&DXWLRQ)HGHUDO86$ODZUHVWULFWVWKLVGHYLFH
WRVDOHE\RURQWKHRUGHURIDSK\VLFLDQ
56:75$',$/6+2&.:$9(7+(5$3<
7+e5$3,(3$521'(6'(&+2&5$',$/(6
5$',$/(67266:(//(17+(5$3,(
7(5$3,$32521'$6'(&+248(5$',$/(6
7(5$3,$$'21'('¶85725$',$/,
5$',(//67g79c*67(5$3,
Swiss DolorClast®
product range
'($5&86720(56
&+(56&/,(176
6(+5*((+57(.81'(1
7KDQN\RXIRUEX\LQJDQHZ(06SURGXFW,WPHHWV
WKHKLJKHVWTXDOLW\DQGVDIHW\VWDQGDUGV
1RXV YRXV IpOLFLWRQV SRXU O
DFTXLVLWLRQ GH FH
QRXYHDXSURGXLW(06,OUpSRQGDX[SOXVKDXWHV
H[LJHQFHVHQPDWLqUHGHTXDOLWpHWGHVpFXULWp
:LUJUDWXOLHUHQ,KQHQ]XP.DXI,KUHVQHXHQ(06
3URGXNWV(VHUIOOWK|FKVWH$QVSUFKHDQ4XDOLWlW
XQG6LFKHUKHLW
'HSXLVOHVLQGLFDWLRQVVXLYDQWHVVRQWWUDLWpHV
DYHFVXFFqVDYHFODPpWKRGH6ZLVV'RORU&ODVW
G¶(06
6HLWZHUGHQPLWGHU0HWKRGH6ZLVV'RORU
&ODVWYRQ(06IROJHQGH,QGLNDWLRQHQHUIROJUHLFK
EHKDQGHOW
7KHIROORZLQJLQGLFDWLRQVKDYHEHHQVXFFHVVIXOO\
WUHDWHGZLWKWKH(066ZLVV'RORU&ODVWPHWKRG
VLQFH
&DOFLI\LQJWHQGLQLWLVRIWKHVKRXOGHU
6XEDFURPLDOSDLQV\QGURPH
7HQQLVHOERZHSLFRQG\OLWLVKXPHULUDGLDOLV
*UHDWHUWURFKDQWHULFSDLQV\QGURPH
3DWHOODWLSV\QGURPH
5XJE\NQHH2VJRRG6FKODWWHUGLVHDVH
0HGLDOWLELDOVWUHVVV\QGURPH
,QVHUWLRQDO$FKLOOHVWHQGLQRSDWK\
0LGERG\$FKLOOHVWHQGLQRSDWK\
3ODQWDUIDVFLLWLVRUIDVFLRSDWK\
0\RIDVFLDOSDLQV\QGURPHWULJJHUSRLQW
WKHUDS\LGLRSDWKLFORZEDFNSDLQDQG
SVHXGRUDGLFXODUV\QGURPHV
3H\URQLH¶VGLVHDVHLQGXUDWLRSHQLVSODVWLFD
$FXWHDQGFKURQLFVRIWWLVVXHZRXQGV
LQFOXGLQJGLDEHWLFIRRWXOFHUV
3ULPDU\DQGVHFRQGDU\O\PSKHGHPD
&HOOXOLWH
6HYHUDOVFLHQWL¿FSXEOLFDWLRQVDQGHPSLULFDOUHSRUWV
KDYHSURYHQFOLQLFDOHI¿FDF\DQGVDIHW\RIWKH(06
6ZLVV'RORU&ODVWPHWKRGIRUWKHVHLQGLFDWLRQV
7HQGLQLWHFDOFL¿DQWHGHO
pSDXOH
,PSLQJHPHQWV\QGURPHGHO
pSDXOH
7HQQLVHOERZpSLFRQG\OLWHODWpUDOH
6\QGURPHGRXORXUHX[GXJUDQGWURFKDQWHU
6\QGURPHGHODSRLQWHURWXOLHQQH
$SRSK\VRVHWLELDOHDQWpULHXUHPDODGLH
G
2VJRRG6FKODWWHU
6\QGURPHWLELDO
7HQGLQRSDWKLHFDOFDQpHQQH
7HQGLQRSDWKLHFRUSRUpDOH
$SRQpYURVLWHSODQWDLUH
6\QGURPHP\RIDVFLDOGRXORXUHX[WKpUDSLH
GHVSRLQWVWULJJHUGRXOHXUORPEDLUHLGLRSD
WKLTXHHWV\QGURPHVSVHXGRUDGLFXODLUHV
0DODGLHGH/D3H\URQLHLQGXUDWLRQSODVWLTXH
GHVFRUSVFDYHUQHX[GXSpQLV
/pVLRQVDLJXsVHWFKURQLTXHVGHVWLVVXVPRXV
XOFqUHVGXSLHGGLDEpWLTXHVFRPSULV
/\PSKRHGqPHSULPDLUHHWVHFRQGDLUH
&HOOXOLWH
3OXVLHXUVSXEOLFDWLRQVVFLHQWL¿TXHVHWUDSSRUWV
HPSLULTXHVRQWGpPRQWUpO¶HI¿FDFLWpFOLQLTXHHWOD
VpFXULWpGHODPpWKRGH6ZLVV'RORU&ODVWG¶(06
VXUFHVV\PSW{PHV
7HQGLQRVLVFDOFDUHDGHU5RWDWRUHQPDQVFKHWWH
6XEDFURPLDOHV6FKPHU]V\QGURP
7HQQLVHOOERJHQ(SLFRQG\OLWLVKXPHULUDGLDOLV
6FKPHU]V\QGURPGHV7URFKDQWHUPDMRU
3DWHOODVSLW]HQV\QGURP
0RUEXV2VJRRG6FKODWWHU
0HGLDOHV7LELD6WUHVVV\QGURP
$QVDW]WHQGLQRSDWKLHGHU$FKLOOHVVHKQH
7HQGLQRSDWKLHGHU$FKLOOHVVHKQH
3ODQWDUIDV]LLWLVRGHU3ODQWDUIDV]LRSDWKLH
0\RIDV]LDOHV6FKPHU]V\QGURP7ULJJHUSXQNW
EHKDQGOXQJLGLRSDWKLVFKHU5FNHQVFKPHU]
XQGSVHXGRUDGLNXOlUHV6FKPHU]V\QGURP
,QGXUDWLRSHQLVSODVWLFD
$NXWHXQGFKURQLVFKH:XQGHQGHV
:HLFKJHZHEHVHLQVFKOLHVVOLFKGLDEHWLVFKHU
)XVVXOFHUD
3ULPlUHXQGVHNXQGlUH/\PSK|GHPH
=HOOXOLWLV
0HKUHUH ZLVVHQVFKDIWOLFKH 3XEOLNDWLRQHQ XQG
(UIDKUXQJVEHULFKWHEHOHJHQGLH:LUNVDPNHLWXQG
6LFKHUKHLWGHU0HWKRGH6ZLVV'RORU&ODVWYRQ(06
EHLGLHVHQ.UDQNKHLWVELOGHUQ
(67,0$'26&/,(17(6
&$5,&/,(17,
%b67(.81'
*UDFLDVSRUKDEHUDGTXLULGRXQQXHYRSURGXFWR
(06TXHVDWLVIDFHODVH[LJHQFLDVPiVDOWDVGH
FDOLGDG\VHJXULGDG
*UD]LHSHUDYHUDFTXLVWDWRXQQXRYRSURGRWWR(06
4XHVWRVLVWHPDVRGGLVIDJOLVWDQGDUGGLTXDOLWjH
GLVLFXUH]]DSLHOHYDWL
7DFNI|UDWWGXYDOGHHQQ\(06SURGXNW'HQ
XSSI\OOHU GH K|JVWD NYDOLWHWV RFK VlNHUKHWV
QRUPHUQD
'HVGHVHWUDWDQFRQp[LWRODVVLJXLHQWHV
DIHFFLRQHVFRQHOPpWRGR6ZLVV'RORU&ODVWGH
(06
&RQLOPHWRGR(066ZLVV'RORU&ODVWDSDUWLUHGDO
VRQRVWDWHWUDWWDWHFRQVXFFHVVROHVHJXHQWL
LQGLFD]LRQL
)|OMDQGHLQGLNDWLRQHUKDUIUDPJnQJVULNWEHKDQGODWV
PHG(066ZLVV'RORU&ODVWPHWRGHQVHGDQ
7HQGLQLWLVFDOFL¿FDQWHGHOKRPEUR
6tQGURPHVXEDFURPLDOGRORURVR
&RGRGHWHQLVWDHSLFRQGLOLWLVODWHUDO
6tQGURPHGRORURVRGHOWURFiQWHUPD\RU
6tQGURPHGHODWHQGLQLWLVURWXOLDQD
2VWHRFRQGURVLVGHODWXEHURVLGDGWLELDO
DQWHULRUHQIHUPHGDGGH2VJRRG6FKODWWHU
6tQGURPHGHHVWUpVPHGLDOGHODWLELD
7HQGLQRSDWtDGHODLQVHUFLyQGHO$TXLOHV
7HQGLQRSDWtDGHOWHUFLRPHGLRGHO$TXLOHV
)DVFLWLVSODQWDU
6tQGURPHGHGRORUPLRIDVFLDOWHUDSLD
GHSXQWRVJDWLOOROXPEDOJLDLGLRSiWLFD\
VtQGURPHVSVHXGRUUDGLFXODUHV
(QIHUPHGDGGH3H\URQLHLQGXUDFLyQSOiVWLFD
\GRORURVDGHORVFXHUSRVFDYHUQRVRVGHO
SHQH
/HVLRQHVDJXGDV\FUyQLFDVGHOWHMLGREODQGR
LQFOXLGDVODV~OFHUDVGHOSLHGLDEpWLFR
/LQIHGHPDSULPDULR\VHFXQGDULR
&HOXOLWLV
1XPHURVDVSXEOLFDFLRQHVFLHQWt¿FDVHLQIRUPHV
HPStULFRVKDQGHPRVWUDGRODH¿FDFLDFOtQLFD\OD
VHJXULGDGGHOPpWRGR6ZLVV'RORU&ODVWGH(06
SDUDHOWUDWDPLHQWRGHODVLQGLFDFLRQHVPHQFLR
QDGDV
7HQGLQRSDWLDFDOFL¿FDGHOODFXI¿DGHLURWDWRUL
6LQGURPHGDFRQÀLWWRVXEDFURPLDOH
*RPLWRGHOWHQQLVWDHSLFRQGLOLWHRPHUR
UDGLDOH
6LQGURPHGRORURVDGHOJUDQGHWURFDQWHUH
7HQGLQRSDWLDLQVHU]LRQDOHURWXOHD
2VWHRFRQGURVLGHOJLQRFFKLRRVWHRFRQGURVL
GHOO
DSR¿VLWLELDOHDQWHULRUHVLQGURPHGL
2VJRRG6FKODWWHU
3HULRVWLWHWLELDOHVLQGURPHPHGLDOHGHOODWLELD
7HQGLQLWHLQVHU]LRQDOHGHOO
DFKLOOHR
7HQGLQRSDWLDGHOO
DFKLOOHR
)DVFLWHSODQWDUH
'RORUHPLRIDVFLDOHSXQWLWULJJHUORPEDOJLD
LGLRSDWLFDHVLQGURPHSVHXGRUDGLFRODUH
0RUERGL/D3H\URQLHLQGXUDWLRSHQLVSODVWLFD
,33
3LDJKHFXWDQHHDFXWHHFURQLFKHLQFOXVHOH
XOFHUHGLDEHWLFKH
/LQIHGHPDSULPDULRHVHFRQGDULR
&HOOXOLWH
1XPHURVHSXEEOLFD]LRQLVFLHQWLILFKHHUDSSRUWL
HPSLULFLKDQQRGLPRVWUDWRO
HI¿FDFLDHODVLFXUH]]D
FOLQLFDGHOPHWRGR(066ZLVV'RORU&ODVWSHU
TXHVWHLQGLFD]LRQL
.DOND[HO
6XEDNURPLDOWVPlUWV\QGURP
7HQQLVDUPEnJHODWHUDOHSLNRQG\OLW
6PlUWV\QGURPLWURFKDQWHUPDMRU
3DWHOODDSH[V\QGURP
2VJRRG6FKODWWHUVVMXNGRP
0HGLDOWWLELDOWVWUHVV\QGURP
$NLOOHVWHQGLQLWLVHQIlVWHW
$NLOOHVWHQGLQLW
3ODQWDUIDVFLLW
0\RIDVFLHOOWVPlUWV\QGURPEHKDQGOLQJDY
WULJJHUSXQNWHULGLRSDWLVNU\JJVPlUWDRFK
SVHXGRUDGLNXOlUDV\QGURP
3H\URQLHVVMXNGRPLQGXUDWLRSHQLVSODVWLFD
$NXWDRFKNURQLVNDVnULPMXNYlYQDG
LQNOXVLYHGLDEHWLVNDIRWVnU
3ULPlUWRFKVHNXQGlUWO\PI|GHP
&HOOXOLW
)OHUDYHWHQVNDSOLJDSXEOLNDWLRQHURFKHPSLULVND
UDSSRUWHUKDUYLVDWDWW(066ZLVV'RORU&ODVW
PHWRGHQlUNOLQLVNWHIIHNWLYRFKVlNHUYLGGHVVD
LQGLNDWLRQHU
&RQWUDLQGLFDWLRQV
7UHDWPHQWRYHUDLU¿OOHGWLVVXHOXQJJXW
7UHDWPHQWRISUHUXSWXUHGWHQGRQV
7UHDWPHQWRISUHJQDQWZRPHQ
7UHDWPHQWRISDWLHQWVXQGHUWKHDJHRI
H[FHSWIRUWKHWUHDWPHQWRI2VJRRG
6FKODWWHUGLVHDVH
7UHDWPHQWRISDWLHQWVZLWKEORRGFORWWLQJ
GLVRUGHUVLQFOXGLQJORFDOWKURPERVLV
7UHDWPHQWRISDWLHQWVWUHDWHGZLWKRUDODQWLFR
DJXODQWV
7UHDWPHQWRIWLVVXHZLWKORFDOWXPRUVRUORFDO
EDFWHULDODQGRUYLUDOLQIHFWLRQV
7UHDWPHQWRISDWLHQWVWUHDWHGZLWKFRUWLVRQH
5LVNV
3DLQDQGGLVFRPIRUWGXULQJDQGDIWHUWUHDWPHQW
DQHVWKHVLDLVQRWQHFHVVDU\
5HGGHQLQJRIWKHVNLQ
3HWHFKLD
6ZHOOLQJDQGQXPEQHVVRIWKHVNLQRYHUWKH
WUHDWPHQWDUHD
3RWHQWLDOGDPDJHRIOXQJDQGJXWWLVVXH
3RWHQWLDOUXSWXUHRISUHUXSWXUHGWHQGRQV
3RWHQWLDOGDPDJHRILPPDWXUHHSLSK\VHV
3RVVLEOHGLVVHPLQDWLRQRIPDOLJQDQWWXPRUV
3RWHQWLDOGDPDJHRIDUWLFXODUFDUWLODJH
&RQWUHLQGLFDWLRQV
$SSOLFDWLRQVXUOHSDUHQFK\PHSXOPRQDLUHHW
OHWUDFWXVGLJHVWLI
$SSOLFDWLRQVXUGHVWHQGRQVHQSKDVHGH
SUpUXSWXUH
7UDLWHPHQWGHIHPPHVHQFHLQWH
7UDLWHPHQWGHVSDWLHQWVkJpVGHPRLQVGH
DQVH[FHSWpOHWUDLWHPHQWGHODPDODGLH
G
2VJRRG6FKODWWHU
7UDLWHPHQWGHVSDWLHQWVVRXIIUDQWG
LQVXI
¿VDQFHFRDJXODWRLUHWKURPERVHORFDOH
FRPSULVH
7UDLWHPHQWGHVSDWLHQWVVRXVWUDLWHPHQW
DQWLFRDJXODQW
$SSOLFDWLRQVXUGHVWLVVXVLQIHFWpVSDU
GHVWXPHXUVORFDOHVRXGHVLQIHFWLRQV
EDFWpULHQQHVHWRXYLUDOHV
7UDLWHPHQWGHVSDWLHQWVVRXVWUDLWHPHQWj
EDVHGHFRUWLVRQH
5LVTXHV
'RXOHXUHWLQFRQIRUWSHQGDQWHWDSUqVOH
WUDLWHPHQWDQHVWKpVLHSDVLQGLVSHQVDEOH
5RXJHXUVGHODSHDX
3pWpFKLHV
*RQÀHPHQWHWHQJRXUGLVVHPHQWDXQLYHDXGH
OD]RQHWUDLWpH
5LVTXHSRVVLEOHDXQLYHDXGXSDUHQFK\PH
SXOPRQDLUHHWGXWUDFWXVGLJHVWLI
5XSWXUHpYHQWXHOOHGHVWHQGRQVHQSKDVHGH
SUpUXSWXUH
5LVTXHSRVVLEOHVXUODFURLVVDQFHGHO
HQIDQW
SDUDWWHLQWHGHVpSLSK\VHVLPPDWXUHV
'LVVpPLQDWLRQpYHQWXHOOHGHWXPHXUVPDOLJQHV
5LVTXHG
DWWHLQWHGXFDUWLODJH
*HJHQDQ]HLJHQ
%HKDQGOXQJEHUOXIWJHIOOWHP*HZHEH
/XQJH'DUP
%HKDQGOXQJDQJHULVVHQHU6HKQHQ
%HKDQGOXQJYRQ6FKZDQJHUHQ
%HKDQGOXQJYRQ3HUVRQHQXQWHU-DKUHQ
$XVQDKPH%HKDQGOXQJGHV0RUEXV2VJRRG
6FKODWWHU
%HKDQGOXQJYRQ3DWLHQWHQPLW%OXWJHULQ
QXQJVVW|UXQJHQHLQVFKOLHVVOLFKORNDOHU
7KURPERVHQ
%HKDQGOXQJYRQ3DWLHQWHQGLHPLWRUDOHQ
$QWLNRDJXODQWLHQEHKDQGHOWZHUGHQ
%HKDQGOXQJYRQ*HZHEHQPLWORNDOHQ
7XPRUHQRGHUORNDOHQEDNWHULHOOHQXQGYLUDOHQ
,QIHNWLRQHQ
%HKDQGOXQJYRQ3DWLHQWHQGLHPLW.RUWLVRQ
EHKDQGHOWZHUGHQ
5LVLNHQ
6FKPHU]XQG0LVVHPS¿QGHQZlKUHQGXQG
QDFKGHU%HKDQGOXQJ$QlVWKHVLHLVWMHGRFK
QLFKWHUIRUGHUOLFK
5|WXQJGHU+DXW
3HWHFKLDOH%OXWXQJHQ
6FKZHOOXQJXQG7DXEKHLWGHU+DXWLP%HUHLFK
GHU%HKDQGOXQJ
3RWHQ]LHOOH6FKlGLJXQJYRQ/XQJHXQG'DUP
3RWHQ]LHOOH5XSWXUDQJHULVVHQHU6HKQHQ
3RWHQ]LHOOH6FKlGLJXQJGHU.QRFKHQZDFKV
WXPVIXJHQ
3RWHQ]LHOOH6WUHXXQJE|VDUWLJHU7XPRUH
3RWHQ]LHOOH6FKlGLJXQJGHV*HOHQNNQRUSHOV
&RQWUDLQGLFDFLRQHV
7UDWDPLHQWRVREUHODFDYLGDGWRUiFLFD\
DEGRPLQDO
7UDWDPLHQWRGHWHQGRQHVFRQULHVJRGHURWXUD
7UDWDPLHQWRGHPXMHUHVHPEDUD]DGDV
7UDWDPLHQWRGHSDFLHQWHVPHQRUHVGHDxRV
DH[FHSFLyQGHOWUDWDPLHQWRGHODHQIHUPHGDG
GH2VJRRG6FKODWWHU
7UDWDPLHQWRGHSDFLHQWHVFRQWUDVWRUQRVGH
FRDJXODFLyQLQFOXLGDODWURPERVLVORFDO
7UDWDPLHQWRGHSDFLHQWHVWUDWDGRVFRQ
DQWLFRDJXODQWHV
7UDWDPLHQWRGHORVWHMLGRVFRQWXPRUHVORFDOHV
RLQIHFFLRQHVORFDOHVEDFWHULDQDV\RYLUDOHV
7UDWDPLHQWRGHSDFLHQWHVWUDWDGRVFRQ
FRUWLVRQD
5LHVJRV
'RORU\PDOHVWDUGXUDQWH\GHVSXpVGHO
