHVWLJHQ9HUZHQGHQ6LHGD]XGLH
/|FKHULQGHU0LWWHGHU+DOWHUXQJ'LH
HQWVSUHFKHQGHQ6FKUDXEHQVLQGQLFKWLP
/LHIHUXPIDQJHQWKDOWHQ
9RUGHUVHLWHGHU
.DPHUD
'(876&+
‡ 'LHVHV3URGXNWLVWIUGLH9HUZHQGXQJLQ,QQHQUlXPHQE]ZLQ8PJHEXQJHQYRUJHVHKHQGLHYRU5HJHQXQG)HXFKWLJNHLWJHVFKW]W
VLQG)UGHQ%HWULHEXQWHU$X‰HQEHGLQJXQJHQYHUZHQGHQ6LHELWWHGDVHQWVSUHFKHQGH=XEHK|U
‡ 'LH$;,6PXVVJUXQGVlW]OLFKVRDXIJHVWHOOWZHUGHQGDVVVLHNHLQHUGLUHNWHQ6RQQHQHLQVWUDKOXQJRGHUVWDUNHP+DORJHQOLFKW
DXVJHVHW]WLVWGDGLHV]XGDXHUKDIWHQ6FKlGHQDP%LOGVHQVRUIKUHQNDQQ'LH*DUDQWLHYRQ$[LVHUVWUHFNWVLFKQLFKWDXI
%HVFKlGLJXQJHQLQIROJH]XVWDUNHU/LFKWHLQVWUDKOXQJ
‡ 9HUZHQGHQ6LH]XP5HLQLJHQGHV*HKlXVHVNHLQHVFKDUIHQRGHUVFKHXHUQGHQ5HLQLJXQJVPLWWHO9HUZHQGHQ6LHHLQPLOGHV
5HLQLJXQJVPLWWHOXQGZLVFKHQ6LHGDV*HKlXVHYRUVLFKWLJDE
'HFNHQKDOWH
UXQJ$
/|FKHUIUGLHGLUHNWH%HIHVWLJXQJ
DQGHU'HFNH
6HLWH
$;,6,QVWDOODWLRQVDQOHLWXQJ
%HIHVWLJHQ6LHGLH]ZHLWH+DOWHUXQJ%PLWGHQ
PLWJHOLHIHUWHQ6FKUDXEHQDQGHU8QWHUVHLWHGHU
.DPHUD'DV+DOWHNDEHOZLUGDQ6FKUDXEH
DQJHEUDFKW
=LHKHQ6LHGLH6FKUDXEHQLQGHUGXUFKGLH=DKOHQ
DQJHJHEHQHQ5HLKHQIROJHMHZHLOV6WFNIU6WFN
DQELVDOOH6FKUDXEHQEHIHVWLJWVLQG
+DOWHNDEHO
6WHFNHQ6LHGLH+DNHQDQ+DOWHUXQJ%LQGLH
6FKOLW]HDQ+DOWHUXQJ$HLQXQGVFKLHEHQ6LH
+DOWHUXQJ%VRZHLWZLHP|JOLFK]XUFN
'HFNHQKDOWH
UXQJ%
'HFNHQKDOWH
UXQJ$
'HFNHQKDOWH
UXQJ%
'UFNHQ6LHGLH9RUGHUVHLWHGHU.DPHUD
KRFKXQGEHIHVWLJHQ6LHVLHPLWGHQ
PLWJHOLHIHUWHQ6FKUDXEHQ%HJLQQHQ6LH
GDEHLYRUQ
9HUELQGHQ6LHGDV6WURPNDEHOXQGGDV
1HW]ZHUNNDEHOPLWGHQ%XFKVHQDXIGHU
5FNVHLWHGHU.DPHUD
$;,6,QVWDOODWLRQVDQOHLWXQJ
6HLWH
,3$GUHVVHIHVWOHJHQ
'LH$;,6LVWIUGLH9HUZHQGXQJLQHLQHP(WKHUQHW1HW]ZHUNYRUJHVHKHQ)UGHQ=XJULII
DXIGLH.DPHUDPXVVGLHVHUHLQH,3$GUHVVH]XJHZLHVHQZHUGHQ
$;,6,38WLOLW\
(VZLUGHPSIRKOHQGLH,3$GUHVVHXQWHU:LQGRZVPLW+LOIHGHV'LHQVWSURJUDPPV$;,6,38WLOLW\
IHVW]XOHJHQ'LHVHVNRVWHQORVH3URJUDPPNDQQLQ1HW]ZHUNHQPLWRGHURKQH'+&36HUYHU
YHUZHQGHWZHUGHQ:HLWHUH,QIRUPDWLRQHQKLHU]XILQGHQ6LHDXI6HLWH $OOH,QVWDOODWLRQVPHWKRGHQ
$QIRUGHUXQJHQ
'+&36HUYHU
LP1HW]ZHUN
,QVWDOODWLRQLP
JOHLFKHQ
1HW]ZHUNVHJP
HQW
$;,6,38WLOLW\
HPSIRKOHQH0HWKRGH
6LHKH6HLWH 2SWLRQDO
(UIRUGHUOLFK
:LQGRZV
83Q3Œ
6LHKH6HLWH 2SWLRQDO
(UIRUGHUOLFK
:LQGRZV0(
RGHU;3
%RQMRXU
6LHKH6HLWH 2SWLRQDO
(UIRUGHUOLFK
$;,6'\QDPLF'166HUYLFH
6LHKH6HLWH (PSIRKOHQ
$;,6&DPHUD0DQDJHPHQW
6LHKH6HLWH 2SWLRQDO
,QVWDOODWLRQV
PHWKRGHQ
,QWHUQHWYHUELQGX
QJRKQH+773
3UR[\
%HWULHEVV\VWHP
(UIRUGHUOLFK
$XIGHQ$GPLQLVWUDWLRQVVHLWHQ (UIRUGHUOLFK
GHV'+&36HUYHUVGLH,3
$GUHVVHHUPLWWHOQ
VLHKH+LQZHLVXQWHQ
+LQZHLVH‡6RZRKO83Q3ŒDOVDXFK'+&3VLQGLQGHU$;,6VWDQGDUGPl‰LJDNWLYLHUW
$OOH
:LQGRZV
$OOH
‡ 'LH6WDQGDUG,3$GUHVVHGHU$;,6ODXWHW
‡ :LH6LHGLH$GPLQLVWUDWLRQVVHLWHQGHV'+&36HUYHUVDQ]HLJHQHQWQHKPHQ6LHGHU6HUYHUGRNXPHQWDWLRQ
:HQGHQ6LHVLFKJJIDQ,KUHQ1HW]ZHUNDGPLQLVWUDWRU
‡ )DOOVHLQ)HVWOHJHQGHU,3$GUHVVHQLFKWP|JOLFKLVWPXVVEHUSUIWZHUGHQREGLH'DWHQEHUWUDJXQJQLFKW
GXUFKHLQH)LUHZDOOEORFNLHUWZLUG
‡ %RQMRXUVHW]WYRUDXVGDVVHLQ%URZVHU%RQMRXUXQWHUVWW]W]%6DIDUL%RQMRXULVWHLQ:DUHQ]HLFKHQYRQ
$SSOH&RPSXWHU,QF
'(876&+
0DF26;
DE9HUV
(UIRUGHUOLFK
'(876&+
'LHVH7DEHOOHELHWHWHLQHQhEHUEOLFNEHUGLHYHUIJEDUHQ0HWKRGHQ]XP)HVWOHJHQE]Z(UPLWWHOQ
GHU,3$GUHVVH:lKOHQ6LHLQGHUOLQNHQ6SDOWHHLQH0HWKRGHXQGSUIHQ6LHGLH
$QIRUGHUXQJHQUHFKWVGDYRQ
6HLWH
$;,6,QVWDOODWLRQVDQOHLWXQJ
$;,6,38WLOLW\
$;,6,38WLOLW\LVWHLQHNRVWHQORVH:LQGRZV
$QZHQGXQJPLWGHU$[LV*HUlWHLP1HW]ZHUN
HUNDQQWXQGDQJH]HLJWZHUGHQ
'LH$QZHQGXQJNDQQDX‰HUGHP]XPPDQXHOOHQ
)HVWOHJHQHLQHUVWDWLVFKHQ,3$GUHVVHYHUZHQGHW
ZHUGHQ
'LH.DPHUDPXVVLPJOHLFKHQ1HW]ZHUNVHJPHQW
SK\VLVFKHV6XEQHW]LQVWDOOLHUWVHLQZLHGHU
&RPSXWHUDXIGHP$;,6,38WLOLW\DXVJHIKUWZHUGHQVROO
$;,6,38WLOLW\EHILQGHWVLFKDXIGHULP/LHIHUXPIDQJHQWKDOWHQHQ&'XQGNDQQDXFKDXVGHP,QWHUQHW
KHUXQWHUJHODGHQZHUGHQZZZD[LVFRP
$XWRPDWLVFKH(UNHQQXQJ
6WHOOHQ6LHVLFKHUGDVVGLH.DPHUDDQGDV1HW]ZHUNXQGDQGLH6WURPYHUVRUJXQJDQJHVFKORVVHQLVW
6WDUWHQ6LH$;,6,38WLOLW\:HQQGLH$;,6LQGHU/LVWHHUVFKHLQWGRSSHONOLFNHQ6LHDXIGHQ
(LQWUDJXPGLH+RPHSDJHGHU.DPHUD]X|IIQHQ
$QZHLVXQJHQ]XP)HVWOHJHQGHV.HQQZRUWVILQGHQ6LHDXI6HLWH ,3$GUHVVHPDQXHOOIHVWOHJHQ
:lKOHQ6LHHLQHQLFKW]XJHZLHVHQH,3$GUHVVHDXVGHP1HW]ZHUNVHJPHQWLQGHPVLFKDXFK,KU
&RPSXWHUEHILQGHW6XFKHQ6LHGLH6HULHQQXPPHU61DXIGHP(WLNHWWDXIGHU8QWHUVHLWHGHU
.DPHUD
.OLFNHQ6LHDXIGLH6FKDOWIOlFKH
6HW,3DGGUHVVXVLQJVHULDOQXPEHU,3$GUHVVHEHU
6HULHQQXPPHUIHVWOHJHQXQGJHEHQ6LHGLH6HULHQQXPPHUXQGGLH,3$GUHVVHIUGLH.DPHUDHLQ
.OLFNHQ6LHDXIGLH6FKDOWIOlFKH6HW,3,3HLQVWHOOHQXQGVWDUWHQ6LHGLH.DPHUDLQQHUKDOEYRQ
]ZHL0LQXWHQQHX
.OLFNHQ6LHDXI9LHZ+RPH3DJH6WDUWVHLWHDQ]HLJHQXPDXIGLH:HEVHLWHQGHU.DPHUD
]X]XJUHLIHQ
$QZHLVXQJHQ]XP)HVWOHJHQGHV.HQQZRUWVILQGHQ6LHDXI6HLWH +LQZHLV
0LW$;,6,38WLOLW\NDQQHLQHG\QDPLVFKH,3$GUHVVHLQHLQHVWDWLVFKHXPJHZDQGHOWZHUGHQ
$;,6&DPHUD0DQDJHPHQW
