0DQXDOHGL8VRH0DQXWHQ]LRQH
8VHDQG0DLQWHQDQFH0DQXDO
%HGLHQXQJVXQG:DUWXQJVDQOHLWXQJ
0DQXHOSRXUO¶(PSORLHWO¶(QWUHWLHQ
0DQXDOSDUDHO8VR\0DQWHQLPLHQWR
,7$/,$12
1250(',6,&85(==$
',&+,$5$=,21(',&21)250,7­
,1752'8=,21(
&RQWUROORWDUJDLGHQWLÀFDWLYD
3RVL]LRQDPHQWRGHOODWDUJDFRQOHVSHFLÀFKHHOHWWULFKHLOQXPHURGLVHULHHO·RUGLQHGLSURGX]LRQH
35,1&,3,2',)81=,21$0(172(&$5$77(5,67,&+('(/6,67(0$',5(*2/$=,21('(//$7(16,21(
63(&,),&+(*(1(5$/,0(&&$1,&+(('(/(775,&+(3(5$&&233,$0(172&21,/02725(
,167$//$=,21(
6ROOHYDPHQWR
)LVVDJJLRDOPRWRUH
0RQWDJJLRIRUPD,0%
6PRQWDJJLRIRUPD,0%
0RQWDJJLRIRUPD6$(
6PRQWDJJLRIRUPD6$(
0HVVDDWHUUD
&RQWUROOLSUHOLPLQDUL
&RQWUROORGHOO·LVRODPHQWR
6HQVRGLURWD]LRQH
9HULÀFDGLWHQVLRQHHIUHTXHQ]D
5HJROD]LRQHVFKHGD$95
6FKHPLGLFROOHJDPHQWRSHUGLYHUVLFLUFXLWL
0HVVDLQPDUFLD
$66,67(1=$(0$187(1=,21(
&RQWUROORGHJOLDYYROJLPHQWLHGHOORVWDWRGLLVRODPHQWR
&RQWUROORGHLFXVFLQHWWL
$QRPDOLHHULPHGL
5LPR]LRQHHVRVWLWX]LRQHGLFRPSRQHQWLHJUXSSLGLFRPSRQHQWL
(VWUD]LRQHHGLQVHULPHQWRGHOO·DOEHUR
6RVWLWX]LRQHGHOFXVFLQHWWR
6RVWLWX]LRQHGHLGLRGLURWDQWL
6RVWLWX]LRQHGHOURWRUHHFFLWDWULFH
5LDVVHPEODJJLRGLFRPSRQHQWLHJUXSSLGLFRPSRQHQWL
38/,=,$(/8%5,),&$=,21(
'(02/,=,21((60$/7,0(172
5,&$0%,('$66,67(1=$
3URFHGXUDHLQGLUL]]LGLULIHULPHQWRSHUULFKLHVWHGLDVVLVWHQ]D
*$5$1=,$
3URFHGXUD
6SHGL]LRQH
,%$JRVWR5HY
,7$/,$12
1250(',6,&85(==$
1HOULQJUD]LDU9LSHUODSUHIHUHQ]DDFFRUGDWDDTXHVWRSURGRWWROD6LQFUR
6UOqFHUWDFKHGDHVVRRWWHUUHWHOHSUHVWD]LRQLQHFHVVDULHDO9RVWUR
XVR
,O´0DQXDOH8VRH0DQXWHQ]LRQHµDFFOXVRDOJHQHUDWRUHIRUQLVFHLP
SRUWDQWL LQGLFD]LRQL ULJXDUGDQWL OD VLFXUH]]D O·LQVWDOOD]LRQH O·XVR H OD
PDQXWHQ]LRQH4XHVWRSURGRWWRULVSRQGHDOOHQRUPHULFRQRVFLXWHGHOOD
EXRQDWHFQLFDHGHOOHGLVSRVL]LRQLUHODWLYHDOODVLFXUH]]D
3HUOHFRPXQLFD]LRQLFRQOD6LQFUR6UOVLSUHJDGLFLWDUHVHPSUHLOWLSR
HGLOFRGLFHGHOJHQHUDWRUHULOHYDELOLGDOO·HWLFKHWWDSUHVHQWHQHOO·LPEDOOR
1HOFDVRLQROWUHLQFXLYLVLDQRPDOIXQ]LRQDPHQWLRDOWULWLSLGLJXDVWR
QHOODPDFFKLQDHVLUHQGHVVHQHFHVVDULRLQWHUSHOODUHLOQRVWUR6HUYL]LR
$VVLVWHQ]DVLSUHJDGLPHQ]LRQDUHDQFKHLOQXPHURGLVHULH61H
O·RUGLQHGLSURGX]LRQH32
$77(1=,21(8QDLQVWDOOD]LRQHHUUDWDRXQXVRLPSURSULRGHO
SURGRWWRSXzFUHDUHGDQQLDSHUVRQHRFRVH
‡ $WWHQHUVL VFUXSRORVDPHQWH D TXDQWR ULSRUWDWR QHO ´0DQXDOH 8VR H
0DQXWHQ]LRQHµFKHKDORVFRSRGLLQGLFDUHOHFRUUHWWHFRQGL]LRQLGL
LQVWDOOD]LRQHLPSLHJRHPDQXWHQ]LRQHDOÀQHGLSUHYHQLUHHYHQWXDOL
PDOIXQ]LRQDPHQWLGHOJHQHUDWRUHHGHYLWDUHVLWXD]LRQLGLSHULFRORSHU
O·XWHQWH
‡ 6PDOWLUHLPDWHULDOLGLLPEDOORSODVWLFDFDUWRQHSROLVWLURORHFFVH
FRQGRTXDQWRSUHYLVWRGDOOHQRUPHYLJHQWL
‡ &RQVHUYDUHOHLVWUX]LRQLSHUDOOHJDUOHDOIDVFLFRORWHFQLFRHSHUFRQ
VXOWD]LRQLIXWXUH
‡ 4XHVWR SURGRWWR q VWDWR SURJHWWDWR H FRVWUXLWR HVFOXVLYDPHQWH SHU
O·XWLOL]]RLQGLFDWRLQTXHVWDGRFXPHQWD]LRQH8VLQRQLQGLFDWLLQTXHVWD
GRFXPHQWD]LRQHSRWUHEEHURHVVHUHIRQWHGLGDQQLDOSURGRWWRHIRQWH
GLSHULFROR
‡ /D 6LQFUR 6UO GHFOLQD TXDOVLDVL UHVSRQVDELOLWj GHULYDQWH GDOO·XVR
LPSURSULR R GLYHUVR GD TXHOOR SHU FXL q GHVWLQDWR HG LQGLFDWR QHOOD
SUHVHQWHGRFXPHQWD]LRQH
‡ 1RQLQVWDOODUHLOSURGRWWRLQDWPRVIHUDSRWHQ]LDOPHQWHHVSORVLYD
‡ *OLHOHPHQWLFRVWUXWWLYLGHOO·LPSLDQWRGHYRQRHVVHUHLQDFFRUGRFRQOH
'LUHWWLYH(XURSHH3HUWXWWLL3DHVLH[WUD&((ROWUHDOOHQRUPHQD]LRQDOL
YLJHQWLSHUXQEXRQOLYHOORGLVLFXUH]]DqRSSRUWXQRULVSHWWDUHDQFKH
OHQRUPHVRSUDFLWDWH
‡ /·LQVWDOOD]LRQHGHYHHVVHUHLQDFFRUGRFRQTXDQWRSUHYLVWRGDOOH'L
UHWWLYH(XURSHHHGHYHHVVHUHHVHJXLWDHVFOXVLYDPHQWHGDSHUVRQDOH
TXDOLÀFDWR
‡ 1RQDYYLDUHLOJHQHUDWRUHVHOHFDORWWHGLSURWH]LRQHLSDQQHOOLGLDF
FHVVRRTXHOOLGLFRSHUWXUDGHOODFDVVHWWDGLWHUPLQD]LRQHVRQRVWDWL
ULPRVVL
‡ 3ULPDGLHVHJXLUHTXDOVLDVLLQWHUYHQWRGLPDQXWHQ]LRQHGLVDELOLWDUHL
FLUFXLWLGLDYYLDPHQWRGHOPRWRUH
‡ 'LVDELOLWDUHLFLUFXLWLGLFKLXVXUDHRFROORFDUHWDUJKHWWHGLDYYLVRVXRJQL
LQWHUUXWWRUHDXWRPDWLFRVROLWDPHQWHXVDWRSHULOFROOHJDPHQWRFRQODUHWH
RFRQDOWULJHQHUDWRULDOÀQHGLSUHYHQLUQHODFKLXVXUDDFFLGHQWDOH
‡ 8VDUH HVFOXVLYDPHQWH SDUWL RULJLQDOL SHU TXDOVLDVL PDQXWHQ]LRQH R
ULSDUD]LRQH 1HO FDVR LQ FXL WDOH SUHVFUL]LRQH QRQ VLD ULVSHWWDWD OD
6LQFUR6UOGHFOLQDRJQLUHVSRQVDELOLWjDLÀQLGHOODVLFXUH]]DHGHO
EXRQIXQ]LRQDPHQWRGHOJHQHUDWRUH
‡ ,VWUXLUHO·XWLOL]]DWRUHGHOO·LPSLDQWRSHUODJHVWLRQHO·XVRHODPDQXWHQ
]LRQHGHOJHQHUDWRUH
‡ 7XWWRTXHOORFKHQRQqHVSUHVVDPHQWHSUHYLVWRLQTXHVWHLVWUX]LRQL
QRQqSHUPHVVR
,QTXHVWRPDQXDOHYHQJRQRXWLOL]]DWLDOFXQLVLPEROLHFRQYHQ]LRQLFKH
KDQQRXQVLJQLÀFDWRSUHFLVR
,%$JRVWR5HY
,7$/,$12
,PSRUWDQWH 6L ULIHULVFH D VLWXD]LRQL GL ULVFKLR R
D SURFHGXUH SHULFRORVH FKH SRWUHEEHUR
HVVHUHFDXVDGLGDQQLDOSURGRWWRRDOOH
DSSDUHFFKLDWXUHFRQQHVVH
$WWHQ]LRQH 6L ULIHULVFH D VLWXD]LRQL GL ULVFKLR R D
SURFHGXUH SHULFRORVH FKH SRWUHEEHUR
HVVHUH FDXVD GL GDQQL DO SURGRWWR R GL
OHVLRQLDOODSHUVRQD
$99(57(1=$
,OVLPERORVHJQDODVLWXD]LRQLGLULVFKLRR
SURFHGXUHSHULFRORVHFKH3275(%%(52
HVVHUHFDXVDGLJUDYLOHVLRQLDOODSHUVRQD
RGLGHFHVVR
,OVLPERORVHJQDODVLWXD]LRQLGLULVFKLRR
SURFHGXUHSHULFRORVHFKHFDXVDQRJUDYL
OHVLRQLDOODSHUVRQDRGHFHVVR
3(5,&2/2
4XHVWLYHQJRQRTXLGHÀQLWLLQPRGRXQLYRFR
,PSRUWDQWH 6L ULIHULVFH D VLWXD]LRQL GL ULVFKLR R D SURFHGXUH SH
ULFRORVHFKHSRWUHEEHURHVVHUHFDXVDGLGDQQLDOSURGRWWRRDOOH
DSSDUHFFKLDWXUHFRQQHVVH
$WWHQ]LRQH6LULIHULVFHDVLWXD]LRQLGLULVFKLRRDSURFHGXUHSHUL
FRORVHFKHSRWUHEEHURHVVHUHFDXVDGLGDQQLDOSURGRWWRRGLOHVLRQL
DOODSHUVRQD
6LPERORFRQSXQWRHVFODPDWLYR,OVLPERORVHJQDODVLWXD]LRQLGL
ULVFKLRRSURFHGXUHSHULFRORVHFKH3275(%%(52HVVHUHFDXVD
GLJUDYLOHVLRQLDOODSHUVRQDRGLGHFHVVR
6LPEROR FRQ IXOPLQH ,O VLPEROR VHJQDOD VLWXD]LRQL GL ULVFKLR R
SURFHGXUH SHULFRORVH FKH FDXVDQR JUDYL OHVLRQL DOOD SHUVRQD R
GHFHVVR
',&+,$5$=,21(',&21)250,7­
7XWWLLJHQHUDWRUL,%VRQRIRUQLWLFRQXQDGLFKLDUD]LRQHGLLQFRUSRUDPHQWR
LQDFFRUGRFRQODOHJLVOD]LRQHHXURSHDFRPHTXHOODULSRUWDWDVXOOHXOWLPH
SDJLQHGHOSUHVHQWHPDQXDOH
6HFRQGROD'LUHWWLYD0DFFKLQH&(qUHVSRQVDELOLWjGHOFRVWUXWWRUHGHO
JUXSSRHOHWWURJHQRDVVLFXUDUVLFKHLQXPHULGLVHULHHGLLGHQWLÀFD]LRQH
GHOJHQHUDWRUHVLDQRULSRUWDWLVXOODFRSHUWLQDGLTXHVWRPDQXDOH
,JHQHUDWRULWLSR,%YHQJRQRLQROWUHIRUQLWLVXOOHVHJXHQWLEDVL
‡ 'HYRQR HVVHUH XVDWL FRPH JHQHUDWRUL GL SRWHQ]D R IXQ]LRQH D FLz
UHODWLYD
‡ 'HYRQRHVVHUHLPSLHJDWLLQXQRGHLVHJXHQWLVFHQDUL
7UDVSRUWDELOHVHQ]DFDSSRWWDWXUDSHUIRUQLWXUDGLHQHUJLDWHPSR
UDQHD
7UDVSRUWDELOHFRQFDSSRWWDWXUDSHUIRUQLWXUDGLHQHUJLDWHPSRUD
QHD
$ERUGRVRWWRFRSHUWDLPSLHJRPDULQRSUHYLDRPRORJD]LRQH
6XYHLFRORFRPPHUFLDOHWUDVSRUWRVXUXRWHUHIULJHUD]LRQHHWF
6XURWDLDHQHUJLDDXVLOLDULD
6XYHLFRORLQGXVWULDOHPRYLPHQWRWHUUDVROOHYDWRULHWF
,QVWDOOD]LRQHÀVVDLQGXVWULDOHVWDELOLPHQWRLPSLDQWR
,QVWDOOD]LRQH ÀVVD UHVLGHQ]LDOH FRPPHUFLDOH H LQGXVWULD OHJJHUD
FDVDXIÀFLRRVSHGDOH
*HVWLRQHG·HQHUJLDFRJHQHUD]LRQHSXQWHGLDVVRUELPHQWR
6FKHPLDOWHUQDWLYLG·HQHUJLD
‡,JHQHUDWRULVWDQGDUGVRQRSURJHWWDWLSHUVRGGLVIDUHOHHPLVVLRQL´LQ
GXVWULDOLµ H JOL VWDQGDUG GL LPPXQLWj 4XDORUD L JHQHUDWRUL GHEEDQR
ULVSRQGHUHDLYLQFROLGLHPLVVLRQHSHUOH]RQHUHVLGHQ]LDOLFRPPHUFLDOL
HSHUO·LQGXVWULDOHJJHUDDOFXQLDFFHVVRULDJJLXQWLYLSRWUHEEHURUHQGHUVL
QHFHVVDUL
‡ /R VFKHPD GL LQVWDOOD]LRQH ULFKLHGH OD FRQQHVVLRQH GHOOD FDUFDVVD
GHOJHQHUDWRUHFRQLOFRQGXWWRUHGLPHVVDDWHUUDXVDQGRXQFDYRGL
VH]LRQHDGHJXDWDHGLPLQLPDSRVVLELOHOXQJKH]]D
‡ /·XVRGLSDUWLGLULFDPELRQRQRULJLQDOLRQRQHVSUHVVDPHQWHDXWRUL]]DWH
FRPSRUWDLOGHFDGLPHQWRGHOOD*DUDQ]LD6LQFURODFHVVD]LRQHGHOOD
UHVSRQVDELOLWjSHUTXDQWRFRQFHUQHODFRQIRUPLWjDOOHQRUPDWLYHHOH
UHODWLYHFRQVHJXHQ]H
‡ ,QVWDOOD]LRQHDVVLVWHQ]DHPDQXWHQ]LRQHGHYRQRHVVHUHHVHJXLWHGD
SHUVRQDOHDGHJXDWDPHQWHLVWUXLWRHGDFRQRVFHQ]DGHLGHWWDPLGHOOH
GLUHWWLYH&(
,1752'8=,21(
6LUDFFRPDQGDGLHVDPLQDUHDWWHQWDPHQWHLOJHQHUDWRUHDOPRPHQWRGHOOD
,%$JRVWR5HY
,7$/,$12
FRQVHJQDSHUYHULÀFDUHFKHQRQDEELDVXELWRGDQQHJJLDPHQWLGXUDQWH
LOWUDVSRUWRRYLVLDQRSDUWLFRODULPDQFDQWL
&RQWUROORWDUJDLGHQWLÀFDWLYD
,JHQHUDWRULGHOODJDPPD,%VRQRFRQWUDGGLVWLQWLGDXQDWDUJDLGHQWLÀ
FDWLYD4XHVWDGHYHHVVHUHFRQWUROODWDHFRQIURQWDWDFRQOHVSHFLÀFKH
GHOO·RUGLQHDOPRPHQWRGHOODFRQVHJQDRQGHDFFHUWDUHHYHQWXDOLHUURUL
GLVSHGL]LRQHRGLFRQÀJXUD]LRQH
7DUJDLGHQWLÀFDWLYD
3RVL]LRQDPHQWRGHOODWDUJDFRQOHVSHFLÀFKHHOHWWULFKHLOQXPHUR
GLVHULHHO·RUGLQHGLSURGX]LRQH
9LHQHIRUQLWDXQDWDUJKHWWDDGHVLYDVXFXLVRQRVWDPSDWLLOQXPHURGL
VHULHGLYHUVRSHURJQLPDFFKLQDHO·RUGLQHGLSURGX]LRQH
,O QXPHUR GL VHULH H O·RUGLQH GL SURGX]LRQH VRQR GDWL FKH IDQQR SDUWH
LQWHJUDQWHGHOOHSURFHGXUHGDDWWXDUVLLQFRUULVSRQGHQ]DDOODULFKLHVWD
GLLQWHUYHQWLG·DVVLVWHQ]D
,OJHQHUDWRUHYLHQHIRUQLWRFRQDFRUUHGRXQDXOWHULRUHWDUJKHWWDDGHVLYD
VXFXLVRQRULSRUWDWLLGDWLHOHVSHFLÀFKHHOHWWULFKHHODOLVWDGHLSRVVLELOL
FROOHJDPHQWL
$WWHQ]LRQH,OFROOHJDPHQWRHIIHWWLYDPHQWHUHDOL]]DWRGRYUjHVVHUH
FKLDUDPHQWHFRQWUDVVHJQDWRVXOODWDUJKHWWDDFXUDGHOO·LQVWDOODWRUH
IUDTXHOOLSUHVHQWLQHOODOLVWDRQGHHYLWDUHSRVVLELOLPDOIXQ]LRQDPHQWL
HGHYHQWXDOPHQWHGDQQLDSHUVRQHRFRVH
7DUJDGDWLHOHWWULFL
$WWHQ]LRQH,OFROOHJDPHQWRHIIHWWLYDPHQWHUHDOL]]DWRGRYUj
$WWHQ]LRQH3HUODSUHGLVSRVL]LRQHGLFLUFXLWLHOHWWULFLGLYHUVLGDTXHO
ORVWHOODVHULHFRQVXOWDUHODVH]LRQHHJOLVFKHPLVSHFLÀFLULSRUWDWL
QHOVHJXLWRGHOPDQXDOH
/·8IÀFLR 7HFQLFR 6LQFUR q D GLVSRVL]LRQH SHU RJQL HYHQWXDOH FKLDUL
PHQWR
35,1&,3,2',)81=,21$0(172(&$5$77(5,67,&+('(/6,
67(0$',5(*2/$=,21('(//$7(16,21(
/RVWDWRUHHFFLWDWULFHJUD]LHDOVXRPDJQHWLVPRUHVLGXRJDUDQWLVFHO·DX
WRHFFLWD]LRQH GHO JHQHUDWRUH DOOD SDUWHQ]D FKH SHUWDQWR JHQHUD XQD
WHQVLRQHUHVLGXDSDULDFLUFDLOGHOODWHQVLRQHQRPLQDOH
/·$95DOLPHQWDWRGDXQFLUFXLWRDXVLOLDULRSUHVHQWHVXOORVWDWRUHSULQFL
SDOHDJLVFHVXOORVWDWRUHHFFLWDWULFHUHJRODQGRLQGLUHWWDPHQWHWUDPLWH
OD FDWHQD URWRUH HFFLWDWULFH SRQWH GLRGL URWRUH SULQFLSDOH LO FDPSR
JHQHUDWRGDOURWRUHSULQFLSDOH
,O UHJRODWRUH SUHVHQWD XQD SUHFLVLRQH GL WHQVLRQH GHO “ QHO FDPSR
RSHUDWLYRGHOODPDFFKLQDFRQFDULFKLQRQGLVWRUFHQWL,OFRQWUROORGLWHQ
VLRQHUHJRODLOYDORUHPHGLRGHOODWHQVLRQHGLXQDIDVHPDQWHQHQGROR
FRVWDQWH
8QGLVSRVLWLYRGLFRQWUROORGHOODIUHTXHQ]DLQWHUYLHQHGLVHFFLWDQGRSUR
JUHVVLYDPHQWHODPDFFKLQDTXDQGRODYHORFLWjGHOPRWRUHGLWUDVFLQDPHQ
WRVFHQGHDOGLVRWWRGLXQDVRJOLDSUHÀVVDWDHUHJRODELOHLPSHGHQGRXQD
VRYUDHFFLWD]LRQHDLEDVVLUHJLPLGLIXQ]LRQDPHQWRHDOOHYLDQGRO·HIIHWWR
GLSUHVDGHOFDULFRVXOPRWRUH
Ë LQÀQH SRVVLELOH PRGXODUH OD SURQWH]]D GL ULVSRVWD GHO UHJRODWRUH DO
ÀQHGLHOLPLQDUHHYHQWXDOLLQVWDELOLWjGLWHQVLRQHFKHVLGRYHVVHURPD
QLIHVWDUH8QIXVLELOHSURWHJJHLOUHJRODWRUHHLOJHQHUDWRUHGDHYHQWXDOL
VRYUDFFDULFKLHRJXDVWL
,OUHJRODWRUHqVWDWRFRVWUXLWRSHUFRQWHQHUHDOPLQLPRLSLFFKLGLWHQ
VLRQH DO GLVWDFFR GHO FDULFR FKH ULVXOWDQR LQIHULRUL DO FRQ FDULFR
QRPLQDOH
ËLQROWUHGLVSRQLELOHXQDQRWHYROHFDSDFLWjGLVSXQWRSHUPRWRULDVLQFURQL
,QIDWWLLOUHJRODWRUHqLQJUDGRGLIDUHURJDUHWHPSRUDQHDPHQWHDOJHQH
UDWRUHSLGHOGHOODFRUUHQWHQRPLQDOHD3) FRQXQDFDGXWD
GLWHQVLRQHLQIHULRUHDO
HVVHUHFKLDUDPHQWHFRQWUDVVHJQDWRVXOODWDUJKHWWD
DFXUDGHOO¶LQVWDOODWRUHIUDTXHOOLSUHVHQWLQHOODOLVWD
RQGHHYLWDUHSRVVLELOLPDOIXQ]LRQDPHQWLHGHYHQ
WXDOPHQWHGDQQLDSHUVRQHRFRVH
3HU OD SUHGLVSRVL]LRQH GL FLUFXLWL HOHWWULFL GLYHUVL
GD TXHOOR VWHOODVHULH FRQVXOWDUH OD VH]LRQH H JOL
VFKHPLVSHFL¿FLULSRUWDWLQHOVHJXLWRGHOPDQXDOH
6FKHGD$95
,%$JRVWR5HY
,7$/,$12
63(&,),&+( *(1(5$/, 0(&&$1,&+( (' (/(775,&+( 3(5
$&&233,$0(172&21,/02725(
,QTXDQWRXQLWjVHSDUDWDHGHVWLQDWDDGHVVHUHLQFRUSRUDWDLQXQJUXS
SRHOHWWURJHQRQRQqSRVVLELOHDSSOLFDUHLQIDVHGLFRVWUX]LRQHWXWWHOH
QHFHVVDULHHWLFKHWWHGLVHJQDOD]LRQHVXOJHQHUDWRUH4XHVWHHWLFKHWWH
FKHLQGLFDQRSHULFRORSRWHQ]LDOHHULVFKLRSHUSUHVHQ]DGLFRPSRQHQWL
LQWHQVLRQHYHQJRQRIRUQLWHVFLROWHHGHYRQRHVVHUHDSSOLFDWHDFXUDGHO
FRVWUXWWRUHGHOJUXSSRHOHWWURJHQRQHOOHSRVL]LRQLLQGLFDWHQHOODÀJXUDD
ODWRXQDYROWDFRPSOHWDWRO·DVVHPEODJJLRGHOJUXSSR
,JHQHUDWRULGHOODJDPPD,%VRQRSURJHWWDWLSHULOIXQ]LRQDPHQWRDG
XQDWHPSHUDWXUDPDVVLPDGLƒ&HDGXQDTXRWDPDVVLPDGLP
VOP
(QWUR WDOL OLPLWL GL WHPSHUDWXUD H TXRWD HVVL IRUQLVFRQR OH SUHVWD]LRQL
QRPLQDOLLQGLFDWHVXOODWDUJD
3HUWHPSHUDWXUHVXSHULRULDƒ&HRTXRWHVXSHULRULDPVOPVL
PDQLIHVWDQRULGX]LRQLGLSUHVWD]LRQLYHGLWDEHOOD
ËRSSRUWXQRFKHLOIXQ]LRQDPHQWRLQFRQGL]LRQLDPELHQWDOLSHJJLRULGL
TXHOOH SUHFHGHQWHPHQWH QRPLQDWH VLD VHJQDODWR DOO·8IÀFLR 7HFQLFR
6LQFUR
7HPSDPELHQWHƒ& $OWLWXGLQHP
)DWWRUHGLSRWHQ]D
,PSRUWDQWH8QDULGX]LRQHGHOÁXVVRGHOO·DULDGLUDIIUHG
GDPHQWRRXQ·LQDGHJXDWDSURWH]LRQHGHOJHQH
UDWRUHSRVVRQRFRPSRUWDUHLOGDQQHJJLDPHQWR
HRLOPDOIXQ]LRQDPHQWRGHJOLDYYROJLPHQWL
,JHQHUDWRULVRQRGRWDWLGLVLVWHPDGLYHQWLOD]LRQHDGDULDGLVFKHUPLGL
SURWH]LRQHHFDUFDVVHDQWLJRFFLRODPHQWRQRQVRQRDGDWWLSHUO·LQVWDOOD
]LRQHDOO·DSHUWRVDOYRFKHVLDQRSURWHWWLGDDGHJXDWHFRSHUWXUH'XUDQWH
ODSHUPDQHQ]DDPDJD]]LQRSULPDGHOO·LQVWDOOD]LRQHRYYHURFRPHULVHUYD
VLFRQVLJOLDO·XVRGLVFDOGLJOLHDQWLFRQGHQVDSHUJDUDQWLUHODEXRQDFRQ
VHUYD]LRQHGHJOLDYYROJLPHQWL
3ULPDGHOODPHVVDLQVHUYL]LRRGRSROXQJKLSHULRGLGLLQDWWLYLWjVLGHYH
FRQWUROODUHODUHVLVWHQ]DG·LVRODPHQWRYHUVRPDVVDGLWXWWLJOLDYYROJLPHQWL
VLUDFFRPDQGDGLVFROOHJDUHLOUHJRODWRUHGLWHQVLRQHSULPDGLSURFHGHUH
FRQWDOHSURYDLYDORULULOHYDWLGHYRQRHVVHUHPDJJLRULGL02KP1HO
FDVRQRQVXVVLVWDWDOHFRQGL]LRQHVLGHYHSURFHGHUHDOO·HVVLFFD]LRQH
LQIRUQRGHOVRORDOWHUQDWRUHD¸ƒ&SHURUH3ULPDGLHVHJXLUH
WDOHRSHUD]LRQHRFFRUUHULPXRYHUHLOUHJRODWRUHGLWHQVLRQH,QDOWHUQDWLYD
DOO·HVVLFFD]LRQHLQIRUQRqSRVVLELOHVRIÀDUHDWWUDYHUVRO·DOWHUQDWRUHDULD
FDOGDD¸ƒ&SHUDOPHQRRUD
,QFDVRGLLQVWDOOD]LRQHDOO·LQWHUQRGLXQDFDSSRWWDWXUDFKLXVDFLVLGRYUj
DVVLFXUDUH FKH OD WHPSHUDWXUD GHOO·DULD GL UDIIUHGGDPHQWR LQYLDWD QHO
JHQHUDWRUHQRQVXSHULTXHOODQRPLQDOHSUHYLVWD
/DFDSSRWWDWXUDGHYHHVVHUHUHDOL]]DWDLQPRGRFKHODSUHVDG·DULDGHO
PRWRUHQHOODFDSSRWWDWXUDVLDVHSDUDWDGDTXHOODGHOJHQHUDWRUHVRSUDW
WXWWRVHO·DVSLUD]LRQHG·DULDQHOODFDSSRWWDWXUDGHYHHVVHUHDVVLFXUDWD
GDOODYHQWRODGLUDIIUHGGDPHQWR/DSUHVDG·DULDGHOJHQHUDWRUHLQROWUH
GRYUj HVVHUH UHDOL]]DWD LQ PRGR GD LPSHGLUH LQÀOWUD]LRQL GL XPLGLWj
SUHYHGHQGR GHOOH SURWH]LRQL DGHJXDWH /D FDSSRWWDWXUD GRYUj HVVHUH
SURJHWWDWDLQPRGRWDOHGDODVFLDUHWUDODSUHVDG·DULDGHOJHQHUDWRUHH
TXDOVLDVLVXSHUÀFLHSLDQDXQDOXFHPLQLPDGLPP
6HVSHFLÀFDWRDOO·DWWRGHOO·RUGLQHLOJHQHUDWRUHSXzHVVHUHGRWDWR
GLÀOWULGHOO·DULD
,PSRUWDQWH8QDULGX]LRQHGHOÁXVVRGHOO·DULDGLUDIIUHGGDPHQWRR
XQ·LQDGHJXDWD SURWH]LRQH GHO JHQHUDWRUH SRVVRQR FRPSRUWDUH LO
GDQQHJJLDPHQWRHRLOPDOIXQ]LRQDPHQWRGHJOLDYYROJLPHQWL
,OJUXSSRURWRUHGHOJHQHUDWRUHYLHQHELODQFLDWRGLQDPLFDPHQWHLQIDEEULFD
FRQFKLDYHWWDLQWHUD
/HYLEUD]LRQLLQGRWWHGDOPRWRUHVRQRFRPSOHVVHHGLQFOXGRQRDUPRQLFKH
GLRUGLQHVXSHULRUHFKHSRVVRQRGHWHUPLQDUHFRPELQDQGRVLFRQTXHOOH
GHOJHQHUDWRUHOLYHOOLGLYLEUD]LRQHVHQVLELOLHGDQQRVLSHULOIXQ]LRQDPHQWR
GHOJUXSSRHOHWWURJHQR3HUWDQWRqFRPSLWRGHOSURJHWWLVWDXWLOL]]DUHJOL
DFFRUJLPHQWLQHFHVVDULSHUFXUDUHO·DOOLQHDPHQWRHLUULJJLGLUHEDVDPHQWR
HVXSSRUWLDOÀQHGLHYLWDUHLOVXSHUDPHQWRGHLOLPLWLGLYLEUD]LRQHSUHYLVWL
,%$JRVWR5HY
,7$/,$12
GDOOHQRUPH
,JHQHUDWRULELFXVFLQHWWRULFKLHGRQRXQWHODLRULJLGRSHULOVRVWHJQRGHO
PRWRUHJHQHUDWRUHLQPRGRGDFRVWLWXLUHXQDEXRQDEDVHSHUXQHVDWWR
DOOLQHDPHQWR7DOHWHODLRGRYUjHVVHUHYLQFRODWRDOEDVDPHQWRPHGLDQWH
WDPSRQLDQWLYLEUDQWL$OÀQHGLULGXUUHDOPLQLPROHRVFLOOD]LRQLWRUVLRQDOLVL
FRQVLJOLDGLXWLOL]]DUHXQJLXQWRÁHVVLELOHFRUUHWWDPHQWHGLPHQVLRQDWR
1HLVLVWHPLGLWUDVPLVVLRQHDFLQJKLDDSSOLFDWLDJHQHUDWRULELFXVFLQHWWR
qQHFHVVDULRFKHLOGLDPHWURHODVWUXWWXUDGHOOHSXOHJJHVLDQRWDOLGD
FRQVHQWLUHFKHLOFDULFRDSSOLFDWRDOO·DOEHURVLDFHQWUDWRULVSHWWRDOODOXQ
JKH]]DGHOODVSRUJHQ]DHQRQVXSHUL13HUOXQJKH]]HG·DOEHUR
PDJJLRULLYDORULGLFDULFRDPPLVVLELOLSRWUDQQRHVVHUHULFKLHVWLGLUHWWD
PHQWHDOO·8IÀFLR7HFQLFR6LQFUR
/·DOOLQHDPHQWRGHLJHQHUDWRULPRQRFXVFLQHWWRqFULWLFRSHUFKpSRWUHEEHUR
SURGXUVLYLEUD]LRQLLQFRUULVSRQGHQ]DGHOO·DFFRSSLDPHQWRIUDPRWRUHH
JHQHUDWRUH$WDOÀQHqQHFHVVDULRFXUDUHO·DVVHPEODJJLRGHOO·DOWHUQDWRUH
DOPRWRUHSUHYHGHUHXQEDVDPHQWRVROLGRHO·LPSLHJRGLWDPSRQLDQWLYL
EUDQWLSHUVXSSRUWDUHO·DVVLHPHPRWRUHDOWHUQDWRUH
$OO·LQWHUQRGHOODVFDWRODPRUVHWWLHUDVLWURYDQRLWHUPLQDOLLVRODWLSHUOH
FRQQHVVLRQLGLOLQHDHGLQHXWURHSHULOFROOHJDPHQWRDPDVVD
,OQHXWUR121qFROOHJDWRDOODFDUFDVVD
$YYHUWHQ]D,OJHQHUDWRUHYLHQHIRUQLWRVHQ]DDOFXQFROOHJDPHQWR
DPDVVD SHU LO FROOHJDPHQWR VL GRYUj IDUH ULIHULPHQWR DOOH FRUUL
VSRQGHQWLGLVSRVL]LRQLORFDOL&ROOHJDPHQWLDPDVVDRGLSURWH]LR
QHHVHJXLWLLQPRGRHUUDWRSRVVRQRHVVHUHFDXVDGLOHVLRQLRGL
GHFHVVR
,O JHQHUDWRUH YLHQH IRUQLWR VHQ]D DOFXQ FROOH
JDPHQWRDPDVVDSHULOFROOHJDPHQWRVLGRYUj
IDUHULIHULPHQWRDOOHFRUULVSRQGHQWLGLVSRVL]LRQL
ORFDOL &ROOHJDPHQWL D PDVVD R GL SURWH]LRQH
$99(57(1=$ HVHJXLWLLQPRGRHUUDWRSRVVRQRHVVHUHFDXVD
GLOHVLRQLRGLGHFHVVR
,YDORULGHOOHFRUUHQWLGLJXDVWRGHOJHQHUDWRUHVRQRGLVSRQLELOLVXULFKLHVWD
DOÀQHGLDLXWDUHLOSURJHWWLVWDQHOGLPHQVLRQDPHQWRGHOO·LPSLDQWRHGHL
VXRLFRPSRQHQWL
$YYHUWHQ]D8QDLQVWDOOD]LRQHXVRPDQXWHQ]LRQHRVRVWLWX]LRQH
GL SDUWL HVHJXLWH LQ PRGR HUUDWR SRVVRQR HVVHUH FDXVD GL JUDYL
OHVLRQL SHUVRQDOL R GL GHFHVVR QRQFKp GL GDQQHJJLDPHQWR GHOOH
DWWUH]]DWXUH*OLLQWHUYHQWLVXOOHSDUWLHOHWWULFKHHPHFFDQLFKHGH
YRQRHVVHUHHVHJXLWLGDSHUVRQDOHTXDOLÀFDWR
8QDLQVWDOOD]LRQHXVRPDQXWHQ]LRQHRVRVWLWX
]LRQHGLSDUWLHVHJXLWHLQPRGRHUUDWRSRVVRQR
HVVHUH FDXVD GL JUDYL OHVLRQL SHUVRQDOL R GL
GHFHVVR QRQFKp GL GDQQHJJLDPHQWR GHOOH
$99(57(1=$ DWWUH]]DWXUH*OLLQWHUYHQWLVXOOHSDUWLHOHWWULFKH
HPHFFDQLFKHGHYRQRHVVHUHHVHJXLWLGDSHU
VRQDOHTXDOLÀFDWR
,167$//$=,21(
6ROOHYDPHQWR
6ROOHYDUHHPRYLPHQWDUHLOJHQHUDWRUHFRQPH]]LLGRQHLVXSSRUWDQGROL
FRQSDOOHWRVRVWHQHQGROLPHGLDQWHJOLDQHOOLGLVROOHYDPHQWRSUHVHQWLVXO
JHQHUDWRUHQHOOHSRVL]LRQLLQGLFDWHLQÀJXUD
3HUVROOHYDUHLOJHQHUDWRUHXWLOL]]DUHGLVSRVLWLYLFKHDEELDQRXQD
FDSDFLWjGLVROOHYDPHQWRGLDOPHQRNJ
$WWHQ]LRQH8QDFDSDFLWjGLVROOHYDPHQWRQRQDGDWWDSXzFDXVDUH
OHVLRQLSHUVRQDOLHJUDYLGDQQL
$WWHQ]LRQH*OLDQHOOLGLVROOHYDPHQWRSUHVHQWLVXOJHQHUDWRUHVRQR
VWDWLUHDOL]]DWLSHULOVROOHYDPHQWRGHOVRORJHQHUDWRUHHQRQGHOO·LQ
WHURJUXSSRHOHWWURJHQR
,OVROOHYDPHQWRHODPRYLPHQWD]LRQHGHLJHQHUDWRULPRQRFXVFLQHWWRGH
YRQRHVVHUHHVHJXLWLPDQWHQHQGRODPDFFKLQDLQSRVL]LRQHRUL]]RQWDOH
DOÀQHGLHYLWDUHVHO·RSHUD]LRQHQRQIRVVHHVHJXLWDFRUUHWWDPHQWHOD
IXRULXVFLWDGHOURWRUHFRQSRVVLELOHGDQQHJJLDPHQWRGHOORVWHVVRHJUDYL
$WWHQ]LRQH 8QDFDSDFLWjGLVROOHYDPHQWRQRQDGDWWDSXz
FDXVDUHOHVLRQLSHUVRQDOLHJUDYLGDQQL
*OLDQHOOLGLVROOHYDPHQWRSUHVHQWLVXOJHQHUDWRUH
VRQR VWDWL UHDOL]]DWL SHU LO VROOHYDPHQWR GHO VROR
JHQHUDWRUHHQRQGHOO·LQWHURJUXSSRHOHWWURJHQR
,%$JRVWR5HY
,7$/,$12
$WWHQ]LRQH 3ULPD GHO PRQWDJJLR YHULÀFDUH FKH OH VHGL
FRQLFKH GL DFFRSSLDPHQWR VLD GHO JHQHUDWRUH
FKH GHO PRWRUH VLDQR FRPSDWLELOL UHJRODUL H
EHQSXOLWH
$WWHQ]LRQH3ULPDGLDSSOLFDUHLOGDGRFRQWUROODUHFKHSDUWH
GHOODSRU]LRQHÀOHWWDWDGHOWLUDQWHHQWULQHOURWRUH
SHUPHWWHQGRFRVuXQVLFXUREORFFDJJLR
$WWHQ]LRQH 3ULPD GHO PRQWDJJLR YHULÀFDUH FKH OH VHGL
GL DFFRSSLDPHQWR VLD GHO JHQHUDWRUH FKH GHO
PRWRUHVLDQRUHJRODULHEHQSXOLWH
‡ 7RJOLHUHOHJULJOLHGLSURWH]LRQH
‡ )LVVDUHORVFXGRDOPRWRUHGRSRDYHUORWROWRGDOO·DOWHUQDWRUH
‡ $SSOLFDUHLOWLUDQWHSHULOÀVVDJJLRDVVLDOHGHOURWRUHDYYLWDQGROR
VXOODVSRUJHQ]DGHOO·DOEHURPRWRUH
‡ )LVVDUHLOJHQHUDWRUHFRPSOHWRVWDWRUHHURWRUHDOORVFXGRXVDQGRL
GDGLDXWREORFFDQWL
‡ 9HULÀFDUHFKHOHVHGLFRQLFKHGHOURWRUHHGHOPRWRUHVLDQRLQFRQWDW
WRFROSHQGRDVVLDOPHQWHLOURWRUHFRQXQPD]]XRORGLSODVWLFDHGXQ
WDPSRQH
‡ %ORFFDUHDVVLDOPHQWHLOURWRUHDYYLWDQGRO·DSSRVLWRGDGRDXWREORFFDQWH
VXOWLUDQWH
$WWHQ]LRQH3ULPDGLDSSOLFDUHLOGDGRFRQWUROODUHFKHSDUWHGHOOD
SRU]LRQHÀOHWWDWDGHOWLUDQWHHQWULQHOURWRUHSHUPHWWHQGRFRVuXQ
VLFXUREORFFDJJLR
‡ 9HULÀFDUHFKHLOURWRUHHORVWDWRUHGHOO·HFFLWDWULFHVLDQRSHUIHWWDPHQWH
DOOLQHDWLIUDORUR
‡ 6XSSRUWDUHLOJUXSSRFRQDQWLYLEUDQWLFXUDQGRLOFRUUHWWROLYHOODPHQWR
GLPRWRUHHJHQHUDWRUH
‡ )LVVDUHOHJULJOLH
6PRQWDJJLRIRUPD,0%
3HUORVPRQWDJJLRVHJXLUHDULWURVROHLVWUX]LRQLIRUQLWHDOSDUDJUDIR
)LVVDJJLRDOPRWRUH
0RQWDJJLRIRUPD,0%YHGLÀJXUHDODWR
$WWHQ]LRQH3ULPDGHOPRQWDJJLRYHULÀFDUHFKHOHVHGLFRQLFKHGL
DFFRSSLDPHQWRVLDGHOJHQHUDWRUHFKHGHOPRWRUHVLDQRFRPSD
WLELOLUHJRODULHEHQSXOLWH
FRQVHJXHQ]HSHUOHSHUVRQH
0RQWDJJLRIRUPD6$(YHGLÀJXUHDODWR
$WWHQ]LRQH3ULPDGHOPRQWDJJLRYHULÀFDUHFKHOHVHGLGLDFFRS
SLDPHQWRVLDGHOJHQHUDWRUHFKHGHOPRWRUHVLDQRUHJRODULHEHQ
SXOLWH
‡ 7RJOLHUHOHJULJOLHGLSURWH]LRQH3HUODYHUVLRQH6$(WRJOLHUHL
WDSSLLQSODVWLFDSRVWLVXOODFDPSDQDSHUIDFLOLWDUHLOÀVVDJJLRGHOGLVFR
GD
‡ &RQWUROODUH FKH LO GLDPHWUR GHO GLVFR FRUULVSRQGD DO GLDPHWUR GL
DOORJJLDPHQWRQHOYRODQR
‡ )LVVDUHLOJHQHUDWRUHDOPRWRUHPHGLDQWHLOEORFFDJJLRGHOODFDPSDQD
6$(FRQWUROODQGRODFRUULVSRQGHQ]DGHLIRULGHOGLVFRFRQTXHOOL
GHOYRODQR
‡ 9HULÀFDUHFKHLOGLVFRVLDLQDSSRJJLRVXOYRODQRFROSHQGRDVVLDOPHQWH
LOURWRUHFRQXQPDUWHOORLQSODVWLFDHXQWDPSRQH
‡ )LVVDUHLOGLVFRDOYRODQR
‡ 9HULÀFDUHFKHLOURWRUHHORVWDWRUHGHOO·HFFLWDWULFHVLDQRSHUIHWWDPHQWH
DOOLQHDWLIUDORUR
‡ 6XSSRUWDUHLOJUXSSRFRQDQWLYLEUDQWLFXUDQGRLOFRUUHWWROLYHOODPHQWR
WUDPRWRUHHJHQHUDWRUH
‡ ,QVHULUHLWDSSLLQSODVWLFDVXOODFDPSDQDVRORYHUVLRQH6$(H
ÀVVDUHOHJULJOLH
6PRQWDJJLRIRUPD6$(
3HU OR VPRQWDJJLR VHJXLUH D ULWURVR OH LVWUX]LRQL IRUQLWH DO SDUDJUDIR
,%$JRVWR5HY
,7$/,$12
0HVVDDWHUUD
$YYHUWHQ]D8QDSURWH]LRQHLQDGHJXDWDHRXQDOOLQHDPHQWRHUUDWR
GHO JHQHUDWRUH SRVVRQR HVVHUH FDXVD GL OHVLRQL SHUVRQDOL HR GL
GDQQHJJLDPHQWRGHOO·DWWUH]]DWXUD
$99(57(1=$
8QDSURWH]LRQHLQDGHJXDWDHRXQDOOLQHDPHQWR
HUUDWRGHOJHQHUDWRUHSRVVRQRHVVHUHFDXVDGL
OHVLRQL SHUVRQDOL HR GL GDQQHJJLDPHQWR GHO
O·DWWUH]]DWXUD
/DFDUFDVVDGHOJHQHUDWRUHGHYHHVVHUHVROLGDPHQWHFROOHJDWDDPDVVD
VXOEDVDPHQWRGHOJUXSSRHOHWWURJHQR6HVRQRSUHYLVWLGHLVXSSRUWLÁHV
VLELOLDQWLYLEUDQWLWUDODFDUFDVVDGHOJHQHUDWRUHHGLOVXREDVDPHQWRVL
GRYUjFROOHJDUHLQSDUDOOHORDWWUDYHUVRLOVXSSRUWRÁHVVLELOHXQFRQGXWWRUH
GLWHUUDGLYDORUHQRPLQDOHDGHJXDWRVROLWDPHQWHODPHWjGHOO·DUHDGHOOD
VH]LRQHWUDVYHUVDOHGHLFDYLGHOODOLQHDSULQFLSDOH
6XOORVFXGRSRVWHULRUHLQFRUULVSRQGHQ]DGHLSLHGLVRQRVWDWLSUHGLVSR
VWLGXHIRUL¿OHWWDWL0SHUIDFLOLWDUHODPHVVDDWHUUDGHOODFDVVDYHGL
¿JXUDDODWR
$YYHUWHQ]D$FFHUWDUVLGHOODFRUUHWWH]]DGHOODSURFHGXUDGLPHVVD
DWHUUD
&RQWUROOLSUHOLPLQDUL
&RQWUROORGHOO·LVRODPHQWR
3ULPDGHOODPHVVDLQVHUYL]LRGHOJUXSSRHOHWWURJHQRRYYHURGRSROXQJKL
SHULRGLGLLQDWWLYLWjFRQWUROODUHODUHVLVWHQ]DGLLVRODPHQWRYHUVRPDVVD
GHJOLDYYROJLPHQWL
$WWHQ]LRQH6FROOHJDUHLOUHJRODWRUHGLWHQVLRQH$95SULPDGLSUR
FHGHUHDOODPLVXUD]LRQH
)RUL0SHUPHVVDDWHUUD
$FFHUWDUVLGHOODFRUUHWWH]]DGHOODSURFHGXUDGL
PHVVDDWHUUD
$99(57(1=$
$WWHQ]LRQH6FROOHJDUHLOUHJRODWRUHGLWHQVLRQH$95SULPD
,YDORULULOHYDWLGHYRQRHVVHUHVXSHULRULD02KP1HOFDVRLQFXLODUHVL
VWHQ]DG·LVRODPHQWRULVXOWLLQIHULRUHVLGRYUjSURFHGHUHDOODHVVLFFD]LRQH
LQIRUQRGHOVRORDOWHUQDWRUHDGXQDWHPSHUDWXUDFRPSUHVDIUDHƒ&
SHURUH3ULPDGLHVHJXLUHWDOHRSHUD]LRQHRFFRUUHULPXRYHUHLOUHJROD
WRUHGLWHQVLRQH,QDOWHUQDWLYDDOO·HVVLFFD]LRQHLQIRUQRqSRVVLELOHVRIÀDUH
DWWUDYHUVRO·DOWHUQDWRUHDULDFDOGDD¸ƒ&SHUDOPHQRRUD
,PSRUWDQWH*OLDYYROJLPHQWLVRQRVWDWLFROODXGDWLLQDOWDWHQVLRQH
GXUDQWH OD SURGX]LRQH 8OWHULRUL SURYH LQ DOWD WHQVLRQH SRVVRQR
GHWHULRUDUH O·LVRODPHQWR H TXLQGL ULGXUUH OD YLWD RSHUDWLYD 6H VL
UHQGHVVHQHFHVVDULRXQFROODXGRLQDOWDWHQVLRQHSHUO·DFFHWWD]LR
QHGDSDUWHGHOFOLHQWHOHSURYHGRYUDQQRHVVHUHFRQGRWWHDOLYHOOL
GLWHQVLRQHULGRWWL
GLSURFHGHUHDOODPLVXUD]LRQH
,PSRUWDQWH *OL DYYROJLPHQWL VRQR VWDWL FROODXGDWL LQ
DOWD WHQVLRQH GXUDQWH OD SURGX]LRQH 8OWHULRUL
SURYH LQ DOWD WHQVLRQH SRVVRQR GHWHULRUDUH
O·LVRODPHQWRHTXLQGLULGXUUHODYLWDRSHUDWLYD
6HVLUHQGHVVHQHFHVVDULRXQFROODXGRLQDOWD
WHQVLRQHSHUO·DFFHWWD]LRQHGDSDUWHGHOFOLHQWH
OHSURYHGRYUDQQRHVVHUHFRQGRWWHDOLYHOOLGL
WHQVLRQHULGRWWL
6HQVRGLURWD]LRQH
7XWWHOHPDFFKLQHVRQRGRWDWHGLYHQWRODDSDOHUDGLDOLHTXLQGLSRVVRQR
IXQ]LRQDUHLQHQWUDPELLVHQVLGLURWD]LRQH,OJHQHUDWRUHYLHQHIRUQLWRFRQ
URWD]LRQHLQVHQVRRUDULRJXDUGDQGRLOODWRDFFRSSLDPHQWRDPHQRGL
VSHFLÀFKHGLYHUVHDOO·DWWRGHOO·RUGLQHLQPRGRGDSURGXUUHXQDVHTXHQ]D
GLIDVH89:6HODURWD]LRQHGHYHHVVHUHLQYHUWLWDVXFFHVVLYDPHQWH
DOODFRQVHJQDULFKLHGHUHDOODIDEEULFDJOLRSSRUWXQLVFKHPLHOHWWULFL
9HULÀFDGLWHQVLRQHHIUHTXHQ]D
&RQWUROODUHFKHLOLYHOOLGLWHQVLRQHHIUHTXHQ]DULFKLHVWLGDOJUXSSRHOHW
WURJHQRFRUULVSRQGDQRDTXHOOLULSRUWDWLVXOODWDUJKHWWDGHOJHQHUDWRUH
$YYHUWHQ]D ,O JHQHUDWRUH HVFH GDOOH OLQHH GL SURGX]LRQH FRQ XQ
FROOHJDPHQWRVWHOODVHULHDPHQRGLVSHFLÀFKHGLYHUVHDOO·DWWRGHO
O·RUGLQHULVSHWWRDOTXDOHYHQJRQRIRUQLWLLGDWLQRPLQDOLËFRPSLWR
GHOO·LQVWDOODWRUHLQFDVRGLVXFFHVVLYDPRGLÀFDGLWDOHFROOHJDPHQWR
FRQWUDVVHJQDUH LO QXRYR FROOHJDPHQWR XVDWR VXOOD WDUJKHWWD GHL
GDWL PDFFKLQD SUHVHQWH DOO·LQWHUQR GHOOD VFDWROD PRUVHWWLHUD 3HU
HIIHWWXDUHLOQXRYRFROOHJDPHQWRDYYDOHUVLGHJOLVFKHPLDOOHJDWLDO
,O JHQHUDWRUH HVFH GDOOH OLQHH GL SURGX]LRQH
FRQ XQ FROOHJDPHQWR VWHOODVHULH D PHQR GL
VSHFLÀFKHGLYHUVHDOO·DWWRGHOO·RUGLQHULVSHWWR
DOTXDOHYHQJRQRIRUQLWLLGDWLQRPLQDOLËFRP
$99(57(1=$
SLWR GHOO·LQVWDOODWRUH LQ FDVR GL VXFFHVVLYD
PRGLÀFDGLWDOHFROOHJDPHQWRFRQWUDVVHJQDUH
LO QXRYR FROOHJDPHQWR XVDWR VXOOD WDUJKHWWD
GHL GDWL PDFFKLQD SUHVHQWH DOO·LQWHUQR GHOOD
VFDWROD PRUVHWWLHUD 3HU HIIHWWXDUH LO QXRYR
FROOHJDPHQWR DYYDOHUVL GHJOL VFKHPL DOOHJDWL
DOSUHVHQWHPDQXDOH
,%$JRVWR5HY
,7$/,$12
SUHVHQWHPDQXDOH
/HHYHQWXDOLPRGLÀFKHDOFROOHJDPHQWRGHYRQR
HVVHUHHVHJXLWHHVFOXVLYDPHQWHGDSHUVRQDOH
TXDOLÀFDWR
$99(57(1=$
$YYHUWHQ]D/HHYHQWXDOLPRGLÀFKHDOFROOHJDPHQWRGHYRQRHVVHUH
HVHJXLWHHVFOXVLYDPHQWHGDSHUVRQDOHTXDOLÀFDWR
5HJROD]LRQHVFKHGD$95
3HUVFHJOLHUHOHLPSRVWD]LRQLGHOGLVSRVLWLYRGLFRPDQGR$95DFFHGHUH
DOODVFKHGDGLFRQWUROORGRSRDYHUWROWROHFRSHUWXUH/DPDJJLRUSDUWH
GHOOH UHJROD]LRQL YHQJRQR HIIHWWXDWH LQ IDEEULFD VX YDORUL GHVWLQDWL DG
DVVLFXUDUHULVXOWDWLVRGGLVIDFHQWLQHOOHSURYHGLIXQ]LRQDPHQWRLQL]LDOL
3RWUHEEHURUHQGHUVLQHFHVVDULHGHOOHXOWHULRULUHJROD]LRQLSHUDVVLFXUDUH
XQIXQ]LRQDPHQWRRWWLPDOHLQVSHFLÀFKHFRQGL]LRQLG·HVHUFL]LR
5DQJH RI
DX[LOLDU\ YROWDJH
9
9
)UHTXHQF\
+]
1HOOD ÀJXUD D ÀDQFR VL WURYDQR JOL VFKHPL GHL GXH ´MXPSHUµ SUHVHQWL
VXOODVFKHGDLOSULPRVLULIHULVFHDOIXQ]LRQDPHQWRGHOO·DOWHUQDWRUHD
R+]PHQWUHLOVHFRQGRLGHQWLÀFDWDODSRVL]LRQHGHO´MXPSHUµUHODWLYD
DOODWHQVLRQHGHOO·DXVLOLDULR
+]
8)
67
9
-XPSHU
(;7
327
$WWHQ]LRQH5HJRODUHODWHQVLRQHDGXQYDORUHVXSHULRUH
D TXHOOR PDVVLPR SUHYLVWR SHU LO JHQHUDWRUH
SXz FDXVDUH LO GDQQHJJLDPHQWR GHO JHQH
UDWRUHVWHVVR
ËSRVVLELOHPRGLÀFDUHODWHQVLRQHGLXVFLWDDJHQGRVXOSRWHQ]LRPHWUR´9µ
&RQLOJUXSSRLQPRWRDOODYHORFLWjQRPLQDOHUHJRODUHÀQRDGRWWHQHUH
LOYDORUHFHUFDWR6HDGXQDSLFFRODYDULD]LRQHGLYHORFLWjODWHQVLRQH
YDULDDOORUDqQHFHVVDULRUHJRODUHSULPDODSURWH]LRQHGLVRWWRYHORFLWj
,OULIHULPHQWRGLWHQVLRQHFDYHWWLDUDQFLRQLGHYHHVVHUHFROOHJDWR
‡ DLPRUVHWWL´µH´µVHVLSUHOHYDXQDWHQVLRQHWUDH9
‡ DLPRUVHWWL´µH´µVHVLSUHOHYDXQDWHQVLRQHWUDH9
$WWHQ]LRQH5HJRODUHODWHQVLRQHDGXQYDORUHVXSHULRUHDTXHOOR
PDVVLPRSUHYLVWRSHULOJHQHUDWRUHSXzFDXVDUHLOGDQQHJJLDPHQWR
GHOJHQHUDWRUHVWHVVR
5HJROD]LRQHGHOODVRWWRYHORFLWjD+]SRUWDUHLOJUXSSRLQUR
WD]LRQHUHJRODQGRORLQPRGRGDRWWHQHUHXQDIUHTXHQ]DGL+]
5XRWDUHLOWULPPHU´8)µÀQRDOSXQWRLQFXLODWHQVLRQHLQL]LDDFDODUH
5LSRUWDUHLOJUXSSRDOODYHORFLWjQRPLQDOH
$WWHQ]LRQH 5HJRODUH OD VRWWRYHORFLWj DG XQ YDORUH GL
IUHTXHQ]DWURSSREDVVRSXzFDXVDUHLOGDQQHJ
JLDPHQWRGHOJHQHUDWRUHVWHVVR$OFRQWUDULRUH
JRODQGRORDGXQYDORUHWURSSRDOWRSXzFDXVDUH
GHOOHFDGXWHGLWHQVLRQHFRQFDULFKLHOHYDWL
$WWHQ]LRQH 5HJRODUH OD VRWWRYHORFLWj DG XQ YDORUH GL IUHTXHQ]D
WURSSREDVVRSXzFDXVDUHLOGDQQHJJLDPHQWRGHOJHQHUDWRUHVWHV
VR$OFRQWUDULRUHJRODQGRORDGXQYDORUHWURSSRDOWRSXzFDXVDUH
GHOOHFDGXWHGLWHQVLRQHFRQFDULFKLHOHYDWL
&ROOHJDPHQWR GL XQ SRWHQ]LRPHWUR HVWHUQR N2KP ULPXRYHUH LO
SRQWLFHOOR VXL WHUPLQDOL ´(;7 327µ H FROOHJDUH DL FDSL OLEHUL LO SRWHQ
]LRPHWURDYHQGRFXUDGLSRVL]LRQDUORDOYDORUHGLPDVVLPDUHVLVWHQ]D
5XRWDUHLOWULPPHU´9µLQVHQVRDQWLRUDULRÀQRDOODSRVL]LRQHHVWUHPD
3RUWDUHLOJUXSSRDOODYHORFLWjQRPLQDOHHDJLUHVXOSRWHQ]LRPHWURÀQR
DOODWHQVLRQHYROXWD
4XDORUDVLGRYHVVHURYHULÀFDUHGHOOHÁXWWXD]LRQLGLWHQVLRQHDFDULFRq
SRVVLELOHDJLUHVXOSRWHQ]LRPHWUR´67µFKHPRGXODODSURQWH]]DGLULVSRVWD
GHO UHJRODWRUH DJOL VWLPROL HVWHUQL SHUPHWWHQGR GL HOLPLQDUH HYHQWXDOL
LQVWDELOLWjGHOVLVWHPDDOWHUQDWRUHFDULFR
6FKHPLGLFROOHJDPHQWRSHUGLYHUVLFLUFXLWL
$OOHJDWLDOSUHVHQWHPDQXDOHVLWURYDQRJOLVFKHPLSHUFROOHJDPHQWLGL
YHUVLGDOFROOHJDPHQWRVWHOODVHULHQRUPDOPHQWHHVHJXLWRLQSURGX]LRQH