WUDWDPLHQWRQRHVQHFHVDULDDQHVWHVLD
(QURMHFLPLHQWRGHODSLHOHULWHPD
3HWHTXLD
,QÀDPDFLyQ\HQWXPHFLPLHQWRGHODSLHOHQOD
]RQDWUDWDGD
'DxRSRWHQFLDOGHOWHMLGRSXOPRQDUHLQWHVWLQDO
5RWXUDSRWHQFLDOGHWHQGRQHVFRQULHVJRGH
URWXUD
'DxRSRWHQFLDOGHODVHSt¿VLVHQQLxRV
3RVLELOLGDGGHGLVHPLQDFLyQGHWXPRUHV
PDOLJQRV
'DxRSRWHQFLDOGHOFDUWtODJRDUWLFXODU
&RQWURLQGLFD]LRQL
7UDWWDPHQWRLQSUHVHQ]DGLWHVVXWLFRQWHQHQWL
JDVSURLHWWDWLQHOOD]RQDGLWUDWWDPHQWR
SROPRQLLQWHVWLQR
7UDWWDPHQWRGLWHQGLQLOHVLRQDWLDULVFKLR
GLURWWXUDSUHURWWXUD
'RQQHLQJUDYLGDQ]D
7UDWWDPHQWRGLSD]LHQWLVRWWRLDQQLGLHWj
HFFHWWRSHURVWHRFRQGURVLWLELDOHDQWHULRUH
7UDWWDPHQWRGLSD]LHQWLFRQGLIHWWLGHOOD
FRDJXOD]LRQHGHOVDQJXHLQFOXVHWURPERVL
ORFDOL
7UDWWDPHQWRGLSD]LHQWLLQWHUDSLDDQWLFRD
JXODQWH
7UDWWDPHQWRGLWHVVXWLFRQSUHVHQ]DGLWXPRUL
ORFDOLRVHGLGLLQIH]LRQLYLUDOLREDWWHULFKH
7UDWWDPHQWRGLSD]LHQWLLQWHUDSLDFRUWLVRQLFD
5LVFKL
'RORUHDOWUDWWDPHQWRDQHVWHVLDQRQ
QHFHVVDULD
$UURVVDPHQWLFXWDQHL
3HWHFFKLHHPRUUDJLFKH
*RQ¿RUHHVHQVD]LRQHGLLQWRUSLGLPHQWR
QHOO
DUHDWUDWWDWD
3RWHQ]LDOHGDQQRDSROPRQLHLQWHVWLQR
3RWHQ]LDOHURWWXUDGLWHQGLQLLQIDVHGL
SUHURWWXUD
3RWHQ]LDOHGDQQRDOOHHSL¿VLLQDFFUHVFLPHQWR
5LVFKLRGLGLVVHPLQD]LRQHGLWXPRULPDOLJQL
'DQQLSRWHQ]LDOLGHOODFDUWLODJLQHDUWLFRODUH
.RQWUDLQGLNDWLRQHU
%HKDQGOLQJ|YHUOXIWI\OOGYlYQDGOXQJDWDUP
%HKDQGOLQJDYSDUWLHOOVHQUXSWXU
%HKDQGOLQJDYJUDYLGDNYLQQRU
%HKDQGOLQJDYSDWLHQWHUXQGHUnUI|UXWRP
EHKDQGOLQJDY2VJRRG6FKODWWHUVVMXNGRP
%HKDQGOLQJDYSDWLHQWHUPHGNRDJXODWLRQV
VMXNGRPDULQNOXVLYHORNDOWURPERV
%HKDQGOLQJDYSDWLHQWHUVRPEHKDQGODVPHG
RUDODDQWLNRDJXODQWLD
%HKDQGOLQJDYYlYQDGPHGORNDODWXP|UHU
HOOHUORNDODEDNWHULHRFKHOOHUYLUXVLQIHNWLRQHU
%HKDQGOLQJDYSDWLHQWHUVRPEHKDQGODVPHG
NRUWLVRQ
5LVNHU
6PlUWDRFKREHKDJXQGHURFKHIWHU
EHKDQGOLQJDQHVWHVLlULQWHQ|GYlQGLJW
5RGQDGSnKXGHQ
3HWHNLHU
6YXOOQDGRFKGRPQLQJDULKXGHQ|YHUEHKDQG
OLQJVRPUnGHW
3RWHQWLHOOVNDGDSnOXQJRFKWDUPYlYQDG
3RWHQWLHOOSDUWLHOOVHQUXSWXU
3RWHQWLHOOVNDGDSnRPRJQDHSLI\VHU
3RWHQWLHOOVSULGQLQJDYPDOLJQDWXP|UHU
3RWHQWLHOOVNDGDSnOHGEURVN
$%2877+,60$18$/
$352326'(&(0$18(/
=8',(6(0+$1'%8&+
7KHVHRSHUDWLQJLQVWUXFWLRQVGHVFULEHWKHWUHDWPHQW
RIFKURQLFVRIWWLVVXHSDLQQHDUERQHVP\RIDVFLDO
SDLQV\QGURPHVZRXQGKHDOLQJO\PSKHGHPD
DQGWUHDWPHQWRIFHOOXOLWHZLWKWKH(066ZLVV
'RORU&ODVWPHWKRG
&HPRGHG¶HPSORLGpFULWOHWUDLWHPHQWGHVGRXOHXUV
FKURQLTXHV GHV SDUWLHV PROOHV SURFKHV GH OD
VWUXFWXUHRVVHXVHOHVV\QGURPHVGRXORXUHX[
P\RIDVFLDX[ OD FLFDWULVDWLRQ GHV SODLHV OHV
O\PSKRHGHPHVHWOHWUDLWHPHQWGHODFHOOXOLWHDYHF
ODPpWKRGH6ZLVV'RORU&ODVWG¶(06
,QGLHVHU%HGLHQXQJVDQOHLWXQJZLUGGLH$QZHQGXQJ
GHU0HWKRGH6ZLVV'RORU&ODVWYRQ(06IUGLH
%HKDQGOXQJYRQ6FKPHU]HQLQNQRFKHQQDKHQ
:HLFKJHZHEHQ GHP P\RIDV]LDOHQ 6FKPHU]
V\QGURPVRZLHLP:XQGPDQDJHPHQWXQGGHU
%HKDQGOXQJYRQ/\PSK|GHPHQXQGGHU=HOOXOLWLV
EHVFKULHEHQ
3OHDVHUHDGWKHVHRSHUDWLQJLQVWUXFWLRQVFDUHIXOO\
DVWKH\H[SODLQDOOWKHPRVWLPSRUWDQWGHWDLOVDQG
SURFHGXUHV3OHDVHSD\VSHFLDODWWHQWLRQWRWKH
VDIHW\SUHFDXWLRQV
,QVWUXFWLRQVFRQFHUQLQJWKHFRPSRQHQWVRI
WKHV\VWHPDUHSURYLGHGVHSDUDWHO\LQWKHUHODWHG
LQVWUXFWLRQVIRUXVH5HDGWKHLQVWUXFWLRQPDQXDOV
GHOLYHUHGZLWKHDFKRIWKHFRPSRQHQWVEHIRUHXVLQJ
WKLVSURGXFW'RQRWKHVLWDWHWRFRQWDFW\RXUORFDO
(06GHDOHUIRUIXUWKHULQIRUPDWLRQ
$OZD\VNHHSWKLVLQVWUXFWLRQFORVHWRKDQG
7RSUHYHQWLQMXU\WRSHRSOHDQGGDPDJHWRSURSHUW\
SOHDVHKHHGWKHUHOHYDQWZDUQLQJVDQGUHPDUNV
7KH\DUHPDUNHGDVIROORZV
'DQJHU
5LVNRILQMXU\
&DXWLRQ
5LVNRISURSHUW\GDPDJHRU
HQYLURQPHQWDOKDUP
1RWH
8VHIXODGGLWLRQDOLQIRUPDWLRQDQGKLQWV
3URKLELWHG
$XWKRUL]HG
9HXLOOH]OLUHDWWHQWLYHPHQWFHPRGHG¶HPSORLFDU
WRXVOHVGpWDLOVHWWRXVOHVJHVWHVLPSRUWDQWV\
VRQWFODLUHPHQWGpFULWV5HVSHFWH]HQSDUWLFXOLHU
OHVUHPDUTXHVFRQFHUQDQWODVpFXULWp
/HVLQVWUXFWLRQVUHODWLYHVDX[FRPSRVDQWV
GXV\VWqPHVRQWIRXUQLHVVpSDUpPHQWGDQVOHV
PDQXHOVUHVSHFWLIV/LVH]OHVPDQXHOVG¶XWLOLVDWLRQ
OLYUpVDYHFFKDFXQGHVFRPSRVDQWVDYDQWG¶XWLOLVHU
FHSURGXLW1¶KpVLWH]SDVjFRQWDFWHUYRWUHGLVWUL
EXWHXU(06SRXUSOXVG¶LQIRUPDWLRQV
9HXLOOH]FRQVHUYHUFHGRFXPHQWWRXMRXUVjSRUWpH
GHPDLQ
3RXUSUpYHQLUOHVDFFLGHQWVFRUSRUHOVHWPDWpULHOV
WHQH]FRPSWHGHVGLUHFWLYHVFRUUHVSRQGDQWHV
(OOHVVRQWLGHQWL¿pHVSDU
/HVHQ6LHGDKHUELWWHGLH%HGLHQXQJVDQOHLWXQJ
DXIPHUNVDP GXUFK$OOH ZHVHQWOLFKHQ (LQ]HO
KHLWHQXQG+DQGJULIIHZHUGHQDQVFKDXOLFKHUNOlUW
%HDFKWHQ6LHGDEHLEHVRQGHUVGLH6LFKHUKHLWV
KLQZHLVH
$QZHLVXQJHQ]XU%HGLHQXQJGHUHLQ]HOQHQ
6\VWHPEHVWDQGWHLOHVLQGLQGHQMHZHLOLJHQ%HGLH
QXQJVDQOHLWXQJHQ]X¿QGHQ9RUGHU9HUZHQGXQJ
GHV*HUlWVVLQGGLH%HGLHQXQJVDQOHLWXQJHQGLH
LP/LHIHUXPIDQJGHUHLQ]HOQHQ6\VWHPEHVWDQGWHLOH
HQWKDOWHQVLQG]XOHVHQ:HLWHUH,QIRUPDWLRQHQ
HUKDOWHQ6LHEHL,KUHP(06+lQGOHU
%HZDKUHQ6LHGLHVH8QWHUODJHQLPPHUJULIIEHUHLW
DXI
=XU9HUPHLGXQJYRQ3HUVRQHQXQG6DFKVFKlGHQ
EHDFKWHQ6LHELWWHGLHHQWVSUHFKHQGHQ+LQZHLVH
6LHVLQGJHNHQQ]HLFKQHWPLW
'DQJHU
5LVTXHG¶DFFLGHQWFRUSRUHO
$WWHQWLRQ 5LVTXHG¶DFFLGHQWPDWpULHORXULVTXH
SRXUO¶HQYLURQQHPHQW
*HIDKU
%HL*HIDKUYRQ3HUVRQHQVFKlGHQ
$FKWXQJ %HLGURKHQGHQ6DFKXQG
8PZHOWVFKlGHQ
5HPDUTXHV
,QIRUPDWLRQVFRPSOpPHQWDLUHVXWLOHVHW
WRXUVGHPDLQ
,QWHUGLW
+LQZHLV %HLQW]OLFKHQ=XVDW]LQIRUPDWLRQHQXQG
$QZHQGXQJVWLSSV
$XWRULVp
9HUERWHQ
(UODXEW
35(6(17$&,Ï1'(/0$18$/
,1)250$=,21,6848(672
0$18$/(
20'(11$+$1'%2.
/DVVLJXLHQWHVLQVWUXFFLRQHVGHHPSOHRGHVFULEHQ
FyPRWUDWDUFRQHOPpWRGR6ZLVV'RORU&ODVWGH
(06HOGRORUFUyQLFRGHWHMLGRVEODQGRVFHUFDQRV
DOKXHVRORVVtQGURPHVGHGRORUPLRIDVFLDOOD
FLFDWUL]DFLyQGHOHVLRQHVHOOLQIHGHPD\ODFHOXOLWLV
1HOSUHVHQWHPDQXDOHG
LVWUX]LRQLSHUO¶XVRYLHQH
GHVFULWWDO¶DSSOLFD]LRQHGHOPHWRGR6ZLVV'RORU
&ODVW(06QHOWUDWWDPHQWRGHLGRORULFURQLFLGHL
WHVVXWLPROOLDGLDFHQWLDOOHRVVDGHOGRORUHPLRID
VFLDOHGHOODJXDULJLRQHGHOOHIHULWHGHOOLQIHGHPD
HGHOODFHOOXOLWH
,GHQKlUEUXNVDQYLVQLQJHQEHVNULYVEHKDQGOLQJ
PHG(066ZLVV'RORU&ODVWPHWRGHQDYNURQLVN
PMXNGHOVVPlUWDQlUDEHQP\RIDVFLHOODVPlUW
V\QGURPVnUOlNQLQJO\PI|GHPRFKEHKDQGOLQJ
DYFHOOXOLWHU
3RUHVWHPRWLYRURJDPRVOHDDWHQWDPHQWHODV
LQVWUXFFLRQHVGHHPSOHRTXHGHVFULEHQGHIRUPD
FODUDWRGRVORVGHWDOOHV\RSHUDFLRQHVHVHQFLDOHV
3UHVWHXQDHVSHFLDODWHQFLyQDORVFRQVHMRVGH
VHJXULGDG
/DVLQVWUXFFLRQHVUHIHUHQWHVDORVFRPSR
QHQWHVGHOVLVWHPDVHIDFLOLWDQSRUVHSDUDGRHQ
ODVLQVWUXFFLRQHVGHXVRFRUUHVSRQGLHQWHV$QWHV
GHXWLOL]DUHVWHSURGXFWROHDORVPDQXDOHVGH
LQVWUXFFLRQHVVXPLQLVWUDGRVFRQFDGDXQRGHORV
FRPSRQHQWHV1RGXGHHQSRQHUVHHQFRQWDFWR
FRQVXGLVWULEXLGRUORFDOGH(06VLGHVHDPiV
LQIRUPDFLyQ
/HJJHWHTXLQGLFRQPROWDDWWHQ]LRQHOHLVWUX]LRQL
SHUO¶XVRWXWWLLSDUWLFRODULLPSRUWDQWLHOHPRGDOLWj
G¶XVRYHQJRQRVSLHJDWLFKLDUDPHQWH3UHVWDWH
PROWDDWWHQ]LRQHLQSDUWLFRODUHDOOHQRWHVXOOH
QRUPHGLVLFXUH]]D
,VWUX]LRQLUHODWLYHDLFRPSRQHQWLGHOVLVWHPD
YHQJRQRIRUQLWHVHSDUDWDPHQWHQHOOHUHODWLYHLVWUX
]LRQLSHUO
XVR3ULPDGLXVDUHTXHVWRSURGRWWR
OHJJHUHLPDQXDOLGLLVWUX]LRQHVSHGLWLDOO
RULJLQH
FRQFLDVFXQFRPSRQHQWH3HUXOWHULRULLQIRUPD]LRQL
ULYROJHUVLDOULYHQGLWRUHORFDOH(06
&RQVHUYHHVWHGRFXPHQWRVLHPSUHDPDQR
7HQHWHTXHVWRGRFXPHQWRVHPSUHDSRUWDWDGL
PDQR
3DUD HYLWDU GDxRV SHUVRQDOHV \ PDWHULDOHV
URJDPRVWHQJDHQFXHQWDODVREVHUYDFLRQHV\
DGYHUWHQFLDVSHUWLQHQWHV(VWiQLGHQWL¿FDGDVFRQ
3HU HYLWDUH GDQQL D SHUVRQH H FRVH WHQHWH
SUHVHQWHOHUHODWLYHSUHVFUL]LRQLFRQWUDVVHJQDWH
FRQLVHJXHQWLVLPEROL
3HOLJUR
5LHVJRGHGDxRVSHUVRQDOHV
3HULFROR 3HULFRORGLGDQQLDSHUVRQH
3UHFDXFLyQ
5LHVJRGHGDxRVPDWHULDOHVR
PHGLRDPELHQWDOHV
$WWHQ]LRQH
3RVVLELOLGDQQLDOOHFRVHRDOO¶DPELHQWH
2EVHUYDFLyQ
,QIRUPDFLRQHVDGLFLRQDOHV~WLOHV\
FRQVHMRVSUiFWLFRV
3URKLELGR
3HUPLWLGR
1RWD
,QIRUPD]LRQLHFRQVLJOLXWLOLVXOO¶XVR
3URLELWR
$XWRUL]]DWR
9LEHUGLJDWWOlVDGHVVDLQVWUXNWLRQHUQRJDGnGH
I|UNODUDUDOODGHYLNWLJDVWHGHWDOMHUQDRFKSURFHGX
UHUQD9LEHUGLJlYHQDWWYDUDH[WUDXSSPlUNVDP
SnGHROLNDVlNHUKHWVI|UHVNULIWHUQD
$QYLVQLQJDUVRPU|UV\VWHPHWVEHVWnQGV
GHODUJHVVHSDUDWLUHVSHNWLYHEHVWnQGVGHOVEUXNV
DQYLVQLQJ/lVGHEUXNVDQYLVQLQJDUVRPOHYHUH
UDGHVWLOOVDPPDQVPHGYDUMHEHVWnQGVGHOLQQDQ
GXDQYlQGHUSURGXNWHQ7YHNDLQWHDWWNRQWDNWD
GLQORNDOD(06nWHUI|UVlOMDUHRPGXYLOOKDPHU
LQIRUPDWLRQ
+DDOOWLGGHQQDEUXNVDQYLVQLQJQlUDWLOOKDQGV
)|UDWWXQGYLNDSHUVRQVNDGRURFKI|UVW|UGHJHQGRP
YDUXSSPlNVDPPDSnYDUQLQJVV\PEROHUQD'HVHU
XWHQOLJWI|OMDQGH
)DUD
1lUPlQQLVNRUNDQNRPPDWLOOVNDGD
$NWD
1lUHJHQGRPRFKPLOM|NDQNRPPDWLOO
VNDGD
1RWHUD
$QGUDQ\WWLJDXSSO\VQLQJDURFKWLSV
)|UEMXGHW
7LOOnWHW
1RWHWKDWWKH(QJOLVKYHUVLRQRIWKLVPDQXDOLVWKH
PDVWHUIURPZKLFKWUDQVODWLRQVGHULYH,QFDVHRI
DQ\GLVFUHSDQF\WKHELQGLQJYHUVLRQLVWKH(QJOLVK
WH[W
:HZRXOGEHSOHDVHGWRDQVZHU\RXUTXHVWLRQV
RUOLVWHQWR\RXUVXJJHVWLRQV:HGRRIFRXUVH
SURYLGHVXSSRUWLQFDVHRIWHFKQLFDOSUREOHPV
3OHDVHFDOOGLUHFWO\LQ\RXUDSSURYHG(06UHSDLU
FHQWHURU\RXUGHDOHU
:HZLVK\RXORWVRIVXFFHVV
/HVWUDGXFWLRQVGDQVFHPDQXHOVRQWEDVpHVVXU
VDYHUVLRQDQJODLVH$LQVLOHWH[WHHQDQJODLVIHUD
UpIpUHQFHHQFDVGHGLYHUJHQFH
1RXVVRPPHVjYRWUHHQWLqUHGLVSRVLWLRQSRXU
UpSRQGUH j YRV TXHVWLRQV HW QRXV VRPPHV j
O¶pFRXWHGHYRVpYHQWXHOOHVVXJJHVWLRQV1DWXUHO
OHPHQWQRXVYRXVSURSRVRQVXQVRXWLHQWHFKQLTXH
HQFDVGHSUREOqPHV9HXLOOH]WpOpSKRQHUGLUHF
WHPHQWjYRWUHFHQWUHGHUpSDUDWLRQDJUpH(06
RXjYRWUHGLVWULEXWHXU
(VZLUGGDUDXIKLQJHZLHVHQGDVVGDVHQJOLVFKH
2ULJLQDOGHU%HGLHQXQJVDQOHLWXQJDOV9RUODJHIU
DOOHhEHUVHW]XQJHQJLOW%HLHYHQWXHOOHQ$EZHL
FKXQJHQLVWGHUHQJOLVFKH7H[WELQGHQG
:LUVWHKHQ,KQHQJHUQHIU)UDJHQ]XU9HUIJXQJ
VLQG,KQHQDEHUDXFKIU$QUHJXQJHQVHKUGDQNEDU
%HL3UREOHPHQELHWHQZLU,KQHQVHOEVWYHUVWlQGOLFK
WHFKQLVFKH8QWHUVWW]XQJDQ5XIHQ6LHELWWHGLUHNW
XQVHU(06JHQHKPLJWHV5HSDUDWXU]HQWUXPRGHU
,KUHQ+lQGOHUDQ
$YHFQRVPHLOOHXUVY°X[GHVXFFqV