$;,6&DPHUD0DQDJHPHQWLVWHLQOHLVWXQJVIlKLJHVXQGHIIL]LHQWHV,QVWDOODWLRQVXQG9HUZDOWXQJVWRRO
GDVVSH]LHOOIUGLH9HUZHQGXQJPLW$[LV9LGHRSURGXNWHQHQWZLFNHOWZXUGH0LW+LOIHYRQ
VWDQGDUGLVLHUWHQ1HW]ZHUNSURWRNROOHQXQG0HWKRGHQNDQQGDV7RRODXWRPDWLVFK,3$GUHVVHQILQGHQ
GHQ9HUELQGXQJVVWDWXVDQ]HLJHQXQG)LUPZDUH8SJUDGHVPHKUHUHU$[LV9LGHRSURGXNWHYHUZDOWHQ
$;,6&DPHUD0DQDJHPHQWLVWNRVWHQORVEHILQGHWVLFKDXIGHUPLWJHOLHIHUWHQ&'RGHUNDQQXQWHU
ZZZD[LVFRPEH]RJHQZHUGHQ
$;,6,QVWDOODWLRQVDQOHLWXQJ
6HLWH
83Q3Œ
'LH83Q3Œ)XQNWLRQDOLWlWGHU$;,6LVWVWDQGDUGPl‰LJDNWLYLHUW6RIHUQGLH)XQNWLRQDOLWlWDXFKDXI,KUHP
&RPSXWHU:LQGRZV0(RGHU;3DNWLYLHUWLVWZLUGGLH.DPHUDDXWRPDWLVFKHUIDVVW8QWHU¶1HW]ZHUNXPJHEXQJ¦
ZLUGGDQQHLQHQWVSUHFKHQGHV6\PEROKLQ]XJHIJW.OLFNHQ6LHDXIGLHVHV6\PEROXPDXIGLH.DPHUD]X]XJUHLIHQ
$QZHLVXQJHQ]XP)HVWOHJHQGHV.HQQZRUWVILQGHQ6LHDXI6HLWH +LQZHLV
8PGHQ83Q3Œ'LHQVWDXI,KUHP&RPSXWHU]XLQVWDOOLHUHQ|IIQHQ6LHLP6WDUWPHQGLH
6\VWHPVWHXHUXQJXQGZlKOHQ6LH6RIWZDUH:lKOHQ6LH:LQGRZV.RPSRQHQWHQKLQ]XIJHQ
HQWIHUQHQXQGDQVFKOLH‰HQG1HW]ZHUNGLHQVWH.OLFNHQ6LHDXI'HWDLOVXQGZlKOHQ6LHGDQQ83Q3
DOVKLQ]X]XIJHQGHQ'LHQVWDXV
'(876&+
83Q3ŒLVWHLQH=HUWLIL]LHUXQJVPDUNHGHU83Q3Œ,PSOHPHQWHUV&RUSRUDWLRQ
%RQMRXU
%RQMRXUHUNHQQWGLH$;,6DXWRPDWLVFKVREDOGGLHVHPLWGHP1HW]ZHUNYHUEXQGHQLVW1DYLJLHUHQ
6LH]XP%RQMRXU/HVH]HLFKHQ,KUHV%URZVHUV]%6DIDULXQGNOLFNHQ6LHDXIGHQ/LQNIUGLH.DPHUD
XPDXIGLH:HEVHLWHQ]XJHODQJHQ$QZHLVXQJHQ]XP)HVWOHJHQGHV.HQQZRUWVILQGHQ6LHDXI6HLWH 0DQXHOOH,QVWDOODWLRQPLW$533LQJ
:lKOHQ6LHHLQHQLFKW]XJHZLHVHQH,3$GUHVVHLPJOHLFKHQ1HW]ZHUNVHJPHQWLQGHPVLFK,KU
&RPSXWHUEHILQGHW
6XFKHQ6LHGLH6HULHQQXPPHU61DXIGHP(WLNHWWDXIGHU8QWHUVHLWHGHU.DPHUD
gIIQHQ6LHDXI,KUHP&RPSXWHUGLH(LQJDEHDXIIRUGHUXQJ*HEHQ6LHMHQDFKYHUZHQGHWHP
%HWULHEVV\VWHPIROJHQGH%HIHKOHHLQ
:LQGRZV6\QWD[
%HLVSLHOIU:LQGRZV
DUSV,3$GUHVVH!6HULHQQXPPHU!
SLQJOW,3$GUHVVH!
DUSVF
SLQJOW
81,;/LQX[0DF6\QWD[
%HLVSLHOIU81,;/LQX[0DF
DUSV,3$GUHVVH!6HULHQQXPPHU!WHPS
SLQJV,3$GUHVVH!
DUSVFWHPS
SLQJV
'(876&+
6WHOOHQ6LHVLFKHUGDVVGDV1HW]ZHUNNDEHODQJHVFKORVVHQLVW6WDUWHQ6LHGLH.DPHUDQHXLQGHP6LH
GLH6WURPYHUVRUJXQJWUHQQHQXQGZLHGHUKHUVWHOOHQ'LHVPXVVELQQHQ]ZHL0LQXWHQQDFK(LQJDEHGHV
%HIHKOV¶$53¦HUIROJHQ
6FKOLH‰HQ6LHGLH(LQJDEHDXIIRUGHUXQJVREDOG¶5HSO\IURP¦RGHUHLQHYHUJOHLFKEDUH
$QWZRUWDQJH]HLJWZLUG
6WDUWHQ6LHHLQHQ%URZVHUJHEHQ6LHLP$GUHVVIHOG¶KWWS,3$GUHVVH!¦HLQXQGGUFNHQ6LHGLH
(LQJDEHWDVWHDXIGHU7DVWDWXU
$QZHLVXQJHQ]XP)HVWOHJHQGHV.HQQZRUWVILQGHQ6LHDXI6HLWH +LQZHLVH‡ 6R|IIQHQ6LHXQWHU:LQGRZVGLH(LQJDEHDXIIRUGHUXQJ:lKOHQ6LHLP6WDUWPHQGLH2SWLRQ$XVIKUHQXQGJHEHQ6LH¶FPG¦HLQ¶FRPPDQG¦
XQWHU:LQGRZV0(.OLFNHQ6LHDXI2.
‡ 9HUZHQGHQ6LH]XP(LQJHEHQGHV%HIHKOV¶$53¦XQWHU0DF26;GDV'LHQVWSURJUDPP¶7HUPLQDO¦6LHILQGHQHVXQWHU3URJUDPPH!
'LHQVWSURJUDPPH
6HLWH
$;,6,QVWDOODWLRQVDQOHLWXQJ
'HU$;,6,QWHUQHW'\QDPLF'166HUYLFH
'HU$;,6,QWHUQHW'\QDPLF'166HUYLFHZLUGDOVNRVWHQORVHU'LHQVWYRQ$[LV]XU9HUIJXQJJHVWHOOW
0LWGLHVHP6HUYLFHN|QQHQ6LH,KUH.DPHUDGLHGDQQHLQHQVWDWLVFKHQ1DPHQ'161DPHXQGHLQH
G\QDPLVFKH,3$GUHVVHHUKlOWVFKQHOOXQGHLQIDFKLQVWDOOLHUHQ:HLWHUH,QIRUPDWLRQHQ]XP$;,6
,QWHUQHW'\QDPLF'166HUYLFHILQGHQ6LHXQWHUZZZD[LVFDPQHW
'DPLW6LHGHQ'LHQVWQXW]HQN|QQHQVROOWH,KU1HW]ZHUNEHUHLQHQ,QWHUQHW]XJDQJRKQH+773
3UR[\VHUYHUYHUIJHQXQGGLH,3$GUHVVHQVROOWHQYRU]XJVZHLVHEHU'+&3]XJHZLHVHQZHUGHQ
6FKOLH‰HQ6LHGLH$;,6EHUHLQ6WDQGDUG1HW]ZHUNNDEHODQGDV1HW]ZHUNDQ
6FKOLH‰HQ6LHGLH.DPHUDDQGDV6WURPQHW]DQ
:DUWHQ6LH6HNXQGHQXQGGUFNHQ6LHGDQQPLWHLQHPVSLW]HQ*HJHQVWDQGHLQPDODXIGLH
5HVHW7DVWHGHU.DPHUD
$XIGHU:HEVLWHZZZD[LVFDPQHWZHUGHQ6LHGXUFKGHQZHLWHUHQ,QVWDOODWLRQVSUR]HVVJHIKUW
+DOWHQ6LHGLH6HULHQQXPPHU,KUHV3URGXNWHVEHUHLWXQGEHIROJHQ6LHGLH$QZHLVXQJHQDXIGHP
%LOGVFKLUP
'LH6HULHQQXPPHU0$&$GUHVVH61VWHKWDXIGHP(WLNHWWDXIGHU8QWHUVHLWHGHU$;,6
*HEHQ6LHHLQ.HQQZRUWIUGHQ5RRW%HQXW]HU$GPLQLVWUDWRUHLQ
%HVWlWLJHQ6LHGLH,QVWDOODWLRQYRQ$0&DXI,KUHP&RPSXWHU:HLWHUH,QIRUPDWLRQHQKLHU]X
ILQGHQ6LHDXI$;,60HGLD&RQWURO$0&DXI6HLWH
'LH,QVWDOODWLRQLVWGDPLWDEJHVFKORVVHQ
+LQZHLV
+LQZHLV%HLGLHVHP9HUIDKUHQZHUGHQ,3$GUHVVH)LUPZDUH9HUVLRQ3URGXNWW\S
6HULHQQXPPHUVRZLH+7733RUWQXPPHUGHU37=1HW]ZHUNNDPHUDDQGHQ$[LV,QWHUQHW'\QDPLF
'166HUYLFHEHUPLWWHOW(VZHUGHQNHLQHSHUV|QOLFKHQ'DWHQEHUWUDJHQ
*HKHQ6LHIROJHQGHUPD‰HQYRUXPGHQ'161DPHQ]XHQWIHUQHQXQGGLH5HJLVWULHUXQJEHLGLHVHP
'LHQVW]XO|VFKHQgIIQHQ6LHGLH6HWXS6HLWHQGHU37=1HW]ZHUNNDPHUDXQGZlKOHQ6LH6\VWHP
2SWLRQV6\VWHPRSWLRQHQ!1HWZRUN1HW]ZHUN!7&3,3%DVLF*UXQGHLQVWHOOXQJHQ!.OLFNHQ6LH
DQVFKOLH‰HQGDXIGLH6FKDOWIOlFKH6HWWLQJV(LQVWHOOXQJHQIUGHQ$;,6,QWHUQHW'\QDPLF'166HUYLFH
XQGNOLFNHQ6LHGDQQDXIGLH6FKDOWIOlFKH5HPRYH(QWIHUQHQ
.HQQZRUWIHVWOHJHQ
%HLPHUVWPDOLJHQ=XJULIIDXIGLH$;,6ZLUGDXI
GHP%LOGVFKLUPGDV'LDORJIHOG&RQILJXUH5RRW
3DVVZRUG5RRW.HQQZRUWNRQILJXULHUHQDQJH]HLJW
*HEHQ6LHHLQ.HQQZRUWHLQXQGZLHGHUKROHQ6LHGLH
(LQJDEHXPGLHNRUUHNWH6FKUHLEZHLVH]XEHVWlWLJHQ
.OLFNHQ6LHDXI2.