DPHQRGLVSHFLÀFKHGLYHUVHDOO·DWWRGHOO·RUGLQH
0HVVDLQPDUFLD
3ULPDGHOO·DYYLDPHQWRGHOJUXSSRHOHWWURJHQRqQHFHVVDULRYHULÀFDUH
FKHWXWWLLFROOHJDPHQWLHVWHUQLVLDQRVWDWLHVHJXLWLFRUUHWWDPHQWHHFKH
OHSURWH]LRQLQRQVLDQRVWDWHULPRVVH
/HYDULHUHJROD]LRQLGHOJHQHUDWRUHVRQRHVHJXLWHLQIDEEULFDDOPRPHQWR
,%$JRVWR5HY
,7$/,$12
GHOFROODXGRQRQGRYUHEEHURTXLQGLHVVHUHQHFHVVDULHXOWHULRULD]LRQL
GLUHJROD]LRQHGHOODPDFFKLQDQHOFDVRLQFXLVLUHQGHVVHQHFHVVDULR
ULPXRYHUHGHOOHFRSHUWXUHDOORVFRSRGLHVHJXLUHGHOOHUHJROD]LRQLHVL
ODVFLDVVHURVFRSHUWLGHLFRQWDWWLVRWWRWHQVLRQHVLUDFFRPDQGDFKHWDOL
RSHUD]LRQLYHQJDQRHVHJXLWHVRODPHQWHGDSHUVRQDOHTXDOLÀFDWRQHOOD
PDQXWHQ]LRQHGLLPSLDQWLHOHWWULFL
$OO·DWWR GHOOD PHVVD LQ IXQ]LRQH SRUUH DWWHQ]LRQH DG HYHQWXDOL UXPRUL
DQRPDOLFKHSRWUHEEHURLQGLFDUHXQDOOLQHDPHQWRQRQFRUUHWWRWUDPRWRUH
HJHQHUDWRUH
$YYHUWHQ]D1RQWRFFDUHLOJHQHUDWRUHGXUDQWHLOIXQ]LRQDPHQWRH
VXELWRGRSRO·DUUHVWRGHOJUXSSRLQTXDQWRSRWUHEEHURHVVHUYLGHOOH
VXSHUÀFLDWHPSHUDWXUDHOHYDWD
,JHQHUDWRULVRQRPDFFKLQHHOHWWULFKHURWDQWLFKHSUHVHQWDQRSDUWLSR
WHQ]LDOPHQWHSHULFRORVHLQTXDQWRSRVWHVRWWRWHQVLRQHRGRWDWHGLPR
YLPHQWRGXUDQWHLOIXQ]LRQDPHQWRSHUWDQWRqDVVROXWDPHQWHYLHWDWR
‡ XQXVRLPSURSULR
‡ ODULPR]LRQHGHOOHSURWH]LRQLHORVFROOHJDPHQWRGHLGLVSRVLWLYLGLSUR
WH]LRQH
$99(57(1=$
1RQWRFFDUHLOJHQHUDWRUHGXUDQWHLOIXQ]LRQD
PHQWR H VXELWR GRSR O·DUUHVWR GHO JUXSSR LQ
TXDQWR SRWUHEEHUR HVVHUYL GHOOH VXSHUÀFL D
WHPSHUDWXUDHOHYDWD
/D FDUHQ]D GL LVSH]LRQL H PDQXWHQ]LRQH SRV
VRQRFDXVDUHJUDYLGDQQLDSHUVRQHHRFRVH
$YYHUWHQ]D/DFDUHQ]DGLLVSH]LRQLHPDQXWHQ]LRQHSRVVRQRFDX
VDUHJUDYLGDQQLDSHUVRQHHRFRVH
,QFRQVHJXHQ]DGLTXDQWRVRSUDVFULWWRVLULFKLHGHFKHRJQLRSHUD]LRQH
GL FDUDWWHUH HOHWWULFR R PHFFDQLFR YHQJD HVHJXLWD FRQ O·LQWHUYHQWR GL
SHUVRQDOHTXDOLÀFDWR
$66,67(1=$(0$187(1=,21(
$YYHUWHQ]D/HSURFHGXUHGLPDQXWHQ]LRQHHGLORFDOL]]D]LRQHJXDVWL
FRPSRUWDQRGHLULVFKLFKHSRWUHEEHURFDXVDUHJUDYLOHVLRQLSHUVR
QDOLRFDVLGLGHFHVVR7DOLSURFHGXUHGHYRQRTXLQGLHVVHUHHVH
JXLWHHVFOXVLYDPHQWHGDSHUVRQDOHDELOLWDWRDOO·DVVLVWHQ]DHOHWWULFD
HPHFFDQLFD$FFHUWDUVLSULPDGLRJQLLQWHUYHQWRGLPDQXWHQ]LRQH
HSXOL]LDFKHQRQYLVLDQRSDUWLVRWWRWHQVLRQHFKHODFDUFDVVDGHO
JHQHUDWRUHVLDDWHPSHUDWXUDDPELHQWHFKHLOJUXSSRHOHWWURJHQR
QRQ SRVVD HVVHUH DYYLDWR DQFKH DFFLGHQWDOPHQWH H FKH WXWWH OH
SURFHGXUHYHQJDQRHVHJXLWHFRUUHWWDPHQWH
/HSURFHGXUHGLPDQXWHQ]LRQHHGLORFDOL]]D]LRQH
JXDVWLFRPSRUWDQRGHLULVFKLFKHSRWUHEEHURFDX
VDUH JUDYL OHVLRQL SHUVRQDOL R FDVL GL GHFHVVR
7DOL SURFHGXUH GHYRQR TXLQGL HVVHUH HVHJXLWH
$99(57(1=$
HVFOXVLYDPHQWH GD SHUVRQDOH DELOLWDWR DOO·DVVL
VWHQ]D HOHWWULFD H PHFFDQLFD $FFHUWDUVL SULPD
GLRJQLLQWHUYHQWRGLPDQXWHQ]LRQHHSXOL]LDFKH
QRQYLVLDQRSDUWLVRWWRWHQVLRQHFKHODFDUFDVVD
GHO JHQHUDWRUH VLD D WHPSHUDWXUD DPELHQWH FKH
LO JUXSSR HOHWWURJHQR QRQ SRVVD HVVHUH DYYLDWR
3(5,&2/2
DQFKHDFFLGHQWDOPHQWHHFKHWXWWHOHSURFHGXUH
YHQJDQRHVHJXLWHFRUUHWWDPHQWH
&RQWUROORGHJOLDYYROJLPHQWLHGHOORVWDWRGLLVRODPHQWR
/R VWDWR GHJOL DYYROJLPHQWL q YHULÀFDELOH PLVXUDQGRQH OD UHVLVWHQ]D
HOHWWULFDYHUVRPDVVD'XUDQWHODSURYDLOUHJRODWRUHGLWHQVLRQHGRYUj
HVVHUHVFROOHJDWR,QJHQHUDOHqVXIÀFLHQWHFRQWUROODUHLOVRORDYYROJL
PHQWRSULQFLSDOH
,YDORULULOHYDWLGHYRQRHVVHUHVXSHULRULD02KP1HOFDVRLQFXLODUHVL
VWHQ]DG·LVRODPHQWRULVXOWLLQIHULRUHVLGRYUjSURFHGHUHDOODHVVLFFD]LRQH
LQIRUQRGHOVRORDOWHUQDWRUHDGXQDWHPSHUDWXUDFRPSUHVDIUDHƒ&
SHURUH3ULPDGLHVHJXLUHWDOHRSHUD]LRQHRFFRUUHULPXRYHUHLOUHJROD
WRUHGLWHQVLRQH,QDOWHUQDWLYDDOO·HVVLFFD]LRQHLQIRUQRqSRVVLELOHVRIÀDUH
DWWUDYHUVRO·DOWHUQDWRUHDULDFDOGDD¸ƒ&SHUDOPHQRRUD
&RQWUROORGHLFXVFLQHWWL
,FXVFLQHWWLVRQRVLJLOODWLHGHVHQWLGDPDQXWHQ]LRQH
'XUDQWHODPDQXWHQ]LRQHFRQWUROODUHORVWDWRGHLFXVFLQHWWLHYHULÀFDUH
FKHQRQVLDQRSUHVHQWLSHUGLWHGLJUDVVRODGXUDWDGHLFXVFLQHWWLGLSHQGH
GDOOHYLEUD]LRQLHGDLFDULFKLDVVLDOLDLTXDOLVRQRVRWWRSRVWLOHYLEUD]LRQL
SRVVRQRHVVHUHQRWHYROPHQWHDPSOLÀFDWHQHOFDVRGLXQHUUDWRDOOLQHD
PHQWRHGDOOHFRQGL]LRQLGLODYRUR9HULÀFDUHTXLQGLFKHQRQYLVLDQR
DQRPDOLHFRPHYLEUD]LRQLUXPRULLQVROLWL
6HGRSRXQFHUWRSHULRGRGLWHPSRGRYHVVHURPDQLIHVWDUVLHFFHVVLGL
YLEUD]LRQHRUXPRURVLWjTXHVWHSRWUHEEHURHVVHUHGRYXWHDOO·XVXUDGHO
FXVFLQHWWRFKHVHGDQQHJJLDWRGHYHHVVHUHVRVWLWXLWR
,%$JRVWR5HY
,7$/,$12
,OFXVFLQHWWRFRPXQTXHqFRQVLJOLDELOHVLDVRVWLWXLWRGRSR
RUHGLIXQ]LRQDPHQWR
, FXVFLQHWWL GHL JHQHUDWRUL D]LRQDWL FRQ WUDVPLVVLRQH D FLQJKLD
HVVHQGRVRJJHWWLDFDULFKLVXSHULRULDTXHOOLGHLJHQHUDWRULD]LRQDWLFRQ
DFFRSSLDPHQWRGLUHWWRKDQQRXQDYLWDQRUPDOPHQWHLQIHULRUHHDQGUDQQR
VRVWLWXLWLGRSRRUHGLIXQ]LRQDPHQWR
,PSRUWDQWH/DGXUDWDGHLFXVFLQHWWLqIRUWHPHQWHLQÁXHQ]DWD
GDOOHFRQGL]LRQLHGDOO·DPELHQWHGLODYRUR
/XQJKLSHULRGLGLSHUPDQHQ]DLQXQDPELHQWHFD
UDWWHUL]]DWRGDOODSUHVHQ]DGLYLEUD]LRQLSRVVRQR
GDQQHJJLDUH OH VIHUH H OH VHGL GL URWRODPHQWR
/D SUHVHQ]D GL XQD XPLGLWj WURSSR HOHYDWD SXz
FDXVDUHO·HPXOVLRQHGHOJUDVVRHIDYRULUHHIIHWWL
GLFRUURVLRQH
,QWHQVH YLEUD]LRQL FDXVDWH GDO PRWRUH R GD XQ
HUUDWR DOOLQHDPHQWR GHL FRPSRQHQWL GHO JUXSSR
HOHWWURJHQR VRWWRSRQJRQR LO FXVFLQHWWR D VROOH
FLWD]LRQLFKHQHULGXFRQRODYLWD
,PSRUWDQWH/DGXUDWDGHLFXVFLQHWWLqIRUWHPHQWHLQÁXHQ]DWDGDOOH
FRQGL]LRQLHGDOO·DPELHQWHGLODYRUR
,PSRUWDQWH/XQJKLSHULRGLGLSHUPDQHQ]DLQXQDPELHQWHFDUDWWH
UL]]DWRGDOODSUHVHQ]DGLYLEUD]LRQLSRVVRQRGDQQHJJLDUHOHVIHUH
HOHVHGLGLURWRODPHQWR/DSUHVHQ]DGLXQDXPLGLWjWURSSRHOHYDWD
SXzFDXVDUHO·HPXOVLRQHGHOJUDVVRHIDYRULUHHIIHWWLGLFRUURVLR
QH
,PSRUWDQWH,QWHQVHYLEUD]LRQLFDXVDWHGDOPRWRUHRGDXQHUUDWR
DOOLQHDPHQWRGHLFRPSRQHQWLGHOJUXSSRHOHWWURJHQRVRWWRSRQJRQR
LOFXVFLQHWWRDVROOHFLWD]LRQLFKHQHULGXFRQRODYLWD
$QRPDOLHHULPHGL
,OJHQHUDWRUHQRQVLHFFLWD
‡ &RQWUROODUHLOIXVLELOH
‡ $XPHQWDUHODYHORFLWjGHO
‡ $SSOLFDUHSHUXQLVWDQWHDLSROLGHOUHJRODWRUHHOHWWURQLFRXQDWHQVLRQH
GL9GLXQDEDWWHULDFRQLQVHULHXQDUHVLVWHQ]DGL2KPULVSHWWDQGR
OHSRODULWj
'RSRHFFLWDWRVLGLVHFFLWD
‡ &RQWUROODUHLFDYLGLFROOHJDPHQWRVHUYHQGRVLGHLGLVHJQLDOOHJDWL
$YXRWRWHQVLRQHEDVVD
‡ 5LWDUDUHODWHQVLRQH
‡ &RQWUROODUHLOQXPHURGLJLUL
‡ &RQWUROODUHJOLDYYROJLPHQWL
$YXRWRWHQVLRQHWURSSRDOWD
‡ 5LWDUDUHODWHQVLRQH
‡ 6RVWLWXLUHLOUHJRODWRUH
$FDULFRWHQVLRQHLQIHULRUHDOODQRPLQDOH
‡ 5LWDUDUHODWHQVLRQH
‡ &RUUHQWH WURSSR DOWD FRV LQIHULRUH D YHORFLWj LQIHULRUH GHO GHOODQRPLQDOH
‡ 6RVWLWXLUHLOUHJRODWRUH
‡ &RQWUROODUHLGLRGLVFROOHJDQGRLFDYL
$FDULFRWHQVLRQHVXSHULRUHDOODQRPLQDOH
‡ 5LWDUDUHODWHQVLRQH
‡ 6RVWLWXLUHLOUHJRODWRUH
7HQVLRQHLQVWDELOH
‡ &RQWUROODUHXQLIRUPLWjGLURWD]LRQH
‡ 5HJRODUHODVWDELOLWjGHOUHJRODWRUHDJHQGRVXOSRWHQ]LRPHWUR´67µ
3HU TXDOVLDVL DOWUD DQRPDOLD ULYROJHUVL DO FHQWUR GL $VVLVWHQ]D 6LQ
FUR
5LPR]LRQH H VRVWLWX]LRQH GL FRPSRQHQWL H JUXSSL GL FRPSR
QHQWL
,%$JRVWR5HY
,7$/,$12
(VWUD]LRQHHGLQVHULPHQWRGHOO·DOEHUR
/HSURFHGXUHFKHVHJXLUDQQRSUHVXSSRQJRQRFKHO·DOWHUQDWRUHVLD
VWDWRVWDFFDWRGDOPRWRUH
9HUVLRQHELFXVFLQHWWRHFRQLFR
‡ 6YLWDUHQUYLWL0FKHEORFFDQRORVFXGRDOODÁDQJLDGLVWDQ]LDOH
‡ &ROSLUHLQPDQLHUDRPRJHQHDORVFXGRÀQRDOFRPSOHWRGLVWDFFRGDO
URWRUH YHUVLRQH ELFXVFLQHWWR H GLVWDFFR GDOOD ÁDQJLD GLVWDQ]LDOH
YHUVLRQHFRQLFD
‡ 7RJOLHUHODJULJOLDSRVWHULRUHHFROSLUHLOURWRUHSRVWHULRUPHQWHLQPRGR
GDVSLQJHUHLOFXVFLQHWWRIXRULGDOODVHGH
‡ 6XSSRUWDUHLOURWRUHFRQXQ·LPEUDJDWXUDGDOODWRDFFRSSLDPHQWR
‡ &RQWLQXDUH D VSLQJHUH LO URWRUH IXRUL GDOOR VWDWRUH FRQWLQXDQGR DG
DGDWWDUHODSRVL]LRQHGHOO·LPEUDJDWXUDLQPRGRGDQRQGDQQHJJLDUH
O·DYYROJLPHQWR
9HUVLRQHPRQRFXVFLQHWWR6$(
‡ 7RJOLHUHODJULJOLDSRVWHULRUHHFROSLUHLOURWRUHSRVWHULRUPHQWHLQPRGR
GDVSLQJHUHLOFXVFLQHWWRIXRULGDOODVHGH
‡ 6XSSRUWDUHLOURWRUHFRQXQ·LPEUDJDWXUDGDOODWRDFFRSSLDPHQWR
‡ &RQWLQXDUH D VSLQJHUH LO URWRUH IXRUL GDOOR VWDWRUH FRQWLQXDQGR DG
DGDWWDUHODSRVL]LRQHGHOO·LPEUDJDWXUDLQPRGRGDQRQGDQQHJJLDUH
O·DYYROJLPHQWR
3HUO·LQVHULPHQWRVHJXLUHDULWURVROHLVWUX]LRQLIRUQLWHDOSDUDJUDIR
$WWHQ]LRQH3UHYHQWLYDPHQWHDOO·HVWUD]LRQHGHOURWRUHRULHQWDUHLOUR
WRUHVWHVVRLQPRGRFKHGXUDQWHLOPRYLPHQWRGLHVWUD]LRQHLOURWRUH
VLDSSRJJLDOO·LQWHUQRGHOORVWDWRUHPHGLDQWHODVFDUSDSRODUH
$YYHUWHQ]D4XDQGRYLHQHUHLQVHULWRLOURWRUHO·DOWHUQDWRUHSXzSHU
GHUHLOPDJQHWLVPRUHVLGXRFKHSHUPHWWHO·DXWRHFFLWD]LRQH3ULPD
GHOO·DYYLDPHQWR GHO JUXSSR ULVXOWD TXLQGL QHFHVVDULR ULHFFLWDUH
O·DOWHUQDWRUHDSSOLFDQGRDLPRUVHWWLGHOO·HFFLWDWULFHXQDWHQVLRQHGL
YROWSHUXQVHFRQGRULVSHWWDQGRODSRODULWj
$WWHQ]LRQH 3UHYHQWLYDPHQWH DOO·HVWUD]LRQH GHO URWRUH
RULHQWDUHLOURWRUHVWHVVRLQPRGRFKHGXUDQWH
LOPRYLPHQWRGLHVWUD]LRQHLOURWRUHVLDSSRJJL
DOO·LQWHUQR GHOOR VWDWRUH PHGLDQWH OD VFDUSD
SRODUH
4XDQGRYLHQHUHLQVHULWRLOURWRUHO·DOWHUQDWRUH
SXz SHUGHUH LO PDJQHWLVPR UHVLGXR FKH SHU
PHWWHO·DXWRHFFLWD]LRQH3ULPDGHOO·DYYLDPHQWR
GHOJUXSSRULVXOWDTXLQGLQHFHVVDULRULHFFLWDUH
$99(57(1=$ O·DOWHUQDWRUHDSSOLFDQGRDLPRUVHWWLGHOO·HFFLWD
WULFHXQDWHQVLRQHGLYROWSHUXQVHFRQGR
ULVSHWWDQGRODSRODULWj
6RVWLWX]LRQHGHOFXVFLQHWWR
)DUULIHULPHQWRDOSDUDJUDIR
‡ 7RJOLHUHO·DQHOORHODVWLFRWLSRVHHJHU
‡ 7RJOLHUHLORLFXVFLQHWWLWUDPLWHHVWUDWWRULFRPXQL
‡ 3UHQGHUHLORLQXRYLFXVFLQHWWLHPHGLDQWHXQULVFDOGDWRUHULVFDOGDUOL
PD[¸ƒ&LQPRGRGDGLODWDUHLOGLDPHWURSULPDGLLQVHULUOR
QHOODVHGHGHOO·DOEHUR
‡ 5LPRQWDUHO·DQHOORVHHJHU
‡ 5HLQVHULUHLOURWRUHVHJXHQGRDULWURVROHLVWUX]LRQLIRUQLWHDOSDUDJUDIR
$OWHUQDWLYDPHQWH q SRVVLELOH VRVWLWXLUH LO FXVFLQHWWR VHQ]D HVWUDUUH LO
URWRUH
‡ 6YLWDUHLGDGLFKHÀVVDQRORVFXGRSRVWHULRUHDOODFDVVD
‡ 6FROOHJDUH1ƒIDVWRQÀOLHFFLWDWULFHGDOODVFKHGDUHJRODWRUH
‡ &ROSLUHLQPDQLHUDRPRJHQHDORVFXGRÀQRDOFRPSOHWRGLVWDFFRGDO
URWRUH
‡ 7RJOLHUHO·DQHOORHODVWLFRWLSRVHHJHU
‡ 7RJOLHUHLORLFXVFLQHWWLWUDPLWHHVWUDWWRULFRPXQL
‡ 3UHQGHUHLORLQXRYLFXVFLQHWWLHPHGLDQWHXQULVFDOGDWRUHULVFDOGDUOLLQ
PRGRGDGLODWDUHLOGLDPHWURSULPDGLLQVHULUORQHOODVHGHGHOO·DOEHUR
‡ 5LPRQWDUHO·DQHOORVHHJHU
‡ 3RVL]LRQDUHORVFXGRVHQ]DVFRUGDUVLO·DQHOORHODVWLFRHLQVHULUHSDU
]LDOPHQWHLGDGLGLÀVVDJJLR
‡ &ROSLUHLQPDQLHUDRPRJHQHDORVFXGRÀQRDOFRPSOHWRLQVHULPHQWR
GHOFXVFLQHWWRHGHOODSRU]LRQHGLFDVVDQHOOHULVSHWWLYHVHGL
,%$JRVWR5HY
,7$/,$12
‡ 6HUUDUHLGDGLGLÀVVDJJLRGHOORVFXGR
6RVWLWX]LRQHGHLGLRGLURWDQWL
‡ (VWUDUUHLOURWRUHVHJXHQGROHLVWUX]LRQLDOSDUDJUDIR
‡ 6FROOHJDUHLOSRQWHGLRGLHVWUDHQGRLOFRQQHWWRUHHLIDVWRQ
‡ 6YLWDUHODYLWHHWRJOLHUHLOSRQWHGLRGL
‡ 5LPRQWDUHLOSRQWHGLRGLQXRYRÀVVDQGRODYLWHFRQGHOIUHQDÀOHWWLH
FROOHJDUHLOFRQQHWWRUHHLIDVWRQ
‡ 5HLQVHULUHLOURWRUHVHJXHQGRDULWURVROHLVWUX]LRQLIRUQLWHDOSDUDJUDIR
$OWHUQDWLYDPHQWHqSRVVLELOHVRVWLWXLUHLOSRQWHGLRGLVPRQWDQGRLOVROR
VFXGRSRVWHULRUHFRPHJLjGHVFULWWRSHUODVRVWLWX]LRQHGHOFXVFLQHWWR
6RVWLWX]LRQHGHOURWRUHHFFLWDWULFH
‡ (VWUDUUHLOURWRUHVHJXHQGROHLVWUX]LRQLDOSDUDJUDIR
‡ 7RJOLHUHO·DQHOORHODVWLFRWLSRVHHJHU
‡ 7RJOLHUHLOFXVFLQHWWRWUDPLWHHVWUDWWRULFRPXQL
‡ 6FROOHJDUHLOSRQWHGLRGLHVWUDHQGRLOFRQQHWWRUHHLIDVWRQ
‡ 6YLWDUHODYLWHHWRJOLHUHLOSRQWHGLRGL
‡ 7RJOLHUHO·HFFLWDWULFHPHGLDQWHHVWUDWWRUH
‡ ,QVHULUHO·HFFLWDWULFHQXRYDXWLOL]]DQGRXQDSUHVVD
‡ 5LDVVHPEODUHLOWXWWRVHJXHQGROHLVWUX]LRQLGHLSDUDJUDÀ
5LDVVHPEODJJLRGLFRPSRQHQWLHJUXSSLGLFRPSRQHQWL
3HUO·RSHUD]LRQHGLULDVVHPEODJJLRFRPSLHUHOHSUHFHGHQWLRSHUD]LRQL
HVHJXLWHGXUDQWHORVPRQWDJJLRDULWURVR
$99(57(1=$
4XDOXQTXH WLSR GL LQWHUYHQWR GL SXOL]LD GHYH
HVVHUHHVHJXLWRFRQJUXSSRHOHWWURJHQRIHUPR
HJHQHUDWRUHVFROOHJDWRGDOODUHWHHOHWWULFDSHQD
JUDYHSHULFRORSHUSHUVRQHHFRVH
1RQ XWLOL]]DUH LQ DOFXQD RFFDVLRQH OLTXLGL R
DFTXD1RQSXOLUHFRQDULDFRPSUHVVDOHSDUWL
HOHWWULFKHLQWHUQHSHUFKpSRWUHEEHURYHULÀFDUVL
FRUWRFLUFXLWLRDOWUHDQRPDOLH
$YYDOHUVL HVFOXVLYDPHQWH GL SHUVRQDOH TXD
OLÀFDWR
38/,=,$(/8%5,),&$=,21(
$YYHUWHQ]D 4XDOXQTXH WLSR GL LQWHUYHQWR GL SXOL]LD GHYH HVVHUH
HVHJXLWR FRQ JUXSSR HOHWWURJHQR IHUPR H JHQHUDWRUH VFROOHJDWR
GDOODUHWHHOHWWULFDSHQDJUDYHSHULFRORSHUSHUVRQHHFRVH
$FFHUWDWLVLFKHLOJUXSSRHOHWWURJHQRVLDIHUPRHVFROOHJDWRGDOODUHWHHOHW
WULFDLOJUXSSRSXzHVVHUHSXOLWRHVWHUQDPHQWHFRQDULDFRPSUHVVD
$YYHUWHQ]D 1RQ XWLOL]]DUH LQ DOFXQD RFFDVLRQH OLTXLGL R DFTXD
1RQ SXOLUH FRQ DULD FRPSUHVVD OH SDUWL HOHWWULFKH LQWHUQH SHUFKp
SRWUHEEHURYHULÀFDUVLFRUWRFLUFXLWLRDOWUHDQRPDOLH
'(02/,=,21((60$/7,0(172
$YYHUWHQ]D$YYDOHUVLHVFOXVLYDPHQWHGLSHUVRQDOHTXDOLÀFDWR
/·HOLPLQD]LRQHGHLPDWHULDOLYDIDWWDQHOULVSHWWRGHOOHQRUPHYLJHQWL
1HOFDVRGLGHPROL]LRQHGHOJHQHUDWRUHQRQHVLVWRQRSDUWLFRODULULVFKLR
SHULFROLGHULYDQWLGDOJHQHUDWRUHVWHVVRËRSSRUWXQRLQFDVRGLUHFXSH
URPDWHULDOLFKHYHQJDQRVHSDUDWLSHUWLSRORJLDSDUWLHOHWWULFKHUDPH
DOOXPLQLRSODVWLFDHWF
5,&$0%,('$66,67(1=$
3URFHGXUDHLQGLUL]]LGLULIHULPHQWRSHUULFKLHVWHGLDVVLVWHQ]D
,OQRVWUR6HUYL]LRGL$VVLVWHQ]DIRUQLVFHFRPSOHWDFRQVXOHQ]DWHFQLFD
$VVLFXUDUVLSHUULFKLHVWHGL$VVLVWHQ]DLQJDUDQ]LDGLGLVSRUUHGHLGDWLLGHQ
WLÀFDWLYLGHOJHQHUDWRUHGHOVXRQXPHURGLVHULHHGHOQXPHURGHOO·RUGLQH
GLSURGX]LRQHULSRUWDWLVXHWLFKHWWDDGHVLYDSRVL]LRQDWDFRPHGDSDUDJUDIR
GHOSUHVHQWHPDQXDOH/DOLVWDGHLFHQWULGLDVVLVWHQ]DDXWRUL]]DWLq
GLVSRQLELOHQHOQRVWURVLWRLQWHUQHWZZZVRJDJURXSFRP
*$5$1=,$
/D 6LQFUR VUO JDUDQWLVFH DL SURSUL FOLHQWL JOL DOWHUQDWRUL H VDOGDWULFL
SURGRWWLDOVXRLQWHUQRSHUXQSHULRGRGLPHVLDGHFRUUHUHGDOODGDWD
GLFRQVHJQD6LSUHFLVDFKHGHWWDJDUDQ]LDqULYROWDDLVROLFOLHQWLGHOOD
,%$JRVWR5HY
,7$/,$12
6LQFURDLTXDOLGLUHWWDPHQWHULVSRQGH/D6LQFURQRQULFRQRVFHGLUHW
WDPHQWHODJDUDQ]LDDGDOFXQVRJJHWWRFKHSXULQSRVVHVVRGHLVXRL
SURGRWWLQRQOLDEELDGDHVVDDFTXLVWDWLGLUHWWDPHQWH
(QWUR L VXGGHWWL WHUPLQL OD 6LQFUR VL LPSHJQD D IRUQLUH JUDWXLWDPHQWH
SH]]LGLULFDPELRGLTXHOOHSDUWLFKHDJLXGL]LRGHOOD6LQFURRGLXQVXR
UDSSUHVHQWDQWHDXWRUL]]DWRSUHVHQWLQRGLIHWWLGLIDEEULFD]LRQHRGLPD
WHULDOHRSSXUHDVXRJLXGL]LRDGHIIHWWXDUQHODULSDUD]LRQHGLUHWWDPHQWH
RSHUPH]]RGLRIÀFLQHDXWRUL]]DWHVHQ]DDVVXPHUVLDOFXQRQHUHSHULO
WUDVSRUWR
5LPDQH FRPXQTXH HVFOXVD TXDOVLDVL DOWUD IRUPD GL UHVSRQVDELOLWj R
REEOLJD]LRQHSHUDOWUHVSHVHGDQQLHSHUGLWHGLUHWWHRLQGLUHWWHGHULYDQWL
GDOO·XVRRGDOODLPSRVVLELOLWjG·XVRGHLSURGRWWLVLDWRWDOHFKHSDU]LDOH
/DULSDUD]LRQHRODIRUQLWXUDVRVWLWXWLYDQRQSUROXQJKHUjQpULQQRYHUjOD
GXUDWDGHOSHULRGRGLJDUDQ]LD
/DJDUDQ]LDGHFDGUjTXDORUDVLPDQLIHVWDVVHURLQFRQYHQLHQWLRJXDVWL
GRYXWLDGLPSHUL]LDXWLOL]]RROWUHDLOLPLWLGHOOHSUHVWD]LRQLQRPLQDOLVHLO
SURGRWWRDYHVVHVXELWRPRGLÀFKHRVHGRYHVVHULWRUQDUHGLVDVVHPEODWR
RFRQGDWLGLWDUJDDOWHUDWLRPDQRPHVVL
363HUODVHULH$JUR:DWWODJDUDQ]LDqGLPHVL
3URFHGXUD
1HOFDVRGLJXDVWLRDQRPDOLHGLIXQ]LRQDPHQWRGHOOHPDFFKLQH6LQFUR
LO&OLHQWHqLQYLWDWRDGLQWHUSHOODUHLOQRVWUR´6HUYL]LR$VVLVWHQ]DµWHOH
IRQDQGRDOOR
6HGRSRWDOHFRQWDWWRULVXOWDVVHQHFHVVDULDODUHVWLWX]LRQHGHOSURGRWWR
LOQRVWUR´6HUYL]LR$VVLVWHQ]DµIRUQLUjDO&OLHQWHXQQXPHURGL´5LHQWUR
0DWHULDOH$XWRUL]]DWRµ50$FKHGRYUjHVVHUHULSRUWDWRVXLGRFXPHQWL
GLDFFRPSDJQDPHQWRGHOPDWHULDOH
3URGRWWLUHVLVHQ]DDYHUVHJXLWRODGHVFULWWDSURFHGXUDYHUUDQQRUHVSLQWL
DOPLWWHQWHGDOPDJD]]LQRDFFHWWD]LRQH
3HU O·HYHQWXDOH FRQFHVVLRQH GHOOD JDUDQ]LD q LQGLVSHQVDELOH FKH OD
6LQFURVLDFRQWDWWDWDHVFOXVLYDPHQWHGDOSURSULR&OLHQWH5LFKLHVWHGL
ULSDUD]LRQH SURYHQLHQWL GLUHWWDPHQWH GDOO·XWLOL]]DWRUH ÀQDOH VDUDQQR LQ
RJQLFDVRFRQVLGHUDWH121LQJDUDQ]LD
3ULPDGLSURFHGHUHDULSDUD]LRQLYHUUjFRPXQLFDWRXQSUHYHQWLYRHVL
DWWHQGHUjO·DXWRUL]]D]LRQHGDSDUWHGHO&OLHQWH
6SHGL]LRQH
/DPHUFHUHVDYLDJJLDHVFOXVLYDPHQWHDVSHVHHDULVFKLRGHO&OLHQWH
LQGLSHQGHQWHPHQWHGDOODFRQFHVVLRQHGHOO·LQWHUYHQWRLQJDUDQ]LD
&XUDUHFKHOHPDFFKLQHVLDQRLQRUGLQHSXOLWHHFKHO·ROLRGLHYHQWXDOL
PROWLSOLFDWRULGLJLULVLDVWDWRYXRWDWR
6LUDFFRPDQGDGLUHVWLWXLUHLOPDWHULDOHHQWURXQLPEDOORDGHJXDWRFXUDQGR
GLSURWHJJHUHLOSURGRWWRGDJOLXUWL
,%$JRVWR5HY
(1*/,6+
6$)(7<5(&200(1'$7,216
&21)250,7<'(&/$5$7,21
,1752'8&7,21
&RQWURORI,'SODWH
3RVLWLRQRISODWHZLWKHOHFWULFDOVSHFLÀFDWLRQVVHULDOQXPEHUDQGSURGXFWLRQORW
23(5$7,1*35,1&,3/($1'&+$5$&7(5,67,&62)7+(92/7$*(5(*8/$7256<67(0
*(1(5$/0(&+$1,&$/$1'(/(&75,&$/63(&,),&$7,216)25&283/,1*:,7+02725
,167$//$7,21
/LIWLQJ
0RXQWLQJRQPRWRU
$VVHPEO\IRUPDW,0%
'LVPDQWOLQJIRUPDW,0%
$VVHPEO\IRUPDW6$(
'LVPDQWOLQJIRUPDW6$(
(DUWKLQJ
3UHOLPLQDU\&RQWUROV
&RQWURORIHOHFWULFDOLQVXODWLRQ
'LUHFWLRQRIURWDWLRQ
&RQWURORIYROWDJHDQGIUHTXHQF\
$95ERDUGVHWWLQJV
:LULQJGLDJUDPVIRUGLIIHUHQWFLUFXLWV
,QLWLDOVWDUWXS
$)7(56$/(6$66,67$1&($1'0$,17(1$1&(
&RQWURORIZLQGLQJVDQGHOHFWULFDOLQVXODWLRQ
&RQWURORIEHDULQJV
7URXEOHVKRRWLQJ
5HPRYDODQGUHSODFHPHQWRIFRPSRQHQWVDQGFRPSRQHQWDVVHPEOLHV
([WUDFWLQJDQGLQVHUWLQJWKHVKDIW
&KDQJLQJEHDULQJ
&KDQJLQJURWDWLQJGLRGHV
&KDQJLQJH[FLWHUURWRU
5HSODFLQJFRPSRQHQWVDQGFRPSRQHQWDVVHPEOLHV
&/($1,1*$1'/8%5,&$7,21
',60$17/,1*$1'',6326$/
63$5(3$576$1'$)7(56$/(6
$IWHUVDOHVSURFHGXUHDQGFRQWDFWDGGUHVVHV
:$55$17<
3URFHGXUH
6KLSPHQW
,%$JRVWR5HY
(1*/,6+
6$)(7<5(&200(1'$7,216
:HWKDQN\RXIRUKDYLQJFKRVHQD6LQFURSURGXFWDQGZHDUHVXUHWKDW
LWZLOOVDWLVI\DOO\RXUH[SHFWDWLRQVLQKLJKVWDQGDUGVDQGSHUIRUPDQFH
7KH ´8VHU DQG 0DLQWHQDQFH 0DQXDOµ LQFOXGHG ZLWK WKH JHQHUDWRU
SURYLGHV LPSRUWDQW LQGLFDWLRQV UHJDUGLQJ VDIHW\ LQVWDOODWLRQ XVH DQG
PDLQWHQDQFH7KLVSURGXFWFRPSOLHVZLWKUHFRJQLVHGVWDQGDUGVLQJRRG
HQJLQHHULQJDQGSURYLVLRQVUHODWHGWRVDIHW\
:KHQFRQWDFWLQJ6LQFUR6UODOZD\VTXRWHWKHJHQHUDWRUW\SHDQGFRGH
IRXQGRQWKHODEHODWWDFKHGWRWKHSDFNLQJ:KDW·VPRUHLQWKHHYHQWRI
PDOIXQFWLRQRUDQ\RWKHUNLQGRIPDFKLQHIDXOWWKDWVKRXOGUHTXLUHRXU
$IWHUVDOHV 6HUYLFH SOHDVH VSHFLI\ WKH VHULDO QXPEHU 61 DQG SUR
GXFWLRQRUGHU32
&$87,21$QLQFRUUHFWLQVWDOODWLRQRULPSURSHUXVHRIWKHSURG
XFWPD\FDXVHGDPDJHWRSHUVRQVDQGREMHFWV
‡ 6WULFWO\REVHUYHWKHLQVWUXFWLRQVJLYHQLQWKH´8VHUDQG0DLQWHQDQFH
0DQXDOµWKDWLVSURYLGHGWRLQGLFDWHWKHFRUUHFWFRQGLWLRQVIRULQVWDO
ODWLRQXVHDQGPDLQWHQDQFHLQRUGHUWRSUHYHQWPDOIXQFWLRQVLQWKH
JHQHUDWRUDQGDYRLGKD]DUGRXVVLWXDWLRQVIRUWKHXVHU
‡ 'LVSRVHRIDOOSDFNLQJPDWHULDOLHSODVWLFFDUGERDUGSRO\VW\UHQH
HWFDFFRUGLQJWRVWDWXWRU\UHJXODWLRQV
‡ .HHSWKHLQVWUXFWLRQVZLWKWKHWHFKQLFDOIROGHUDQGIRUIXWXUHFRQVXO
WDWLRQ
‡ 7KLVSURGXFWKDVEHHQGHVLJQHGDQGFRQVWUXFWHGVROHO\IRUWKHDSSOL
FDWLRQVLQGLFDWHGLQWKLVPDQXDO$Q\XVHQRWVSHFLÀHGLQWKLVPDQXDO
PD\FDXVHGDPDJHWRWKHSURGXFWDQGEHFRPHDVRXUFHRIKD]DUG
‡ 6LQFUR6UOGHFOLQHVDOOOLDELOLW\DULVLQJIURPDQ\XVHZKHWKHULPSURSHU
RUGLIIHULQJIURPLWVRULJLQDOFRQFHSWDQGVSHFLÀHGLQWKLVPDQXDO
‡ 'RQRWLQVWDOOWKHSURGXFWLQDSRWHQWLDOO\H[SORVLYHDWPRVSKHUH
‡ 7KHSODQWFRPSRQHQWHOHPHQWVPXVWFRPSO\ZLWK(XURSHDQ'LUHFWLYHV
7RHQVXUHJRRGVDIHW\OHYHOVWKHVHVWDQGDUGVVKRXOGDOVREHREVHUYHG
LQQRQ((&FRXQWULHVLQDGGLWLRQWRWKHFRXQWU\VSHFLÀFVWDWXWRU\UHJX
ODWLRQV
‡ 7KHLQVWDOODWLRQPXVWFRPSO\ZLWK(XURSHDQ'LUHFWLYHVDQGPXVWEH
FDUULHGRXWVROHO\E\TXDOLÀHGVSHFLDOLVWV
‡ 'RQRWVWDUWXSWKHJHQHUDWRULIWKHSURWHFWLYHFRYHUVWKHDFFHVVSDQHOV
RUWKHWHUPLQDOER[FRYHUKDYHEHHQUHPRYHG
‡ %HIRUHVWDUWLQJDQ\PDLQWHQDQFHZRUNVKXWRIIWKHPRWRUSRZHUFLU
FXLW
‡ 6KXWRIIWKHDFWXDWRUFLUFXLWVDQGRUSODFHZDUQLQJGHFDOVRQDOOFLUFXLW
EUHDNHUVQRUPDOO\XVHGIRUFRQQHFWLQJWKHPDLQVRURWKHUJHQHUDWRUV
LQRUGHUWRSUHYHQWWKHPIURPEHLQJVZLWFKHGDFFLGHQWDOO\
‡ 2QO\XVHJHQXLQHSDUWVIRUDQ\PDLQWHQDQFHRUUHSDLU)DLOXUHWRRE
VHUYHWKLVUHFRPPHQGDWLRQVKDOOIUHH6LQFUR6UOIURPDOOUHVSRQVLELOLW\
UHODWHGWRWKHJHQHUDWRUVDIHW\DQGJRRGRSHUDWLRQ
‡ 7UDLQWKHSODQWRSHUDWRULQWKHPDQDJHPHQWXVHDQGPDLQWHQDQFHRI
WKHJHQHUDWRU
‡ $Q\WKLQJQRWH[SUHVVO\SUHVFULEHGLQWKHVHLQVWUXFWLRQVLVSURKLELWHG
,PSRUWDQW 7KLV UHIHUV WR ULVN FRQGLWLRQV RU WR
KD]DUGRXVSURFHGXUHVWKDWFRXOGFDXVH
GDPDJH WR WKH SURGXFW RU FRQQHFWHG
HTXLSPHQW
7KLVPDQXDOXVHVYDULRXVV\PEROVDQGWHUPVWKDWKDYHDSUHFLVHPHDQ
LQJ7KHVHDUHFOHDUO\GHÀQHGEHORZ
,PSRUWDQW7KLVUHIHUVWRULVNFRQGLWLRQVRUWRKD]DUGRXVSURFHGXUHV
WKDWFRXOGFDXVHGDPDJHWRWKHSURGXFWRUFRQQHFWHGHTXLSPHQW
&DXWLRQ
&DXWLRQ7KLVUHIHUVWRULVNFRQGLWLRQVRUKD]DUGRXVSURFHGXUHVWKDW
FRXOGFDXVHGDPDJHWRWKHSURGXFWRULQMXU\WRSHUVRQV
([FODPDWLRQPDUNV\PERO7KLVV\PEROVLJQDOVULVNFRQGLWLRQVRU
KD]DUGRXVSURFHGXUHVWKDW&28/'FDXVHVHYHUHLQMXU\RUGHDWK
7KLVUHIHUVWRULVNFRQGLWLRQVRUKD]DUGRXV
SURFHGXUHVWKDWFRXOGFDXVHGDPDJHWR
WKHSURGXFWRULQMXU\WRSHUVRQV
7KLV V\PERO VLJQDOV ULVN FRQGLWLRQV RU
KD]DUGRXVSURFHGXUHVWKDW&28/'FDXVH
VHYHUHLQMXU\RUGHDWK
:$51,1*
,%$JRVWR5HY
(1*/,6+
7KLV V\PERO VLJQDOV ULVN FRQGLWLRQV RU
KD]DUGRXV SURFHGXUHV WKDW ZLOO FDXVH
VHYHUHLQMXU\RUGHDWK
'$1*(5
/LJKWQLQJV\PERO7KLVV\PEROVLJQDOVULVNFRQGLWLRQVRUKD]DUGRXV
SURFHGXUHVWKDWZLOOFDXVHVHYHUHLQMXU\RUGHDWK
&21)250,7<'(&/$5$7,21
$OO ,% JHQHUDWRUV DUH VXSSOLHG ZLWK D GHFODUDWLRQ RI LQFRUSRUDWLRQ LQ
DFFRUGDQFH ZLWK (XURSHDQ UXOHV DQG UHJXODWLRQV DV SURYLGHG LQ ÀQDO
SDJHVRIWKLVPDQXDO
$FFRUGLQJWRWKH(&0DFKLQH'LUHFWLYHLWLVWKHHOHFWULFLW\JHQHUDWLQJ
VHWFRQVWUXFWRU·VUHVSRQVLELOLW\WRHQVXUHWKDWWKHJHQHUDWRUVHULDODQG
LGHQWLÀFDWLRQQXPEHUVDUHLQGLFDWHGRQWKHFRYHUSDJHRIWKLVPDQXDO
)XUWKHUPRUH,%W\SHJHQHUDWRUVDUHVXSSOLHGRQWKHIROORZLQJEDVLV
‡ 7KH\VKDOOEHXVHGDVSRZHUJHQHUDWRUVRUIRUUHODWHGIXQFWLRQV
‡ 7KH\VKDOOEHXVHGLQRQHRIWKHIROORZLQJDSSOLFDWLRQV
0RELOHZLWKRXWKRXVLQJIRUWHPSRUDU\SRZHUVXSSOLHV
0RELOHZLWKKRXVLQJIRUWHPSRUDU\SRZHUVXSSOLHV
2QERDUGEHORZGHFNPDULQHXVHDIWHUFHUWLÀFDWLRQ
2QFRPPHUFLDOYHKLFOHVIUHLJKWWUDQVSRUWFROGVWRUDJHHWF
2QUROOLQJWUDFNDX[LOLDU\SRZHU
2QLQGXVWULDOYHKLFOHVHDUWKKDQGOLQJKRLVWLQJHWF
6WDWLRQDU\LQVWDOODWLRQLQGXVWULDOIDFWRU\SODQW
6WDWLRQDU\ LQVWDOODWLRQ UHVLGHQWLDO FRPPHUFLDO DQG OLJKW LQGXVWU\
KRXVHRIÀFHKRVSLWDO
(QHUJ\PDQDJHPHQWFRJHQHUDWLRQSHDNVLQFRQVXPSWLRQ
$OWHUQDWLYHHQHUJ\VFKHPHV
‡ 7KHVWDQGDUGJHQHUDWRUVDUHGHVLJQHGWRVDWLVI\´LQGXVWULDOµHPLVVLRQV
DQGLPPXQLW\VWDQGDUGV,QWKHHYHQWWKDWJHQHUDWRUVKDYHWRFRPSO\
ZLWKHPLVVLRQOLPLWDWLRQVIRUUHVLGHQWLDOFRPPHUFLDODQGOLJKWLQGXVWULDO
]RQHVVRPHDGGLWLRQDODFFHVVRULHVPD\EHQHFHVVDU\
‡ 7KHLQVWDOODWLRQZLULQJGLDJUDPUHTXLUHVWKDWWKHJHQHUDWRUKRXVLQJLV
FRQQHFWHGWRWKHHDUWKFRQGXFWRUXVLQJDQDGHTXDWHO\VL]HGFDEOH
ZLWKDPLQLPXPOHQJWKSRVVLEOH
‡ 7KH XVH RI DQ\ VSDUH SDUWV WKDW DUH QRW JHQXLQH RU QRW H[SUHVVO\
DXWKRULVHG VKDOO IUHH 6LQFUR IURP DQ\ ZDUUDQW\ OLDELOLW\ DQG DQ\
UHVSRQVLELOLW\ FRQFHUQLQJ FRQIRUPLW\ WR UHJXODWLRQV DQG UHOHYDQW
FRQVHTXHQFHV
‡ ,QVWDOODWLRQDIWHUVDOHVDVVLVWDQFHDQGPDLQWHQDQFHPXVWEHFDUULHG
RXWE\DGHTXDWHO\WUDLQHGVWDIIZLWKDNQRZOHGJHRIWKHSURYLVLRQVRI
(&GLUHFWLYHV
,'SODWH
,1752'8&7,21
2Q GHOLYHU\ LQVSHFW WKH JHQHUDWRU WR FKHFN LW KDV QRW EHHQ GDPDJHG
GXULQJWUDQVSRUWRUWKDWQRSDUWVDUHPLVVLQJ
(OHFWULFDOVSHFLÀFD
WLRQVSODWH
&DXWLRQ
7KHLQVWDOOHUPXVWFOHDUO\PDUNRQWKHSODWH
WKHDFWXDOFRQQHFWLRQIURPWKRVHSURYLGHG
RQWKHOLVWVRDVWRDYRLGSRVVLEOHPDOIXQF
WLRQVDQGHYHQLQMXU\WRSHUVRQVRUGDPDJH
WRREMHFWV
,%$JRVWR5HY
&RQWURORI,'SODWH
7KHJHQHUDWRUVLQWKH,%UDQJHFDQEHLGHQWLÀHGE\WKHLU,'SODWH7KLV
VKRXOGEHFRQWUROOHGDQGFKHFNHGDJDLQVWWKHRUGHUVSHFLÀFDWLRQVRQ
GHOLYHU\LQRUGHUWRDVFHUWDLQHYHQWXDOHUURUVLQVKLSPHQWRUFRQÀJXUD
WLRQ
3RVLWLRQRISODWHZLWKHOHFWULFDOVSHFLÀFDWLRQVVHULDOQXPEHU
DQGSURGXFWLRQORW
$Q DGKHVLYH SODWH LV VXSSOLHG ZLWK WKH JHQHUDWRU LQGLFDWLQJ LWV VHULDO
QXPEHUZKLFKLVGLIIHUHQWIRUHDFKPDFKLQHDQGWKHSURGXFWLRQORW
7KHVHULDOQXPEHUDQGSURGXFWLRQORWSOD\DQHVVHQWLDOUROHLQWKHSUR
FHGXUHVLQYROYHGLQUHTXHVWLQJDIWHUVDOHVDVVLVWDQFH
7KHJHQHUDWRULVVXSSOLHGFRPSOHWHZLWKDQDGGLWLRQDODGKHVLYHSODWH
WKDW JLYHV WKH PDFKLQH GDWD DQG HOHFWULFDO VSHFLÀFDWLRQV DQG D OLVW RI
SRVVLEOHFRQQHFWLRQV
&DXWLRQ 7KH LQVWDOOHU PXVW FOHDUO\ PDUN RQ WKH SODWH WKH DFWXDO
(1*/,6+
FRQQHFWLRQIURPWKRVHSURYLGHGRQWKHOLVWVRDVWRDYRLGSRVVLEOH
PDOIXQFWLRQVDQGHYHQLQMXU\WRSHUVRQVRUGDPDJHWRREMHFWV
&DXWLRQ
)RU HOHFWULFDO FLUFXLWV RWKHU WKDQ VWDU
VHULHV FRQVXOW WKH VHFWLRQ DQG VSHFLÀF
ZLULQJGLDJUDPVJLYHQLQWKLVPDQXDO
&DXWLRQ)RUHOHFWULFDOFLUFXLWVRWKHUWKDQVWDUVHULHVFRQVXOWWKH
VHFWLRQDQGVSHFLÀFZLULQJGLDJUDPVJLYHQLQWKLVPDQXDO
7KH6LQFUR7HFKQLFDO2IÀFHLVDOZD\VDYDLODEOHIRUDQ\FODULÀFDWLRQ
23(5$7,1*35,1&,3/($1'&+$5$&7(5,67,&62)7+(92/7
$*(5(*8/$7256<67(0
7KH H[FLWHU VWDWRU KDV D UHVLGXDO PDJQHWLVP ZKLFK JXDUDQWHHV VHOI
H[FLWLQJRIWKHJHQHUDWRURQVWDUWXSWKDWWKHUHE\JHQHUDWHVDUHVLGXDO
YROWDJHRIDERXWQRPLQDOYROWDJH
7KH$95SRZHUHGE\DQDX[LOLDU\FLUFXLWRQWKHPDLQVWDWRUDFWVRQWKH
H[FLWHUVWDWRULQGLUHFWO\FRQWUROOLQJWKHÀHOGJHQHUDWHGE\WKHPDLQURWRU
E\PHDQVRIWKHVHTXHQFHH[FLWHUURWRUGLRGHEULGJHPDLQURWRU
7KH YROWDJH UHJXODWRU KDV D “ YROWDJH SUHFLVLRQ LQ WKH PDFKLQH·V
ZRUNLQJUDQJHZLWKGLVWRUWLRQIUHHORDGV7KHYROWDJHUHJXODWRUFRQWUROV
DQGNHHSVFRQVWDQWWKHDYHUDJHYROWDJHRIRQHSKDVH
$ IUHTXHQF\ FRQWURO SURJUHVVLYHO\ GHDFWLYDWHV WKH PDFKLQH ZKHQ WKH
GULYHPRWRUVSHHGGURSVEHORZDSUHVHWDGMXVWDEOHWKUHVKROGSUHYHQWLQJ
RYHUH[FLWHPHQWDWORZRSHUDWLQJVSHHGVDQGDEDWLQJWKHORDGHQJDJH
HIIHFWVRQWKHPRWRU
,QFRQFOXVLRQWKHUHJXODWRUUHDFWLRQWLPHFDQEHPRGXODWHGWRHOLPLQDWH
DQ\YROWDJHLQVWDELOLW\WKDWPD\DULVH
$IXVHSURWHFWVUHJXODWRUDQGJHQHUDWRUIURPRYHUORDGVDQGRUIDXOWV
7KHUHJXODWRUKDVEHHQEXLOWWRVXSSUHVVWKHYROWDJHVXUJHVRQUHOHDVLQJ
WKHORDGWKDWDUHEHORZDWQRPLQDOORDG
$FRQVLGHUDEOHVXUJHFDSDFLW\LVDYDLODEOHIRUDV\QFKURQRXVPRWRUV
,QIDFWWKHUHJXODWRULVFDSDEOHRIVLPXOWDQHRXVO\VXSSO\LQJWKHJHQHUD
WRURYHURIUDWHGFXUUHQWDW3) ZLWKDYROWDJHGURSRIOHVV
WKDQ
$95ERDUG
*(1(5$/ 0(&+$1,&$/$1' (/(&75,&$/ 63(&,),&$7,216
)25&283/,1*:,7+02725
$VDQLQGHSHQGHQWXQLWGHVLJQHGWREHEXLOWLQWRDHOHFWULFLW\JHQHUDWLQJ
VHWLWLVLPSRVVLEOHWRDSSO\DOOWKHVLJQDOGHFDOVRQWKHJHQHUDWRUGXULQJ
SURGXFWLRQ7KHVHGHFDOVLQGLFDWLQJDSRWHQWLDOKD]DUGRUULVNGXHWROLYH
FRPSRQHQWVDUHVXSSOLHGORRVHDQGKDYHWREHDSSOLHGE\WKHFRQVWUXFWRU
RIWKHHOHFWULFLW\JHQHUDWLQJVHWLQWKHSRVLWLRQVLQGLFDWHGLQWKHÀJXUHWR
WKHVLGHRQFHDVVHPEO\RIWKHZKROHVHWKDVEHHQFRPSOHWHG
7KHJHQHUDWRUVLQWKH,%UDQJHDUHGHVLJQHGWRRSHUDWHDWDPD[LPXP
WHPSHUDWXUH RI ƒ& DQG DW D PD[LPXP DOWLWXGH DERYH VHD OHYHO RI
PDWVO
7KHQRPLQDOSHUIRUPDQFHLQGLFDWHGRQWKHSODWHUHIHUVWRRSHUDWLRQZLWKLQ
WKHVHWHPSHUDWXUHDQGDOWLWXGHOLPLWV
$WWHPSHUDWXUHVRYHUƒ&DQGRUDOWLWXGHVDERYHPDWVODORVV
RISHUIRUPDQFHVKRXOGEHH[SHFWHGVHHWDEOHRQWKHOHIW
7KH6LQFUR7HFKQLFDO2IÀFHVKRXOGEHDGYLVHGRIDQ\HQYLURQPHQWDO
FRQGLWLRQVWKDWZRUVHQWKHDERYHOLPLWV
7KHJHQHUDWRUVDUHÀWWHGZLWKDQDLUYHQWLODWLRQV\VWHPSURWHFWLYHJXDUGV
DQGGULSSURRIFRYHUVWKH\DUHQRWVXLWDEOHIRURXWGRRULQVWDOODWLRQXQOHVV
DQDGHTXDWHSURWHFWLYHVKHOWHULVSURYLGHG:KHQXQGHUVWRUDJHDZDLWLQJ
LQVWDOODWLRQRULQVWDQGE\LWLVDGYLVDEOHWRXVHRIDQWLFRQGHQVDWHKHDWHUV
WRSURWHFWWKHZLQGLQJVIURPGDPS
%HIRUHWKHLQLWLDOVWDUWXSRUDIWHUORQJVKXWGRZQVFKHFNWKHLQVXODWLRQ
UHVLVWDQFHWRZDUGVHDUWKRIDOOZLQGLQJVDOZD\VUHPHPEHUWRXQKRRNWKH
YROWDJHUHJXODWRUEHIRUHFDUU\LQJRXWWKLVWHVWWKHUHVXOWVPXVWEHRYHU
02KP,IWKLVLVQRWWKHFDVHWKHDOWHUQDWRUDORQHVKRXOGEHRYHQGULHG
DW¸ƒ&IRUKRXUV%HIRUHFDUU\LQJRXWWKLVRSHUDWLRQUHPRYHWKH
YROWDJHUHJXODWRU$VDQDOWHUQDWLYHWRRYHQGU\LQJKRWDLUDW¸ƒ&
$PELHQWWHPSƒ&
$OWLWXGHP
3RZHUIDFWRU
,%$JRVWR5HY
(1*/,6+
FDQEHEORZQWKURXJKWKHDOWHUQDWRUIRUDWOHDVWKRXU
,QWKHHYHQWRILQVWDOODWLRQLQVLGHDFORVHGKRXVLQJPDNHVXUHWKDWWKHFRROLQJ
DLUWHPSHUDWXUHIRUWKHJHQHUDWRUGRHVQRWULVHDERYHVWDQGDUG
7KHKRXVLQJPXVWEHFRQVWUXFWHGVRWKDWWKHPRWRUDLUYHQWLQWKHKRXVLQJ
LVVHSDUDWHIURPWKHJHQHUDWRUDLUYHQWHVSHFLDOO\LIWKHDLULQOHWLQWKHKRXV
LQJKDVWREHVXSSOLHGE\WKHFRROLQJIDQ:KDW·VPRUHWKHJHQHUDWRUDLU
YHQWVKRXOGEHFRQVWUXFWHGWRSUHYHQWGDPSIURPHQWHULQJE\ÀWWLQJVXLWDEOH
SURWHFWLRQV7KHKRXVLQJVKRXOGEHGHVLJQHGVRWKDWWKHUHLVDPLQLPXP
FOHDUDQFHRIPPEHWZHHQWKHJHQHUDWRUDLUYHQWDQGDQ\ÁDWVXUIDFH
,IVSHFLÀHGRQRUGHUWKHJHQHUDWRUFDQEHÀWWHGZLWKDLUÀOWHUV
,PSRUWDQW$GURSLQFRROLQJDLUÁRZRULQDGHTXDWH
SURWHFWLRQ RI WKH JHQHUDWRU FDQ OHDG WR
GDPDJHDQGRUPDOIXQFWLRQRIWKHZLQG
LQJV
,PSRUWDQW$GURSLQFRROLQJDLUÁRZRULQDGHTXDWHSURWHFWLRQRIWKH
JHQHUDWRUFDQOHDGWRGDPDJHDQGRUPDOIXQFWLRQRIWKHZLQGLQJV
7KHJHQHUDWRUURWRUDVVHPEO\LVIDFWRU\EDODQFHGG\QDPLFDOO\ZLWKIXOONH\
7KHPRWRULQGXFHVTXLWHFRPSOH[YLEUDWLRQVLQFOXGLQJRYHUWRQHVWKDW
ZKHQDGGHGWRWKHJHQHUDWRUYLEUDWLRQVFDQFDXVHVXEVWDQWLDOYLEUDWLRQ
OHYHOVGDPDJLQJIRUWKHHOHFWULFLW\JHQHUDWLQJVHWRSHUDWLRQ7KHUHIRUH
LWLVHVVHQWLDOWKDWWKHSODQWHQJLQHHUWDNHVDOOQHFHVVDU\PHDVXUHVWR
HQVXUHDOLJQPHQWDQGSURYLGHDÀUPEDVHDQGVXSSRUWVLQRUGHUWRSUH
YHQWYLEUDWLRQVIURPH[FHHGLQJWKHVWDQGDUG
'XDO EHDULQJ JHQHUDWRUV UHTXLUH D ULJLG IUDPH WR VXSSRUW WKH PRWRU
JHQHUDWRUVRWKDWDJRRGEDVHLVHVWDEOLVKHGIRUDSUHFLVHDOLJQPHQW
7KLVIUDPHVKRXOGEHDQFKRUHGWRWKHEDVHZLWKDQWLYLEUDWLRQSOXJV,Q
RUGHUWRPLQLPLVHWZLVWRVFLOODWLRQVLWLVDGYLVDEOHWRXVHDVXLWDEO\VL]HG
ÁH[LEOHMRLQW
,QEHOWWUDQVPLVVLRQVDSSOLHGWRGXDOEHDULQJJHQHUDWRUVLWLVHVVHQWLDO
WKDWWKHSXOOH\GLDPHWHUVDQGFRQVWUXFWLRQVSHUPLWWKHORDGDSSOLHGWRWKH