:LUZQVFKHQ,KQHQYLHO(UIROJ
(06
(06
7HFKQLFDOPRGL¿FDWLRQV
0RGL¿FDWLRQVWHFKQLTXHV
7HFKQLVFKHbQGHUXQJHQ
(06UHVHUYHVWKHULJKWWRPRGLI\WKHWHFKQLTXH
DFFHVVRULHVRSHUDWLQJLQVWUXFWLRQVRUFRQWHQWVRI
WKHVHWGXHWRWHFKQLFDORUVFLHQWL¿FLPSURYHPHQWV
(06VHUpVHUYHOHGURLWG¶DSSRUWHUjODWHFKQLTXH
DX[DFFHVVRLUHVDXPRGHG¶HPSORLHWDXFRQWHQX
GHO¶HPEDOODJHG¶RULJLQHOHVPRGLILFDWLRQVTXH
ODSRXUVXLWHGHVGpYHORSSHPHQWVWHFKQLTXHVHW
VFLHQWL¿TXHVSHXWLQGXLUH
(06 EHKlOW VLFK YRU LP =XVDPPHQKDQJ PLW
WHFKQLVFKHQRGHUZLVVHQVFKDIWOLFKHQ:HLWHUHQW
ZLFNOXQJHQ bQGHUXQJHQ DQ GHU7HFKQLN GHP
=XEHK|UGHU%HGLHQXQJVDQOHLWXQJVRZLHDP,QKDOW
GHU2ULJLQDOYHUSDFNXQJYRU]XQHKPHQ
(06
1yWHVHTXHODYHUVLyQHQLQJOpVGHHVWHPDQXDO
HVODRULJLQDOGHODTXHSDUWHQODVWUDGXFFLRQHV
(QFDVRGHGLVFUHSDQFLDVODYHUVLyQYLQFXODQWH
HVODLQJOHVD
(VWDPRVDVXHQWHUDGLVSRVLFLyQSDUDUHVSRQGHU
D VXV SUHJXQWDV SHUR WDPELpQ SDUD DWHQGHU
VXJHUHQFLDV /H RIUHFHPRV XQ VHUYLFLR GH
DVLVWHQFLDHQFDVRGHSUREOHPDVWpFQLFRV/ODPH
GLUHFWDPHQWH D QXHVWUR FHQWUR GH UHSDUDFLyQ
DXWRUL]DGR(06RDVXGLVWULEXLGRU
£/HGHVHDPRVPXFKRp[LWR
(06
/DYHUVLRQHLQJOHVHGLTXHVWRPDQXDOHqODYHUVLRQH
PDVWHUGDFXLGHULYDQROHWUDGX]LRQL,QFDVRGL
HYHQWXDOLGLVFUHSDQ]HIDIHGHLOWHVWRLQLQJOHVH
5LPDQLDPRDYRVWUDGLVSRVL]LRQHSHUHYHQWXDOL
GRPDQGHPDDQFKHSHUULFHYHUHLYRVWULVXJJH
ULPHQWL3HUTXDQWRULJXDUGDLSUREOHPLWHFQLFL
YL RIIULDPR QDWXUDOPHQWH LO QRVWUR VXSSRUWR
&KLDPDWHGLUHWWDPHQWHLOYRVWURFHQWURGLULSDUD
]LRQHDXWRUL]]DWR(06RLOYRVWURGLVWULEXWRUH
9LDXJXULDPREXRQODYRUR
(06
2EVHUYHUD DWW GHQ HQJHOVND YHUVLRQHQ DY
KDQGERNHQlURULJLQDOHWVRP|YULJDVSUnNKDU
|YHUVDWWVIUnQ9LGHYHQWXHOODDYYLNHOVHUJlOOHU
GHQHQJHOVNDWH[WHQ
9LVYDUDUJlUQDSnGLQDIUnJRUHOOHUWDUHPRWGLQD
V\QSXQNWHU 6MlOYNODUW VWnU YL WLOO KMlOS WHNQLVNW
YLG HYHQWXHOOD SUREOHP .RQWDNWD Gn JRGNlQW
(06VHUYLFHVWlOOHHOOHUGLQnWHUI|UVlOMDUHGLUHNW
/\FNDWLOO
(06
0RGL¿FDFLRQHVWpFQLFDV
0RGL¿FKHWHFQLFKH
7HNQLVNDPRGL¿NDWLRQHU
(06VHUHVHUYDHOGHUHFKRGHUHDOL]DUPRGL¿FD
FLRQHVHQODWpFQLFDORVDFFHVRULRVODVLQVWUXF
FLRQHVGHHPSOHRRHOFRQWHQLGRGHOHPEDODMH
RULJLQDOVLHPSUH\FXDQGRHVWDVPRGL¿FDFLRQHV
UHSUHVHQWHQXQGHVDUUROORWpFQLFRRFLHQWt¿FR
/D(06VLULVHUYDLOGLULWWRQHOO¶DPELWRGHOOHLQQRYD
]LRQLWHFQLFKHRVFLHQWL¿FKHGLDSSRUWDUHPRGL¿FKH
DOODWHFQLFDDJOLDFFHVVRULDOOHLVWUX]LRQLSHUO¶XVR
HDOFRQWHQXWRGHOO¶LPEDOORRULJLQDOH
(06I|UEHKnOOHUVLJUlWWHQDWWPRGL¿HUDWHNQLNHQ
WLOOEHK|UHQEUXNVDQYLVQLQJHQHOOHULQQHKnOOHWLGHWWD
VHWWLOOI|OMGDYIUDPWLGDWHNQLVNHOOHUYHWHQVNDSOLJ
XWYHFNOLQJ
&217(17
6200$,5(
,1+$/7
56:75DGLDO6KRFN:DYH7KHUDS\ $SSOLFDWLRQRQWKHPXVFXORVNHOHWDOV\VWHP &DOFLI\LQJWHQGLQLWLVRIWKHVKRXOGHU
VXEDFURPLDOSDLQV\QGURPH 7HQQLVHOERZ
(SLFRQG\OLWLVKXPHULUDGLDOLV *UHDWHUWURFKDQWHULFSDLQV\QGURPH 3DWHOODUWHQGLQRSDWK\ 5XJE\NQHH
2VJRRG6FKODWWHUGLVHDVH 0HGLDOWLELDOVWUHVVV\QGURPH ,QVHUWLRQDO$FKLOOHVWHQGLQRSDWK\ 0LGSRUWLRQ$FKLOOHVWHQGLQRSDWK\ 3ODQWDUIDVFLLWLVIDVFLRSDWK\
KHHOSDLQ
0\RIDVFLDOSDLQV\QGURPH
7ULJJHUSRLQWWKHUDS\ 7ULJJHUSRLQWWKHUDS\WUHDWPHQWRIWKH
SLULIRUPLVPXVFOHDVDQH[DPSOH ,GLRSDWKLFORZEDFNSDLQDQG
SVHXGRUDGLFXODUSDLQV\QGURPH 2WKHUDSSOLFDWLRQV 3H\URQLHµVGLVHDVH
,QGXUDWLRSHQLVSODVWLFD $FXWHDQGFKURQLFVRIWWLVVXHZRXQGV
GLDEHWLFIRRWXOFHUDVDQH[DPSOH 3ULPDU\DQGVHFRQGDU\O\PSKHGHPD &HOOXOLWH 6DIHW\SUHFDXWLRQV 7KpUDSLHSDURQGHVGHFKRFUDGLDOHV $SSOLFDWLRQVXUOHV\VWqPH
PXVFXORVTXHOHWWLTXH 7HQGLQLWHFDOFLILDQWHGHO
pSDXOH
LPSLQJHPHQWV\QGURPHGHO
pSDXOH 7HQQLVHOERZ
eSLFRQG\OLWHUDGLDOH 6\QGURPHGRXORXUHX[GXJUDQG
WURFKDQWHU 6\QGURPHGHODSRLQWHURWXOLHQQH $SRSK\VRVHWLELDOHDQWpULHXUH
PDODGLHG
2VJRRG6FKODWWHU 6\QGURPHWLELDODQWpULHXU 7HQGLQRSDWKLHFDOFDQpHQQH 7HQGLQRSDWKLHFRUSRUpDOH $SRQpYURVLWHSODQWDLUH
pSLQHFDOFDQpHQQH
6\QGURPHPLRIDVFLDOGRXORXUHX[
7ULJJHUSRLQWWKHUDS\]RQHVJkFKHWWH 7ULJJHUSRLQWWKHUDS\WUDLWHPHQWGX
PXVFOHSLULIRUPHHQH[HPSOH 'RXOHXUORPEDLUHLGLRSDWKLTXHHW
V\QGURPHSVHXGRUDGLFXODLUH $XWUHV$SSOLFDWLRQV 0DODGLHGH/D3H\URQLH
,QGXUDWLRQSODVWLTXHGHVFRUSVFDYHUQHX[GX
SpQLV /pVLRQVDLJXsVHWFKURQLTXHVGHVWLVVXV
PRXVXOFqUHVGXSLHGGLDEpWLTXHHQ
H[HPSOH /\PSKRHGqPHSULPDLUHHWVHFRQGDLUH &HOOXOLWH 5HPDUTXHVFRQFHUQDQWODVpFXULWp 5DGLDOH6WRVVZHOOHQWKHUDSLH $QZHQGXQJDP6WW]XQG
%HZHJXQJVDSSDUDW 7HQGLQRVLVFDOFDUHDGHU
5RWDWRUHQPDQVFKHWWH6XEDNURPLDOHV
6FKPHU]V\QGURP 7HQQLVHOOERJHQ
(SLFRQG\OLWLVKXPHULUDGLDOLV 6FKPHU]V\QGURPGHV7URFKDQWHUPDMRU 3DWHOODVSLW]HQV\QGURP 0RUEXV2VJRRG6FKODWWHU 0HGLDOHV7LELD6WUHVVV\QGURP $QVDW]WHQGLQRSDWKLHGHU$FKLOOHVVHKQH 7HQGLQRSDWKLHGHU$FKLOOHVVHKQH 3ODQWDUIDV]LLWLV3ODQWDUIDV]LRSDWKLH
)HUVHQVFKPHU]
0\RIDV]LDOHV6FKPHU]V\QGURP
7ULJJHUSXQNWEHKDQGOXQJ 7ULJJHUSXQNWEHKDQGOXQJ%HKDQGOXQJGHV
0XVFXOXVSLULIRUPLVDOV%HLVSLHO ,GLRSDWKLVFKHU5FNHQVFKPHU]XQG
SVHXGRUDGLNXOlUHV6FKPHU]V\QGURP $QGHUH$QZHQGXQJHQ 3H\URQLH.UDQNKHLW
,QGXUDWLRSHQLVSODVWLFD $NXWHXQGFKURQLVFKH:XQGHQGHV
:HLFKJHZHEHVJH]HLJWDP%HLVSLHO
GLDEHWLVFKHU)XVVXOFHUD 3ULPlUHVXQGVHNXQGlUHV/\PSK|GHP =HOOXOLWLV 6LFKHUKHLWVKLQZHLVH ,1',&(
,1',&(
,11(+c//
7HUDSLDSRURQGDVGHFKRTXHUDGLDOHV $SOLFDFLyQHQHOVLVWHPDORFRPRWRU 7HQGLQLWLVFDOFLILFDQWHGHOKRPEURVtQGURPH
VXEDFURPLDOGRORURVR &RGRGHWHQLVWD
HSLFRQGLOLWLVODWHUDO 6tQGURPHGRORURVRGHOWURFiQWHUPD\RU 6tQGURPHGHODWHQGLQLWLVURWXOLDQD 2VWHRFRQGURVLVGHODWXEHURVLGDGWLELDO
DQWHULRUHQIHUPHGDGGH2VJRRG6FKODWWHU
6tQGURPHGHHVWUpVPHGLDOGHODWLELD 7HQGLQRSDWtDGHODLQVHUFLyQGHO$TXLOHV 7HQGLQRSDWtDGHOWHUFLRPHGLRGHO$TXLOHV )DVFLWLVSODQWDU
VtQGURPHGHOHVSROyQFDOFiQHR
6tQGURPHGHGRORUPLRIDVFLDO7HUDSLDGH
SXQWRVJDWLOOR 7HUDSLDGHSXQWRVJDWLOORWUDWDPLHQWRGHO
P~VFXORSLULIRUPHFRPRHMHPSOR /XPEDOJLDLGLRSiWLFD\
VtQGURPHSVHXGRUUDGLFXODU 2WUDVDSOLFDFLRQHV (QIHUPHGDGGH3H\URQLH
LQGXUDFLyQSOiVWLFD\GRORURVDGHORV
FXHUSRVFDYHUQRVRVGHOSHQH /HVLRQHVDJXGDV\FUyQLFDVGHOWHMLGREODQGR
VHPXHVWUDQFRPRHMHPSORODV~OFHUDVGHO
SLHGLDEpWLFR /LQIHGHPDSULPDULR\VHFXQGDULR &HOXOLWLV &RQVHMRVGHVHJXULGDG 7HUDSLDDGRQGHG¶XUWRUDGLDOL $SSOLFD]LRQHVXOVLVWHPDPXVFXORVFKHOHWULFR 7HQGLQRSDWLDFDOFLILFDGHOODFXIILDGHLURWDWRUL
VLQGURPHGDFRQIOLWWRVXEDFURPLDOH *RPLWRGHOWHQQLVWD
(SLFRQGLOLWHRPHURUDGLDOH 6LQGURPHGRORURVDGHOJUDQGHWURFDQWHUH 7HQGLQRSDWLDLQVHU]LRQDOHURWXOHD 2VWHRFRQGURVLGHOO
DSRIVLWLELDOHDQWHULRUH
VLQGURPHGL2VJRRG6FKODWWHU 3HULRVWLWHWLELDOHVLQGURPHPHGLDOHGHOOD
WLELD 7HQGLQLWHLQVHU]LRQDOHGHOO
DFKLOOHR 7HQGLQRSDWLDGHOO
DFKLOOHR )DVFLWHSODQWDUH
FDOFLILFD]LRQHGHOFDOFDJQR
6LQGURPHGDGRORUHPLRIDVFLDOH
7ULJJHUSRLQWVSXQWLJULOOHWWR 7ULJJHUSRLQWWKHUDS\WUDWWDPHQWRGHO
PXVFRORSLULIRUPHFRPHHVHPSLR /RPEDOJLDLGLRSDWLFDHVLQGURPH
SVHXGRUDGLFRODUH $OWUHDSSOLFD]LRQL 0RUERGL/D3H\URQLH
,QGXUDWLRSHQLVSODVWLFD 3LDJKHFXWDQHHDFXWHHFURQLFKHXOFHUH
GLDEHWLFKHLQGLFDWHFRPHHVHPSLR /LQIHGHPDSULPDULRHVHFRQGDULR &HOOXOLWH 2VVHUYD]LRQLVXOODVLFXUH]]D 5DGLHOO6W|WYnJVWHUDSL $QYlQGQLQJSnU|UHOVHDSDUDWHQ .DOND[HOVXEDNURPLDOWVPlUWV\QGURP 7HQQLVDUPEnJH
/DWHUDOHSLNRQG\OLW 6PlUWV\QGURPLWURFKDQWHUPDMRU 3DWHOODDSH[V\QGURP 2VJRRG6FKODWWHUVVMXNGRP 0HGLDOWWLELDOWVWUHVV\QGURP $NLOOHVWHQGLQLWLVHQIlVWHW $NLOOHVWHQGLQLW 3ODQWDUIDVFLLW
KlOVSRUUH
0\RIDVFLHOOWVPlUWV\QGURP
WULJJHUSXQNWVEHKDQGOLQJ 7ULJJHUSXQNWVEHKDQGOLQJEHKDQGOLQJDY
PXVFXOXVSLULIRUPLVVRPH[HPSHO ,GLRSDWLVNU\JJVPlUWDRFKSVHXGRUDGLNXOlUD
V\QGURP $QQDQDQYlQGQLQJ 3H\URQLHVVMXNGRP
,QGXUDWLRSHQLVSODVWLFD $NXWDRFKNURQLVNDVnULPMXNYlYQDG
GLDEHWLVNDIRWVnUYLVDVVRPH[HPSHO 3ULPlUWRFKVHNXQGlUWO\PI|GHP &HOOXOLW 6lNHUKHWVI|UHVNULIWHU 56:75$',$/6+2&.:$9(
7+(5$3<
7+e5$3,(3$521'(6'(
&+2&5$',$/(6
5$',$/(
67266:(//(17+(5$3,(
5DGLDO6KRFN:DYH7KHUDS\56:7KDVUHYROX
WLRQL]HGSDLQPDQDJHPHQWLQRUWKRSDHGLFVDQGLV
DQHPHUJLQJWHFKQRORJ\LQDHVWKHWLFGHUPDWRORJ\
7KHSURFHGXUHLVQRQLQYDVLYHDQGSHUIRUPHGRQ
DQRXWSDWLHQWEDVLV
/DWKpUDSLHSDURQGHVGHFKRFUDGLDOHVDUpYROX
WLRQQpOHWUDLWHPHQWGHVGRXOHXUVHQRUWKRSpGLHHW
UHSUpVHQWHXQHWHFKQRORJLHpPHUJHQWHHQGHUPD
WRORJLHHVWKpWLTXH&HWUDLWHPHQWQRQLQYDVLIHVW
UpDOLVpHQDPEXODWRLUH
,QSDLQPDQDJHPHQW56:7LVXVXDOO\DSSOLHG
LQ WKUHH WUHDWPHQW VHVVLRQV HDFK RQH ZHHN
DSDUW$SSUR[LPDWHO\RIDOOSDWLHQWVUHSRUWD
VXEVWDQWLDOLPSURYHPHQWRIWKHFOLQLFDOVLWXDWLRQ
DOUHDG\ DIWHU WKH VHFRQG WUHDWPHQW VHVVLRQ
$FFRUGLQJWRWKHPRVWUHFHQWVWXGLHVWKLVLVD
SRVLWLYHVLJQIRUWKHSURJQRVLVRIWKHWUHDWPHQW
RXWFRPH7KHUHIRUHLWLVSRVVLEOHWRIRUHVHHWKH
WUHDWPHQWRXWFRPHDIWHUWZRWUHDWPHQWVHVVLRQV
EXWQRWEHIRUH
'DQV OH WUDLWHPHQW GHV GRXOHXUV OD WKpUDSLH
SDURQGHVGHFKRFUDGLDOHVHVWKDELWXHOOHPHQW
DSSOLTXpH HQ WURLV VHVVLRQV j XQH VHPDLQH
G
LQWHUYDOOHFKDFXQH(QYLURQGHVSDWLHQWV
UDSSRUWHQWXQHDPpOLRUDWLRQVXEVWDQWLHOOHGHOD
FRQGLWLRQFOLQLTXHGpMjDSUqVODGHX[LqPHVHVVLRQ
GXWUDLWHPHQW6HORQOHVpWXGHVOHVSOXVUpFHQWHVLO
V
DJLWG
XQVLJQDOSRVLWLISRXUOHSURQRVWLFGHUpVXOWDW
GXWUDLWHPHQW$LQVLLOHVWSRVVLEOHGHSUpYRLUO
LVVXH
GXWUDLWHPHQWDSUqVGHX[VHVVLRQVGHWUDLWHPHQW
PDLVSDVDYDQW
'LHUDGLDOH6WRVVZHOOHQWKHUDSLH56:7KDWGLH
6FKPHU]EHKDQGOXQJDP6WW]XQG%HZHJXQJV
DSSDUDWUHYROXWLRQLHUWXQGJHZLQQW]XQHKPHQG
%HGHXWXQJLQGHUlVWKHWLVFKHQ'HUPDWRORJLH
56:7LVWQLFKWLQYDVLYXQGZLUGDQDPEXODQWHQ
3DWLHQWHQGXUFKJHIKUW
7KH DSSOLFDWLRQ VHWWLQJV RXWOLQHG LQ WKLV
PDQXDOKDQGSLHFHDSSOLFDWRUQXPEHURIVHVVLRQV
QXPEHURILPSXOVHVSHUWUHDWPHQWIUHTXHQF\DLU
SUHVVXUHDUHQRQELQGLQJUHFRPPHQGDWLRQV7KH\
DUHEDVHGRQUHSRUWVE\56:7H[SHUWVSXEOLVKHG
LQWKHVFLHQWL¿FOLWHUDWXUHDQGSUHVHQWHGDWLQWHUQD
WLRQDOFRQJUHVVHV
7KHVH UHFRPPHQGDWLRQV VKRXOG EH
FRQVLGHUHGDVZHOODVWKHLQGLYLGXDOH[SHULHQFH