$;,6,QVWDOODWLRQVDQOHLWXQJ
6HLWH
'DV'LDORJIHOG(QWHU1HWZRUN3DVVZRUG1HW]ZHUNNHQQZRUWHLQJHEHQZLUGDQJH]HLJW*HEHQ6LH
IROJHQGHQ%HQXW]HUQDPHQHLQURRW
+LQZHLV'HUVWDQGDUGPl‰LJH$GPLQLVWUDWRU%HQXW]HUQDPHURRWNDQQQLFKWJHO|VFKWZHUGHQ
*HEHQ6LHGDV.HQQZRUWZLHLQ6FKULWWEHVFKULHEHQHLQXQGNOLFNHQ6LHDXI2.:HQQ6LHGDV
.HQQZRUWYHUJHVVHQPXVVGLH$;,6DXIGLH:HUNVHLQVWHOOXQJHQ]XUFNJHVHW]WZHUGHQ6LHKH
6HLWH .OLFNHQ6LHDXI<HV-DXP$0&$;,60HGLD&RQWURO]XLQVWDOOLHUHQ1DFK$EVFKOXVVGHU
,QVWDOODWLRQN|QQHQ6LH9LGHR6WUHDPVLQ0LFURVRIW,QWHUQHW([SORUHUDQ]HLJHQ+LHU]XPVVHQ6LH
EHU$GPLQLVWUDWRUUHFKWHIUGHQ&RPSXWHUYHUIJHQ
'LH6HLWH/LYH9LHZ'LUHNWEHUWUDJXQJGHU$;,6ZLUGDQJH]HLJW6LHHQWKlOW/LQNV]XGHQ
6HWXS7RROVPLWGHQHQ6LHGLH.DPHUDDQ,KUHLQGLYLGXHOOHQ%HGUIQLVVHDQSDVVHQN|QQHQ
'(876&+
+LOIH¤]HLJW
NRQWH[WDEKlQJLJH
2QOLQH+LOIHDQ
'(876&+
6HWXS+LHUILQGHQ6LH
DOOH7RROVGLH6LH]XP
$QSDVVHQGHU.DPHUD
DQ,KUHSHUV|QOLFKHQ
$QIRUGHUXQJHQ
EHQ|WLJHQ
$;,60HGLD&RQWURO$0&
$;,60HGLD&RQWURO$0&LVWHLQH$FWLYH;.RPSRQHQWHIUGLH8QWHUVWW]XQJYRQ$XGLR6WUHDPVXQG
GLH$Q]HLJHYRQ9LGHR6WUHDPVLQ0LFURVRIW,QWHUQHW([SORUHU$0&ZLUGDXWRPDWLVFKEHLGHU
(UVWYHUZHQGXQJLQVWDOOLHUW
1DFKGHU,QVWDOODWLRQYRQ$0&ZHUGHQDXIGHU6HLWH¶/LYH9LHZ¦EHUGLH6\PEROOHLVWHGHV$0&
9LHZHUVGLH$XGLRXQG9LGHR6WHXHUHOHPHQWHDQJH]HLJW
)DOOVLQ,KUHU$UEHLWVXPJHEXQJGLH,QVWDOODWLRQZHLWHUHU6RIWZDUHNRPSRQHQWHQQLFKW]XJHODVVHQLVW
N|QQHQ6LH,KUH$;,6VRNRQILJXULHUHQGDVV]XP$NWXDOLVLHUHQGHU%LOGHUHLQ-DYD$SSOHW
YHUZHQGHWZLUGGLHVJLOWQXUIU9LGHRELOGHU6LHKH2QOLQH+LOIHGDWHLHQXQWHU/LYH9LHZ&RQILJ!
/D\RXW!'HIDXOW9LHZHUIRU,QWHUQHW([SORUHU'LUHNWEHUWUDJXQJNRQILJXULHUHQ_$QVLFKW_6WDQGDUG
9LHZHUIU,QWHUQHW([SORUHU6LHN|QQHQDXFKHLQHQDQGHUHQXQWHUVWW]WHQ:HEEURZVHUYHUZHQGHQ
6HLWH
$;,6,QVWDOODWLRQVDQOHLWXQJ
=XJULIIDXIGLH$;,6EHUGDV,QWHUQHW
6REDOGGLH37=1HW]ZHUNNDPHUDLQVWDOOLHUWLVWN|QQHQ6LHLQ,KUHPORNDOHQ1HW]ZHUN/$1
GDUDXI]XJUHLIHQ8PDXFKEHUGDV,QWHUQHWDXIGLH37=1HW]ZHUNNDPHUD]XJUHLIHQ]X
N|QQHQPVVHQ6LHGLH1HW]ZHUN5RXWHUVRNRQILJXULHUHQGDVVVLHGHQHQWVSUHFKHQGHQ
HLQJHKHQGHQ'DWHQYHUNHKU]XODVVHQ'DIUZLUGPHLVWHQVHLQEHVWLPPWHU3RUWJHZlKOW
$XVIKUOLFKH,QIRUPDWLRQHQ]XGLHVHP7KHPDILQGHQ6LHLQGHU'RNXPHQWDWLRQGHV5RXWHUV
:HLWHUH,QIRUPDWLRQHQ]XGLHVHPXQGDQGHUHQ7KHPHQHUKDOWHQ6LHDXIGHU$[LV6XSSRUW
:HEVLWHXQWHUZZZD[LVFRPWHFKVXS
:HUNVHLWLJH6WDQGDUGHLQVWHOOXQJHQZLHGHUKHUVWHOOHQ
*HKHQ6LHIROJHQGHUPD‰HQYRUXPVlPWOLFKH3DUDPHWHUHLQVFKOLH‰OLFKGHU,3$GUHVVHDXIGLH
ZHUNVHLWLJHQ6WDQGDUGHLQVWHOOXQJHQ]XUFN]XVHW]HQ
7UHQQHQ6LHGLH.DPHUDYRQGHU6WURPYHUVRUJXQJ
%HWlWLJHQ6LHGLH5HVHW7DVWHDXIGHU8QWHUVHLWHGHU.DPHUDKDOWHQ6LHGLHVHJHGUFNW
XQGVWHOOHQ6LHGLH6WURPYHUVRUJXQJZLHGHUKHU
+DOWHQ6LHGLH7DVWH6HNXQGHQODQJJHGUFNWXQGODVVHQ6LHVLHGDQQORV
,QVWDOOLHUHQ6LHGLH.DPHUDHUQHXW9HUZHQGHQ6LHGD]XHLQHVGHULQGLHVHP'RNXPHQW
EHVFKULHEHQHQ9HUIDKUHQ
:HLWHUH,QIRUPDWLRQHQ
:HLWHUH,QIRUPDWLRQHQILQGHQ6LHLP%HQXW]HUKDQGEXFKIUGLH$;,6GDVVLFKDXIGHU
PLWJHOLHIHUWHQ&'EHILQGHW(LQHDNWXDOLVLHUWH9HUVLRQILQGHQ6LHXQWHUZZZD[LVFRP
$;,6*XtDGHLQVWDODFLyQ
3iJLQD
$;,6&iPDUDGHUHG37=
*XtDGHLQVWDODFLyQ
$QWHVGHLQVWDODUODFiPDUDGHUHG37=$;,6WHQJDHQFXHQWDORVLJXLHQWH
‡ (VWHSURGXFWRHVWiGLVHxDGRSDUDHOXVRHQLQWHULRUHVRHQOXJDUHVGRQGHHVWpSURWHJLGRGHODOOXYLD\ODKXPHGDG3DUDXWLOL]DUOD
FiPDUDHQHOH[WHULRUXWLOLFHORVDFFHVRULRVGHSURWHFFLyQFRUUHVSRQGLHQWHV
‡ 7DQWRVLOD$;,6HVWiRQRHQIXQFLRQDPLHQWRVLHPSUHGHEHXELFDUVHHQXQOXJDUHQHOTXHQRHVWpH[SXHVWDDODOX]VRODU
GLUHFWDRXQDOX]KDOyJHQDIXHUWH\DTXHHVWRSXHGHFDXVDUGDxRVSHUPDQHQWHVHQHOVHQVRUGHLPiJHQHVGHODFiPDUD/RVGDxRV
UHVXOWDQWHVGHODH[SRVLFLyQDXQDOX]IXHUWHQRHVWiQFXELHUWRVSRUODJDUDQWtDGH$[LV
‡ 1RXWLOLFHGHWHUJHQWHVIXHUWHVQLDEUDVLYRVSDUDOLPSLDUODFDUFDVD8WLOLFHXQGHWHUJHQWHVXDYH\SDVHXQSDxRFRQFXLGDGR
$UWtFXOR
&iPDUDGHUHG37=
$GDSWDGRUGH
DOLPHQWDFLyQ
.LWGHVRSRUWHSDUD
WHFKR
&DEOHGHVXMHFLyQ
%ORTXHGHFRQHFWRUHV
&'
0DWHULDOLPSUHVR
(63$f2/
&RQWHQLGRGHOSDTXHWH
1RWDV
$;,6
(VSHFtILFRGHOSDtV
VRSRUWHVWRUQLOORVGHPRQWDMH
&DEOHGHVHJXULGDG
%ORTXHGHFRQHFWRUHVDOWHUPLQDOGH(6GHSLQHVYHUGH
'RFXPHQWDFLyQ\VRIWZDUH
*XtDGHLQVWDODFLyQGH$;,6'RFXPHQWRGHJDUDQWtDGH$[LV
0RQWDMHHQWHFKR
6LVHYDDPRQWDUOD$;,6HQWHFKRVH
UHFRPLHQGDTXHDQWHVGHLQVWDODUODFRQILJXUH
ODGLUHFFLyQ,3\FRPSUXHEHTXHIXQFLRQD
FRUUHFWDPHQWH
2ULILFLRSDUD
ORVFDEOHV
/DFiPDUDGHUHG37=$;,6VHVXPLQLVWUD
FRQVRSRUWHVSDUDPRQWDMHHQWHFKR
(63$f2/
&DMDGH
FRQH[LRQHVHQ
HOWHFKR
8WLOLFHWRUQLOORVDGHFXDGRVQR
VXPLQLVWUDGRVSDUDILMDUHOVRSRUWHGH
WHFKR$DODFDMDGHFRQH[LRQHVFRPRVH
PXHVWUDHQODILJXUD3DUDFRORFDUOR
FRUUHFWDPHQWHJXtHVHSRUODVUDQXUDVGH
ORVWRUQLOORV6LHVQHFHVDULRHQJDQFKHHO
FDEOHGHVXMHFLyQ
&DEOHGH
VXMHFLyQ
6LORSUHILHUHWDPELpQSXHGHILMDUHO
VRSRUWHGLUHFWDPHQWHDOWHFKRXVDQGRORV
RULILFLRVSDUDWRUQLOORVHQHOFHQWURGHO
VRSRUWH/RVWRUQLOORVQRVHVXPLQLVWUDQ )URQWDOGH
ODFiPDUD
6RSRUWHSDUD
WHFKR$
2ULILFLRVSDUDHOPRQWDMHGLUHFWRHQ
HOWHFKR
3iJLQD
$;,6*XtDGHLQVWDODFLyQ
)LMHHOVHJXQGRVRSRUWH%DODEDVHGHOD
FiPDUDPHGLDQWHORVWRUQLOORV
VXPLQLVWUDGRV(OFDEHGHVXMHFLyQGHEHUtD
HVWDUVXMHWRDOWRUQLOOR
&DEOHGH
VXMHFLyQ
$SULHWHORVWRUQLOORVXQSRFRGHXQRHQXQR
HQHORUGHQQXPHUDGRTXHPXHVWUDODILJXUD
KDVWDTXHHVWpQVXMHWDGRVILUPHPHQWH
6RSRUWHSDUD
WHFKR%