VKDIWWREHFHQWUHGZLWKWKHOHQJWKRIWKHQXEDQGQRWWRH[FHHG1
)RUJUHDWHUVKDIWOHQJWKVWKHDFFHSWDEOHORDGVFDQEHUHTXHVWHGGLUHFWO\
IURPWKH6LQFUR7HFKQLFDO2IÀFH
$OLJQPHQWRIVLQJOHEHDULQJJHQHUDWRUVLVFULWLFDOEHFDXVHLWPD\JLYH
ULVHWRYLEUDWLRQVDORQJWKHFRXSOLQJEHWZHHQPRWRUDQGJHQHUDWRU)RU
WKLVSXUSRVHVSHFLDODWWHQWLRQPXVWEHJLYHQWRWKHDOWHUQDWRUWRPRWRU
DVVHPEO\SURYLGLQJDVROLGEDVHDQGLPSOHPHQWLQJDQWLYLEUDWLRQSOXJV
WRVXSSRUWWKHPRWRUDOWHUQDWRUDVVHPEO\
7KHWHUPLQDOER[FRQWDLQVWKHLQVXODWHGWHUPLQDOVIRUFRQQHFWLQJWKHOLQH
DQGQHXWUDODQGIRUWKHHDUWKFRQQHFWLRQ
7KHQHXWUDOLV127FRQQHFWHGWRWKHKRXVLQJ
:$51,1*
7KHJHQHUDWRULVVXSSOLHGZLWKRXWDFRQ
QHFWLRQWRHDUWKWRPDNHWKLVFRQQHFWLRQ
UHIHUWRUHOHYDQWORFDOUHJXODWLRQV$QLQHI
ÀFLHQWHDUWKFRQQHFWLRQRUVDIHW\FXWRXW
FDQFDXVHLQMXU\RUGHDWK
$QHUURULQLQVWDOODWLRQXVHPDLQWHQDQFH
RUUHSODFHPHQWRISDUWVFDQFDXVHVHYHUH
LQMXU\ RU GHDWK QRW WR PHQWLRQ GDPDJH
WR WKH PDFKLQHU\$OO ZRUN RQ HOHFWULFDO
DQGRUPHFKDQLFDOSDUWVPXVWEHFDUULHG
RXWE\DTXDOLÀHGVSHFLDOLVW
,%$JRVWR5HY
:DUQLQJ7KHJHQHUDWRULVVXSSOLHGZLWKRXWDFRQQHFWLRQWRHDUWK
WR PDNH WKLV FRQQHFWLRQ UHIHU WR UHOHYDQW ORFDO UHJXODWLRQV $Q
LQHIÀFLHQWHDUWKFRQQHFWLRQRUVDIHW\FXWRXWFDQFDXVHLQMXU\RU
GHDWK
7KHJHQHUDWRUIDXOWFXUUHQWVDUHDYDLODEOHRQUHTXHVWWRKHOSWKHSODQW
HQJLQHHULQVL]LQJWKHSODQWDQGLWVFRPSRQHQWV
:DUQLQJ$QHUURULQLQVWDOODWLRQXVHPDLQWHQDQFHRUUHSODFHPHQW
RISDUWVFDQFDXVHVHYHUHLQMXU\RUGHDWKQRWWRPHQWLRQGDPDJH
WR WKH PDFKLQHU\$OO ZRUN RQ HOHFWULFDO DQGRU PHFKDQLFDO SDUWV
PXVWEHFDUULHGRXWE\DTXDOLÀHGVSHFLDOLVW
(1*/,6+
,167$//$7,21
/LIWLQJ
/LIWDQGKDQGOHWKHJHQHUDWRUZLWKVXLWDEOHHTXLSPHQWHLWKHURQDSDOOHW
RUE\WKHOLIWLQJOXJVORFDWHGRQWKHJHQHUDWRULQWKHSRVLWLRQVLQGLFDWHG
LQWKHÀJXUH
:KHQOLIWLQJWKHJHQHUDWRUXVHHTXLSPHQWZLWKDORDGEHDULQJFD
SDFLW\RIDWOHDVWNJ
&DXWLRQ $Q LQVXIÀFLHQW ORDGEHDULQJ FDSDFLW\ FDQ FDXVH VHYHUH
LQMXU\DQGGDPDJH
&DXWLRQ7KHOLIWLQJOXJVRQWKHJHQHUDWRUKDYHEHHQGHVLJQHGIRU
OLIWLQJRQO\WKHJHQHUDWRUDQGQRWWKHZKROHHOHFWULFLW\JHQHUDWLQJ
VHW
&DXWLRQ $QLQVXIÀFLHQWORDGEHDULQJFDSDFLW\FDQFDXVH
VHYHUHLQMXU\DQGGDPDJH
7KHOLIWLQJOXJVRQWKHJHQHUDWRUKDYHEHHQGH
VLJQHGIRUOLIWLQJRQO\WKHJHQHUDWRUDQGQRWWKH
ZKROHHOHFWULFLW\JHQHUDWLQJVHW
&DXWLRQ
%HIRUHDVVHPEO\FKHFNWKDWWKHFRQHFRX
SOLQJVERWKRQJHQHUDWRUDQGPRWRUDUH
FRPSDWLEOHLQRUGHUDQGSHUIHFWO\FOHDQ
:KHQOLIWLQJDQGKDQGOLQJVLQJOHEHDULQJJHQHUDWRUVWKH\PXVWEHNHSW
KRUL]RQWDOLQRUGHUWRDYRLGLIRSHUDWLRQVVKRXOGJRZURQJWKHURWRUIURP
VOLSSLQJRXWDQGEHLQJGDPDJHGDQGSRVVLEO\FDXVLQJVHYHUHLQMXU\
0RXQWLQJRQPRWRU
$VVHPEO\IRUPDW,0%VHHÀJXUHRQWKHULJKW
&DXWLRQ %HIRUH DVVHPEO\ FKHFN WKDW WKH FRQH FRXSOLQJV ERWK
RQ JHQHUDWRU DQG PRWRU DUH FRPSDWLEOH LQ RUGHU DQG SHUIHFWO\
FOHDQ
‡ 5HPRYHWKHSURWHFWLYHJULOOHV
‡ )DVWHQWKHVKLHOGWRWKHPRWRUDIWHUKDYLQJUHPRYHGLWIURPWKH
DOWHUQDWRU
‡ $SSO\WKHWLHURGWKDWDQFKRUVWKHURWRUD[LDOO\E\VFUHZLQJLWRQWR
WKHH[WHUQDOVHFWLRQRIWKHPRWRUVKDIW
‡ $QFKRUWKHFRPSOHWHJHQHUDWRUDVVHPEO\LHVWDWRUDQGURWRUWRWKH
VKLHOGXVLQJWKHVHOIORFNLQJQXWV
‡ &KHFNWKDWWKHFRQHFRXSOLQJVRIURWRUDQGPRWRUKDYHPDGHFRQWDFW
E\KDPPHULQJWKHURWRUD[LDOO\ZLWKDSODVWLFPDOOHWDQGEORFN
‡ /RFND[LDOO\WKHURWRUE\WXUQLQJWKHVHOIORFNLQJQXWRQWKHWLHURG
&DXWLRQ%HIRUHIDVWHQLQJWKHQXWFKHFNWKDWSDUWRIWKHWKUHDGHG
VHFWLRQRIWKHWLHURGHQWHUVWKHURWRUWKHUHE\REWDLQLQJDVRXQG
KROG
‡ &KHFNWKDWH[FLWHUURWRUDQGVWDWRUDUHSHUIHFWO\DOLJQHG
‡ 0RXQWWKHDVVHPEO\RQDQWLYLEUDWLRQSOXJVPDNLQJVXUHWKDWPRWRU
DQGJHQHUDWRUDUHOHYHO
‡ 5HSODFHWKHJULOOHV
&DXWLRQ
%HIRUHIDVWHQLQJWKHQXWFKHFNWKDWSDUWRI
WKHWKUHDGHGVHFWLRQRIWKHWLHURGHQWHUVWKH
URWRUWKHUHE\REWDLQLQJDVRXQGKROG
'LVPDQWOLQJIRUPDW,0%
)RU GLVPDQWOLQJ IROORZ LQ UHYHUVH WKH LQVWUXFWLRQV SURYLGHG LQ VHFWLRQ
$VVHPEO\IRUPDW6$(VHHÀJXUHRQIROORZLQJSDJH
&DXWLRQ%HIRUHSURFHHGLQJZLWKDVVHPEO\FKHFNWKDWWKHFRXSOLQJV
ERWKRQJHQHUDWRUDQGPRWRUDUHLQRUGHUDQGSHUIHFWO\FOHDQ
‡ 5HPRYHWKHURWRUDQFKRUEDU
‡ 5HPRYHWKHSURWHFWLYHJULOOHV)RUWKH6$(YHUVLRQUHPRYHWKH
SODVWLFFDSVRQWKHEHOOWRJLYHHDVLHUDFFHVVZKHQPRXQWLQJWKH
GLVN
‡ 0DNHVXUHWKHGLDPHWHURIWKHGLVNFRUUHVSRQGVZLWKWKHGLDPHWHU
RIWKHVHDWLQWKHÁ\ZKHHO
‡ $QFKRUWKHJHQHUDWRUWRWKHPRWRUE\ORFNLQJWKH6$(EHOOPDNLQJ
VXUHWKDWWKHKROHVLQGLVNDQGÁ\ZKHHODUHDOLJQHG
,%$JRVWR5HY
(1*/,6+
&DXWLRQ
%HIRUH SURFHHGLQJ ZLWK DVVHPEO\ FKHFN
WKDWWKHFRXSOLQJVERWKRQJHQHUDWRUDQG
PRWRUDUHLQRUGHUDQGSHUIHFWO\FOHDQ
‡ &KHFNWKDWWKHGLVNLVLQFRQWDFWZLWKWKHÁ\ZKHHOE\KDPPHULQJD[LDOO\
WKHURWRUZLWKDSODVWLFPDOOHWDQGEORFN
‡ /RFNWKHGLVNRQWRWKHÁ\ZKHHO
‡ &KHFNWKDWWKHH[FLWHUURWRUDQGVWDWRUDUHSHUIHFWO\DOLJQHG
‡ 0RXQWWKHDVVHPEO\RQDQWLYLEUDWLRQSOXJVPDNLQJVXUHWKDWPRWRU
DQGJHQHUDWRUDUHOHYHO
‡ )LWWKHSODVWLFFDSVRQWKHEHOORQO\RQYHUVLRQ6$(DQGIDVWHQ
WKHJULOOHV
'LVPDQWOLQJIRUPDW6$(
)RU GLVPDQWOLQJ IROORZ LQ UHYHUVH WKH LQVWUXFWLRQV SURYLGHG LQ VHFWLRQ
(DUWKLQJ
:DUQLQJ,QDGHTXDWHSURWHFWLRQDQGRUEDGDOLJQPHQWRIWKHJHQ
HUDWRUFDQFDXVHLQMXU\WRSHUVRQVDQGRUGDPDJHWRHTXLSPHQW
7KH JHQHUDWRU KRXVLQJ KDV WR EH VRXQGO\ FRQQHFWHG WR HDUWK RQ WKH
EDVHRIWKHHOHFWULFLW\JHQHUDWLQJVHW,IÁH[LEOHDQWLYLEUDWLRQVXSSRUWVDUH
PRXQWHGEHWZHHQWKHJHQHUDWRUKRXVLQJDQGLWVEDVHDQHDUWKFRQGXF
WRUVKRXOGEHFRQQHFWHGLQSDUDOOHOWKURXJKWKHÁH[LEOHVXSSRUWDQGEH
DGHTXDWHO\VL]HGXVXDOO\KDOIRIWKHVHFWLRQRIWKHPDLQOLQHFDEOHV
,QDGHTXDWH SURWHFWLRQ DQGRU EDG DOLJQ
PHQWRIWKHJHQHUDWRUFDQFDXVHLQMXU\WR
SHUVRQVDQGRUGDPDJHWRHTXLSPHQW
:$51,1*
0DNHVXUHWKHHDUWKLQJSURFHGXUHLVFDU
ULHGRXWSURSHUO\
7KHUHDUVKLHOGQH[WWRWKHIHHWKDVWZR0WKUHDGHGKROHVWKDWFDQEH
XVHGZKHQHDUWKLQJWKHKRXVLQJVHH¿JXUHRQWKHOHIW
:DUQLQJ0DNHVXUHWKHHDUWKLQJSURFHGXUHLVFDUULHGRXWSURSHUO\
3UHOLPLQDU\&RQWUROV
&RQWURORIHOHFWULFDOLQVXODWLRQ
%HIRUHVWDUWLQJXSWKHHOHFWULFLW\JHQHUDWLQJVHWRUDIWHUORQJVKXWGRZQV
FKHFNWKHLQVXODWLRQUHVLVWDQFHRIWKHZLQGLQJVWRHDUWK
&DXWLRQ 8QKRRN WKH $95 YROWDJH UHJXODWRU EHIRUH FDUU\LQJ RXW
WKLVWHVW
7KHUHVXOWVPXVWEHRYHU02KP,IWKLVLVQRWWKHFDVHWKHDOWHUQDWRU
DORQHVKRXOGEHRYHQGULHGDW¸ƒ&IRUKRXUV%HIRUHFDUU\LQJRXW
WKLVRSHUDWLRQUHPRYHWKHYROWDJHUHJXODWRU$VDQDOWHUQDWLYHWRRYHQ
GU\LQJKRWDLUDW¸ƒ&FDQEHEORZQWKURXJKWKHDOWHUQDWRUIRUDW
OHDVWKRXU
,PSRUWDQW7KHZLQGLQJVDUHWHVWHGXQGHUKLJKWHQVLRQGXULQJSUR
GXFWLRQ$GGLWLRQDOKLJKWHQVLRQWHVWVFDQZHDNHQWKHLQVXODWLRQ
WKHUHE\UHGXFLQJWKHZRUNLQJOLIHVSDQ,IDKLJKWHQVLRQWHVWVKRXOG
SURYHQHFHVVDU\IRUFXVWRPHUDSSURYDOWKHVHWHVWVVKRXOGEHFDU
ULHGRXWDWORZHUYROWDJHV
0WKUHDGHGKROHVIRUHDUWKLQJ
&DXWLRQ
8QKRRNWKH$95YROWDJHUHJXODWRUEHIRUH
FDUU\LQJRXWWKLVWHVW
'LUHFWLRQRIURWDWLRQ
$OOPDFKLQHVDUHHTXLSSHGZLWKDSURSHOOHUIDQDQGFDQWKHUHIRUHRSHUDWH
LQERWKGLUHFWLRQVRIURWDWLRQ7KHJHQHUDWRULVVXSSOLHGZLWKFORFNZLVH
URWDWLRQYLHZHGIURPWKHFRXSOLQJVLGHXQOHVVRWKHUZLVHVSHFLÀHGRQ
RUGHU WR SURGXFH D 89: SKDVH VHTXHQFH ,I URWDWLRQ KDV WR EH UH
YHUVHGDIWHUGHOLYHU\DVNWKH6LQFUR7HFKQLFDO2IÀFHIRUWKHUHOHYDQW
ZLULQJGLDJUDPV
,PSRUWDQW7KHZLQGLQJVDUHWHVWHGXQGHUKLJKWHQ
VLRQGXULQJSURGXFWLRQ$GGLWLRQDOKLJK
WHQVLRQWHVWVFDQZHDNHQWKHLQVXODWLRQ
WKHUHE\UHGXFLQJWKHZRUNLQJOLIHVSDQ
,IDKLJKWHQVLRQWHVWVKRXOGSURYHQHFHV
VDU\IRUFXVWRPHUDSSURYDOWKHVHWHVWV
VKRXOGEHFDUULHGRXWDWORZHUYROWDJHV
,%$JRVWR5HY
&RQWURORIYROWDJHDQGIUHTXHQF\
&RQWUROWKDWWKHYROWDJHDQGIUHTXHQF\OHYHOVUHTXLUHGE\WKHHOHFWULFLW\
JHQHUDWLQJVHWFRUUHVSRQGWRWKHJHQHUDWRUGDWDSODWH
:DUQLQJ7KHJHQHUDWRUOHDYHVWKHSURGXFWLRQOLQHZLWKDVWDUVHULHV
(1*/,6+
FRQQHFWLRQXQOHVVRWKHUZLVHVSHFLÀHGRQRUGHUZKLFKDUHXVHG
DVUHIHUHQFHIRULWVQRPLQDOGDWD,QWKHHYHQWRIDQ\VXEVHTXHQW
FKDQJHVWKHLQVWDOOHUPXVWXQGHUWDNHWRPDUNWKHQHZFRQQHFWLRQ
XVHGRQWKHPDFKLQHGDWDSODWHORFDWHGLQVLGHWKHWHUPLQDOER[7R
FKDQJHFRQQHFWLRQFRQVXOWWKHGLDJUDPVLQWKHDSSHQGL[RIWKLV
PDQXDO
:$51,1*
:DUQLQJ$OOFKDQJHVLQFRQQHFWLRQPXVWEHFDUULHGRXWVROHO\E\
DTXDOLÀHGVSHFLDOLVW
$95ERDUGVHWWLQJV
7RVHOHFWWKH$95VHWWLQJVDFFHVVWKHFRQWUROERDUGDIWHUUHPRYLQJWKH
FRYHU0RVWDGMXVWPHQWVDUHIDFWRU\VHWWRHQVXUHVDWLVIDFWRU\UHVXOWVLQ
WKHRSHUDWLQJWHVWVRQFRPPLVVLRQLQJ)XUWKHUDGMXVWPHQWVPD\EHQHF
HVVDU\WRHQVXUHRSWLPXPRSHUDWLRQXQGHUVSHFLÀFZRUNLQJFRQGLWLRQV
7KHJHQHUDWRUOHDYHVWKHSURGXFWLRQOLQH
ZLWK D VWDUVHULHV FRQQHFWLRQ XQOHVV
RWKHUZLVHVSHFLÀHGRQRUGHUZKLFKDUH
XVHG DV UHIHUHQFH IRU LWV QRPLQDO GDWD
,QWKHHYHQWRIDQ\VXEVHTXHQWFKDQJHV
WKHLQVWDOOHUPXVWXQGHUWDNHWRPDUNWKH
QHZFRQQHFWLRQXVHGRQWKHPDFKLQHGDWD
SODWHORFDWHGLQVLGHWKHWHUPLQDOER[7R
FKDQJHFRQQHFWLRQFRQVXOWWKHGLDJUDPV
LQWKHDSSHQGL[RIWKLVPDQXDO
$OOFKDQJHVLQFRQQHFWLRQPXVWEHFDUULHG
RXWVROHO\E\DTXDOLÀHGVSHFLDOLVW
5DQJH RI
DX[LOLDU\ YROWDJH
9
7KHÀJXUHDORQJVLGHVKRZVWKHGLDJUDPVRIWKHWZRMXPSHUVSUHVHQWRQ
WKHERDUGWKHÀUVWUHIHUVWRWKHRSHUDWLRQRIWKHDOWHUQDWRUDWRU+]
ZKLOHWKHVHFRQGLGHQWLÀHVWKHSRVLWLRQRIWKHMXPSHUIRUWKHDX[LOLDU\
YROWDJH
9
7KHRXWSXWYROWDJHFDQEHFKDQJHGE\DGMXVWLQJSRWHQWLRPHWHU´9µ7DNH
WKHJHQHUDWLQJVHWWRLWVQRPLQDOVSHHGDQGWXUQXQWLOWKHUHTXLUHGYROWDJH
LVREWDLQHG,IDVPDOOYDULDWLRQLQVSHHGFDXVHVDFKDQJHLQYROWDJH
WKHQWKHERWWRPVSHHGSURWHFWLRQVKRXOGÀUVWEHFDOLEUDWHG7KHYROWDJH
UHIHUHQFHRUDQJHZLUHVVKRXOGEHFRQQHFWHG
‡ DWWHUPLQDOV´µDQG´µLIXVLQJDYROWDJHEHWZHHQDQG9
‡ WR WHUPLQDOV ´µ DQG ´µ IRU DQ RXWSXW YROWDJH EHWZHHQ DQG
9
8)
)UHTXHQF\
+]
+]
67
9
-XPSHU
&DXWLRQLIWKHYROWDJHLVVHWDQ\KLJKHUWKDQLWVPD[LPXPOLPLWWKH
JHQHUDWRUPD\EHGDPDJHG
6HWWLQJWKHERWWRPVSHHGDW+]VWDUWXSURWDWLRQRIWKHJHQHU
DWLQJVHWDGMXVWLQJLWWRREWDLQDIUHTXHQF\RI+]7XUQWULPPHU
´8)µXQWLOWKHYROWDJHEHJLQVWRGURS5HVWRUHQRPLQDOVSHHG
&DXWLRQLIWKHERWWRPVSHHGLVVHWDWWRRORZDIUHTXHQF\WKHJHQ
HUDWRUPD\EHGDPDJHG2QWKHRWKHUKDQGWRRKLJKDIUHTXHQF\
FDQFDXVHYROWDJHGURSVZLWKKLJKORDGV
(;7
327
&DXWLRQ
,I WKH YROWDJH LV VHW DQ\ KLJKHU WKDQ LWV
PD[LPXP OLPLW WKH JHQHUDWRU PD\ EH
GDPDJHG
&DXWLRQ
,IWKHERWWRPVSHHGLVVHWDWWRRORZDIUH
TXHQF\ WKH JHQHUDWRU PD\ EH GDPDJHG
2QWKHRWKHUKDQGWRRKLJKDIUHTXHQF\
FDQFDXVHYROWDJHGURSVZLWKKLJKORDGV
&RQQHFWLQJDQH[WHUQDOSRWHQWLRPHWHUN2KPUHPRYHWKHMXPSHU
RQWHUPLQDOV´(;7327µDQGZLUHWKHSRWHQWLRPHWHUWRWKHIUHHWHUPLQDOV
KRZHYHUPDNHVXUHWKDWLWLVVHWDWLWVPD[LPXPUHVLVWDQFH7XUQWULPPHU
´9µDQWLFORFNZLVHWRLWVOLPLW7DNHWKHJHQHUDWLQJVHWWRLWVQRPLQDOVSHHG
DQGDGMXVWWKHSRWHQWLRPHWHUXQWLOWKHUHTXLUHGYROWDJHLVREWDLQHG
,IRQORDGYROWDJHÁXFWXDWLRQVDUHH[SHULHQFHGDGMXVWSRWHQWLRPHWHU´67µ
ZKLFKPRGXODWHVWKHUHDFWLRQWLPHRIWKHUHJXODWRUWRH[WHUQDOLQSXWV
WKHUHE\HOLPLQDWLQJDQ\LQVWDELOLW\LQWKHDOWHUQDWRUORDGV\VWHP
:LULQJGLDJUDPVIRUGLIIHUHQWFLUFXLWV
,QWKHDSSHQGL[RIWKLVPDQXDOWKHUHDUHGLDJUDPVIRUDQ\FRQQHFWLRQV
RWKHUWKDQWKHIDFWRU\VWDUVHULHVFRQQHFWLRQVWDQGDUGXQOHVVRWKHUZLVH
VSHFLÀHGRQRUGHU
,QLWLDOVWDUWXS
%HIRUHVWDUWLQJXSWKHHOHFWULFLW\JHQHUDWLQJVHWFKHFNWKDWDOOH[WHUQDO
FRQQHFWLRQVDUHLQRUGHUDQGWKDWWKHSURWHFWLRQVDUHLQSODFH
7KHYDULRXVJHQHUDWRUSDUDPHWHUVDUHIDFWRU\VHWEHIRUHWHVWLQJVRQR
IXUWKHUDGMXVWPHQWVRQWKHPDFKLQHVKRXOGEHQHFHVVDU\LQWKHHYHQW
WKDWWKHFRYHUVQHHGWREHUHPRYHGIRUWKHDGMXVWPHQWVDQGOLYHHOHFWULFDO
,%$JRVWR5HY
(1*/,6+
FRQWDFWVDUHOHIWEDUHLWLVLPSRUWDQWWKDWWKLVRSHUDWLRQEHFDUULHGRXW
VROHO\E\TXDOLÀHGVSHFLDOLVWVLQHOHFWULFDOSODQWPDLQWHQDQFH
'XULQJWKHLQLWLDOVWDUWXSSD\SDUWLFXODUDWWHQWLRQIRUDQ\XQXVXDOQRLVHV
WKDWPLJKWVLJQDODQLQFRUUHFWDOLJQPHQWEHWZHHQPRWRUDQGJHQHUDWRU
:$51,1*
'RQRWWRXFKWKHJHQHUDWRUZKLOHLQRS
HUDWLRQDQGVWUDLJKWDIWHUWKHJHQHUDWLQJ
VHWKDVVWRSSHGVLQFHFHUWDLQSDUWVPD\
VWLOOEHYHU\KRW
7KHODFNRIURXWLQHFKHFNXSVDQGSRRU
PDLQWHQDQFH FDQ FDXVH VHYHUH GDPDJH
WRSHUVRQVDQGRUREMHFWV
:DUQLQJ'RQRWWRXFKWKHJHQHUDWRUZKLOHLQRSHUDWLRQDQGVWUDLJKW
DIWHUWKHJHQHUDWLQJVHWKDVVWRSSHGVLQFHFHUWDLQSDUWVPD\VWLOO
EHYHU\KRW
*HQHUDWRUV DUH URWDWLQJ HOHFWULFDO PDFKLQHV WKDW LQYROYH SRWHQWLDOO\
KD]DUGRXV OLYH RU PRYLQJ SDUWV WKHUHIRUH WKH IROORZLQJ LVVWULFWO\ SUR
KLELWHG
‡ DQLPSURSHUXVH
‡ UHPRYDORIFRYHUVDQGGLVFRQQHFWLRQRIVDIHWLHV
:DUQLQJ7KHODFNRIURXWLQHFKHFNXSVDQGSRRUPDLQWHQDQFHFDQ
FDXVHVHYHUHGDPDJHWRSHUVRQVDQGRUREMHFWV
'XHWRWKHVHLQKHUHQWKD]DUGVDOOZRUNRIDQHOHFWULFDORUPHFKDQLFDO
QDWXUHPXVWEHFDUULHGRXWE\TXDOLÀHGVSHFLDOLVWV
:$51,1*
'$1*(5
7KH PDLQWHQDQFH DQG IDXOW GLDJQRVWLF
SURFHGXUHVLQYROYHULVNVWKDWPD\FDXVH
VHYHUHLQMXU\RUHYHQGHDWK7KHVHSUR
FHGXUHVVKRXOGWKHUHIRUHEHFDUULHGRXW
VROHO\ E\ TXDOLILHG HOHFWULFDO DQG PH
FKDQLFDOVSHFLDOLVWV%HIRUHDQ\PDLQWH
QDQFHDQGFOHDQLQJZRUNPDNHVXUHWKDW
WKHUHDUHQROLYHSDUWVWKDWWKHJHQHUDWRU
KRXVLQJKDVFRROHGWRDPELHQWWHPSHUD
WXUHWKDWWKHHOHFWULFLW\JHQHUDWLQJVHWFDQ
QRWEHDFFLGHQWDOO\VWDUWHGXSDQGWKDWDOO
SURFHGXUHVDUHVWULFWO\REVHUYHG
$)7(56$/(6$66,67$1&($1'0$,17(1$1&(
:DUQLQJ7KHPDLQWHQDQFHDQGIDXOWGLDJQRVWLFSURFHGXUHVLQYROYH
ULVNVWKDWPD\FDXVHVHYHUHLQMXU\RUHYHQGHDWK7KHVHSURFHGXUHV
VKRXOGWKHUHIRUHEHFDUULHGRXWVROHO\E\TXDOLÀHGHOHFWULFDODQG
PHFKDQLFDOVSHFLDOLVWV%HIRUHDQ\PDLQWHQDQFHDQGFOHDQLQJZRUN
PDNHVXUHWKDWWKHUHDUHQROLYHSDUWVWKDWWKHJHQHUDWRUKRXVLQJ
KDVFRROHGWRDPELHQWWHPSHUDWXUHWKDWWKHHOHFWULFLW\JHQHUDWLQJ
VHWFDQQRWEHDFFLGHQWDOO\VWDUWHGXSDQGWKDWDOOSURFHGXUHVDUH
VWULFWO\REVHUYHG
&RQWURORIZLQGLQJVDQGHOHFWULFDOLQVXODWLRQ
7KHFRQGLWLRQRIWKHZLQGLQJVFDQEHFKHFNHGE\PHDVXULQJWKHLUHOHF
WULFDOUHVLVWDQFHWRHDUWK:KLOHUXQQLQJWKLVWHVWGLVFRQQHFWWKHYROWDJH
UHJXODWRU,WLVXVXDOO\VXIÀFLHQWWRFRQWUROWKHPDLQZLQGLQJ
7KHUHDGLQJVVKRXOGJLYHDPHDVXUHPHQWRIDWOHDVW02KP,IWKHLQVX
ODWLRQUHVLVWDQFHLVEHORZWKLVWKUHVKROGWKHDOWHUQDWRUDORQHVKRXOGEH
RYHQGULHGDW¸ƒ&IRUKRXUV%HIRUHFDUU\LQJRXWWKLVRSHUDWLRQ
UHPRYHWKHYROWDJHUHJXODWRU$VDQDOWHUQDWLYHWRRYHQGU\LQJKRWDLUDW
¸ƒ&FDQEHEORZQWKURXJKWKHDOWHUQDWRUIRUDWOHDVWKRXU
&RQWURORIEHDULQJV
7KHEHDULQJVDUHVHDOHGDQGPDLQWHQDQFHIUHH
'XULQJ PDLQWHQDQFH FRQWURO WKH FRQGLWLRQ RI WKH EHDULQJV DQG FKHFN
WKDW QR JUHDVH KDV OHDNHG WKH OLIHVSDQ RI WKH EHDULQJV GHSHQGV RQ
WKHYLEUDWLRQVDQGD[LDOVWUDLQVWKH\XQGHUJRYLEUDWLRQVFDQLQFUHDVH
FRQVLGHUDEO\ZLWKDEDGDOLJQPHQWDQGRQWKHZRUNLQJFRQGLWLRQV6R
FKHFNIRUDQ\XQXVXDOVLJQVYLEUDWLRQVXQXVXDOQRLVHV
,IXQGXHYLEUDWLRQVRUQRLVHVDSSHDUDIWHUORQJWHUPXVDJHWKHVHFRXOG
EHGXHWRDZRUQEHDULQJWKDWLIGDPDJHGKDVWREHUHSODFHG
7KH EHDULQJ VKRXOG DOZD\V EH UHSODFHG DIWHU ZRUNLQJ
KRXUV
%HDULQJVRQJHQHUDWRUVZLWKEHOWWUDQVPLVVLRQVVLQFHWKH\XQGHUJR
JUHDWHUORDGVWKDQJHQHUDWRUVGULYHQE\GLUHFWFRXSOLQJVXVXDOO\KDYH
D VKRUWHU OLIHVSDQ DQG VKRXOG EH FKDQJHG DIWHU ZRUNLQJ
KRXUV
,PSRUWDQW$EHDULQJVOLIHVSDQLVFORVHO\OLQNHGWRWKH
ZRUNLQJFRQGLWLRQVDQGHQYLURQPHQW
,%$JRVWR5HY
,PSRUWDQW $ EHDULQJV OLIHVSDQ LV FORVHO\ OLQNHG WR WKH ZRUNLQJ
FRQGLWLRQVDQGHQYLURQPHQW
(1*/,6+
,PSRUWDQW/RQJSHULRGVRIVXVWDLQHGYLEUDWLRQVFDQGDPDJHWKH
EHDULQJEDOOVDQGWKHLUVHDW7RRKLJKKXPLGLW\FDQHPXOVLI\WKH
JUHDVHDQGHQFRXUDJHFRUURVLRQ
,PSRUWDQW,QWHQVHYLEUDWLRQVFDXVHGE\WKHPRWRURUEDGDOLJQPHQW
RIWKHFRPSRQHQWVLQWKHHOHFWULFLW\JHQHUDWLQJVHWSXWWKHEHDULQJ
XQGHUVWUHVVHVWKDWZLOOUHGXFHLWVOLIHVSDQ
7URXEOHVKRRWLQJ
7KHJHQHUDWRUZLOOQRWH[FLWH
‡ &KHFNWKHIXVH
‡ ,QFUHDVHVSHHGE\
‡ $SSO\D9YROWDJHIRUDQLQVWDQWDFURVVWKHHOHFWURQLFUHJXODWRUWHU
PLQDOVXVLQJDEDWWHU\ZLWKD2KPUHVLVWDQFHLQVHULHVDQGUHPHPEHU
WRUHVSHFWWKHSRODULWLHV
,PSRUWDQW /RQJ SHULRGV RI VXVWDLQHG YLEUDWLRQV
FDQ GDPDJH WKH EHDULQJ EDOOV DQG WKHLU
VHDW7RRKLJKKXPLGLW\FDQHPXOVLI\WKH
JUHDVHDQGHQFRXUDJHFRUURVLRQ
,QWHQVH YLEUDWLRQV FDXVHG E\ WKH PRWRU
RU EDG DOLJQPHQW RI WKH FRPSRQHQWV
LQ WKH HOHFWULFLW\ JHQHUDWLQJ VHW SXW WKH
EHDULQJ XQGHU VWUHVVHV WKDW ZLOO UHGXFH
LWVOLIHVSDQ
$IWHULWLVH[FLWHGLWGHDFWLYDWHV
‡ &KHFNWKHZLULQJDJDLQVWWKHGLDJUDPVLQDSSHQGL[
1RORDGYROWDJHWRRORZ
‡ &DOLEUDWHWKHYROWDJH
‡ &KHFNWKHUSP·V
‡ &KHFNWKHZLQGLQJV
1RORDGYROWDJHWRRKLJK
‡ &DOLEUDWHWKHYROWDJH
‡ &KDQJHWKHUHJXODWRU
8QGHUORDGYROWDJHEHORZQRPLQDO
‡ &DOLEUDWHWKHYROWDJH
‡ &XUUHQWWRRKLJKFRV EHORZVSHHGEHORZRIQRPLQDO
‡ &KDQJHWKHUHJXODWRU
‡ &KHFNWKHGLRGHVXQKRRNLQJWKHFDEOHV
8QGHUORDGYROWDJHDERYHQRPLQDO
‡ &DOLEUDWHWKHYROWDJH
‡ &KDQJHWKHUHJXODWRU
8QVWDEOHYROWDJH
‡ &KHFNIRUXQLIRUPURWDWLRQ
‡ &RQWUROUHJXODWRUVWDELOLW\E\DGMXVWLQJSRWHQWLRPHWHU´67µ
)RUDQ\RWKHUSUREOHPSOHDVHFRQWDFWWKH6LQFUR$IWHUVDOHVVHUYLFH
FHQWUH
5HPRYDODQGUHSODFHPHQWRIFRPSRQHQWVDQGFRPSRQHQWDV
VHPEOLHV
([WUDFWLQJDQGLQVHUWLQJWKHVKDIW
7KHIROORZLQJSURFHGXUHVSUHVXPHWKHDOWHUQDWRUKDVEHHQVHSD
UDWHGIURPWKHPRWRU
'XDOEHDULQJDQGFRQHYHUVLRQ
‡ 8QVFUHZ WKH 0 VFUHZV WKDW IDVWHQ WKH VKLHOG WR WKH VSDFHU
ÁDQJH
‡ +DPPHU WKH VKLHOG HYHQO\ XQWLO LW FRPHV DZD\ IURP WKH URWRU GXDO
EHDULQJYHUVLRQDQGIURPWKHVSDFHUÁDQJHFRQHYHUVLRQ
‡ 5HPRYHWKHEDFNJULOOHDQGKDPPHUWKHEDFNRIWKHURWRUVRWKDWWKH
EHDULQJFRPHVIUHH
‡ 6XVWDLQWKHURWRUZLWKDVOLQJRQWKHFRXSOLQJVLGH
‡ &RQWLQXHWRGULYHWKHURWRURXWRIWKHVWDWRUJUDGXDOO\DGDSWLQJWKH
VOLQJVRWKDWWKHZLQGLQJLVQRWGDPDJHG
,%$JRVWR5HY
(1*/,6+
6$(VLQJOHEHDULQJYHUVLRQ
‡ 5HPRYHWKHEDFNJULOOHDQGKLWWKHEDFNRIWKHURWRUVRWKDWWKHEHDULQJ
FRPHVIUHH
‡ 6XVWDLQWKHURWRUZLWKDVOLQJRQWKHFRXSOLQJVLGH
‡ &RQWLQXHWRGULYHWKHURWRURXWRIWKHVWDWRUJUDGXDOO\DGDSWLQJWKH
VOLQJVRWKDWWKHZLQGLQJLVQRWGDPDJHG
&DXWLRQ
%HIRUHH[WUDFWLQJWKHURWRUWXUQLWVRWKDW
GXULQJ H[WUDFWLRQ WKH URWRU UHVWV RQ WKH
SROHVKRHZKLOHLQVLGHWKHVWDWRU
,QVHUW WKH VKDIW IROORZLQJ LQ UHYHUVH WKH LQVWUXFWLRQV DW VHFWLRQ
&DXWLRQ%HIRUHH[WUDFWLQJWKHURWRUWXUQLWVRWKDWGXULQJH[WUDFWLRQ
WKHURWRUUHVWVRQWKHSROHVKRHZKLOHLQVLGHWKHVWDWRU
:$51,1*
:KHQ WKH URWRU LV UHSRVLWLRQHG WKH DOWHU
QDWRU PD\ ORRVH WKH UHVLGXDO PDJQHWLVP
WKDWHQDEOHVLWWRVHOIH[FLWH%HIRUHVWDUW
LQJXSWKHJHQHUDWLQJVHWWKHDOWHUQDWRUZLOO
WKHUHIRUHKDYHWREHH[FLWHGE\DSSO\LQJD
YROWFXUUHQWDFURVVWKHH[FLWHUWHUPLQDOV
IRUDVHFRQGUHVSHFWLQJWKHSRODULWLHV
:DUQLQJ:KHQWKHURWRULVUHSRVLWLRQHGWKHDOWHUQDWRUPD\ORRVH
WKHUHVLGXDOPDJQHWLVPWKDWHQDEOHVLWWRVHOIH[FLWH%HIRUHVWDUW
LQJXSWKHJHQHUDWLQJVHWWKHDOWHUQDWRUZLOOWKHUHIRUHKDYHWREH
H[FLWHGE\DSSO\LQJDYROWFXUUHQWDFURVVWKHH[FLWHUWHUPLQDOV
IRUDVHFRQGUHVSHFWLQJWKHSRODULWLHV
&KDQJLQJEHDULQJ
6HHVHFWLRQ
‡ 5HPRYHWKHVQDSULQJ
‡ 5HPRYHWKHEHDULQJRUEHDULQJVXVLQJDVWDQGDUGH[WUDFWRU
‡ 7DNHWKHQHZEHDULQJRUEHDULQJVDQGKHDWWKHPPD[¸ƒ&VR
WKHLUGLDPHWHUGLODWHVEHIRUHVOLGLQJWKHPLQWRSRVLWLRQRQWKHVKDIW
‡ 5HSODFHWKHVQDSULQJ
‡ ,QVHUWWKHURWRUE\IROORZLQJLQUHYHUVHWKHLQVWUXFWLRQVDWVHFWLRQ
$V DQ DOWHUQDWLYH WKH EHDULQJ FDQ EH FKDQJHG ZLWKRXW H[WUDFWLQJ WKH
URWRU
‡ 8QVFUHZWKHQXWVWKDWIDVWHQWKHEDFNVKLHOGWRWKHKRXVLQJ
‡ +DPPHUWKHVKLHOGHYHQO\XQWLOLWFRPHVDZD\IURPWKHURWRU
‡ 5HPRYHWKHVQDSULQJ
‡ 5HPRYHWKHEHDULQJRUEHDULQJVXVLQJDVWDQGDUGH[WUDFWRU
‡ 7DNHWKHQHZEHDULQJRUEHDULQJVDQGKHDWWKHPVRWKHLUGLDPHWHUGLODWHV
EHIRUHVOLGLQJWKHPLQWRSRVLWLRQRQWKHVKDIW
‡ 5HSODFHWKHVQDSULQJ
‡ 3RVLWLRQWKHVKLHOGUHPHPEHULQJWRLQVHUWWKHVQDSULQJDQGÀWWKHVFUHZV
OHDYLQJWKHPORRVH
‡ +DPPHUWKHVKLHOGHYHQO\XQWLOWKHEHDULQJDQGVHFWLRQRIKRXVLQJDUHLQ
SODFH
‡ 7LJKWHQWKHQXWVRQWKHVKLHOG
&KDQJLQJURWDWLQJGLRGHV
‡ ([WUDFWWKHURWRUIROORZLQJWKHLQVWUXFWLRQVDWVHFWLRQ
‡ 8QKRRNWKHGLRGHEULGJHE\H[WUDFWLQJWKHFRQQHFWRUDQGVKRHV
‡ 8QVFUHZWKHVFUHZDQGUHPRYHWKHGLRGHEULGJH
‡ )LWWKHQHZGLRGHEULGJHE\ORFNLQJWKHVFUHZZLWKWKUHDGDGKHVLYH
DQGKRRNXSWKHFRQQHFWRUDQGVKRHV
‡ 5HSODFHWKHURWRUIROORZLQJLQUHYHUVHWKHLQVWUXFWLRQVJLYHQDWVHFWLRQ
$VDQDOWHUQDWLYHWKHGLRGHEULGJHFDQEHFKDQJHGE\PHUHO\UHPRYLQJ
WKHEDFNVKLHOGDVGHVFULEHGLQ&KDQJLQJEHDULQJ
&KDQJLQJH[FLWHUURWRU
‡ ([WUDFWWKHURWRUIROORZLQJWKHLQVWUXFWLRQVDWVHFWLRQ
‡ 5HPRYHWKHVQDSULQJ
‡ 5HPRYHWKHEHDULQJXVLQJDVWDQGDUGH[WUDFWRU
‡ 8QKRRNWKHGLRGHEULGJHE\H[WUDFWLQJWKHFRQQHFWRUDQGVKRHV
‡ 8QVFUHZWKHVFUHZDQGUHPRYHWKHGLRGHEULGJH
,%$JRVWR5HY
(1*/,6+
‡ 5HPRYHWKHH[FLWHUZLWKDQH[WUDFWRU
‡ )LWWKHQHZH[FLWHUXVLQJDSUHVV
‡ 5HSODFHHYHU\WKLQJIROORZLQJWKHLQVWUXFWLRQVJLYHQLQVHFWLRQV
5HSODFLQJFRPSRQHQWVDQGFRPSRQHQWDVVHPEOLHV
:KHQDVVHPEOLQJDIWHUFKDQJLQJDSDUWUHSHDWWKHDERYHRSHUDWLRQVLQ
UHYHUVH
&/($1,1*$1'/8%5,&$7,21
:DUQLQJ$Q\NLQGRIFOHDQLQJZRUNPXVWEHFDUULHGRXWZLWKWKH
JHQHUDWLQJVHWVKXWGRZQDQGWKHPDLQVSRZHUVKXWRIIIRUWKHULVN
RIVHYHUHKD]DUGIRUSHUVRQVDQGREMHFWV
0DNHVXUHWKDWWKHHOHFWULFLW\JHQHUDWLQJVHWLVVKXWGRZQDQGWKHPDLQV
SRZHULVVKXWRIIEHIRUHFOHDQLQJWKHRXWVLGHRIWKHJHQHUDWLQJVHWZLWK
FRPSUHVVHGDLU
:DUQLQJ1HYHUDQGIRUQRUHDVRQZKDWVRHYHUXVHÁXLGVRUZDWHU
'RQRWXVHFRPSUHVVHGDLUWRFOHDQLQWHUQDOHOHFWULFDOSDUWVVLQFH
WKLVFRXOGFDXVHVKRUWFLUFXLWVRUUHODWHGSUREOHPV
',60$17/,1*$1'',6326$/
:DUQLQJ2QO\XVHDXWKRULVHGVSHFLDOLVWV
:$51,1*
$Q\NLQGRIFOHDQLQJZRUNPXVWEHFDUULHG
RXWZLWKWKHJHQHUDWLQJVHWVKXWGRZQDQG
WKHPDLQVSRZHUVKXWRIIIRUWKHULVNRI
VHYHUHKD]DUGIRUSHUVRQVDQGREMHFWV
1HYHUDQGIRUQRUHDVRQZKDWVRHYHUXVH
ÁXLGVRUZDWHU'RQRWXVHFRPSUHVVHG
DLUWRFOHDQLQWHUQDOHOHFWULFDOSDUWVVLQFH
WKLVFRXOGFDXVHVKRUWFLUFXLWVRUUHODWHG
SUREOHPV
2QO\XVHDXWKRULVHGVSHFLDOLVWV
$OOPDWHULDOVKRXOGEHHOLPLQDWHGLQFRPSOLDQFHZLWKVWDWXWRU\UHJXOD
WLRQV
7KHJHQHUDWRUGRHVQRWSUHVHQWDQ\SDUWLFXODUULVNVRUKD]DUGVGXULQJ
GLVPDQWOLQJ7RDLGUHFRYHU\RIWKHPDWHULDOLWLVEHVWWRFODVVLI\LWE\
W\SHLHHOHFWULFDOSDUWVFRSSHUDOXPLQLXPSODVWLFHWF
63$5(3$576$1'$)7(56$/(6
$IWHUVDOHVSURFHGXUHDQGFRQWDFWDGGUHVVHV
2XU $IWHUVDOHV 6HUYLFH SURYLGHV D FRPSUHKHQVLYH WHFKQLFDO DGYLVH
VHUYLFH:KHQUHTXHVWLQJDVVLVWDQFHXQGHUZDUUDQW\PDNHVXUHWKDWWKH
JHQHUDWRULGHQWLÀFDWLRQGDWDLVRQKDQGLQFOXGLQJLWVVHULDOQXPEHUDQG
SURGXFWLRQORWDVVKRZQRQWKHDGKHVLYHODEHOZKRVHSRVLWLRQLVJLYHQ
LQVHFWLRQRIWKLVPDQXDO7KHOLVWRIDXWKRULVHGDIWHUVDOHVDVVLVWDQFH
FHQWUHVFDQEHIRXQGRQRXUKRPHSDJHZZZVRJDJURXSFRP
:$55$17<
6LQFUR6UOJXDUDQWHHVWKHRZQDOWHUQDWRUVDQGZHOGHUVIRUDSHULRGRI
PRQWKVVWDUWLQJIURPWKHLQYRLFHLVVXHGDWH:HFRQ¿UPWKDWZDUUDQW\LV
GLUHFWHGRQO\WR6LQFURFXVWRPHUVWRZKLFKZHUHVSRQG6LQFURGRHVQRW
JUDQWZDUUDQW\WRWKRVHZKRKDYHQRWGLUHFWO\SXUFKDVHGWKHSURGXFWIURP
WKHIDFWRU\LQVSLWHRIWKHSRVVHVVLRQRILW
:LWKLQWKHDERYHPHQWLRQHGWHUPV6LQFURFRPPLWVLWVHOIWRVXSSO\IUHHRI
FKDUJHWKRVHVSDUHSDUWVWKDWDFFRUGLQJWRLWVMXGJPHQWRUWRWKHRQHRIDQ
DXWKRUL]HGUHSUHVHQWDWLYHDSSHDUZLWKPDQXIDFWXULQJRUPDWHULDOGHIHFWV
RUDOZD\VWRLWVMXGJPHQWWRGLUHFWO\RUWKURXJKDQDXWKRUL]HGFHQWUHFDUU\
RXWWKHUHSDLULQJZLWKRXWXQGHUWDNLQJWUDQVSRUWFRVWV
:H DQ\KRZ H[FOXGH IRUPV RI UHVSRQVLELOLW\ RU REOLJDWLRQ IRU RWKHU FRVWV
GDPDJHVDQGGLUHFWRULQGLUHFWORVVFDXVHGE\WKHWRWDORUSDUWLDOXVDJHRU
LPSRVVLEOHXVDJHRIWKHSURGXFWV
7KHUHSDLULQJRUWKHVXEVWLWXWLRQZLOOQRWH[WHQGRUUHQHZWKHZDUUDQW\GXUD
WLRQ
:DUUDQW\ZLOOQRWEHJUDQWHGZKHQHYHUEUHDNGRZQVRUSUREOHPVPD\DS
SHDUEHFDXVHRIODFNRIH[SHULHQFHXVDJHRYHUWKHQRPLQDOSHUIRUPDQFHV
LIWKHSURGXFWKDGEHHQPRGL¿HGRUVKRXOGUHWXUQLQFRPSOHWHGLVDVVHPEOHG
RUZLWKPRGL¿HGQDPHSODWHGDWD
,%$JRVWR5HY
(1*/,6+
36)RUWKH$JUR:DWWVHULHVWKHJXDUDQWHHLVPRQWKV
3URFHGXUH
:KHQHYHUDQ\6LQFURPDFKLQHPDOIXQFWLRQVWKHFOLHQWLVLQYLWHGWRFRQWDFW
RXU³$VVLVWDQFH6HUYLFH´E\FDOOLQJ,IWKHGHFLVLRQLV
PDGHWRUHWXUQWKHSURGXFWZHZLOOSURYLGH\RXZLWKDQ³$XWKRUL]HG0DWHULDO
5HWXUQ´50$QXPEHUWKDWPXVWEHLQFOXGHGERWKLQWKHGHOLYHU\GRFXPHQWV
WKDWDFFRPSDQ\WKHPDWHULDO3URGXFWVWKDWKDYHEHHQUHWXUQHGZLWKRXWIRO
ORZLQJWKHSURFHGXUHDERYHZLOOEHUHWXUQHGWRVHQGHU
,QRUGHUWRREWDLQFRYHUDJHXQGHUWKHZDUUDQW\6LQFURPXVWEHFRQWDFWHG
H[FOXVLYHO\E\LWVDXWKRUL]HGGHDOHU5HTXHVWVIRUUHSDLUVUHFHLYHGGLUHFWO\
IURP ¿QDO XVHU FOLHQWV ZLOO EH FRQVLGHUHG RXWVLGH WKH WHUPV RI ZDUUDQW\
FRYHUDJH3ULRUWRSHUIRUPLQJUHSDLUDQHVWLPDWHZLOOEHSURYLGHGDQGDX
WKRUL]DWLRQPXVWEHUHFHLYHGIURPWKHDXWKRUL]HGGHDOHUEHIRUHSURFHHGLQJ
ZLWKWKHUHSDLU
6KLSPHQW
$OOSURGXFWVWREHUHSDLUHGDUHVKLSSHGDWWKHULVNDQGH[SHQVHRIWKHFOLHQW
UHJDUGOHVVRIZKHWKHUZDUUDQW\FRYHUDJHZLOOEHFODLPHGRUQRW7KHFOLHQW
PXVWPDNHVXUHWKDWWKHPDFKLQHVVHQWIRUUHSDLUDUHLQJRRGRUGHUFOHDQ
DQGWKDWWKHRLOLQWKHRYHUJHDUV\VWHPKDVEHHQGUDLQHG:HUHFRPPHQG
UHWXUQLQJWKHSURGXFWVLQDGHTXDWHSDFNDJLQJWKDWHQVXUHVSURWHFWLRQDJDLQVW
LPSDFW
,%$JRVWR5HY
(1*/,6+
,%$JRVWR5HY
'(876&+
6,&+(5+(,761250(1
.21)250,7b76(5./b581*
(,1)h+581*
.RQWUROOHGHV7\SHQVFKLOGV
3RVLWLRQLHUXQJGHV6FKLOGVPLWGHQHOHNWULVFKHQ6SH]LÀNDWLRQHQGHU6HULHQQXPPHUXQGGHP3URGXNWLRQ
VDXIWUDJ
)81.7,21635,1=,381'(,*(16&+$)7(1'(663$1181*65(*(/81*66<67(06
$//*(0(,1(0(&+$1,6&+(81'(/(.75,6&+(63(=,),.$7,21(1=85.233(/81*0,7'(002725
,167$//,(581*
+HEHQ
%HIHVWLJXQJDP0RWRU
0RQWDJH)RUP,0%
'HPRQWDJH)RUP,0%
0RQWDJH)RUP6$(
'HPRQWDJH)RUP6$(
(UGXQJ
9RUEHUHLWHQGH.RQWUROOHQ
.RQWUROOHGHU,VROLHUXQJ
'UHKULFKWXQJ
hEHUSUIXQJGHU6SDQQXQJXQGGHU)UHTXHQ]
(LQVWHOOXQJ.DUWH$95
$QVFKOXVV6FKDOWSOlQHIUYHUVFKLHGHQH.UHLVH
,QEHWULHEQDKPH
.81'(1',(16781':$5781*
.RQWUROOHGHU:LFNOXQJHQXQGGHV=XVWDQGVGHU,VROLHUXQJ
.RQWUROOHGHU/DJHU
$QRPDOLHQXQG$EKLOIH
(QWIHUQHQXQG$XVZHFKVHOXQJYRQ.RPSRQHQWHQXQG*UXSSHQYRQ.RPSRQHQWHQ
$XVEDXXQG(LQEDXGHU:HOOH
$XVZHFKVHOXQJGHV/DJHUV
$XVZHFKVHOXQJGHUURWLHUHQGHQ'LRGHQ
$XVZHFKVHOXQJGHV(UUHJHU5RWRUV
:LHGHU]XVDPPHQVHW]XQJGHU.RPSRQHQWHQXQG*UXSSHQYRQ.RPSRQHQWHQ
5(,1,*81*81'6&+0,(581*
$%%$881'(17625*81*
(56$7=7(,/(81'.81'(1',(167
9HUIDKUHQVDEODXIXQG$GUHVVHQ]XU%H]XJQDKPHEHL$QIRUGHUXQJYRQ.XQGHQGLHQVWOHLVWXQJHQ
*$5$17,(
9HUIDKUHQ
9HUVDQG
,%$JRVWR5HY
'(876&+
6,&+(5+(,761250(1
'LH )LUPD 6LQFUR 6UO GDQNW ,KQHQ IU GHQ 9RU]XJ GHQ 6LH GLHVHP
3URGXNWJHJHEHQKDEHQXQGLVWEHU]HXJWGDVVHV,KQHQGLHIU,KUHQ
*HEUDXFKHUIRUGHUOLFKHQ/HLVWXQJHQOLHIHUQZLUG
'LHGHP*HQHUDWRUEHLJHIJWH´%HGLHQXQJVXQG:DUWXQJVDQOHLWXQJµ
OLHIHUW ZLFKWLJH +LQZHLVH ]X 6LFKHUKHLW ,QVWDOOLHUXQJ *HEUDXFK XQG
:DUWXQJ 'LHVHV 3URGXNW HUIOOW GLH DQHUNDQQWHQ 5HJHOQ GHU 7HFKQLN
XQGGHU6LFKHUKHLWVYRUVFKULIWHQ
(VZLUGJHEHWHQEHLGHU.RUUHVSRQGHQ]PLWGHU)LUPD6LQFUR6UOVWHWV
GHQ7\SXQGGLH.HQQQXPPHUGHV*HQHUDWRUVDQ]XJHEHQGLHDXVGHP
LP3DFNVWFNYRUKDQGHQHQ(WLNHWWKHUYRUJHKHQ)DOOVDX‰HUGHPDQGHU
0DVFKLQH)XQNWLRQVVW|UXQJHQRGHUVRQVWLJH'HIHNWHYRUOLHJHQVROOWHQ
XQGGLH(LQVFKDOWXQJXQVHUHV.XQGHQGLHQVWHVHUIRUGHUOLFKZlUHZLUG
JHEHWHQDXFKGLH6HULHQQXPPHU61XQGGHQ3URGXNWLRQVDXIWUDJ
32EHNDQQW]XJHEHQ
$&+781*(LQHIDOVFKH,QVWDOOLHUXQJRGHUHLQXQVDFKJHPl‰HU
*HEUDXFKGHV3URGXNWVNDQQ3HUVRQHQRGHU6DFKVFKlGHQEHZLUNHQ
‡ 'LH+LQZHLVHGHU´%HGLHQXQJVXQG:DUWXQJVDQOHLWXQJµJHQDXEHIROJHQ
LKU =ZHFN OLHJW GDULQ GLH NRUUHNWHQ ,QVWDOOLHUXQJV$QZHQGXQJV XQG
:DUWXQJVEHGLQJXQJHQDQ]X]HLJHQXPHYHQWXHOOHQ)XQNWLRQVVW|UXQJHQ
GHV*HQHUDWRUVYRU]XEHXJHQXQG*HIDKUVLWXWDWLRQHQIUGHQ%HQXW]HU]X
YHUPHLGHQ
‡ 'LH9HUSDFNXQJVPDWHULDOLHQ3ODVWLN.DUWRQ3RO\VW\UROHWFJHPl‰GHQ
JHOWHQGHQ1RUPHQHQWVRUJHQ
‡ 'LH $QOHLWXQJ DOV $QODJH ]XU WHFKQLVFKHQ $NWH XQG IU NQIWLJH
.RQVXOWDWLRQHQDXIEHZDKUHQ
‡ 'LHVHV 3URGXNW ZXUGH DXVVFKOLH‰OLFK ]XP LQ GLHVHU 'RNXPHQWDWLRQ
DQJHJHEHQHQ *HEUDXFK NRQ]LSLHUW XQG KHUJHVWHOOW (LQ LQ GLHVHU
'RNXPHQWDWLRQQLFKWJHQDQQWHU*HEUDXFKN|QQWH6FKlGHQDP3URGXNW
EHZLUNHQXQGHLQH*HIDKUHQTXHOOHGDUVWHOOHQ
‡ 'LH )LUPD 6LQFUR 6UO OHKQW MHJOLFKH 9HUDQWZRUWOLFKNHLW GLH VLFK DXV
HLQHP XQVDFKJHPl‰HQ RGHU YRP YRUJHVHKHQHQ LQ GHU YRUOLHJHQGHQ
'RNXPHQWDWLRQJHQDQQWHQ=ZHFNDEZHLFKHQGHQ*HEUDXFKHUJLEWDE
‡ 'DV 3URGXNW GDUI QLFKW LQ SRWHQWLHOO H[SORVLYHU$WPRVSKlUH LQVWDOOLHUW
ZHUGHQ
‡ 'LH .RQVWUXNWLRQVHOHPHQWH GHU $QODJH PVVHQ GHQ (XURSlLVFKHQ
5LFKWOLQLHQHQWVSUHFKHQ)UDOOH/lQGHUDX‰HUKDOEGHU(:*HPSÀHKOW
HVVLFKLP+LQEOLFNDXIHLQJXWHV6LFKHUKHLWVQLYHDXDX‰HUGHQJHOWHQGHQ
QDWLRQDOHQ9RUVFKULIWHQDXFKGLHREHQJHQDQQWHQ1RUPHQ]XEHDFKWHQ
‡ 'LH ,QVWDOOLHUXQJ PXVV GHQ 9RUVFKULIWHQ GHU (XURSlLVFKHQ 5LFKWOLQLHQ
HQWVSUHFKHQ XQG GDUI DXVVFKOLH‰OLFK YRQ )DFKSHUVRQDO DXVJHIKUW
ZHUGHQ
‡ 'HQ*HQHUDWRUQLFKWVWDUWHQZHQQGLH6FKXW]NDSSHQGLH=XJDQJVSODWWHQ
RGHUGLH$EGHFNSODWWHQGHV(QGYHUVFKOXVVNDVWHQVHQWIHUQWZXUGHQ
‡ 9RU$XVIKUXQJLUJHQGZHOFKHU:DUWXQJVDUEHLWHQGLH$QODVVHUNUHLVHGHV
0RWRUVGHDNWLYLHUHQ
‡ 'LH 6FKOLH‰NUHLVH GHDNWLYLHUHQ XQGRGHU +LQZHLVVFKLOGHU DXI MHGHP
DXWRPDWLVFKHQ 6FKDOWHU DQEULQJHQ GHU QRUPDOHUZHLVH ]XP$QVFKOX‰
DQ GLH 1HW]OHLWXQJ RGHU DQGHUH *HQHUDWRUHQ EHQXW]W ZLUG XP VHLQHU
XQEHDEVLFKWLJWHQ6FKOLH‰XQJYRU]XEHXJHQ
‡ %HL DOOHQ :DUWXQJV RGHU 5HSDUDWXUDUEHLWHQ DXVVFKOLH‰OLFK 2ULJLQDO
(UVDW]WHLOHYHUZHQGHQ)DOOVGLHVH9RUVFKULIWQLFKWHLQJHKDOWHQZLUGOHKQW
GLH)LUPD6LQFUR6UOMHJOLFKH9HUDQWZRUWXQJKLQVLFKWOLFKGHU6LFKHUKHLW
XQGHLQZDQGIUHLHQ)XQNWLRQGHV*HQHUDWRUVDE
‡ 'HQ%HQXW]HUGHU$QODJHLQGLH6WHXHUXQJGHQ*HEUDXFKXQGGLH:DUWXQJ
GHV*HQHUDWRUVHLQZHLVHQ
‡ $OOHVZDVLQGLHVHU$QOHLWXQJQLFKWDXVGUFNOLFKYRUJHVHKHQLVWLVWQLFKW
HUODXEW
,%$JRVWR5HY
'(876&+
,QGLHVHP+DQGEXFKZHUGHQHLQLJH6\PEROHXQGNRQYHQWLRQHOOH=HLFKHQ
EHQXW]W GLH HLQH SUl]LVH %HGHXWXQJ KDEHQ 'LHVH ZHUGHQ KLHU DXI
HLQGHXWLJH:HLVHGHÀQLHUW
:LFKWLJ
%H]LHKW VLFK DXI 5LVLNR6LWXDWLRQHQ RGHU
JHIlKUOLFKH9HUIDKUHQVDEOlXIHGLH6FKlGHQ
DP3URGXNWRGHUDQGHQDQJHVFKORVVHQHQ
$SSDUDWHQYHUXUVDFKHQN|QQWHQ