RIWKHWKHUDSLVWDQGWKHLQGLYLGXDOIHHGEDFNRIWKH
SDWLHQWZKHQSODQQLQJDQGSHUIRUPLQJWUHDWPHQWV
ZLWKWKH6ZLVV'RORU&ODVWPHWKRG
/HVUpJODJHVVHORQOHVDSSOLFDWLRQVSURSRVpV
GDQV FH PDQXHO SLqFH j PDLQ DSSOLFDWHXU
LQWHUYDOOHGHWUDLWHPHQWQRPEUHG
LPSXOVLRQV
IUpTXHQFHSUHVVLRQG
DLUVRQWGHVUHFRPPDQ
GDWLRQVVDQVHQJDJHPHQW(OOHVVRQWEDVpHVVXU
OHVUDSSRUWVGHVH[SHUWVHQ56:7SXEOLpVGDQV
ODOLWWpUDWXUHVFLHQWLILTXHHWSUpVHQWpVGDQVOHV
FRQJUqVLQWHUQDWLRQDX[
&HVUHFRPPDQGDWLRQVGHYUDLHQWrWUHSULVH
HQFRPSWHGHPrPHTXHO
H[SpULHQFHLQGLYLGXHOOH
GXSUDWLFLHQHWOHVFRPPHQWDLUHVGXSDWLHQWGDQV
ODSODQL¿FDWLRQHWODUpDOLVDWLRQGXWUDLWHPHQWDYHF
ODPpWKRGH6ZLVV'RORU&ODVW
%HLGHU6FKPHU]WKHUDSLHPLWGHU56:7LVWQDFK
MQJVWHQ)RUVFKXQJVHUJHEQLVVHQHLQHGHXWOLFKH
9HUEHVVHUXQJ GHU NOLQLVFKHQ 6LWXDWLRQ QDFK
]ZHL%HKDQGOXQJHQHLQSURJQRVWLVFKJQVWLJHV
=HLFKHQ GDVV MH QDFK ,QGLNDWLRQ EHL FD
DOOHU3DWLHQWHQEHREDFKWHWZHUGHQNDQQ
'HPHQWVSUHFKHQGNDQQEHUHLWVEHLGHU]ZHLWHQ
%HKDQGOXQJDEHUQLFKWYRUKHUUHODWLYVLFKHU
GDV%HKDQGOXQJVHUJHEQLVYRUDXVJHVDJWZHUGHQ
'LHDXIGHQIROJHQGHQ6HLWHQEHVFKULHEHQHQ
%HKDQGOXQJVNULWHULHQ +DQGVWFN$SSOLNDWRU
$Q]DKOGHU%HKDQGOXQJHQ$Q]DKOGHU,PSXOVH
SUR%HKDQGOXQJ)UHTXHQ]$UEHLWVGUXFNVWHOOHQ
XQYHUELQGOLFKH(PSIHKOXQJHQGDUEDVLHUHQGDXI
%HULFKWHQYRQ([SHUWHQLQGHU/LWHUDWXUE]ZEHL
LQWHUQDWLRQDOHQ.RQJUHVVHQ
%HL GHU 3ODQXQJ XQG 'XUFKIKUXQJ GHU
%HKDQGOXQJHLQHV3DWLHQWHQPLWGHU0HWKRGH
6ZLVV'RORU&ODVWVROOHQGLHVH(PSIHKOXQJHQGLH
LQGLYLGXHOOH(UIDKUXQJGHV$QZHQGHUVVRZLHGDV
LQGLYLGXHOOH)HHGEDFNGHV3DWLHQWHQEHUFNVLFKWLJW
ZHUGHQ
7(5$3,$32521'$6'(
&+248(5$',$/(6
7(5$3,$$'21'('¶8572
5$',$/,
5$',(//67g79c*67(5$3,
/DWHUDSLDSRURQGDVGHFKRTXHUDGLDOHV56:7
KD UHYROXFLRQDGR HO WUDWDPLHQWR GHO GRORU HQ
HOFDPSRGHODRUWRSHGLD\HVXQDWHFQRORJtD
HPHUJHQWHHQODGHUPDWRORJtDHVWpWLFD6HWUDWD
GHXQSURFHGLPLHQWRQRLQYDVLYRTXHVHUHDOL]D
GHIRUPDDPEXODWRULD
/DWHUDSLDDGRQGHG
XUWRUDGLDOL56:7KDULYROX
]LRQDWRODJHVWLRQHGHOGRORUHLQRUWRSHGLDHFRVWL
WXLVFHXQDWHFQRORJLDHPHUJHQWHLQGHUPDWRORJLD
HVWHWLFD/DSURFHGXUDqQRQLQYDVLYDHGqSUDWLFDWD
DPEXODWRULDOPHQWH
5DGLHOOVW|WYnJVWHUDSL56:7KDUUHYROXWLRQHUDW
VPlUWKDQWHULQJHQLQRPRUWRSHGLRFKlUHQWHNQLNSn
IUDPPDUVFKLQRPHVWHWLVNGHUPDWRORJL0HWRGHQlU
LFNHLQYDVLYRFKXWI|UVLQRP|SSHQYnUG
(QHOWUDWDPLHQWRGHOGRORUOD56:7VHDSOLFDSRU
ORJHQHUDOHQWUHVVHVLRQHVGHWUDWDPLHQWRFRQ
XQDVHPDQDGHVHSDUDFLyQHQWUHHOODV$SUR[L
PDGDPHQWHHOGHORVSDFLHQWHVQRWL¿FDQXQD
PHMRUtDLPSRUWDQWHGHVXVLWXDFLyQFOtQLFDGHVSXpV
GHODVHJXQGDVHVLyQGHWUDWDPLHQWR6HJ~QORV
HVWXGLRVPiVUHFLHQWHVHVWHHVXQVLJQRSRVLWLYR
SDUDHOSURQyVWLFRGHOUHVXOWDGRGHOWUDWDPLHQWR
3RUORWDQWRHVSRVLEOHSUHYHUHOUHVXOWDGRGHO
WUDWDPLHQWRGHVSXpVGHGRVVHVLRQHVSHURQR
DQWHV
/RV DMXVWHV GH OD DSOLFDFLyQ GHVFULWRV
HQHVWHPDQXDOPDQJRDSOLFDGRUQ~PHURGH
VHVLRQHVQ~PHURGHLPSXOVRVSRUWUDWDPLHQWR
IUHFXHQFLDSUHVLyQGHDLUHVRQUHFRPHQGDFLRQHV
QRREOLJDWRULDV6HEDVDQHQLQIRUPHVUHDOL]DGRV
SRUH[SHUWRVHQ56:7SXEOLFDGRVHQREUDVFLHQWt
¿FDV\SUHVHQWDGRVHQFRQJUHVRVLQWHUQDFLRQDOHV
'HEHQ WHQHUVH HQ FXHQWD WDQWR HVWDV
UHFRPHQGDFLRQHVFRPRODH[SHULHQFLDLQGLYLGXDO
GHOWHUDSHXWD\ODUHDFFLyQLQGLYLGXDOGHFDGD
SDFLHQWHDODKRUDGHSODQL¿FDU\OOHYDUDFDER
WUDWDPLHQWRVFRQHOPpWRGR6ZLVV'RORU&ODVW
1HOODJHVWLRQHGHOGRORUHODWHUDSLDDGRQGHG
XUWR
UDGLDOLqJHQHUDOPHQWHDSSOLFDWDLQWUHVHGXWHGL
WUDWWDPHQWRDGLVWDQ]DGLXQDVHWWLPDQD&LUFD
O¶GLWXWWLLSD]LHQWLVHJQDODXQVRVWDQ]LDOH
PLJOLRUDPHQWR GHOOD VLWXD]LRQH FOLQLFD JLj LQ
VHJXLWRDOODSULPDVHGXWDGLWUDWWDPHQWR6HFRQGR
JOLVWXGLSLUHFHQWLTXHVWRFRVWLWXLVFHXQLQGLFH
SRVLWLYRSHUODSURJQRVLGHOO¶HVLWRGHOWUDWWDPHQWR
3HUWDQWRqSRVVLELOHSUHGLUHO¶HVLWRGHOWUDWWDPHQWR
GRSRGXHVHGXWHGLWUDWWDPHQWRPDQRQSULPD
/HLPSRVWD]LRQLGLDSSOLFD]LRQHGHVFULWWHLQ
TXHVWRPDQXDOHPDQLSRORDSSOLFDWRUHQXPHUR
GL VHGXWH QXPHUR GL LPSXOVL SHU WUDWWDPHQWR
IUHTXHQ]DSUHVVLRQHGHOO¶DULDVRQRUDFFRPDQ
GD]LRQLQRQYLQFRODQWL(VVHVLEDVDQRVXUDSSRUWL
GLHVSHUWLQHOFDPSRGHOODWHUDSLDDGRQGHG¶XUWR
UDGLDOLSXEEOLFDWLQHOODOHWWHUDWXUDVFLHQWLILFDH
SUHVHQWDWLDGHLFRQJUHVVLLQWHUQD]LRQDOL
4XHVWHUDFFRPDQGD]LRQLGHYRQRHVVHUH
SUHVHLQFRQVLGHUD]LRQHLQVLHPHDOO¶HVSHULHQ]D
LQGLYLGXDOHGHOWHUDSHXWDHDOIHHGEDFNLQGLYLGXDOH
GHOSD]LHQWHTXDQGRVLSLDQL¿FDQRHVLHIIHWWXDQR
WUDWWDPHQWLFRQLOPHWRGR6ZLVV'RORU&ODVW
)|UVPlUWKDQWHULQJDQYlQGV56:7YDQOLJHQYLGWUH
EHKDQGOLQJVVHVVLRQHUPHGHQYHFNDVPHOODQUXP
&LUND DY VDPWOLJD SDWLHQWHU UDSSRUWHUDU
HQYlVHQWOLJNOLQLVNI|UElWWULQJUHGDQHIWHUGHQ
DQGUDEHKDQGOLQJVVHVVLRQHQ(QOLJWGHVHQDVWH
VWXGLHUQDlUGHWWDHWWSRVLWLYWWHFNHQI|USURJQRVHQ
I|UEHKDQGOLQJVUHVXOWDWHW'HWlUGlUI|UP|MOLJWDWW
I|UXWVlJDEHKDQGOLQJVUHVXOWDWHWHIWHUWYnEHKDQG
OLQJVVHVVLRQHUPHQLQWHWLGLJDUH
'H EHKDQGOLQJVSDUDPHWUDU VRP DQJHV
LGHQQDKDQGERNKDQGVW\FNHDSSOLNDWRUDQWDO
VHVVLRQHUDQWDOSXOVHUSHUEHKDQGOLQJIUHNYHQV
OXIWWU\FNlULFNHELQGDQGHUHNRPPHQGDWLRQHU'H
lUEDVHUDGHSnUDSSRUWHUIUnQ56:7H[SHUWHU
SXEOLFHUDGHLGHQYHWHQVNDSOLJDOLWWHUDWXUHQRFK
SUHVHQWHUDGHSnLQWHUQDWLRQHOODNRQJUHVVHU
+lQV\QE|UWDVWLOOVnYlOGHVVDUHNRPPHQGD
WLRQHUVRPGHQHQVNLOGDEHKDQGODUHQVHUIDUHQKHW
RFK GHQ HQVNLOGD SDWLHQWHQV nWHUNRSSOLQJ YLG
SODQHULQJRFKJHQRPI|UDQGHDYEHKDQGOLQJPHG
6ZLVV'RORU&ODVWPHWRGHQ
:KHQ SHUIRUPLQJ WUHDWPHQWV RQ WKH
PXVFXORVNHOHWDOV\VWHPDVGHVFULEHGKHUHWKH
DLUSUHVVXUHRIWKH6ZLVV'RORU&ODVWVKRXOGEH
DGMXVWHGVRWKDWWKHSDWLHQWH[SHULHQFHVVRPHOHYHO
RIGLVFRPIRUWDWOHDVWGXULQJWKH¿UVWWUHDWPHQWEXW
GRHVQRWIHHOSDLQ7KHGLVFRPIRUWLQGLFDWHVWKDW
WKHSHULSKHUDOQHUYRXVV\VWHPLVVWLPXODWHGE\WKH
VKRFNZDYHV'XULQJWKHIROORZLQJWUHDWPHQWVWKH
SDWLHQWPLJKWQRWH[SHULHQFHGLVFRPIRUWDQ\PRUH
HYHQLIWKHDLUSUHVVXUHLVLQFUHDVHG
3RXUOHWUDLWHPHQWVVXUOHVLQGLFDWLRQVGX
V\VWqPHPXVFXORVTXHOHWWLTXHSUpVHQWpHVGDQV
FHPDQXHOODSUHVVLRQG
DLUGX6ZLVV'RORU&ODVW
GRLWrWUHDMXVWpHGHPDQLqUHjFHTXHOHSDWLHQW
UHVVHQWHXQFHUWDLQLQFRQIRUWPDLVSDVGHGRXOHXU
&HWLQFRQIRUWLQGLTXHTXHOHV\VWqPHQHUYHX[
SpULSKpULTXHHVWVWLPXOpSDUOHVRQGHVGHFKRF
/RUVOHVWUDLWHPHQWVVXLYDQWVOHSDWLHQWQHGHYUDLW
SOXVUHVVHQWLUG
LQFRQIRUWHQGpSLWG
XQHSRVVLEOH
DXJPHQWDWLRQGHODSUHVVLRQG
DLU
3OHDVHPDNHVXUHWKDWDOOVLGHHIIHFWVIURP
WKH SUHYLRXV WUHDWPHQW KDYH VXEVLGHG EHIRUH
SHUIRUPLQJWKHQH[WWUHDWPHQW)RUSDWLHQWVZLWK
DORZSDLQWKUHVKROGWKHWUHDWPHQWFDQEHVWDUWHG
DWDQRSHUDWLQJSUHVVXUHRIEDUDQGRSHUDWLQJ
IUHTXHQF\RI+]$QDQDOJHVLFHIIHFWVHWVLQDIWHU
DSSUR[LPDWHO\SXOVHV$VWUHDWPHQWJRHVRQ
WKHZRUNLQJSUHVVXUHDQGRSHUDWLQJIUHTXHQF\FDQ
WKHQEHLQFUHDVHGWRWKHUHFRPPHQGHGYDOXHV,I
WKHVHQVLWLYLW\RIWKHSDWLHQWWRSDLQGRHVQRWDOORZ
WKLVFRQWLQXHZLWKWKHLQLWLDOVHWWLQJV
6
DVVXUHUTXHOHVHIIHWVVHFRQGDLUHVGX
WUDLWHPHQWSUpFpGHQWVHVRLHQWHVWRPSpVDYDQW
GHUpSpWHUOHWUDLWHPHQW3RXUXQSDWLHQWD\DQW
XQ VHXLO GH UpVLVWDQFH j OD GRXOHXU UpGXLW OH
WUDLWHPHQWSHXWrWUHLQLWLpDYHFXQHSUHVVLRQGH
WUDYDLOjEDUHWXQHIUpTXHQFHGHWUDYDLOGH+]
8QHIIHWDQDOJpVLTXHVXUYLHQWDSUqVHQYLURQ
LPSXOVLRQV3RXUODVXLWHGXWUDLWHPHQWODSUHVVLRQ
GHWUDYDLOHWODIUpTXHQFHSHXYHQWrWUHDXJPHQWpHV
DX[YDOHXUVUHFRPPDQGpHV6LODVHQVLELOLWpjOD
GRXOHXUGXSDWLHQWQHOHSHUPHWSDVFRQWLQXHUDYHF
OHVUpJODJHVLQLWLDX[
%HLDOOHQKLHUYRUJHVWHOOWHQ,QGLNDWLRQHQDP
6WW]XQG%HZHJXQJVDSSDUDWVROOGHU$UEHLWVGUXFN
VRDQJHSDVVWZHUGHQGDVVGHU3DWLHQW]XPLQGHVW
GLHHUVWH%HKDQGOXQJDOVOHLFKWXQDQJHQHKPDEHU
QLFKWVFKPHU]KDIWHPS¿QGHW'LHVHVXQDQJH
QHKPH*HIKO]HLJWDQGDVVGLH6WRVVZHOOHQ
GDVSHULSKHUH1HUYHQV\VWHPVWLPXOLHUHQ%HLGHQ
IROJHQGHQ%HKDQGOXQJHQNDQQHVYRUNRPPHQ
GDVVGHU3DWLHQWGLH%HKDQGOXQJWURW]JHVWHL
JHUWHQ$UEHLWVGUXFNVQLFKWPHKUDOVXQDQJHQHKP
HPS¿QGHW
%LWWH EHDFKWHQ 6LH GDVV DOOH 1HEHQ
ZLUNXQJHQ YRU HLQHU :LHGHUKROEHKDQGOXQJ
DEJHNOXQJHQVHLQPVVHQ%HLVWDUNVFKPHU]
HPS¿QGOLFKHQ3DWLHQWHQNDQQPLWHLQHP$UEHLWV
GUXFNYRQEDUXQGHLQHU$UEHLWVIUHTXHQ]YRQ
+]EHJRQQHQZHUGHQ1DFK$EJDEHYRQFD
,PSXOVHQWULWWHLQHDQDOJHVLHUHQGH:LUNXQJ
HLQ 6WHLJHUQ 6LH QXQ LP ZHLWHUHQ9HUODXIGHU
%HKDQGOXQJGLH/HLVWXQJVDEJDEHXQGGLH$UEHLWV
IUHTXHQ]DXIGLHHPSIRKOHQHQ$UEHLWVSDUDPHWHU
6ROOWHGLH6FKPHU]HPS¿QGOLFKNHLWGHV3DWLHQWHQ
GLHVQLFKWHUP|JOLFKHQVHW]HQ6LHGLH%HKDQGOXQJ
PLWGHQLQLWLDOHQ(LQVWHOOXQJHQIRUW
3DUD UHDOL]DU WUDWDPLHQWRV GHO VLVWHPD
ORFRPRWRUWDO\FRPRVHGHVFULEHQDTXtODSUHVLyQ
GHDLUHGH6ZLVV'RORU&ODVWGHEHDMXVWDUVHGH
PRGRTXHHOSDFLHQWHH[SHULPHQWHXQJUDGRGH
PROHVWLDDOPHQRVGXUDQWHHOSULPHUWUDWDPLHQWR
SHURVLQTXHVLHQWDGRORU(VWDPROHVWLDLQGLFD
TXHHOVLVWHPDQHUYLRVRSHULIpULFRHVWiVLHQGR
HVWLPXODGRSRUODVRQGDVGHFKRTXH'XUDQWHORV
VLJXLHQWHVWUDWDPLHQWRVSXHGHVHUTXHHOSDFLHQWH
\DQRH[SHULPHQWHPROHVWLDVDSHVDUGHODSRVLEL
OLGDGGHDXPHQWDUODSUHVLyQGHDLUH
$VHJ~UHVHGHTXHWRGRVORVHIHFWRVVHFXQ
GDULRVFDXVDGRVSRUHO~OWLPRWUDWDPLHQWRKDQ
GLVPLQXLGRDQWHVGHUHDOL]DUHOVLJXLHQWHWUDWD
PLHQWR3DUDORVSDFLHQWHVFRQXQXPEUDOGHGRORU
EDMRHOWUDWDPLHQWRSXHGHLQLFLDUVHDXQDSUHVLyQ
GHIXQFLRQDPLHQWRGHEDU\XQDIUHFXHQFLDGH
+](OHIHFWRDQDOJpVLFRHPSLH]DGHVSXpVGH
DSUR[LPDGDPHQWHLPSXOVRV$PHGLGDTXH
FRQWLQ~DHOWUDWDPLHQWRODSUHVLyQ\ODIUHFXHQFLD
GHIXQFLRQDPLHQWRSXHGHQDXPHQWDUVHKDVWDORV
YDORUHVUHFRPHQGDGRV6LODVHQVLELOLGDGDOGRORU
GHOSDFLHQWHQRORSHUPLWHFRQWLQ~HFRQORVYDORUHV
LQLFLDOHV
1HOSUDWLFDUHWUDWWDPHQWLGHOVLVWHPDPXVFR
ORVFKHOHWULFRFRPHGHVFULWWRLQTXHVWRGRFXPHQWR
ODSUHVVLRQHGHO6ZLVV'RORU&ODVWGHYHHVVHUH
UHJRODWDLQPRGRFKHLOSD]LHQWHSURYLXQFHUWR
OLYHOORGLIDVWLGLRDOPHQRGXUDQWHLOSULPRWUDWWD
PHQWRVHQ]DSHUzDYYHUWLUHGRORUH,OIDVWLGLRLQGLFD
FKHLOVLVWHPDQHUYRVRSHULIHULFRqVWLPRODWRGDOOH
RQGHG¶XUWR1HOFRUVRGHLWUDWWDPHQWLVXFFHVVLYL
LOSD]LHQWHSXzQRQDYYHUWLUHSLDOFXQIDVWLGLR
QRQRVWDQWHODSRVVLELOLWjGLDXPHQWDUHODSUHVVLRQH