,QWURGX]FDORVJDQFKRVGHOVRSRUWH%HQODV
UDQXUDV$\HPSXMHHOVRSRUWH%KDFLDDWUiV
KDVWDHOWRSH
6RSRUWH
SDUDWHFKR
$
(PSXMHKDFLDDUULEDHOIURQWDOGHOD
FiPDUD\VXMpWHORPHGLDQWHORVWRUQLOORV
VXPLQLVWUDGRVHPSH]DQGRSRUHOIURQWDO
&RQHFWHORVFDEOHVGHDOLPHQWDFLyQ\UHG
DO]yFDORGHOSDQHOWUDVHUR
6RSRUWHSDUD
WHFKR%
$;,6*XtDGHLQVWDODFLyQ
3iJLQD
&RQILJXUDFLyQGHODGLUHFFLyQ,3
/D$;,6HVWiGLVHxDGDSDUDXWLOL]DUVHHQXQDUHG(WKHUQHWSRUORTXHGHEHDVLJQiUVHOHXQD
GLUHFFLyQ,3SDUDKDFHUODDFFHVLEOH
$;,6,38WLOLW\
$;,6,38WLOLW\HVHOPpWRGRUHFRPHQGDGRSDUDFRQILJXUDUXQDGLUHFFLyQ,3HQ:LQGRZV(VWD
DSOLFDFLyQJUDWXLWDSXHGHXWLOL]DUVHHQUHGHVFRQRVLQVHUYLGRU'+&33DUDREWHQHUPiV
LQIRUPDFLyQFRQVXOWHODSiJLQD 7RGRVORVPpWRGRVGHLQVWDODFLyQ
(63$f2/
(VWDWDEODPXHVWUDWRGRVORVPpWRGRVGLVSRQLEOHVSDUDFRQILJXUDURGHVFXEULUODGLUHFFLyQ,3
6HOHFFLRQHXQRGHORVPpWRGRVGHODFROXPQDGHODL]TXLHUGDSDUDFRPSUREDUORVUHTXLVLWRV
QHFHVDULRVDODGHUHFKD
5HTXLVLWRV
6HUYLGRU'+&3
HQUHG
,QVWDODUHQHO
PLVPR
VHJPHQWRGH
UHG
$;,6,38WLOLW\
PpWRGRUHFRPHQGDGR
&RQVXOWHODSiJLQD 2SFLRQDO
2EOLJDWRULR
:LQGRZV
83Q3Œ
&RQVXOWHODSiJLQD 2SFLRQDO
2EOLJDWRULR
:LQGRZV0(
R;3
%RQMRXU
&RQVXOWHODSiJLQD 2SFLRQDO
2EOLJDWRULR
$;,6'\QDPLF'166HUYLFH
&RQVXOWHODSiJLQD 5HFRPHQGDGR
$;,6&DPHUD0DQDJHPHQW
&RQVXOWHODSiJLQD 2SFLRQDO
9HUODVSiJLQDVDGPLQ
GHOVHUYLGRU'+&3SDUDOD
GLUHFFLyQ,3
OHDODQRWDVLJXLHQWH
2EOLJDWRULR
0pWRGRVGH
LQVWDODFLyQ
&RQH[LyQD
,QWHUQHWVLQ
SUR[\+773
6LVWHPD
RSHUDWLYR
2EOLJDWRULR
2EOLJDWRULR
1RWDV ‡ 83Q3Œ\'+&3HVWiQKDELOLWDGRVGHIRUPDSUHGHWHUPLQDGDHQOD$;,6
(63$f2/
0DF26;
R
SRVWHULRU
7RGRV
:LQGRZV
7RGRV
‡ /D$;,6WLHQHODVLJXLHQWHGLUHFFLyQ,3SUHGHWHUPLQDGD
‡ 3DUDYLVXDOL]DUODVSiJLQDVDGPLQGHOVHUYLGRU'+&3FRQVXOWHODGRFXPHQWDFLyQGHOVHUYLGRU(VSRVLEOHTXHGHED
SRQHUVHHQFRQWDFWRFRQVXDGPLQLVWUDGRUGHUHGHV
‡ 6LQRSXHGHFRQILJXUDUODGLUHFFLyQ,3FRPSUXHEHTXHQRKD\DQLQJ~QFRUWDIXHJRVTXHEORTXHHODRSHUDFLyQ
‡ %RQMRXUVHDSOLFDVyORDQDYHJDGRUHVFRPSDWLEOHVSHM6DIDUL%RQMRXUHVXQDPDUFDUHJLVWUDGDGH$SSOH
&RPSXWHU,QF
3iJLQD
$;,6*XtDGHLQVWDODFLyQ
$;,6,38WLOLW\
$;,6,38WLOLW\HVXQDDSOLFDFLyQJUDWXLWD
GH:LQGRZVTXHGHWHFWD\PXHVWUD
GLVSRVLWLYRV$[LVHQVXUHG
$GHPiVSXHGHXWLOL]DUVHSDUDDVLJQDU
PDQXDOPHQWHXQDGLUHFFLyQ,3HVWiWLFD
5HFXHUGHTXHGHEHLQVWDODUODFiPDUDHQHO
PLVPRVHJPHQWRGHUHGVXEUHGItVLFDTXH
HOHTXLSRTXHHMHFXWD$;,6,38WLOLW\
$;,6,38WLOLW\HVWiGLVSRQLEOHHQHO&'VXPLQLVWUDGRFRQHVWHSURGXFWR\WDPELpQSXHGH
GHVFDUJDUVHGHVGHZZZD[LVFRP
'HWHFFLyQDXWRPiWLFD
&RPSUXHEHTXHODFiPDUDHVWiFRQHFWDGDDODUHG\TXHOHOOHJDFRUULHQWH
,QLFLH$;,6,38WLOL\&XDQGRODFiPDUDDSDUH]FDHQODYHQWDQDKDJDGREOHFOLFHQHOOD
SDUDDEULUODSiJLQDGHLQLFLRHQVXQDYHJDGRU
&RQVXOWHODSiJLQD SDUDREWHQHULQVWUXFFLRQHVVREUHFyPRFRQILJXUDUODFRQWUDVHxD
&RQILJXUDFLyQPDQXDOGHODGLUHFFLyQ,3
$GTXLHUDXQDGLUHFFLyQ,3TXHQRHVWpHQXVRHQHOPLVPRVHJPHQWRGHUHGHQHOTXHHVWi
FRQHFWDGRVXHTXLSR8ELTXHHOQ~PHURGHVHULH16HQODHWLTXHWDLQIHULRUGHODFiPDUD
+DJDFOLFHQHOERWyQ
&RQILJXUDUGLUHFFLyQ,3DSDUWLUGHOQ~PHURGHVHULHH
LQWURGX]FDHOQ~PHURGHVHULH\ODGLUHFFLyQ,3GHODFiPDUD
+DJDFOLFHQHOERWyQ6HW,3\DFRQWLQXDFLyQUHLQLFLHODFiPDUDWUDQVFXUULGRVPLQXWRV
+DJDFOLFHQ9LHZ+RPH3DJHSDUDDFFHGHUDODVSiJLQDV:HEGHODFiPDUD
&RQVXOWHODSiJLQD SDUDREWHQHULQVWUXFFLRQHVVREUHFyPRFRQILJXUDUODFRQWUDVHxD
1RWD
6HSXHGHXWLOL]DU$;,6,38WLOLW\SDUDFDPELDUXQDGLUHFFLyQ,3FRQILJXUDGDGHIRUPDGLQiPLFD
SRUXQDHVWiWLFD
$;,6&DPHUD0DQDJHPHQW
$;,6&DPHUD0DQDJHPHQWHVXQDHILFD]KHUUDPLHQWDGHJHVWLyQHLQVWDODFLyQHVSHFLDOPHQWH
GLVHxDGDSDUDXWLOL]DUVHFRQSURGXFWRVGHYtGHR$[LV0HGLDQWHPpWRGRV\SURWRFRORVGHUHG
HVWiQGDUODKHUUDPLHQWDSXHGHEXVFDU\FRQILJXUDUGLUHFFLRQHV,3GHIRUPDDXWRPiWLFD
PRVWUDUHOHVWDGRGHFRQH[LyQ\DGPLQLVWUDUDFWXDOL]DFLRQHVGHILUPZDUHGHPXFKRVSURGXFWRV
GHYtGHR$[LV$;,6&DPHUD0DQDJHPHQWHVJUDWXLWR\HVWiGLVSRQLEOHHQHO&'LQFOXLGRFRQ
HVWHSURGXFWRRHQZZZD[LVFRP
$;,6*XtDGHLQVWDODFLyQ
3iJLQD
83Q3Œ
/DIXQFLRQDOLGDG83Q3ŒHVWiKDELOLWDGDGHIRUPDSUHGHWHUPLQDGDHQOD$;,66LWDPELpQHVWi
KDELOLWDGDHQVXRUGHQDGRU:LQGRZV0(R;3ODFiPDUDVHUiGHWHFWDGDDXWRPiWLFDPHQWH\VHDxDGLUi
XQQXHYRLFRQRD§0\1HWZRUN3ODFHV§+DJDFOLFHQHVWHLFRQRSDUDDFFHGHUDODFiPDUD&RQVXOWH
WDPELpQODSiJLQD SDUDREWHQHULQVWUXFFLRQHVVREUHFyPRFRQILJXUDUODFRQWUDVHxD
1RWD
3DUDLQVWDODUHOVHUYLFLR83Q3ŒHQVXHTXLSRDEUDHO3DQHOGHFRQWUROGHVGHHOPHQ~,QLFLR\DEUD
$JUHJDURTXLWDUSURJUDPDV6HOHFFLRQH$JUHJDURTXLWDUFRPSRQHQWHVGH:LQGRZV\DEUDOD
VHFFLyQ6HUYLFLRVGHUHG+DJDFOLFHQ'HWDOOHV\GHVSXpVVHOHFFLRQH83Q3FRPRHOVHUYLFLRTXHYD
DDJUHJDU
(63$f2/
83Q3ŒHVXQDPDUFDUHJLVWUDGDGH83Q3Œ,PSOHPHQWHUV&RUSRUDWLRQ
%RQMRXU
%RQMRXUGHWHFWDUiDXWRPiWLFDPHQWHOD$;,6FXDQGRHVWiFRQHFWDGDDODUHG1DYHJXHKDVWDOD
PDUTXLOOD%RQMRXUŒGHVXQDYHJDGRUSHM6DIDUL\KDJDFOLFHQHOYtQFXORGHODFiPDUDSDUDDFFHGHUD
ODVSiJLQDV:HE&RQVXOWHODSiJLQD SDUDREWHQHULQVWUXFFLRQHVVREUHFyPRFRQILJXUDUODFRQWUDVHxD
,QVWDODFLyQPDQXDOFRQ$533LQJ
2EWHQJDXQDGLUHFFLyQ,3TXHQRHVWpHQXVR\TXHVHHQFXHQWUHHQHOPLVPRVHJPHQWRTXHVX
RUGHQDGRU
8ELTXHHOQ~PHURGHVHULH16HQODHWLTXHWDVLWXDGDHQHOODGRSRVWHULRUGHODFiPDUD
$EUDHOODYHQWDQD¦/tQHDGH&RPDQGRV§HQVXRUGHQDGRU,QWURGX]FDORVVLJXLHQWHVFRPDQGRVGH
DFXHUGRDVXVLVWHPDRSHUDWLYR
6LQWD[LVGH:LQGRZV
(MHPSORGH:LQGRZV
DUSV,3$GGUHVV!6HULDO1XPEHU!