:LFKWLJ %H]LHKW VLFK DXI 5LVLNR6LWXDWLRQHQ RGHU JHIlKUOLFKH
9HUIDKUHQVDEOlXIH GLH 6FKlGHQ DP 3URGXNW RGHU DQ GHQ DQJH
VFKORVVHQHQ$SSDUDWHQYHUXUVDFKHQN|QQWHQ
$FKWXQJ %H]LHKW VLFK DXI 5LVLNR6LWXDWLRQHQ
$FKWXQJ %H]LHKW VLFK DXI 5LVLNR6LWXDWLRQHQ RGHU JHIlKUOLFKH
9HUIDKUHQVDEOlXIH GLH 6FKlGHQ DP 3URGXNW RGHU 9HUOHW]XQJHQ
GHU3HUVRQYHUXUVDFKHQN|QQWHQ
RGHU JHIlKUOLFKH 9HUIDKUHQVDEOlXIH GLH
6FKlGHQDP3URGXNWRGHU9HUOHW]XQJHQ
GHU3HUVRQYHUXUVDFKHQN|QQWHQ
+,1:(,6
%H]LHKW VLFK DXI 5LVLNR6LWXDWLRQHQ
RGHU JHIlKUOLFKH 9HUIDKUHQVDEOlXIH GLH
VFKZHUH 9HUOHW]XQJHQ GHU 3HUVRQ RGHU
GHUHQ7RGYHUXUVDFKHQ.g117(1
*()$+5
'DV6\PEROZHLVWDXI5LVLNR6LWXDWLRQHQ
RGHU JHIlKUOLFKH 9HUIDKUHQVDEOlXIH KLQ
GLH VFKZHUH 9HUOHW]XQJHQ GHU 3HUVRQ
RGHUGHUHQ7RGYHUXUVDFKHQ
6\PERO PLW $XVUXIH]HLFKHQ %H]LHKW VLFK DXI 5LVLNR6LWXDWLRQHQ
RGHUJHIlKUOLFKH9HUIDKUHQVDEOlXIHGLHVFKZHUH9HUOHW]XQJHQGHU
3HUVRQRGHUGHUHQ7RGYHUXUVDFKHQ.g117(1
6\PERO PLW %OLW] 'DV 6\PERO ZHLVW DXI 5LVLNR6LWXDWLRQHQ RGHU
JHIlKUOLFKH9HUIDKUHQVDEOlXIHKLQGLHVFKZHUH9HUOHW]XQJHQGHU
3HUVRQRGHUGHUHQ7RGYHUXUVDFKHQ
.21)250,7b76(5./b581*
$OOH *HQHUDWRUHQ ,% ZHUGHQ LQ hEHUHLQVWLPPXQJ PLW GHU HXURSlLVFKHQ
*HVHW]JHEXQJPLWHLQHU(UNOlUXQJ]XU(LQJOLHGHUXQJLQHLQH*HVDPWDQODJH
JHOLHIHUWGLHGHUDXIGHQOHW]WHQ6HLWHQGHUYRUOLHJHQGHQ%HGLHQXQJVDQOHLWXQJ
GDUJHOHJWHQ HQWVSULFKW *HPl‰ GHU (*0DVFKLQHQ5LFKWOLQLH LVW GHU
+HUVWHOOHUGHV(OHNWUR$JJUHJDWVGDIUYHUDQWZRUWOLFKVLFKHU]XVWHOOHQGDVV
GLH 6HULHQ XQG .HQQQXPPHU GHV *HQHUDWRUV DXI GHP 'HFNEODWW GLHVHU
%HGLHQXQJVDQOHLWXQJDQJHJHEHQZHUGHQ
'LH*HQHUDWRUHQ7\S,%ZHUGHQDX‰HUGHPDXIGHQIROJHQGHQ*UXQGODJHQ
JHOLHIHUW
‡ 6LHPVVHQDOV6WURPJHQHUDWRUHQRGHUIUGDUDXIEH]RJHQH)XQNWLRQHQ
EHQXW]WZHUGHQ
‡ 6LHPVVHQDXIHLQHGHUIROJHQGHQ(LQVDW]ZHLVHQEHWULHEHQZHUGHQ
7UDJEDURKQH9HUNOHLGXQJ]XUYRUEHUJHKHQGHQ(QHUJLHOLHIHUXQJ
7UDJEDUPLW9HUNOHLGXQJ]XUYRUEHUJHKHQGHQ(QHUJLHOLHIHUXQJ
$Q %RUG XQWHU 'HFN $QZHQGXQJ DXI 6HH QDFK YRUKHULJHU
=XODVVXQJ
$XI1XW]IDKU]HXJ7UDQVSRUWDXI5lGHUQ.KOXQJHWF
$XI6FKLHQH+LOIVHQHUJLH
$XI,QGXVWULHIDKU]HXJ(UGEHZHJXQJ+HEHJHUlWHHWF
)HVWH,QVWDOOLHUXQJ,QGXVWULH:HUN$QODJH
)HVWH,QVWDOOLHUXQJ:RKQVHNWRU+DQGHOXQG/HLFKWLQGXVWULH+HLP%UR
.UDQNHQKDXV
(QHUJLHVWHXHXQJ0LWHU]HXJXQJ6WURPDXIQDKPHVSLW]HQ
$OWHUQDWLYH(QHUJLHVFKHPDWD
‡ 'LH 6WDQGDUG*HQHUDWRUHQ VLQG GDIU NRQ]LSLHUW GLH ´LQGXVWULHOOHQµ
(PLVVLRQHQXQGGLH,PPXQLWlWVVWDQGDUGV]XHUIOOHQ)DOOVGLH*HQHUDWRUHQ
DQ (PLVVLRQVYRUVFKULIWHQ IU :RKQ +DQGHOV XQG /HLFKWLQGXVWULHEHU
HLFKHJHEXQGHQVLQGN|QQWHQVLFKHLQLJH]XVlW]OLFKH=XEHK|UWHLOHDOV
HUIRUGHUOLFKHUZHLVHQ
‡ 'HU,QVWDOOLHUXQJVSODQHUIRUGHUWGLH9HUELQGXQJGHV*HQHUDWRUJHKlXVHV
PLWGHP(UGXQJVOHLWHUZREHLHLQ.DEHOPLWJHHLJQHWHP4XHUVFKQLWWXQG
VRJHULQJHU/lQJHZLHP|JOLFKEHQXW]WZLUG
‡ 'HU*HEUDXFKYRQQLFKWGHQ2ULJLQDO(UVDW]WHLOHQHQWVSUHFKHQGHQRGHU
QLFKWDXVGUFNOLFKJHQHKPLJWHQ7HLOHQIKUW]XP9HUIDOOGHU*DUDQWLHGHU
)LUPD6LQFURXQG]XU$XIKHEXQJGHU+DIWXQJLQ%H]XJDXIGLH.RQIRUPLWlW
PLWGHQ1RUPHQXQGGLHHQWVSUHFKHQGHQ.RQVHTXHQ]HQ
‡ 'LH,QVWDOOLHUXQJGLHWHFKQLVFKH$VVLVWHQ]XQGGLH:DUWXQJPVVHQYRQ
HQWVSUHFKHQGJHVFKXOWHPXQGEHUGLH9RUVFKULIWHQGHU(*5LFKWOLQLHQ
LQIRUPLHUWHQ3HUVRQDODXVJHIKUWZHUGHQ
,%$JRVWR5HY
'(876&+
(,1)h+581*
(VZLUGGULQJHQGHPSIRKOHQGHQ*HQHUDWRUEHL$XVOLHIHUXQJVRUJIlOWLJ
]X XQWHUVXFKHQ XP ]X EHUSUIHQ GDVV HU ZlKUHQG GHV 7UDQVSRUWV
NHLQH6FKlGHQHUOLWWHQKDWRGHUGDVVNHLQH7HLOHIHKOHQ
7\SHQVFKLOG
.RQWUROOHGHV7\SHQVFKLOGV
'LH *HQHUDWRUHQ GHU 3URGXNWUHLKH ,% VLQG GXUFK HLQ 7\SHQVFKLOG
JHNHQQ]HLFKQHW'LHVHVPXVVEHL$XVOLHIHUXQJNRQWUROOLHUWXQGPLWGHQ
6SH]LÀNDWLRQHQGHV$XIWUDJVYHUJOLFKHQZHUGHQXPHYHQWXHOOH9HUVDQG
RGHU.RQÀJXUDWLRQVIHKOHUIHVW]XVWHOOHQ
3RVLWLRQLHUXQJGHV6FKLOGVPLWGHQHOHNWULVFKHQ6SH]LÀNDWLRQHQ
GHU6HULHQQXPPHUXQGGHP3URGXNWLRQVDXIWUDJ
(V ZLUG HLQ .OHEHVFKLOG JHOLHIHUW DXI GHP GLH IU MHGH 0DVFKLQH
XQWHUVFKLHGOLFKH6HULHQQXPPHUXQGGHU3URGXNWLRQVDXIWUDJDXIJHGUXFNWVLQG
'LH6HULHQQXPPHUXQGGHU3URGXNWLRQVDXIWUDJVLQGQlPOLFK'DWHQGLHHLQHQ
IHVWHQ %HVWDQGWHLO GHU EHL GHU %HDQWUDJXQJ YRQ .XQGHQGLHQVWOHLVWXQJHQ
HLQ]XOHLWHQGHQ9HUIDKUHQVDEOlXIHELOGHQ
'HU*HQHUDWRUZLUGVHULHQPl‰LJPLWHLQHPZHLWHUHQ.OHEHVFKLOGJHOLHIHUWDXI
GHPGLHHOHNWULVFKHQ'DWHQXQG6SH]LÀNDWLRQHQXQGGLH/LVWHGHUP|JOLFKHQ
$QVFKOVVHDQJHJHEHQVLQG
$FKWXQJ 'HU HIIHNWLY DXVJHIKUWH $QVFKOXVV XQWHU GHQ LQ GHU
/LVWH YRUKDQGHQHQ PXVV YRP ,QVWDOODWHXU DXI GHP 7\SHQVFKLOG
NODU JHNHQQ]HLFKQHW ZHUGHQ XP P|JOLFKH )XQNWLRQVVW|UXQJHQ
XQGHYHQWXHOOH3HUVRQHQRGHU6DFKVFKlGHQ]XYHUPHLGHQ
$FKWXQJ=XU9RUEHUHLWXQJYRQ6WURPNUHLVHQGLHYRQGHU6WHUQ
6HULHQVFKDOWXQJDEZHLFKHQPVVHQGHUHQWVSUHFKHQGH$EVFKQLWW
XQGGLHVSH]LÀVFKHQ6FKDOWSOlQHGLHQDFKVWHKHQGLQGLHVHU%H
GLHQXQJVDQOHLWXQJHQWKDOWHQVLQGNRQVXOWLHUWZHUGHQ
'DV 7HFKQLVFKH %UR GHU )LUPD 6LQFUR VWHKW IU DOOH HYHQWXHOOHQ
(UOlXWHUXQJHQ]XU9HUIJXQJ
)81.7,21635,1=,381'(,*(16&+$)7(1'(663$1181*6
5(*(/81*66<67(06
'HU (UUHJHU6WDWRU JDUDQWLHUW GDQN VHLQHV 5HVWPDJQHWLVPXV GLH
6HOEVWHUUHJXQJGHV*HQHUDWRUVEHLP6WDUWGHUGDKHUHLQH5HVWVSDQQXQJ
YRQFDGHU1HQQVSDQQXQJHU]HXJW
'HUYRQHLQHP+LOIVNUHLVJHVSHLVWHDXIGHP+DXSWVWDWRUYRUKDQGHQH
$95ZLUNWDXIGHQ(UUHJHU6WDWRUHLQXQGUHJHOWGDPLWLQGLUHNWEHUGLH
.HWWH(UUHJHU5RWRU'LRGHQEUFNH+DXSWURWRUGDVYRP+DXSWURWRU
HU]HXJWH)HOG
'HU 6SDQQXQJVUHJOHU ZHLVW HLQH 6SDQQXQJVSUl]LVLRQ YRQ “ LP
:LUNXQJVEHUHLFKGHU0DVFKLQHEHLQLFKWYHUGUHKHQGHQ/DVWHQDXI
'LH 9RUULFKWXQJ ]XU 6SDQQXQJVNRQWUROOH UHJHOW GHQ 0LWWHOZHUW GHU
6SDQQXQJHLQHU3KDVHXQGKlOWVLHNRQVWDQW
(LQH .RQWUROOYRUULFKWXQJ GHU )UHTXHQ] JUHLIW HLQ XQG VRUJW IU GLH
VFKULWWZHLVH$EHUUHJXQJGHU0DVFKLQHZHQQGLH*HVFKZLQGLJNHLWGHV
6FKOHSSPRWRUVXQWHUHLQHYRUKHUIHVWJHOHJWHHLQVWHOOEDUH6FKZHOOHVLQNW
ZRGXUFKHLQHhEHUHUUHJXQJEHLQLHGULJHU'UHK]DKOYHUKLQGHUWXQGGHU
(IIHNWGHV/DVWDQVWLHJVDP0RWRUHUOHLFKWHUWZLUG
$EVFKOLH‰HQGLVWHVDXFKP|JOLFKGLH5HDNWLRQVEHUHLWVFKDIWGHV5HJOHUV
]XPRGXOLHUHQXPHYHQWXHOODXIWUHWHQGH6SDQQXQJVVFKZDQNXQJHQ]X
HOLPLQLHUHQ
(LQH6LFKHUXQJVFKW]WGHQ5HJOHUXQGGHQ*HQHUDWRUYRUHYHQWXHOOHQ
hEHUODVWHQXQGRGHU6W|UXQJHQ
'HU5HJOHUZXUGHNRQVWUXLHUWXPGLH6SDQQXQJVVSLW]HQEHL(QWODVWXQJGLH
PLW1HQQODVWXQWHUOLHJHQDXIHLQHP0LQLPXP]XKDOWHQ
$X‰HUGHP VWHKW HLQH EHWUlFKWOLFKH $QODVVNDSD]LWlW IU DV\QFKURQH
(OHNWURGDWHQVFKLOG
$FKWXQJ 'HU HIIHNWLY DXVJHIKUWH $QVFKOXVV XQWHU
GHQ LQ GHU /LVWH YRUKDQGHQHQ PXVV YRP
,QVWDOODWHXU DXI GHP 7\SHQVFKLOG NODU
JHNHQQ]HLFKQHW ZHUGHQ XP P|JOLFKH
)XQNWLRQVVW|UXQJHQ XQG HYHQWXHOOH 3HU
VRQHQRGHU6DFKVFKlGHQ]XYHUPHLGHQ
=XU 9RUEHUHLWXQJ YRQ 6WURPNUHLVHQ GLH
YRQGHU6WHUQ6HULHQVFKDOWXQJDEZHLFKHQ
PVVHQGHUHQWVSUHFKHQGH$EVFKQLWWXQGGLH
VSH]LÀVFKHQ6FKDOWSOlQHGLHQDFKVWHKHQGLQ
GLHVHU%HGLHQXQJVDQOHLWXQJHQWKDOWHQVLQG
NRQVXOWLHUWZHUGHQ
$95.DUWH
,%$JRVWR5HY
'(876&+
0RWRUHQ]XU9HUIJXQJ'HU5HJOHULVWQlPOLFKLQGHU/DJHGHQ*HQHUDWRU
]HLWZHLVHPHKUDOVGHV1HQQVWURPVEHL3) ]XOLHIHUQPLWHLQHP
6SDQQXQJVDEIDOOYRQZHQLJHUDOV
$//*(0(,1(0(&+$1,6&+(81'(/(.75,6&+(63(=,),.$7,21(1
=85.233(/81*0,7'(002725
1DFKGHPHVVLFKXPHLQHVHSDUDWH]XU(LQJOLHGHUXQJLQHLQ(OHNWUR
$JJUHJDW YRUJHVHKHQH (LQKHLW KDQGHOW LVW HV QLFKW P|JOLFK LQ GHU
.RQVWUXNWLRQVSKDVH DOOH HUIRUGHUOLFKHQ +LQZHLV(WLNHWWHQ DXI GHP
*HQHUDWRU DQ]XEULQJHQ 'LHVH (WLNHWWHQ GLH DXI SRWHQWLHOOH *HIDKU
XQG 5LVLNHQ DXIJUXQG YRQ XQWHU 6SDQQXQJ VWHKHQGHQ .RPSRQHQWHQ
KLQZHLVHQZHUGHQLQORVHP=XVWDQGJHOLHIHUWZREHLGHU+HUVWHOOHUGHV
(OHNWUR$JJUHJDWV IU GLH$QEULQJXQJ LQ GHQ LQ GHU QHEHQVWHKHQGHQ
$EELOGXQJJH]HLJWHQ3RVLWLRQHQ6RUJHWUDJHQPXVVVREDOGGLH0RQWDJH
GHV$JJUHJDWVDEJHVFKORVVHQLVW
5DXPWHPSHUDWXUƒ& +|KHP
/HLVWXQJVIDNWRU
:LFKWLJ
(LQH5HGX]LHUXQJGHV)OXVVHVGHU.KO
OXIWRGHUHLQXQ]XUHLFKHQGHU6FKXW]GHV
*HQHUDWRUV N|QQHQ ]X %HVFKlGLJXQJ
XQGRGHU ]X )XQNWLRQVVW|UXQJHQ GHU
:LFNOXQJHQIKUHQ
,%$JRVWR5HY
'LH *HQHUDWRUHQ GHU 3URGXNWUHLKH ,% VLQG ]XP %HWULHE EHL HLQHU
+|FKVWWHPSHUDWXU YRQ ƒ& XQG LQ HLQHU +|KHQODJH YRQ PD[ G0NRQ]LSLHUW
,QQHUKDOEGLHVHU7HPSHUDWXUXQG+|KHQJUHQ]HQOLHIHUQVLHGLHDXIGHP
7\SHQVFKLOGDQJHJHEHQHQ1HQQOHLVWXQJHQ
%HL 7HPSHUDWXUHQ EHU ƒ& XQGRGHU +|KHQODJHQ YRQ EHU P
G0 PDFKHQ VLFK /HLVWXQJVYHUPLQGHUXQJHQ EHPHUNEDU VLHKH
7DEHOOH
(VLVWDQJHEUDFKWGHQ%HWULHEXQWHUVFKOHFKWHUHQ8PZHOWEHGLQJXQJHQ
DOV GHQ YRUVWHKHQG JHQDQQWHQ GHP 7HFKQLVFKHQ %UR GHU )LUPD
6LQFUR]XPHOGHQ
'LH *HQHUDWRUHQ VLQG PLW %HOIWXQJVV\VWHP 6FKXW]VFKLUPHQ XQG
QLFKWWURSIHQGHQ*HKlXVHQDXVJHVWDWWHW6LHVLQGQLFKW]XU,QVWDOOLHUXQJ
LP)UHLHQJHHLJQHWDX‰HUZHQQVLHGXUFKHQWVSUHFKHQGH$EGHFNXQJHQ
JHVFKW]WZHUGHQ:lKUHQGGHU9HUZHLO]HLWLP/DJHUYRUGHU,QVWDOOLHUXQJ
E]Z DOV 5HVHUYH ZLUG ]XP *HEUDXFK YRQ $QWLNRQGHQVLHUXQJV
+HL]HOHPHQWHQJHUDWHQXPHLQHJXWH%HZDKUXQJGHU:LFNOXQJHQ]X
JHZlKUOHLVWHQ
9RU GHU ,QEHWULHEQDKPH RGHU QDFK ODQJHQ 6WLOOVWDQG]HLWHQ PXVV GHU
,VROLHUXQJVZLGHUVWDQG]XU(UGHDOOHU:LFNOXQJHQNRQWUROOLHUWZHUGHQHV
ZLUGGDUDXIYHUZLHVHQGDVVGHU6SDQQXQJVUHJOHUYRU$XVIKUXQJGLHVHU
3UIXQJDEJHWUHQQWZHUGHQPXVV'LHHUPLWWHOWHQ:HUWHPVVHQEHU
02KPOLHJHQ)DOOVGLHVQLFKWGHU)DOOLVWPXVVHLQH7URFNQXQJGHV
'UHKVWURPJHQHUDWRUV DOOHLQ LP 2IHQ EHL ¸ ƒ& EHU 6WXQGHQ
YRUJHQRPPHQ ZHUGHQ 9RU$XVIKUXQJ GLHVHV$UEHLWVYRUJDQJV GHQ
6SDQQXQJVUHJOHU HQWIHUQHQ$OV$OWHUQDWLYH ]XU 7URFNQXQJ LP 2IHQ
EHVWHKWGLH0|JOLFKNHLWPLQGHVWHQV6WXQGHODQJ+HL‰OXIWGXUFKGHQ
'UHKVWURPJHQHUDWRU]XEODVHQEHL¸ƒ&
%HL,QVWDOOLHUXQJLP,QQHUQHLQHUJHVFKORVVHQHQ9HUNOHLGXQJPXVVPDQVLFK
YHUJHZLVVHUQGDVVGLH7HPSHUDWXUGHULQGHQ*HQHUDWRUHLQJHEODVHQHQ
.KOOXIWGHQYRUJHVHKHQHQ1HQQZHUWQLFKWEHUVFKUHLWHW
'LH9HUNOHLGXQJPXVVVRDXVJHIKUWZHUGHQGDVVGLH$QVDXJ|IIQXQJGHV
0RWRUVLQGHU9HUNOHLGXQJYRQGHUGHV*HQHUDWRUVJHWUHQQWLVWYRUDOOHP
ZHQQGLH/XIWDQVDXJXQJLQGHU9HUNOHLGXQJYRP/IWHUUDG]XU.KOXQJ
JHZlKUOHLVWHWZHUGHQPXVV'LH$QVDXJ|IIQXQJGHV*HQHUDWRUVPXVV
DX‰HUGHPVRUHDOLVLHUWZHUGHQGDVVGDV(LQGULQJHQYRQ)HXFKWLJNHLW
YHUKLQGHUW ZLUG LQGHP HLQ JHHLJQHWHU 6FKXW]H YRUJHVHKHQ ZLUG 'LH
9HUNOHLGXQJPXVVVRJHSODQWZHUGHQGDVV]ZLVFKHQGHU$QVDXJ|IIQXQJ
GHV *HQHUDWRUV XQG LUJHQGZHOFKHQ 3ODQIOlFKHQ HLQ )UHLUDXP YRQ
PLQGHVWHQVPPEHVWHKW
)DOOVGLHVEHL$XIWUDJVHUWHLOXQJVSH]LÀ]LHUWZLUGNDQQGHU*HQHUDWRU
PLW/XIWÀOWHUQDXVJHVWDWWHWZHUGHQ
:LFKWLJ (LQH 5HGX]LHUXQJ GHV )OXVVHV GHU .KOOXIW RGHU HLQ
XQ]XUHLFKHQGHU6FKXW]GHV*HQHUDWRUVN|QQHQ]X%HVFKlGLJXQJ
'(876&+
XQGRGHU]X)XQNWLRQVVW|UXQJHQGHU:LFNOXQJHQIKUHQ
'DV5RWRU$JJUHJDWGHV*HQHUDWRUVZLUGLP:HUNPLW9ROONHLOG\QDPLVFK
DXVJHZXFKWHW
'LHYRP0RWRUEHZLUNWHQ9LEUDWLRQHQVLQGNRPSOH[XQGVFKOLH‰HQVWDUNH
KDUPRQLVFKH6FKZLQJXQJHQPLWHLQGLHLQ9HUELQGXQJPLWGHQHQGHV
*HQHUDWRUV]XVSUEDUHQXQGIUGLH)XQNWLRQGHV(OHNWUR$JJUHJDWV
VFKlGOLFKHQ9LEUDWLRQVSHJHOQIKUHQN|QQHQ(VLVWGDKHU$XIJDEHGHV
3ODQHUVGLHHUIRUGHUOLFKHQ9RUNHKUXQJHQ]XWUHIIHQXPGLH)OXFKWXQJ
]XSÁHJHQXQGGDV8QWHUJHVWHOOXQGGLH6WW]HQ]XYHUVWHLIHQGDPLWGLH
hEHUVFKUHLWXQJGHUYRQGHQ1RUPHQYRUJHVHKHQHQ9LEUDWLRQVJUHQ]HQ
YHUPLHGHQZLUG
=ZHLODJHU*HQHUDWRUHQHUIRUGHUQHLQHQVWHLIHQ5DKPHQ]XU$EVWW]XQJ
GHV0RWRUV*HQHUDWRUVVRGDVVHLQHJXWH%DVLVIUHLQHH[DNWH)OXFKWXQJ
JHELOGHWZLUG'LHVHU5DKPHQPXVVPLWWHOV9LEUDWLRQVGlPSIHU3XIIHUQ
DP8QWHUJHVWHOOEHIHVWLJWZHUGHQ8PGLH'UHKVFKZLQJXQJHQDXIHLQ
0LQLPXP]XUHGX]LHUHQZLUG]XU%HQXW]XQJHLQHUNRUUHNWEHPHVVHQHQ
HODVWLVFKHQ.XSSOXQJJHUDWHQ
%HLGHQEHL=ZHLODJHU*HQHUDWRUHQDQJHZDQGWHQ5LHPHQEHUWUDJXQJVV
\VWHPHQPVVHQGHU'XUFKPHVVHUXQGGLH6WUXNWXUGHU5LHPHQVFKHLEHQ
VREHPHVVHQHLQGDVVVLH]XODVVHQGDVVGLHDQGHU:HOOHDQJHZDQGWH
/DVWLQ%H]XJDXIGLH/lQJHGHVhEHUVWDQGV]HQWULHUWZLUGXQG1
QLFKWEHUVFKUHLWHW%HLOlQJHUHQ:HOOHQN|QQHQGLH]XOlVVLJHQ/DVWZHUWH
GLUHNWEHLP7HFKQLVFKHQ%URGHU)LUPD6LQFURDQJHIUDJWZHUGHQ
'LH)OXFKWXQJGHU(LQODJHU*HQHUDWRUHQLVWNULWLVFKZHLODXIGHU+|KH
GHU .XSSOXQJ ]ZLVFKHQ 0RWRU XQG *HQHUDWRU 9LEUDWLRQHQ HQWVWHKHQ
N|QQWHQ$XVGLHVHP*UXQGPXVVGLH0RQWDJHGHV'UHKVWURPJHQHUDWRUV
DQGHQ0RWRUVRUJIlOWLJDXVJHIKUWXQGHLQVROLGHV8QWHUJHVWHOOVRZLH
GHU(LQVDW]YRQ9LEUDWLRQVGlPSIHU3XIIHUQYRUJHVHKHQZHUGHQXPGDV
*HVDPWJHELOGH0RWRU'UHKVWURPJHQHUDWRU]XVWW]HQ
,P ,QQHUQ GHV .OHPPHQNDVWHQV EHILQGHQ VLFK GLH LVROLHUWHQ
(QGYHUVFKOVVH IU GLH 1HW]OHLWXQJV XQG 1XOOHLWHU$QVFKOVVH VRZLH
IUGHQ(UGXQJVDQVFKOXVV
'HU1XOOHLWHULVW1,&+7DQGDV*HKlXVHDQJHVFKORVVHQ
:DUQKLQZHLV'HU*HQHUDWRUZLUGRKQHLUJHQGHLQHQ(UGXQJVDQVFKOXVV
JHOLHIHUW =XP $QVFKOXVV PXVV DXI GLH HQWVSUHFKHQGHQ YRU 2UW
JHOWHQGHQ9RUVFKULIWHQ%H]XJJHQRPPHQZHUGHQ)DOVFKDXVJHIKUWH
(UGXQJHQRGHU6FKXW]VFKDOWXQJHQN|QQHQ]X9HUOHW]XQJHQRGHU]XP
7RGIKUHQ
'LH)HKOHUVWURP:HUWHGHV*HQHUDWRUVVLQGDXI$QIUDJHYHUIJEDUXP
GHP 3ODQHU EHL GHU %HPHVVXQJ GHU$QODJH XQG LKUHU .RPSRQHQWHQ
EHKLOÁLFK]XVHLQ
:DUQKLQZHLV 'LH ,QVWDOOLHUXQJ GHU *HEUDXFK GLH :DUWXQJ RGHU
GLH $XVZHFKVHOXQJ YRQ 7HLOHQ N|QQHQ EHL IDOVFKHU $XVIKUXQJ ]X
VFKZHUHQ 9HUOHW]XQJHQ YRQ 3HUVRQHQ RGHU ]XP 7RG VRZLH DXFK ]X
%HVFKlGLJXQJGHU$XVUVWXQJHQIKUHQ'LH(LQJULIIHDQHOHNWULVFKHQ
XQGRGHUPHFKDQLVFKHQ7HLOHQPVVHQYRQ)DFKSHUVRQDODXVJHIKUW
ZHUGHQ
+,1:(,6
'HU *HQHUDWRU ZLUG RKQH LUJHQGHLQHQ
(UGXQJVDQVFKOXVVJHOLHIHUW=XP$QVFK
OXVVPXVVDXIGLHHQWVSUHFKHQGHQYRU2UW
JHOWHQGHQ9RUVFKULIWHQ%H]XJJHQRPPHQ
ZHUGHQ )DOVFK DXVJHIKUWH (UGXQJHQ
RGHU 6FKXW]VFKDOWXQJHQ N|QQHQ ]X 9HU
OHW]XQJHQRGHU]XP7RGIKUHQ
'LH ,QVWDOOLHUXQJ GHU *HEUDXFK GLH
:DUWXQJ RGHU GLH $XVZHFKVHOXQJ YRQ
7HLOHQN|QQHQEHLIDOVFKHU$XVIKUXQJ]X
VFKZHUHQ9HUOHW]XQJHQYRQ3HUVRQHQRGHU
]XP 7RG VRZLH DXFK ]X %HVFKlGLJXQJ
GHU $XVUVWXQJHQ IKUHQ 'LH (LQJULIIH
DQ HOHNWULVFKHQ XQGRGHU PHFKDQLVFKHQ
7HLOHQ PVVHQ YRQ )DFKSHUVRQDO DXV
JHIKUWZHUGHQ
,167$//,(581*
+HEHQ
'HQ *HQHUDWRU PLW JHHLJQHWHQ 0LWWHOQ KHEHQ XQG EHZHJHQ XQWHU
=XKLOIHQDKPH YRQ 3DOHWWHQ RGHU PLW$EVWW]XQJ EHU GLH +HEHULQJH
,%$JRVWR5HY
'(876&+
GLH DP *HQHUDWRU LQ GHQ LQ GHU$EELOGXQJ DQJHJHEHQHQ 3RVLWLRQHQ
YRUKDQGHQVLQG
=XP +HEHQ GHV *HQHUDWRUV 9RUULFKWXQJHQ EHQXW]HQ GLH HLQH
+HEHNDSD]LWlWYRQPLQGHVWHQVNJDXIZHLVHQ
$FKWXQJ(LQHQLFKWJHHLJQHWH+HEHNDSD]LWlWNDQQ]X9HUOHW]XQJHQ
YRQ3HUVRQHQXQGVFKZHUHQ6FKlGHQIKUHQ
$FKWXQJ 'LH DP *HQHUDWRU YRUKDQGHQHQ +HEHULQJH ZXUGHQ QXU
]XP +HEHQ GHV *HQHUDWRUV XQG QLFKW GHV JHVDPWHQ (OHNWUR
$JJUHJDWVYRUJHVHKHQ
$FKWXQJ (LQHQLFKWJHHLJQHWH+HEHNDSD]LWlWNDQQ
]X9HUOHW]XQJHQYRQ3HUVRQHQXQGVFKZH
UHQ6FKlGHQIKUHQ
'LHDP*HQHUDWRUYRUKDQGHQHQ+HEHULQ
JHZXUGHQQXU]XP+HEHQGHV*HQHUDWRUV
XQGQLFKWGHVJHVDPWHQ(OHNWUR$JJUHJDWV
YRUJHVHKHQ
$FKWXQJ 9RU GHU 0RQWDJH EHUSUIHQ GDVV GLH
NRQLVFKHQ .XSSOXQJVVLW]H VRZRKO GHV
*HQHUDWRUVDOVDXFKGHV0RWRUVNRPSD
WLEHOHLQZDQGIUHLXQGVDXEHUVLQG
$FKWXQJ 9RU $QEULQJXQJ GHU 0XWWHU NRQWUROOLHUHQ
GDVV GHU *HZLQGHDEVFKQLWW GHU =XJVWDQJH
WHLOZHLVHLQGHQ5RWRUHLQWULWWXQGDXIGLHVH
:HLVHHLQHVLFKHUH%ORFNLHUXQJHUP|JOLFKW
,%$JRVWR5HY
%HLP+HEHQXQGEHLGHU%HZHJXQJYRQ(LQODJHU*HQHUDWRUHQPXVVGLH
0DVFKLQHLQKRUL]RQWDOHU3RVLWLRQJHKDOWHQZHUGHQXP]XYHUKLQGHUQ
GDVVGHU5RWRUIDOOVGHU$UEHLWVYRUJDQJQLFKWNRUUHNWDXVJHIKUWZLUG
KHUDXVWULWWZDV]XGHVVHQ%HVFKlGLJXQJXQGVFKZHUHQ)ROJHQIUGLH
3HUVRQHQIKUHQNDQQ
%HIHVWLJXQJDP0RWRU
0RQWDJH)RUP,0%VLHKH$EELOGXQJ
$FKWXQJ 9RU GHU 0RQWDJH EHUSUIHQ GDVV GLH NRQLVFKHQ
.XSSOXQJVVLW]H VRZRKO GHV *HQHUDWRUV DOV DXFK GHV 0RWRUV
NRPSDWLEHOHLQZDQGIUHLXQGVDXEHUVLQG
‡ 'LH6FKXW]JLWWHUDEQHKPHQ
‡ 'HQ 6FKLOG DP 0RWRU EHIHVWLJHQ QDFKGHP HU YRP 'UHKVWURP
JHQHUDWRUHQWIHUQWZXUGH
‡ 'LH =XJVWDQJH ]XU D[LDOHQ %HIHVWLJXQJ GHV 5RWRUV DQZHQGHQ
LQGHPPDQVLHDXIGLH9RUNUDJXQJGHU0RWRUZHOOHVFKUDXEW
‡ 'HQNRPSOHWWHQ*HQHUDWRU6WDWRUXQG5RWRUDP6FKLOGEHIHVWLJHQ
ZR]XGLHVHOEVWVLFKHUQGHQ0XWWHUQYHUZHQGHWZHUGHQ
‡ hEHUSUIHQGDVVGLHNRQLVFKHQ6LW]HGHV5RWRUVXQGGHV0RWRUVLQ
%HUKUXQJ VWHKHQ LQGHP PDQ D[LDO PLW HLQHP 3ODVWLNKDPPHU XQG
HLQHP3XIIHUDXIGHQ5RWRUNORSIW
‡ 'HQ5RWRUD[LDOEORFNLHUHQLQGHPGLHHQWVSUHFKHQGHVHOEVWVLFKHUQGH
0XWWHUDXIGLH=XJVWDQJHJHVFKUDXEWZLUG
$FKWXQJ 9RU $QEULQJXQJ GHU 0XWWHU NRQWUROOLHUHQ GDVV GHU
*HZLQGHDEVFKQLWWGHU=XJVWDQJHWHLOZHLVHLQGHQ5RWRUHLQWULWW
XQGDXIGLHVH:HLVHHLQHVLFKHUH%ORFNLHUXQJHUP|JOLFKW
‡ hEHUSUIHQGDVVGHU5RWRUXQGGHU6WDWRUGHV(UUHJHUVXQWHUHLQDQGHU
SHUIHNWJHÁXFKWHWVLQG
‡ 'DV$JJUHJDWPLW9LEUDWLRQVGlPSIHUQVWW]HQXQGGDEHLDXIGLH
NRUUHNWH$XVQLYHOOLHUXQJYRQ0RWRUXQG*HQHUDWRUDFKWHQ
‡ 'LH*LWWHUEHIHVWLJHQ
'HPRQWDJH)RUP,0%
=XU'HPRQWDJHGLHXQWHU$EVDW]JHJHEHQHQ$QOHLWXQJHQXPJHNHKUW
DXVIKUHQ
0RQWDJH)RUP6$(VLHKH$EELOGXQJ
$FKWXQJ 9RU GHU 0RQWDJH EHUSUIHQ GDVV GLH .XSSOXQJVVLW]H
VRZRKO GHV *HQHUDWRUV DOV DXFK GHV 0RWRUV HLQZDQGIUHL XQG
VDXEHUVLQG
‡ 'LH%HIHVWLJXQJVVWDQJHGHV5RWRUVHQWIHUQHQ
‡ 'LH6FKXW]JLWWHUHQWIHUQHQ%HLGHU9HUVLRQ6$(GLHDXIGHU*ORFNH
DQJHEUDFKWHQ3ODVWLNVWRSIHQHQWIHUQHQXPGLH%HIHVWLJXQJGHU6FKHLEH
‘]XHUOHLFKWHUQ
‡ .RQWUROOLHUHQGDVVGHU'XUFKPHVVHUGHU6FKHLEHGHP$XIQDKPHGXUFK
PHVVHULP6FKZXQJUDGHQWVSULFKW
‡ 'HQ*HQHUDWRUGXUFK%ORFNLHUXQJGHU*ORFNH6$(DP0RWRUEHIHVWLJHQ
'(876&+
ZREHLGLHhEHUHLQVWLPPXQJGHU%RKUXQJHQGHU6FKHLEHPLWGHQHQGHV
6FKZXQJUDGVNRQWUROOLHUWZLUG
‡ hEHUSUIHQGDVVGLH6FKHLEHDXIGHP6FKZXQJUDGDXÁLHJWLQGHPPDQ
D[LDOPLWHLQHP3ODVWLNKDPPHUXQGHLQHP3XIIHUDXIGHQ5RWRUNORSIW
‡ 'LH6FKHLEHDP6FKZXQJUDGEHIHVWLJHQ
‡ hEHUSUIHQGDVVGHU5RWRUXQGGHU6WDWRUGHV(UUHJHUVXQWHUHLQDQGHU
SHUIHNWJHÁXFKWHWVLQG
‡ 'DV$JJUHJDWPLW9LEUDWLRQVGlPSIHUQVWW]HQXQGGDEHLDXIGLHNRUUHNWH
$XVQLYHOOLHUXQJ]ZLVFKHQ0RWRUXQG*HQHUDWRUDFKWHQ
‡ 'LH3ODVWLNVWRSIHQDQGHU*ORFNHHLQIJHQQXU9HUVLRQ6$(XQGGLH
*LWWHUEHIHVWLJHQ
$FKWXQJ 9RU GHU 0RQWDJH EHUSUIHQ GDVV GLH
.XSSOXQJVVLW]H VRZRKO GHV *HQHUDWRUV
DOV DXFK GHV 0RWRUV HLQZDQGIUHL XQG
VDXEHUVLQG
'HPRQWDJH)RUP6$(
=XU'HPRQWDJHGLHXQWHU$EVDW]JHJHEHQHQ$QOHLWXQJHQXPJHNHKUW
DXVIKUHQ
(UGXQJ
:DUQKLQZHLV (LQ XQJHHLJQHWHU 6FKXW] XQGRGHU HLQH IDOVFKH
)OXFKWXQJGHV*HQHUDWRUVN|QQHQ]X9HUOHW]XQJHQYRQ3HUVRQHQ
XQGRGHU6FKlGHQDQGHU$XVUVWXQJIKUHQ
'DV*HKlXVHGHV*HQHUDWRUVPXVVHLQHQVROLGHQ(UGXQJVDQVFKOXVV
DP 8QWHUJHVWHOO GHV (OHNWUR$JJUHJDWV DXIZHLVHQ )DOOV IOH[LEOH
YLEUDWLRQVGlPSIHQGH6WW]HQ]ZLVFKHQGHP*HKlXVHGHV*HQHUDWRUV
XQG VHLQHP 8QWHUJHVWHOO YRUJHVHKHQ VLQG PXVV EHU GLH IOH[LEOH
6WW]HHLQ(UGXQJVOHLWHUPLWHLQHPJHHLJQHWHQ1HQQZHUWJHZ|KQOLFK
GLH+lOIWHGHU)OlFKHGHV4XHUVFKQLWWVGHU.DEHOGHU+DXSWOHLWXQJLQ
3DUDOOHOVFKDOWXQJDQJHVFKORVVHQZHUGHQ
$XI GHP KLQWHUHQ 6FKLOG VLQG DXI GHU +|KH GHU )‰H ]ZHL
*HZLQGHERKUXQJHQ 0 YRUEHUHLWHW XP GLH (UGXQJ GHV .DVWHQV ]X
HUOHLFKWHUQVLHKH$EELOGXQJ
+,1:(,6
(LQ XQJHHLJQHWHU 6FKXW] XQGRGHU HLQH
IDOVFKH)OXFKWXQJGHV*HQHUDWRUVN|QQHQ
]X9HUOHW]XQJHQYRQ3HUVRQHQXQGRGHU
6FKlGHQDQGHU$XVUVWXQJIKUHQ
:DUQKLQZHLV6LFKHUVWHOOHQGDVVGHU9HUIDKUHQVDEODXIGHU(UGXQJ
NRUUHNWDEJHZLFNHOWZLUG
9RUEHUHLWHQGH.RQWUROOHQ
.RQWUROOHGHU,VROLHUXQJ
9RU GHU ,QEHWULHEQDKPH GHV (OHNWUR$JJUHJDWV E]Z QDFK ODQJHQ
6WLOOVWDQG]HLWHQ GHQ ,VROLHUXQJVZLGHUVWDQG GHU :LFNOXQJHQ ]XU (UGH
NRQWUROOLHUHQ
$FKWXQJ'HQ6SDQQXQJVUHJOHU$95DEWUHQQHQEHYRUGLH0HVVXQJ
YRUJHQRPPHQZLUG
'LH HUPLWWHOWHQ :HUWH PVVHQ EHU 02KP OLHJHQ )DOOV VLFK GHU
,VROLHUXQJVZLGHUVWDQGDOVQLHGULJHUHUZHLVWPXVVHLQH7URFNQXQJGHV
'UHKVWURPJHQHUDWRUV DOOHLQ LP 2IHQ EHL HLQHU 7HPSHUDWXU YRQ ¸
ƒ& EHU 6WXQGHQ YRUJHQRPPHQ ZHUGHQ 9RU$XVIKUXQJ GLHVHV
$UEHLWVYRUJDQJV GHQ 6SDQQXQJVUHJOHU HQWIHUQHQ$OV$OWHUQDWLYH ]XU
7URFNQXQJLP2IHQEHVWHKWGLH0|JOLFKNHLWPLQGHVWHQV6WXQGHODQJ
+HL‰OXIWGXUFKGHQ'UHKVWURPJHQHUDWRU]XEODVHQEHL¸ƒ&
0*HZLQGHERKUXQJHQIU(UGXQJ
6LFKHUVWHOOHQGDVVGHU9HUIDKUHQVDEODXI
GHU(UGXQJNRUUHNWDEJHZLFNHOWZLUG
+,1:(,6
:LFKWLJ 'LH $EQDKPHSUIXQJ GHU :LFNOXQJHQ HUIROJWH XQWHU
+RFKVSDQQXQJ ZlKUHQG GHU 3URGXNWLRQ :HLWHUH 3UIXQJHQ
XQWHU +RFKVSDQQXQJ N|QQHQ GLH ,VROLHUXQJ YHUVFKOHFKWHUQ XQG
VRPLW LKUH /HEHQVGDXHU UHGX]LHUHQ )DOOV VLFK HLQH $EQDKPH
XQWHU +RFKVSDQQXQJ ]XU $N]HSWLHUXQJ VHLWHQV GHV .XQGHQ DOV
HUIRUGHUOLFKHUZHLVHQVROOWHPVVHQGLH3UIXQJHQDXIYHUPLQGHUWHQ
6SDQQXQJVQLYHDXVGXUFKJHIKUWZHUGHQ
$FKWXQJ 'HQ 6SDQQXQJVUHJOHU $95 DEWUHQQHQ
EHYRUGLH0HVVXQJYRUJHQRPPHQZLUG
,%$JRVWR5HY
'(876&+
:LFKWLJ
+,1:(,6
'LH $EQDKPHSUIXQJ GHU :LFNOXQJHQ
HUIROJWH XQWHU +RFKVSDQQXQJ ZlKUHQG
GHU3URGXNWLRQ:HLWHUH3UIXQJHQXQWHU
+RFKVSDQQXQJN|QQHQGLH,VROLHUXQJYHU
VFKOHFKWHUQXQGVRPLWLKUH/HEHQVGDXHU
UHGX]LHUHQ )DOOV VLFK HLQH $EQDKPH
XQWHU +RFKVSDQQXQJ ]XU $N]HSWLHUXQJ
VHLWHQV GHV .XQGHQ DOV HUIRUGHUOLFK
HUZHLVHQ VROOWH PVVHQ GLH 3UIXQJHQ
DXI YHUPLQGHUWHQ 6SDQQXQJVQLYHDXV
GXUFKJHIKUWZHUGHQ
'HU *HQHUDWRU YHUOlVVW GLH 3URGXNWLRQ
VOLQLHQ PLW HLQHU 6WHUQ6HULHQVFKDOWXQJ
VRIHUQ EHL $XIWUDJVHUWHLOXQJ QLFKW DQ
GHUZHLWLJ VSH]LIL]LHUW DXI GLH VLFK GLH
JHOLHIHUWHQ 1HQQGDWHQ EH]LHKHQ (V LVW
$XIJDEH GHV ,QVWDOODWHXUV EHL VSlWHUHU
$ElQGHUXQJGLHVHV$QVFKOXVVHVGHQQHXHQ
YHUZHQGHWHQ$QVFKOXVVDXIGHP6FKLOGPLW
GHQ 0DVFKLQHQGDWHQ GDV VLFK LP ,QQHUQ
GHV .OHPPHQEUHWW.DVWHQV EHILQGHW ]X
PDUNLHUHQ =XU $XVIKUXQJ GHV QHXHQ
$QVFKOXVVHVGLHGLHVHU%HGLHQXQJVDQOHLWXQJ
EHLJHIJWHQ6FKDOWSOlQHEHQXW]HQ
(YHQWXHOOH $ElQGHUXQJHQ DP $QVFKOXVV
GUIHQ DXVVFKOLH‰OLFK YRQ )DFKSHUVRQDO
DXVJHIKUWZHUGHQ
'UHKULFKWXQJ
$OOH0DVFKLQHQVLQGPLWHLQHP/IWHUUDGPLW5DGLDOÁJHOQDXVJHVWDWWHW
XQGN|QQHQGDKHULQEHLGHQ'UHKULFKWXQJHQIXQNWLRQLHUHQ'HU*HQHUDWRU
ZLUGPLW5RWDWLRQLP8KU]HLJHUVLQQYRQGHU.XSSOXQJVVHLWHDXVJHVHKHQ
JHOLHIHUWVRIHUQEHL$XIWUDJVHUWHLOXQJQLFKWDQGHUZHLWLJVSH]LÀ]LHUWVR
GDVVHLQH3KDVHQVHTXHQ]89:HU]HXJWZLUG)DOOVGLH5RWDWLRQQDFK
GHU$XVOLHIHUXQJXPJHNHKUWZHUGHQPXVVPVVHQGLHHQWVSUHFKHQGHQ
HOHNWULVFKHQ6FKDOWSOlQHLP:HUNDQJHIRUGHUWZHUGHQ
hEHUSUIXQJGHU6SDQQXQJXQGGHU)UHTXHQ]
6LFKHUVWHOOHQGDVVGLHYRP(OHNWUR$JJUHJDWJHIRUGHUWHQ6SDQQXQJV
XQG )UHTXHQ]ZHUWH GHQ DXI GHP 7\SHQVFKLOG GHV *HQHUDWRUV
DQJHJHEHQHQHQWVSUHFKHQ
:DUQKLQZHLV 'HU *HQHUDWRU YHUOlVVW GLH 3URGXNWLRQVOLQLHQ PLW
HLQHU 6WHUQ6HULHQVFKDOWXQJ VRIHUQ EHL $XIWUDJVHUWHLOXQJ QLFKW
DQGHUZHLWLJ VSH]LÀ]LHUW DXI GLH VLFK GLH JHOLHIHUWHQ 1HQQGDWHQ
EH]LHKHQ(VLVW$XIJDEHGHV,QVWDOODWHXUVEHLVSlWHUHU$ElQGHUXQJ
GLHVHV $QVFKOXVVHV GHQ QHXHQ YHUZHQGHWHQ $QVFKOXVV DXI
GHP 6FKLOG PLW GHQ 0DVFKLQHQGDWHQ GDV VLFK LP ,QQHUQ GHV
.OHPPHQEUHWW.DVWHQVEHÀQGHW]XPDUNLHUHQ=XU$XVIKUXQJGHV
QHXHQ$QVFKOXVVHVGLHGLHVHU%HGLHQXQJVDQOHLWXQJEHLJHIJWHQ
6FKDOWSOlQHEHQXW]HQ
:DUQKLQZHLV (YHQWXHOOH $ElQGHUXQJHQ DP $QVFKOXVV GUIHQ
DXVVFKOLH‰OLFKYRQ)DFKSHUVRQDODXVJHIKUWZHUGHQ
(LQVWHOOXQJ.DUWH$95
8PGLH(LQVWHOOXQJHQGHU6WHXHUYRUULFKWXQJ$95]XZlKOHQEHJLEWPDQ
VLFK ]XU 6WHXHUNDUWH QDFKGHP PDQ GLH$EGHFNXQJHQ DEJHQRPPHQ
KDW 'LH PHLVWHQ (LQVWHOOXQJHQ ZHUGHQ LP :HUN YRUJHQRPPHQ DXI
:HUWHGLHGD]XEHVWLPPWVLQGEHLGHQDQIlQJOLFKHQ)XQNWLRQVSUREHQ
]XIULHGHQVWHOOHQGH(UJHEQLVVH]XJHZlKUOHLVWHQ:HLWHUH(LQVWHOOXQJHQ
N|QQWHQVLFKDOVHUIRUGHUOLFKHUZHLVHQXPHLQHRSWLPDOH)XQNWLRQXQWHU
VSH]LÀVFKHQ%HWULHEVEHGLQJXQJHQ]XJHZlKUOHLVWHQ
5DQJH RI
DX[LOLDU\ YROWDJH
9
9
)UHTXHQF\
+]
,QGHUQHEHQVWHKHQGHQ$EELOGXQJVLQGGLHVFKHPDWLVFKHQ'DUVWHOOXQJHQ
GHU EHLGHQ DXI GHU .DUWH YRUKDQGHQHQ ´MXPSHUVµ ]X VHKHQ GLH HUVWH
EH]LHKW VLFK DXI GHQ %HWULHE GHV 'UHKVWURPJHQHUDWRUV PLW RGHU
+]ZlKUHQGGLH]ZHLWHGLH3RVLWLRQGHV´MXPSHUµLQ%H]XJDXIGLH
+LOIVVSDQQXQJLGHQWLÀ]LHUW
+]
8)
67
9
-XPSHU
(;7
327
(VEHVWHKWGLH0|JOLFKNHLWGLH$XVJDQJVVSDQQXQJGXUFK(LQZLUNXQJ
DXIGDV3RWHQWLRPHWHU´9µDE]XlQGHUQ0LWEHL1HQQGUHK]DKOODXIHQGHP
$JJUHJDW UHJHOQ ELV GHU JHVXFKWH :HUW HUUHLFKW LVW :HQQ VLFK GLH
6SDQQXQJEHLHLQHUJHULQJIJLJHQ'UHK]DKOYHUlQGHUXQJlQGHUWPXVV
]XHUVW GHU 8QWHUGUHK]DKOVFKXW] HLQJHVWHOOW ZHUGHQ 'HU 6SDQQXQJV
%H]XJVSXQNW RUDQJHIDUEHQH .DEHO PXVV ZLH IROJW DQJHVFKORVVHQ
VHLQ
‡ DQGHQ.OHPPHQ´µXQG´µZHQQHLQH6SDQQXQJ]ZLVFKHQ
XQG9HQWQRPPHQZLUG
‡ DQGLH.OHPPHQ´µXQG´µZHQQHLQH6SDQQXQJ]ZLVFKHQ
XQG9HQWQRPPHQZLUG
$FKWXQJ 'LH (LQVWHOOXQJ GHU 6SDQQXQJ DXI HLQHQ
:HUW GHU EHU GHP IU GHQ *HQHUDWRU
YRUJHVHKHQHQ +|FKVWZHUW OLHJW NDQQ
GLH %HVFKlGLJXQJ GHV *HQHUDWRUV VHOEVW
EHZLUNHQ
$FKWXQJ'LH(LQVWHOOXQJGHU6SDQQXQJDXIHLQHQ:HUWGHUEHU
GHPIUGHQ*HQHUDWRUYRUJHVHKHQHQ+|FKVWZHUWOLHJWNDQQGLH
%HVFKlGLJXQJGHV*HQHUDWRUVVHOEVWEHZLUNHQ
(LQVWHOOXQJGHU8QWHUGUHK]DKODXI+]'DV$JJUHJDWLQ5RWDWLRQ
YHUVHW]HQXQGVRHLQVWHOOHQGDVVPDQHLQH)UHTXHQ]YRQ+]
HUKlOW'HQ7ULPPHU´8)µELV]XGHP3XQNWGUHKHQDQGHPGLH6SDQQXQJ
DE]XIDOOHQEHJLQQW'DV$JJUHJDWDXI1HQQGUHK]DKO]XUFNIDKUHQ
,%$JRVWR5HY
'(876&+
$FKWXQJ'LH(LQVWHOOXQJGHU8QWHUGUHK]DKODXIHLQHQ]XQLHGULJHQ
)UHTXHQ]ZHUW NDQQ GLH %HVFKlGLJXQJ GHV *HQHUDWRUV VHOEVW
EHZLUNHQ$QGHUHUVHLWV NDQQ GLH (LQVWHOOXQJ DXI HLQHQ ]X KRKHQ
:HUW]X6SDQQXQJVDEIDOOPLWKRKHQ/DVWHQIKUHQ
$FKWXQJ 'LH (LQVWHOOXQJ GHU 8QWHUGUHK]DKO DXI
HLQHQ ]X QLHGULJHQ )UHTXHQ]ZHUW NDQQ
GLH %HVFKlGLJXQJ GHV *HQHUDWRUV VHOEVW
EHZLUNHQ$QGHUHUVHLWVNDQQGLH(LQVWHOOXQJ
DXIHLQHQ]XKRKHQ:HUW]X6SDQQXQJVDEIDOO
PLWKRKHQ/DVWHQIKUHQ
$QVFKOXVVHLQHVH[WHUQHQ3RWHQWLRPHWHUVN2KP'LH%UFNHDXI
GHQ(QGYHUVFKOVVHQ´(;7327µHQWIHUQHQXQGDQGHQIUHLHQ(QGHQ
GDV3RWHQWLRPHWHUDQVFKOLH‰HQZREHLGDUDXIJHDFKWHWZHUGHQPXVV
HV DXI GHQ K|FKVWHQ :LGHUVWDQGVZHUW ]X SRVLWLRQLHUHQ 'HQ7ULPPHU
´9µELV]XP$QVFKODJJHJHQGHQ8KU]HLJHUVLQQGUHKHQ'DV$JJUHJDW
DXI1HQQGUHK]DKOIDKUHQXQGDXIGDV3RWHQWLRPHWHUHLQZLUNHQELVGLH
JHZQVFKWH6SDQQXQJHUUHLFKWLVW
)DOOV6SDQQXQJVÁXNWXDWLRQHQEHL/DVWDXIWUHWHQVROOWHQNDQQDXIGDV
3RWHQWLRPHWHU ´67µ HLQJHZLUNW ZHUGHQ GDV GLH 5HDNWLRQVEHUHLWVFKDIW
GHV 5HJOHUV DXI H[WHUQH 5HL]H PRGXOLHUW ZRGXUFK GLH (OLPLQLHUXQJ
HYHQWXHOOHU ,QVWDELOLWlWHQ GHV 6\VWHPV 'UHKVWURPJHQHUDWRU /DVW
P|JOLFKZLUG
$QVFKOXVV6FKDOWSOlQHIUYHUVFKLHGHQH.UHLVH
'HU YRUOLHJHQGHQ %HGLHQXQJVDQOHLWXQJ VLQG GLH 6FKDOWSOlQH IU
$QVFKOVVH GLH YRQ GHU 6WHUQ6HULHQVFKDOWXQJ GLH QRUPDOHUZHLVH
ZlKUHQGGHU3URGXNWLRQDXVJHIKUWZLUGVRIHUQEHL$XIWUDJVHUWHLOXQJ
QLFKWDQGHUZHLWLJVSH]LÀ]LHUWDEZHLFKHQEHLJHIJW
,QEHWULHEQDKPH
9RU GHP 6WDUW GHV (OHNWUR$JJUHJDWV PXVV EHUSUIW ZHUGHQ GDVV
DOOH H[WHUQHQ $QVFKOVVH NRUUHNW DXVJHIKUW ZXUGHQ XQG GDVV GLH
6FKXW]DEGHFNXQJHQQLFKWHQWIHUQWZXUGHQ
'LHYHUVFKLHGHQHQ(LQVWHOOXQJHQGHV*HQHUDWRUVZHUGHQEHLGHU$EQDKPH
LP:HUNDXVJHIKUW(VGUIWHQDOVRNHLQHZHLWHUHQ(LQVWHOODUEHLWHQDQ
GHU0DVFKLQH HUIRUGHUOLFK VHLQ )DOOV HV VLFK GRFK DOV Q|WLJ HUZHLVHQ
VROOWH]XU$XVIKUXQJYRQ(LQVWHOOXQJHQ$EGHFNXQJHQ]XHQWIHUQHQXQG
PDQXQWHU6SDQQXQJVWHKHQGH.RQWDNWHIUHLOLHJHQOlVVWZLUGGULQJHQG
HPSIRKOHQGLHVH$UEHLWHQQXUGXUFKIUGLH:DUWXQJHOHNWULVFKHU$QODJHQ
TXDOLÀ]LHUWHV3HUVRQDODXVIKUHQ]XODVVHQ
%HL GHU ,QEHWULHEQDKPH DXI HYHQWXHOOH DQRPDOH *HUlXVFKH DFKWHQ
GLH DXI HLQH QLFKW NRUUHNWH )OXFKWXQJ ]ZLVFKHQ 0RWRU XQG *HQHUDWRU
KLQZHLVHQN|QQWHQ
:DUQKLQZHLV'HQ*HQHUDWRUZlKUHQGGHV%HWULHEVXQGVRIRUWQDFK
GHP$QKDOWHQGHV$JJUHJDWVQLFKWEHUKUHQGDGLH2EHUÁlFKHQ
KRKH7HPSHUDWXUHQDXIZHLVHQN|QQWHQ
+,1:(,6
'HQ*HQHUDWRUZlKUHQGGHV%HWULHEVXQG
VRIRUWQDFKGHP$QKDOWHQGHV$JJUHJDWV
QLFKWEHUKUHQGDGLH2EHUÁlFKHQKRKH
7HPSHUDWXUHQDXIZHLVHQN|QQWHQ
*HQHUDWRUHQ VLQG HOHNWULVFKH 5RWDWLRQVPDVFKLQHQ GLH SRWHQWLHOO
JHIlKUOLFKH 7HLOH DXIZHLVHQ GD GLHVH ZlKUHQG GHV %HWULHEV XQWHU
6SDQQXQJ JHVHW]W RGHU PLW %HZHJXQJ DXVJHVWDWWHW ZHUGHQ$EVROXW
YHUERWHQVLQGGDKHU
‡ XQVDFKJHPl‰HU*HEUDXFK
‡ GDV (QWIHUQHQ GHU 6FKXW]DEGHFNXQJHQ XQG GDV $EWUHQQHQ GHU
6FKXW]YRUULFKWXQJHQ
'HU0DQJHODQ,QVSHNWLRQHQXQG:DUWXQJ
NDQQ ]X VFKZHUHQ 3HUVRQHQ XQGRGHU
6DFKVFKlGHQIKUHQ
:DUQKLQZHLV'HU0DQJHODQ,QVSHNWLRQHQXQG:DUWXQJNDQQ]X
VFKZHUHQ3HUVRQHQXQGRGHU6DFKVFKlGHQIKUHQ
+,1:(,6
$OV .RQVHTXHQ] GHU RELJHQ$XVIKUXQJHQ ZLUG YHUODQJW GDVV MHGHU
$UEHLWVYRUJDQJHOHNWULVFKHURGHUPHFKDQLVFKHU$UWYRQ)DFKSHUVRQDO
YRUJHQRPPHQZLUG
.81'(1',(16781':$5781*
:DUQKLQZHLV 'LH$UEHLWVDEOlXIH ]XU :DUWXQJ XQG /RNDOLVLHUXQJ
YRQ 6W|UXQJHQ EULQJHQ 5LVLNHQ PLW VLFK GLH ]X VFKZHUHQ
,%$JRVWR5HY
'(876&+
+,1:(,6
*()$+5
'LH $UEHLWVDEOlXIH ]XU :DUWXQJ XQG
/RNDOLVLHUXQJ YRQ 6W|UXQJHQ EULQJHQ
5LVLNHQPLWVLFKGLH]XVFKZHUHQ9HUOHW
]XQJHQ YRQ 3HUVRQHQ RGHU 7RGHVIlOOHQ
IKUHQ N|QQWHQ 'LHVH $UEHLWVDEOlXIH
GUIHQ GDKHU DXVVFKOLH‰OLFK YRQ ]XU
HOHNWULVFKHQXQGPHFKDQLVFKHQ$VVLVWHQ]
EHIlKLJWHP3HUVRQDODXVJHIKUWZHUGHQ
9RUMHGHP:DUWXQJVXQG5HSDUDWXUHLQJULII
VLFKHUVWHOOHQGDVVNHLQHXQWHU6SDQQXQJ
VWHKHQGHQ 7HLOH YRUKDQGHQ VLQG GDVV
GDV *HQHUDWRUJHKlXVH GLH 8PJHEXQJV
WHPSHUDWXU DQJHQRPPHQ KDW GDVV GDV
(OHNWUR$JJUHJDW QLFKW JHVWDUWHW ZHUGHQ
NDQQ DXFK QLFKW XQEHDEVLFKWLJWHUZHL
VH XQG GDVV DOOH$UEHLWVDEOlXIH NRUUHNW
DXVJHIKUWZHUGHQ
9HUOHW]XQJHQYRQ3HUVRQHQRGHU7RGHVIlOOHQIKUHQN|QQWHQ'LHVH
$UEHLWVDEOlXIH GUIHQ GDKHU DXVVFKOLH‰OLFK YRQ ]XU HOHNWULVFKHQ