GHOO¶DULD
ÊQHFHVVDULRDVVLFXUDUVLFKHWXWWLJOLHIIHWWL
VHFRQGDULGHULYDQWLGDOO¶XOWLPRWUDWWDPHQWRVLDQR
VFRPSDUVL SULPD GL HIIHWWXDUH LO WUDWWDPHQWR
VXFFHVVLYR3HULSD]LHQWLFRQXQDEDVVDVRJOLD
DOGRORUHLOWUDWWDPHQWRSXzHVVHUHLQL]LDWRDG
XQDSUHVVLRQHRSHUDWLYDGLEDUHXQDIUHTXHQ]D
RSHUDWLYDGL+]'RSRFLUFDLPSXOVLVLLQVWDXUD
XQHIIHWWRDQDOJHVLFR&RQLOSURFHGHUHGHOWUDWWD
PHQWR OD SUHVVLRQH RSHUDWLYD H OD IUHTXHQ]D
RSHUDWLYDSRVVRQRTXLQGLHVVHUHDXPHQWDWH¿QR
DLYDORULUDFFRPDQGDWL6HODVHQVLELOLWjDOGRORUH
GHOSD]LHQWHQRQSHUPHWWHO¶XVRGLWDOLYDORULq
SRVVLELOHFRQWLQXDUHFRQLYDORULLQL]LDOL
1lUEHKDQGOLQJDUJ|UVSnU|UHOVHDSSDUDWHQ
SnGHWKlUEHVNULYQDVlWWHWVNDOOOXIWWU\FNHWI|U6ZLVV
'RORU&ODVWMXVWHUDVVnDWWSDWLHQWHQNlQQHUYLVVW
REHKDJnWPLQVWRQHXQGHUGHQI|UVWDEHKDQGOLQJHQ
PHQLQWHNlQQHUQnJRQVPlUWD2EHKDJHWLQGLNHUDU
DWWGHWSHULIHUDQHUYV\VWHPHWVWLPXOHUDVDYVW|WYn
JRUQD8QGHUGHI|OMDQGHEHKDQGOLQJDUQDNRPPHU
SDWLHQWHQHYHQWXHOOWLQWHDWWNlQQDQnJRWREHKDJ
OlQJUHWURWVP|MOLJKHWHQDWW|NDOXIWWU\FNHW
.RQWUROOHUDDWWDOODELYHUNQLQJDUIUnQGHQ
VHQDVWHEHKDQGOLQJHQKDUODJWVLJLQQDQQlVWD
EHKDQGOLQJ JHQRPI|UV )|U SDWLHQWHU PHG OnJ
VPlUWWU|VNHONDQEHKDQGOLQJHQLQOHGDVYLGHWW
GULIWWU\FNSnEDURFKHQGULIWIUHNYHQVSn+]
(QVPlUWVWLOODQGHHIIHNWXSSQnVHIWHUFLUND
SXOVHU8QGHUEHKDQGOLQJHQVJnQJNDQGULIWWU\FNHW
RFKGULIWIUHNYHQVHQ|NDVWLOOGHUHNRPPHQGHUDGH
YlUGHQD 2P SDWLHQWHQV VPlUWNlQVOLJKHW LQWH
WLOOnWHUGHWWDIRUWVlWWHUPDQPHGGHXUVSUXQJOLJD
YlUGHQD
$33/,&$7,21217+(
086&8/26.(/(7$/6<67(0
)RUWUHDWPHQWVRIWKHPXVFXORVNHOHWDOV\VWHP
ORFDOL]HWKHUHJLRQWREHWUHDWHGE\SDOSDWLRQ
LHE\ORFDOL]LQJWKHVLWHRIPD[LPXPSDLQ
:KHQWUHDWLQJFDOFLI\LQJWHQGLQLWLVRI
WKHVKRXOGHUWKH]RQHWREHWUHDWHGLV
DOVRLGHQWL¿HGE\DUDGLRJUDSKDQGRUDQ
HFKRJUDSK\RIWKHFDOFL¿HGDUHD
$IWHUORFDOL]DWLRQODEHOWKHVNLQDUHDRYHUWKH
UHJLRQWREHWUHDWHG
$SSO\WKH(066ZLVV'RORU&ODVWFRXSOLQJJHO
IRULPSURYHGFRXSOLQJ
$FWLYDWHWKHSXOVHVLQFRQWLQXRXVPRGHDQG
PRYHWKHDSSOLFDWRUWLSRYHUWKHWUHDWHG]RQH
7KHPDQXDODSSOLFDWLRQIRUFHGHSHQGVRQWKH
LQGLFDWLRQ
8VHWKHDSSURSULDWHDSSOLFDWRUDFFRUGLQJ
WRWKHXVHUPDQXDOIRUWKH6ZLVV'RORU&ODVWDSSOL
FDWRUV
$33/,&$7,21685/(6<67Ê0(
086&8/2648(/(77,48(
3RXUOHVWUDLWHPHQWVGHOD]RQHPXVFXORVTXH
OHWWLTXHORFDOLVHUOD]RQHGHWUDLWHPHQWSDU
SDOSDWLRQSDUH[HQUHFKHUFKDQWOD]RQHGH
GRXOHXUPD[LPXP
3RXUOHWUDLWHPHQWGHODWHQGLQLWHFDOFL¿DQWH
GHO
pSDXOHOD]RQHGHWUDLWHPHQWHVWDXVVL
LGHQWL¿pHSDUXQHUDGLRJUDSKLHRXXQH
pFKRJUDSKLHGHOD]RQHFDOFL¿pH
$SUqVODORFDOLVDWLRQPDUTXHUOD]RQHFXWDQpH
VXUOD]RQHGHWUDLWHPHQW
$SSOLTXHUOHJHO(066ZLVV'RORU&ODVWSRXU
DPpOLRUHUOHFRXSODJH
$FWLYHUOHVLPSXOVLRQVHQPRGHFRQWLQXHW
GpSODFHUGRXFHPHQWOHERXWGHO
DSSOLFDWHXU
VXUOD]RQHWUDLWpH/DIRUFHPDQXHOOHj
DSSOLTXHUGpSHQGGHO
LQGLFDWLRQ
8WLOLVHUO¶DSSOLFDWHXUDSSURSULpVHORQOHPRGH
G
HPSORLGHVDSSOLFDWHXUV6ZLVV'RORU&ODVW
$1:(1'81*$067h7=81'
%(:(*81*6$33$5$7
%HL%HKDQGOXQJHQGHV6WW]XQG
%HZHJXQJVDSSDUDWHVORNDOLVLHUHQ6LH
]XQlFKVWGLH]XEHKDQGHOQGH5HJLRQGXUFK
3DOSDWLRQGKORNDOLVLHUHQ6LHGLH5HJLRQ
PD[LPDOHU6FKPHU]HPS¿QGXQJ
)UGLH%HKDQGOXQJ7HQGLQRVLVFDOFDUHDGHU
5RWDWRUHQPDQVFKHWWHZLUGGHU%HKDQGOXQJV
EHUHLFKUDGLRORJLVFKRGHUVRQRJUDSKLVFK
HUPLWWHOW
1DFKGHU/RNDOLVLHUXQJZLUGGLH+DXWEHU
GHP%HKDQGOXQJVEHUHLFKPDUNLHUW
0LW(066ZLVV'RORU&ODVW.RSSHOJHOZLUGGLH
$QNRSSOXQJYHUEHVVHUW
6WDUWHQ6LHGHQ'DXHULPSXOVEHWULHEXQG
VWUHLFKHQ6LHPLWGHU$SSOLNDWRUVSLW]HEHU
GHQ%HKDQGOXQJVEHUHLFK'LH$QSUHVVNUDIW
YDULLHUWMHQDFK,QGLNDWLRQ
9HUZHQGHQ6LHGHQJHHLJQHWHQ$SSOLNDWRU
JHPlGHU%HGLHQXQJVDQOHLWXQJGHU$SSOLNDWRUHQ
GHV6ZLVV'RORU&ODVW
$3/,&$&,Ï1(1(/6,67(0$
/2&202725
3DUDWUDWDPLHQWRVGHOVLVWHPDORFRPRWRU
ORFDOLFHOD]RQDTXHVHGHEHWUDWDUPHGLDQWH
SDOSDFLyQHVGHFLUORFDOL]DQGRHOOXJDUGH
Pi[LPRGRORU
3DUDHOWUDWDPLHQWRGHODWHQGLQLWLVFDOFL¿FDQWH
GHOKRPEUROD]RQDGHWUDWDPLHQWRVHORFDOL]D
SRUPHGLRGHUDGLRJUDItDRHFRJUDItD
'HVSXpVGHODORFDOL]DFLyQPDUTXHODUHJLyQ
FXWiQHDTXHFXEUHOD]RQDDWUDWDU
$SOLTXHHOJHO6ZLVV'RORU&ODVWGH(06SDUD
PHMRUDUODWUDQVPLVLyQ
$FWLYHORVLPSXOVRVHQPRGRFRQWLQXR\
GHVSODFHHOH[WUHPRGHODSOLFDGRUVREUH
OD]RQDGHWUDWDPLHQWR/DSUHVLyQPDQXDO
GHSHQGHUiGHODLQGLFDFLyQGHOWUDWDPLHQWR
8WLOLFH HO DSOLFDGRU DSURSLDGR VHJ~Q VH
LQGLFDHQHOPDQXDOGHOXVXDULRGHORVDSOLFDGRUHV
6ZLVV'RORU&ODVW
$33/,&$=,21(68/6,67(0$
086&8/26&+(/(75,&2
3HULWUDWWDPHQWLGHOVLVWHPDPXVFRORVFKH
OHWULFRLQGLYLGXDUHODUHJLRQHGDWUDWWDUH
PHGLDQWHSDOSD]LRQHRYYHURLQGLYLGXDQGROD
VHGHGHOODPDVVLPDGROHQ]D
3HULOWUDWWDPHQWRGHOODWHQGLQRSDWLDFDOFL¿FD
GHOODFXI¿DGHLURWDWRULOD]RQDGDWUDWWDUH
YLHQHORFDOL]]DWDUDGLRORJLFDPHQWHRHFRJUD
¿FDPHQWH
'RSRODORFDOL]]D]LRQHODFXWHqFRQWUDV
VHJQDWDVXOODOD]RQDGDWUDWWDUH
8WLOL]]DWHLOJHO6ZLVV'RORU&ODVW(06SHUXQ
FRQWDWWRRWWLPDOHFRQODFXWH
$WWLYDWHJOLLPSXOVLLQPRGRFRQWLQXR
HVHUFLWDQGRXQDOHJJHUDSUHVVLRQHPXRYHWH
GROFHPHQWHO¶DSSOLFDWRUHVXOOD]RQDGDWUDWWDUH
/DSUHVVLRQHGDHVHUFLWDUHSXzHVVHUHGLYHUVD
VHFRQGRLWUDWWDPHQWL
8WLOL]]DWHO¶DSSOLFDWRUHDSSURSULDWRIDFHQGR
ULIHULPHQWRDOPDQXDOHG¶LVWUX]LRQLSHUO¶XVRGHJOL
DSSOLFDWRUL6ZLVV'RORU&ODVW
$19b1'1,1*3c
5g5(/6($3$5$7(1
9LGEHKDQGOLQJDYU|UHOVHDSSDUDWHQORNDOLVHUDU
PDQGHWRPUnGHVRPVNDOOEHKDQGODVJHQRP
DWWSDOSHUDGYVJHQRPDWWORNDOLVHUDYDU
VPlUWDQlUPD[LPDO
)|UEHKDQGOLQJDYNDOND[HONDQEHKDQGOLQJV
RPUnGHWlYHQORNDOLVHUDVPHGU|QWJHQRFK
HOOHUXOWUDOMXGDYGHWI|UNDONDGHRPUnGHW
1lURPUnGHWKDUORNDOLVHUDWVPDUNHUDVKXGHQ
|YHUEHKDQGOLQJVRPUnGHW
$SSOLFHUD(066ZLVV'RORU&ODVWNRSSOLQJVJHO
I|UI|UElWWUDG|YHUI|ULQJ
$QYlQGPXOWLSHOSXOVOlJHRFKVWU\NI|UVLNWLJW
PHGDSSOLNDWRUVSHWVHQ|YHUGHWPDUNHUDGH
RPUnGHW'HWDQYlQGDWU\FNHWEHURUSnYLONHQ
LQGLNDWLRQVRPEHKDQGODV
5lWWDSSOLNDWRUI|UROLNDLQGLNDWLRQHUEHVNULYV
LEUXNVDQYLVQLQJHQWLOO6ZLVV'RORU&ODVWDSSOLNDWR
UHUQD
&DOFLI\LQJWHQGLQLWLVRIWKHVKRXOGHU
VXEDFURPLDOSDLQV\QGURPH
7HQGLQLWHFDOFL¿DQWHGHO
pSDXOH
LPSLQJHPHQWV\QGURPHGHO
pSDXOH
/LWHUDWXUH0DJRVFKHWDO=2UWKRSLQ3XE0HG
3DOSDWLRQRIWKHSDLQIXOUHJLRQ
/DEHOLQJRIWKHSDLQIXOUHJLRQ
$SSOLFDWLRQRIFRXSOLQJJHO
7UHDWPHQWZLWKWKH5DGLDORU3RZHUKDQGSLHFH
$SSOLFDWRUPP
1XPEHURIVHVVLRQVDWZHHNO\LQWHUYDOV
,PSXOVHVSHUWUHDWPHQW
)UHTXHQF\+]
$LUSUHVVXUH
5DGLDOEDU3RZHUEDU
([HUWWKHPD[LPXPDSSOLFDWLRQIRUFHWROHUDWHG
E\WKHSDWLHQW
3DOSHUOD]RQHGRXORXUHXVH
0DUTXHUOD]RQHGRXORXUHXVH
$SSOLTXHUOHJHOGHFRXSODJH
7UDLWHUDYHFODSLqFHjPDLQ5DGLDORX3RZHU
$SSOLFDWHXUPP
1RPEUHGHWUDLWHPHQWVSDULQWHUYDOOHVG
XQH
VHPDLQH
1RPEUHG
LPSXOVLRQVSDUWUDLWHPHQW
)UpTXHQFH+]
3UHVVLRQG
DLU
5DGLDOEDU3RZHUEDU
([HUFHUODIRUFHG
DSSOLFDWLRQPD[LPDOHWROpUDEOH
SDUOHSDWLHQW
7HQGLQRVLVFDOFDUHDGHU
5RWDWRUHQPDQVFKHWWH6XEDNURPLDOHV
6FKPHU]V\QGURP
3DOSDWLRQGHUVFKPHU]KDIWHQ5HJLRQ
0DUNLHUXQJGHUVFKPHU]KDIWHQ5HJLRQ
$XIWUDJHQYRQ.RQWDNWJHO
%HKDQGOXQJPLW5DGLDORGHU3RZHU+DQGVWFN
$SSOLNDWRUPP
$Q]DKOGHU%HKDQGOXQJHQLP$EVWDQGYRQMH
HLQHU:RFKH
$Q]DKOGHU,PSXOVHSUR%HKDQGOXQJ
)UHTXHQ]+]
$UEHLWVGUXFN
5DGLDOEDU3RZHUEDU
0LWGHUPD[LPDOHQYRP3DWLHQWHQWROHULHUWHQ
$QSUHVVNUDIWDUEHLWHQ
7HQGLQLWLVFDOFL¿FDQWHGHOKRPEUR
VtQGURPHVXEDFURPLDOGRORURVR
7HQGLQRSDWLDFDOFL¿FDGHOODFXI¿D
GHLURWDWRULVLQGURPHGDFRQÀLWWR
VXEDFURPLDOH
.DOND[HOVXEDNURPLDOWVPlUWV\QGURP
3DOSDUHOiUHDGHOGRORU
0DUFDUHOiUHDGHOGRORU
$SOLFDUHOJHOGHWUDQVPLVLyQ
7UDWDUFRQHOPDQJR5DGLDOR3RZHU
$SOLFDGRUPP
1~PHURGHVHVLRQHVLQWHUYDORGHXQDVH
PDQD
,PSXOVRVSRUWUDWDPLHQWR
)UHFXHQFLD+]
3UHVLyQGHDLUH
5DGLDOEDU3RZHUEDU
(MHU]DODSUHVLyQPi[LPDWROHUDGDSRUHOSDFLHQWH
3DOSDUHOD]RQDGRORURVD
'HOLPLWDUHOD]RQDGRORURVD
$SSOLFDUHJHOGLDFFRSSLDPHQWR
7UDWWDUHFRQLOPDQLSROR5DGLDOR3RZHU
$SSOLFDWRUHPP
1XPHURGLWUDWWDPHQWLLQWHUYDOORGLXQDVHW
WLPDQD
1XPHURGLLPSXOVLSHUWUDWWDPHQWR
)UHTXHQ]D+]
3UHVVLRQHDULD
5DGLDOEDU3RZHUEDU
(VHUFLWDWHODSUHVVLRQHPDVVLPDWROOHUDELOHGD
SDUWHGHOSD]LHQWH
3DOSHUDGHWVPlUWVDPPDRPUnGHW
0DUNHUDGHWVPlUWVDPPDRPUnGHW
$SSOLFHUDNRSSOLQJVJHO
%HKDQGODPHGKDQGVW\FNHW5DGLDOHOOHU3RZHU
$SSOLNDWRUPP
$QWDOVHVVLRQHULQWHUYDOOPHGHQYHFND
$QWDOSXOVHUSHUEHKDQGOLQJ
)UHNYHQV+]
/XIWWU\FN
5DGLDOEDU3RZHUEDU
7U\FNVnKnUWVRPSDWLHQWHQWROHUHUDU
7HQQLVHOERZ
(SLFRQG\OLWLVKXPHULUDGLDOLV
7HQQLVHOERZ
eSLFRQG\OLWHUDGLDOH
7HQQLVHOOERJHQ
(SLFRQG\OLWLVKXPHULUDGLDOLV
/LWHUDWXUH6|OOHU,Q0DLHU0*LOOHVEHUJHU)$EVWUDFWV]XU0XVNXORVNHOHWWDOHQ6WRVVZHOOHQWKHUDSLH.RQJUHVVEDQGGHV
'UHLOlQGHUWUHIIHQVGHUgVWHUUHLFKLVFKHQ6FKZHL]HUXQG'HXWVFKHQ)DFKJHVHOOVFKDIWHQ%RRNVRQ'HPDQG1RUGHUVWHGWSS
3DOSDWLRQRIWKHSDLQIXOUHJLRQ
/DEHOLQJRIWKHSDLQIXOUHJLRQ
$SSOLFDWLRQRIFRXSOLQJJHO
7UHDWPHQWZLWKWKH5DGLDOKDQGSLHFH
$SSOLFDWRUPP
1XPEHURIVHVVLRQVDWZHHNO\LQWHUYDOV
,PSXOVHVSHUWUHDWPHQW
)UHTXHQF\+]
$LUSUHVVXUHEDU
([HUWDOLJKWDSSOLFDWLRQIRUFH
3DOSHUOD]RQHGRXORXUHXVH
0DUTXHUOD]RQHGRXORXUHXVH
$SSOLTXHUOHJHOGHFRXSODJH
7UDLWHUDYHFODSLqFHjPDLQ5DGLDO
$SSOLFDWHXUPP
1RPEUHGHWUDLWHPHQWVSDULQWHUYDOOHVG
XQH
VHPDLQH
1RPEUHG
LPSXOVLRQVSDUWUDLWHPHQW
)UpTXHQFH+]
3UHVVLRQG
DLUEDU
([HUFHUXQHIRUFHG
DSSOLFDWLRQOpJqUH
3DOSDWLRQGHUVFKPHU]KDIWHQ5HJLRQ
0DUNLHUXQJGHUVFKPHU]KDIWHQ5HJLRQ
$XIWUDJHQYRQ.RQWDNWJHO
%HKDQGOXQJPLWGHP5DGLDO+DQGVWFN
$SSOLNDWRUPP
$Q]DKOGHU%HKDQGOXQJHQLP$EVWDQGYRQMH
HLQHU:RFKH
$Q]DKOGHU,PSXOVHSUR%HKDQGOXQJ
)UHTXHQ]+]
$UEHLWVGUXFNEDU
0LWOHLFKWHU$QSUHVVNUDIWDUEHLWHQ
&RGRGHWHQLVWD
HSLFRQGLOLWLVODWHUDO
*RPLWRGHOWHQQLVWD
(SLFRQGLOLWHRPHURUDGLDOH
7HQQLVDUPEnJH
/DWHUDOHSLNRQG\OLW
3DOSDUHOiUHDGHOGRORU
0DUFDUHOiUHDGHOGRORU
$SOLFDUHOJHOGHWUDQVPLVLyQ
7UDWDUFRQHOPDQJR5DGLDO
$SOLFDGRUPP
1~PHURGHVHVLRQHVLQWHUYDORGHXQDVH
PDQD
,PSXOVRVSRUWUDWDPLHQWR
)UHFXHQFLD+]