SLQJOW,3$GGUHVV!
DUSVF
SLQJOW
6LQWD[LVGH81,;/LQX[0DF
(MHPSORGH81,;/LQX[0DF
DUSV,3$GGUHVV!6HULDO1XPEHU!WHPS
SLQJV,3$GGUHVV!
DUSVFWHPS
SLQJV
(63$f2/
&RPSUXHEHTXHHVWpFRQHFWDGRHOFDEOHGHUHG,QLFLHRUHLQLFLHODFiPDUDGHVFRQHFWDQGR\YROYLHQGR
DFRQHFWDUODDOLPHQWDFLyQ(VWHSURFHGLPLHQWRGHEHUHDOL]DUVHHQORVPLQXWRVVLJXLHQWHVDOD
LQWURGXFFLyQGHOFRPDQGR$53
&LHUUHODYHQWDQD¦/tQHDGH&RPDQGRV§FXDQGRYHD¨5HSO\IURP©RVLPLODU
,QLFLHVXH[SORUDGRUHVFULEDKWWSGLUHFFLyQ,3!HQHOFDPSR8ELFDFLyQ'LUHFFLyQ\SUHVLRQH(QWHU
HQVXWHFODGR
&RQVXOWHODSiJLQD SDUDREWHQHULQVWUXFFLRQHVVREUHFyPRFRQILJXUDUODFRQWUDVHxD
1RWDV ‡ 3DUDDEULUODYHQWDQD¦/tQHDGH&RPDQGRV§HQ:LQGRZVGHVGHHOPHQ~,QLFLRVHOHFFLRQH(MHFXWDU\HVFULEDFPGRFRPPDQG
HQ:LQGRZV0(+DJDFOLFHQ$FHSWDU
‡ 3DUDXWLOL]DUHOFRPDQGR$53HQXQVLVWHPDRSHUDWLYR0DF26;XWLOLFHODXWLOLGDG7HUPLQDOTXHVHHQFXHQWUDHQ$SOLFDFLRQHV
!8WLOLGDGHV
3iJLQD
$;,6*XtDGHLQVWDODFLyQ
(O$;,6,QWHUQHW'\QDPLF'166HUYLFH
(O$;,6,QWHUQHW'\QDPLF'166HUYLFHHVXQVHUYLFLRJUDWXLWRVXPLQLVWUDGRSRU$[LV(VWHVHUYLFLR
SHUPLWHUHDOL]DUXQDLQVWDODFLyQUiSLGD\VHQFLOODGHVXFiPDUDTXHOXHJRUHFLEHXQQRPEUHHVWiWLFR
QRPEUH'16\XQDGLUHFFLyQ,3GLQiPLFD(QFRQWUDUiPiVLQIRUPDFLyQVREUHHO$;,6,QWHUQHW
'\QDPLF'166HUYLFHHQZZZD[LVFDPQHW
3DUDUHDOL]DUHVWHSURFHGLPLHQWRHVFRQYHQLHQWHTXHVXUHGGLVSRQJDGHXQDFRQH[LyQGH,QWHUQHWVLQ
SUR[\+773\ODVGLUHFFLRQHV,3GHEHUtDQDVLJQDUVHSUHIHULEOHPHQWHDWUDYpVGH'+&3
&RQHFWHOD$;,6DVXUHGORFDOFRQXQFDEOHGHUHGHVWiQGDU
&RQHFWHODDOLPHQWDFLyQDODFiPDUD
(VSHUHVHJXQGRV\FRQXQREMHWRSXQWLDJXGRSXOVHHOERWyQGHUHLQLFLRHQODSDUWHLQIHULRUGH
ODFiPDUDXQDVRODYH]
9LVLWHZZZD[LVFDPQHWGRQGHOHJXLDUiQDWUDYpVGHOUHVWRGHODLQVWDODFLyQ7HQJDOLVWRHO
Q~PHURGHVHULHGHVXSURGXFWR\VLJDODVLQVWUXFFLRQHVGHODSDQWDOOD
(OQ~PHURGHVHULHGLUHFFLyQ0$&16HVWiVLWXDGRHQODHWLTXHWDGHOODGRLQIHULRUGHOD$;,6
,QWURGX]FDXQDFRQWUDVHxDSDUDHOXVXDULRURRWDGPLQLVWUDGRU
6LHVQHFHVDULRDFHSWHODLQVWDODFLyQGH$0&HQVXHVWDFLyQGHWUDEDMR3DUDREWHQHUPiV
LQIRUPDFLyQFRQVXOWH$;,60HGLD&RQWURO$0&HQODSiJLQD
/DLQVWDODFLyQKDILQDOL]DGR
1RWD
7HQJDHQFXHQWDTXHHVWHSURFHGLPLHQWRHQYLDUiODGLUHFFLyQ,3ODYHUVLyQGHILUPZDUHHOWLSR
GHSURGXFWRHOQ~PHURGHVHULH\HOQ~PHURGHSXHUWR+773GHODFiPDUDGHUHG37=DO$[LV
,QWHUQHW'\QDPLF'166HUYLFHSHURQRVHWUDQVIHULUiQLQJ~QWLSRGHLQIRUPDFLyQSHUVRQDO
3DUDTXLWDUHOQRPEUH'16\GDUGHEDMDHOUHJLVWURGHHVWHVHUYLFLRDEUDODVSiJLQDVGH
FRQILJXUDFLyQGHODFiPDUDGHUHG37=KDJDFOLFHQ2SFLRQHVGHOVLVWHPD!5HG!7&3,3!
%iVLFRKDJDFOLFHQHOERWyQ&RQILJXUDFLyQGHO$;,6,QWHUQHW'\QDPLF'166HUYLFH\SRU
~OWLPRKDJDFOLFHQHOERWyQ4XLWDU
&RQILJXUDFLyQGHODFRQWUDVHxD
&XDQGRDFFHGDDOD$;,6SRUSULPHUDYH]
DSDUHFHUiHOGLiORJR¦&RQILJXUH5RRW3DVVZRUG§
HQODSDQWDOOD
$FRQWLQXDFLyQHVFULEDXQDFRQWUDVHxD\YXHOYD
DHVFULELUODSDUDFRQILUPDUOD+DJDFOLFHQ2.
$;,6*XtDGHLQVWDODFLyQ
3iJLQD
$SDUHFHUiHOGLiORJR(QWHU1HWZRUN3DVVZRUG(VFULEDHOQRPEUHGHXVXDULRURRW
1RWD(OQRPEUHGHXVXDULRGHODGPLQLVWUDGRUSRUGHIHFWRURRWHVSHUPDQHQWH\QRVH
SXHGHERUUDU
,QWURGX]FDODFRQWUDVHxDFRPRVHLQGLFyHQHOSDVRDQWHULRU\KDJDFOLFHQ2.6LROYLGy
ODFRQWUDVHxDGHEHUHVWDEOHFHUOD$;,6DORVYDORUHVLQLFLDOHV&RQVXOWHODSiJLQD 6LHVQHFHVDULRKDJDFOLFHQ<HVSDUDLQVWDODUHO$0&$;,60HGLD&RQWUROSDUDSHUPLWLU
ODYLVXDOL]DFLyQGHOIOXMRGHYtGHRHQ0LFURVRIW,QWHUQHW([SORUHU3DUDHOORGHEHWHQHU
GHUHFKRVGHDGPLQLVWUDGRUHQVXRUGHQDGRU
/DSiJLQDGH/LYH9LHZGHOD$;,6DSDUHFHFRQHQODFHVDODVKHUUDPLHQWDVGH
FRQILJXUDFLyQTXHOHSHUPLWHQDGDSWDUODFiPDUDDVXVQHFHVLGDGHVHVSHFtILFDV
(63$f2/
+HOS0XHVWUDODD\XGD
FRQWH[WXDOHQOtQHD
6HWXS3URSRUFLRQD
WRGDVODV
KHUUDPLHQWDV
QHFHVDULDVSDUD
FRQILJXUDUODFiPDUD
VHJ~QVXVUHTXLVLWRV
(63$f2/
$;,60HGLD&RQWURO$0&
$;,60HGLD&RQWURO$0&HVXQFRPSRQHQWH$FWLYH;TXHSHUPLWHODUHSURGXFFLyQGHDXGLR\
YtGHRHQ0LFURVRIW,QWHUQHW([SORUHU$0&VHLQVWDODGHIRUPDDXWRPiWLFDODSULPHUDYH]GH
XVR
8QDYH]TXH$0&HVWiLQVWDODGRODEDUUDGHKHUUDPLHQWDVGHOYLVXDOL]DGRU$0&PRVWUDUiORV
FRQWUROHVGHDXGLR\YtGHRHQODSiJLQD/LYH9LHZ
6LVXHQWRUQRGHWUDEDMROLPLWDFRPSRQHQWHVGHVRIWZDUHDGLFLRQDOHVSXHGHFRQILJXUDUVX
$;,6SDUDTXHXWLOLFH-DYDDSSOHWSDUDDFWXDOL]DULPiJHQHVDSOLFDEOHVyORDLPiJHQHVGH
YtGHRQRDDXGLR&RQVXOWHORVDUFKLYRVGHD\XGDHQOtQHDHQ/LYH9LHZ&RQILJ!/D\RXW!