XQG PHFKDQLVFKHQ $VVLVWHQ] EHIlKLJWHP 3HUVRQDO DXVJHIKUW
ZHUGHQ9RUMHGHP:DUWXQJVXQG5HSDUDWXUHLQJULIIVLFKHUVWHOOHQ
GDVVNHLQHXQWHU6SDQQXQJVWHKHQGHQ7HLOHYRUKDQGHQVLQGGDVV
GDV *HQHUDWRUJHKlXVH GLH 8PJHEXQJVWHPSHUDWXU DQJHQRPPHQ
KDWGDVVGDV(OHNWUR$JJUHJDWQLFKWJHVWDUWHWZHUGHQNDQQDXFK
QLFKWXQEHDEVLFKWLJWHUZHLVHXQGGDVVDOOH$UEHLWVDEOlXIHNRUUHNW
DXVJHIKUWZHUGHQ
.RQWUROOHGHU:LFNOXQJHQXQGGHV=XVWDQGVGHU,VROLHUXQJ
'HU =XVWDQG GHU :LFNOXQJHQ NDQQ GXUFK 0HVVXQJ LKUHV HOHNWULVFKHQ
:LGHUVWDQGV]XU(UGHKLQEHUSUIWZHUGHQ:lKUHQGGHU3UIXQJPXVV
GHU6SDQQXQJVUHJOHUDEJHWUHQQWVHLQ,PDOOJHPHLQHQLVWHVDXVUHLFKHQG
QXUGLH+DXSWZLFNOXQJ]XNRQWUROOLHUHQ
'LH HUPLWWHOWHQ :HUWH PVVHQ EHU 02KP OLHJHQ )DOOV VLFK GHU
,VROLHUXQJVZLGHUVWDQGDOVQLHGULJHUHUZHLVWPXVVHLQH7URFNQXQJGHV
'UHKVWURPJHQHUDWRUV DOOHLQ LP 2IHQ EHL HLQHU 7HPSHUDWXU YRQ ¸
ƒ& EHU 6WXQGHQ YRUJHQRPPHQ ZHUGHQ 9RU$XVIKUXQJ GLHVHV
$UEHLWVYRUJDQJV GHQ 6SDQQXQJVUHJOHU HQWIHUQHQ$OV$OWHUQDWLYH ]XU
7URFNQXQJLP2IHQEHVWHKWGLH0|JOLFKNHLWPLQGHVWHQV6WXQGHODQJ
+HL‰OXIWGXUFKGHQ'UHKVWURPJHQHUDWRU]XEODVHQEHL¸ƒ&
.RQWUROOHGHU/DJHU
'LH/DJHUVLQGYHUVLHJHOWXQGZDUWXQJVIUHL
:lKUHQGGHU:DUWXQJGHQ=XVWDQGGHU/DJHUNRQWUROOLHUHQXQGEHUSUIHQ
GDVVNHLQH)HWWDXVWULWWVVWHOOHQYRUKDQGHQVLQG'LH/HEHQVGDXHUGHU/DJHU
KlQJWYRQGHQ9LEUDWLRQHQXQGGHQD[LDOHQ/DVWHQGHQHQVLHDXVJHVHW]W
VLQGGLH9LEUDWLRQHQN|QQHQLP)DOOHLQHUIDOVFKHQ)OXFKWXQJEHWUlFKWOLFK
HUK|KWVHLQVRZLHYRQGHQ$UEHLWVEHGLQJXQJHQDE(VPXVVGDKHUEHUSUIW
ZHUGHQGDVVNHLQH$QRPDOLHQZLH9LEUDWLRQHQXQJHZ|KQOLFKH*HUlXVFKH
YRUOLHJHQ
)DOOV QDFK HLQHU JHZLVVHQ =HLW EHUPl‰LJH 9LEUDWLRQHQ RGHU *HUlXVFKH
DXIWUHWHQVROOWHQN|QQWHQGLHVHDXIGHQ9HUVFKOHL‰GHV/DJHUV]XUFN]XIKUHQ
VHLQGDVEHL%HVFKlGLJXQJDXVJHZHFKVHOWZHUGHQPXVV
(V LVW MHGRFK DXI MHGHQ )DOO DQ]XUDWHQ GDV /DJHU QDFK %HWULHEVVWXQGHQDXV]XZHFKVHOQ
'LH /DJHU GHU *HQHUDWRUHQ PLW 5LHPHQDQWULHE KDEHQ QDFKGHP VLH
K|KHUHQ/DVWHQDOVGLH/DJHUGHUGXUFKGLUHNWH.XSSOXQJDQJHWULHEHQHQ
*HQHUDWRUHQDXVJHVHW]WVLQGQRUPDOHUZHLVHHLQHNU]HUH/HEHQVGDXHUXQG
PVVHQQDFK%HWULHEVVWXQGHQDXVJHZHFKVHOWZHUGHQ
:LFKWLJ
'LH/HEHQVGDXHUGHU/DJHUZLUGGXUFKGLH
$UEHLWVXPJHEXQJVWDUNEHHLQÁXVVW
:LFKWLJ'LH/HEHQVGDXHUGHU/DJHUZLUGGXUFKGLH$UEHLWVXPJHEXQJ
VWDUNEHHLQÁXVVW
/DQJH9HUZHLO]HLWHQDQHLQHP2UWDQGHP
9LEUDWLRQHQ YRUKDQGHQ VLQG N|QQHQ GLH
.XJHOQXQGGLH:lO]VLW]HEHVFKlGLJHQ(LQH
]X KRKH )HXFKWLJNHLW NDQQ GLH (PXOVLRQ
GHV)HWWVEHZLUNHQXQG.RUURVLRQVHIIHNWH
EHJQVWLJHQ
:LFKWLJ /DQJH 9HUZHLO]HLWHQ DQ HLQHP 2UW DQ GHP 9LEUDWLRQHQ
YRUKDQGHQVLQGN|QQHQGLH.XJHOQXQGGLH:lO]VLW]HEHVFKlGLJHQ
(LQH]XKRKH)HXFKWLJNHLWNDQQGLH(PXOVLRQGHV)HWWVEHZLUNHQ
XQG.RUURVLRQVHIIHNWHEHJQVWLJHQ
,QWHQVLYH9LEUDWLRQHQGLHYRP0RWRURGHU
GXUFK HLQH IDOVFKH )OXFKWXQJ GHU .RPSR
QHQWHQ GHV (OHNWUR$JJUHJDWV EHZLUNW
ZHUGHQVHW]HQGLH/DJHU%HDQVSUXFKXQJHQ
DXVGLHLKUH/HEHQVGDXHUYHUNU]HQ
:LFKWLJ ,QWHQVLYH 9LEUDWLRQHQ GLH YRP 0RWRU RGHU GXUFK HLQH
IDOVFKH )OXFKWXQJ GHU .RPSRQHQWHQ GHV (OHNWUR$JJUHJDWV EH
ZLUNW ZHUGHQ VHW]HQ GLH /DJHU %HDQVSUXFKXQJHQ DXV GLH LKUH
/HEHQVGDXHUYHUNU]HQ
$QRPDOLHQXQG$EKLOIH
'HU*HQHUDWRUHUUHJWVLFKQLFKW
‡ 'LH6LFKHUXQJNRQWUROOLHUHQ
‡ 'LH*HVFKZLQGLJNHLWXPHUK|KHQ
‡ (LQHQ$XJHQEOLFN ODQJ DQ GHQ 3ROHQ GHV HOHNWURQLVFKHQ 5HJOHUV HLQH
,%$JRVWR5HY
'(876&+
6SDQQXQJYRQ9HLQHU%DWWHULHGLHPLWHLQHP:LGHUVWDQGYRQ2KP
VHULHQJHVFKDOWHWLVWDQZHQGHQXQWHU(LQKDOWXQJGHU3ROXQJ
1DFKGHU(UUHJXQJHUIROJWHLQH$EHUUHJXQJ
‡ 'LH$QVFKOXVVNDEHO NRQWUROOLHUHQ ZREHL PDQ VLFK GHU EHLJHIJWHQ
=HLFKQXQJHQEHGLHQW
,P/HHUODXIQLHGULJH6SDQQXQJ
‡ 'LH6SDQQXQJQDFKHLFKHQ
‡ 'LH'UHK]DKONRQWUROOLHUHQ
‡ 'LH:LFNOXQJHQNRQWUROOLHUHQ
,P/HHUODXI]XKRKH6SDQQXQJ
‡ 'LH6SDQQXQJQDFKHLFKHQ
‡ 'HQ5HJOHUDXVZHFKVHOQ
%HL/DVWEHWULHE6SDQQXQJXQWHUGHU1HQQVSDQQXQJ
‡ 'LH6SDQQXQJQDFKHLFKHQ
‡ =X VWDUNHU 6WURP FRV XQWHU *HVFKZLQGLJNHLW XQWHU GHV
1HQQZHUWV
‡ 'HQ5HJOHUDXVZHFKVHOQ
‡ 'LH'LRGHQNRQWUROOLHUHQZREHLGLH.DEHODEJHWUHQQWZHUGHQ
%HL/DVWEHWULHE6SDQQXQJEHUGHU1HQQVSDQQXQJ
‡ 'LH6SDQQXQJQDFKHLFKHQ
‡ 'HQ5HJOHUDXVZHFKVHOQ
,QVWDELOH6SDQQXQJ
‡ 'LH*OHLFKPl‰LJNHLWGHU5RWDWLRQNRQWUROOLHUHQ
‡ 'LH 6WDELOLWlW GHV 5HJOHUV GXUFK (LQZLUNXQJ DXI GDV 3RWHQWLRPHWHU
´67µUHJHOQ
%HLDOOHQDQGHUHQ$QRPDOLHQZHQGHQ6LHVLFKELWWHDQGDV.XQGHQGLHQVW
&HQWHU6LQFUR
(QWIHUQHQXQG$XVZHFKVHOXQJYRQ.RPSRQHQWHQXQG*UXSSHQ
YRQ.RPSRQHQWHQ
$XVEDXXQG(LQEDXGHU:HOOH
%HLGHQQDFKVWHKHQGEHVFKULHEHQHQ$UEHLWVDEOlXIHQZLUGYRUDXVJHVHW]W
GDVVGHU'UHKVWURPJHQHUDWRUYRP0RWRUDEJHWUHQQWZXUGH
=ZHLODJHUXQGNRQLVFKH9HUVLRQ
‡ 'LH 6FKUDXEHQ 0 GLH GHQ 6FKLOG DP 'LVWDQ]ÁDQVFK IHVWKDOWHQ
DEVFKUDXEHQ
‡ *OHLFKPl‰LJDXIGHQ6FKLOGNORSIHQELV]XUYROOVWlQGLJHQ$EO|VXQJGHV
5RWRUV=ZHLODJHU9HUVLRQXQG$EO|VXQJYRP'LVWDQ]ÁDQVFKNRQLVFKH
9HUVLRQ
‡ 'DVKLQWHUH*LWWHUHQWIHUQHQXQGYRQKLQWHQDXIGHQ5RWRUNORSIHQVR
GDVVGDV/DJHUDXVGHP6LW]JHVFKREHQZLUG
‡ 'HQ5RWRUDXIGHU.XSSOXQJVVHLWHPLWHLQHU6FKOLQJHVLFKHUQ
‡ 'HQ5RWRUZHLWHUKLQDXVGHP6WDWRUVFKLHEHQXQGGDEHLZHLWHUKLQGLH
3RVLWLRQGHU6FKOLQJHDQSDVVHQGDPLWGLH:LFNOXQJQLFKWEHVFKlGLJWZLUG
(LQODJHU9HUVLRQ6$(
‡ 'DVKLQWHUH*LWWHUHQWIHUQHQXQGYRQKLQWHQDXIGHQ5RWRUNORSIHQVR
GDVVGDV/DJHUDXVGHP6LW]JHVFKREHQZLUG
‡ 'HQ5RWRUDXIGHU.XSSOXQJVVHLWHPLWHLQHU6FKOLQJHVLFKHUQ
‡ 'HQ5RWRUZHLWHUKLQDXVGHP6WDWRUVFKLHEHQXQGGDEHLZHLWHUKLQGLH
3RVLWLRQGHU6FKOLQJHDQSDVVHQGDPLWGLH:LFNOXQJQLFKWEHVFKlGLJWZLUG
=XP(LQEDXGLHXQWHU$EVDW]EHVFKULHEHQHQ$QZHLVXQJHQ
XPJHNHKUWDXVIKUHQ
,%$JRVWR5HY
'(876&+
$FKWXQJ 9RU GHP$XVEDX GHV 5RWRUV GHQ 5RWRU
VHOEVWVRDXVULFKWHQGDVVHUZlKUHQGGHU
$XV]XJVEHZHJXQJLP,QQHUQGHV6WDWRUV
DXÁLHJWPLWWHOVGHV3ROVFKXKV
+,1:(,6
%HLP :LHGHUHLQEDX GHV 5RWRUV NDQQ GHU
'UHKVWURPJHQHUDWRUGHQ5HVWPDJQHWLVPXV
GHU GLH 6HOEVWHUUHJXQJ HUP|JOLFKW YHU
OLHUHQ9RUGHP6WDUWGHV$JJUHJDWVLVWHV
GDKHUHUIRUGHUOLFKGHQ'UHKVWURPJHQHUDWRU
QHX]XHUUHJHQZREHLDQGHQ.OHPPHQGHV
(UUHJHUVHLQH6HNXQGHODQJHLQH6SDQQXQJ
YRQ 9ROW DQJHZDQGW ZLUG XQWHU
(LQKDOWXQJGHU3ROXQJ
$FKWXQJ9RUGHP$XVEDXGHV5RWRUVGHQ5RWRUVHOEVWVRDXVULFKWHQ
GDVVHUZlKUHQGGHU$XV]XJVEHZHJXQJLP,QQHUQGHV6WDWRUVDXÁLHJW
PLWWHOVGHV3ROVFKXKV
:DUQKLQZHLV %HLP :LHGHUHLQEDX GHV 5RWRUV NDQQ GHU 'UHK
VWURPJHQHUDWRU GHQ 5HVWPDJQHWLVPXV GHU GLH 6HOEVWHUUHJXQJ
HUP|JOLFKW YHUOLHUHQ 9RU GHP 6WDUW GHV $JJUHJDWV LVW HV GDKHU
HUIRUGHUOLFKGHQ'UHKVWURPJHQHUDWRUQHX]XHUUHJHQZREHLDQGHQ
.OHPPHQGHV(UUHJHUVHLQH6HNXQGHODQJHLQH6SDQQXQJYRQ9ROW
DQJHZDQGWZLUGXQWHU(LQKDOWXQJGHU3ROXQJ
$XVZHFKVHOXQJGHV/DJHUV
$XIGHQ$EVDW]%H]XJQHKPHQ
‡ 'HQHODVWLVFKHQ6HHJHUULQJHQWIHUQHQ
‡ 'DVRGHUGLH/DJHUPLWWHOVJHZ|KQOLFKHU$XV]LHKZHUN]HXJHHQWIHUQHQ
‡ 'DVQHXHE]ZGLHQHXHQ/DJHUQHKPHQXQGPLWWHOVHLQHV+HL]JHUlWV
HUKLW]HQPD[¸ƒ&GDPLWGHU'XUFKPHVVHUYRUGHU(LQIJXQJ
LQGHQ6LW]GHU:HOOHJHGHKQWZLUG
‡ 'HQ6HHJHUULQJZLHGHUPRQWLHUHQ
‡ 'HQ5RWRUZLHGHUHLQEDXHQZREHLGLHXQWHU$EVDW]EHVFKULHEHQHQ
$QZHLVXQJHQXPJHNHKUWDXVJHIKUWZHUGHQ
$OWHUQDWLY KLHU]X EHVWHKW GLH 0|JOLFKNHLW GDV /DJHU DXV]XZHFKVHOQ
RKQHGHQ5RWRUDXV]XEDXHQ
‡ 'LH 0XWWHUQ GLH GHQ KLQWHUHQ 6FKLOG DP *HKlXVH EHIHVWLJHQ
DXIVFKUDXEHQ
‡ *OHLFKPl‰LJDXIGHQ6FKLOGNORSIHQELV]XUYROOVWlQGLJHQ$EO|VXQJYRP
5RWRU
‡ 'HQHODVWLVFKHQ6HHJHUULQJHQWIHUQHQ
‡ 'DVRGHUGLH/DJHUPLWWHOVJHZ|KQOLFKHU$XV]LHKZHUN]HXJHHQWIHUQHQ
‡ 'DVQHXHE]ZGLHQHXHQ/DJHUQHKPHQXQGPLWWHOVHLQHV+HL]JHUlWV
HUKLW]HQGDPLWGHU'XUFKPHVVHUYRUGHU(LQIJXQJLQGHQ6LW]GHU:HOOH
JHGHKQWZLUG
‡ 'HQ6HHJHUULQJZLHGHUPRQWLHUHQ
‡ 'HQ6FKLOGSRVLWLRQLHUHQRKQHGDEHLGHQHODVWLVFKHQ5LQJ]XYHUJHVVHQ
XQGGLH%HIHVWLJXQJVVFKUDXEHQWHLOZHLVHHLQIKUHQ
‡ *OHLFKPl‰LJDXIGHQ6FKLOGNORSIHQELV]XUYROOVWlQGLJHQ(LQIKUXQJGHV
/DJHUVXQGGHV*HKlXVHWHLOVLQGLHHQWVSUHFKHQGHQ6LW]H
‡ 'LH%HIHVWLJXQJVPXWWHUQGHV6FKLOGVDQ]LHKHQ
$XVZHFKVHOXQJGHUURWLHUHQGHQ'LRGHQ
‡ 'HQ5RWRUXQWHU(LQKDOWXQJGHUXQWHU$EVDW]JHJHEHQHQ$QZHLVXQJHQ
DXVEDXHQ
‡ 'LH 'LRGHQEUFNH DEWUHQQHQ LQGHP GHU 9HUELQGHU XQG GLH )DVWRQ
KHUDXVJH]RJHQZHUGHQ
‡ 'LH6FKUDXEHDXIVFKUDXEHQXQGGLH'LRGHQEUFNHHQWIHUQHQ
‡ 'LH QHXH 'LRGHQEUFNH PRQWLHUHQ ZREHL GLH 6FKUDXEH PLWWHOV
*HZLQGHNOHEHUV EHIHVWLJW ZLUG XQG GHQ 9HUELQGHU VRZLH GLH )DVWRQ
DQVFKOLH‰HQ
‡ 'HQ 5RWRU ZLHGHU HLQEDXHQ ZREHL GLH XQWHU$EVDW] JHJHEHQHQ
$QZHLVXQJHQXPJHNHKUWDXVJHIKUWZHUGHQ
$OWHUQDWLYKLHU]XEHVWHKWGLH0|JOLFKNHLWGLH'LRGHQEUFNHDXV]XZHFKVHOQ
LQGHP QXU GHU KLQWHUH 6FKLOG GHPRQWLHUW ZLUG ZLH EHUHLWV EHL GHU
$XVZHFKVHOXQJGHV/DJHUVEHVFKULHEHQ
$XVZHFKVHOXQJGHV(UUHJHU5RWRUV
‡ 'HQ5RWRUXQWHU(LQKDOWXQJGHUXQWHU$EVDW]JHJHEHQHQ$QZHLVXQJHQ
DXVEDXHQ
‡ 'HQHODVWLVFKHQ6HHJHUULQJHQWIHUQHQ
‡ 'DV/DJHUPLWWHOVJHZ|KQOLFKHU$XV]LHKZHUN]HXJHHQWIHUQHQ
,%$JRVWR5HY
'(876&+
‡ 'LH 'LRGHQEUFNH DEWUHQQHQ LQGHP GHU 9HUELQGHU XQG GLH )DVWRQ
KHUDXVJH]RJHQZHUGHQ
‡ 'LH6FKUDXEHDXIVFKUDXEHQXQGGLH'LRGHQEUFNHHQWIHUQHQ
‡ 'HQ(UUHJHUPLWWHOVHLQHV$XV]LHKZHUN]HXJVHQWIHUQHQ
‡ 'HQQHXHQ(UUHJHUXQWHU=XKLOIHQDKPHHLQHU3UHVVHHLQIKUHQ
‡ 8QWHU(LQKDOWXQJGHU$QZHLVXQJHQGHU$EVlW]HDOOHV
ZLHGHU]XVDPPHQVHW]HQ
:LHGHU]XVDPPHQVHW]XQJ GHU .RPSRQHQWHQ XQG *UXSSHQ
YRQ.RPSRQHQWHQ
=XU :LHGHU]XVDPPHQVHW]XQJ ZHUGHQ GLH YRUKHU EHL GHU 'HPRQWDJH
DXVJHIKUWHQ$UEHLWVYRUJlQJHXPJHNHKUWYRUJHQRPPHQ
5(,1,*81*81'6&+0,(581*
:DUQKLQZHLV-HGH$UWYRQ5HLQLJXQJVHLQJULIIPXVVEHLVWLOOVWHKHQGHP
(OHNWUR$JJUHJDWXQGYRQGHUHOHNWULVFKHQ1HW]OHLWXQJDEJHWUHQQWHP
*HQHUDWRUDXVJHIKUWZHUGHQGDVRQVWJUR‰H*HIDKUIU3HUVRQHQXQG
6DFKJHJHQVWlQGHEHVWHKW
+,1:(,6
6LFKHUVWHOOHQGDVVGDV(OHNWUR$JJUHJDWVWLOOVWHKWXQGYRQGHUHOHNWULVFKHQ
1HW]OHLWXQJDEJHWUHQQWLVW'DV$JJUHJDWNDQQDX‰HQPLW'UXFNOXIWJHUHLQLJW
ZHUGHQ
:DUQKLQZHLV 8QWHU NHLQHQ 8PVWlQGHQ )OVVLJNHLWHQ RGHU :DVVHU
YHUZHQGHQ'LHLQQHUHQHOHNWULVFKHQ7HLOHQLFKWPLW'UXFNOXIWUHLQLJHQ
GDVRQVW.XU]VFKOXVVRGHUDQGHUH$QRPDOLHQDXIWUHWHQN|QQWHQ
$%%$881'(17625*81*
:DUQKLQZHLV$XVVFKOLH‰OLFK)DFKSHUVRQDO]X5DWH]LHKHQ
-HGH$UWYRQ5HLQLJXQJVHLQJULIIPXVVEHL
VWLOOVWHKHQGHP (OHNWUR$JJUHJDW XQG YRQ
GHUHOHNWULVFKHQ1HW]OHLWXQJDEJHWUHQQWHP
*HQHUDWRU DXVJHIKUW ZHUGHQ GD VRQVW
JUR‰H *HIDKU IU 3HUVRQHQ XQG 6DFKJH
JHQVWlQGHEHVWHKW
8QWHUNHLQHQ8PVWlQGHQ)OVVLJNHLWHQRGHU
:DVVHUYHUZHQGHQ'LHLQQHUHQHOHNWULVFKHQ
7HLOHQLFKWPLW'UXFNOXIWUHLQLJHQGDVRQVW
.XU]VFKOXVV RGHU DQGHUH $QRPDOLHQ
DXIWUHWHQN|QQWHQ
$XVVFKOLH‰OLFK )DFKSHUVRQDO ]X 5DWH
]LHKHQ
'LH(QWVRUJXQJGHU0DWHULDOLHQPXVVXQWHU(LQKDOWXQJGHUJHOWHQGHQ1RUPHQ
HUIROJHQ%HLP$EEDXGHV*HQHUDWRUVEHVWHKHQNHLQHEHVRQGHUHQ5LVLNHQ
RGHU*HIDKUHQGLHVLFKDXVGHP*HQHUDWRUVHOEVWDEOHLWHQ%HL5HF\FOLQJ
GHU0DWHULDOLHQLVWHVDQJHEUDFKWVLHQDFK7\SRORJLH]XWUHQQHQHOHNWULVFKH
7HLOH.XSIHU$OXPLQLXPHWF
(56$7=7(,/(81'.81'(1',(167
9HUIDKUHQVDEODXI XQG $GUHVVHQ ]XU %H]XJQDKPH EHL
$QIRUGHUXQJYRQ.XQGHQGLHQVWOHLVWXQJHQ
8QVHU.XQGHQGLHQVWOLHIHUWHLQHYROOVWlQGLJHWHFKQLVFKH%HUDWXQJ
%HL %HDQWUDJXQJ YRQ .XQGHQGLHQVWOHLVWXQJHQ LP 5DKPHQ GHU *DUDQWLH
VLFKHUVWHOOHQGDVVDOOH.HQQGDWHQGHV*HQHUDWRUVVHLQH6HULHQQXPPHU
XQGGLH1XPPHUGHV3URGXNWLRQVDXIWUDJVGLHDXIGHPJHPl‰$EVDW]
GHUYRUOLHJHQGHQ%HGLHQXQJVDQOHLWXQJSRVLWLRQLHUWHQ.OHEHVFKLOGDQJHJHEHQ
VLQG]XU9HUIJXQJVWHKHQ'LH/LVWHGHUDXWRULVLHUWHQ.XQGHQGLHQVW&HQWHU
ÀQGHQ6LHLQXQVHUHP,QWHUQHW6LWHZZZVRJDJURXSFRP
*$5$17,(
'LH)LUPD6LQFURVUOJHZlKUWLKUHQ.XQGHQHLQH*DUDQWLHYRQ0RQDWHQ
/DXI]HLWDEGHP$XVOLHIHUXQJVGDWXPDXIGLHLQLKUHP%HWULHEKHUJHVWHOOWHQ
'UHKVWURPJHQHUDWRUHQ XQG 6FKZHL‰PDVFKLQHQ (V ZLUG SUl]LVLHUW GDVV
GLHVH *DUDQWLH DXVVFKOLH‰OLFK IU GLH .XQGHQ GHU )LUPD 6LQFUR GHQHQ
JHJHQEHUVLHGLUHNWKDIWHWEHVWLPPWLVW'LH)LUPD6LQFURHUNHQQWNHLQH
GLUHNWH*DUDQWLHJHJHQEHU3HUVRQHQ)LUPHQDQGLHREZRKOVLHLP%HVLW]
LKUHU3URGXNWHVLQGGLHVHQLFKWGLUHNWYRQLKUJHNDXIWKDEHQ
'LH)LUPD6LQFURYHUSÀLFKWHWVLFKLQQHUKDOEGHUREHQJHQDQQWHQ)ULVWHQ
NRVWHQORV (UVDW]WHLOH IU MHQH 7HLOH ]X OLHIHUQ GLH LKUHP HLJHQHQ 8UWHLO
RGHU GHP HLQHV YRQ LKU DXWRULVLHUWHQ 9HUWUHWHUV JHPl‰ )DEULNDWLRQV
RGHU 0DWHULDOPlQJHO DXIZHLVHQ RGHU ZHQQ VLH GLHV IU ULFKWLJ KlOW GLH
5HSDUDWXUGLUHNWRGHUPLWWHOVDXWRULVLHUWHU:HUNVWlWWHQDXV]XIKUHQZREHL
VLH NHLQHUOHL 7UDQVSRUWDXIZHQGXQJHQ EHUQLPPW$XVJHVFKORVVHQ EOHLEW
,%$JRVWR5HY
'(876&+
MHGRFK MHJOLFKH VRQVWLJH )RUP GHU +DIWXQJ RGHU 9HUSÀLFKWXQJ LQ %H]XJ
DXIDQGHUZHLWLJH.RVWHQ6FKlGHQXQGGLUHNWHRGHULQGLUHNWH9HUOXVWHGLH
VLFKDXVGHP*HEUDXFKRGHUDXVGHU8QP|JOLFKNHLWGHV*HEUDXFKVGHU
3URGXNWHDEOHLWHQVHLHVLQYROOHP8PIDQJRGHUWHLOZHLVH'LH5HSDUDWXURGHU
(UVDW]OLHIHUXQJEHZLUNWZHGHUHLQH9HUOlQJHUXQJQRFKHLQH(UQHXHUXQJGHU
/DXI]HLWGHU*DUDQWLH'LH*DUDQWLHYHUIlOOWZHQQ3UREOHPHRGHU6W|UXQJHQ
DXIWUHWHQ GLH GXUFK XQVDFKJHPl‰HQ *HEUDXFK HQWVWHKHQ EHL (LQVDW]
EHUGLH1HQQOHLVWXQJVJUHQ]HQKLQDXVZHQQDP3URGXNW$ElQGHUXQJHQ
YRUJHQRPPHQ ZXUGHQ RGHU ZHQQ HV LQ ]HUOHJWHP =XVWDQG RGHU PLW
YHUlQGHUWHQ E]Z PDQLSXOLHUWHQ 'DWHQ GHV 7\SHQVFKLOGV ]XUFNJHVDQGW
ZHUGHQVROOWH
36%HLGHU6HULH$JUR:DWWEHWUlJWGLH/DXI]HLWGHU*DUDQWLH0RQDWH
9HUIDKUHQ
%HL6FKlGHQRGHU%HWULHEVVW|UXQJHQGHU6LQFUR0DVFKLQHQLVWGHU.XQGH
JHEHWHQXQVHUHQ³.XQGHQGLHQVW´XQWHUGHU1XPPHU
DQ]XUXIHQ
)DOOVQDFKGLHVHU.RQWDNWDXIQDKPHHLQH5FNJDEHGHV3URGXNWVHUIRUGHUOLFK
VHLQ VROOWH JLEW XQVHU ³.XQGHQGLHQVW´ GHP .XQGHQ HLQH ³1XPPHU
IU GLH 5FNJDEH YRQ DXWRULVLHUWHP 0DWHULDO´ 50$ GLH VRZRKO LQ
GLH %HJOHLWXQWHUODJHQ GHV 0DWHULDOV 3URGXNWH GLH RKQH RJ 9RUJDQJ
ZHUGHQ QLFKW DN]HSWLHUW XQG YRQ GHU$QQDKPHVWHOOH DQ GHQ$EVHQGHU
]XUFNJHJHEHQ)UHLQHHYHQWXHOOH*DUDQWLHJHZlKUXQJLVWHVHUIRUGHUOLFK
GD‰GLH)D6LQFURDXVVFKOLH‰OLFKYRP.XQGHQVHOEVWNRQWDNWLHUWZLUG9RP
(QGEHQXW]HUJHPDFKWH5HSDUDWXUDQIUDJHQZHUGHQLQMHGHP)DOODOV1,&+7
XQWHU*DUDQWLHVWHKHQGH)lOOHEHDUEHLWHW
9RU GHU 5HSDUDWXUDXVIKUXQJ ZLUG HLQ .RVWHQYRUDQVFKODJ PLWJHWHLOW XQG
HLQH*HQHKPLJXQJVHLWHQVGHV.XQGHQDEJHZDUWHW
9HUVDQG
8QDEKlQJLJ YRQ GHU *HZlKUXQJ GHV *DUDQWLHHLQJULIIV UHLVW GLH
]XUFNJHJHEHQH:DUHDXVVFKOLH‰OLFKDXI.RVWHQXQG5LVLNHQGHV.XQGHQ
6LFKEHU]HXJHQGD‰GLH0DVFKLQHQLQ2UGQXQJXQGVDXEHUVLQGXQGGD‰
GDVgOHYHQWXHOOHU'UHK]DKOEHUVHW]HUDXVJHOHHUWZXUGH
(V ZLUG HPSIRKOHQ GDV 0DWHULDO LQ HLQHU HQWVSUHFKHQG JHHLJQHWHQ
9HUSDFNXQJ]XUFN]XJHEHQXPGDV3URGXNWYRU6W|‰HQ]XVFKW]HQ
,%$JRVWR5HY
'(876&+
,%$JRVWR5HY
)5$1d$,6
1250(6'(6e&85,7e
'e&/$5$7,21'(&21)250,7e
,1752'8&7,21
&RQWU{OHGHODSODTXHVLJQDOpWLTXH
3RVLWLRQQHPHQWGHODSODTXHDYHFOHVGRQQpHVpOHFWULTXHVOHQXPpURGHVpULHHWO·RUGUHGHSURGXFWLRQ
35,1&,3('()21&7,211(0(17(7&$5$&7e5,67,48(6'86<67Ë0('(5e*8/$7,21'(/$7(16,21
63e&,),&$7,216*e1e5$/(60e&$1,48(6(7e/(&75,48(63285$&&283/(0(17$9(&/(027(85
,167$//$7,21
/HYDJH
)L[DWLRQDXPRWHXU
0RQWDJHIRUPH,0%
'pPRQWDJHIRUPH,0%
0RQWDJHIRUPH6$(
'pPRQWDJHIRUPH6$(
0LVHjODWHUUH
&RQWU{OHVSUpOLPLQDLUHV
&RQWU{OHGHO·LVROHPHQW
6HQVGHURWDWLRQ
9pULÀFDWLRQGHWHQVLRQHWGHIUpTXHQFH
5pJODJHFDUWH$95
6FKpPDVGHFRQQH[LRQSRXUGLIIpUHQWVFLUFXLWV
0LVHHQVHUYLFH
$66,67$1&((70$,17(1$1&(
&RQWU{OHGHVHQURXOHPHQWVHWGHO·pWDWG·LVROHPHQW
&RQWU{OHGHVURXOHPHQWV
$QRPDOLHVHWUHPqGHV
(QOqYHPHQWHWUHPSODFHPHQWGHFRPSRVDQWVHWJURXSHVGHFRPSRVDQWV
([WUDFWLRQHWPLVHHQSODFHGHO·DUEUH
5HPSODFHPHQWGXURXOHPHQW
5HPSODFHPHQWGHVGLRGHVURWDWLYHV
5HPSODFHPHQWGXURWRUH[FLWDWULFH
5pDVVHPEODJHGHFRPSRVDQWVHWGHJURXSHVGHFRPSRVDQWV
1(772<$*((7/8%5,),&$7,21
'e02/,7,21(70,6($85(%87
3,Ë&(6'(5(&+$1*((76(59,&($35Ë69(17(
3URFpGXUHHWDGUHVVHVGHUpIpUHQFHSRXUGHPDQGHVGHVHUYLFHDSUqVYHQWH
*$5$17,(
3URFpGXUH
([SpGLWLRQ
,%$JRVWR5HY
)5$1d$,6
1250(6'(6e&85,7e
7RXW HQ YRXV UHPHUFLDQW GH OD SUpIpUHQFH TXH YRXV DYH] DFFRUGpH
j FH SURGXLW 6LQFUR 6UO HVW V€UH TX·LO YRXV SHUPHWWUD G·REWHQLU OHV
SHUIRUPDQFHVQpFHVVDLUHVjYRWUHDSSOLFDWLRQ
/H ´0DQXHO G·,QVWUXFWLRQV HW GH 0DLQWHQDQFHµ MRLQW DX JpQpUDWHXU
IRXUQLWGHVLQGLFDWLRQVLPSRUWDQWHVFRQFHUQDQWODVpFXULWpO·LQVWDOODWLRQ
O·XWLOLVDWLRQHWODPDLQWHQDQFH&HSURGXLWUpSRQGDX[QRUPHVUHFRQQXHV
GHODERQQHWHFKQLTXHHWDX[SUHVFULSWLRQVUHODWLYHVjODVpFXULWp
3RXU OHV FRPPXQLFDWLRQV DYHF 6LQFUR 6UO QRXV YRXV SULRQV GH
WRXMRXUVFLWHUOHW\SHHWOHFRGHGXJpQpUDWHXUVHWURXYDQWVXUO·pWLTXHWWH
SUpVHQWH GDQV O·HPEDOODJH 3DU DLOOHXUV VL j FDXVH GH SUREOqPHV GH
IRQFWLRQQHPHQWRXG·XQHSDQQHTXHOFRQTXHGHODPDFKLQHYRXVGHYH]
IDLUHDSSHOjQRWUH6HUYLFH$SUqVYHQWHQRXVYRXVSULRQVGHPHQWLRQQHU
pJDOHPHQWOHQXPpURGHVpULH61HWO·RUGUHGHSURGXFWLRQ32
$77(17,218QHLQVWDOODWLRQHUURQpHRXXQHXWLOLVDWLRQLPSURSUH
GXSURGXLWSHXYHQWHQWUDvQHUGHVGRPPDJHVDX[SHUVRQQHVRXDX[
FKRVHV
‡ 6·HQ WHQLU VFUXSXOHXVHPHQW j FH TXL HVW GpFULW GDQV OH ´0DQXHO
G·,QVWUXFWLRQVHWGH0DLQWHQDQFHµTXLDSRXUEXWG·LQGLTXHUOHVFRQGLWLRQV
FRUUHFWHV G·LQVWDOODWLRQ XWLOLVDWLRQ HW PDLQWHQDQFH DÀQ GH SUpYHQLU OHV
pYHQWXHOV SUREOqPHV GH IRQFWLRQQHPHQW GX JpQpUDWHXU HW G·pYLWHU OHV
VLWXDWLRQVGHGDQJHUSRXUO·XWLOLVDWHXU
‡ 0HWWUHDXUHEXWOHVPDWpULDX[G·HPEDOODJHSODVWLTXHFDUWRQSRO\VW\UqQH
H[SDQVpHWFVXLYDQWOHVSUHVFULSWLRQVGHVQRUPHVHQYLJXHXU
‡ &RQVHUYHUOHVLQVWUXFWLRQVSRXUOHVMRLQGUHDXIDVFLFXOHWHFKQLTXHHWSRXU
GHVFRQVXOWDWLRQVIXWXUHV
‡ &H SURGXLW D pWp SURMHWp HW FRQVWUXLW H[FOXVLYHPHQW SRXU O·XWLOLVDWLRQ
LQGLTXpHGDQVFHWWHGRFXPHQWDWLRQ/HVXWLOLVDWLRQVQRQLQGLTXpHVGDQV
FHWWHGRFXPHQWDWLRQSRXUUDLHQWHQGRPPDJHUOHSURGXLWHWrWUHVRXUFHGH
GDQJHU
‡ 6LQFUR6UOGpFOLQHWRXWHUHVSRQVDELOLWpGpULYDQWG·XQHXWLOLVDWLRQLPSURSUH
RXGLIIpUHQWHGHFHOOHSRXUODTXHOOHOHSURGXLWHVWFRQoXHWTXLHVWLQGLTXpH
GDQVODSUpVHQWHGRFXPHQWDWLRQ
‡ 1H SDV LQVWDOOHU OH SURGXLW GDQV XQH DWPRVSKqUH SRWHQWLHOOHPHQW
H[SORVLYH
‡ /HV pOpPHQWV FRQVWLWXDQW O·LQVWDOODWLRQ GRLYHQW rWUH FRQIRUPHV DX[
'LUHFWLYHV(XURSpHQQHV3RXUWRXVOHV3D\VKRUV&((HQSOXVGHVQRUPHV
QDWLRQDOHVHQYLJXHXUSRXUXQERQQLYHDXGHVpFXULWpLOHVWRSSRUWXQGH
UHVSHFWHUpJDOHPHQWOHVQRUPHVVXVPHQWLRQQpHV
‡ /·LQVWDOODWLRQ GRLW rWUH FRQIRUPH DX[ SUHVFULSWLRQV GHV 'LUHFWLYHV
(XURSpHQQHV HW GRLW rWUH H[pFXWpH H[FOXVLYHPHQW SDU GX SHUVRQQHO
TXDOLÀp
‡ 1H SDV PHWWUH HQ PDUFKH OH JpQpUDWHXU VL OHV FDUWHUV GH SURWHFWLRQ
OHV SDQQHDX[ G·DFFqV RX GH FRXYHUWXUH GH OD ERvWH j ERUQHV RQW pWp
HQOHYpV
‡ $YDQWWRXWHRSpUDWLRQG·HQWUHWLHQGpVDFWLYHUOHVFLUFXLWVGHGpPDUUDJHGX
PRWHXU
‡ 'pVDFWLYHUOHVFLUFXLWVGHIHUPHWXUHHWRXSODFHUGHVSDQRQFHDX[G·DYLVVXU
FKDTXHLQWHUUXSWHXUDXWRPDWLTXHKDELWXHOOHPHQWXWLOLVpSRXUODFRQQH[LRQ
DX VHFWHXU RX j G·DXWUHV JpQpUDWHXUV DÀQ G·HQ SUpYHQLU OD IHUPHWXUH
DFFLGHQWHOOH
‡ 8WLOLVHU H[FOXVLYHPHQW GHV SLqFHV RULJLQDOHV SRXU WRXWH RSpUDWLRQ
G·HQWUHWLHQRXUpSDUDWLRQ(QFDVGHQRQUHVSHFWGHFHWWHSUHVFULSWLRQ
6LQFUR6UOGpFOLQHWRXWHUHVSRQVDELOLWpHQFHTXLFRQFHUQHODVpFXULWp
HWOHERQIRQFWLRQQHPHQWGXJpQpUDWHXU
‡ ,QVWUXLUH O·XWLOLVDWHXU GH O·LQVWDOODWLRQ SRXU OD JHVWLRQ O·XWLOLVDWLRQ HW OD
PDLQWHQDQFHGXJpQpUDWHXU
‡ 7RXWFHTXLQ·HVWSDVH[SUHVVpPHQWSUpYXGDQVFHVLQVWUXFWLRQVQ·HVWSDV
SHUPLV
,%$JRVWR5HY
)5$1d$,6
'DQVFHPDQXHOVRQWXWLOLVpVGHVV\PEROHVHWGHVVLJQHVFRQYHQWLRQQHOV
TXL RQW XQH VLJQLÀFDWLRQ SUpFLVH ,OV VRQW GpÀQLV FLDSUqV GH PDQLqUH
XQLYRTXH
,PSRUWDQW 6HUpIqUHjGHVVLWXDWLRQVGHULVTXHRX
jGHVSURFpGXUHVGDQJHUHXVHVTXLSRXU
UDLHQWrWUHFDXVHGHGRPPDJHVDXSURGXLW
RXDX[DSSDUHLOVTXLOXLVRQWUDFFRUGpV
$WWHQWLRQ 6H UpIqUH j GHV VLWXDWLRQV GH ULVTXH
,PSRUWDQW6HUpIqUHjGHVVLWXDWLRQVGHULVTXHRXjGHVSURFpGXUHV
GDQJHUHXVHVTXLSRXUUDLHQWrWUHFDXVHGHGRPPDJHVDXSURGXLW
RXDX[DSSDUHLOVTXLOXLVRQWUDFFRUGpV
RX j GHV SURFpGXUHV GDQJHUHXVHV TXL
SRXUUDLHQW rWUH FDXVH GH GRPPDJHV DX
SURGXLWRXGHOpVLRQVjODSHUVRQQH
$WWHQWLRQ6HUpIqUHjGHVVLWXDWLRQVGHULVTXHRXjGHVSURFpGXUHV
GDQJHUHXVHVTXLSRXUUDLHQWrWUHFDXVHGHGRPPDJHVDXSURGXLW
RXGHOpVLRQVjODSHUVRQQH
/H V\PEROH VLJQDOH GHV VLWXDWLRQV GH
ULVTXH RX GHV SURFpGXUHV GDQJHUHXVHV
TXL SRXUUDLHQW rWUH FDXVH GH JUDYHV
$9(57,66(0(17 OpVLRQVjODSHUVRQQHRXGHPRUW
6\PEROH DYHF SRLQW G·H[FODPDWLRQ /H V\PEROH VLJQDOH GHV
VLWXDWLRQVGHULVTXHRXGHVSURFpGXUHVGDQJHUHXVHVTXLSRXUUDLHQW
rWUHFDXVHGHJUDYHVOpVLRQVjODSHUVRQQHRXGHPRUW
'$1*(5
/H V\PEROH VLJQDOH GHV VLWXDWLRQV GH
ULVTXHRXGHVSURFpGXUHVGDQJHUHXVHVTXL
FDXVHQWGHJUDYHVOpVLRQVjODSHUVRQQHRX
ODPRUW
6\PEROHDYHFIRXGUH/HV\PEROHVLJQDOHGHVVLWXDWLRQVGHULVTXH
RXGHVSURFpGXUHVGDQJHUHXVHVTXLFDXVHQWGHJUDYHVOpVLRQVj
ODSHUVRQQHRXODPRUW
'e&/$5$7,21'(&21)250,7e
7RXVOHVJpQpUDWHXUV,%VRQWIRXUQLVDYHFXQHGpFODUDWLRQG·LQFRUSRUDWLRQ
FRQIRUPpPHQWjODOpJLVODWLRQHXURSpHQQHFRPPHFHOOHTXLÀJXUHGDQVOHV
GHUQLqUHVSDJHVGHFHPDQXHO
6XLYDQWOD'LUHFWLYH0DFKLQHV&(OHFRQVWUXFWHXUGXJURXSHpOHFWURJqQHD
ODUHVSRQVDELOLWpGHV·DVVXUHUTXHOHVQXPpURVGHVpULHHWG·LGHQWLÀFDWLRQ
GXJpQpUDWHXUVRQWUHSRUWpVVXUODFRXYHUWXUHGHFHPDQXHO
/HVJpQpUDWHXUVW\SH,%VRQWHQRXWUHIRXUQLVVXUOHVEDVHVVXLYDQWHV
‡ ,OVGRLYHQWrWUHXWLOLVpVFRPPHJpQpUDWHXUVGHSXLVVDQFHRXSRXUXQH
IRQFWLRQTXL\VRLWUHODWLYH
‡ ,OVGRLYHQWrWUHXWLOLVpVGDQVO·XQHGHVFRQÀJXUDWLRQVVXLYDQWHV
7UDQVSRUWDEOHVDQVFDSRWSRXUIRXUQLWXUHWHPSRUDLUHG·pQHUJLH
7UDQVSRUWDEOHDYHFFDSRWSRXUIRXUQLWXUHWHPSRUDLUHG·pQHUJLH
­ERUGVRXVOHSRQWDSSOLFDWLRQPDULQHDSUqVKRPRORJDWLRQ
6XUYpKLFXOHFRPPHUFLDOWUDQVSRUWVXUURXHVUpIULJpUDWLRQHWF
6XUUDLOpQHUJLHDX[LOLDLUH
6XUYpKLFXOHLQGXVWULHOWHUUDVVHPHQWHQJLQVGHOHYDJHHWF
,QVWDOODWLRQÀ[HLQGXVWULHOXVLQHLQVWDOODWLRQ
,QVWDOODWLRQÀ[HUpVLGHQWLHOOHFRPPHUFLDOHHWLQGXVWULHOpJqUHPDLVRQ
EXUHDXK{SLWDO
*HVWLRQG·pQHUJLHFRJpQpUDWLRQSLFVG·DEVRUSWLRQ
6FKpPDVDOWHUQDWLIVG·pQHUJLH
‡ /HV JpQpUDWHXUV VWDQGDUG VRQW SURMHWpV SRXU VDWLVIDLUH OHV pPLVVLRQV
´LQGXVWULHOOHVµ HW OHV VWDQGDUGV G·LPPXQLWp 6L OHV JpQpUDWHXUV GRLYHQW
VDWLVIDLUHOHVOLPLWHVG·pPLVVLRQSRXUOHV]RQHVUpVLGHQWLHOOHVFRPPHUFLDOHV
RXSRXUO·LQGXVWULHOpJqUHFHUWDLQVDFFHVVRLUHVVXSSOpPHQWDLUHVSRXUUDLHQW
VHUHQGUHQpFHVVDLUHV
‡ /HVFKpPDG·LQVWDOODWLRQGHPDQGHODPLVHjODWHUUHGHODFDUFDVVHGX
JpQpUDWHXU HQ XWLOLVDQW XQ FkEOH GH VHFWLRQ DGpTXDWH HW OH SOXV FRXUW
SRVVLEOH
‡ /·XWLOLVDWLRQ GH SLqFHV GH UHFKDQJH QRQ RULJLQDOHV RX TXL QH VRQW SDV
H[SUHVVpPHQW DXWRULVpHV HQWUDvQH OD SHUWH GH OD *DUDQWLH 6LQFUR OD
FHVVDWLRQ GH OD UHVSRQVDELOLWp HQ FH TXL FRQFHUQH OD FRQIRUPLWp DX[
QRUPHVHWOHVFRQVpTXHQFHVUHODWLYHV
‡ /·LQVWDOODWLRQ OH VHUYLFH DSUqVYHQWH HW OD PDLQWHQDQFH GRLYHQW rWUH
HIIHFWXpV SDU GX SHUVRQQHO VSpFLÀTXHPHQW LQVWUXLW HW FRQQDLVVDQW OHV
SUHVFULSWLRQVGHVGLUHFWLYHV&(
,1752'8&7,21
1RXVUHFRPPDQGRQVG·H[DPLQHUDWWHQWLYHPHQWOHJpQpUDWHXUDXPRPHQW
,%$JRVWR5HY
)5$1d$,6
GHODOLYUDLVRQSRXUYpULÀHUTX·LOQ·DSDVVXELGHGRPPDJHVDXFRXUVGX
WUDQVSRUWRXTX·LOQ·\DSDVGHSDUWLHVPDQTXDQWHV
3ODTXHG·LGHQWLÀFDWLRQ
&RQWU{OHGHODSODTXHVLJQDOpWLTXH
/HV JpQpUDWHXUV GH OD JDPPH ,% VRQW LGHQWLÀpV SDU XQH SODTXH
VLJQDOpWLTXH &HWWH SODTXH GRLW rWUH FRQWU{OpH HW FRPSDUpH DYHF OHV
VSpFLÀFDWLRQVGHODFRPPDQGHDXPRPHQWGHODOLYUDLVRQDÀQGHYpULÀHU
OHVpYHQWXHOOHVHUUHXUVG·H[SpGLWLRQRXGHFRQÀJXUDWLRQ
3RVLWLRQQHPHQWGHODSODTXHDYHFOHVGRQQpHVpOHFWULTXHVOH
QXPpURGHVpULHHWO·RUGUHGHSURGXFWLRQ
/D IRXUQLWXUH FRPSUHQG XQH SODTXHWWH DXWRFROODQWH VXU ODTXHOOH VRQW
LPSULPpVOHQXPpURGHVpULHGLIIpUHQWSRXUFKDTXHPDFKLQHHWO·RUGUH
GHSURGXFWLRQ
/HQXPpURGHVpULHHWO·RUGUHGHSURGXFWLRQVRQWGHVGRQQpHVTXLIRQW
SDUWLHLQWpJUDQWHGHVSURFpGXUHVjPHWWUHHQ±XYUHSRXUODGHPDQGH
G·LQWHUYHQWLRQVGHVHUYLFHDSUqVYHQWH
/HJpQpUDWHXUHVWIRXUQLDYHFXQHDXWUHSODTXHWWHDXWRFROODQWHFRQWHQDQW
OHV GRQQpHV HW OHV VSpFLÀFDWLRQV pOHFWULTXHV DLQVL TXH OD OLVWH GHV
FRQQH[LRQVSRVVLEOHV
3ODTXHGHVGRQQpHV
pOHFWULTXHV
$WWHQWLRQ/DFRQQH[LRQHIIHFWLYHPHQWUpDOLVpHGHYUDrWUHFODLUHPHQW
LGHQWLÀpH VXU OD SODTXHWWH SDU O·LQVWDOODWHXU SDUPL FHOOHV TXL VRQW
SUpVHQWHV GDQV OD OLVWH DILQ G·pYLWHU OHV pYHQWXHOV SUREOqPHV GH
IRQFWLRQQHPHQWRXOHVGRPPDJHVDX[SHUVRQQHVRXDX[FKRVHV
$WWHQWLRQ /DFRQQH[LRQHIIHFWLYHPHQWUpDOLVpHGHYUD
rWUH FODLUHPHQW LGHQWLÀpH VXU OD SODTXHWWH
SDU O·LQVWDOODWHXU SDUPL FHOOHV TXL VRQW
SUpVHQWHV GDQV OD OLVWH DILQ G·pYLWHU OHV
pYHQWXHOV SUREOqPHV GH IRQFWLRQQHPHQW
RX OHV GRPPDJHV DX[ SHUVRQQHV RX DX[
FKRVHV
$WWHQWLRQ3RXUODSUpGLVSRVLWLRQGHFLUFXLWVpOHFWULTXHVGLIIpUHQWV
GHVFRQQH[LRQVpWRLOHVpULHFRQVXOWHUODVHFWLRQHWOHVVFKpPDV
VSpFLÀTXHVUHSRUWpVSOXVORLQGDQVFHPDQXHO
/H 6HUYLFH 7HFKQLTXH 6LQFUR HVW j GLVSRVLWLRQ SRXU WRXWH SUpFLVLRQ
pYHQWXHOOH
35,1&,3('()21&7,211(0(17(7&$5$&7e5,67,48(6'8
6<67Ë0('(5e*8/$7,21'(/$7(16,21
/HVWDWRUGHO·H[FLWDWULFHJUkFHjVRQPDJQpWLVPHUpVLGXHOJDUDQWLWO·DXWR
H[FLWDWLRQGXJpQpUDWHXUDXGpPDUUDJHTXLJpQqUHSDUFRQVpTXHQWXQH
WHQVLRQUpVLGXHOOHpJDOHjHQYLURQGHODWHQVLRQQRPLQDOH
/·$95DOLPHQWpSDUXQFLUFXLWDX[LOLDLUHSUpVHQWVXUOHVWDWRUSULQFLSDO
DJLWVXUOHVWDWRUGHO·H[FLWDWULFHHQUpJXODQWLQGLUHFWHPHQWjWUDYHUVOD
FKDvQHURWRUH[FLWDWULFHSRQWGHGLRGHVURWRUSULQFLSDOOHFKDPSJpQpUp
SDUOHURWRUSULQFLSDO
/H UpJXODWHXU GH WHQVLRQ SUpVHQWH XQH SUpFLVLRQ GH WHQVLRQ GH “
GDQVODSODJHGHIRQFWLRQQHPHQWGHODPDFKLQHDYHFGHVFKDUJHVQRQ
GpIRUPDQWHV
/H FRQWU{OH GH WHQVLRQ UpJXOH OD YDOHXU PR\HQQH GH OD WHQVLRQ G·XQH
SKDVHHQODPDLQWHQDQWFRQVWDQWH
8Q GLVSRVLWLI GH FRQWU{OH GH OD IUpTXHQFH LQWHUYLHQW HQ GpVH[FLWDQW
SURJUHVVLYHPHQWODPDFKLQHTXDQGODYLWHVVHGXPRWHXUG·HQWUDvQHPHQW
GHVFHQGHQGHVVRXVG·XQVHXLOSUpÀ[pHWUpJODEOHHQHPSrFKDQWXQH
VXUH[FLWDWLRQDX[EDVUpJLPHVGHIRQFWLRQQHPHQWHWHQDOOpJHDQWO·HIIHW
GHSULVHGHFKDUJHVXUOHPRWHXU
,O HVW HQÀQ SRVVLEOH GH PRGXOHU OD UDSLGLWp GH UpSRQVH GX UpJXODWHXU
DÀQG·pOLPLQHUOHVpYHQWXHOOHVLQVWDELOLWpVGHWHQVLRQTXLSRXUUDLHQWVH
PDQLIHVWHU
8QIXVLEOHSURWqJHOHUpJXODWHXUHWOHJpQpUDWHXUFRQWUHOHVpYHQWXHOOHV
VXUFKDUJHVHWRXSDQQHV
/HUpJXODWHXUDpWpFRQVWUXLWSRXUOLPLWHUDXPLQLPXPOHVSLFVGHWHQVLRQ
TXDQGODFKDUJHHVWGpEUDQFKpHSLFVTXLUpVXOWHQWLQIpULHXUVjDYHF
ODFKDUJHQRPLQDOH
/HUpJXODWHXUSHUPHWGHGLVSRVHUHQRXWUHG·XQHFDSDFLWpGHGpPDUUDJH
3RXUODSUpGLVSRVLWLRQGHFLUFXLWVpOHFWULTXHV
GLIIpUHQWV GHV FRQQH[LRQV pWRLOHVpULH
FRQVXOWHU OD VHFWLRQ HW OHV VFKpPDV
VSpFLILTXHV UHSRUWpV SOXV ORLQ GDQV FH
PDQXHO
&DUWH$95
,%$JRVWR5HY
)5$1d$,6
FRQVLGpUDEOHSRXUOHVPRWHXUVDV\QFKURQHV(QHIIHWOHUpJXODWHXUHVWHQ
PHVXUHGHIDLUHSURGXLUHWHPSRUDLUHPHQWDXJpQpUDWHXUSOXVGHGX
FRXUDQWQRPLQDOj3) DYHFXQHFKXWHGHWHQVLRQLQIpULHXUHj
63e&,),&$7,216*e1e5$/(60e&$1,48(6(7e/(&75,48(6
3285$&&283/(0(17$9(&/(027(85
'DQV OD PHVXUH R LO V·DJLW G·XQH XQLWp VpSDUpH HW GHVWLQpH j rWUH
LQFRUSRUpHGDQVXQJURXSHpOHFWURJqQHLOQ·HVWSDVSRVVLEOHG·DSSOLTXHU
HQ SKDVH GH FRQVWUXFWLRQ WRXWHV OHV pWLTXHWWHV GH VLJQDOLVDWLRQ
QpFHVVDLUHVVXUOHJpQpUDWHXU&HVpWLTXHWWHVTXLLQGLTXHQWOHGDQJHU
SRWHQWLHOHWOHULVTXHOLpjODSUpVHQFHGHFRPSRVDQWVVRXVWHQVLRQVRQW
IRXUQLHVHQYUDFHWGRLYHQWrWUHDSSOLTXpHVSDUOHFRQVWUXFWHXUGXJURXSH
pOHFWURJqQHGDQVOHVSRVLWLRQVLQGLTXpHVGDQVODÀJXUHFLFRQWUHXQH
IRLVTXHO·DVVHPEODJHGXJURXSHHVWWHUPLQp
/HVJpQpUDWHXUVGHODJDPPH,%VRQWSURMHWpVSRXUIRQFWLRQQHUjXQH
WHPSpUDWXUHPD[LPXPGHƒ&HWjXQHDOWLWXGHPD[LPXPGHP
'DQV FHV OLPLWHV GH WHPSpUDWXUH HW G·DOWLWXGH LOV IRXUQLVVHQW OHV
SHUIRUPDQFHVQRPLQDOHVLQGLTXpHVVXUODSODTXH
3RXUGHVWHPSpUDWXUHVVXSpULHXUHVjƒ&HWRXGHVDOWLWXGHVVXSpULHXUHV
jPGHVUpGXFWLRQVGHSHUIRUPDQFHVVHYpULÀHQWYRLUWDEOHDX
,OHVWERQGHVLJQDOHUDX%XUHDX7HFKQLTXH6LQFURTXHOHJpQpUDWHXU
VHUDDPHQpjIRQFWLRQQHUGDQVGHVFRQGLWLRQVDPELDQWHVSLUHVTXHFHOOHV
TXLVRQWPHQWLRQQpHVSOXVKDXW
7HPSDPELDQWHƒ& $OWLWXGHP
)DFWHXUGHSXLVVDQFH /HVJpQpUDWHXUVVRQWPXQLVG·XQV\VWqPHGHYHQWLODWLRQjDLUGHEOLQGDJHV
GHSURWHFWLRQHWG·XQHFDUFDVVHDQWLUXLVVHOOHPHQWLOVQHVRQWSDVDGDSWpV
SRXUO·LQVWDOODWLRQHQSOHLQDLUjPRLQVG·rWUHSURWpJpVSDUGHVFRXYHUWXUHV
DGpTXDWHV'XUDQWOHVpMRXUHQPDJDVLQDYDQWO·LQVWDOODWLRQRXFRPPH
UpVHUYHLOHVWFRQVHLOOpG·XWLOLVHUGHVUpVLVWDQFHVDQWLFRQGHQVDWLRQSRXU
JDUDQWLUODERQQHFRQVHUYDWLRQGHVHQURXOHPHQWV
$YDQW OD PLVH HQ VHUYLFH RX DSUqV GH ORQJXHV SpULRGHV G·LQDFWLYLWp
LO IDXW FRQWU{OHU OD UpVLVWDQFH G·LVROHPHQW YHUV OD PDVVH GH WRXV OHV
HQURXOHPHQWV QRXV UHFRPPDQGRQV GH GpFRQQHFWHU OH UpJXODWHXU GH
WHQVLRQDYDQWGHSURFpGHUjFHWHVVDLOHVYDOHXUVPHVXUpHVGRLYHQW
rWUHVXSpULHXUHVj02KP6LFHQ·HVWSDVOHFDVLOIDXWSURFpGHUDX
VpFKDJHDXIRXUGHO·DOWHUQDWHXUXQLTXHPHQWj¸ƒ&SHQGDQW
KHXUHV$YDQW G·HIIHFWXHU FHWWH RSpUDWLRQ LO IDXW HQOHYHU OH UpJXODWHXU
GHWHQVLRQ(QDOWHUQDWLYHDXVpFKDJHDXIRXULOHVWSRVVLEOHGHVRXIÁHU
GHO·DLUFKDXGjWUDYHUVO·DOWHUQDWHXUj¸ƒ&SHQGDQWDXPRLQV
KHXUH
(Q FDV G·LQVWDOODWLRQ VRXV FDSRW IHUPp LO IDXGUD V·DVVXUHU TXH OD
WHPSpUDWXUH GH O·DLU GH UHIURLGLVVHPHQW HQYR\pH DX JpQpUDWHXU QH
GpSDVVHSDVODWHPSpUDWXUHQRPLQDOHSUpYXH
/HFDSRWGRLWrWUHUpDOLVpGHPDQLqUHTXHODSULVHG·DLUGXPRWHXUGDQVOH
FDSRWVRLWVpSDUpHGHFHOOHGXJpQpUDWHXUVXUWRXWVLO·DVSLUDWLRQG·DLUVRXV
OHFDSRWGRLWrWUHDVVXUpHSDUOHYHQWLODWHXUGHUHIURLGLVVHPHQW/DSULVH