3UHVLyQGHDLUHEDU
(MHU]DXQDOLJHUDSUHVLyQ
3DOSDUHOD]RQDGRORURVD
'HOLPLWDUHOD]RQDGRORURVD
$SSOLFDUHJHOGLDFFRSSLDPHQWR
7UDWWDUHFRQLOPDQLSROR5DGLDO
$SSOLFDWRUHPP
1XPHURGLWUDWWDPHQWLLQWHUYDOORGLXQDVHW
WLPDQD
1XPHURGLLPSXOVLSHUWUDWWDPHQWR
)UHTXHQ]D+]
3UHVVLRQHDULDEDU
(VHUFLWDWHXQDSUHVVLRQHOHJJHUD
3DOSHUDGHWVPlUWVDPPDRPUnGHW
0DUNHUDGHWVPlUWVDPPDRPUnGHW
$SSOLFHUDNRSSOLQJVJHO
%HKDQGODPHGKDQGVW\FNHW5DGLDO
$SSOLNDWRUPP
$QWDOVHVVLRQHULQWHUYDOOPHGHQYHFND
$QWDOSXOVHUSHUEHKDQGOLQJ
)UHNYHQV+]
/XIWWU\FNEDU
$QYlQGOlWWWU\FN
*UHDWHUWURFKDQWHULFSDLQV\QGURPH
6\QGURPHGRXORXUHX[GXJUDQG
WURFKDQWHU
6FKPHU]V\QGURPGHV7URFKDQWHUPDMRU
/LWHUDWXUH)XULDHWDO$P-6SRUWV0HG5RPSHHWDO$P-6SRUWV0HGERWKLQ3XE0HG
3DOSDWLRQRIWKHSDLQIXOUHJLRQ
/DEHOLQJRIWKHSDLQIXOUHJLRQ
$SSOLFDWLRQRIFRXSOLQJJHO
7UHDWPHQWZLWKWKH5DGLDOKDQGSLHFH
$SSOLFDWRUPP
1XPEHURIVHVVLRQVDWZHHNO\LQWHUYDOV
,PSXOVHVSHUWUHDWPHQW
)UHTXHQF\+]
$LUSUHVVXUHEDU
([HUWDPRGHUDWHDSSOLFDWLRQIRUFH
3DOSHUOD]RQHGRXORXUHXVH
0DUTXHUOD]RQHGRXORXUHXVH
$SSOLTXHUOHJHOGHFRXSODJH
7UDLWHUDYHFODSLqFHjPDLQ5DGLDO
$SSOLFDWHXUPP
1RPEUHGHWUDLWHPHQWVSDULQWHUYDOOHVG
XQH
VHPDLQH
1RPEUHG
LPSXOVLRQVSDUWUDLWHPHQW
)UpTXHQFH+]
3UHVVLRQG
DLUEDU
([HUFHUXQHIRUFHG
DSSOLFDWLRQPRGpUpH
3DOSDWLRQGHUVFKPHU]KDIWHQ5HJLRQ
0DUNLHUXQJGHUVFKPHU]KDIWHQ5HJLRQ
$XIWUDJHQYRQ.RQWDNWJHO
%HKDQGOXQJPLWGHP5DGLDO+DQGVWFN
$SSOLNDWRUPP
$Q]DKOGHU%HKDQGOXQJHQLP$EVWDQGYRQMH
HLQHU:RFKH
$Q]DKOGHU,PSXOVHSUR%HKDQGOXQJ
)UHTXHQ]+]
$UEHLWVGUXFNEDU
0LWPRGHUDWHU$QSUHVVNUDIWDUEHLWHQ
6tQGURPHGRORURVRGHOWURFiQWHUPD\RU
6LQGURPHGRORURVDGHOJUDQGH
WURFDQWHUH
6PlUWV\QGURPLWURFKDQWHUPDMRU
3DOSDUHOiUHDGHOGRORU
0DUFDUHOiUHDGHOGRORU
$SOLFDUHOJHOGHWUDQVPLVLyQ
7UDWDUFRQHOPDQJR5DGLDO
$SOLFDGRUPP
1~PHURGHVHVLRQHVLQWHUYDORGHXQDVH
PDQD
,PSXOVRVSRUWUDWDPLHQWR
)UHFXHQFLD+]
3UHVLyQGHDLUHEDU
(MHU]DXQDSUHVLyQPRGHUDGD
3DOSDUHOD]RQDGRORURVD
'HOLPLWDUHOD]RQDGRORURVD
$SSOLFDUHJHOGLDFFRSSLDPHQWR
7UDWWDUHFRQLOPDQLSROR5DGLDO
$SSOLFDWRUHPP
1XPHURGLWUDWWDPHQWLLQWHUYDOORGLXQDVHW
WLPDQD
1XPHURGLLPSXOVLSHUWUDWWDPHQWR
)UHTXHQ]D+]
3UHVVLRQHDULDEDU
(VHUFLWDWHXQDSUHVVLRQHPRGHUDWD
3DOSHUDGHWVPlUWVDPPDRPUnGHW
0DUNHUDGHWVPlUWVDPPDRPUnGHW
$SSOLFHUDNRSSOLQJVJHO
%HKDQGODPHGKDQGVW\FNHW5DGLDO
$SSOLNDWRUPP
$QWDOVHVVLRQHULQWHUYDOOPHGHQYHFND
$QWDOSXOVHUSHUEHKDQGOLQJ
)UHNYHQV+]
/XIWWU\FNEDU
$QYlQGPnWWOLJWWU\FN
3DWHOODUWHQGLQRSDWK\
6\QGURPHGHODSRLQWHURWXOLHQQH
3DWHOODVSLW]HQV\QGURP
/LWHUDWXUH/RKUHUHWDO6SRUWYHUO6SRUWVFKDGLQ3XE0HG
3DOSDWLRQRIWKHSDLQIXOUHJLRQ
/DEHOLQJRIWKHSDLQIXOUHJLRQ
$SSOLFDWLRQRIFRXSOLQJJHO
7UHDWPHQWZLWKWKH5DGLDOKDQGSLHFH
$SSOLFDWRUPP
1XPEHURIVHVVLRQVDWZHHNO\LQWHUYDOV
,PSXOVHVSHUWUHDWPHQW
)UHTXHQF\+]
$LUSUHVVXUHEDU
([HUWDOLJKWWRPRGHUDWHDSSOLFDWLRQIRUFH
3DOSHUOD]RQHGRXORXUHXVH
0DUTXHUOD]RQHGRXORXUHXVH
$SSOLTXHUOHJHOGHFRXSODJH
7UDLWHUDYHFODSLqFHjPDLQ5DGLDO
$SSOLFDWHXUPP
1RPEUHGHWUDLWHPHQWVSDULQWHUYDOOHVG
XQH
VHPDLQH
1RPEUHG
LPSXOVLRQVSDUWUDLWHPHQW
)UpTXHQFH+]
3UHVVLRQG
DLUEDU
([HUFHUXQHIRUFHG
DSSOLFDWLRQOpJqUHj
PRGpUpH
3DOSDWLRQGHUVFKPHU]KDIWHQ5HJLRQ
0DUNLHUXQJGHUVFKPHU]KDIWHQ5HJLRQ
$XIWUDJHQYRQ.RQWDNWJHO
%HKDQGOXQJPLWGHP5DGLDO+DQGVWFN
$SSOLNDWRUPP
$Q]DKOGHU%HKDQGOXQJHQLP$EVWDQGYRQMH
HLQHU:RFKH
$Q]DKOGHU,PSXOVHSUR%HKDQGOXQJ
)UHTXHQ]+]
$UEHLWVGUXFNEDU
0LWOHLFKWHUELVPRGHUDWHU$QSUHVVNUDIWDUEHLWHQ
6tQGURPHGHODWHQGLQLWLVURWXOLDQD
7HQGLQRSDWLDLQVHU]LRQDOHURWXOHD
3DWHOODDSH[V\QGURP
3DOSDUHOiUHDGHOGRORU
0DUFDUHOiUHDGHOGRORU
$SOLFDUHOJHOGHWUDQVPLVLyQ
7UDWDUFRQHOPDQJR5DGLDO
$SOLFDGRUPP
1~PHURGHVHVLRQHVLQWHUYDORGHXQDVH
PDQD
,PSXOVRVSRUWUDWDPLHQWR
)UHFXHQFLD+]
3UHVLyQGHDLUHEDU
(MHU]DXQDSUHVLyQGHOLJHUDDPRGHUDGD
3DOSDUHOD]RQDGRORURVD
'HOLPLWDUHOD]RQDGRORURVD
$SSOLFDUHJHOGLDFFRSSLDPHQWR
7UDWWDUHFRQLOPDQLSROR5DGLDO
$SSOLFDWRUHPP
1XPHURGLWUDWWDPHQWLLQWHUYDOORGLXQDVHW
WLPDQD
1XPHURGLLPSXOVLSHUWUDWWDPHQWR
)UHTXHQ]D+]
3UHVVLRQHDULDEDU
(VHUFLWDWHXQDSUHVVLRQHGDOHJJHUDDPRGHUDWD
3DOSHUDGHWVPlUWVDPPDRPUnGHW
0DUNHUDGHWVPlUWVDPPDRPUnGHW
$SSOLFHUDNRSSOLQJVJHO
%HKDQGODPHGKDQGVW\FNHW5DGLDO
$SSOLNDWRUPP
$QWDOVHVVLRQHULQWHUYDOOPHGHQYHFND
$QWDOSXOVHUSHUEHKDQGOLQJ
)UHNYHQV+]
/XIWWU\FNEDU
7U\FNOlWWWLOOPnWWOLJWKnUW
5XJE\NQHH
2VJRRG6FKODWWHUGLVHDVH
$SRSK\VRVHWLELDOHDQWpULHXUH
PDODGLHG
2VJRRG6FKODWWHU
0RUEXV2VJRRG6FKODWWHU
/LWHUDWXUH7LWRYDQG/LWYLQHQNR$EVWUDFWVWK,QWHUQDWLRQDO&RQJUHVVRIWKH,QWHUQDWLRQDO6RFLHW\IRU
0XVFXORVNHOHWDO6KRFN:DYH7KHUDS\7RURQWR&DQDGDSS
3DOSDWLRQRIWKHSDLQIXOUHJLRQ
/DEHOLQJRIWKHSDLQIXOUHJLRQ
$SSOLFDWLRQRIFRXSOLQJJHO
7UHDWPHQWZLWKWKH5DGLDOKDQGSLHFH
$SSOLFDWRUPP
1XPEHURIVHVVLRQVDWZHHNO\LQWHUYDOV
,PSXOVHVSHUWUHDWPHQW
)UHTXHQF\+]
$LUSUHVVXUHEDU
([HUWDOLJKWWRPRGHUDWHDSSOLFDWLRQIRUFH
3DOSHUOD]RQHGRXORXUHXVH
0DUTXHUOD]RQHGRXORXUHXVH
$SSOLTXHUOHJHOGHFRXSODJH
7UDLWHUDYHFODSLqFHjPDLQ5DGLDO
$SSOLFDWHXUPP
1RPEUHGHWUDLWHPHQWVSDULQWHUYDOOHVG
XQH
VHPDLQH
1RPEUHG
LPSXOVLRQVSDUWUDLW
)UpTXHQFH+]
3UHVVLRQG
DLUEDU
([HUFHUXQHIRUFHG
DSSOLFDWLRQOpJqUHj
PRGpUpH
3DOSDWLRQGHUVFKPHU]KDIWHQ5HJLRQ
0DUNLHUXQJGHUVFKPHU]KDIWHQ5HJLRQ
$XIWUDJHQYRQ.RQWDNWJHO
%HKDQGOXQJPLWGHP5DGLDO+DQGVWFN
$SSOLNDWRUPP
$Q]DKOGHU%HKDQGOXQJHQLP$EVWDQGYRQMH
HLQHU:RFKH
$Q]DKOGHU,PSXOVHSUR%HKDQGOXQJ
)UHTXHQ]+]
$UEHLWVGUXFNEDU
0LWOHLFKWHUELVPRGHUDWHU$QSUHVVNUDIWDUEHLWHQ
2VWHRFRQGURVLVGHODWXEHURVLGDG
WLELDODQWHULRUHQIHUPHGDGGH2VJRRG
6FKODWWHU
2VWHRFRQGURVLGHOO
DSRIVLWLELDOH
DQWHULRUHVLQGURPHGL2VJRRG
6FKODWWHU
2VJRRG6FKODWWHUVVMXNGRP
3DOSDUHOiUHDGHOGRORU
0DUFDUHOiUHDGHOGRORU
$SOLFDUHOJHOGHWUDQVPLVLyQ
7UDWDUFRQHOPDQJR5DGLDO
3DOSDUHOD]RQDGRORURVD
'HOLPLWDUHOD]RQDGRORURVD
$SSOLFDUHJHOGLDFFRSSLDPHQWR
7UDWWDUHFRQLOPDQLSROR5DGLDO
$SOLFDGRUPP
1~PHURGHVHVLRQHVLQWHUYDORGHXQDVH
PDQD
,PSXOVRVSRUWUDWDPLHQWR
)UHFXHQFLD+]
3UHVLyQGHDLUHEDU
$SSOLFDWRUHPP
1XPHURGLWUDWWDPHQWLLQWHUYDOORGLXQDVHW
WLPDQD
1XPHURGLLPSXOVLSHUWUDWWDPHQWR
)UHTXHQ]D+]
3UHVVLRQHDULDEDU
(MHU]DXQDSUHVLyQGHOLJHUDDPRGHUDGD
(VHUFLWDWHXQDSUHVVLRQHOHJJHUDDPRGHUDWD
3DOSHUDGHWVPlUWVDPPDRPUnGHW
0DUNHUDGHWVPlUWVDPPDRPUnGHW
$SSOLFHUDNRSSOLQJVJHO
%HKDQGODPHGKDQGVW\FNHW5DGLDO
$SSOLNDWRUPP
$QWDOVHVVLRQHULQWHUYDOOPHGHQYHFND
$QWDOSXOVHUSHUEHKDQGOLQJ
)UHNYHQV+]
/XIWWU\FNEDU
7U\FNOlWWWLOOPnWWOLJWKnUW
0HGLDOWLELDOVWUHVVV\QGURPH
6\QGURPHWLELDODQWpULHXU
0HGLDOHV7LELD6WUHVVV\QGURP
/LWHUDWXUH5RPSHHWDO$P-6SRUWV0HGLQ3XE0HG
3DOSDWLRQRIWKHSDLQIXOUHJLRQ
/DEHOLQJRIWKHSDLQIXOUHJLRQ
$SSOLFDWLRQRIFRXSOLQJJHO
7UHDWPHQWZLWKWKH5DGLDOKDQGSLHFH
$SSOLFDWRUPP
1XPEHURIVHVVLRQVDWZHHNO\LQWHUYDOV
,PSXOVHVSHUWUHDWPHQW
)UHTXHQF\+]
$LUSUHVVXUHEDU
([HUWDOLJKWDSSOLFDWLRQIRUFH
3DOSHUOD]RQHGRXORXUHXVH
0DUTXHUGHOD]RQHGRXORXUHXVH
$SSOLTXHUOHJHOGHFRXSODJH
7UDLWHUDYHFODSLqFHjPDLQ5DGLDO
$SSOLFDWHXUPP
1RPEUHGHWUDLWHPHQWVSDULQWHUYDOOHVG
XQH
VHPDLQH
1RPEUHG
LPSXOVLRQVSDUWUDLWHPHQW
)UpTXHQFH+]
3UHVVLRQG
DLUEDU
([HUFHUXQHIRUFHG
DSSOLFDWLRQOpJqUH
3DOSDWLRQGHUVFKPHU]KDIWHQ5HJLRQ
0DUNLHUXQJGHUVFKPHU]KDIWHQ5HJLRQ
$XIWUDJHQYRQ.RQWDNWJHO
%HKDQGOXQJPLWGHP5DGLDO+DQGVWFN
$SSOLNDWRUPP
$Q]DKOGHU%HKDQGOXQJHQLP$EVWDQGYRQMH
HLQHU:RFKH
$Q]DKOGHU,PSXOVHSUR%HKDQGOXQJ
)UHTXHQ]+]
$UEHLWVGUXFNEDU
0LWOHLFKWHU$QSUHVVNUDIWDUEHLWHQ
6tQGURPHGHHVWUpVPHGLDOGHODWLELD
3HULRVWLWHWLELDOHVLQGURPHPHGLDOH
GHOODWLELD
0HGLDOWWLELDOWVWUHVV\QGURP
3DOSDUHOiUHDGHOGRORU
0DUFDUHOiUHDGHOGRORU
$SOLFDUHOJHOGHWUDQVPLVLyQ
7UDWDUFRQHOPDQJR5DGLDO
$SOLFDGRUPP
1~PHURGHVHVLRQHVLQWHUYDORGHXQDVH
PDQD
,PSXOVRVSRUWUDWDPLHQWR
)UHFXHQFLD+]
3UHVLyQGHDLUHEDU
(MHU]DXQDOLJHUDSUHVLyQ
3DOSDUHOD]RQDGRORURVD
'HOLPLWDUHOD]RQDGRORURVD
$SSOLFDUHJHOGLDFFRSSLDPHQWR
7UDWWDUHFRQLOPDQLSROR5DGLDO
$SSOLFDWRUHPP
1XPHURGLWUDWWDPHQWLLQWHUYDOORGLXQDVHW
WLPDQD
1XPHURGLLPSXOVLSHUWUDWWDPHQWR
)UHTXHQ]D+]
3UHVVLRQHDULDEDU
(VHUFLWDWHXQDSUHVVLRQHOHJJHUD
3DOSHUDGHWVPlUWVDPPDRPUnGHW
0DUNHUDGHWVPlUWVDPPDRPUnGHW
$SSOLFHUDNRSSOLQJVJHO
%HKDQGODPHGKDQGVW\FNHW5DGLDO
$SSOLNDWRUPP
$QWDOVHVVLRQHULQWHUYDOOPHGHQYHFND
$QWDOSXOVHUSHUEHKDQGOLQJ
)UHNYHQV+]
/XIWWU\FNEDU
$QYlQGOlWWWU\FN
,QVHUWLRQDO$FKLOOHVWHQGLQRSDWK\
7HQGLQRSDWKLHFDOFDQpHQQH
$QVDW]WHQGLQRSDWKLHGHU$FKLOOHVVHKQH
/LWHUDWXUH5RPSHHWDO-%RQH-RLQW6XUJ$PLQ3XE0HG
3DOSDWLRQRIWKHSDLQIXOUHJLRQ
/DEHOLQJRIWKHSDLQIXOUHJLRQ
$SSOLFDWLRQRIFRXSOLQJJHO
7UHDWPHQWZLWKWKH5DGLDOKDQGSLHFH
$SSOLFDWRUPP
1XPEHURIVHVVLRQVDWZHHNO\LQWHUYDOV
,PSXOVHVSHUWUHDWPHQW
)UHTXHQF\+]
$LUSUHVVXUHEDU
([HUWDPRGHUDWHDSSOLFDWLRQIRUFHIURPGRUVDO
PHGLDODQGODWHUDOGLUHFWLRQV
3DOSHUOD]RQHGRXORXUHXVH
0DUTXHUOD]RQHGRXORXUHXVH
$SSOLTXHUOHJHOGHFRXSODJH
7UDLWHPHQWDYHFODSLqFHjPDLQ5DGLDO
$SSOLFDWHXUPP
1RPEUHGHWUDLWHPHQWVSDULQWHUYDOOHVG
XQH
VHPDLQH
1RPEUHG
LPSXOVLRQVSDUWUDLWHPHQW
)UpTXHQFH+]
3UHVVLRQG
DLUEDU
([HUFHUXQHIRUFHG
DSSOLFDWLRQPRGpUpHGRUVDOH
PpGLDOHHWODWpUDOH
3DOSDWLRQGHUVFKPHU]KDIWHQ5HJLRQ
0DUNLHUXQJGHUVFKPHU]KDIWHQ5HJLRQ
$XIWUDJHQYRQ.RQWDNWJHO
%HKDQGOXQJPLWGHP5DGLDO+DQGVWFN
$SSOLNDWRUPP
$Q]DKOGHU%HKDQGOXQJHQLP$EVWDQGYRQMH
HLQHU:RFKH
$Q]DKOGHU,PSXOVHSUR%HKDQGOXQJ
)UHTXHQ]+]
$UEHLWVGUXFNEDU
0LWPRGHUDWHU$QSUHVVNUDIWYRQGRUVDOPHGLDO
XQGODWHUDODUEHLWHQ
7HQGLQRSDWtDGHODLQVHUFLyQGHO
$TXLOHV
7HQGLQLWHLQVHU]LRQDOHGHOO
DFKLOOHR
$NLOOHVWHQGLQLWLVHQIlVWHW
3DOSDUHOiUHDGHOGRORU
0DUFDUHOiUHDGHOGRORU
$SOLFDUHOJHOGHWUDQVPLVLyQ
7UDWDUFRQHOPDQJR5DGLDO
3DOSDUHOD]RQDGRORURVD
'HOLPLWDUHOD]RQDGRORURVD
$SSOLFDUHJHOGLDFFRSSLDPHQWR