'HIDXOW9LHZHUSDUD,QWHUQHW([SORUHU'HIRUPDDOWHUQDWLYDSXHGHXWLOL]DURWURQDYHJDGRUGH
:HEFRPSDWLEOH
3iJLQD
$;,6*XtDGHLQVWDODFLyQ
$FFHVRDOD$;,6GHVGH,QWHUQHW
8QDYH]LQVWDODGDSXHGHDFFHGHUVHDODFiPDUDGHUHG37=GHVGHVXUHGORFDO/$13DUD
DFFHGHUDODFiPDUDGHUHG37=GHVGH,QWHUQHWORVHQFDPLQDGRUHVGHUHGGHEHQHVWDU
FRQILJXUDGRVSDUDSHUPLWLUHOWUiILFRGHGDWRVGHHQWUDGDTXHQRUPDOPHQWHVHUHDOL]DHQXQ
SXHUWRHVSHFtILFR3DUDREWHQHUPiVLQVWUXFFLRQHVFRQVXOWHODGRFXPHQWDFLyQGHVX
HQFDPLQDGRU
3DUDREWHQHUPiVLQIRUPDFLyQVREUHHVWHXRWURVWHPDVYLVLWHHOVHUYLFLRGHVRSRUWHGH$[LVHQ
ZZZD[LVFRPWHFKVXS
5HVWDEOHFLPLHQWRGHORVYDORUHVLQLFLDOHV
(VWDRSHUDFLyQUHFRQILJXUDUiWRGRVORVSDUiPHWURVLQFOXLGDODGLUHFFLyQ,3DORVYDORUHV
LQLFLDOHV
'HVFRQHFWHODDOLPHQWDFLyQGHODFiPDUD
0DQWHQJDSXOVDGRHOERWyQGH5HLQLFLRHQODSDUWHLQIHULRUGHODFiPDUD\YXHOYDD
FRQHFWDUODDOLPHQWDFLyQ
0DQWHQJDSXOVDGRHOERWyQGXUDQWHVHJXQGRV\VXpOWHOR
9XHOYDDLQVWDODUODFiPDUDXWLOL]DQGRXQRGHORVPpWRGRVGHVFULWRVHQHVWHGRFXPHQWR
0iVLQIRUPDFLyQ
3DUDREWHQHUPiVLQIRUPDFLyQFRQVXOWHHO0DQXDOGHO8VXDULRGHOD$;,6GLVSRQLEOHHQHO
&'LQFOXLGRHQHVWHSDTXHWH3XHGHREWHQHUYHUVLRQHVDFWXDOL]DGDVGHOPDQXDOHQ
ZZZD[LVFRP
*XLGDDOO
LQVWDOOD]LRQHGL$;,6
3DJLQD
$;,69LGHRFDPHUDGLUHWH37=
*XLGDDOO
LQVWDOOD]LRQH
/HJJHUHOHLVWUX]LRQLULSRUWDWHGLVHJXLWRSULPDGHOO
LQVWDOOD]LRQHGHOODYLGHRFDPHUDGLUHWH$;,6
37=
,WDOLDQR
‡ 4XHVWRSURGRWWRqSURJHWWDWRVRORSHUXVRLQWHUQRRLQOXRJKLDOULSDURGDOODSLRJJLDHO
XPLGLWj3HULOIXQ]LRQDPHQWRGHOOD
YLGHRFDPHUDDOO
HVWHUQRXWLOL]]DUHJOLDSSRVLWLDFFHVVRULGLSURWH]LRQH
‡ ,QGLSHQGHQWHPHQWHGDOIXQ]LRQDPHQWRO
$;,6QRQYDPDLHVSRVWDDOODOXFHGLUHWWDGHOVROHRGLXQDSRWHQWHODPSDGDDORJHQD
RQGHHYLWDUHGDQQLSHUPDQHQWLDOVHQVRUHGHOO
LPPDJLQHGHOODYLGHRFDPHUD,GDQQLFDXVDWLGDOO
HVSRVL]LRQHGLUHWWDDOODOXFHQRQ
VRQRFRSHUWLGDOODJDUDQ]LD$[LV
‡ 1RQXWLOL]]DUHGHWHUJHQWLDJJUHVVLYLRDEUDVLYLSHUODSXOL]LDGHOO
DOORJJLDPHQWRXWLOL]]DUHLQYHFHXQGHWHUJHQWHGHOLFDWRHSXOLUOR
FRQDWWHQ]LRQH
&RQWHQXWRGHOODFRQIH]LRQH
$UWLFROR
1RWH
9LGHRFDPHUDGLUHWH37=
$;,6
$GDWWDWRUHGL
DOLPHQWD]LRQH
/
DGDWWDWRUHqVSHFLILFRSHULOSDHVH
.LWGLPRQWDJJLRDVRIILWWR
VWDIIHYLWLGLPRQWDJJLR
&DYRGLVRVWHJQR
&DYRGLVLFXUH]]D
0RUVHWWLHUDGL
DOLPHQWD]LRQH
0RUVHWWLHUDGLDOLPHQWD]LRQH,2DSLQGLFRORUHYHUGH
&'
'RFXPHQWD]LRQHHVRIWZDUH
'RFXPHQWD]LRQHFDUWDFHD
*XLGDDOO
LQVWDOOD]LRQHHGRFXPHQWRGLJDUDQ]LDGHOO
$;,6
6FDWRODGL
JLXQ]LRQHSHU
VRIILWWR
0RQWDJJLRDVRIILWWR
)RURSHU
FDYL
&RQODYLGHRFDPHUDGLUHWH$;,637=VRQR
IRUQLWHVWDIIHSHULOPRQWDJJLRDVRIILWWR
0HGLDQWHOHYLWLDSSURSULDWHQRQLQ
GRWD]LRQHFROOHJDUHODVWDIIDGDVRIILWWR$
DOODVFDWRODGLJLXQ]LRQHFRPHPRVWUDWR
QHOODILJXUD8WLOL]]DUHOHIHVVXUHGHOOHYLWL
SHUIDFLOLWDUHLOSRVL]LRQDPHQWRODVWUXWWXUD
&ROOHJDUHLOFDYRGLVRVWHJQRVHQHFHVVDULR
6WDIIDGD
VRIILWWR$
&DYRGL
VRVWHJQR
,QDOWHUQDWLYDFROOHJDUHODVWDIID
GLUHWWDPHQWHDOVRIILWWRPHGLDQWHLIRULDO
FHQWURGHOODVWDIID/HYLWLQRQVRQRLQ
GRWD]LRQH
3DUWHDQWHULRUH
GHOODYLGHRFDPHUD
)RULGHOOHYLWLSHULO
PRQWDJJLRDVRIILWWR
,7$/,$12
3HUPRQWDUHO
$;,6DVRIILWWRqFRQVLJOLDELOH
LPSRVWDUHO
LQGLUL]]R,3HDYYLDUHODYLGHRFDPHUD
SULPDGHOO
LQVWDOOD]LRQH
3DJLQD
*XLGDDOO
LQVWDOOD]LRQHGL$;,6
&ROOHJDUHODVHFRQGDVWDIID%DOODEDVHGHOOD
YLGHRFDPHUDXWLOL]]DQGRYLWLWUDTXHOOHLQ
GRWD]LRQH,OFDYRGLVRVWHJQRGHYHHVVHUH
FROOHJDWRDOODYLWHQXPHUR
6WULQJHUHOHYLWLXQSRFRDOODYROWDVHJXHQGR
O
RUGLQHGHLQXPHULPRVWUDWLQHOODILJXUD
DFFDQWRILQRDTXDQGRQRQVLDQRWXWWH
VDOGDPHQWHILVVDWH
&DYRGL
VRVWHJQR
6WDIIDGD
VRIILWWR%
,QVHULUHLJDQFLGHOODVWDIID%QHLIRULGHOOD
VWDIID$HSUHPHUHODVWDIID%YHUVRLO
EDVVR
6WDIIDGD
VRIILWWR$
6SLQJHUHYHUVRO
DOWRODSDUWHDQWHULRUH
GHOODYLGHRFDPHUDHILVVDUODPHGLDQWHOH
YLWLIRUQLWHLQL]LDQGRGDOODSDUWH
DQWHULRUH
&ROOHJDUHLFDYLGHOO
DOLPHQWD]LRQHHGL
UHWHDLVRFNHWVXOSDQQHOORSRVWHULRUH
6WDIIDGD
VRIILWWR%
*XLGDDOO
LQVWDOOD]LRQHGL$;,6
3DJLQD
,PSRVWD]LRQHGHOO
LQGLUL]]R,3
/
$;,6qSURJHWWDWDSHUO©LQVWDOOD]LRQHVXXQDUHWH(WKHUQHWHSHUHVVHUHDFFHVVLELOH
QHFHVVLWDGHOO©DVVHJQD]LRQHGLXQLQGLUL]]R,3
$;,6,38WLOLW\
$;,6,38WLOLW\qLOPHWRGRFRQVLJOLDWRSHULPSRVWDUHXQLQGLUL]]R,3LQ:LQGRZV6LWUDWWDGL
XQ
DSSOLFD]LRQHJUDWXLWDFKHSXzHVVHUHXWLOL]]DWDQHOOHUHWLFRQRVHQ]DVHUYHU'+&33HUXOWHULRUL
LQIRUPD]LRQLYHGHUHSDJLQD 0HWRGLGLLQVWDOOD]LRQH
5HTXLVLWL
6HUYHU'+&3
QHOODUHWH
,QVWDOODUHVXOOR
VWHVVR
VHJPHQWRGL
UHWH
$;,6,38WLOLW\
PHWRGRFRQVLJOLDWR
9HGHUHSDJLQD 2S]LRQDOH
5LFKLHVWR
:LQGRZV
83Q3Œ
9HGHUHSDJLQD 2S]LRQDOH
5LFKLHVWR
:LQGRZV0(
R;3
%RQMRXU
9HGHUHSDJLQD 2S]LRQDOH
5LFKLHVWR
0DF26;
YHUVLRQHR
VXFFHVVLYH
6HUYL]LR$;,6'\QDPLF'16
9HGHUHSDJLQD &RQVLJOLDWR
$;,6&DPHUD0DQDJHPHQW
9HGHUHSDJLQD 2S]LRQDOH
9LVXDOL]]D]LRQHGHOOHSDJLQH
DGPLQGHOVHUYHU'+&3SHU
O
LQGLUL]]R,3
YHGHUHODQRWDGLVHJXLWR
5LFKLHVWR
0HWRGL
GLLQVWDOOD]LRQH
&RQQHVVLRQH
,QWHUQHWVHQ]D
SUR[\+773
5LFKLHVWR