G·DLUGXJpQpUDWHXUHQRXWUHGHYUDrWUHUpDOLVpHGHPDQLqUHjHPSrFKHU
OHVLQÀOWUDWLRQVG·KXPLGLWpHQSUpYR\DQWXQHSURWHFWLRQDGpTXDW/HFDSRW
GHYUDrWUHSURMHWpGHPDQLqUHjODLVVHUHQWUHODSULVHG·DLUGXJpQpUDWHXU
HWWRXWHVXUIDFHSODQHXQHGLVWDQFHG·DXPRLQVPP
6LFHODHVWSUpFLVpDXPRPHQWGHODFRPPDQGHOHJpQpUDWHXUSHXW
rWUHIRXUQLDYHFÀOWUHVjDLU
,PSRUWDQW 8QH UpGXFWLRQ GX IOX[ GH O·DLU GH
UHIURLGLVVHPHQW RX XQH SURWHFWLRQ
LQDGpTXDWHGXJpQpUDWHXUSHXYHQWHQWUDvQHU
O·HQGRPPDJHPHQW HWRX OH PDXYDLV
IRQFWLRQQHPHQWGHVHQURXOHPHQWV
,PSRUWDQW 8QH UpGXFWLRQ GX IOX[ GH O·DLU GH UHIURLGLVVHPHQW
RX XQH SURWHFWLRQ LQDGpTXDWH GX JpQpUDWHXU SHXYHQW HQWUDvQHU
O·HQGRPPDJHPHQW HWRX OH PDXYDLV IRQFWLRQQHPHQW GHV HQ
URXOHPHQWV
/HJURXSHURWRUGXJpQpUDWHXUHVWpTXLOLEUpG\QDPLTXHPHQWjO·XVLQH
DYHFXQHFODYHWWHHQWLqUH
,%$JRVWR5HY
)5$1d$,6
/HV YLEUDWLRQV LQGXLWHV SDU OH PRWHXU VRQW FRPSOH[HV HW LQFOXHQW GHV
KDUPRQLTXHVG·RUGUHVXSpULHXUTXLSHXYHQWGpWHUPLQHUHQVHFRPELQDQW
DYHFFHOOHVGXJpQpUDWHXUGHVQLYHDX[GHYLEUDWLRQVHQVLEOHVHWQXLVLEOHV
SRXUOHIRQFWLRQQHPHQWGXJURXSHpOHFWURJqQH/·DXWHXUGXSURMHWHVWGRQF
WHQXGHSUHQGUHOHVSUpFDXWLRQVQpFHVVDLUHVSRXUDVVXUHUO·DOLJQHPHQWHW
ODULJLGLWpGXEkWLHWGHVVXSSRUWVSRXUpYLWHUOHGpSDVVHPHQWGHVOLPLWHV
GHYLEUDWLRQSUpYXHVSDUOHVQRUPHV
/HVJpQpUDWHXUVjGRXEOHURXOHPHQWQpFHVVLWHQWXQFKkVVLVULJLGHSRXUOH
VRXWLHQGXPRWHXUJpQpUDWHXUGHPDQLqUHjFRQVWLWXHUXQHERQQHEDVH
SRXUXQDOLJQHPHQWFRUUHFW&HFKkVVLVGHYUDrWUHOLpDXEkWLDXPR\HQ
GHWDPSRQVDQWLYLEUDQWV3RXUUpGXLUHDXPLQLPXPOHVVROOLFLWDWLRQVGH
WRUVLRQLOHVWFRQVHLOOpG·XWLOLVHUXQDFFRXSOHPHQWÁH[LEOHFRUUHFWHPHQW
GLPHQVLRQQp
'DQV OHV V\VWqPHV G·HQWUDvQHPHQW SDU FRXUURLH DSSOLTXpV j GHV
JpQpUDWHXUVjGRXEOHURXOHPHQWLOIDXWTXHOHGLDPqWUHHWODVWUXFWXUH
GHVSRXOLHVVRLHQWWHOVTX·LOVSHUPHWWHQWTXHODFKDUJHDSSOLTXpHjO·DUEUH
VRLWFHQWUpHSDUUDSSRUWjODORQJXHXUGXERXWGHO·DUEUHHWQHGpSDVVH
SDV 1 3RXU GHV ORQJXHXUV G·DUEUH VXSpULHXUHV OHV YDOHXUV GH
FKDUJHDGPLVVLEOHVSRXUURQWrWUHGHPDQGpHVGLUHFWHPHQWDX6HUYLFH
7HFKQLTXH6LQFUR
/·DOLJQHPHQWGHVJpQpUDWHXUVjXQVHXOURXOHPHQWHVWFULWLTXHFDUGHV
YLEUDWLRQVSRXUUDLHQWVHYpULÀHUDXQLYHDXGHO·DFFRXSOHPHQWHQWUHPRWHXU
HWJpQpUDWHXU3RXUO·pYLWHULOIDXWYHLOOHUjO·DVVHPEODJHGHO·DOWHUQDWHXU
DXPRWHXUSUpYRLUXQEkWLVROLGHHWO·HPSORLGHWDPSRQVDQWLYLEUDQWVSRXU
VRXWHQLUOHJURXSHPRWHXUDOWHUQDWHXU
­O·LQWpULHXUGHODERvWHjERUQHVVHWURXYHQWOHVERUQHVLVROpHVSRXUOHV
FRQQH[LRQVGHOLJQHHWGHQHXWUHHWSRXUODPLVHjODWHUUH
/HQHXWUH1·(673$6FRQQHFWpjODFDUFDVVH
$YHUWLVVHPHQW/HJpQpUDWHXUHVWIRXUQLVDQVDXFXQHFRQQH[LRQ
jODWHUUHSRXUO·HIIHFWXHULOIDXGUDVHUpIpUHUDX[QRUPHVORFDOHV
HQYLJXHXU'HVPLVHVjODWHUUHRXGHVFRQQH[LRQVGHSURWHFWLRQ
HIIHFWXpHVGHPDQLqUHHUURQpHSHXYHQWrWUHFDXVHGHOpVLRQVRX
GHPRUW
/HVYDOHXUVGHVFRXUDQWVGHSDQQHGXJpQpUDWHXUVRQWGLVSRQLEOHVVXU
GHPDQGH DÀQ G·DLGHU O·DXWHXU GX SURMHW j GLPHQVLRQQHU FRUUHFWHPHQW
O·LQVWDOODWLRQHWVHVFRPSRVDQWV
$YHUWLVVHPHQW /·LQVWDOODWLRQ O·XWLOLVDWLRQ OD PDLQWHQDQFH RX OH
UHPSODFHPHQW GH SLqFHV HIIHFWXpV GH PDQLqUH HUURQpH SHXYHQW
rWUH OD FDXVH GH JUDYHV OpVLRQV SHUVRQQHOOHV RX GH PRUW DLQVL
TXH GH GRPPDJHV DX[ pTXLSHPHQWV /HV LQWHUYHQWLRQV VXU OHV
SDUWLHVpOHFWULTXHVHWRXPpFDQLTXHVGRLYHQWrWUHHIIHFWXpHVSDU
GXSHUVRQQHOTXDOLÀp
/H JpQpUDWHXU HVW IRXUQL VDQV DXFXQH
FRQQH[LRQ j OD WHUUH SRXU O·HIIHFWXHU
LO IDXGUD VH UpIpUHU DX[ QRUPHV ORFDOHV
$9(57,66(0(17 HQ YLJXHXU 'HV PLVHV j OD WHUUH RX GHV
FRQQH[LRQV GH SURWHFWLRQ HIIHFWXpHV GH
PDQLqUH HUURQpH SHXYHQW rWUH FDXVH GH
OpVLRQVRXGHPRUW
/·LQVWDOODWLRQ O·XWLOLVDWLRQ OD PDLQWHQDQFH
RXOHUHPSODFHPHQWGHSLqFHVHIIHFWXpVGH
PDQLqUHHUURQpHSHXYHQWrWUHODFDXVHGH
JUDYHV OpVLRQV SHUVRQQHOOHV RX GH PRUW
DLQVLTXHGHGRPPDJHVDX[pTXLSHPHQWV
/HVLQWHUYHQWLRQVVXUOHVSDUWLHVpOHFWULTXHV
HWRX PpFDQLTXHV GRLYHQW rWUH HIIHFWXpHV
SDUGXSHUVRQQHOTXDOLÀp
,167$//$7,21
/HYDJH
6RXOHYHU HW GpSODFHU OH JpQpUDWHXU DYHF GHV HQJLQV DSSURSULpV HQ
XWLOLVDQWXQHSDOHWWHRXOHVDQQHDX[GHOHYDJHSUpVHQWVVXUOHJpQpUDWHXU
GDQVOHVSRVLWLRQVLQGLTXpHVVXUODÀJXUH
3RXU VRXOHYHU OH JpQpUDWHXU XWLOLVHU GHV GLVSRVLWLIV D\DQW XQH
FDSDFLWpGHOHYDJHG·DXPRLQVNJ
$WWHQWLRQ 8QH FDSDFLWp GH OHYDJH LQVXIÀVDQWH SHXW FDXVHU GHV
OpVLRQVSHUVRQQHOOHVHWGHJUDYHVGRPPDJHV
$WWHQWLRQ8QHFDSDFLWpGHOHYDJHLQVXIÀVDQWHSHXW
FDXVHU GHV OpVLRQV SHUVRQQHOOHV HW GH
JUDYHVGRPPDJHV
,%$JRVWR5HY
)5$1d$,6
$WWHQWLRQ /HV DQQHDX[ GH OHYDJH SUpVHQWV VXU OH
JpQpUDWHXURQWpWpUpDOLVpVSRXUVRXOHYHU
XQLTXHPHQWOHJpQpUDWHXUHWQRQSDVWRXW
OHJURXSHpOHFWURJqQH
$WWHQWLRQ $YDQW OH PRQWDJH YpULILHU TXH OHV
VLqJHV FRQLTXHV G·DFFRXSOHPHQW WDQW
GX JpQpUDWHXU TXH GX PRWHXU VRQW
FRPSDWLEOHVUpJXOLHUVHWSURSUHV
$WWHQWLRQ/HVDQQHDX[GHOHYDJHSUpVHQWVVXUOHJpQpUDWHXURQW
pWp UpDOLVpV SRXU VRXOHYHU XQLTXHPHQW OH JpQpUDWHXU HW QRQ SDV
WRXWOHJURXSHpOHFWURJqQH
/HOHYDJHHWODPDQXWHQWLRQGHVJpQpUDWHXUVjXQVHXOURXOHPHQWGRLYHQW
rWUH HIIHFWXpV HQ PDLQWHQDQW OD PDFKLQH HQ SRVLWLRQ KRUL]RQWDOH DÀQ
G·pYLWHUVLO·RSpUDWLRQQ·HVWSDVHIIHFWXpHFRUUHFWHPHQWODVRUWLHGXURWRU
DYHFULVTXHG·HQGRPPDJHUFHGHUQLHUHWGHJUDYHVFRQVpTXHQFHVSRXU
OHVSHUVRQQHV
)L[DWLRQDXPRWHXU
0RQWDJHIRUPH,0%YRLUÀJXUH
$WWHQWLRQ $YDQW OH PRQWDJH YpULILHU TXH OHV VLqJHV FRQLTXHV
G·DFFRXSOHPHQWWDQWGXJpQpUDWHXUTXHGXPRWHXUVRQWFRPSDWLEOHV
UpJXOLHUVHWSURSUHV
$WWHQWLRQ$YDQWG·DSSOLTXHUO·pFURXFRQWU{OHUTX·XQH
SDUWLHGHODSRUWLRQÀOHWpHGXWLUDQWHQWUH
GDQVOHURWRUHQSHUPHWWDQWDLQVLXQEOR
FDJHV€U
‡ (QOHYHUOHVJULOOHVGHSURWHFWLRQ
‡ )L[HUOHERXFOLHUDXPRWHXUDSUqVO·DYRLUHQOHYpHGHO·DOWHUQDWHXU
‡ $SSOLTXHU OH WLUDQW SRXU OD À[DWLRQ D[LDOH GX URWRU HQ OH YLVVDQW VXU
O·H[WUpPLWpGHO·DUEUHPRWHXU
‡ )L[HUOHJpQpUDWHXUFRPSOHWVWDWRUHWURWRUDXERXFOLHUHQXWLOLVDQWOHV
pFURXVGHV€UHWp
‡ 9pULÀHUTXHOHVVLqJHVFRQLTXHVGXURWRUHWGXPRWHXUVRQWHQFRQWDFWHQ
IUDSSDQWD[LDOHPHQWOHURWRUDYHFXQPDLOOHWHQSODVWLTXHHWXQWDPSRQ
‡ %ORTXHUD[LDOHPHQWOHURWRUHQYLVVDQWO·pFURXGHV€UHWpVXUOHWLUDQW
$WWHQWLRQ$YDQW G·DSSOLTXHUO·pFURX FRQWU{OHU TX·XQHSDUWLH GH OD
SRUWLRQÀOHWpHGXWLUDQWHQWUHGDQVOHURWRUHQSHUPHWWDQWDLQVLXQ
EORFDJHV€U
‡ 9pULÀHUTXHOHURWRUHWOHVWDWRUGHO·H[FLWDWULFHVRQWSDUIDLWHPHQWDOLJQpV
HQWUHHX[
‡ 3ODFHUGHVDQWLYLEUDQWVVRXVOHJURXSHHQYHLOODQWjODPLVHGHQLYHDX
GXPRWHXUHWGXJpQpUDWHXU
‡ )L[HUOHVJULOOHV
'pPRQWDJHIRUPH,0%
3RXUOHGpPRQWDJHHIIHFWXHUGDQVO·RUGUHLQYHUVHOHVRSpUDWLRQVGpFULWHV
DXSDUDJUDSKH
0RQWDJHIRUPH6$(YRLUÀJXUH
$WWHQWLRQ$YDQWOHPRQWDJHYpULÀHUTXHOHVVLqJHVG·DFFRXSOHPHQW
WDQWGXJpQpUDWHXUTXHGXPRWHXUVRQWUpJXOLHUVHWSURSUHV
$WWHQWLRQ$YDQWOHPRQWDJHYpULÀHUTXHOHVVLqJHV
G·DFFRXSOHPHQW WDQW GX JpQpUDWHXU TXH
GXPRWHXUVRQWUpJXOLHUVHWSURSUHV
,%$JRVWR5HY
‡ (QOHYHUODEDUUHGHÀ[DWLRQGXURWRU
‡ (QOHYHUOHVJULOOHVGHSURWHFWLRQ3RXUODYHUVLRQ6$(HQOHYHUOHV
ERXFKRQV HQ SODVWLTXH VLWXpV VXU OD FORFKH SRXU IDFLOLWHU OD À[DWLRQ GX
GLVTXHGH
‡ &RQWU{OHU TXH OH GLDPqWUH GX GLVTXH FRUUHVSRQG DX GLDPqWUH GH
ORJHPHQWGDQVOHYRODQW
‡ )L[HU OH JpQpUDWHXU DX PRWHXU HQ EORTXDQW OD FORFKH 6$( HW HQ
FRQWU{ODQWTXHOHVWURXVVXUOHGLVTXHFRwQFLGHQWDYHFFHX[GXYRODQW
‡ 9pULÀHUTXHOHGLVTXHHVWHQDSSXLVXUOHYRODQWHQIUDSSDQWD[LDOHPHQWOH
URWRUDYHFXQPDLOOHWHQSODVWLTXHHWXQWDPSRQ
‡ )L[HUOHGLVTXHDXYRODQW
‡ 9pULÀHUTXHOHURWRUHWOHVWDWRUGHO·H[FLWDWULFHVRQWSDUIDLWHPHQWDOLJQpV
HQWUHHX[
‡ 3ODFHUGHVDQWLYLEUDQWVVRXVOHJURXSHHQYHLOODQWjODPLVHGHQLYHDX
GXPRWHXUHWGXJpQpUDWHXU
‡ 0HWWUH OHV ERXFKRQV HQ SODVWLTXH VXU OD FORFKH YHUVLRQ 6$(
XQLTXHPHQWHWÀ[HUOHVJULOOHV
)5$1d$,6
'pPRQWDJHIRUPH6$(
3RXUOHGpPRQWDJHHIIHFWXHUGDQVO·RUGUHLQYHUVHOHVRSpUDWLRQVGpFULWHV
DXSDUDJUDSKH
0LVHjODWHUUH
$YHUWLVVHPHQW 8QH SURWHFWLRQ LQDGpTXDWH HWRX XQ DOLJQHPHQW
HUURQpGXJpQpUDWHXUSHXYHQWrWUHODFDXVHGHOpVLRQVSHUVRQQHOOHV
HWRXGHGRPPDJHVjO·pTXLSHPHQW
/D FDUFDVVH GX JpQpUDWHXU GRLW rWUH PLVH j OD PDVVH GH PDQLqUH
VROLGDLUH VXU OH EkWL GX JURXSH pOHFWURJqQH 6L GHV VXSSRUWV ÁH[LEOHV
DQWLYLEUDQWVVRQWSUpYXVHQWUHODFDUFDVVHGXJpQpUDWHXUHWVRQEkWLLO
IDXGUDFRQQHFWHUHQSDUDOOqOHjWUDYHUVOHVXSSRUWÁH[LEOHXQFRQGXFWHXU
GHWHUUHG·XQHYDOHXUQRPLQDOHDGpTXDWHJpQpUDOHPHQWODPRLWLpGHOD
VXUIDFHGHODVHFWLRQWUDQVYHUVDOHGHVFkEOHVGHODOLJQHSULQFLSDOH
6XUOHERXFOLHUDUULqUHDXQLYHDXGHVSLHGVRQDSUpYXGHX[WURXV¿OHWpV
0SRXUIDFLOLWHUODPLVHjODWHUUHGXERvWLHU
8QH SURWHFWLRQ LQDGpTXDWH HWRX XQ
DOLJQHPHQW HUURQp GX JpQpUDWHXU SHXYHQW
rWUHODFDXVHGHOpVLRQVSHUVRQQHOOHVHWRX
$9(57,66(0(17 GHGRPPDJHVjO·pTXLSHPHQW
6·DVVXUHUTXHODPLVHjODWHUUHHVWHIIHFWXpH
FRUUHFWHPHQW
$YHUWLVVHPHQW 6·DVVXUHU TXH OD PLVH j OD WHUUH HVW HIIHFWXpH
FRUUHFWHPHQW
&RQWU{OHVSUpOLPLQDLUHV
&RQWU{OHGHO·LVROHPHQW
$YDQWODPLVHHQVHUYLFHGXJURXSHpOHFWURJqQHRXDSUqVGHORQJXHV
SpULRGHVG·LQDFWLYLWpFRQWU{OHUODUpVLVWDQFHG·LVROHPHQWYHUVODPDVVH
GHVHQURXOHPHQWV
$WWHQWLRQ 'pFRQQHFWHU OH UpJXODWHXU GH WHQVLRQ $95 DYDQW GH
SURFpGHUjODPHVXUH
/HVYDOHXUVPHVXUpHVGRLYHQWrWUHVXSpULHXUHVj02KP6LODUpVLVWDQFH
G·LVROHPHQW HVW LQIpULHXUH LO IDXW SURFpGHU DX VpFKDJH DX IRXU GH
O·DOWHUQDWHXUXQLTXHPHQWjXQHWHPSpUDWXUHFRPSULVHHQWUHHWƒ&
SHQGDQWKHXUHV$YDQWG·HIIHFWXHUFHWWHRSpUDWLRQLOIDXWHQOHYHUOH
UpJXODWHXUGHWHQVLRQ(QDOWHUQDWLYHDXVpFKDJHDXIRXULOHVWSRVVLEOH
GHVRXIÁHUGHO·DLUFKDXGjWUDYHUVO·DOWHUQDWHXUj¸ƒ&SHQGDQW
DXPRLQVKHXUH
,PSRUWDQW/HVHQURXOHPHQWVRQWpWpWHVWpVjKDXWHWHQVLRQGXUDQW
ODSURGXFWLRQ'·DXWUHVHVVDLVjKDXWHWHQVLRQSHXYHQWGpWpULRUHU
O·LVROHPHQW HW GRQF UpGXLUH OD GXUpH GH YLH GX FRPSRVDQW 6L XQ
HVVDLjKDXWHWHQVLRQHVWQpFHVVDLUHSRXUO·DFFHSWDWLRQGHODSDUW
GXFOLHQWOHVHVVDLVGHYURQWrWUHHIIHFWXpVjGHVQLYHDX[GHWHQVLRQ
UpGXLWV
7URXV¿OHWpV0SRXUODPLVHjODWHUUH
$WWHQWLRQ'pFRQQHFWHUOHUpJXODWHXUGHWHQVLRQ$95
DYDQWGHSURFpGHUjODPHVXUH
,PSRUWDQW /HVHQURXOHPHQWVRQWpWpWHVWpVjKDXWH
WHQVLRQ GXUDQW OD SURGXFWLRQ '·DXWUHV
HVVDLVjKDXWHWHQVLRQSHXYHQWGpWpULRUHU
O·LVROHPHQWHWGRQFUpGXLUHODGXUpHGHYLH
GXFRPSRVDQW6LXQHVVDLjKDXWHWHQVLRQ
HVWQpFHVVDLUHSRXUO·DFFHSWDWLRQGHODSDUW
GXFOLHQWOHVHVVDLVGHYURQWrWUHHIIHFWXpV
jGHVQLYHDX[GHWHQVLRQUpGXLWV
6HQVGHURWDWLRQ
7RXWHV OHV PDFKLQHV VRQW PXQLHV GH YHQWLODWHXU j SDOHV UDGLDOHV HW
SHXYHQWGRQFIRQFWLRQQHUGDQVOHVGHX[VHQVGHURWDWLRQ/HJpQpUDWHXU
HVWIRXUQLDYHFODURWDWLRQGDQVOHVHQVGHVDLJXLOOHVG·XQHPRQWUHHQ
UHJDUGDQWOHF{WpDFFRXSOHPHQWjPRLQVGHVSpFLÀFDWLRQVGLIIpUHQWHV
DXPRPHQWGHODFRPPDQGHGHPDQLqUHjSURGXLUHXQHVpTXHQFHGH
SKDVH89:6LODURWDWLRQGRLWrWUHLQYHUVpHDSUqVODOLYUDLVRQGHPDQGHU
j6LQFUROHVVFKpPDVpOHFWULTXHV
9pULÀFDWLRQGHWHQVLRQHWGHIUpTXHQFH
&RQWU{OHUTXHOHVQLYHDX[GHWHQVLRQHWGHIUpTXHQFHGHPDQGpVSDUOH
JURXSHpOHFWURJqQHFRUUHVSRQGHQWjFHX[TXLÀJXUHQWVXUODSODTXHWWH
GXJpQpUDWHXU
$YHUWLVVHPHQW/HJpQpUDWHXUVRUWGHVFKDvQHVGHSURGXFWLRQDYHF
,%$JRVWR5HY
)5$1d$,6
/H JpQpUDWHXU VRUW GHV FKDvQHV GH
SURGXFWLRQ DYHF XQH FRQQH[LRQ pWRLOH
VpULHjPRLQVGHVSpFLÀFDWLRQVGLIIpUHQWHV
$9(57,66(0(17 DXPRPHQWGHODFRPPDQGHjODTXHOOHVH
UpIqUHQWOHVGRQQpHVQRPLQDOHV(QFDVGH
PRGLÀFDWLRQVXFFHVVLYHGHFHWWHFRQQH[LRQ
O·LQVWDOODWHXUHVWWHQXGHFRFKHUODQRXYHOOH
FRQQH[LRQ XWLOLVpH VXU OD SODTXHWWH GHV
GRQQpHVPDFKLQHSUpVHQWHjO·LQWpULHXUGH
ODERvWHjERUQHV3RXUHIIHFWXHUODQRXYHOOH
FRQQH[LRQVHVHUYLUGHVVFKpPDVMRLQWVDX
SUpVHQWPDQXHO
/HV pYHQWXHOOHV PRGLILFDWLRQV GH OD
FRQQH[LRQ GRLYHQW rWUH HIIHFWXpHV
H[FOXVLYHPHQWSDUGXSHUVRQQHOTXDOLÀp
5DQJH RI
DX[LOLDU\ YROWDJH
9
9
)UHTXHQF\
+]
XQHFRQQH[LRQpWRLOHVpULHjPRLQVGHVSpFLÀFDWLRQVGLIIpUHQWHV
DX PRPHQW GH OD FRPPDQGH j ODTXHOOH VH UpIqUHQW OHV GRQQpHV
QRPLQDOHV(QFDVGHPRGLÀFDWLRQVXFFHVVLYHGHFHWWHFRQQH[LRQ
O·LQVWDOODWHXUHVWWHQXGHFRFKHUODQRXYHOOHFRQQH[LRQXWLOLVpHVXUOD
SODTXHWWHGHVGRQQpHVPDFKLQHSUpVHQWHjO·LQWpULHXUGHODERvWHj
ERUQHV3RXUHIIHFWXHUODQRXYHOOHFRQQH[LRQVHVHUYLUGHVVFKpPDV
MRLQWVDXSUpVHQWPDQXHO
$YHUWLVVHPHQW /HV pYHQWXHOOHV PRGLÀFDWLRQV GH OD FRQQH[LRQ
GRLYHQWrWUHHIIHFWXpHVH[FOXVLYHPHQWSDUGXSHUVRQQHOTXDOLÀp
5pJODJHFDUWH$95
3RXUFKRLVLUOHVUpJODJHVGXGLVSRVLWLIGHFRPPDQGH$95DFFpGHUj
ODFDUWHGHFRQWU{OHDSUqVDYRLUHQOHYpOHVSURWHFWLRQV/DSOXSDUWGHV
UpJODJHVVRQWHIIHFWXpVHQXVLQHVXUGHVYDOHXUVGHVWLQpHVjDVVXUHU
GHVUpVXOWDWVVDWLVIDLVDQWVGDQVOHVHVVDLVGHIRQFWLRQQHPHQWLQLWLDX[
,O SRXUUDLW VH UpYpOHU QpFHVVDLUH G·HIIHFWXHU G·DXWUHV UpJODJHV SRXU
DVVXUHU XQ IRQFWLRQQHPHQW RSWLPDO GDQV GHV FRQGLWLRQV GH VHUYLFH
VSpFLÀTXHV
'DQV OD ÀJXUH FLFRQWUH VH WURXYHQW OHV VFKpPDV GHV GHX[ FDYDOLHUV
SUpVHQWV VXU OD FDUWH OH SUHPLHU VH UpIqUH DX IRQFWLRQQHPHQW GH
O·DOWHUQDWHXUjRX+]WDQGLVTXHOHVHFRQGLGHQWLÀHODSRVLWLRQGX
FDYDOLHUUHODWLIjODWHQVLRQGHO·DX[LOLDLUH
+]
8)
67
9
-XPSHU
(;7
327
$WWHQWLRQ5pJOHUODWHQVLRQjXQHYDOHXUVXSpULHXUHjOD
YDOHXUPD[LPXPSUpYXHSRXUOHJpQpUDWHXU
SHXWHQGRPPDJHUFHGHUQLHU
,O HVW SRVVLEOH GH PRGLÀHU OD WHQVLRQ GH VRUWLH HQ DJLVVDQW VXU OH
SRWHQWLRPqWUH´9µ$YHFOHJURXSHHQPDUFKHjODYLWHVVHQRPLQDOHUpJOHU
MXVTX·jO·REWHQWLRQGHODYDOHXUFKHUFKpH6LjXQHSHWLWHYDULDWLRQGH
YLWHVVHODWHQVLRQYDULHLOIDXWDORUVUpJOHUG·DERUGODSURWHFWLRQGHVRXV
YLWHVVH/DUpIpUHQFHGHWHQVLRQFkEOHVRUDQJHGRLWrWUHFRQQHFWpH
‡ DX[ERUQHV´µHW´µVLRQSUpOqYHXQHWHQVLRQFRPSULVHHQWUH
HW9
‡ DX[ ERUQHV ´µ HW ´µ VL O·RQ SUpOqYH XQH WHQVLRQ HQWUH HW
9
$WWHQWLRQUpJOHUODWHQVLRQjXQHYDOHXUVXSpULHXUHjODYDOHXUPD[LPXP
SUpYXHSRXUOHJpQpUDWHXUSHXWHQGRPPDJHUFHGHUQLHU
5pJODJHGHODVRXVYLWHVVHj+]SRUWHUOHJURXSHHQURWDWLRQHQ
OHUpJODQWGHPDQLqUHjREWHQLUXQHIUpTXHQFHGH+]7RXUQHUOH
WULPPHU´8)µMXVTX·DXSRLQWRODWHQVLRQFRPPHQFHjEDLVVHU5HSRUWHU
OHJURXSHjODYLWHVVHQRPLQDOH
$WWHQWLRQ 5pJOHU OD VRXVYLWHVVH j XQH YDOHXU GH
IUpTXHQFH WURS EDVVH SHXW HQGRPPDJHU
OHJpQpUDWHXU$XFRQWUDLUHODUpJOHUjXQH
YDOHXUWURSpOHYpHSHXWFDXVHUGHVFKXWHV
GHWHQVLRQDYHFGHVFKDUJHVpOHYpHV
$WWHQWLRQ UpJOHU OD VRXVYLWHVVH j XQH YDOHXU GH IUpTXHQFH WURS
EDVVH SHXW HQGRPPDJHU OH JpQpUDWHXU$X FRQWUDLUH OD UpJOHU j
XQHYDOHXUWURSpOHYpHSHXWFDXVHUGHVFKXWHVGHWHQVLRQDYHFGHV
FKDUJHVpOHYpHV
5DFFRUGHPHQW G·XQ SRWHQWLRPqWUH H[WpULHXU N2KP HQOHYHU OH
VKXQW VXU OHV ERUQHV ´(;7 327µ HW FRQQHFWHU OH SRWHQWLRPqWUH DX[
H[WUpPLWpVOLEUHVHQYHLOODQWjOHSRVLWLRQQHUjODYDOHXUGHUpVLVWDQFH
PD[LPXP 7RXUQHU OH WULPPHU ´9µ j IRQG GDQV OH VHQV FRQWUDLUH GHV
DLJXLOOHVG·XQHPRQWUH3RUWHUOHJURXSHjODYLWHVVHQRPLQDOHHWDJLUVXU
OHSRWHQWLRPqWUHMXVTX·jODWHQVLRQYRXOXH
6L GHV ÁXFWXDWLRQV GH WHQVLRQ VRXV FKDUJH GHYDLHQW VH YpULÀHU LO HVW
SRVVLEOHG·DJLUVXUOHSRWHQWLRPqWUH´67µTXLPRGXOHODUDSLGLWpGHUpSRQVH
GXUpJXODWHXUDX[VWLPXODWLRQVH[WpULHXUHVHQSHUPHWWDQWG·pOLPLQHUOHV
pYHQWXHOOHVLQVWDELOLWpVGXV\VWqPHDOWHUQDWHXUFKDUJH
6FKpPDVGHFRQQH[LRQSRXUGLIIpUHQWVFLUFXLWV
1RXV IRXUQLVVRQV HQ DQQH[H DX SUpVHQW PDQXHO GHV VFKpPDV SRXU
,%$JRVWR5HY
)5$1d$,6
FRQQH[LRQV GLIIpUHQWHV GH OD FRQQH[LRQ pWRLOHVpULH QRUPDOHPHQW
HIIHFWXpH HQ XVLQH j PRLQV GH VSpFLÀFDWLRQV GLIIpUHQWHV DX PRPHQW
GHODFRPPDQGH
0LVHHQVHUYLFH
$YDQWODPLVHHQVHUYLFHGXJURXSHpOHFWURJqQHLOIDXWYpULÀHUTXHWRXWHV
OHVFRQQH[LRQVH[WpULHXUHVRQWpWpHIIHFWXpHVFRUUHFWHPHQWHWTXHOHV
SURWHFWLRQVRQWpWpHQOHYpHV
/HVGLIIpUHQWVUpJODJHVGXJpQpUDWHXUVRQWHIIHFWXpVHQXVLQHDXPRPHQW
GH O·HVVDL GH IRQFWLRQQHPHQW LO QH GHYUDLW GRQF SDV rWUH QpFHVVDLUH
G·HIIHFWXHUG·DXWUHVUpJODJHVVXUODPDFKLQHV·LOVHUpYqOHQpFHVVDLUH
G·HQOHYHU OHV SURWHFWLRQV SRXU HIIHFWXHU GHV UpJODJHV HW TX·RQ ODLVVH
GpFRXYHUWVGHVFRQWDFWVVRXVWHQVLRQYHLOOHUTXHFHVRSpUDWLRQVVRLHQW
HIIHFWXpHVH[FOXVLYHPHQWSDUGXSHUVRQQHOTXDOLÀpGDQVODPDLQWHQDQFH
G·LQVWDOODWLRQVpOHFWULTXHV
$XPRPHQWGHODPLVHHQVHUYLFHIDLUHDWWHQWLRQDX[pYHQWXHOVEUXLWV
DQRUPDX[TXLSRXUUDLHQWLQGLTXHUXQDOLJQHPHQWLQFRUUHFWHQWUHOHPRWHXU
HWOHJpQpUDWHXU
$YHUWLVVHPHQW1HSDVWRXFKHUOHJpQpUDWHXUSHQGDQWOHIRQFWLRQQHPHQW
HWMXVWHDSUqVO·DUUrWGXJURXSHGDQVODPHVXUHRLOSRXUUDLW\DYRLU
GHVVXUIDFHVjKDXWHWHPSpUDWXUH
/HVJpQpUDWHXUVVRQWGHVPDFKLQHVpOHFWULTXHVURWDWLYHVTXLSUpVHQWHQW
GHVSDUWLHVSRWHQWLHOOHPHQWGDQJHUHXVHVGDQVODPHVXUHRHOOHVVRQW
VRXVWHQVLRQRXPXQLHVGHPRXYHPHQWSHQGDQWOHIRQFWLRQQHPHQWSDU
FRQVpTXHQWLOHVWDEVROXPHQWLQWHUGLW
‡ G·HQIDLUHXQHXWLOLVDWLRQLPSURSUH
‡ G·HQOHYHU OHV SURWHFWLRQV HW GH GpFRQQHFWHU OHV GLVSRVLWLIV GH
SURWHFWLRQ
1HSDVWRXFKHUOHJpQpUDWHXUSHQGDQWOH
IRQFWLRQQHPHQWHWMXVWHDSUqVO·DUUrWGX
JURXSH GDQV OD PHVXUH R LO SRXUUDLW \
$9(57,66(0(17 DYRLUGHVVXUIDFHVjKDXWHWHPSpUDWXUH
/D FDUHQFH G·LQVSHFWLRQV HW G·HQWUHWLHQ
SHXW FDXVHU GH JUDYHV GRPPDJHV DX[
SHUVRQQHVHWRXDX[FKRVHV
$YHUWLVVHPHQW/DFDUHQFHG·LQVSHFWLRQVHWG·HQWUHWLHQSHXWFDXVHU
GHJUDYHVGRPPDJHVDX[SHUVRQQHVHWRXDX[FKRVHV
'X IDLW GHV SUpFLVLRQV GRQQpHV SOXV KDXW WRXWHV OHV RSpUDWLRQV GH
FDUDFWqUH pOHFWULTXH RX PpFDQLTXH GRLYHQW rWUH HIIHFWXpHV SDU GX
SHUVRQQHOTXDOLÀp
$66,67$1&((70$,17(1$1&(
$YHUWLVVHPHQW/HVSURFpGXUHVGHPDLQWHQDQFHHWGHORFDOLVDWLRQ
GHVSDQQHVFRPSRUWHQWGHVULVTXHVTXLSRXUUDLHQWFDXVHUGHJUDYHV
OpVLRQVSHUVRQQHOOHVRXODPRUW&HVSURFpGXUHVGRLYHQWGRQFrWUH
HIIHFWXpHVH[FOXVLYHPHQWSDUGXSHUVRQQHOTXDOLÀpSRXUHIIHFWXHU
OD PDLQWHQDQFH pOHFWULTXH HW PpFDQLTXH 6·DVVXUHU DYDQW WRXWH
RSpUDWLRQ G·HQWUHWLHQ RX GH QHWWR\DJH TX·LO Q·\ D SDV GH SDUWLHV
VRXV WHQVLRQ TXH OD FDUFDVVH GX JpQpUDWHXU HVW j WHPSpUDWXUH
DPELDQWHTXHOHJURXSHpOHFWURJqQHQHSHXWSDVrWUHPLVHQPDUFKH
DFFLGHQWHOOHPHQW HW TXH WRXWHV OHV SURFpGXUHV VRQW HIIHFWXpHV
FRUUHFWHPHQW
&RQWU{OHGHVHQURXOHPHQWVHWGHO·pWDWG·LVROHPHQW
/·pWDW GHV HQURXOHPHQWV HVW YpULÀDEOH HQ HQ PHVXUDQW OD UpVLVWDQFH
pOHFWULTXHYHUVODPDVVH$XFRXUVGHO·HVVDLOHUpJXODWHXUGHWHQVLRQ
GHYUD rWUH GpFRQQHFWp (Q JpQpUDO LO VXIÀW GH FRQWU{OHU XQLTXHPHQW
O·HQURXOHPHQWSULQFLSDO
$9(57,66(0(17
'$1*(5
/HV SURFpGXUHV GH PDLQWHQDQFH HW GH
ORFDOLVDWLRQ GHV SDQQHV FRPSRUWHQW GHV
ULVTXHV TXL SRXUUDLHQW FDXVHU GH JUDYHV
OpVLRQVSHUVRQQHOOHVRXODPRUW
&HVSURFpGXUHVGRLYHQWGRQFrWUHHIIHFWXpHV
H[FOXVLYHPHQW SDU GX SHUVRQQHO TXDOLÀp
SRXUHIIHFWXHUODPDLQWHQDQFHpOHFWULTXHHW
PpFDQLTXH6·DVVXUHUDYDQWWRXWHRSpUDWLRQ
G·HQWUHWLHQRXGHQHWWR\DJHTX·LOQ·\DSDV
GH SDUWLHV VRXV WHQVLRQ TXH OD FDUFDVVH
GXJpQpUDWHXUHVWjWHPSpUDWXUHDPELDQWH
TXH OH JURXSH pOHFWURJqQH QH SHXW SDV
rWUH PLV HQ PDUFKH DFFLGHQWHOOHPHQW HW
TXHWRXWHVOHVSURFpGXUHVVRQWHIIHFWXpHV
FRUUHFWHPHQW
/HVYDOHXUVPHVXUpHVGRLYHQWrWUHVXSpULHXUHVj02KP6LODUpVLVWDQFH
G·LVROHPHQW HVW LQIpULHXUH LO IDXW SURFpGHU DX VpFKDJH DX IRXU GH
O·DOWHUQDWHXUXQLTXHPHQWjXQHWHPSpUDWXUHFRPSULVHHQWUHHWƒ&
SHQGDQWKHXUHV$YDQWG·HIIHFWXHUFHWWHRSpUDWLRQLOIDXWHQOHYHUOH
UpJXODWHXUGHWHQVLRQ(QDOWHUQDWLYHDXVpFKDJHDXIRXULOHVWSRVVLEOH
GHVRXIÁHUGHO·DLUFKDXGjWUDYHUVO·DOWHUQDWHXUj¸ƒ&SHQGDQW
DXPRLQVKHXUH
,%$JRVWR5HY
)5$1d$,6
&RQWU{OHGHVURXOHPHQWV
/HVURXOHPHQWVVRQWpWDQFKHVHWQHQpFHVVLWHQWSDVG·HQWUHWLHQ
'XUDQWODPDLQWHQDQFHFRQWU{OHUO·pWDWGHVURXOHPHQWVHWYpULÀHUTX·LOQ·\
DSDVGHIXLWHVGHJUDLVVHODGXUpHGHVURXOHPHQWVGpSHQGGHVYLEUDWLRQV
HWGHVFKDUJHVD[LDOHVDX[TXHOOHVLOVVRQWVRXPLVOHVYLEUDWLRQVSHXYHQW
rWUH FRQVLGpUDEOHPHQW DPSOLÀpHV HQ FDV G·DOLJQHPHQW HUURQp HW GHV
FRQGLWLRQVGHWUDYDLO9pULÀHUHQVXLWHTX·LOQ·\DSDVG·DQRPDOLHVWHOOHV
TXHYLEUDWLRQVEUXLWVLQVROLWHV
6LDXERXWG·XQFHUWDLQWHPSVOHIRQFWLRQQHPHQWHQWUDvQHGHVYLEUDWLRQV
RXGHVEUXLWVH[FHVVLIVFHODSRXUUDLWrWUHG€jO·XVXUHGXURXOHPHQWTXL
GRLWrWUHUHPSODFpV·LOHVWHQGRPPDJp
,OHVWFRQVHLOOpGDQVWRXVOHVFDVGHUHPSODFHUOHURXOHPHQWDXERXW
GHKHXUHVGHIRQFWLRQQHPHQW
/HVURXOHPHQWVGHVJpQpUDWHXUVDFWLRQQpVSDUXQHWUDQVPLVVLRQ
j FRXUURLH pWDQW VXMHWV j GHV FKDUJHV VXSpULHXUHV j FHOOHV GHV
JpQpUDWHXUVDFWLRQQpVSDUDFFRXSOHPHQWGLUHFWRQWXQHYLHQRUPDOHPHQW
LQIpULHXUHHWGHYURQWrWUHUHPSODFpVDXERXWGHKHXUHVGH
IRQFWLRQQHPHQW
,PSRUWDQW /D GXUpH GHV URXOHPHQWV HVW IRUWHPHQW
LQÁXHQFpH SDU OHV FRQGLWLRQV HW OH PLOLHX
GHWUDYDLO
,PSRUWDQW/DGXUpHGHVURXOHPHQWVHVWIRUWHPHQWLQÁXHQFpHSDU
OHVFRQGLWLRQVHWOHPLOLHXGHWUDYDLO
'H ORQJVVpMRXUV GDQV XQHQYLURQQHPHQW
FDUDFWpULVp SDU OD SUpVHQFH GH YLEUDWLRQV
SHXYHQWHQGRPPDJHUOHVELOOHVHWOHVVLqJHV
GHURXOHPHQW/DSUpVHQFHG·XQHKXPLGLWp
WURS pOHYpH SHXW FDXVHU O·pPXOVLRQ GH OD
JUDLVVHHWIDYRULVHUODFRUURVLRQ
,PSRUWDQW 'H ORQJV VpMRXUV GDQV XQ HQYLURQQHPHQW FDUDFWpULVp
SDUODSUpVHQFHGHYLEUDWLRQVSHXYHQWHQGRPPDJHUOHVELOOHVHWOHV
VLqJHVGHURXOHPHQW/DSUpVHQFHG·XQHKXPLGLWpWURSpOHYpHSHXW
FDXVHUO·pPXOVLRQGHODJUDLVVHHWIDYRULVHUODFRUURVLRQ
'HV YLEUDWLRQV LQWHQVHV FDXVpHV SDU OH
PRWHXU RX SDU XQ DOLJQHPHQW LQFRUUHFW
GHV FRPSRVDQWV GX JURXSH pOHFWURJqQH
VRXPHWWHQWOHURXOHPHQWjGHVVROOLFLWDWLRQV
TXLHQUpGXLVHQWODGXUpHGHYLH
,PSRUWDQW'HVYLEUDWLRQVLQWHQVHVFDXVpHVSDUOHPRWHXURXSDU
XQDOLJQHPHQWLQFRUUHFWGHVFRPSRVDQWVGXJURXSHpOHFWURJqQH
VRXPHWWHQW OH URXOHPHQW j GHV VROOLFLWDWLRQV TXL HQ UpGXLVHQW OD
GXUpHGHYLH
$QRPDOLHVHWUHPqGHV
/HJpQpUDWHXUQHV·H[FLWHSDV
‡ &RQWU{OHUOHIXVLEOH
‡ $XJPHQWHUODYLWHVVHGH
‡ $SSOLTXHUSHQGDQWXQLQVWDQWDX[S{OHVGXUpJXODWHXUpOHFWURQLTXHXQH
WHQVLRQGH9G·XQHEDWWHULHDYHFHQVpULHXQHUpVLVWDQFHGH2KP
HQUHVSHFWDQWODSRODULWp
$SUqVV·rWUHH[FLWpLOVHGpVH[FLWH
‡ &RQWU{OHU OHV FkEOHV GH FRQQH[LRQ HQ FRQVXOWDQW OHV VFKpPDV
IRXUQLV
­YLGHWHQVLRQEDVVH
‡ 5pJOHUGHQRXYHDXODWHQVLRQ
‡ &RQWU{OHUOHQRPEUHGHWRXUV
‡ &RQWU{OHUOHVHQURXOHPHQWV
­YLGHWHQVLRQWURSKDXWH
‡ 5pJOHUGHQRXYHDXODWHQVLRQ
‡ 5HPSODFHUOHUpJXODWHXU
6RXVFKDUJHWHQVLRQLQIpULHXUHjODWHQVLRQQRPLQDOH
‡ 5pJOHUGHQRXYHDXODWHQVLRQ
‡ &RXUDQWWURSpOHYpFRV LQIpULHXUjYLWHVVHLQIpULHXUHGHSDU
UDSSRUWjODYLWHVVHQRPLQDOH
‡ 5HPSODFHUOHUpJXODWHXU
‡ &RQWU{OHUOHVGLRGHVHQGpFRQQHFWDQWOHVFkEOHV
6RXVFKDUJHWHQVLRQVXSpULHXUHjODWHQVLRQQRPLQDOH
‡ 5pJOHUGHQRXYHDXODWHQVLRQ
,%$JRVWR5HY
)5$1d$,6
‡ 5HPSODFHUOHUpJXODWHXU
7HQVLRQLQVWDEOH
‡ &RQWU{OHUO·XQLIRUPLWpGHURWDWLRQ
‡ 5pJOHU OD VWDELOLWp GX UpJXODWHXU HQ DJLVVDQW VXU OH SRWHQWLRPqWUH
´67µ
3RXUWRXWHDXWUHDQRPDOLHV·DGUHVVHUDXFHQWUH6$96LQFUR
(QOqYHPHQW HW UHPSODFHPHQW GH FRPSRVDQWV HW JURXSHV GH
FRPSRVDQWV
([WUDFWLRQHWPLVHHQSODFHGHO·DUEUH
/HVSURFpGXUHVTXLVXLYHQWSUpVXSSRVHQWTXHO·DOWHUQDWHXUDLWpWp
GpFRQQHFWpGXPRWHXU
9HUVLRQGRXEOHURXOHPHQWHWFRQLTXH
‡ 'pYLVVHUYLV0TXLEORTXHQWOHERXFOLHUjODEULGHHQWUHWRLVH
‡ )UDSSHU OH ERXFOLHU GH PDQLqUH KRPRJqQH MXVTX·DX GpWDFKHPHQW
FRPSOHWGXURWRUYHUVLRQGRXEOHURXOHPHQWHWGHODEULGHHQWUHWRLVH
YHUVLRQFRQLTXH
‡ (QOHYHUODJULOOHDUULqUHHWIUDSSHUOHURWRUjO·DUULqUHGHPDQLqUHjIDLUH
VRUWLUOHURXOHPHQWGHVRQORJHPHQW
‡ 6XSSRUWHUOHURWRUDYHFXQHpOLQJXHF{WpDFFRXSOHPHQW
‡ &RQWLQXHU j SRXVVHU OH URWRU KRUV GX VWDWRU HQ FRQWLQXDQW j
DGDSWHU OD SRVLWLRQ GH O·pOLQJXH GH PDQLqUH j QH SDV HQGRPPDJHU
O·HQURXOHPHQW
9HUVLRQjXQVHXOURXOHPHQW6$(
‡ (QOHYHUODJULOOHDUULqUHHWIUDSSHUOHURWRUjO·DUULqUHGHPDQLqUHjIDLUH
VRUWLUOHURXOHPHQWGHVRQORJHPHQW
‡ 6XSSRUWHUOHURWRUDYHFXQHpOLQJXHF{WpDFFRXSOHPHQW
‡ &RQWLQXHU j SRXVVHU OH URWRU KRUV GX VWDWRU HQ FRQWLQXDQW j
DGDSWHU OD SRVLWLRQ GH O·pOLQJXH GH PDQLqUH j QH SDV HQGRPPDJHU
O·HQURXOHPHQW
3RXU OD UHPLVH HQ SODFH HIIHFWXHU OHV RSpUDWLRQV GX SDUDJUDSKH
GDQVO·RUGUHLQYHUVH
$WWHQWLRQ$YDQWG·H[WUDLUHOHURWRUO·RULHQWHUGHPDQLqUHTXHGXUDQW
OHPRXYHPHQWG·H[WUDFWLRQOHURWRUV·DSSXLHjO·LQWpULHXUGXVWDWRU
SDUO·LQWHUPpGLDLUHGHODFRUQHSRODLUH
$YHUWLVVHPHQW4XDQGOHURWRUHVWUHPLVHQSODFHO·DOWHUQDWHXUSHXW
SHUGUHOHPDJQpWLVPHUpVLGXHOTXLSHUPHWO·DXWRH[FLWDWLRQ$YDQW
ODPLVHHQPDUFKHGXJURXSHLOIDXWGRQFUpH[FLWHUO·DOWHUQDWHXUHQ
DSSOLTXDQW DX[ ERUQHV GH O·H[FLWDWULFH XQH WHQVLRQ GH YROWV
SHQGDQWXQHVHFRQGHHQUHVSHFWDQWODSRODULWp
5HPSODFHPHQWGXURXOHPHQW
6HUpIpUHUDXSDUDJUDSKH
‡ (QOHYHUODEDJXHpODVWLTXHW\SHVHHJHU
‡ (QOHYHUOHRXOHVURXOHPHQWVjO·DLGHG·H[WUDFWHXUVFRXUDQWV
‡ 3UHQGUHOHRXOHVQRXYHDX[URXOHPHQWVHWjO·DLGHG·XQUpFKDXIIHXUOHV
UpFKDXIIHUPD[¸ƒ&GHPDQLqUHjGLODWHUOHGLDPqWUHDYDQWGH
O·LQVpUHUGDQVOHVLqJHGHO·DUEUH
‡ 5HPRQWHUODEDJXHVHHJHU
‡ 5HPHWWUHHQSODFHOHURWRUHQHIIHFWXDQWOHVRSpUDWLRQVGXSDUDJUDSKH
GDQVO·RUGUHLQYHUVH
$WWHQWLRQ $YDQW G·H[WUDLUH OH URWRU O·RULHQWHU GH
PDQLqUHTXHGXUDQWOHPRXYHPHQWG·H[
WUDFWLRQ OH URWRU V·DSSXLH j O·LQWpULHXU
GXVWDWRUSDUO·LQWHUPpGLDLUHGHODFRUQH
SRODLUH
$9(57,66(0(17
4XDQG OH URWRU HVW UHPLV HQ SODFH O·DOWHU
QDWHXUSHXWSHUGUHOHPDJQpWLVPHUpVLGXHO
TXLSHUPHWO·DXWRH[FLWDWLRQ$YDQWODPLVH
HQPDUFKHGXJURXSHLOIDXWGRQFUpH[FLWHU
O·DOWHUQDWHXU HQ DSSOLTXDQW DX[ ERUQHV
GH O·H[FLWDWULFH XQH WHQVLRQ GH YROWV
SHQGDQW XQH VHFRQGH HQ UHVSHFWDQW OD
SRODULWp
(Q DOWHUQDWLYH LO HVW SRVVLEOH GH UHPSODFHU OH URXOHPHQW VDQV H[WUDLUH OH
URWRU
,%$JRVWR5HY
)5$1d$,6
‡ 'pYLVVHUOHVpFURXVTXLÀ[HQWOHERXFOLHUDUULqUHjODFDLVVH
‡ )UDSSHUOHERXFOLHUGHPDQLqUHKRPRJqQHMXVTX·DXGpWDFKHPHQWFRPSOHW
GXURWRU
‡ (QOHYHUODEDJXHpODVWLTXHW\SHVHHJHU
‡ (QOHYHUOHRXOHVURXOHPHQWVjO·DLGHG·H[WUDFWHXUVFRXUDQWV
‡ 3UHQGUHOHRXOHVQRXYHDX[URXOHPHQWVHWjO·DLGHG·XQUpFKDXIIHXUOHV
UpFKDXIIHUGHPDQLqUHjGLODWHUOHGLDPqWUHDYDQWGHO·LQVpUHUGDQVOHVLqJH
GHO·DUEUH
‡ 5HPRQWHUODEDJXHVHHJHU
‡ 3RVLWLRQQHU OH ERXFOLHU VDQV RXEOLHU OD EDJXH pODVWLTXH HW LQWURGXLUH
SDUWLHOOHPHQWOHVYLVGHÀ[DWLRQ
‡ )UDSSHUOHERXFOLHUGHPDQLqUHKRPRJqQHMXVTX·jO·LQVHUWLRQFRPSOqWHGX
URWRUHWGHODSRUWLRQGHFDLVVHGDQVOHVORJHPHQWVUHVSHFWLIV
‡ 6HUUHUOHVpFURXVGHÀ[DWLRQGXERXFOLHU
5HPSODFHPHQWGHVGLRGHVURWDWLYHV
‡ ([WUDLUHOHURWRUHQVXLYDQWOHVLQVWUXFWLRQVGXSDUDJUDSKH
‡ 'pFRQQHFWHU OH SRQW GH GLRGHV HQ UHWLUDQW OH FRQQHFWHXU HW OHV IDVWRQV
‡ 'pYLVVHUODYLVHWHQOHYHUOHSRQWGHGLRGHV
‡ 5HPRQWHUOHQRXYHDXSRQWGHGLRGHVHQÀ[DQWODYLVDYHFXQDGKpVLIGH
IUHLQDJHHWFRQQHFWHUOHFRQQHFWHXUHWOHVIDVWRQV
‡ 5HPHWWUHHQSODFHOHURWRUHQHIIHFWXDQWOHVRSpUDWLRQVGXSDUDJUDSKH
GDQVO·RUGUHLQYHUVH
(QDOWHUQDWLYHLOHVWSRVVLEOHGHUHPSODFHUOHSRQWGHGLRGHVHQGpPRQWDQW
XQLTXHPHQW OH ERXFOLHU DUULqUH VXLYDQW OD GHVFULSWLRQ GRQQpH SRXU OH
UHPSODFHPHQWGXURXOHPHQW
5HPSODFHPHQWGXURWRUH[FLWDWULFH
‡ ([WUDLUHOHURWRUHQVXLYDQWOHVLQVWUXFWLRQVGXSDUDJUDSKH
‡ (QOHYHUODEDJXHpODVWLTXHW\SHVHHJHU
‡ (QOHYHUOHRXOHVURXOHPHQWVjO·DLGHG·H[WUDFWHXUVFRXUDQWV
‡ 'pFRQQHFWHU OH SRQW GH GLRGHV HQ HQOHYDQW OH FRQQHFWHXU HW OHV IDVWRQV
‡ 'pYLVVHUODYLVHWHQOHYHUOHSRQWGHGLRGHV
‡ (QOHYHUO·H[FLWDWULFHjO·DLGHG·XQH[WUDFWHXU
‡ ,QVpUHUODQRXYHOOHH[FLWDWULFHHQXWLOLVDQWXQHSUHVVH
‡ 5pDVVHPEOHU OH WRXW HQ VXLYDQW OHV LQGLFDWLRQV GHV SDUDJUDSKHV 5pDVVHPEODJH GH FRPSRVDQWV HW GH JURXSHV GH
FRPSRVDQWV
3RXUO·RSpUDWLRQGHUpDVVHPEODJHHIIHFWXHUOHVRSpUDWLRQVSUpFpGHQWHV
GDQVO·RUGUHLQYHUVH
$9(57,66(0(17
1·LPSRUWH TXHO W\SH G·LQWHUYHQWLRQ GH
QHWWR\DJHGRLWrWUHHIIHFWXpHDYHFOHJURXSH
pOHFWURJqQHDUUrWpHWOHJpQpUDWHXUGpEUDQ
FKpVRXVSHLQHG·H[SRVHUOHVSHUVRQQHVHW
OHVFKRVHVjXQJUDYHGDQJHU
1·XWLOLVHUHQDXFXQFDVGHVOLTXLGHVRXGH
O·HDX1HSDVQHWWR\HUjO·DLUFRPSULPpOHV
SDUWLHVpOHFWULTXHVLQWHUQHVFDUFHODSRXUUDLW
SURYRTXHUGHVFRXUWVFLUFXLWVRXG·DXWUHV
DQRPDOLHV
)DLUHDSSHOH[FOXVLYHPHQWjGXSHUVRQQHO
TXDOLÀp
,%$JRVWR5HY
1(772<$*((7/8%5,),&$7,21
$YHUWLVVHPHQW1·LPSRUWHTXHOW\SHG·LQWHUYHQWLRQGHQHWWR\DJHGRLW
rWUHHIIHFWXpHDYHFOHJURXSHpOHFWURJqQHDUUrWpHWOHJpQpUDWHXU
GpEUDQFKpVRXVSHLQHG·H[SRVHUOHVSHUVRQQHVHWOHVFKRVHVjXQ
JUDYHGDQJHU
6·DVVXUHUTXHOHJURXSHpOHFWURJqQHHVWDUUrWpHWGpEUDQFKpOHJURXSH
SHXWrWUHQHWWR\pH[WpULHXUHPHQWjO·DLUFRPSULPp
$YHUWLVVHPHQW1·XWLOLVHUHQDXFXQFDVGHVOLTXLGHVRXGHO·HDX1H
SDVQHWWR\HUjO·DLUFRPSULPpOHVSDUWLHVpOHFWULTXHVLQWHUQHVFDUFHOD
SRXUUDLWSURYRTXHUGHVFRXUWVFLUFXLWVRXG·DXWUHVDQRPDOLHV
'e02/,7,21(70,6($85(%87
$YHUWLVVHPHQW)DLUHDSSHOH[FOXVLYHPHQWjGXSHUVRQQHOTXDOLÀp
/·pOLPLQDWLRQGHVPDWpULDX[GRLWrWUHIDLWHGDQVOHUHVSHFWGHVQRUPHVHQ
)5$1d$,6
YLJXHXU (Q FDV GH GpPROLWLRQ GX JpQpUDWHXU LO Q·H[LVWH SDV GH ULVTXHV
SDUWLFXOLHUV RX GH GDQJHUV GpULYDQW GX JpQpUDWHXU SURSUHPHQW GLW ,O HVW
RSSRUWXQHQFDVGHUHF\FODJHGHVPDWpULDX[TX·LOVVRLHQWVpSDUpVSDUW\SH
SDUWLHVpOHFWULTXHVFXLYUHDOXPLQLXPSODVWLTXHHWF
3,Ë&(6'(5(&+$1*((76(59,&($35Ë69(17(
3URFpGXUHHWDGUHVVHVGHUpIpUHQFHSRXUGHPDQGHVGHVHUYLFH
DSUqVYHQWH
1RWUH6HUYLFH$SUqV9HQWHIRXUQLWXQFRQVHLOWHFKQLTXHFRPSOHW
6·DVVXUHU SRXU OHV GHPDQGHV GH 6HUYLFH$SUqV9HQWH VRXV JDUDQWLH
GHGLVSRVHUGHVGRQQpHVG·LGHQWLÀFDWLRQGXJpQpUDWHXUGHVRQQXPpUR
GHVpULHHWGXQXPpURGHO·RUGUHGHSURGXFWLRQLQGLTXpVVXUO·pWLTXHWWH
DXWRFROODQWH SRVLWLRQQpH FRPPH O·LQGLTXH OH SDUDJUDSKH GH FH
PDQXHO /D OLVWH GHV FHQWUHV DSUqVYHQWH DJUppV HVW GLVSRQLEOH VXU
QRWUHVLWHLQWHUQHWZZZVRJDJURXSFRP
*$5$17,(
6LQFURVUOJDUDQWLWjVHVFOLHQWVOHVDOWHUQDWHXUVHWOHVPDFKLQHVjVRXGHU
SURGXLWHVSDUVHVVRLQVSRXUXQHSpULRGHGHPRLVjFRPSWHUGHODGDWH