7UDWWDUHFRQLOPDQLSROR5DGLDO
$SOLFDGRUPP
1~PHURGHVHVLRQHVLQWHUYDORGHXQDVH
PDQD
,PSXOVRVSRUWUDWDPLHQWR
)UHFXHQFLD+]
3UHVLyQGHDLUHEDU
$SSOLFDWRUHPP
1XPHURGLWUDWWDPHQWLLQWHUYDOORGLXQDVHW
WLPDQD
1XPHURGLLPSXOVLSHUWUDWWDPHQWR
)UHTXHQ]D+]
3UHVVLRQHDULDEDU
(MHU]DXQDSUHVLyQPRGHUDGDGRUVDOPHGLDO\
ODWHUDO
(VHUFLWDWH XQD SUHVVLRQH PRGHUDWD GDO ODWR
GRUVDOHPHGLDOHHODWHUDOH
3DOSHUDGHWVPlUWVDPPDRPUnGHW
0DUNHUDGHWVPlUWVDPPDRPUnGHW
$SSOLFHUDNRSSOLQJVJHO
%HKDQGODPHGKDQGVW\FNHW5DGLDO
$SSOLNDWRUPP
$QWDOVHVVLRQHULQWHUYDOOPHGHQYHFND
$QWDOSXOVHUSHUEHKDQGOLQJ
)UHNYHQV+]
/XIWWU\FNEDU
$QYlQGPnWWOLJWWU\FNGRUVDOWPHGLDOWRFKODWHUDOW
0LGSRUWLRQ$FKLOOHVWHQGLQRSDWK\
7HQGLQRSDWKLHFRUSRUpDOH
7HQGLQRSDWKLHGHU$FKLOOHVVHKQH
/LWHUDWXUH5RPSHHWDO$P-6SRUWV0HG5RPSHHWDO$P-6SRUWV0HGERWKLQ3XE0HG
3DOSDWLRQRIWKHSDLQIXOUHJLRQ
/DEHOLQJRIWKHSDLQIXOUHJLRQ
$SSOLFDWLRQRIFRXSOLQJJHO
7UHDWPHQWZLWKWKH5DGLDOKDQGSLHFH
$SSOLFDWRUPP
1XPEHURIVHVVLRQVDWZHHNO\LQWHUYDOV
,PSXOVHVSHUWUHDWPHQW
)UHTXHQF\+]
$LUSUHVVXUHEDU
([HUWDOLJKWWRPRGHUDWHDSSOLFDWLRQIRUFH
3DOSHUOD]RQHGRXORXUHXVH
0DUTXHUOD]RQHGRXORXUHXVH
$SSOLTXHUOHJHOGHFRXSODJH
7UDLWHUDYHFODSLqFHjPDLQ5DGLDO
$SSOLFDWHXUPP
1RPEUHGHWUDLWHPHQWVSDULQWHUYDOOHVG
XQH
VHPDLQH
1RPEUHG
LPSXOVLRQVSDUWUDLWHPHQW
)UpTXHQFH+]
3UHVVLRQG
DLUEDU
([HUFHUXQHIRUFHG
DSSOLFDWLRQOpJqUHjPRGpUpH
3DOSDWLRQGHUVFKPHU]KDIWHQ5HJLRQ
0DUNLHUXQJGHUVFKPHU]KDIWHQ5HJLRQ
$XIWUDJHQYRQ.RQWDNWJHO
%HKDQGOXQJPLWGHP5DGLDO+DQGVWFN
$SSOLNDWRUPP
$Q]DKOGHU%HKDQGOXQJHQLP$EVWDQGYRQMH
HLQHU:RFKH
$Q]DKOGHU,PSXOVHSUR%HKDQGOXQJ
)UHTXHQ]+]
$UEHLWVGUXFNEDU
0LWOHLFKWHUELVPRGHUDWHU$QSUHVVNUDIWDUEHLWHQ
7HQGLQRSDWtDGHOWHUFLRPHGLRGHO
$TXLOHV
7HQGLQRSDWLDGHOO
DFKLOOHR
$NLOOHVWHQGLQLW
3DOSDUHOiUHDGHOGRORU
0DUFDUHOiUHDGHOGRORU
$SOLFDUHOJHOGHWUDQVPLVLyQ
7UDWDUFRQHOPDQJR5DGLDO
$SOLFDGRUPP
1~PHURGHVHVLRQHVLQWHUYDORGHXQDVH
PDQD
,PSXOVRVSRUWUDWDPLHQWR
)UHFXHQFLD+]
3UHVLyQGHDLUHEDU
(MHU]DXQDSUHVLyQGHOLJHUDDPRGHUDGD
3DOSDUHOD]RQDGRORURVD
'HOLPLWDUHOD]RQDGRORURVD
$SSOLFDUHJHOGLDFFRSSLDPHQWR
7UDWWDUHFRQLOPDQLSROR5DGLDO
$SSOLFDWRUHPP
1XPHURGLWUDWWDPHQWLLQWHUYDOORGLXQDVHW
WLPDQD
1XPHURGLLPSXOVLSHUWUDWWDPHQWR
)UHTXHQ]D+]
3UHVVLRQHDULDEDU
(VHUFLWDWHXQDSUHVVLRQHGDOHJJHUDDPRGHUDWD
3DOSHUDGHWVPlUWVDPPDRPUnGHW
0DUNHUDGHWVPlUWVDPPDRPUnGHW
$SSOLFHUDNRSSOLQJVJHO
%HKDQGODPHGKDQGVW\FNHW5DGLDO
$SSOLNDWRUPP
$QWDOVHVVLRQHULQWHUYDOOPHGHQYHFND
$QWDOSXOVHUSHUEHKDQGOLQJ
)UHNYHQV+]
/XIWWU\FNEDU
7U\FNOlWWWLOOPnWWOLJWKnUW
3ODQWDUIDVFLLWLVIDVFLRSDWK\
KHHOSDLQ
$SRQpYURVLWHSODQWDLUH
pSLQHFDOFDQpHQQH
3ODQWDUIDV]LLWLV3ODQWDUIDV]LRSDWKLH
)HUVHQVFKPHU]
/LWHUDWXUH*HUGHVPH\HUHWDO$P-6SRUWV0HG,EUDKLPHWDO)RRW$QNOH,QWERWKLQ3XE0HG
3DOSDWLRQRIWKHSDLQIXOUHJLRQ
/DEHOLQJRIWKHSDLQIXOUHJLRQ
$SSOLFDWLRQRIFRXSOLQJJHO
7UHDWPHQWZLWKWKH5DGLDOKDQGSLHFH
$SSOLFDWRUPP
1XPEHURIVHVVLRQVDWZHHNO\LQWHUYDOV
,PSXOVHVSHUWUHDWPHQW
)UHTXHQF\+]
$LUSUHVVXUHEDU
([HUWWKHPD[LPXPDSSOLFDWLRQIRUFHWROHUDWHG
E\WKHSDWLHQW
3DOSHUOD]RQHGRXORXUHXVH
0DUTXHUOD]RQHGRXORXUHXVH
$SSOLTXHUOHJHOGHFRXSODJH
7UDLWHUDYHFODSLqFHjPDLQ5DGLDO
$SSOLFDWHXUPP
1RPEUHGHWUDLWHPHQWVSDULQWHUYDOOHVG
XQH
VHPDLQH
1RPEUHG
LPSXOVLRQVSDUWUDLWHPHQW
)UpTXHQFH+]
3UHVVLRQG
DLUEDU
([HUFHUODIRUFHG
DSSOLFDWLRQPD[LPDOHWROpUDEOH
SDUOHSDWLHQW
3DOSDWLRQGHUVFKPHU]KDIWHQ5HJLRQ
0DUNLHUXQJGHUVFKPHU]KDIWHQ5HJLRQ
$XIWUDJHQYRQ.RQWDNWJHO
%HKDQGOXQJPLWGHP5DGLDO+DQGVWFN
$SSOLNDWRUPP
$Q]DKOGHU%HKDQGOXQJHQLP$EVWDQGYRQMH
HLQHU:RFKH
$Q]DKOGHU,PSXOVHSUR%HKDQGOXQJ
)UHTXHQ]+]
$UEHLWVGUXFNEDU
0LWGHUPD[LPDOHQYRP3DWLHQWHQWROHULHUWHQ
$QSUHVVNUDIWDUEHLWHQ
)DVFLWLVSODQWDU
)DVFLWHSODQWDUH
3ODQWDUIDVFLLW
VtQGURPHGHOHVSROyQFDOFiQHR
3DOSDUHOiUHDGHOGRORU
0DUFDUHOiUHDGHOGRORU
$SOLFDUHOJHOGHWUDQVPLVLyQ
7UDWDUFRQHOPDQJR5DGLDO
$SOLFDGRUPP
1~PHURGHVHVLRQHVLQWHUYDORGHXQDVH
PDQD
,PSXOVRVSRUWUDWDPLHQWR
)UHFXHQFLD+]
3UHVLyQGHDLUHEDU
(MHU]DODSUHVLyQPi[LPDWROHUDGDSRUHOSDFLHQWH
FDOFL¿FD]LRQHGHOFDOFDJQR
3DOSDUHOD]RQDGRORURVD
'HOLPLWDUHOD]RQDGRORURVD
$SSOLFDUHJHOGLDFFRSSLDPHQWR
7UDWWDUHFRQLOPDQLSROR5DGLDO
$SSOLFDWRUHPP
1XPHURGLWUDWWDPHQWLLQWHUYDOORGLXQDVHW
WLPDQD
1XPHURGLLPSXOVLSHUWUDWWDPHQWR
)UHTXHQ]D+]
3UHVVLRQHDULDEDU
(VHUFLWDWHODSUHVVLRQHPDVVLPDWROOHUDELOHGD
SDUWHGHOSD]LHQWH
KlOVSRUUH
3DOSHUDGHWVPlUWVDPPDRPUnGHW
0DUNHUDGHWVPlUWVDPPDRPUnGHW
$SSOLFHUDNRSSOLQJVJHO
%HKDQGODPHGKDQGVW\FNHW5DGLDO
$SSOLNDWRUPP
$QWDOVHVVLRQHULQWHUYDOOPHGHQYHFND
$QWDOSXOVHUSHUEHKDQGOLQJ
)UHNYHQV+]
/XIWWU\FNEDU
7U\FNVnKnUWVRPSDWLHQWHQWROHUHUDU
0\RIDVFLDOSDLQV\QGURPH
7ULJJHUSRLQWWKHUDS\
6\QGURPHPLRIDVFLDOGRXORXUHX[
7ULJJHUSRLQWWKHUDS\]RQHVJkFKHWWH
0\RIDV]LDOHV6FKPHU]V\QGURP
7ULJJHUSXQNWEHKDQGOXQJ
8VHRIWKH(066ZLVV'RORU&ODVWPHWKRG
LQWKHWUHDWPHQWRIP\RIDVFLDOSDLQV\QGURPHV
UHTXLUHVVSHFLDOLVWWUDLQLQJZLWKSURRIRIFHUWLIL
FDWLRQ3OHDVHFRQWDFWWKHPDQXIDFWXUHUIRUIXUWKHU
GHWDLOVRQWUDLQLQJHYHQWV
/¶XWLOLVDWLRQGHODPpWKRGH6ZLVV'RORU&ODVW
G¶(06GDQVOHVV\QGURPHVGRXORXUHX[P\RIDV
FLDX[UHTXLHUWXQHIRUPDWLRQVSpFL¿TXHDWWHVWpH
SDUXQFHUWL¿FDW&RQWDFWHUOHIDEULFDQWSRXUSOXV
GHGpWDLOVVXUOHVVpPLQDLUHVGHIRUPDWLRQ
:LWKRXWLQGHSWKWUDLQLQJLQGLDJQRVLVDQG
WUHDWPHQWWKHXVHRIWKH(066ZLVV'RORU&ODVW
PHWKRGPD\EHGDQJHURXVWRWKHSDWLHQWDQGZLOO
DIIRUGQRJXDUDQWHHRIWKHWUHDWPHQWUHVXOWVEHLQJ
VXFFHVVIXO
6DQVIRUPDWLRQSUpFLVHHQGLDJQRVWLFHWHQ
WKpUDSLHO¶XWLOLVDWLRQGHODPpWKRGH6ZLVV'RORU
&ODVWG¶(06HVWGDQJHUHXVHSRXUOHSDWLHQWHWLO
Q¶\DDXFXQHJDUDQWLHTXHOHWUDLWHPHQWGRQQHUD
OHVUpVXOWDWVYRXOXV
'HU (LQVDW] GHU 0HWKRGH 6ZLVV 'RORU
&ODVWYRQ(06]XU7KHUDSLHYRQP\RIDV]LDOHQ
6FKPHU]V\QGURPHQHUIRUGHUWHLQHIDFKVSH]L¿VFKH
$XVELOGXQJE]Z:HLWHUELOGXQJPLW=HUWL¿]LHUXQJV
QDFKZHLV1lKHUH,QIRUPDWLRQHQ]X)RUWELOGXQJV
YHUDQVWDOWXQJHQHUKDOWHQ6LHEHLP+HUVWHOOHU
$FRUUHFWGLDJQRVLVPXVWEHHVWDEOLVKHG
EHIRUHDSSO\LQJWKHVKRFNZDYHV
8QGLDJQRVWLFFRUUHFWGRLWrWUHpWDEOLDYDQW
G¶DSSOLTXHUOHVRQGHVGHFKRF
7KHV\PSWRPVDQGWULJJHUSRLQWORFDWLRQVPD\QRW
EHLQWKHVDPHSDUWRIWKHERG\6\PSWRPRULHQWHG
WUHDWPHQWLVQRWVXFFHVVIXOZLWKWULJJHUSRLQWUHODWHG
SDLQV\QGURPHV
/HVGRXOHXUVHWOHV]RQHVJkFKHWWHVSHXYHQWQH
SDVrWUHVLWXpHVDXPrPHHQGURLWGXFRUSV8QH
WKpUDSLHRULHQWpHYHUVOHVV\PSW{PHVQHJXpULW
SDVOHVV\QGURPHVGRXORXUHX[OLpVDX[]RQHV
JkFKHWWHV
7KHUHFRPPHQGHGRSHUDWLQJSDUDPHWHUVIRUWKH
YDULRXVWULJJHUSRLQWVLQWKHERG\DQGWKHSUHFDX
WLRQVIRUSUHYHQWLQJFRPSOLFDWLRQVDUHH[SODLQHGDW
WKHFHUWL¿FDWLRQVHPLQDUV
7KHSXOVHFRXQWWREHDSSOLHGWRHDFKWULJJHUSRLQW
GHSHQGVRQWKHVL]HDQGGHSWKRIDWULJJHUSRLQW
7KHRSHUDWLQJSDUDPHWHUVYDU\DFFRUGLQJWRWKH
DUHDRIXVHDQGWKHPXVFOHUHJLRQ3OHDVHQRWH
WKDWQRPRUHWKDQ
±
SXOVHVVKRXOGEH
DSSOLHGSHUVHVVLRQ
7KHWUHDWPHQWDUHDLVGHWHUPLQHGEHIRUHKDQGE\
PHDQVRIDWULJJHUSRLQWGLDJQRVLV$QXOWUDVRXQG
GLDJQRVLVFDQDOVREHFDUULHGRXWWRGLIIHUHQWLDWH
EHWZHHQWKHPXVFOHOD\HUVDQGWRHVWDEOLVKWKH
SUHFLVHORFDWLRQZLWKLQWKHPXVFOH3OHDVHXVH
ELRIHHGEDFNRIWKHSDWLHQWWRLGHQWLI\WKHDIIHFWHG
PXVFOH
2KQH HLQH IXQGLHUWH$XVELOGXQJ LQ GHU
'LDJQRVWLNXQG7KHUDSLHNDQQGHU(LQVDW]GHU
0HWKRGH 6ZLVV 'RORU&ODVW YRQ (06 IU GHQ
3DWLHQWHQJHIlKUOLFKVHLQXQGJDUDQWLHUWQLFKWGLH
JHZQVFKWHQ%HKDQGOXQJVHUIROJH
9RU$SSOLNDWLRQGHU6WRVVZHOOHQPXVVHLQH
NRUUHNWH'LDJQRVHVLFKHUJHVWHOOWVHLQ
%HVFKZHUGHXQG7ULJJHU/RNDOLVDWLRQOLHJHQQLFKW
XQEHGLQJWDQGHUJOHLFKHQ6WHOOHLP.|USHU(LQH
V\PSWRPRULHQWLHUWH7KHUDSLHLVWEHL7ULJJHUSXQNW
EHGLQJWHQ6FKPHU]V\QGURPHQQLFKWHUIROJUHLFK
/HVSDUDPqWUHVGHWUDYDLOUHFRPPDQGpVSRXUOHV
GLYHUVHV]RQHVJkFKHWWHVGXFRUSVHWOHVPHVXUHV
GHSUpYHQWLRQGHVFRPSOLFDWLRQVVRQWSUpFLVpVORUV
GHVVpPLQDLUHVGHFHUWL¿FDWLRQ
'LH HPSIRKOHQHQ $UEHLWVSDUDPHWHU IU GLH
YHUVFKLHGHQHQ7ULJJHUEHUHLFKHGHV.|USHUVXQG
GLH 9RUVLFKWVPDVVQDKPHQ ]XU 9HUKWXQJ YRQ
.RPSOLNDWLRQHQZHUGHQLQ=HUWLIL]LHUXQJVVHPL
QDUHQYHUPLWWHOW
/H QRPEUH G¶LPSXOVLRQV j DSSOLTXHU GpSHQG
GHO¶LPSRUWDQFHHWGHODSURIRQGHXUGHV]RQHV
JkFKHWWHVFRQFHUQpHV
'LH]XDSSOL]LHUHQGH,PSXOV]DKOMH7ULJJHUEHUHLFK
KlQJWYRP8QIDQJXQGGHU7LHIHGHUEHWURIIHQHQ
7ULJJHUEHUHLFKHDE
/HVSDUDPqWUHVGHWUDYDLOYDULHQWHQIRQFWLRQGX
GRPDLQHG¶DSSOLFDWLRQHWGHODUpJLRQPXVFXODLUH
,OIDXWYHLOOHUjQHSDVDSSOLTXHUSOXVGH
j
LPSXOVLRQVSDUVHVVLRQ
/D]RQHjWUDLWHUHVWGpWHUPLQpHSUpDODEOHPHQWHQ
GLDJQRVWLTXDQWOHV]RQHVJkFKHWWHV/HGLDJQRVWLF
SDUXOWUDVRQVSHUPHWGHGLIIpUHQFLHUOHVFRXFKHV
PXVFXODLUHV HW GH ORFDOLVHU OHV PXVFOHV DYHF
SUpFLVLRQ8WLOLVH]ODUpWURDFWLRQELRORJLTXHGX
SDWLHQWSRXULGHQWL¿HUOHPXVFOHFRQFHUQp
-HQDFK(LQVDW]JHELHWXQG0XVNHOUHJLRQYDULLHUHQ
GLH$UEHLWVSDUDPHWHU(VVROOWHGDUDXIJHDFKWHW
ZHUGHQGDVVQLFKWPHKUDOV
,PSXOVH
MH6LW]XQJDSSOL]LHUWZHUGHQ
'DV%HKDQGOXQJVJHELHWZLUG]XYRUGXUFKHLQH
7ULJJHU'LDJQRVWLNEHVWLPPW=XU'LIIHUHQ]LHUXQJ
GHU0XVNHOVFKLFKWHQXQG]XUJHQDXHQ0XVNHOOR
NDOLVDWLRQNDQQ]XVlW]OLFKHLQH8OWUDVFKDOOGLDJ
QRVWLNGXUFKJHIKUWZHUGHQ%LWWHQXW]HQ6LHGDV
%LRIHHGEDFNGHV3DWLHQWHQXPGHQEHWURIIHQHQ
0XVNHO]XLGHQWL¿]LHUHQ
6tQGURPHGHGRORUPLRIDVFLDO7HUDSLD
GHSXQWRVJDWLOOR
6LQGURPHGDGRORUHPLRIDVFLDOH
7ULJJHUSRLQWVSXQWLJULOOHWWR
0\RIDVFLHOOWVPlUWV\QGURP
WULJJHUSXQNWVEHKDQGOLQJ
(OXVRGHOPpWRGR6ZLVV'RORU&ODVWGH(06
SDUDHOWUDWDPLHQWRGHORVVtQGURPHVGHGRORU
PLRIDVFLDOUHTXLHUHXQDIRUPDFLyQHVSHFLDOL]DGD
FRQSUXHEDGHFHUWL¿FDFLyQ3DUDREWHQHUPiV
LQIRUPDFLyQGHDFWLYLGDGHVGHIRUPDFLyQFRQWDFWH
FRQHOIDEULFDQWH
/¶XVRGHOPHWRGR6ZLVV'RORU&ODVW(06QHO
WUDWWDPHQWRGHOOHVLQGURPLGDGRORUHPLRIDVFLDOH
ULFKLHGHXQDIRUPD]LRQHWHFQLFDVSHFL¿FDHUHODWLYR
DJJLRUQDPHQWRVSHFLDOLVWLFRFRQFRUULVSRQGHQWH