1RWH ‡ 83Q3ŒH'+&3VRQRHQWUDPELDWWLYDWLSHULPSRVWD]LRQHSUHGHILQLWDQHOO©$;,6
6LVWHPD
RSHUDWLYR
7XWWL
:LQGRZV
7XWWL
‡ /
LQGLUL]]R,3SUHGHILQLWRSHUO
$;,6q
‡ 3HUYLVXDOL]]DUHOHSDJLQHDGPLQGHOVHUYHU'+&3YHGHUHODGRFXPHQWD]LRQHVSHFLILFDGHOVHUYHU5LYROJHUVL
DOO
DPPLQLVWUDWRUHGLUHWH
‡ 6HO
LPSRVWD]LRQHGHOO
LQGLUL]]R,3QRQKDHVLWRSRVLWLYRYHULILFDUHFKHQRQVLDQRSUHVHQWLILUHZDOODEORFFDUH
O
RSHUD]LRQH
‡ %RQMRXUDSSOLFDELOHVRORQHLEURZVHUFKHVXSSRUWDQR%RQMRXUDGHVHPSLRLOEURZVHU6DIDUL%RQMRXUqXQ
PDUFKLRUHJLVWUDWRGL$SSOH&RPSXWHU,QF
,7$/,$12
5LFKLHVWR
,WDOLDQR
,QTXHVWDWDEHOODVRQRLOOXVWUDWLWXWWLLPHWRGLSHULPSRVWDUHRSSXUHLQGLYLGXDUHO
LQGLUL]]R,3
6HOH]LRQDUHXQPHWRGRGDOODFRORQQDGLVLQLVWUDHYHULILFDUQHLUHTXLVLWLQHFHVVDULVXOODGHVWUD
3DJLQD
*XLGDDOO
LQVWDOOD]LRQHGL$;,6
$;,6,38WLOLW\
$;,6,38WLOLW\qXQ
DSSOLFD]LRQHJUDWXLWDSHU
:LQGRZVFKHFRQVHQWHGLLQGLYLGXDUHH
YLVXDOL]]DUHODSUHVHQ]DGLSHULIHULFKH$[LVVXOOD
UHWH
&RQVHQWHLQROWUHGLLPSRVWDUHPDQXDOPHQWHXQ
LQGLUL]]R,3VWDWLFR
¼XWLOHULFRUGDUHFKHODYLGHRFDPHUDGHYHHVVHUH
LQVWDOODWDVXOORVWHVVRVHJPHQWRGLUHWHVXEQHW
ILVLFDGHOFRPSXWHUVXOTXDOHqLQHVHFX]LRQH$;,6,38WLOLW\
$;,6,38WLOLW\qGLVSRQLELOHVXO&'IRUQLWRFRQTXHVWRSURGRWWRRSSXUHSXzHVVHUHVFDULFDWDDOO
LQGLUL]]R
ZZZD[LVFRP
5LOHYDPHQWRDXWRPDWLFR
&RQWUROODUHFKHODYLGHRFDPHUDVLDFROOHJDWDLQUHWHHFKHVLDFROOHJDWDDOO
DOLPHQWD]LRQH
$YYLDUH$;,6,38WLOLW\4XDQGRODYLGHRFDPHUDYHUUjYLVXDOL]]DWDIDUHGRSSLRFOLFVXGLHVVDSHU
DSULUQHO
KRPHSDJH
9HGHUHSDJLQD SHULVWUX]LRQLVXFRPHLPSRVWDUHODSDVVZRUG
,PSRVWD]LRQHPDQXDOHGHOO
LQGLUL]]R,3
$FTXLVLUHXQLQGLUL]]R,3QRQXWLOL]]DWRVXOORVWHVVRVHJPHQWRGLUHWHFXLqFRQQHVVRLOFRPSXWHU
XWLOL]]DWR,QGLYLGXDUHLOQXPHURGLVHULHVXOO
HWLFKHWWDSRVWDVXOUHWURGHOODYLGHRFDPHUD
)DUHFOLFVXOSXOVDQWH
,PSRVWDLQGLUL]]R,3PHGLDQWHQXPHURGLVHULHHLPPHWWHUHLOQXPHURGL
VHULHHO
LQGLUL]]R,3GHOODYLGHRFDPHUD
)DUHFOLFVXOSXOVDQWH6HW,3,PSRVWD,3HULDYYLDUHODYLGHRFDPHUDHQWURPLQXWL
)DUHFOLFVX9LHZ+RPH3DJH9LVXDOL]]DKRPHSDJHSHUDFFHGHUHDOOHSDJLQH:HEGHOOD
YLGHRFDPHUD
9HGHUHSDJLQD SHULVWUX]LRQLVXFRPHLPSRVWDUHODSDVVZRUG
1RWD
$;,6,38WLOLW\SXzHVVHUHXWLOL]]DWDSHUPRGLILFDUHXQLQGLUL]]R,3LPSRVWDWRLQPRGRGLQDPLFR
LQXQLQGLUL]]RVWDWLFR
$;,6&DPHUD0DQDJHPHQW
$;,6&DPHUD0DQDJHPHQWqXQRVWUXPHQWRSRWHQWHHGHIILFDFHSHUODJHVWLRQHH
O
LQVWDOOD]LRQHDSSRVLWDPHQWHFUHDWRSHUHVVHUHXWLOL]]DWRFRQLSURGRWWLYLGHRGL$[LV
0HGLDQWHLPHWRGLHLSURWRFROOLGLUHWHVWDQGDUGORVWUXPHQWRqLQJUDGRGLLQGLYLGXDUHH
LPSRVWDUHDXWRPDWLFDPHQWHJOLLQGLUL]]L,3PRVWUDUHORVWDWRGLFRQQHVVLRQHHJHVWLUHJOL
DJJLRUQDPHQWLGHOILUPZDUHGLSLSURGRWWLYLGHRGL$[LV$;,6&DPHUD0DQDJHPHQWq
JUDWXLWRHGqGLVSRQLELOHQHO&'LQFOXVRFRQTXHVWRSURGRWWRRVXOVLWR:HEDOO
LQGLUL]]R
ZZZD[LVFRP
*XLGDDOO
LQVWDOOD]LRQHGL$;,6
3DJLQD
83Q3Œ
/DIXQ]LRQDOLWj83Q3ŒqDWWLYDSHULPSRVWD]LRQHSUHGHILQLWDQHOO©$;,66HqDELOLWDWDDQFKHVXOFRPSXWHULQXVR
FRQVLVWHPDRSHUDWLYR:LQGRZV0(R;3ODYLGHRFDPHUDYHUUjDXWRPDWLFDPHQWHULOHYDWDHYHUUjDJJLXQWDXQD
QXRYDLFRQDLQ5LVRUVHGLUHWH)DUHFOLFVXTXHVWDLFRQDSHUDFFHGHUHDOODYLGHRFDPHUD9HGHUHDQFKHSDJLQD SHULVWUX]LRQLVXFRPHLPSRVWDUHODSDVVZRUG
1RWD
3HULQVWDOODUHLOVHUYL]LR83Q3ŒQHOFRPSXWHUDSULUHLO3DQQHOORGLFRQWUROORGDOPHQX6WDUWHVHOH]LRQDUH
,QVWDOOD]LRQHDSSOLFD]LRQL6HOH]LRQDUH,QVWDOOD]LRQHFRPSRQHQWLGL:LQGRZVHDSULUHODVH]LRQH
6HUYL]LGLUHWH)DUHFOLFVX'HWWDJOLHVHOH]LRQDUH83Q3FRPHVHUYL]LRGDDJJLXQJHUH
83Q3ŒqXQPDUFKLRGLFHUWLILFD]LRQHGHOO
83Q3Œ,PSOHPHQWHUV&RUSRUDWLRQ
,WDOLDQR
%RQMRXU
%RQMRXUFRQVHQWHGLLQGLYLGXDUHDXWRPDWLFDPHQWHO
$;,6XQDYROWDHIIHWWXDWDODFRQQHVVLRQHGL
UHWH¼VXIILFLHQWHSDVVDUHDOVHJQDOLEUR%RQMRXUQHOEURZVHUDGHVHPSLR6DIDULHIDUHFOLFVXO
FROOHJDPHQWRGHOODYLGHRFDPHUDFKHFRQVHQWHGLDFFHGHUHDOOHSDJLQH:HE9HGHUHSDJLQD SHU
LVWUX]LRQLVXFRPHLPSRVWDUHODSDVVZRUG
,QVWDOOD]LRQHPDQXDOHFRQ$533LQJ
$FTXLVLUHXQLQGLUL]]R,3QRQXWLOL]]DWRVXOORVWHVVRVHJPHQWRGLUHWHGHOFRPSXWHU
,QGLYLGXDUHLOQXPHURGLVHULHVXOO
HWLFKHWWDSRVWDVXOUHWURGHOODYLGHRFDPHUD
$SULUHXQSURPSWGHLFRPDQGLVXOFRPSXWHU,QEDVHDOSURSULRVLVWHPDRSHUDWLYRLPPHWWHUHL
FRPDQGLULSRUWDWLGLVHJXLWR
(VHPSLR:LQGRZV
DUSV,QGLUL]]R,3!1XPHURGLVHULH!
SLQJOW,QGLUL]]R,3!
DUSVF
SLQJOW
6LQWDVVL81,;/LQX[0DF
(VHPSLR81,;/LQX[0DF
DUSV,QGLUL]]R,3!1XPHURGLVHULH!
WHPS
SLQJV,QGLUL]]R,3!
DUSVFWHPS
SLQJV
&RQWUROODUHFKHLOFDYRGLUHWHVLDFROOHJDWR$YYLDUHULDYYLDUHODYLGHRFDPHUDVFROOHJDQGRH
ULFROOHJDQGRO©DOLPHQWD]LRQH7DOHRSHUD]LRQHGHYHHVVHUHHVHJXLWDHQWURPLQXWLGDOO©LPPLVVLRQHGHO
FRPDQGR$53
&KLXGHUHLOSURPSWGHLFRPDQGLXQDYROWDYLVXDOL]]DWRLOPHVVDJJLR5LVSRVWDGD
RSSXUHXQPHVVDJJLRVLPLOH
$YYLDUHLOEURZVHULPPHWWHUHKWWSLQGLUL]]R,3!QHOFDPSRGHOSHUFRUVRLQGLUL]]RHSUHPHUH,QYLR
VXOODWDVWLHUD
9HGHUHSDJLQD SHULVWUX]LRQLVXFRPHLPSRVWDUHODSDVVZRUG
1RWH
‡ 3HUDSULUHXQSURPSWGHLFRPDQGLLQ:LQGRZVGDOPHQX6WDUWVFHJOLHUH(VHJXLHLPPHWWHUHFPGRSSXUHFRPPDQGLQ
:LQGRZV0()DUHFOLFVX2.