GHOLYUDLVRQ1RXVSUpFLVRQVTXHFHWWHJDUDQWLHHVWDFFRUGpHXQLTXHPHQW
DX[FOLHQWVGH6LQFURDX[TXHOVHOOHUpSRQGGLUHFWHPHQW6LQFURQHUHFRQQDvW
GLUHFWHPHQWODJDUDQWLHjDXFXQVXMHWTXLWRXWHQSRVVpGDQWO¶XQGHVHV
SURGXLWVQHOHOXLDSDVDFKHWpGLUHFWHPHQW
'DQV OHV SpULRGHV VXVGLWHV 6LQFUR V¶HQJDJH j IRXUQLU JUDWXLWHPHQW OHV
SLqFHVGHUHFKDQJHGHVSDUWLHVTXLGHO¶DYLVGH6LQFURRXGHO¶XQGHVHV
UHSUpVHQWDQWVDJUppVSUpVHQWHQWGHVGpIDXWVGHIDEULFDWLRQRXGHPDWpULDX
RX ELHQ VHORQ VRQ MXJHPHQW HOOH V¶HQJDJH j HQ HIIHFWXHU OD UpSDUDWLRQ
GLUHFWHPHQWRXSDUOHELDLVG¶DWHOLHUVDJUppVVDQVSUHQGUHjVDFKDUJHDXFXQ
IUDLV SRXU OH WUDQVSRUW7RXWH DXWUH IRUPH GH UHVSRQVDELOLWp RX REOLJDWLRQ
SRXUG¶DXWUHVIUDLVGRPPDJHVRXSHUWHVGLUHFWHVHWLQGLUHFWHVGpULYDQWGH
O¶XWLOLVDWLRQRXGHO¶LPSRVVLELOLWpG¶XWLOLVDWLRQGHVSURGXLWVWDQWSDUWLHOOHTXH
WRWDOHUHVWHH[FOXH
/D UpSDUDWLRQ RX OH UHPSODFHPHQW GX SURGXLW QH SURORQJHURQW QL QH
UHQRXYHOOHURQWODSpULRGHGHJDUDQWLH
/DJDUDQWLHQHVHUDSDVDSSOLFDEOHHQFDVGHSDQQHVRXG¶LQFRQYpQLHQWV
GXV j O¶LQH[SpULHQFH j O¶XWLOLVDWLRQ DXGHOj GHV OLPLWHV GHV SHUIRUPDQFHV
QRPLQDOHVVLOHSURGXLWDVXELGHVPRGL¿FDWLRQVRXV¶LOHVWUHWRXUQpGpPRQWp
RXDYHFGHVGRQQpHVGHSODTXHDOWpUpHVRXPRGL¿pHV
363RXUODVpULH$JUR:DWWODJDUDQWLHHVWGHPRLV
3URFpGXUH
(QFDVGHSDQQHVRXG¶DQRPDOLHVGHIRQFWLRQQHPHQWGHVPDFKLQHV6LQFUR
OH FOLHQW HVW LQYLWp j FRQWDFWHU QRWUH ³6HUYLFH$VVLVWDQFH´ HQ WpOpSKRQDQW
DX6LjODVXLWHGHFHFRQWDFWODUHVWLWXWLRQGXSURGXLW
V¶DYqUHQpFHVVDLUHQRWUH³6HUYLFH$VVLVWDQFH´FRPPXQLTXHUDDXFOLHQWXQ
QXPpURSRXUOH³5HWRXU0DWpULHO$XWRULVp´50$TXLGHYUDrWUHUHSRUWpVXU
OHGRFXPHQWG¶DFFRPSDJQHPHQWGXPDWpULHO
/HVSURGXLWVUHQGXVVDQVDYRLUVXLYLODSURFpGXUHGpFULWHVHURQWUHWRXUQpVj
O¶HQYR\HXU3RXUXQHpYHQWXHOOHFRQFHVVLRQGHJDUDQWLHLOHVWLQGLVSHQVDEOH
TXHOD6LQFURVRLWFRQWDFWpGLUHFWHPHQWSDUOHUHYHQGHXUDJUpp/HVGHPDQGHV
GHUpSDUDWLRQHIIHFWXpHVSDUO¶XWLOLVDWHXU¿QDOVHURQWFRQVLGpUpHVFRPPHpWDQW
KRUVJDUDQWLH7RXWHGHPDQGHGHUpSDUDWLRQIHUDO¶REMHWG¶XQGHYLV
([SpGLWLRQ
/HVIUDLVG¶H[SpGLWLRQVRQWjODFKDUJHGXFOLHQWHWFHODLQGpSHQGDPPHQW
GXIDLWTXHODPDUFKDQGLVHVRLWHQFRUHVRXVJDUDQWLH)DLUHHQVRUWHTXH
OHV PDFKLQHV VRLHQW DX FRPSOHW QHWWR\pHV HW TXH O¶KXLOH GHV pYHQWXHOV
PXOWLSOLFDWHXUVGHWRXUVDLWpWppYDFXpH,OHVWFRQVHLOOpG¶H[SpGLHUODPDFKLQH
GDQVXQHPEDOODJHDGDSWpHWDQWLFKRF
,%$JRVWR5HY
(63$f2/
1250$6'(6(*85,'$'
'(&/$5$&,Ð1'(&21)250,'$'
,1752'8&&,Ð1
&RQWUROGHODSODFDGHFDUDFWHUtVWLFDV
3RVLFLRQDPLHQWRGHODSODFDFRQODVHVSHFLÀFDFLRQHVHOpFWULFDVHOQ~PHURGHVHULH\GHODRUGHQGHSUR
GXFFLyQ
35,1&,3,2',)81&,21$0,(172<&$5$&7(5Ì67,&$6'(/6,67(0$'(5(*8/$&,Ð1'(/$7(16,Ð1
(63(&,),&$&,21(6*(1(5$/(60(&É1,&$6<(/e&75,&$63$5$(/$&23/$0,(172&21(/02725
,167$/$&,Ð1
,]DGR
)LMDFLyQDOPRWRU
0RQWDMHIRUPD,0%
'HVPRQWDMHIRUPD,0%
0RQWDMHIRUPD6$(
'HVPRQWDMHIRUPD6$(
3XHVWDDWLHUUD
&RQWUROHVSUHOLPLQDUHV
&RQWUROGHODLVODPLHQWR
6HQWLGRGHURWDFLyQ
9HULÀFDFLyQGHWHQVLyQ\GHIUHFXHQFLD
5HJXODFLyQGHODWDUMHWD$95
(VTXHPDVGHFRQH[LyQSDUDGLVWLQWRVFLUFXLWRV
3XHVWDHQPDUFKD
$6,67(1&,$<0$17(1,0,(172
&RQWUROGHORVGHYDQDGRV\GHODVFRQGLFLRQHVGHDLVODPLHQWR
&RQWUROGHORVFRMLQHWHV
$QRPDOtDV\UHPHGLRV
'HVPRQWDMH\VXVWLWXFLyQGHFRPSRQHQWHV\JUXSRVGHFRPSRQHQWHV
([WUDFFLyQHLQVHUFLyQGHOHMH
6XVWLWXFLyQGHOFRMLQHWH
6XVWLWXFLyQGHORVGLRGRVURWDWRULRV
6XVWLWXFLyQGHOURWRUGHODH[FLWDWUL]
5HHPVDPEODMHGHORVFRPSRQHQWHV\GHORVJUXSRVGHFRPSRQHQWHV
/,03,(=$</8%5,&$&,Ð1
'(02/,&,Ð1<(/,0,1$&,Ð1
5(&$0%,26<$6,67(1&,$
3URFHGLPLHQWRV\GLUHFFLRQHVGHUHIHUHQFLDSDUDVROLFLWXGHVGHDVLVWHQFLD
*$5$17Ì$
3URFHGLPLHQWR
(QYtR
,%$JRVWR5HY
(63$f2/
1250$6'(6(*85,'$'
6LQFUR6UOOHVGDODVJUDFLDVSRUKDEHUHOHJLGRXQRGHVXVSURGXFWRVHQOD
FHUWH]DGHTXH8GVREWHQGUiQODVPHMRUHVSUHVWDFLRQHVSDUDVXVH[LJHQFLDV
(O ´0DQXDO GH XVR \ PDQWHQLPLHQWRµ TXH DFRPSDxD HO JHQHUDGRU
SURSRUFLRQD LPSRUWDQWHV LQGLFDFLRQHV FRQFHUQLHQWHV WDQWR OD VHJXULGDG
FRPRODLQVWDODFLyQHOXVR\HOPDQWHQLPLHQWR(VWHSURGXFWRFXPSOHODV
QRUPDVGHOEXHQKDFHUDVtFRPRODVGLVSRVLFLRQHVVREUHVHJXULGDG
3DUDFRPXQLFDFLRQHVFRQ6LQFUR6UOOHVURJDPRVLQGLTXHQVLHPSUHHOWLSR
\HOFyGLJRGHOJHQHUDGRUDQRWDGRVHQODHWLTXHWDSXHVWDHQHOHPEDODMH
$VLPLVPR HQ HO FDVR GH DQRPDOtDV GH IXQFLRQDPLHQWR X RWURV WLSRV GH
DYHUtDVGHODPiTXLQDDODFXGLUDQXHVWUR6HUYLFLRGH$VLVWHQFLDLQGLTXHQ
SRUIDYRUHOQ~PHURGHVHULH61\HOGHODRUGHQGHSURGXFFLyQ32
£$7(1&,Ð16HDXQDLQVWDODFLyQQRFRUUHFWDVHDHOXVRLPSURSLRGHO
SURGXFWRSXHGHQRFDVLRQDUGDxRVDODVSHUVRQDVRDODVFRVDV
‡ &XPSOLU ULJXURVDPHQWH ODV LQGLFDFLRQHV GHO ´0DQXDO GH XVR \
PDQWHQLPLHQWRµSXHVVXÀQDOLGDGHVLQGLFDUODVFRQGLFLRQHVFRUUHFWDV
GHLQVWDODFLyQDVtFRPRGHXVR\PDQWHQLPLHQWRDÀQGHSUHYHQLUSRVLEOHV
PDOIXQFLRQDPLHQWRVGHOJHQHUDGRU\HYLWDUVLWXDFLRQHVGHSHOLJURSDUDHO
XVXDULR
‡ (OLPLQDUORVPDWHULDOHVGHHPEDODMHSOiVWLFRFDUWyQSROLHVWLUHQRHWF
HQFRQIRUPLGDGFRQODVGLVSRVLFLRQHVGHODVQRUPDVYLJHQWHV
‡ &RQVHUYDU ODV LQVWUXFFLRQHV SDUD DGMXQWDUODV D OD JXtD WpFQLFD \ SDUD
IXWXUDVFRQVXOWDFLRQHV
‡ (VWHSURGXFWRKDVLGRGLVHxDGR\IDEULFDGRH[FOXVLYDPHQWHSDUDHOHPSOHR
LQGLFDGRHQHVWDGRFXPHQWDFLyQ/DVGHVWLQDFLRQHVQRLQGLFDGDVHQHVWH
PDQXDOSRGUtDQRFDVLRQDUGDxRVDOSURGXFWR\VHUIXHQWHGHSHOLJUR
‡ 6LQFUR6UOGHFOLQDWRGDUHVSRQVDELOLGDGSRUHOXVRLPSURSLRRGLVWLQWR
DOTXHHVWiGHVWLQDGRODPiTXLQD\TXHFRQVWDHQHVWDGRFXPHQWDFLyQ
‡ 1RLQVWDODUHOSURGXFWRHQDWPyVIHUDSRWHQFLDOPHQWHH[SORVLYD
‡ /RV HOHPHQWRV FRQVWUXFWLYRV GH OD LQVWDODFLyQ FXPSOLUiQ ODV 'LUHFWLYDV
(XURSHDV 5HVSHFWR GH ORV SDtVHV H[WUD &(( DGHPiV GH ODV QRUPDV
QDFLRQDOHVHQYLJRUVHUiFRQYHQLHQWHFXPSOLUDVLPLVPRODVQRUPDVFLWDGDV
DQWHULRUQPHQWHFRQHOÀQGHREWHQHUXQEXHQQLYHOGHVHJXULGDG
‡ /D LQVWDODFLyQ VHUi FRQIRUPH D ODV GLVSRVLFLRQHV GH ODV 'LUHFWLYDV
(XURSHDV \ VHUi OOHYDGD D FDER ~QLFD \ H[FOXVLYDPHQWH SRU SHUVRQDO
FXDOLÀFDGR
‡ 1RVHSRQGUiHQPDUFKDHOJHQHUDGRUGHHVWDUGHVPRQWDGRVWDQWRODV
WDSDVGHSURWHFFLyQFRPRORVSDQHOHVGHDFFHVRRORVGHUHYHVWLPLHQWR
GHODFDMDGHWHUPLQDFLyQ
‡ $QWHV GH UHDOL]DU FXDOTXLHU LQWHUYHQFLyQ GH PDQWHQLPLHQWR VH
GHVFRQHFWDUiQORVFLUFXLWRVGHDUUDQTXHGHOPRWRU
‡ 'HVKDELOLWDUORVFLUFXLWRVGHFLHUUH\RLQVWDODUSODFDVGHDYLVRHQFDGD
LQWHUUXSWRUDXWRPiWLFRXWLOL]DGRQRUPDOPHQWHSDUDODFRQH[LyQFRQODUHG
RFRQRWURVJHQHUDGRUHVSDUDLPSHGLUVXFLHUUHDFFLGHQWDO
‡ 8VDU H[FOXVLYDPHQWH SDUWHV RULJLQDOHV SDUD FXDOTXHLU RSHUDFLyQ GH
PDQWHQLPLHQWRRUHSDUDFLyQ'HQRUHVSHWDUVHHVWDLQGLFDFLyQ6LQFUR
6UO GHFOLQD WRGD UHVSRQVDELOLGDG UHVSHFWR GH OD VHJXULGDG \ EXHQ
IXQFLRQDPLHQWRGHOJHQHUDGRU
‡ ,QVWUXLUDOXVXDULRGHODLQVWDODFLyQHQODJHVWLyQXVR\PDQWHQLPLHQWRGHO
JHQHUDGRU
‡ 1R HVWDUi SHUPLWLGR WRGR DTXHOOR QR SUHYLVWR H[SUHVDPHQWH HQ HVWDV
LQVWUXFFLRQHV
(QHVWHPDQXDOYLHQHQHPSOHDGRVDOJXQRVVtPERORVRFRQYHQFLRQHVTXH
WLHQHQ XQ VLJQLÀFDGR SUHFLVR$ FRQWLQXDFLyQ VHUiQ GHÀQLGRV GH PDQHUD
XQtYRFD
£,PSRUWDQWH 6H UHÀHUH D VLWXDFLRQHV GH ULHVJR R SURFHGLPLHQWRV
SHOLJURVRVTXHSRGUtDQRFDVLRQDUGDxRVDOSURGXFWRRDORVDSDUDWRV
£,PSRUWDQWH 6H UHÀHUH D VLWXDFLRQHV GH ULHVJR R
SURFHGLPLHQWRV SHOLJURVRV TXH SRGUtDQ
RFDVLRQDU GDxRV DO SURGXFWR R D ORV
DSDUDWRVFRQHFWDGRV
,%$JRVWR5HY
(63$f2/
£$WHQFLyQ 6H UHÀHUH D VLWXDFLRQHV GH ULHVJR R
SURFHGLPLHQWRV SHOLJURVRV TXH SRGUtDQ
RFDVLRQDUGDxRVDOSURGXFWRROHVLRQHV
DODSHUVRQD
£$'9(57(1&,$
6HxDOD VLWXDFLRQHV GH ULHVJR R
SURFHGLPLHQWRV SHOLJURVRV TXH SRGUtDQ
RFDVLRQDU JUDYHV OHVLRQHV D OD SHUVRQD
RLQFOXVRODPXHUWH
£3(/,*52
6HxDOD VLWXDFLRQHV GH ULHVJR R
SURFHGLPLHQWRVSHOLJURVRVTXHRFDVLRQDQ
JUDYHVOHVLRQHVDODSHUVRQDRLQFOXVROD
PXHUWH
FRQHFWDGRV
£$WHQFLyQ 6H UHILHUH D VLWXDFLRQHV GH ULHVJR R SURFHGLPLHQWRV
SHOLJURVRVTXHSRGUtDQRFDVLRQDUGDxRVDOSURGXFWRROHVLRQHVDOD
SHUVRQD
6tPEROR FRQ VLJQR GH DGPLUDFLyQ VHxDOD VLWXDFLRQHV GH ULHVJR R
SURFHGLPLHQWRVSHOLJURVRVTXHSRGUtDQRFDVLRQDUJUDYHVOHVLRQHVD
ODSHUVRQDRLQFOXVRODPXHUWH
6tPEROR FRQ UD\R VHxDOD VLWXDFLRQHV GH ULHVJR R SURFHGLPLHQWRV
SHOLJURVRVTXHRFDVLRQDQJUDYHVOHVLRQHVDODSHUVRQDRLQFOXVROD
PXHUWH
'(&/$5$&,Ð1'(&21)250,'$'
7RGRVORVJHQHUDGRUHV,%VHHQWUHJDQFRQXQDGHFODUDFLyQGHLQFRUSRUDFLyQ
FRQIRUPHDODOHJLVODFLyQHXURSHDFRPRODTXHDSDUHFHHQOD~OWLPDSiJLQD
GHOSUHVHQWHPDQXDO
6HJ~Q OD 'LUHFWLYD 0iTXLQDV &( HV UHVSRQVDELOLGDG GHO )DEULFDQWH GHO
JUXSRHOHFWUyJHQRFRPSUREDUTXHORVQ~PHURVGHVHULH\GHLGHQWLÀFDFLyQ
GHOJHQHUDGRUDSDUH]FDQHQODFXELHUWDGHHVWHPDQXDO
$VLPLVPR ORV JHQHUDGRUHV WLSR ,% VH VXPLQLVWUDQ VREUH ODV VLJXLHQWHV
EDVHV
‡ 6HUiQXWLOL]DGRVFRPRJHQHUDGRUHVGHSRWHQFLDRIXQFLyQUHODWLYD
‡ 6HUiQXWLOL]DGRVHQXQRGHORVVLJXLHQWHVFRQWH[WRV
7UDQVSRUWDEOHVLQHVWUXFWXUDSDUDHOVXPLQLVWURGHHQHUJtDWHPSRUDO
7UDQVSRUWDEOH FRQ HVWUXFWXUD SDUD HO VXPLQLVWUR GH HQHUJtD
WHPSRUDO
$ERUGREDMRFXELHUWDHPSOHRPDULQRSUHYLDKRPRORJDFLyQ
6REUHYHKtFXORFRPHUFLDOWUDQVSRUWHSRUFDUUHWHUDUHIULJHUDFLyQHWF
6REUHYtDVHQHUJtDDX[LOLDU
6REUHYHKtFXORLQGXVWULDOPRYLPLHQWRGHWLHUUDVHOHYDGRUHVHWF
,QVWDODFLyQÀMDLQGXVWULDOIiEULFDLQVWDODFLyQ
,QVWDODFLyQÀMDUHVLGHQFLDVFRPHUFLDOHLQGXVWULDOLJHUDFDVDRÀFLQD
KRVSLWDO
*HVWLyQGHHQHUJtDFRJHQHUDFLyQSXQWDVGHDEVRUFLyQ
(VTXHPDVDOWHUQDWLYRVGHHQHUJtD
‡ /RVJHQHUDGRUHVHVWiQGDUKDQVLGRGLVHxDGRVSDUDFXPSOLUODVHPLVLR
QHV ´LQGXVWULDOHVµ \ ORV HVWiQGDUHV GH LQPXQLGDG (Q HO FDVR GH TXH
ORV JHQHUDGRUHV GHEDQ FXPSOLU ODV REOLJDFLRQHV GH HPLVLyQ HQ ]RQDV
UHVLGHQFLDOHVFRPHUFLDOHV\SDUDODLQGXVWULDOLJHUDSRGUiVHUQHFHVDULR
LQVWDODUDOJXQRVDFFHVRULRVDGLFLRQDOHV
‡ (O HVTXHPD GH LQVWDODFLyQ UHTXLHUH OD FRQH[LyQ GH OD FDUFDVD GHO
JHQHUDGRUDOFDEOHGHSXHVWDDWLHUUDTXHVHUiORPiVFRUWRSRVLEOH\
FRQXQDVHFFLyQDGHFXDGD
‡ (OXVRGHSLH]DVGHUHFDPELRQRRULJLQDOHVRQRDXWRUL]DGDVH[SUHVDPHQWH
FRQOOHYD OD LQYDOLGDFLyQ GH OD *DUDQWtD 6LQFUR \ OD OLEHUDFLyQ GH OD
UHVSRQVDELOLGDGSRUORTXHFRQFLHUQHODFRQIRUPLGDGDODVQRUPDWLYDV\
UHODWLYDVFRQVHFXHQFLDV
‡ 7DQWRODLQVWDODFLyQFRPRODDVLVWHQFLD\PDQWHQLPLHQWRVHUiQOOHYDGRV
DFDERSRUSHUVRQDOLQVWUXLGRGHIRUPDDGHFXDGD\FRQFRQRFLPLHQWRGH
ORVGLFWiPHQHVGHODVGLUHFWLYDV&(
,1752'8&&,Ð1
$OUHFLELUHOJHQHUDGRUKD\TXHH[DPLQDUORDWHQWDPHQWH\YHULÀFDUTXHQR
SUHVHQWHQLQJ~QGDxRRFDVLRQDGRGXUDQWHHOWUDQVSRUWHRTXHIDOWHDOJXQD
SLH]D
&RQWUROGHODSODFDGHFDUDFWHUtVWLFDV
7RGRVORVJHQHUDGRUHVGHODJDPD,%OOHYDQXQDSODFDGHFDUDFWHUtVWLFDV$O
,%$JRVWR5HY
(63$f2/
UHFLELUORVDSDUDWRVVHFRQWURODUiODFLWDGDSODFD\VHFRPSDUDUiQVXVGDWRV
FRQODVHVSHFLÀFDFLRQHVGHOSHGLGRFRQHOÀQGHFRPSUREDUORVSRVLEOHV
HUURUHVGHHQYtRRGHFRQÀJXUDFLyQ
3ODFDGHFDUDFWHUtVWLFDV
3RVLFLRQDPLHQWRGHODSODFDFRQODVHVSHFLÀFDFLRQHVHOpFWULFDV
HOQ~PHURGHVHULH\GHODRUGHQGHSURGXFFLyQ
6HHQWUHJDXQDSODFDDGKHVLYDHQODTXHHVWiQLPSUHVRVHOQ~PHURGH
VHULHGLVWLQWRSDUDFDGDPiTXLQD\ODRUGHQGHSURGXFFLyQ
(O Q~PHUR GH VHULH FRPR HO GH OD RUGHQ GH SURGXFFLyQ VRQ GDWRV
LQWHJUDQWHVGHORVSURFHGLPLHQWRVDXWLOL]DUDOUHTXHULUVHODLQWHUYHQFLyQGH
ODDVLVWHQFLD
(OJHQHUDGRUVHVXPLQLVWUDMXQWRDRWUDSODFDDGKHVLYDHQODTXHDSDUHFHQORV
GDWRVODVHVSHFLÀFDFLRQHVHOpFWULFDV\ODOLVWDGHODVSRVLEOHVFRQH[LRQHV
£$WHQFLyQ(OLQVWDODGRUPDUFDUiFODUDPHQWHHQODSODFDGHFDUDFWHUtVWLFDV
ODFRQH[LyQHIHFWLYDPHQWHUHDOL]DGDHQWUHODVLQGLFDGDVHQODOLVWDFRQ
HOÀQGHHYLWDUSRVLEOHVPDOIXQFLRQDPLHQWRV\HYHQWXDOPHQWHGDxRV
DODVSHUVRQDV\DODVFRVDV
3ODFDGDWRVHOpFWULFRV
£$WHQFLyQ 3DUD OD SUHSDUDFLyQ GH FLUFXLWRV HOpFWULFRV GLIHUHQWHV
DO HVWUHOODVHULH FRQVXOWDU HO DSDUWDGR \ ORV HVTXHPDV HVSHFtÀFRV
LQGLFDGRVPiVDGHODQWHHQHOPDQXDO
£$WHQFLyQ(OLQVWDODGRUPDUFDUiFODUDPHQWHHQODSODFD
GHFDUDFWHUtVWLFDVODFRQH[LyQHIHFWLYDPHQWH
UHDOL]DGDHQWUHODVLQGLFDGDVHQODOLVWDFRQ
HOÀQGHHYLWDUSRVLEOHVPDOIXQFLRQDPLHQWRV
\HYHQWXDOPHQWHGDxRVDODVSHUVRQDV\D
ODVFRVDV
(O 'HSDUWDPHQWR 7pFQLFR 6LQFUR HVWi D VX FRPSOHWD GLVSRVLFLyQ SDUD
FXDOTXLHUDFODUDFLyQ
35,1&,3,2',)81&,21$0,(172<&$5$&7(5Ì67,&$6'(/
6,67(0$'(5(*8/$&,Ð1'(/$7(16,Ð1
*UDFLDV D VX PDJQHWLVPR UHVLGXDO HO HVWDWRU GH OD H[FLWDWUL] JDUDQWL]D OD
DXWRH[FLWDFLyQGHOJHQHUDGRUDOSRQHUVHHQPDUFKDORTXHJHQHUDSRUOR
WDQWRXQDWHQVLyQUHVLGXDOOGHDSUR[HOGHODWHQVLyQQRPLQDO
(O$95DOLPHQWDGRDWUDYpVGHXQFLUFXLWRDX[LOLDUPRQWDGRHQHOHVWDWRU
SULQFLSDO DFFLRQD HO HVWDWRU GH OD H[FLWDWUL] UHJXODQGR LQGLUHFWDPHQWH
PHGLDQWHODFDGHQDGHOURWRUGHHVWDSXHQWHGHGLRGRVURWRUSULQFLSDOHO
FDPSRJHQHUDGRSRUHOURWRUSULQFLSDO
(OUHJXODGRUGHWHQVLyQSUHVHQWDXQDSUHFLVLyQGHWHQVLyQGHO“HQHO
FDPSRRSHUDWLYRGHODPiTXLQDFRQFDUJDVQRGLVWRUVLRQDOHV
(O FRQWURO GH WHQVLyQ UHJXOD HO YDORU PHGLR GH OD WHQVLyQ GH XQD IDVH
PDQWHQLpQGRODFRQVWDQWH
8Q GLVSRVLWLYR GH FRQWURO GH OD IUHFXHQFLD LQWHUYLHQH GHVH[FLWDQGR
SURJUHVLYDPHQWH OD PiTXLQD FXDQGR OD YHORFLGDG GHO PRWRU GH WUDFFLyQ
GHVFLHQGH SRU GHEDMR GHO XPEUDO HVWDEOHFLGR UHJXODEOH LPSLGLHQGR OD
VREUHH[FLWDFLyQ FRQ UHJtPHQHV EDMRV GH IXQFLRQDPLHQWR \ DOLYLDQGR HO
HIHFWRGHWRPDGHFDULFRVREUHHOPRWRU
3RU~OWLPRVHSXHGHPRGXODUODUDSLGH]GHUHVSXHVWDGHOUHJXODGRUFRQ
HO SURSyVLWR GH HOLPLQDU ODV SRVLEOHV LQHVWDELOLGDGHV GH WHQVLyQ TXH VH
PDQLIHVWDUDQ
7DQWRHOUHJXODGRUFRPRHOJHQHUDGRUHVWiQSURWHJLGRVFRQWUDVREUHFDUJDV
\RDYHUtDVSRUPHGLRGHXQIXVLEOH
(OUHJXODGRUVHKDFRQVWUXLGRSDUDFRQWHQHUDOPtQLPRORVSLFRVGHWHQVLyQDO
GHVFRQHFWDUODFDUJDTXHUHVXOWDQLQIHULRUHVDOFRQFDUJDQRPLQDO
$VLPLVPRKD\GLVSRQLEOHXQDFRQVLGHUDEOHFDSDFLGDGGHSXQWRGHDUUDQTXH
SDUDPRWRUHVDVtQFURQRV'HKHFKRHOUHJXODGRUHVFDSD]GHKDFHUTXHHO
JHQHUDGRUVXPLQLVWUHWHPSRUDOPHQWHPiVGHOGHODFRUULHQWHQRPLQDO
D3) FRQXQDFDtGDGHWHQVLyQLQIHULRUDO
3DUDODSUHSDUDFLyQGHFLUFXLWRVHOpFWULFRV
GLIHUHQWHV DO HVWUHOODVHULH FRQVXOWDU
HO DSDUWDGR \ ORV HVTXHPDV HVSHFtÀFRV
LQGLFDGRVPiVDGHODQWHHQHOPDQXDO
7DUMHWD$95
(63(&,),&$&,21(6*(1(5$/(60(&É1,&$6<(/e&75,&$6
3$5$(/$&23/$0,(172&21(/02725
'DGRTXHVHWUDWDGHXQDXQLGDGVHSDUDGD\GHVWLQDGDDVHULQFRUSRUDGDHQ
XQJUXSRHOHFWUyJHQRQRHVSRVLEOHDSOLFDUHQODIDVHGHFRQVWUXFFLyQWRGDV
ODVQHFHVDULDVHWLTXHWDVGHVHxDOL]DFLyQHQHOJHQHUDGRU/DVHWLTXHWDVGH
,%$JRVWR5HY
(63$f2/
LQGLFDFLyQGHSHOLJURSRWHQFLDO\ULHVJRGHELGRDFRPSRQHQWHVHQWHQVLyQ
VHVXPLQLVWUDQSRUVHSDUDGR\VHUiQDSOLFDGDVSRUHO)DEULFDQWHGHOJUXSR
HOHFWUyJHQRHQODVSRVLFLRQHVLQGLFDGDVHQODÀJXUDGHDOODGRXQDYH]
XOWLPDGRHOHQVDPEODMHGHOJUXSR
/RVJHQHUDGRUHVGHODJDPD,%KDQVLGRGLVHxDGRVSDUDIXQFLRQDUDXQD
WHPSHUDWXUDPi[LPDGHƒ&\DXQDFRWDPi[LPDGHPVQP
'HQWURGHWDOHVOtPLWHVGHWHPSHUDWXUD\FRWDHVWRVDSDUDWRVDOFDQ]DUiQODV
SUHVWDFLRQHVQRPLQDOHVLQGLFDGDVHQODSODFD
3DUDWHPSHUDWXUDVVXSHULRUHVDƒ&\RFRWDVVXSHULRUHVDPVQP
VHPDQLÀHVWDQUHGXFFLRQHVGHSUHVWDFLRQHVYHUWDEOD
'HVHUODVFRQGLFLRQHVDPELHQWDOHVGHIXQFLRQDPLHQWRSHRUHVDODVLQGLFDGDV
DQWHULRUPHQWHVHDYLVDUiGHHOORDO'HSDUWDPHQWR7pFQLFR6LQFUR
7HPSDPELHQWHƒ& $OWLWXGP
)DFWRUGHSRWHQFLD
£,PSRUWDQWH7DQWRODUHGXFFLyQGHOFDXGDOGHDLUH
GHHQIULDPLHQWRFRPRXQDSURWHFFLyQQR
DGHFXDGDGHOJHQHUDGRUSXHGHQFRQOOH
YDUGDxRV\RPDOIXQFLRQDPLHQWRGHORV
GHYDQDGRV
/RVJHQHUDGRUHVHVWiQSURYLVWRVGHVLVWHPDGHYHQWLODFLyQSRUDLUHHVFXGRV
GHSURWHFFLyQ\FDUFDVDVDQWLJRWHRQRVRQDSWRVSDUDVHULQVWDODGRVDODLUH
OLEUHGHQRHVWDUSURWHJLGRVSRUUHFXEULPLHQWRDGHFXDGR0LHQWUiVHVWpQ
GHSRVLWDGRHQHODOPDFpQDQWHVGHODLQVWDODFLyQRVLIXQFLRQDGHUHVHUYD
HV FRQYHQLHQWH XWLOL]DU FDOHQWDGRUHV DQWLFRQGHQVDFLyQ SDUD JDUDQWL]DU OD
EXHQDFRQVHUYDFLyQGHORVGHYDQDGRV
$QWHVGHODSXHVWDHQVHUYLFLRRWUDVODUJRVSHULRGRVGHLQDFWLYLGDGVHUi
QHFHVDULRFRQWURODUODUHVLVWHQFLDGHDLVODPLHQWRKDFLDODPDVDGHWRGRV
ORV GHYDQDGRV VH UHFRPLHQGD GHVFRQHFWDU OD FRUULHQWH HOpFWULFD GHO
UHJXODGRUDQWHVGHHMHFXWDUGLFKDSUXHEDORVYDORUHVGHWHFWDGRVGHEHUiQ
VHUVXSHULRUHVD02KP(QHOFDVRGHTXHQRVHGpHVWDFRQGLFLyQVH
VHFDUiHQHOKRUQRVyORHODOWHUQDGRUD¸ƒ&SRUKRUDV$QWHVGH
OOHYDUDFDERHVWDRSHUDFLyQHVQHFHVDULRGHVPRQWDUHOUHJXODGRUGHWHQVLyQ
&RPRDOWHUQDWLYDDOVHFDGRHQKRUQRVHSXHGHVRSODUDLUHFDOLHQWHD¸
ƒ&DWUDYpVGHODOWHUQDGRUDOPHQRVSRUKRUD
'HHVWDULQVWDODGDODPiTXLQDGHQWURGHXQDHVWUXFWXUDFHUUDGDKDEUiTXH
DVHJXUDUVHTXHODWHPSHUDWXUDGHODLUHGHHQIULDPLHQWRHQYLDGDDOJHQHUDGRU
QRVHDVXSHULRUDODQRPLQDOSUHYLVWD
/DHVWUXFWXUDHVWDUiUHDOL]DGDGHIRUPDWDOTXHODWRPDGHDLUHGHOPRWRU
SXHVWDHQODHVWUXFWXUDHVWpVHSDUDGDGHODWRPDGHOJHQHUDGRUVREUHWRGR
VLODDVSLUDFLyQGHDLUHHQODHVWUXFWXUDHVWiDVHJXUDGDFRQHOYHQWLODGRUGH
HQIULDPLHQWR$VLPLVPRODWRPDGHDLUHGHOJHQHUDGRUHVWDUiUHDOL]DGDGH
PRGRTXHLPSLGDLQÀOWUDFLRQHVGHKXPHGDGFRQSURWHFFLRQHVDGHFXDGDV/D
HVWUXFWXUDHVWDUiGLVHxDGDGHIRUPDWDOTXHGHMHXQHVSDFLROLEUHGHPP
HQWUHODWRPDGHDLUHGHOJHQHUDGRU\FXDOTXLHURWUDVXSHUÀFLHSODQD
'HHVWDUHVSHFLÀFDGRHQHOSHGLGRVHSRGUiGRWDUHOJHQHUDGRUFRQ
ÀOWURVGHDLUH
£,PSRUWDQWH7DQWRODUHGXFFLyQGHOFDXGDOGHDLUHGHHQIULDPLHQWRFRPR
XQDSURWHFFLyQQRDGHFXDGDGHOJHQHUDGRUSXHGHQFRQOOHYDUGDxRV
\RPDOIXQFLRQDPLHQWRGHORVGHYDQDGRV
(OJUXSRURWRUGHOJHQHUDGRUVHHTXLOLEUDHQODIiEULFDFRQFKDYHWDHQWHUD
/DV YLEUDFLRQHV LQGXFLGDV SRU HO PRWRU VRQ FRPSOHMDV H LQFOX\HQ
DUPyQLFRV GH RUGHQ VXSHULRU TXH SXHGHQ RFDVLRQDU DO FRPELQDUVH FRQ
ORV GHO JHQHUDGRU QLYHOHV GH YLEUDFLyQ VHQVLEOHV \ SHUMXGLFLDOHV SDUD HO
IXQFLRQDPLHQWR GHO JUXSR HOHFWUyJHQR 3RU WDQWR HO SUR\HFWLVWD XWLOL]DUi
ODVVROXFLRQHVQHFHVDULDVSDUDODDOtQHDFLyQDVtFRPRSDUDGDUULJLGH]D
ODVEDVHV\DORVVRSRUWHVFRQHOSURSyVLWRGHLPSHGLUTXHVHVXSHUHQORV
QLYHOHVGHYLEUDFLyQSUHYLVWRVHQODVQRUPDV
/RV JHQHUDGRUHV GH GRV FRMLQHWHV UHTXLHUHQ XQD FDUFDVD UtJLGD SDUD HO
VRVWpQ GHO PRWRU JHQHUDGRU GH IRUPD TXH FRQVWLWX\D XQD EXHQD EDVH
SDUDODH[DFWDDOLQHDFLyQ/DFDUFDVDHVWDUiXQLGDDODEDVHFRQWDPSRQHV
DQWLYLEUDFLRQHV&RQHOÀQGHUHGXFLUDOPtQLPRODVRVFLODFLRQHVWRUVLRQDOHV
HVFRQYHQLHQWHXWLOL]DUXQDMXQWDÁH[LEOHGLPHQVLRQDGDFRUUHFWDPHQWH
,%$JRVWR5HY
(63$f2/
(QORVVLVWHPDVGHWUDQVPLVLyQGHFRUUHDDSOLFDGRVDJHQHUDGRUHVGHGRV
FRMLQHWHV HV QHFHVDULR TXH WDQWR HO GLiPHWUR FRPR OD HVWUXFWXUD GH ODV
SROHDVVHDQWDOHVTXHSHUPLWDQTXHODFDUJDDSOLFDGDDOHMHHVWpFHQWUDGD
UHVSHFWRGHOODUJRGHODSDUWHVREUHVDOLHQWH\TXHQRVHDVXSHULRUD1
3DUDODUJXUDVGHOHMHPD\RUHVVHUHTXHULUiQGLUHFWDPHQWHDO'HSDUWDPHQWR
7pFQLFR6LQFURORVYDORUHVGHFDUJDDGPLWLGRV
/DDOLQHDFLyQGHORVJHQHUDGRUHVPRQRFRMLQHWHHVFUtWLFDGDGRTXHSRGUtDQ
SURGXFLUVH YLEUDFLRQHV D OD DOWXUD GHO DFRSODPLHQWR HQWUH HO PRWRU \ HO
JHQHUDGRU$VtVHUiQHFHVDULRWHQHUFXLGDGRDOHQVDPEODUHODOWHUQDGRUDO
PRWRU\GLVSRQHUXQDEDVHUREXVWD\HOXVRGHWDPSRQHVDQWLYLEUDFLRQHV
SDUDVRVWHQHUHOFRQMXQWRPRWRUDOWHUQDGRU
'HQWURGHODFDMDGHERUQHVVHKDOODQORVERUQHVDLVODGRVSDUDODVFRQH[LRQHV
GHOtQHD\GHQHXWUR\SDUDODFRQH[LyQGHWLHUUD
(OQHXWUR12HVWiFRQHFWDGRDODFDUFDVD
£$GYHUWHQFLD 6H VXPLQLVWUD HO JHQHUDGRU VLQ FRQH[LyQ GH WLHUUD
SDUDHIHFWXDUGLFKDFRQH[LyQVHWHQGUiQFRPRUHIHUHQFLDODVFRUUH
VSRQGLHQWHVGLVSRVLFLRQHVORFDOHV
&RQH[LRQHV GH WLHUUD R GH SURWHFFLyQ HMHFXWDGDV LQFRUUHFWDPHQWH
SXHGHQRFDVLRQDUOHVLRQHVRLQFOXVRODPXHUWH
£$'9(57(1&,$
6REUHGHPDQGDVHSURSRUFLRQDQORVYDORUHVGHODVFRUULHQWHVGHDYHUtDGHO
JHQHUDGRUFRQHOÀQGHD\XGDUDOSUR\HFWLVWDHQHOGLPHQVLRQDPLHQWRGHOD
LQVWDODFLyQ\GHVXVFRPSRQHQWHV
6H VXPLQLVWUD HO JHQHUDGRU VLQ FRQH[LyQ
GHWLHUUDSDUDHIHFWXDUGLFKDFRQH[LyQVH
WHQGUiQ FRPR UHIHUHQFLD ODV FRUUHVSRQ
GLHQWHVGLVSRVLFLRQHVORFDOHV&RQH[LRQHV
GHWLHUUDRGHSURWHFFLyQHMHFXWDGDVLQFRU
UHFWDPHQWH SXHGHQ RFDVLRQDU OHVLRQHV R
LQFOXVRODPXHUWH
7DQWR OD LQVWDODFLyQ FRPR HO XVR PDQ
WHQLPLHQWR R VXVWLWXFLyQ GH SLH]DV HIHF
WXDGRV GH PDQHUD LQFRUUHFWD SXHGHQ
RFDVLRQDU JUDYHV OHVLRQHV SHUVRQDOHV
R LQFOXVR OD PXHUWH DVt FRPR GDxRV D
ORV DSDUDWRV /RV WUDEDMRV HQ ODV SDUWHV
HOpFWULFDV\RPHFiQLFDVVHUiQUHDOL]DGRV
SRUSHUVRQDOFXDOLÀFDGR
£$GYHUWHQFLD 7DQWR OD LQVWDODFLyQ FRPR HO XVR PDQWHQLPLHQWR R
VXVWLWXFLyQ GH SLH]DV HIHFWXDGRV GH PDQHUD LQFRUUHFWD SXHGHQ
RFDVLRQDU JUDYHV OHVLRQHV SHUVRQDOHV R LQFOXVR OD PXHUWH DVt
FRPRGDxRVDORVDSDUDWRV/RVWUDEDMRVHQODVSDUWHVHOpFWULFDV\R
PHFiQLFDVVHUiQUHDOL]DGRVSRUSHUVRQDOFXDOLÀFDGR
,167$/$&,Ð1
,]DGR
,]DU\PRYHUHOJHQHUDGRUFRQPHGLRVDSWRVSDUDHOORDSR\iQGRORVVREUH
SDOHWDV R VRVWHQtpQGRORV PHGLDQWH ORV DQLOORV SDUD L]DU SXHVWRV HQ HO
JHQHUDGRUHQODVSRVLFLRQHVLQGLFDGDVHQODÀJXUD
3DUDL]DUHOJHQHUDGRUXWLOL]DUGLVSRVLWLYRVFRQFDSDFLGDGGHL]DGDGH
SRUORPHQRVNJ
£$WHQFLyQ 8QD FDSDFLGDG GH L]DGD QR DGHFXDGD SXHGH RFDVLRQDU
OHVLRQHVSHUVRQDOHV\GDxRVJUDYHV
£$WHQFLyQ /RV DQLOORV SDUD L]DU GHO JHQHUDGRU HVWiQ GHVWLQDGRV
H[FOXVLYDPHQWHSDUDHOL]DGRGHGLFKRDSDUDWR\QRGHOHQWHURJUXSR
HOHFWUyJHQR
/RVJHQHUDGRUHVPRQRFRMLQHWHVHUiQL]DGRV\GHVSOD]DGRVPDQWHQLHQGR
ODPiTXLQDHQSRVLFLyQKRUL]RQWDOFRQHOÀQGHHYLWDUHQHOFDVRGHTXHOD
RSHUDFLyQQRVHOOHYHDFDERFRUUHFWDPHQWHTXHVHVDOJDHOURWRU\VHSXHGD
HVWURSHDUFRQFRQVHFXHQFLDVJUDYHVSDUDODVSHUVRQDV
£$WHQFLyQ 8QD FDSDFLGDG GH L]DGD QR DGHFXDGD
SXHGH RFDVLRQDU OHVLRQHV SHUVRQDOHV \
GDxRVJUDYHV
/RVDQLOORVSDUDL]DUGHOJHQHUDGRUHVWiQ
GHVWLQDGRVH[FOXVLYDPHQWHSDUDHOL]DGR
GH GLFKR DSDUDWR \ QR GHO HQWHUR JUXSR
HOHFWUyJHQR
)LMDFLyQDOPRWRU
0RQWDMHIRUPD,0%YHUÀJXUD
£$WHQFLyQ$QWHVGHOPRQWDMHYHULÀFDUTXHORVDORMDPLHQWRVFyQLFRVGH
DFRSODPLHQWRWDQWRGHOJHQHUDGRUFRPRGHOPRWRUVHDQFRPSDWLEOHV
UHJXODUHV\HVWpQELHQOLPSLRV
£$WHQFLyQ $QWHV GHO PRQWDMH YHULILFDU TXH ORV
DORMDPLHQWRV FyQLFRV GH DFRSODPLHQWR
WDQWR GHO JHQHUDGRU FRPR GHO PRWRU VHDQ
FRPSDWLEOHVUHJXODUHV\HVWpQELHQOLPSLRV
,%$JRVWR5HY
(63$f2/
£$WHQFLyQ $QWHVGHSRQHUODWXHUFDFRQWURODUTXH
SDUWHGHODSRUFLyQFRQURVFDGHOWLUDQWH
HQWUHHQHOURWRUFRQORTXHVHFRQVHJXLUi
XQEORTXHRVHJXUR
‡ 4XLWDUODVUHMLOODVGHSURWHFFLyQ
‡ )LMDUHOHVFXGRDOPRWRUXQDYH]GHVPRQWDGRGHODOWHUQDGRU
‡ $SOLFDUHOWLUDQWHSDUDÀMDUD[LDOPHQWHHOURWRUDWRUQLOOiQGRORHQODSDUWH
VREUHVDOLHQWHGHOHMHPRWRU
‡ )LMDUHOJHQHUDGRUFRPSOHWRHVWDWRU\URWRUDOHVFXGRXVDQGRODVWXHUFDV
GHVHJXULGDG
‡ 9HULÀFDUTXHORVDORMDPLHQWRFyQLFRVGHOURWRU\GHOPRWRUHVWpQHQFRQWDFWR
JROSHDQGRD[LDOPHQWHHOURWRUFRQXQPDUWLOORGHSOiVWLFR\XQWDPSyQ
‡ %ORTXHDU HO URWRU D[LDOPHQWH HQURVFDQGR OD WXHUFD GH VHJXULGDG
FRUUHVSRQGLHQWHHQHOWLUDQWH
£$WHQFLyQ$QWHVGHSRQHUODWXHUFDFRQWURODUTXHSDUWHGHODSRUFLyQ
FRQURVFDGHOWLUDQWHHQWUHHQHOURWRUFRQORTXHVHFRQVHJXLUiXQ
EORTXHRVHJXUR
‡ 9HULÀFDUTXHHOURWRU\HOHVWDWRUGHODH[FLWDWUL]HVWpQDOtQHDGRVHQWUHVt
SHUIHFWDPHQWH
‡ 6RVWHQHUHOJUXSRFRQDQWLYLEUDGRUHVWHQLHQGRFXLGDGRGHODFRUUHFWD
DOLQHDFLyQGHOPRWRU\GHOJHQHUDGRU
‡ )LMDUODVUHMLOODV
'HVPRQWDMHIRUPD,0%
3DUDHOGHVPRQWDMHKD\TXHVHJXLUODVPLVPDVLQVWUXFFLRQHVLQGLFDGDVHQ
HODSDUWDGRSHURHQVHFXHQFLDLQYHUVD
0RQWDMHIRUPD6$(YHUÀJXUD
£$WHQFLyQ $QWHV GHO PRQWDMH YHULILFDU TXH ORV DORMDPLHQWRV GH
DFRSODPLHQWRWDQWRGHOJHQHUDGRUFRPRGHOPRWRUVHDQUHJXODUHV\
HVWpQELHQOLPSLRV
£$WHQFLyQ $QWHV GHO PRQWDMH YHULILFDU TXH ORV
DORMDPLHQWRV GH DFRSODPLHQWR WDQWR GHO
JHQHUDGRUFRPRGHOPRWRUVHDQUHJXODUHV
\HVWpQELHQOLPSLRV
‡ 4XLWDUODEDUUDGHÀMDFLyQGHOURWRU
‡ 'HVPRQWDUODVUHMLOODVGHSURWHFFLyQ3DUDODYHUVLyQ6$(TXLWDUORV
WDSRQHVGHSOiVWLFRSXHVWRVHQODFDPSDQDSDUDIDFLOLWDUODÀMDFLyQGHO
GLVFRGH
‡ &RQWURODU TXH HO GLiPHWUR GHO GLVFR FRUUHVSRQGD DO GLiPHWUR GH
DORMDPLHQWRHQHOYRODQWH
‡ )LMDUHOJHQHUDGRUDOPRWRUEORTXHDQGRODFDPSDQD6$(FRQWURODU
TXHORVRULÀFLRVGHOGLVFRFRLQFLGDQFRQORVGHOYRODQWH
‡ 9HULÀFDUTXHHOGLVFRHVWpDSR\DGRVREUHHOYRODQWH\SDUDHOORJROSHDU
D[LDOPHQWHHOURWRUFRQXQPDUWLOORGHSOiVWLFR\XQWDPSyQ
‡ )LMDUHOGLVFRDOYRODQWH
‡ 9HULÀFDUTXHHOURWRU\HOHVWDWRUGHODH[FLWDWUL]HVWpQDOLQHDGRVHQWUHVt
SHUIHFWDPHQWH
‡ 6RVWHQHUHOJUXSRFRQDQWLYLEUDWRULRVWHQLHQGRFXLGDGRGHODFRUUHFWD
QLYHODFLyQHQWUHHOPRWRU\HOJHQHUDGRU
‡ 3RQHUORVWDSRQHVGHSOiVWLFRHQODFDPSDQDVRORYHUVLyQ6$(\
ÀMDUODVUHMLOODV
'HVPRQWDMHIRUPD6$(
3DUDHOGHVPRQWDMHKD\TXHVHJXLUODVPLVPDVLQVWUXFFLRQHVLQGLFDGDVHQ
HODSDUWDGRSHURHQVHFXHQFLDLQYHUVD
3XHVWDDWLHUUD
£$GYHUWHQFLD8QDSURWHFFLyQLQDGHFXDGD\RXQDDOLQHDFLyQLQFRUUHFWD
GHOJHQHUDGRUSXHGHQRFDVLRQDUOHVLRQHVSHUVRQDOHV\RGDxRVDORV
DSDUDWRV
/DFDUFDVDGHOJHQHUDGRUHVWDUiFRQHFWDGDVyOLGDPHQWHDWLHUUDHQODEDVH
GHOJUXSRHOHFWUyJHQR'HHVWDUSUHYLVWRVVRSRUWHVÁH[LEOHVDQWLYLEUDFLRQHV
HQWUH OD FDUFDVD GHO JHQHUDGRU \ VX EDVH VH FRQHFWDUi HQ SDUDOHOR D
WUDYpVGHOVRSRUWHÁH[LEOHXQFDEOHGHWLHUUDGHYDORUQRPLQDODGHFXDGR
JHQHUDOPHQWHODPLWDGGHOiUHDGHODVHFFLyQWUDQVYHUVDOGHORVFDEOHVGH
ODOtQHDSULQFLSDO
,%$JRVWR5HY
(63$f2/
+DQVLGRSUHGLVSXHVWRVHQHOHVFXGRSRVWHULRUDODDOWXUDGHORVSLHVGRV
RUL¿FLRVURVFDGRV0SDUDIDFLOLWDUODSXHVWDDWLHUUDGHODFDMD
£$GYHUWHQFLD&RPSUREDUTXHHOSURFHGLPLHQWRGHSXHVWDDWLHUUDVHD
FRUUHFWR
£$'9(57(1&,$
8QD SURWHFFLyQ LQDGHFXDGD \R XQD
DOLQHDFLyQLQFRUUHFWDGHOJHQHUDGRUSXHGHQ
RFDVLRQDUOHVLRQHVSHUVRQDOHV\RGDxRVD
ORVDSDUDWRV
&RPSUREDUTXHHOSURFHGLPLHQWRGHSXHVWD
DWLHUUDVHDFRUUHFWR
&RQWUROHVSUHOLPLQDUHV
&RQWUROGHODLVODPLHQWR
$QWHVGHSRQHUHQVHUYLFLRHOJUXSRHOHFWUyJHQRRELHQGHVSXpVGHODUJRV
SHULRGRVGHLQDFWLYLGDGFRQWURODUODUHVLVWHQFLDGHDLVODPLHQWRKDFLDODPDVD
GHORVGHYDQDGRV
£$WHQFLyQ'HVFRQHFWDUHOUHJXODGRUGHWHQVLyQ$95DQWHVGHHIHFWXDU
ODPHGLFLyQ
/RVYDORUHVGHWHFWDGRVVHUiQVXSHULRUHVD02KP(QHOFDVRODUHVLVWHQFLD
GHDLVODPLHQWRUHVXOWHLQIHULRUVHSURFHGHUiDVHFDUHODOWHUQDGRUHQHOKRUQR
FRQXQDWHPSHUDWXUDFRPSUHQGLGDHQWUH\ƒ&SRUKRUDV$QWHVGH
UHDOL]DUHVWDRSHUDFLyQHVQHFHVDULRGHVPRQWDUHOUHJXODGRUGHWHQVLyQ
&RPRDOWHUQDWLYDDOVHFDGRHQKRUQRHVSRVLEOHVRSODUDLUHFDOLHQWHD¸
ƒ&DWUDYpVGHODOWHUQDGRUDOPHQRVSRUKRUD
£,PSRUWDQWH /RV GHYDQDGRV KDQ VLGR FRPSUREDGRV HQ DOWD WHQVLyQ
GXUDQWHODSURGXFFLyQ0iVSUXHEDVFRQDOWDWHQVLyQSXHGHQGHWHULRUDU
HODLVODPLHQWR\SRUWDQWRUHGXFLUVXYLGDRSHUDWLYD'HVHUQHFHVDULD
XQDSUXHEDFRQDOWDWHQVLyQSDUDODDFHSWDFLyQSRUSDUWHGHOFOLHQWH
VHHIHFWXDUiQODVSUXHEDVFRQQLYHOHVGHWHQVLyQUHGXFLGRV
6HQWLGRGHURWDFLyQ
7RGDVODVPiTXLQDVHVWiQGRWDGDVGHYHQWLODGRUFRQSDODVUDGLDOHV\SRU
WDQWRSXHGHQIXQFLRQDUHQORVGRVVHQWLGRVGHURWDFLyQ(OJHQHUDGRUVH
VXPLQLVWUDFRQURWDFLyQHQHOVHQWLGRGHODVDJXMDVGHOUHORMPLUDQGRKDFLD
HOODGRDFRSODPLHQWRGHQRHVSHFLÀFDUVHGLYHUVDPHQWHHQHOSHGLGRGH
PDQHUDTXHVHSURGX]FDXQDVHFXHQFLDGHIDVH89:'HWHQHUVHTXH
LQYHUWLUODURWDFLyQGHVSXpVGHODHQWUHJDSHGLUDO)DEULFDQWHORVHVTXHPDV
HOpFWULFRVFRUUHVSRQGLHQWHV
2UL¿FLRVURVFDGRV0SDUDODSXHVWDDWLHUUD
£$WHQFLyQ'HVFRQHFWDUHOUHJXODGRUGHWHQVLyQ$95
DQWHVGHHIHFWXDUODPHGLFLyQ
£,PSRUWDQWH/RVGHYDQDGRVKDQVLGRFRPSUREDGRV
HQDOWDWHQVLyQGXUDQWHODSURGXFFLyQ0iV
SUXHEDVFRQDOWDWHQVLyQSXHGHQGHWHULRUDU
HODLVODPLHQWR\SRUWDQWRUHGXFLUVXYLGD
RSHUDWLYD'HVHUQHFHVDULDXQDSUXHEDFRQ
DOWD WHQVLyQ SDUD OD DFHSWDFLyQ SRU SDUWH
GHOFOLHQWHVHHIHFWXDUiQODVSUXHEDVFRQ
QLYHOHVGHWHQVLyQUHGXFLGRV
9HULÀFDFLyQGHWHQVLyQ\GHIUHFXHQFLD
&RQWURODU TXH ORV QLYHOHV GH WHQVLyQ \ IUHFXHQFLD UHTXHULGRV SRU HO
JUXSR HOHFWUyJHQR FRUUHVSRQGDQ D ORV LQGLFDGRV HQ OD SODFD GDWRV GHO
JHQHUDGRU
£$GYHUWHQFLD(OJHQHUDGRUVDOHGHODVOtQHDVGHSURGXFFLyQFRQXQD
FRQH[LyQHVWUHOODVHULHGHQRHVSHFLÀFDUVHGLYHUVDPHQWHHQHOSHGLGR
UHVSHFWRGHOFXDOVHVXPLQLVWUDQORVGDWRVQRPLQDOHV(QHOFDVRGH
PRGLÀFDFLyQGHGLFKDFRQH[LyQHOLQVWDODGRUVHHQFDUJDUiGHPDUFDU
ODQXHYDFRQH[LyQLQGLFDGDHQODSODFDGHGDWRVPiTXLQDSXHVWDHQHO
LQWHULRUGHODFDMDGHERUQHV3DUDUHDOL]DUODQXHYDFRQH[LyQWHQHUFRPR
UHIHUHQFLDORVHVTXHPDVTXHVHDGMXQWDQFRQHOSUHVHQWHPDQXDO
£$GYHUWHQFLD /DV SRVLEOHV PRGLILFDFLRQHV GH OD FRQH[LyQ VHUiQ
UHDOL]DGDV~QLFD\H[FOXVLYDPHQWHSRUSHUVRQDOFXDOLÀFDGR
£$'9(57(1&,$
(OJHQHUDGRUVDOHGHODVOtQHDVGHSURGXFFLyQ
FRQ XQD FRQH[LyQ HVWUHOODVHULH GH QR
HVSHFLÀFDUVH GLYHUVDPHQWH HQ HO SHGLGR
UHVSHFWRGHOFXDOVHVXPLQLVWUDQORVGDWRV
QRPLQDOHV(QHOFDVRGHPRGLÀFDFLyQGH
GLFKDFRQH[LyQHOLQVWDODGRUVHHQFDUJDUi
GH PDUFDU OD QXHYD FRQH[LyQ LQGLFDGD HQ
OD SODFD GH GDWRV PiTXLQD SXHVWD HQ HO
LQWHULRUGHODFDMDGHERUQHV3DUDUHDOL]DU
ODQXHYDFRQH[LyQWHQHUFRPRUHIHUHQFLDORV
HVTXHPDVTXHVHDGMXQWDQFRQHOSUHVHQWH
PDQXDO
/DVSRVLEOHVPRGLÀFDFLRQHVGHODFRQH[LyQ
VHUiQUHDOL]DGDV~QLFD\H[FOXVLYDPHQWHSRU
SHUVRQDOFXDOLÀFDGR
5HJXODFLyQGHODWDUMHWD$95
3DUDHOHJLUODVFRQÀJXUDFLRQHVGHOGLVSRVLWLYRGHPDQGR$95DFFHGHUDOD
WDUMHWDGHFRQWUROGHVSXpVGHKDEHUTXLWDGRGHOUHFXEULPLHQWR/DPD\RU
SDUWHGHODVUHJXODFLRQHVVHHIHFW~DQHQODIiEULFDFRQYDORUHVTXHDVHJXUDQ
UHVXOWDGRVVDWLVIDFWRULRVHQODVSUXHEDVLQLFLDOHVGHIXQFLRQDPLHQWR3DUD
FRQGLFLRQHV GH WUDEDMR HVSHFtÀFDV SRGUtD VHU QHFHVDULR UHDOL]DU RWUDV
UHJXODFLRQHVSDUDHOIXQFLRQDPLHQWRySWLPR
,%$JRVWR5HY
(63$f2/
(QODÀJXUDGHDOODGRDSDUHFHQORVHVTXHPDVGHORVGRVFRQPXWDGRUHV
GHGHULYDFLyQVLWXDGRVHQODWDUMHWDHOSULPHURVHUHÀHUHDOIXQFLRQD
PLHQWRGHODOWHUQDGRUDy+]\HOVHJXQGRLGHQWLÀFDODSRVLFLyQ
GHOFRQPXWDGRUGHGHULYDFLyQUHODWLYDDODWHQVLyQGHODX[LOLDU
5DQJH RI
DX[LOLDU\ YROWDJH
9
9
6HSXHGHPRGLÀFDUODWHQVLyQGHVDOLGDXVDQGRHOSRWHQFLyPHWURÅ9´&RQ
HO JUXSR HQ PRYLPLHQWR FRQ YHORFLGDG QRPLQDO UHJXODU KDVWD REWHQHU HO