‡ 3HUXWLOL]]DUHLOFRPDQGR$53LQ0DF26;VHUYLUVLGHOO©XWLOLWj7HUPLQDOLQ$SSOLFD]LRQL!8WLOLWj
,7$/,$12
6LQWDVVL:LQGRZV
3DJLQD
*XLGDDOO
LQVWDOOD]LRQHGL$;,6
6HUYL]LR$;,6,QWHUQHW'\QDPLF'16
,OVHUYL]LR$;,6,QWHUQHW'\QDPLF'16IRUQLWRJUDWXLWDPHQWHGD$[LVFRQVHQWHGLLQVWDOODUHLQPRGR
UDSLGRHIDFLOHODYLGHRFDPHUDDOODTXDOHYLHQHDVVHJQDWRXQQRPHVWDWLFRQRPH'16HXQLQGLUL]]R,3
GLQDPLFR8OWHULRULLQIRUPD]LRQLVXOVHUYL]LR$;,6,QWHUQHW'\QDPLF'16VRQRGLVSRQLELOLDOO
LQGLUL]]R
ZZZD[LVFDPQHW
3HUHVHJXLUHTXHVWDSURFHGXUDqQHFHVVDULRFKHODUHWHGLVSRQJDGLXQDFRQQHVVLRQH,QWHUQHWVHQ]D
SUR[\+773HFKHJOLLQGLUL]]L,3VLDQRDVVHJQDWLWUDPLWH'+&3
&ROOHJDUHO
$;,6DOODUHWHORFDOHPHGLDQWHXQFDYRGLUHWHVWDQGDUG
&ROOHJDUHLOFDYRGHOO
DOLPHQWD]LRQHDOODYLGHRFDPHUD
$WWHQGHUHVHFRQGLHXWLOL]]DQGRXQRJJHWWRDSSXQWLWRDGDWWRSUHPHUHLOSXOVDQWH5HVHWQHOOD
SDUWHSRVWHULRUHGHOODYLGHRFDPHUDXQDVRODYROWD
9LVLWDUHLOVLWR:HEZZZD[LVFDPQHWSHUHVVHUHJXLGDWLDWWUDYHUVRODSDUWHUHVWDQWH
GHOO©LQVWDOOD]LRQH7HQHUHLOQXPHURGLVHULHGHOSURGRWWRDSRUWDWDGLPDQRHGHVHJXLUHOH
LVWUX]LRQLYLVXDOL]]DWHVXOORVFKHUPR
,OQXPHURGLVHULHLQGLUL]]R0$&qULSRUWDWRVXOO
HWLFKHWWDVXOODSDUWHLQIHULRUHGHOO
$;,6
,PPHWWHUHXQDSDVVZRUGSHUO©XWHQWHURRWDPPLQLVWUDWRUH
6HQHFHVVDULRDFFHWWDUHO©LQVWDOOD]LRQHGL$0&VXOODZRUNVWDWLRQ3HUXOWHULRULLQIRUPD]LRQL
YHGHUH$;,60HGLD&RQWURO$0&DOODSDJLQD
/©LQVWDOOD]LRQHqFRPSOHWDWD
1RWD
6LQRWLFKHTXHVWDSURFHGXUDFRQVHQWHGLLQYLDUHO
LQGLUL]]R,3ODYHUVLRQHGHOILUPZDUHLOWLSRGL
SURGRWWRLOQXPHURGLVHULHHLOQXPHURGLSRUWD+773GHOOD9LGHRFDPHUDGLUHWH37=DOVHUYL]LR
$;,6,QWHUQHW'\QDPLF'161RQYHQJRQRWUDVIHULWHLQIRUPD]LRQLSHUVRQDOL
3HUULPXRYHUHLOQRPH'16HDQQXOODUHODUHJLVWUD]LRQHGDTXHVWRVHUYL]LRDSULUHOHSDJLQH6HWXS
&RQILJXUD]LRQHQHOOD9LGHRFDPHUDGLUHWH37=IDUHFOLFVX6\VWHP2SWLRQV2S]LRQLGLVLVWHPD!
1HWZRUN5HWH!7&3,3!%DVLF'LEDVHTXLQGLIDUHFOLFVXOSXOVDQWH6HWWLQJV,PSRVWD]LRQLSHULO
VHUYL]LR$;,6,QWHUQHW'\QDPLF'16HLQILQHIDUHFOLFVXOSXOVDQWH5HPRYH5LPXRYL
,PSRVWD]LRQHGHOODSDVVZRUG
4XDQGRVLDFFHGHDOO
$;,6SHUODSULPDYROWD
YLHQHYLVXDOL]]DWDODILQHVWUDGLGLDORJR&RQILJXUH
5RRW3DVVZRUG&RQILJXUDODSDVVZRUGSULQFLSDOH
,PPHWWHUHODSDVVZRUGTXLQGLLQVHULUODGLQXRYRSHU
FRQIHUPDUQHO
HVDWWH]]D)DUHFOLFVX2.
*XLGDDOO
LQVWDOOD]LRQHGL$;,6
3DJLQD
9HUUjYLVXDOL]]DWDODILQHVWUDGLGLDORJR(QWHU1HWZRUN3DVVZRUG,QVHULUHODSDVVZRUGGLUHWH
,QVHULUHLOQRPHXWHQWHURRW
1RWDLOQRPHXWHQWHSUHGHILQLWRGHOO
DPPLQLVWUDWRUHURRWqSHUPDQHQWHHQRQSXzHVVHUHHOLPLQDWR
,QVHULUHODSDVVZRUGLPSRVWDWDDOSDVVDJJLRHIDUHFOLFVX2.6HVLGLPHQWLFDODSDVVZRUGVDUj
QHFHVVDULRULSULVWLQDUHOHLPSRVWD]LRQLGLIDEEULFDGHOO
$;,69HGHUHSDJLQD 6HULFKLHVWRIDUHFOLFVX<HV6uSHULQVWDOODUHO©$;,60HGLD&RQWURO$0&HFRQVHQWLUHOD
YLVXDOL]]D]LRQHGHOIOXVVRYLGHRLQ0LFURVRIW,QWHUQHW([SORUHU$TXHVWRVFRSRqQHFHVVDULRGLVSRUUH
GHLSULYLOHJLGLDPPLQLVWUDWRUH
9LHQHYLVXDOL]]DWDODSDJLQD/LYH9LHZ,PPDJLQLGDOYLYRGHOO
$;,6FRQLFROOHJDPHQWLDJOL
VWUXPHQWLGLLPSRVWD]LRQHFKHFRQVHQWRQRGLSHUVRQDOL]]DUHODYLGHRFDPHUDLQEDVHDOOHHVLJHQ]H
VSHFLILFKH
,WDOLDQR
*XLGDFRQVHQWHGL
YLVXDOL]]DUHXQD*XLGDLQ
OLQHD
VHQVLELOHDOFRQWHVWR
6HWXS
&RQILJXUD]LRQH
IRUQLVFHWXWWLJOL
VWUXPHQWLQHFHVVDUL
SHULPSRVWDUHOD
YLGHRFDPHUDLQEDVH
DOOHQHFHVVLWj
,7$/,$12
$;,60HGLD&RQWURO$0&
$;,60HGLD&RQWURO$0&qXQFRPSRQHQWH$FWLYH;FKHFRQVHQWHGLVXSSRUWDUHO
DXGLRHOD
YLVXDOL]]D]LRQHGHLIOXVVLYLGHRLQ0LFURVRIW,QWHUQHW([SORUHU$0&YLHQHLQVWDOODWR
DXWRPDWLFDPHQWHDOSULPRXWLOL]]R
8QDYROWDFKH$0&qLQVWDOODWRQHOODEDUUDGHJOLVWUXPHQWLGHOYLVXDOL]]DWRUHGL$0&VDUDQQR
GLVSRQLELOLLFRQWUROOLDXGLRHYLGHRQHOODSDJLQD/LYH9LHZ,PPDJLQLGDOYLYR
6HO©DPELHQWHGLODYRURQRQFRQVHQWHO
DJJLXQWDGLFRPSRQHQWLVRIWZDUHqSRVVLELOH
FRQILJXUDUHO
$;,6LQPRGRGDXWLOL]]DUHXQ
DSSOHW-DYDSHUO©DJJLRUQDPHQWRGHOOH
LPPDJLQLVRORSHUOHLPPDJLQLYLGHRHQRQSHUO
DXGLR9HGHUHLILOHGHOOD*XLGDLQOLQHDLQ
/LYH9LHZ&RQILJ&RQILJLPPDJLQLGDOYLYR!/D\RXW/D\RXW!'HIDXOW9LHZHUIRU
,QWHUQHW([SORUHU9LVXDOL]]D]LRQHSUHGHILQLWDSHU,QWHUQHW([SORUHU,QDOWHUQDWLYD
XWLOL]]DUHXQDOWUREURZVHU:HEVXSSRUWDWR
3DJLQD
*XLGDDOO
LQVWDOOD]LRQHGL$;,6
$FFHVVRDOO
$;,6GD,QWHUQHW
8QDYROWDLQVWDOODWDOD9LGHRFDPHUDGLUHWH37=qDFFHVVLELOHGDOOD/$13HUDFFHGHUHDOOD
9LGHRFDPHUDGLUHWH37=GD,QWHUQHWqQHFHVVDULRFRQILJXUDUHLURXWHUGLUHWHSHUFRQVHQWLUHLO
WUDIILFRGHLGDWLLQHQWUDWDRSHUD]LRQHFKHVROLWDPHQWHYLHQHHIIHWWXDWDVXXQDSRUWDVSHFLILFD
3HUXOWHULRULLVWUX]LRQLVXOURXWHUIDUHULIHULPHQWRDOODGRFXPHQWD]LRQH
3HUXOWHULRULLQIRUPD]LRQLUHODWLYHDTXHVWRHDOWULDUJRPHQWLYLVLWDUHO©$[LV6XSSRUW:HE
DOO©LQGLUL]]RZZZD[LVFRPWHFKVXS
5LSULVWLQRGHOOHLPSRVWD]LRQLGLIDEEULFD
4XHVWDSURFHGXUDFRQVHQWLUjGLULSULVWLQDUHOHLPSRVWD]LRQLGLIDEEULFDSHUWXWWLLSDUDPHWUL
LQFOXVRO
LQGLUL]]R,3
6FROOHJDUHO©DOLPHQWD]LRQHGDOODYLGHRFDPHUD
7HQHUHSUHPXWRLOSXOVDQWH5HVHWQHOODSDUWHSRVWHULRUHGHOODYLGHRFDPHUDHULFROOHJDUHLO
FDYRGHOO
DOLPHQWD]LRQH
7HQHUHSUHPXWRLOSXOVDQWHSHUVHFRQGLTXLQGLULODVFLDUOR
5HLQVWDOODUHODYLGHRFDPHUDXWLOL]]DQGRXQRGHLPHWRGLGHVFULWWLQHOGRFXPHQWR
8OWHULRULLQIRUPD]LRQL
3HUXOWHULRULLQIRUPD]LRQLYHGHUHLO0DQXDOHGHOO
XWHQWHGL$;,6GLVSRQLELOHVXO&'
LQFOXVRQHOODFRQIH]LRQH9HUVLRQLDJJLRUQDWHVRQRGLVSRQLELOLDOO
LQGLUL]]RZZZD[LVFRP
$;,6,QVWDOODWLRQ*XLGHY 3DUW1R