YDORUGHVHDGR'HYDULDUODWHQVLyQDOYDULDUOLJHUDPHQWHODYHORFLGDGVHUi
HQWRQFHV QHFHVDULR UHJXODU SULPHUR OD SURWHFFLyQ GH VXEYHORFLGDG /D
UHIHUHQFLDGHWHQVLyQFDEOHVDQDUDQMDGRVVHGHEHUiFRQHFWDU
‡ DORVERUQHV´µ\´µVLVHWRPDXQDWHQVLyQHQWUH\9
‡ DORVERUQHVÅ´\Å´VLVHWRPDXQDWHQVLyQHQWUH\9
)UHTXHQF\
+]
+]
8)
67
9
£$WHQFLyQUHJXODUODWHQVLyQFRQXQYDORUVXSHULRUDOPi[LPRSUHYLVWR
SDUDHOJHQHUDGRUSXHGHRFDVLRQDUGDxRVDpVWH
-XPSHU
(;7
327
£$WHQFLyQ5HJXODUODWHQVLyQFRQXQYDORUVXSHULRUDO
Pi[LPRSUHYLVWRSDUDHOJHQHUDGRUSXHGH
RFDVLRQDUGDxRVDpVWH
5HJXODU OD VXEYHORFLGDG FRQ XQ YDORU
GH IUHFXHQFLD GHPDVLDGR EDMR SXHGH
RFDVLRQDUGDxRVDOJHQHUDGRU$OFRQWUDULR
VL VH UHJXOD FRQ XQ YDORU GHPDVLDGR DOWR
SXHGH RFDVLRQDU FDtGDV GH WHQVLyQ FRQ
FDUJDVHOHYDGDV
5HJXODFLyQGHODVXEYHORFLGDGD+]KDFHUJLUDUHOJUXSRUHJXOiQGROR
SDUDREWHQHUXQDIUHFXHQFLDGH+]*LUDUHOWULPPHUÅ8)´KDVWDTXH
ODWHQVLyQHPSLHFHDEDMDU/OHYDUHOJUXSRDODYHORFLGDGQRPLQDO
$WHQFLyQUHJXODUODVXEYHORFLGDGFRQXQYDORUGHIUHFXHQFLDGHPDVLDGR
EDMRSXHGHRFDVLRQDUGDxRVDOJHQHUDGRU$OFRQWUDULRVLVHUHJXOD
FRQXQYDORUGHPDVLDGRDOWRSXHGHRFDVLRQDUFDtGDVGHWHQVLyQFRQ
FDUJDVHOHYDGDV
&RQH[LyQ GH XQ SRWHQFLyPHWUR H[WHULRU N2KP TXLWDU HO SXHQWH HQ
ORV ERUQHV Å(;7 327´ \ FRQHFWDU HQ ORV FDERV OLEUHV HO SRWHQFLyPHWUR
WHQLHQGRFXLGDGRGHSRVLFLRQDUORHQHOYDORUGHPi[LPDUHVLVWHQFLD*LUDU
HOWULPPHUÅ9´HQVHQWLGRFRQWUDULRDODVDJXMDVGHOUHORMKDVWDODSRVLFLyQ
H[WUHPD/OHYDUDOJUXSRDODYHORFLGDGQRPLQDO\XWLOL]DUHOSRWHQFLyPHWUR
KDVWDDOFDQ]DUODWHQVLyQGHVHDGD
'HYHULÀFDUVHÁXFWXDFLRQHVGHODWHQVLyQGHFDUJDVHSXHGHDFFLRQDUHO
SRWHQFLyPHWURÅ67´TXHPRGXODODUDSLGH]GHUHVSXHVWDGHOUHJXODGRUFRQ
HVWtPXORV H[WHULRUHV SHUPLWLHQGR HOLPLQDU SRVLEOHV LQHVWDELOLGDGHV GHO
VLVWHPDDOWHUQDGRUFDUJD
(VTXHPDVGHFRQH[LyQSDUDGLVWLQWRVFLUFXLWRV
6HDGMXQWDQDOSUHVHQWHPDQXDOORVHVTXHPDVGHGLVWLQWDVFRQH[LRQHVGH
ODFRQH[LyQHVWUHOODVHULHQRUPDOPHQWHUHDOL]DGDHQODSURGXFFLyQGHQR
HVSHFLÀFDUVHGLYHUVDPHQWHHQHOSHGLGR
3XHVWDHQPDUFKD
$QWHVGHSRQHUHQPDUFKDHOJUXSRHOHFWUyJHQRHVQHFHVDULRYHULÀFDUTXH
WRGDVODVFRQH[LRQHVH[WHULRUHVKD\DQVLGRUHDOL]DGDVFRUUHFWDPHQWH\TXH
ODVSURWHFFLRQHVQRHVWpQGHVPRQWDGDV
(QODIiEULFDVHKDQOOHYDGRDFDERODVGLVWLQWDVUHJXODFLRQHVGHOJHQHUDGRU
GXUDQWHODSUXHEDGHLGRQHLGDG3RUWDQWRODPiTXLQDQRGHEHUtDUHTXHULU
RWURVDMXVWHV'HWHQHUTXHGHVPRQWDUHOUHFXEULPLHQWRDÀQGHUHDOL]DURWUDV
UHJXODFLRQHVGHMDQGRGHVFXELHUWRVORVFRQWDFWRVHQWHQVLyQVHUHFRPLHQGD
TXHGLFKDVRSHUDFLRQHVVHDQOOHYDGDVDFDER~QLFD\H[FOXVLYDPHQWHSRU
SHUVRQDOHQFDUJDGRGHOPDQWHQLPLHQWRGHLQVWDODFLRQHVHOpFWULFDV
$O SRQHU HQ PDUFKD OD PiTXLQD SUHVWDU DWHQFLyQ D SRVLEOHV UXLGRV
DQyPDORVSXHVSRGUtDQVHxDODUXQDDOLQHDFLyQQRFRUUHFWDHQWUHHOPRWRU
\HOJHQHUDGRU
£$'9(57(1&,$
1R WRFDU HO JHQHUDGRU GXUDQWH VX IXQFLR
QDPLHQWR QL DO SDUDUVH HO JUXSR SXHV OD
WHPSHUDWXUDGHDOJXQDVGHODVVXSHUÀFLHV
SRGUtDVHUHOHYDGD
£$GYHUWHQFLD1RWRFDUHOJHQHUDGRUGXUDQWHVXIXQFLRQDPLHQWRQLDO
SDUDUVHHOJUXSRSXHVODWHPSHUDWXUDGHDOJXQDVGHODVVXSHUÀFLHV
SRGUtDVHUHOHYDGD
/RVJHQHUDGRUHVVRQPiTXLQDVHOpFWULFDVURWDWRULDVFRQSDUWHVSRWHQFLDOPHQWH
SHOLJURVDV\DTXHHVWiQEDMRWHQVLyQRGRWDGDVGHPRYLPLHQWRGXUDQWHHO
,%$JRVWR5HY
(63$f2/
IXQFLRQDPLHQWRSRUWDQWRHVWiWHUPLQDQWHPHQWHSURKLELGR
‡ HOXVRLPSURSLR
‡ HOGHVPRQWDMHGHODVSURWHFFLRQHV\ODGHVFRQH[LyQGHORVGLVSRVLWLYRV
GHSURWHFFLyQ
£$GYHUWHQFLD'HQROOHYDUVHDFDERLQVSHFFLRQHV\PDQWHQLPLHQWR
VHSRGUtDQRFDVLRQDUJUDYHVGDxRVWDQWRDODVSHUVRQDVFRPRD
ODVFRVDV
£$'9(57(1&,$
'H QR OOHYDUVH D FDER LQVSHFFLRQHV \
PDQWHQLPLHQWR VH SRGUtDQ RFDVLRQDU
JUDYHV GDxRV WDQWR D ODV SHUVRQDV FRPR
DODVFRVDV
&RPRFRQVHFXHQFLDGHWRGRHVWRVHUHTXLHUHTXHWRGDVODVRSHUDFLRQHV
GH FDUiFWHU HOpFWULFR R PHFiQLFR VHDQ UHDOL]DGDV SRU SHUVRQDO
FXDOLÀFDGR
$6,67(1&,$<0$17(1,0,(172
£$GYHUWHQFLD/DVLQWHUYHQFLRQHVGHPDQWHQLPLHQWR\ORFDOL]DFLyQ
GHDYHUtDVFRQOOHYDQULHVJRVTXHSRGUtDQRFDVLRQDUJUDYHVOHVLRQHV
SHUVRQDOHV R LQFOXVR OD PXHUWH 3RU WDQWR HVWDV RSHUDFLRQHV
VHUiQUHDOL]DGDV~QLFD\H[FOXVLYDPHQWHSRUSHUVRQDOKDELOLWDGR
DODDVLVWHQFLDHOpFWULFD\PHFiQLFD$QWHVGHHMHFXWDUFXDOTXLHU
LQWHUYHQFLyQGHPDQWHQLPLHQWR\GHOLPSLH]DFRPSUREDUTXHODV
SDUWHV QR HVWpQ EDMR WHQVLyQ TXH OD WHPSHUDWXUD GH OD FDUFDVD
GHOJHQHUDGRUVHDDPELHQWDOTXHHOJUXSRHOHFWUyJHQRQRSXHGD
DUUDQFDULQFOXVRDFFLGHQWDOPHQWH\TXHWRGDVODVRSHUDFLRQHVVH
UHDOLFHQFRUUHFWDPHQWH
&RQWUROGHORVGHYDQDGRV\GHODVFRQGLFLRQHVGHDLVODPLHQWR
6HSXHGHFRPSUREDUHOHVWDGRGHORVGHYDQDGRVPLGLHQGRVXUHVLVWHQFLD
HOpFWULFDKDFLDODPDVD'XUDQWHHVWDSUXHEDHVWDUiGHVFRQHFWDGRHO
UHJXODGRU GH WHQVLyQ 1RUPDOPHQWH HV VXÀFLHQWH FRQWURODU VyOR HO
GHYDQDGRSULQFLSDO
£$'9(57(1&,$
£3(/,*52
/DV LQWHUYHQFLRQHV GH PDQWHQLPLHQWR \
ORFDOL]DFLyQ GH DYHUtDV FRQOOHYDQ ULHVJRV
TXH SRGUtDQ RFDVLRQDU JUDYHV OHVLRQHV
SHUVRQDOHVRLQFOXVRODPXHUWH3RUWDQWR
HVWDV RSHUDFLRQHV VHUiQ UHDOL]DGDV ~QLFD
\ H[FOXVLYDPHQWH SRU SHUVRQDO KDELOLWDGR
DODDVLVWHQFLDHOpFWULFD\PHFiQLFD$QWHV
GH HMHFXWDU FXDOTXLHU LQWHUYHQFLyQ GH
PDQWHQLPLHQWR \ GH OLPSLH]D FRPSUREDU
TXHODVSDUWHVQRHVWpQEDMRWHQVLyQTXH
ODWHPSHUDWXUDGHODFDUFDVDGHOJHQHUDGRU
VHDDPELHQWDOTXHHOJUXSRHOHFWUyJHQRQR
SXHGDDUUDQFDULQFOXVRDFFLGHQWDOPHQWH\
TXH WRGDV ODV RSHUDFLRQHV VH UHDOLFHQ
FRUUHFWDPHQWH
/RVYDORUHVPHGLGRVGHEHUiQVHUVXSHULRUHVD02KP'HUHVXOWDUOD
UHVLVWHQFLDGHDLVODPLHQWRLQIHULRUVHSURFHGHUiDOVHFDGRGHODOWHUQDGRU
HQ HO KRUQR D XQD WHPSHUDWXUD FRPSUHQGLGD HQWUH \ ƒ& SRU KRUDV$QWHVGHOOHYDUDFDERHVWDRSHUDFLyQHVQHFHVDULRGHVPRQWDU
HOUHJXODGRUGHWHQVLyQ&RPRDOWHUQDWLYDDOVHFDGRHQKRUQRHVSRVLEOH
VRSODUDLUHFDOLHQWHD¸ƒ&DWUDYpVGHODOWHUQDGRUDOPHQRVSRU
KRUD
&RQWUROGHORVFRMLQHWHV
/RVFRMLQHWHVHVWiQVHOODGRV\QRQHFHVLWDQPDQWHQLPLHQWR
'XUDQWHHOPDQWHQLPLHQWRFRQWURODUHOHVWDGRGHORVFRMLQHWHV\FRPSUREDU
TXH QR VH GHQ SpUGLGDV GH JUDVD OD GXUDFLyQ GH ORV FRMLQHWHV GHSHQGH
GHODVYLEUDFLRQHVGHODVFDUJDVD[LDOHVDODVTXHHVWiQVRPHWLGRVODV
YLEUDFLRQHV SXHGHQ DPSOLÀFDUVH FRQVLGHUDEOHPHQWH HQ HO FDVR GH XQD
DOLQHDFLyQHUUyQHD\GHODVFRQGLFLRQHVGHWUDEDMR3RUWDQWRFRPSUREDU
TXHQRKD\DDQRPDOtDVFRPRYLEUDFLRQHVUXLGRVLQVyOLWRV
'HYHULÀFDUVHDOFDERGHFLHUWRSHULRGRGHWLHPSRH[FHVRVGHYLEUDFLRQHV
RGHUXLGRODFDXVDSRGUtDVHUHOGHVJDVWHGHOFRMLQHWHTXHVHUiVXVWLWXLGR
GHHVWDUHVWURSHDGR
'H FXDOTXLHU PRGR HV DFRQVHMDEOH VXVWLWXLU HO FRMLQHWH DO FDER GH
KRUDVGHIXQFLRQDPLHQWR
&RPRORVFRMLQHWHVGHORVJHQHUDGRUHVDFFLRQDGRVFRQWUDQVPLVLyQ
GH FRUUHD HVWiQ VXMHWRV D FDUJDV VXSHULRUHV D ODV GH ORV JHQHUDGRUHV
DFFLRQDGRV FRQ DFRSODPLHQWR GLUHFWR QRUPDOPHQWH VX YLGD HV LQIHULRU \
SRUWDQWRVHVXVWLWXLUiQGHVSXpVGHKRUDVGHIXQFLRQDPLHQWR
£,PSRUWDQWH/DGXUDFLyQGHORVFRMLQHWHVGHSHQGHUiHQJUDQPHGLGD
GHODVFRQGLFLRQHV\GHODPELHQWHGHWUDEDMR
£,PSRUWDQWH /DUJRV SHULRGRV GH SHUPDQHQFLD HQ XQ DPELHQWH FRQ
£,PSRUWDQWH/DGXUDFLyQGHORVFRMLQHWHVGHSHQGHUi
HQ JUDQ PHGLGD GH ODV FRQGLFLRQHV \ GHO
DPELHQWHGHWUDEDMR
,%$JRVWR5HY
(63$f2/
£,PSRUWDQWH /DUJRV SHULRGRV GH SHUPDQHQFLD HQ
XQ DPELHQWH FRQ YLEUDFLRQHV SXHGHQ
HVWURSHDUODVERODV\ORVDQLOORVGHERODV
8QD KXPHGDG GHPDVLDGR HOHYDGD SXHGH
RFDVLRQDU OD HPXOVLyQ GH OD JUDVD \
IDYRUHFHUHIHFWRVGHFRUURVLyQ
,QWHQVDV YLEUDFLRQHV FDXVDGDV SRU HO
PRWRU R SRU XQD DOLQHDFLyQ HUUyQHD GH
ORV FRPSRQHQWHV GHO JUXSR HOHFWUyJHQR
VRPHWHQ HO FRMLQHWH D HVIXHU]RV TXH
UHGXFHQVXYLGD
YLEUDFLRQHV SXHGHQ HVWURSHDU ODV ERODV \ ORV DQLOORV GH ERODV 8QD
KXPHGDGGHPDVLDGRHOHYDGDSXHGHRFDVLRQDUODHPXOVLyQGHODJUDVD
\IDYRUHFHUHIHFWRVGHFRUURVLyQ
£,PSRUWDQWH ,QWHQVDV YLEUDFLRQHV FDXVDGDV SRU HO PRWRU R SRU XQD
DOLQHDFLyQHUUyQHDGHORVFRPSRQHQWHVGHOJUXSRHOHFWUyJHQRVRPHWHQ
HOFRMLQHWHDHVIXHU]RVTXHUHGXFHQVXYLGD
$QRPDOtDV\UHPHGLRV
(OJHQHUDGRUQRVHH[FLWD
‡ &RQWURODUHOIXVLEOH
‡ $XPHQWDUODYHORFLGDGGHO
‡ $SOLFDUSRUXQLQVWDQWHDORVSRORVGHOUHJXODGRUHOHFWUyQLFRXQDWHQVLyQ
GH9GHXQDEDWHUtDFRQXQDUHVLVWHQFLDHQVHULHGH2KPUHVSHWDQGR
ODVSRODULGDGHV
'HVSXpVGHKDEHUORH[FLWDGRVHGHVH[FLWD
‡ &RQWURODUORVFDEOHVGHFRQH[LyQXVDQGRORVGLEXMRVDGMXQWRV
(QYDFtRWHQVLyQEDMD
‡ 5HFDOLEUDUODWHQVLyQ
‡ &RQWURODUHOQ~PHURGHUHYROXFLRQHV
‡ &RQWURODUORVGHYDQDGRV
(QYDFtRWHQVLyQGHPDVLDGRDOWD
‡ 5HFDOLEUDUODWHQVLyQ
‡ 6XVWLWXLUHOUHJXODGRU
&RQFDUJDWHQVLyQLQIHULRUDODQRPLQDO
‡ 5HFDOLEUDUODWHQVLyQ
‡ &RUULHQWH GHPDVLDGR DOWD FRV LQIHULRU D YHORFLGDG LQIHULRU D OD
QRUPLQDOGHXQ
‡ 6XVWLWXLUHOUHJXODGRU
‡ &RQWURODUORVGLRGRVGHVFRQHFWDQGRORVFDEOHV
(QFDUJDWHQVLyQVXSHULRUDODQRPLQDO
‡ 5HFDOLEUDUODWHQVLyQ
‡ 6XVWLWXLUHOUHJXODGRU
7HQVLyQLQHVWDEOH
‡ &RQWURODUODXQLIRUPLGDGGHURWDFLyQ
‡ 5HJXODUODHVWDELOLGDGGHOUHJXODGRUPHGLDQWHHOSRWHQFLyPHWUR´67µ
3DUDFXDOTXLHURWUDDQRPDOtDDFXGLUDOFHQWURGH$VLVWHQFLD6LQFUR
'HVPRQWDMH \ VXVWLWXFLyQ GH FRPSRQHQWHV \ JUXSRV GH
FRPSRQHQWHV
([WUDFFLyQHLQVHUFLyQGHOHMH
/DVVLJXLHQWHVLQWHUYHQFLRQHVVHUiQOOHYDGDVDFDERFRQHODOWHUQDGRU
GHVFRQHFWDGRGHOPRWRU
9HUVLyQGHGRVFRMLQHWHV\FyQLFD
‡ 'HVHQURVFDU ODV WRUQLOORV 0 TXH EORTXHDQ HO HVFXGR D OD EULGD
GLVWDQFLDGRUD
‡ *ROSHDUKRPRJpQHDPHQWHHOHVFXGRKDVWDTXHVHVHSDUHFRPSOHWDPHQWH
GHOURWRUYHUVLyQGHGRVFRMLQHWHV\GHODEULGDGLVWDQFLDGRUDYHUVLyQ
FyQLFD
‡ 'HVPRQWDU OD UHMLOOD SRVWHULRU \ JROSHDU HO URWRU SRVWHULRUPHQWH SDUD
HPSXMDUHOFRMLQHWHIXHUDGHVXDORMDPLHQWR
‡ 6RVWHQHUHOURWRUFRQXQDHVOLQJDSRUHOODGRGHDFRSODPLHQWR
‡ 6HJXLUHPSXMDQGRHOURWRUIXHUDGHOHVWDWRUDGDSWDQGRFRQWLQXDPHQWHOD
SRVLFLyQGHODHVOLQJDDÀQGHQRHVWURSHDUHOGHYDQDGR
,%$JRVWR5HY
(63$f2/
9HUVLyQPRQRFRMLQHWH6$(
‡ 'HVPRQWDU OD UHMLOOD SRVWHULRU \ JROSHDU HO URWRU SRVWHULRUPHQWH SDUD
HPSXMDUHOFRMLQHWHIXHUDGHODORMDPLHQWR
‡ 6RVWHQHUHOURWRUFRQXQDHVOLQJDSRUHOODGRGHDFRSODPLHQWR
‡ 6HJXLUHPSXMDQGRHOURWRUIXHUDGHOHVWDWRUDGDSWDQGRFRQWLQXDPHQWHOD
SRVLFLyQGHODHVOLQJDDÀQGHQRHVWURSHDUHOGHYDQDGR
3DUDODLQVHUFLyQVHJXLUODVLQVWUXFFLRQHVGHODSDUWDGRSHURHQ
VHFXHQFLDLQYHUVD
$WHQFLyQ$QWHVGHH[WUDHUHOURWRURULHQWDUORGHIRUPDWDOTXHGXUDQWH
HOPRYLPLHQWRGHH[WUDFFLyQHOURWRUVHDSR\HHQHOLQWHULRUGHOHVWDWRU
PHGLDQWHOD]DSDWDSRODU
£$GYHUWHQFLD$OYROYHUDPRQWDUHOURWRUHODOWHUQDGRUSXHGHSHUGHUHO
PDJQHWLVPRUHVLGXDOTXHSHUPLWHODDXWRH[FLWDFLyQ3RUWDQWRDQWHVGH
SRQHUHQPDUFKDHOJUXSRVHUiQHFHVDULRYROYHUDH[FLWDUHODOWHUQDGRU
DSOLFDQGRDORVERUQHVGHODH[FLWDWUL]XQDWHQVLyQGHYROWLRVSRU
XQVHJXQGRUHVSHWDQGRODSRODULGDG
6XVWLWXFLyQGHOFRMLQHWH
7HQHUFRPRUHIHUHQFLDHODSDUWDGR
‡ 4XLWDUODDUDQGHODHOiVWLFDWLSRVHHJHU
‡ 4XLWDUHOORVFRMLQHWHVPHGLDQWHH[WUDFWRUHVFRPXQHV
‡ &RJHU HOORV QXHYRV FRMLQHWHV \ FDOHQWDUORV PD[ ¸ ƒ& FRQ
XQ FDOHQWDGRU SDUD TXH VH GLODWH HO GLiPHWUR DQWHV GH LQVHUWDUOR HQ HO
DORMDPHLQWRGHOHMH
‡ 9ROYHUDPRQWDUODDUDQGHODVHHJHU
‡ 0RQWDURWUDYH]HOURWRUVLJXLHQGRODVLQVWUXFFLRQHVGHODSDUWDGR
SHURHQVHFXHQFLDLQYHUVD
£$WHQFLyQ $QWHV GH H[WUDHU HO URWRU RULHQWDUOR GH
IRUPDWDOTXHGXUDQWHHOPRYLPLHQWRGH
H[WUDFFLyQHOURWRUVHDSR\HHQHOLQWHULRU
GHOHVWDWRUPHGLDQWHOD]DSDWDSRODU
£$'9(57(1&,$
$OYROYHUDPRQWDUHOURWRUHODOWHUQDGRU
SXHGH SHUGHU HO PDJQHWLVPR UHVLGXDO
TXHSHUPLWHODDXWRH[FLWDFLyQ3RUWDQWR
DQWHVGHSRQHUHQPDUFKDHOJUXSRVHUi
QHFHVDULR YROYHU D H[FLWDU HO DOWHUQDGRU
DSOLFDQGRDORVERUQHVGHODH[FLWDWUL]XQD
WHQVLyQGHYROWLRVSRUXQVHJXQGR
UHVSHWDQGRODSRODULGDG
&RPRDOWHUQDWLYDHVSRVLEOHVXVWLWXLUHOFRMLQHWHVLQH[WUDHUHOURWRU
‡ 'HVDWRUQLOODUODVWXHUFDVTXHÀMDQHOHVFXGRSRVWHULRUDODFDMD
‡ *ROSHDUKRPRJpQHDPHQWHHOHVFXGRKDVWDTXHVHVHSDUHFRPSOHWDPHQWH
HOURWRU
‡ 4XLWDUODDUDQGHODHOiVWLFDWLSRVHHJHU
‡ 4XLWDUHOORVFRMLQHWHVPHGLDQWHH[WUDFWRUHVFRPXQHV
‡ &RJHUHOORVQXHYRVFRMLQHWHV\FDOHQWDUORVFRQXQFDOHQWDGRUSDUDTXH
VHGLODWHHOGLiPHWURDQWHVGHLQVHUWDUORHQHODORMDPHLQWRGHOHMH
‡ 9ROYHUDPRQWDUODDUDQGHODVHHJHU
‡ ,QVHUWDU HO HVFXGR VLQ ROYLGDU PRQWDU OD DUDQGHOD HOiVWLFD H LQVHUWDU
SDUFLDOPHQWHORVWRUQLOORVGHÀMDFLyQ
‡ *ROSHDUKRPRJpQHDPHQWHHOHVFXGRKDVWDTXHVHLQVHUWHFRPSOHWDPHQWH
HOFRMLQHWH\ODSRUFLyQGHFDMDHQVXVUHVSHFWLYRVDORMDPLHQWRV
‡ $SUHWDUELHQODVWXHUFDVGHÀMDFLyQGHOHVFXGR
6XVWLWXFLyQGHORVGLRGRVURWDWRULRV
‡ ([WUDHUHOURWRUVLJXLHQGRODVLQVWUXFFLRQHVGHODSDUWDGR
‡ 'HVFRQHFWDUHOSXHQWHGHGLRGRVH[WUD\HQGRHOFRQHFWRU\ORVFDEOHV
IHVWyQ
‡ 'HVDWRUQLOODUHOWRUQLOOR\TXLWDUHOSXHQWHGHGLRGRV
‡ 0RQWDUHOQXHYRSXHQWHGHGLRGRVÀMDQGRHOWRUQLOORFRQFRODSDUDÀMDU
WRUQLOORV\FRQHFWDUHOFRQHFWRU\ORVFDEOHVIHVWyQ
‡ 5HLQVHUWDUHOURWRUVLJXLHQGRODVLQVWUXFFLRQHVGHODSDUWDGRSHURHQ
VHFXHQFLDLQYHUVD
&RPR DOWHUQDWLYD HV SRVLEOH VXVWLWXLU HO SXHQWH GH GLRGRV GHVPRQWDQGR
VyOR HO HVFXGR SRVWHULRU FRPR GHVFULWR DQWHULRUPHQWH SDUD OD VXVWLWXFLyQ
GHOFRMLQHWH
,%$JRVWR5HY
(63$f2/
6XVWLWXFLyQGHOURWRUGHODH[FLWDWUL]
‡ ([WUDHUHOURWRUVLJXLHQGRODVLQVWUXFFLRQHVGHODSDUWDGR
‡ 4XLWDUODDUDQGHODHOiVWLFDWLSRVHHJHU
‡ 4XLWDUHOFRMLQHWHPHGLDQWHH[WUDFWRUHVFRPXQHV
‡ 'HVFRQHFWDUHOSXHQWHGHGLRGRVH[WUD\HQGRHOFRQHFWRU\ORVFDEOHV
IHVWyQ
‡ 'HVDWRUQLOODUHOWRUQLOOR\TXLWDUHOSXHQWHGHGLRGRV
‡ 6DFDUODH[FLWDWUL]PHGLDQWHHOH[WUDFWRU
‡ 0RQWDUODQXHYDH[FLWDWUL]XWLOL]DQGRXQDSUHQVD
‡ 5HHPVDPEODUHOFRQMXQWRVLJXLHQGRODVLQVWUXFFLRQHVGHORVDSDUWDGRV
5HHPVDPEODMH GH ORV FRPSRQHQWHV \ GH ORV JUXSRV GH
FRPSRQHQWHV
3DUD OD RSHUDFLyQ GH UHHPVDPEODMH UHDOL]DU ODV RSHUDFLRQHV FLWDGDV
DQWHULRUPHQWHSDUDHOGHVPRQWDMHSHURFRQVHFXHQFLDLQYHUVD
£$'9(57(1&,$
7RGDLQWHUYHQFLyQGHOLPSLH]DVHUiUHDOL]DGD
FRQHOJUXSRHOHFWUyJHQRSDUDGR\FRQHO
JHQHUDGRUGHVFRQHFWDGRGHODUHGHOpFWULFD
VRSHQDGHSHOLJURJUDYHSDUDODVSHUVRQDV
\ODVFRVDV
1RXWLOL]DUQXQFDOtTXLGRVRDJXD1ROLPSLDU
FRQ DLUH FRPSULPLGR ODV SDUWHV HOpFWULFDV
LQWHULRUHV SXHV VH SRGUtD SURYRFDU FRUWR
FLUFXLWRVXRWUDVDQRPDOtDV
6HUYLUVH VRODPHQWH GH SHUVRQDO FXDOLIL
FDGR
/,03,(=$</8%5,&$&,Ð1
£$GYHUWHQFLD7RGDLQWHUYHQFLyQGHOLPSLH]DVHUiUHDOL]DGDFRQHOJUXSR
HOHFWUyJHQRSDUDGR\FRQHOJHQHUDGRUGHVFRQHFWDGRGHODUHGHOpFWULFD
VRSHQDGHSHOLJURJUDYHSDUDODVSHUVRQDV\ODVFRVDV
&RPSUREDUTXHHOJUXSRHOHFWUyJHQRHVWpSDUDGR\GHVFRQHFWDGRGHODUHG
HOpFWULFD6HSXHGHOLPSLDUHOJUXSRSRUIXHUDFRQDLUHFRPSULPLGR
£$GYHUWHQFLD1RXWLOL]DUQXQFDOtTXLGRVRDJXD1ROLPSLDUFRQDLUH
FRPSULPLGRODVSDUWHVHOpFWULFDVLQWHULRUHVSXHVVHSRGUtDSURYRFDU
FRUWRFLUFXLWRVXRWUDVDQRPDOtDV
'(02/,&,Ð1<(/,0,1$&,Ð1
£$GYHUWHQFLD6HUYLUVHVRODPHQWHGHSHUVRQDOFXDOLÀFDGR
/D HOLPLQDFLyQ GH ORV PDWHULDOHV VHUi HIHFWXDGD HQ OD REVHUYDQFLD GH
ODVQRUPDVYLJHQWHV(QHOFDVRGHGHPROLFLyQGHOJHQHUDGRUQRH[LVWHQ
ULHVJRVSDUWLFXODUHVRSHOLJURVGHULYDQWHVGHOJHQHUDGRU'HUHFXSHUDUVHORV
PDWHULDOHVHVFRQYHQLHQWHVHSDUDUORVSRUWLSRVSDUWHVHOpFWULFDVFREUH
DOXPLQLRSOiVWLFRHWF
5(&$0%,26<$6,67(1&,$
3URFHGLPLHQWRV\GLUHFFLRQHVGHUHIHUHQFLDSDUDVROLFLWXGHV
GHDVLVWHQFLD
1XHVWUR6HUYLFLRGH$VLVWHQFLDSURSRUFLRQDXQDFRPSOHWDDVHVRUtDWpFQLFD
(QFDVRGHVROLFLWXGGH$VLVWHQFLDHQJDUDQWtDFRPSUREDUTXHVHGLVSRQHGH
ORVGDWRVLGHQWLÀFDWLYRVGHOJHQHUDGRUGHVXQ~PHURGHVHULH\GHOQ~PHUR
GHSHGLGRGHSURGXFFLyQLQGLFDGRVHQODHWLTXHWDDGKHVLYDSXHVWDVHJ~QOD
LQGLFDFLyQGHODSDUWDGRGHOSUHVHQWHPDQXDO
8GVSRGUiQYLVLRQDUHOOLVWDGRGHORVFHQWURVDXWRUL]DGRVHQQXHVWURVLWLR
LQWHUQHWZZZVRJDJURXSFRP
*$5$17Ì$
6LQFURVUOJDUDQWL]DDVXVFOLHQWHVORVDOWHUQDGRUHV\VROGDGRUDVGHVX
IDEULFDFLyQSRUXQSHULRGRGHPHVHVDSDUWLUGHODIHFKDGHHQWUHJD6H
HVSHFL¿FD TXH 6LQFUR UHFRQRFH H[FOXVLYDPHQWH OD JDUDQWtD TXH DPSDUD
VRORDVXVSURSLRVFOLHQWHVDQWHORVTXHVHKDFHGLUHFWDPHQWHUHVSRQVDEOH
6LQFURQRUHFRQRFHGLUHFWDPHQWHODJDUDQWtDDQLQJ~QVXMHWRTXHDSHVDU
GHHVWDUHQSRVHVLyQGHVXVSURGXFWRVQRORVKD\DDGTXLULGRGLUHFWDPHQWH
GHHOOD
'HQWUR GH ORV WpUPLQRV HVWDEOHFLGRV 6LQFUR VH REOLJD D SURSRUFLRQDU
JUDWXLWDPHQWHSLH]DVGHUHFDPELRGHODVSDUWHVTXHVHJ~QHOMXLFLRGHOD
HPSUHVD6LQFURRGHXQUHSUHVHQWDQWHVX\RDXWRUL]DGRWHQJDQGHIHFWRVGH
IDEULFDFLyQRGHOPDWHULDORELHQVHJ~QVXMXLFLRDHIHFWXDUODUHSDUDFLyQ
,%$JRVWR5HY
(63$f2/
GLUHFWDPHQWH R SRU PHGLR GH WDOOHUHV DXWRUL]DGRV VLQ FRUUHU FRQ QLQJ~Q
JDVWRSRUHOWUDQVSRUWH
'H FXDOTXLHU PRGR TXHGD H[FOXLGD WRGD RWUD IRUPD GH UHVSRQVDELOLGDG
XREOLJDFLyQSRURWURVJDVWRVGDxRV\SpUGLGDVGLUHFWDVRLQGLUHFWDVTXH
GHULYHQ GHO XVR R GH OD LPSRVLELOLGDG GH XWLOL]DU HQ WRGR R HQ SDUWH ORV
SURGXFWRV
/DUHSDUDFLyQRHOVXPLQLVWURVXVWLWXWLYRQRSURORQJDUiQLUHQRYDUiODGXUDFLyQ
GHOSHULRGRGHJDUDQWtD
/DJDUDQWtDVHLQYDOLGDUiHQHOFDVRGHTXHVHPDQLIHVWDUDQLQFRQYHQLHQWHV
RDYHUtDVGHELGRVDLQFRPSHWHQFLDRDXQXVRTXHVXSHUHORVOtPLWHVGHODV
SUHVWDFLRQHVQRPLQDOHVDVtFRPRHQHOFDVRGHPRGL¿FDFLRQHVDSRUWDGDVDO
SURGXFWRRGHGHYROXFLyQFRQHODUWtFXORGHVHQVDPEODGRRFRQODVFDUDFWH
UtVWLFDVQRPLQDOHVDOWHUDGDVRPDQLSXODGDV
363DUDODVHULH$JUR:DWWODJDUDQWtDHVGHPHVHV
3URFHGLPLHQWR
(QFDVRGHDYHUtDVRDQRPDOtDVGHIXQFLRQDPLHQWRGHODVPiTXLQDV6LQFUR
DFRQVHMDPRVDO&OLHQWHTXHVHSRQJDHQFRQWDFWRFRQHO6HUYLFLR3RVWYHQWD
OODPDQGRHOQ~PHUR6LDFRQWLQXDFLyQGHODOODPDGDIXHUD
QHFHVDULRGHYROYHUHOSURGXFWRHO6HUYLFLRGH3RVWYHQWDVXPLQLVWUDUiDO
&OLHQWHXQQ~PHURGH³5HJUHVR0DWHULDO$XWRUL]DGR´50$TXHGHEHUi
HQFRQWUDUVHWDQWRHQORVGRFXPHQWRVGHH[SHGLFLyQGHOPDWHULDO
3URGXFWRV GHYXHOWRV VLQ KDEHU HIHFWXDGR HO SURFHGLPLHQWR GHVFULWR VH
UHFKD]DUiQDO&OLHQWHGHO$OPDFpQGHDFHSWDFLyQ
3RUORTXHUHVSHFWDDODSRVLEOHFRQFHVLyQGHODJDUDQWtDHVSUHFLVRTXH
6LQFURVHFRQWDFWH~QLFDPHQWHSRUHO&OLHQWHODSHWLFLyQGHUHSDUDFLRQHV
GLUHFWDPHQWH SRU SDUWH GHO XVXDULR ¿QDO KDQ GH FRQVLGHUDUVH 121 HQ
JDUDQWtD$QWHVGHSURFHGHUDODUHSDUDFLyQVHFRPXQLFDUiXQSUHVXSXHVWR
DO&OLHQWH\VHHVSHUDUiODDXWRUL]DFLyQGHOPLVPR
(QYtR
/RV JDVWRV GH WUDQVSRUWH FRUUHQ SRU FXHQWD \ ULHVJR GHO &OLHQWH
LQGHSHQGLHQWHPHQWHGHODFRQFHVLyQGHODLQWHUYHQFLyQHQJDUDQWtD
&HUFLRUDUVHGHTXHODVPiTXLQDVHVWiQOLPSLDV\HQEXHQHVWDGR\TXH
HO DFHLWH GH ORV SRVLEOHV PXOWLSOLFDGRUHV GH YXHOWDV KD VLGR YDFLDGR
$FRQVHMDPRVGHYROYHUHOPDWHULDOHQXQHPEDODMHTXHSHUPLWDSURWHJHUOR
GXUDQWHHOWUDQVSRUWH
,%$JRVWR5HY
'LVHJQRHVSORVR([SORGHGYLHZ7HLOPRQWDJH]HLFKQXQJ9XHHFODWpH'HVSLHFH
,%$JRVWR5HY
,%$JRVWR5HY
:RXQGURWRU,%
5RW,%DYYROWR
)LOWHUIRUEUXVKOHVV$95
5HDUJULOOHEODFN,%
)LOWURSHU$95EUXVKOHVV
*ULJOLDSRVWHULRUH,%QHUD
6SDFHUIODQJH,%
%ODFNWHUPLQDOER[
%HOOFDS6$(+
,QWHUQDOFDEOHJODQG
,QVXODWRUWHUPLQDO0
6SULQJNH\[[
7HUPLQDOERDUG
)XVH[$))
&RYHURQUHJXODWRUVLGH
6LGHFRYHU
)ODQJLDGLVWDQ]LDOH,%
6FDWRODWHUPLQDOL,%QHUD
7DSSRFDPSDQD6$(+
3DVVDFDYRLQWHUQR
0RUVHWWRLVRODWRUH0
&KLDYHWWD[[
0RUVHWWLHUD
)XVLELOH[$))
&RSHUFKLRODWRUHJRODWRUH
&RSHUFKLRODWHUDOH
6HLWOLFKHU'HFNHO
'HFNHODXIGHU5HJOHUVHLWH
6LFKHUXQJ[$))
.OHPPHQEUHWW
.HLO[[
,VRODWRUNOHPPH0
,QQHUHU.DEHOGXUFKJDQJ
6WRSIHQ*ORFNH6$(+
6FKZDU]9HUELQGHUQ6FKDFKWHO
'LVWDQ]IODQVFK,%
(OHNWURQLVFKH.DUWH$95EUXVKOHVV
'HFNHO,%VFKZDU]
)ODQVFK*ORFNH6$(
)ODQVFK*ORFNH6$(
6FKHLEH6$(6FKUDXEHQ
*LWWHU*ORFNH6$(,3
*LWWHU*ORFNH6$(,3
+LQWHUHV*LWWHU,%VFKZDU]
)LOWHUIU$95EUXVKOHVV
(UUHJHU6WDWRU
+LQWHUHU6FKLOG,%(UUHJHU6WDWRU
.RPSHQVDWLRQVULQJ'
/DJHU56&
6WDWRU*HKlXVH
.DUWH'LRGHQEUFNH(UUHJHU5RWRU
5RWRU,%JHZLFNHOW
=XJVWDQJH
/IWHUUDG%RKUXQJ'+
/DJHU56&
9RUGHUHV*LWWHU,3+
9RUGHUHV*LWWHU,3+
&RXYHUFOHODWpUDO
&RXYHUFOHF{WpUpJXODWHXU
)XVLEOH[$))
%RUQLHU
&ODYHWWH[[
%RUQHLVRODWHXU0
3DVVHFkEOHLQWHUQH
%RXFKRQFDUWHU6$(+
%RvWHFRQQHFWHXUVQRLUH
%ULGHHQWUHWRLVH,%
&DUWHpOHFWURQLTXH$95EUXVKOHVV
&RXYHUFOH,%QRLU
%ULGHFDUWHU6$(
%ULGHFDUWHU6$(
'LVTXH6$(YLV
*ULOOHFDUWHU6$(,3
*ULOOHFDUWHU6$(,3
*ULOOHDUULqUH,%QRLUH
)LOWUHSRXU$95EUXVKOHVV
6WDWRUH[FLWDWULFH
%RXFOLHUDUULqUH,%VWDWRUH[FLWDWULFH
%DJXHGHFRPSHQVDWLRQ'
5RXOHPHQW56&
6WDWRU,%ERvWLHU
&DUWHSRQWjGLRGHVURWRUH[FLWDWULFH
5RWRU,%ERELQp
7LUDQW
9HQWLODWHXUWURX'+
5RXOHPHQW56&
*ULOOHDYDQW,3+
*ULOOHDYDQW,3+
%RXFOLHUDYDQW+
7DSDODWHUDO
7DSDODGRUHJXODGRU
)XVLEOH[$))
&DMDGHERUQHV
&RG
5
&RPSUHQGHLSDUWLFRODUL
LWHPVDUHLQFOXGHG
7HLOVLQEHJULIIHQ
&RPSUHQGOHVSLqFHV
,QFOX\HORVSDUWLFXODUHV
&KDYHWD[[
%RUQHDLVODGRU0
*XLDFDERLQWHULRU
7DSyQFDPSDQD6$(+
&DMDFRQHFWRUHVQHJUD
%ULGDGLVWDQFLDGRUD,%
7DUMHWDHOHFWUyQLFD$95EUXVKOHVV
7DSD,%QHJUD
%ULGDFDPSDQD6$(
%ULGDFDPSDQD6$(
'LVFR6$(WRUQLOORV
5HMLOODFDPSDQD6$(,3
5HMLOODFDPSDQD6$(,3
5HMLOODSRVWHULRU,%QHJUD
)LOWURSDUD$95EUXVKOHVV
(VWDWRUH[FLWDWUL]
(VFXGRSRVWHULRU,%HVWDWRUH[FLWDWUL]
$QLOORGHFRPSHQVDFLyQ'
&RMLQHWH56&
(VWDWRU,%FDMD
7DUMHWDSXHQWHGLRGRVGHOURWRUH[FLWDWUL]
5RWRU,%ERELQDGR
7LUDQWH
9HQWLODGRURULILFLR'+
&RMLQHWH56&
5HMLOODDQWHULRU,3+
5HMLOODDQWHULRU,3+
(VFXGRDQWHULRU+
,QFOXGHUHQHOODULFKLHVWDGLSH]]LGLULFDPELRODGHVFUL]LRQHGHOO
RJJHWWRLOFRGLFHLOQXPHURGLPDWULFRODHOHFDUDWWHULVWLFKHGHOODPDFFKLQDULOHYDELOLGDOODWDUJKHWWD
:KHQRUGHULQJVSDUHSDUWVSOHDVHLQGLFDWHWKHDOWHUQDWRUFRGHQXPEHUDQGPDFKLQHVHULDOQXPEHUDQGFKDUDFWHULVWLFVWKH\DUHDYDLODEOHRQWKHODEHO
,QGHQ(UVDW]WHLODQIUDJHVLQGGLH*HJHQVWDQGEHVFKUHLEXQJGLH0DWHULDOQXPPHUGLH.HQQXPPHUXQGGLH(LJHQVFKDIWHQGHU0DVFKLQHYRP6FKLOG]XHQWQHKPHQDQ]XJHEHQ
1RXVYRXVSULRQVG¶LQGLTXHUGDQVYRVFRPPDQGHVGHSLqFHVGHUHFKDQJHODGHVFULSWLRQGHODSLqFHOHQXPpURGHFRGHHWGHVpULHHWOHVFDUDFWpULVWLTXHVGHODPDFKLQH
6ROLFLWDUODVSLH]DVGHUHFDPELRVLHPSUHLQGLFDQGRODGHVFULSFLyQGHOREMHWRHOFyGLJRHOQ~PHURGHPDWUtFXOD\ODVFDUDFWHUtVWLFDVGHODPiTXLQDGHVFULWDVHQODSODFDGHLGHQWLILFDFLyQ
%UXVKOHVV$95HOHFWURQLFERDUG
6FKHGDHOHWWURQLFD$95EUXVKOHVV
%HOOIODQJH6$(
)ODQJLDFDPSDQD6$(
,%FRYHUEODFN
%HOOIODQJH6$(
)ODQJLDFDPSDQD6$(
&RSHUFKLR,%QHUR
'LVN6$(VFUHZV
'LVFR6$(YLWL
%HOOJULOOH6$(,3
([FLWHUVWDWRU
6WDWRUHHFFLWDWULFH
%HOOJULOOH6$(,3
5HDUVKLHOG,%H[FLWHUVWDWRU
6FXGRSRVWHULRUH,%VWDWRUHHFFLWDWULFH
*ULJOLDFDPSDQD6$(,3]LQF
7DNHXSULQJ'
*ULJOLDFDPSDQD6$(,3]LQF
%HDULQJ56&
$QHOORFRPSHQVD]LRQH'
6WDWRUKRXVLQJ
&XVFLQHWWR56&
6WDW,%FDVVD
([FLWHUURWRUGLRGHEULGJHERDUG
7LHURG
6FKHGDSRQWHGLRGLURWRUHHFFLW
)DQKROH'+
%HDULQJ56&
&XVFLQHWWR56&
7LUDQWH
)URQWJULOOH,3+
*ULJOLDDQWHULRUH,3+
9HQWRODIRUR'+
)URQWJULOOH,3+
*ULJOLDDQWHULRUH,3+
9RUGHUHU6FKLOG+
'HVFUL]LRQH'HVFULSWLRQ%HVFKUHLEXQJ'HVFULSWLRQ'HVFULSFLyQ
)URQWVKLHOG+
6FXGRDQWHULRUH+
3RV
3DUWLGLULFDPELR6SDUHSDUWVOLVW(UVDW]WHLOOLVWH3LHFHVGHWDFKpHV3LH]DVGHUHFDPELR
PRUVHWWL ZLUHV .OHPPHQ %RUQHV %RUQHV
/ 8
:
8
9
1
8
9
:
1
/
8
/
9
/
:
/ :
/ 9
1
8
/ 8
9
8
9
:
/
/
9
8
VHQVLQJ VHQVLQJ :
1
/
:
/ :
/ 9
/ 8
:
8
9
8
9
:
/
8
/
9
VH
KD
3
/
:
/ :
/ 9
VHQVLQJ / 8
:
8
9
8
9
:
/
8
/
9
/
:
:
8
8
9
/ 9
1
:
/ 8
VHQVLQJ ,%$JRVWR5HY
9
/ 8
/ :
VHQVLQJ / 9
1
/ 9
PRUVHWWL ZLUHV .OHPPHQ %RUQHV %RUQHV
1
/ 8
:
8
8
9
1
8
8
/
8
9
/
9
:
:
:
/
:
9
/ :
VHQVLQJ / 9
:
8
9
/ 8
9
:
8
/
8
9
/
9
8
:
:
/
:
/ :
8
9
9
/ 9
VHQVLQJ ,% 5HVLVWHQ]H 5HVLVWDQFHV :LGHUVWDQGHQ 5pVLVWDQFH 5HVLVWHQFLDV
2KP 3+ 1 &
7LSR
7\SH
7\S
7\SH
7LSR
6WDWRUH
6WDWRU
6WDWRU
6WDWRU
(VWDWRU
,% 6$
,% 6%
,% 0$
,% 0%
$XVLOLDULR 5RWRUH
$X[LOLDU\ 5RWRU
(UUHJXQJ 5RWRU
([FLWDWLRQ 5RWRU
([FLWDFLzQ 5RWRU
6WDWRUH HFFLWDWULFH
([FLWHU VWDWRU
(UUHJHUVWDWRU
6WDWRU H[FLWDWULFH
(VWDWRU H[FLWDWUL]
5RWRUH HFFLWDWULFH
([FLWHU URWRU
(UUHJHU5RWRU
5RWRU H[FLWDWULFH
5RWRU H[FLWDWUL]
(FFLWD]LRQH ([FLWDWLRQ (UUHJXQJ
([FLWDWLRQ ([FLWDFLzQ
8 H[F
9 9
, H[F
, $
8 H[F
9 9
, H[F
, $
,%$JRVWR5HY
&DEODJJLR $95 $95 HOHFWULF FRQQHFWLRQV $QVFKOXVV $95 &RQQH[LRQ pOHFWULTXH $95 &RQH[LyQ HOpFWULFD $95
$X[1
$X[/
(;
(;
5HG (;&
%ODFN (;&
2UDQJH 6HQVLQJ
2UDQJH 6HQVLQJ
(;7
8)
67
327
9
%OXH $X[LOLDU\
*UHHQ $X[LOLDU\
8
9
:
(0&
)LOWHU
&HQWULGLDVVLVWHQ]DDXWRUL]]DWLQHOPRQGR:RUOGZLGH6LQFURVHUYLFHFHQWHUV
/DOLVWDGHLFHQWULDVVLVWHQ]DDXWRUL]]DWLVLWURYDQHOQRVWURVLWRZHEZZZVRJDJURXSFRP
7KHVHUYLFHFHQWHUOLVWLVDYDLODEOHLQRXUZHEVLWHZZZVRJDJURXSFRP
/DOLVWHGHVFHQWUHVGHVHUYLFHDSUqVYHQWHDJUppVVHWURXYHVXUQRWUHVLWHZHEZZZVRJDJURXSFRP
'LH/LVWHXQVHUHUDXWRULVLHUWHQ.XQGHQGLHQVWVWHOOHQÀQGHWVLFKDXIXQVHUHU:HEVLWHZZZVRJDJURXSFRP
8GVHQFRQWUDUiQODOLVWDGHORVFHQWURVGHDVLVWHQFLDDXWRUL]DGRVHQQXHVWURVLWLRZHEZZZVRJDJURXSFRP
,%$JRVWR5HY
'LFKLDUD]LRQHGLFRQIRUPLWj&RQIRUPLW\FHUWL¿FDWH.RQIRUPLWlWVHUNOlUXQJ'HFODUDWLRQGHFRQIRUPLWq'HFODUDFLyQGHFRQIRUPLGDG
/DVRFLHWj
7KHFRPSDQ\
'LH)LUPD
/DVRFLqWp
/DVRFLHGDG
6,1&526UO
9LD7H]]H&HUHGDGL&RUQHGR9LFHQWLQR9LFHQ]D,WDO\
GLFKLDUD VRWWR OD SURSULD GHFODUHVXQGHULWVRZQUHVSRQVLELOLW\ HUNOlUW XQWHU GHU HLJHQHQ GpFODUHVRXVVDSURSUHUHVSRQ
UHVSRQVDELOLWj FKH L JHQHUD WKDWWKHJHQHUDWRUV
9HUDQWZRUWXQJGD‰GHU%DXXQG VDELOLWpTXHOHVJHQHUDWHXUV
WRUL
GLH$EQDKPHGHU*HQHUDWRUHQ
GHFODUD EDMR OD SURSLD UHVSRQ
VDELOLGDGTXHORVJHQHUDWRUHV
6HULH,%6HULHV,%%DXUHLKH,%6pULH,%6HULH,%
VRQRFRVWUXLWLHFROODXGDWLLQ KDYHEHHQPDQXIDFWXUHGDQG GHQQDFKVWHKHQGHQ9RUVFKULIWHQ VRQWFRQVWUXLWVHWWHVWpVGDQVOH KDQVLGRIDEULFDGRV\SUREDGRV
DFFRUGRDOOHQRUPHGLVHJXLWR WHVWHGLQFRPSOLDQFHZLWKWKH HQWVSULFKW
UHVSHFW GHV QRUPHV LQGLTXpHV VLJXLHQGR OD QRUPDWLYD TXH VH
LQGLFDWH
IROORZLQJVWDQGDUGV
FLDSUpV
GHWDOODDFRQWLQXDFLyQ
&(,(1&(,1)9'(%6
&(,(1&(,
(1
,(&
HULVXOWDQRFRQIRUPL
DQGWKHUHE\FRQIRUPWR
GDUEHUKLQDXVHUIOOHQVLH
HWVRQWFRQIRUPHV
\FXPSOHQ
DLUHTXLVLWLJHQHUDOLGLVLFX
UH]]DVWDELOLWLGDOOD'LUHWWLYD
%DVVD 7HQVLRQH GHO )HEEUDLR&((
UHFHSLWDLQ,WDOLDFRQODOHJJH
QƒGHO2WWREUH
DOO*HQHUDO6DIHW\5HTXL
UHPHQWV DV SURYLGHG E\ WKH
((&/RZ9ROWDJH'LUHFWLYH
GDWHG)HEUXDU\
((&
GLH DOOJHPHLQHQ 6LFKHUKHLWV
DQIRUGHUXQJHQ GHU 5LFKWOLQLH
IU 1LHGHUVSDQQXQJ YRP )HEUXDU &((
LQ ,WDOLHQ PLW GHP *HVHW]
1U YRP 2NWREHU DXIJHQRPPHQ
$X[FRQGLWLRQVJpQpUDOHVGH
VpFXULWppWDEOLHVSDUOD'LUHFWLYH
UHODWLYH j OD EDVVH WHQVLRQ
GX )pYULHU &(( DGRSWpH SDU O¶,WDOLH SDU
SURPXOJDWLRQGHODORLQƒGX
2FWREUH
ODVSUHVFULSFLRQHVTXHVREUH
VHJXULGDG TXHGDQ GHILQLGDV
HQ OD 1RUPD VREUH OD %DMD
7HQVLyQGHOGH)HEUHURGHO
&(( LQWURGXFLGD
HQ,WDOLDFRQODOH\QƒGHO
GH2FWXEUHGHO
DOOD 'LUHWWLYD &((
PRG GDOOD &(( ULJXDU
GDQWH LO UDYYLFLQDPHQWR GHOOH
OHJLVOD]LRQLGHJOL6WDWLPHPEULLQ
PDWHULD GL FRPSDWLELOLWj HOHWWUR
PDJQHWLFD
/DYHULÀFDGLFRPSDWLELOLWjqVWDWD
FRQGRWWD LQ EDVH DOOH VHJXHQWL
QRUPH
DOO SULQFLSDO VDIHW\ UHTXLUH
PHQWVVSHFLÀHGE\WKH&RPPLW
WHH IRU $GDSWLQJ 0HPEHU
6WDWHV /HJDO 5HJXODWLRQ RQ
(OHFWURPDJQHWLF&RPSDWLELOLW\
((&((&
7KHIROORZLQJVWDQGDUGVZHUH
XVHG WR HYDOXDWH WKH HOHFWUR
PDJQHWLFFRPSDWLELOLW\
GLH5LFKWOLQLH&((0RG
GHU &(( EH]JOLFK GHU
$QQlKHUXQJGHU*HVHW]JHEXQJHQ
GHU 0LWJOLHGVVWDDWHQ LQ 6DFKHQ
HOHNWURPDJQHWLVFKHU .RPSDWLEL
OLWlW
'LH.RPSDWLELOLWlWVSUIXQJZXUGH
PLW =XJUXQGHOHJXQJ IROJHQGHU
1RUPHQDXVJHIKUW
$ OD 'LUHFWLYH &((
HW PRGLÀFDWLRQV VXLYDQWHV &(( FRQFHUQDQW O¶KDUPRQL
VDWLRQGHVOpJLVODWLRQVGHVpWDWV
PHPEUHVHQPDWLqUHGHFRPSD
WLELOLWppOHFWURPDJQpWLTXH
/DYpULÀFDWLRQGHFRPSDWLELOLWpD
pWpHIIHFWXpHFRQIRUPpPHQWDX[
QRUPHVVXLYDQWHV
OD 1RUPD &(( \
VXFHVLYD PRGLILFDFLyQ &(( VREUH OD FRPSDWLELOLGDG
HOHFWURPDJQpWLFD
/D SUXHED GH FRPSDWLELOLGDG
VH KD UHDOL]DGR HQ EDVH D ODV
VLJXLHQWHVQRUPDV
(1 &(,
(1 &(,
(1 &(,
,JHQHUDWRULRJJHWWRGHOODSUH
VHQWHGLFKLDUD]LRQHVRQRGD
LQWHQGHUVLFRPHFRPSRQHQWL
SHUWDQWR YLJH LO GLYLHWR GL
PHVVDLQVHUYL]LRSULPDFKH
OH PDFFKLQH LQ FXL VDUDQQR
LQFRUSRUDWL VLDQR GLFKLDUDWH
FRQIRUPLDOOHGLUHWWLYHULJXDU
GDQWLODVLFXUH]]D&(
H OD FRPSDWLELOLWj HOHWWURPD
JQHWLFD
&HUHGDGL&RUQHGROL
7KH JHQHUDWRUV FRYHUHG
E\ WKLV FHUWLILFDWH PXVW EH
FRQVLGHUHG DV FRPSRQHQWV
DQGWKHUHIRUHSURKLELWHGIURP
EHLQJ SODFHG LQ RSHUDWLRQ
EHIRUHWKHPDFKLQHLQZKLFK
WKH\ ZLOO EH XVHG KDV EHHQ
FHUWLÀFDWHG IRU FRQIRUPLW\ WR
VDIHW\ GLUHFWLYHV &(
DQG IRU HOHFWURPDJQHWLF
FRPSDWLELOLW\
'LH *HQHUDWRUHQ *HJHQVWDQG
GLHVHU (UNOlUXQJ VLQG DOV
.RPSRQHQWHQ ]X YHUVWHKHQ
GDKHU LVW LKUH ,QEHWULHEQDKPH
YHUERWHQ EHYRU QLFKW GLH 0D
VFKLQHQ LQ GLH VLH LQWHJULHUW
ZHUGHQ PLW GHQ 5LFKWOLQLHQ
EH]JOLFK6LFKHUKHLW&(
XQG HOHNWULVFKHU .RPSDWLELOLWlW
IUNRQIRUPHUNOlUWZHUGHQ
/HV JHQHUDWHXUV REMHWV GH OD
SUpVHQWH GpFODUDWLRQ GRLYHQW
rWUH FRQVLGpUpV FRPPH pWDQW
GHV FRPSRVDQWV (Q FRQVp
TXHQFH OD PLVH HQ VHUYLFH
GH FHV GHUQLHUV HVW LQWHUGLWH
DYDQW OD PLVH HQ FRQIRUPLWp
GHV PDFKLQHV DX[TXHOOHV
LOV VHURQW LQFRUSRUpV /HV
GLWHV PDFKLQHV GHYURQW rWUH
GpFODUpHV FRQIRUPHV DX[ GL
UHFWLYHV UHJDUGDQW OD VpFXULWp
&( HW OD FRPSDWLELOLWp
pOHFWURPDJQpWLTXH
/RV JHQHUDWRUHV REMHWR GH OD
SUHVHQWH GHFODUDFLyQ KDQ GH
HQWHQGHUVH FRPR FRPSRQHQ
WHV SRU OR WDQWR VH SURKLEH
VX SXHVWD HQ VHUYLFLR DQWHV
GH TXH ODV PiTXLQDV D ODV
FXDOHV VH DFRSODUiQ QR VH
GHFODUHQ FRQIRUPHV D ODV
QRUPDV VREUH VHJXULGDG &( \ VREUH FRPSDWLELOLGDG
HOHFWURPDJQpWLFD
6LQFUR6UO
/¶$PPLQLVWUDWRUH'HOHJDWR
7KH0DQDJLQJ'LUHFWRU
'HOHJLHUWHUGHV9HUZDOWXQJVUDWV
/¶DGPLQLVWUDWHXUGpOpJXp
(O$GPLQLVWUDGRU'HOHJDGR
)ODYLR3LVWROODWR
,%$JRVWR5HY
,%$JRVWR5HY