FHUWL¿FD]LRQH3HUXOWHULRULLQIRUPD]LRQLVXLFRUVLGL
DJJLRUQDPHQWRSURIHVVLRQDOHVLSUHJDGLULYROJHUVL
DOSURGXWWRUH
)|UDQYlQGQLQJDY(066ZLVV'RORU&ODVW
PHWRGHQ YLGEHKDQGOLQJDYP\RIDVFLHOODVPlUW
V\QGURPNUlYVVSHFLDOLVWXWELOGQLQJPHGXWIlUGDW
LQW\JRPFHUWL¿HULQJ7LOOYHUNDUHQNDQJHLQIRUPDWLRQ
RPXWELOGQLQJVWLOOIlOOHQ
6LQXQDIRUPDFLyQHVSHFLDOL]DGDSDUDHO
GLDJQyVWLFR\HOWUDWDPLHQWRXWLOL]DUHOPpWRGR
6ZLVV'RORU&ODVWGH(06SXHGHVHUSHOLJURVR
SDUDHOSDFLHQWH\QRVHSXHGHQJDUDQWL]DUXQRV
UHVXOWDGRVGHOWUDWDPLHQWRVDWLVIDFWRULRVWDO\FRPR
VHHVSHUD
£$QWHVGHODDSOLFDFLyQGHODVRQGDVGH
FKRTXHGHEHKDEHUVHHVWDEOHFLGRXQGLDJQyVWLFR
FRUUHFWR
/RVVtQWRPDV\ORVSXQWRVJDWLOORVSXHGHQQRHVWDU
XELFDGRVHQODPLVPDUHJLyQGHOFXHUSR(QORV
VtQGURPHVGRORURVRVFRQSXQWRVJDWLOORHOWUDWD
PLHQWRRULHQWDGRSRUORVVtQWRPDVQRVHUiH¿FD]
/RVSDUiPHWURVGHWUDEDMRUHFRPHQGDGRVSDUDORV
GLIHUHQWHVSXQWRVJDWLOOR\ODVPHGLGDVSUHYHQWLYDV
SDUDHYLWDUFRPSOLFDFLRQHVVHGLVFXWHQGHWDOODGD
PHQWHHQORVVHPLQDULRVGHIRUPDFLyQFHUWL¿FDGD
(OQ~PHURGHLPSXOVRVDDSOLFDUHQFDGDSXQWR
JDWLOORGHSHQGHGHVXWDPDxR\GHODSURIXQGLGDG
DODTXHVHHQFXHQWUH
/RVSDUiPHWURVGHIXQFLRQDPLHQWRYDUtDQVHJ~QHO
iUHDGHXVR\ODUHJLyQPXVFXODU6HGHEHWHQHUHQ
FXHQWDTXHQRGHEHQDSOLFDUVHPiVGH
LPSXOVRVSRUVHVLyQ
/D]RQDGHWUDWDPLHQWRVHGHWHUPLQDPHGLDQWH
XQGLDJQyVWLFRGHSXQWRVJDWLOOR3DUDODGLIHUHQ
FLDFLyQGHODVFDSDVPXVFXODUHV\SDUDODORFDOL
]DFLyQH[DFWDGHOP~VFXORSXHGHHIHFWXDUVHXQD
HFRJUDItD(VPX\LPSRUWDQWHXWLOL]DUODLQIRUPDFLyQ
ELROyJLFDGHOSDFLHQWHSDUDLGHQWL¿FDUHOP~VFXOR
DIHFWDGR
,QPDQFDQ]DGLXQ¶DGHJXDWDIRUPD]LRQH
QHOO¶XVRGLDJQRVWLFRHWHUDSHXWLFRGHOORVWUXPHQWR
O¶XVR GHO PHWRGR 6ZLVV 'RORU&ODVW (06 SXz
ULVXOWDUHSHULFRORVRSHULOSD]LHQWHVHQ]DLQROWUH
JDUDQWLUHO¶HVLWRGHVLGHUDWRGHOWUDWWDPHQWR
3ULPDGLDSSOLFDUHOHRQGHG¶XUWRDVVLFXUDUVL
FKHODGLDJQRVLVLDFRUUHWWD
/DORFDOL]]D]LRQHGHOGRORUHHGHLWULJJHUSRLQWQRQ
FRUULVSRQGHDOORVWHVVRSXQWRGHOFRUSR,QFDVR
GLVLQGURPLGRORURVHGHWHUPLQDWHGDLWULJJHUSRLQW
XQDWHUDSLDVLQWRPDWLFDQRQKDDOFXQVXFFHVVR
,SDUDPHWULGLODYRURUDFFRPDQGDWLSHUOHGLYHUVH
]RQHWULJJHUGHOFRUSRHOHPLVXUHSUHFDX]LRQDOLSHU
SUHYHQLUHHYHQWXDOLFRPSOLFD]LRQLVRQRUHVLQRWLQHO
FRUVRGHLVHPLQDULGLFHUWL¿FD]LRQH
,OQXPHURGHJOLLPSXOVLGDDSSOLFDUHDFLDVFXQD
]RQD WULJJHU GLSHQGH GDOO¶HVWHQVLRQH H GDOOD
SURIRQGLWjGHOO¶DUHDLQWHUHVVDWD
,SDUDPHWULGLODYRURYDULDQRDVHFRQGDGHOVHWWRUH
G¶LPSLHJRHGHOODUHJLRQHPXVFRODUH6LUDFFR
PDQGDGLIDUHDWWHQ]LRQHDQRQDSSOLFDUHSLGL
LPSXOVLSHURJQLVHGXWD
,QQDQ]LWXWWRVLGH¿QLVFHOD]RQDGDWUDWWDUHFRQXQD
GLDJQRVLGHLWULJJHUSRLQW3HUGLIIHUHQ]LDUHJOLVWUDWL
PXVFRODULHSHUORFDOL]]DUHHVDWWDPHQWHLPXVFROL
VLSXzDQFKHHVHJXLUHXQDGLDJQRVLDXOWUDVXRQL
6LUDFFRPDQGDGLXWLOL]]DUHLOELRIHHGEDFNGHO
SD]LHQWHSHULGHQWL¿FDUHLOPXVFRORLQWHUHVVDWR
8WDQJUXQGOLJXWELOGQLQJDYVHHQGHGLDJQRV
RFKEHKDQGOLQJNDQDQYlQGQLQJDY(066ZLVV
'RORU&ODVWPHWRGHQYDUDIDUOLJI|USDWLHQWHQRFK
GHW|QVNDGHO\FNDGHUHVXOWDWHWNDQLQWHJDUDQ
WHUDV
(Q NRUUHNW GLDJQRV PnVWH VWlOODV LQQDQ
VW|WYnJRUDSSOLFHUDV
/lJHWI|UV\PWRPHQRFKOlJHWI|UWULJJHUSXQNWHUQD
VDPPDQIDOOHULQWHLNURSSHQ6\PWRPRULHQWHUDG
EHKDQGOLQJlULQWHYHUNVDPYLGWULJJHUSXQNWVUHOD
WHUDGHVPlUWV\QGURP
5HNRPPHQGHUDGHGULIWSDUDPHWUDUI|UNURSSHQV
ROLNDWULJJHUSXQNWHURFKGHI|UVLNWLJKHWVPnWWVRP
NUlYVI|UXQGYLNDQGHDYNRPSOLNDWLRQHUI|UNODUDV
YLGFHUWL¿HULQJVVHPLQDULHUQD
3XOVDQWDOHWI|UYDUMHWULJJHUSXQNWEHURUDYWULJJHU
SXQNWHQVOlJHRFKGMXS
'ULIWSDUDPHWUDUQDYDULHUDUEHURHQGHSnDQYlQG
QLQJVRPUnGHRFKPXVNHOUHJLRQ2EVHUYHUDDWW
ÀHUlQSXOVHULQWHE|UJHVXQGHU
HQVHVVLRQ
%HKDQGOLQJVRPUnGHW EHVWlPVLI|UYlJJHQRP
WULJJHUSXQNWVGLDJQRV8OWUDOMXGVGLDJQRVNDQRFNVn
XWI|UDVI|UDWWVNLOMDPHOODQPXVNHOVNLNWRFKDQJH
H[DNWSODWVLPXVNHOQ$QYlQGSDWLHQWHQVUHDNWLRQHU
WLOODWWLGHQWL¿HUDGHQSnYHUNDGHPXVNHOQ
7ULJJHUSRLQWWKHUDS\WUHDWPHQWRIWKH
SLULIRUPLVPXVFOHDVDQH[DPSOH
7ULJJHUSRLQWWKHUDS\WUDLWHPHQWGX
PXVFOHSLULIRUPHHQH[HPSOH
7ULJJHUSXQNWEHKDQGOXQJ%HKDQGOXQJ
GHV0XVFXOXVSLULIRUPLVDOV%HLVSLHO
/LWHUDWXUH%DXHUPHLVWHU,Q0DLHU0*LOOHVEHUJHU)$EVWUDFWV]XU0XVNXORVNHOHWWDOHQ6WRVVZHOOHQWKHUDSLH.RQJUHVVEDQGGHV'UHLOlQGHUWUHIIHQVGHUgVWHUUHLFKLVFKHQ
6FKZHL]HUXQG'HXWVFKHQ)DFKJHVHOOVFKDIWHQ%RRNVRQ'HPDQG1RUGHUVWHGWSS
3DOSDWLRQRIWKHSDLQIXOUHJLRQ
/DEHOLQJRIWKHSDLQIXOUHJLRQ
$SSOLFDWLRQRIFRXSOLQJJHO
7UHDWPHQWZLWKWKH3RZHUKDQGSLHFH
$SSOLFDWRUPP7ULJJHU
1XPEHURIVHVVLRQVDWZHHNO\LQWHUYDOV
,PSXOVHVSHUWUHDWPHQW
SHUWULJJHU
SRLQW
)UHTXHQF\+]
$LUSUHVVXUHEDU
([HUWDOLJKWWRPRGHUDWHDSSOLFDWLRQIRUFH
3DOSHUOD]RQHGRXORXUHXVH
0DUTXHUOD]RQHGRXORXUHXVH
$SSOLTXHUOHJHOGHFRXSODJH
7UDLWHUDYHFODSLqFHjPDLQ3RZHU
$SSOLFDWHXUPP7ULJJHU
1RPEUHGHWUDLWHPHQWVSDULQWHUYDOOHVG
XQH
VHPDLQH
1RPEUHG
LPSXOVLRQVSDUWUDLWHPHQW
SDUWULJJHUSRLQW
)UpTXHQFH+]
3UHVVLRQG
DLUEDU
([HUFHUXQHIRUFHG
DSSOLFDWLRQOpJqUHjPRGpUpH
3DOSDWLRQGHUVFKPHU]KDIWHQ5HJLRQ
0DUNLHUXQJGHUVFKPHU]KDIWHQ5HJLRQ
$XIWUDJHQYRQ.RQWDNWJHO
%HKDQGOXQJPLWGHP3RZHU+DQGVWFN
$SSOLNDWRUPP7ULJJHU
$Q]DKOGHU%HKDQGOXQJHQLP$EVWDQGYRQMH
HLQHU:RFKH
$Q]DKOGHU,PSXOVHSUR%HKDQGOXQJ
SUR7ULJJHUSXQNW
)UHTXHQ]+]
$UEHLWVGUXFNEDU
0LWOHLFKWHUELVPRGHUDWHU$QSUHVVNUDIWDUEHLWHQ
7HUDSLDGHSXQWRVJDWLOORWUDWDPLHQWR
GHOP~VFXORSLULIRUPHFRPRHMHPSOR
7ULJJHUSRLQWWKHUDS\WUDWWDPHQWRGHO
PXVFRORSLULIRUPHFRPHHVHPSLR
7ULJJHUSXQNWVEHKDQGOLQJEHKDQGOLQJ
DYPXVFXOXVSLULIRUPLVVRPH[HPSHO
3DOSDUHOiUHDGHOGRORU
'HOLPLWDUHOiUHDGHOGRORU
$SOLFDUHOJHOGHWUDQVPLVLyQ
7UDWDUFRQHOPDQJR3RZHU
$SOLFDGRUPP7ULJJHU
1~PHURGHVHVLRQHVLQWHUYDORGHXQDVH
PDQD
,PSXOVRVSRUWUDWDPLHQWRSRUSXQWR
JDWLOOR
)UHFXHQFLD+]
3UHVLyQGHDLUHEDU
(MHU]DXQDSUHVLyQGHOLJHUDDPRGHUDGD
3DOSDUHOD]RQDGRORURVD
'HOLPLWDUHOD]RQDGRORURVD
$SSOLFDUHJHOGLDFFRSSLDPHQWR
7UDWWDUHFRQLOPDQLSROR3RZHU
$SSOLFDWRUHPP7ULJJHU
1XPHURGLWUDWWDPHQWLLQWHUYDOORGLXQDVHW
WLPDQD
1XPHURGLLPSXOVLSHUWUDWWDPHQWR
SHUWULJJHUSRLQW
)UHTXHQ]D+]
3UHVVLRQHDULDEDU
(VHUFLWDWHXQDSUHVVLRQHGDOHJJHUDDPRGHUDWD
3DOSHUDGHWVPlUWVDPPDRPUnGHW
0DUNHUDGHWVPlUWVDPPDRPUnGHW
$SSOLFHUDNRSSOLQJVJHO
%HKDQGODPHGKDQGVW\FNHW3RZHU
$SSOLNDWRUPP7ULJJHU
$QWDOVHVVLRQHULQWHUYDOOPHGHQYHFND
$QWDOSXOVHUSHUEHKDQGOLQJSHU
WULJJHUSXQNW
)UHNYHQV+]
/XIWWU\FNEDU
7U\FNOlWWWLOOPnWWOLJWKnUW
,GLRSDWKLFORZEDFNSDLQDQG
SVHXGRUDGLFXODUSDLQV\QGURPH
'RXOHXUORPEDLUHLGLRSDWKLTXHHW
V\QGURPHSVHXGRUDGLFXODLUH
,GLRSDWKLVFKHU5FNHQVFKPHU]XQG
SVHXGRUDGLNXOlUHV6FKPHU]V\QGURP
/LWHUDWXUH%DXHUPHLVWHU,Q0DLHU0*LOOHVEHUJHU)$EVWUDFWV]XU0XVNXORVNHOHWWDOHQ6WRVVZHOOHQWKHUDSLH.RQJUHVVEDQGGHV'UHLOlQGHUWUHIIHQVGHUgVWHUUHLFKLVFKHQ
6FKZHL]HUXQG'HXWVFKHQ)DFKJHVHOOVFKDIWHQ%RRNVRQ'HPDQG1RUGHUVWHGWSS
3DOSDWLRQRIWKHSDLQIXOUHJLRQ
/DEHOLQJRIWKHSDLQIXOUHJLRQ
$SSOLFDWLRQRIFRXSOLQJJHO
7UHDWPHQWZLWKWKH3RZHUKDQGSLHFH
$SSOLFDWRUPP7ULJJHU
1XPEHURIVHVVLRQVDWZHHNO\LQWHUYDOV
,PSXOVHVSHUWUHDWPHQW
SHUWULJJHUSRLQW
)UHTXHQF\+]
$LUSUHVVXUHEDU
([HUWDPRGHUDWHWR¿UPDSSOLFDWLRQIRUFH
3DOSHUOD]RQHGRXORXUHXVH
0DUTXHUOD]RQHGRXORXUHXVH
$SSOLTXHUOHJHOGHFRXSODJH
7UDLWHUDYHFODSLqFHjPDLQ3RZHU
$SSOLFDWHXUPP7ULJJHU
1RPEUHGHWUDLWHPHQWVSDULQWHUYDOOHVG
XQH
VHPDLQH
1RPEUHG
LPSXOVLRQVSDUWUDLWHPHQW
SDUWULJJHUSRLQW
)UpTXHQFH+]
3UHVVLRQG
DLUEDU
([HUFHUXQHIRUFHG
DSSOLFDWLRQPRGpUpHjIRUWH
VXUOD]RQHGHWUDLWHPHQW
3DOSDWLRQGHUVFKPHU]KDIWHQ5HJLRQ
0DUNLHUXQJGHUVFKPHU]KDIWHQ5HJLRQ
$XIWUDJHQYRQ.RQWDNWJHO
%HKDQGOXQJPLWGHP3RZHU+DQGVWFN
$SSOLNDWRUPP7ULJJHU
$Q]DKOGHU%HKDQGOXQJHQLP$EVWDQGYRQMH
HLQHU:RFKH
$Q]DKOGHU,PSXOVHSUR%HKDQGOXQJ
SUR7ULJJHUSXQNW
)UHTXHQ]+]
$UEHLWVGUXFNEDU
0LWPRGHUDWHUELVVWDUNHU$QSUHVVNUDIWDUEHLWHQ
/XPEDOJLDLGLRSiWLFD\
VtQGURPHSVHXGRUUDGLFXODU
/RPEDOJLDLGLRSDWLFDHVLQGURPH
SVHXGRUDGLFRODUH
,GLRSDWLVNU\JJVPlUWDRFK
SVHXGRUDGLNXOlUDV\QGURP
3DOSDUHOiUHDGHOGRORU
0DUFDUHOiUHDGHOGRORU
$SOLFDUHOJHOGHWUDQVPLVLyQ
7UDWDUFRQHOPDQJR3RZHU
$SOLFDGRUPP7ULJJHU
1~PHURGHVHVLRQHVLQWHUYDORGHXQDVH
PDQD
,PSXOVRVSRUWUDWDPLHQWRSRU]RQDV
JDWLOOR
)UHFXHQFLD+]
3UHVLyQGHDLUHEDU
(MHU]DXQDSUHVLyQGHPRGHUDGDDLQWHQVDVREUH
OD]RQDGHWUDWDPLHQWR
3DOSDUHOD]RQDGRORURVD
'HOLPLWDUHOD]RQDGRORURVD
$SSOLFDUHJHOGLDFFRSSLDPHQWR
7UDWWDUHFRQLOPDQLSROR3RZHU
$SSOLFDWRUHPP7ULJJHU
1XPHURGLWUDWWDPHQWLLQWHUYDOORGLXQDVHW
WLPDQD
1XPHURGLLPSXOVLSHUWUDWWDPHQWR
SHUWULJJHUSRLQW
)UHTXHQ]D+]
3UHVVLRQHDULDEDU
(VHUFLWDWHXQDSUHVVLRQHGDPRGHUDWDDIRUWH
3DOSHUDGHWVPlUWVDPPDRPUnGHW
0DUNHUDGHWVPlUWVDPPDRPUnGHW
$SSOLFHUDNRSSOLQJVJHO
%HKDQGODPHGKDQGVW\FNHW3RZHU
$SSOLNDWRUPP7ULJJHU
$QWDOVHVVLRQHULQWHUYDOOPHGHQYHFND
$QWDOSXOVHUSHUEHKDQGOLQJSHU
WULJJHUSXQNW
)UHNYHQV+]
/XIWWU\FNEDU
$QYlQGPnWWOLJWWLOONUDIWLJWWU\FNLEHKDQGOLQJV
RPUnGHW
27+(5$33/,&$7,216
$875(6$33/,&$7,216
:KHUHDSSOLFDEOHORFDOL]HWKHUHJLRQWREH
WUHDWHGE\SDOSDWLRQLHE\ORFDOL]LQJWKHVLWH
RIPD[LPXPSDLQ
$IWHUORFDOL]DWLRQPDUNWKHVNLQDUHDRYHUWKH
UHJLRQWREHWUHDWHG
8VHWKH(066ZLVV'RORU&ODVWFRXSOLQJJHO
IRULPSURYHGFRXSOLQJ
8VHDVWHULOHFRXSOLQJJHOZKHQWUHDWLQJ
VRIWWLVVXHZRXQGV
$FWLYDWHWKHSXOVHVLQFRQWLQXRXVPRGHDQG
PRYHWKHDSSOLFDWRUWLSRYHUWKHWUHDWHG]RQH
7KHPDQXDODSSOLFDWLRQIRUFHGHSHQGVRQWKH
LQGLFDWLRQ
6HORQOHFDVORFDOLVHUOD]RQHGHWUDLWHPHQW
SDUSDOSDWLRQSDUH[HQUHFKHUFKDQWOD]RQH
GHGRXOHXUPD[LPXP
$SUqVORFDOLVDWLRQPDUTXHUOD]RQHFXWDQpH
VXUODUpJLRQjWUDLWHU
$SSOLTXHUOHJHO(066ZLVV'RORU&ODVWSRXU
DPpOLRUHUOHFRXSODJH
8WLOLVHUGXJHOGHFRQWDFWVWpULOHSRXU
WUDLWHUOHVEOHVVXUHVGHVWLVVXVPRXV
$FWLYHUOHVLPSXOVLRQVHQPRGHFRQWLQXHW
GpSODFHUGRXFHPHQWOHERXWGHO
DSSOLFDWHXU
VXUOD]RQHWUDLWpH/DIRUFHPDQXHOOHj
DSSOLTXHUGpSHQGGHO
LQGLFDWLRQ
8VHWKHDSSURSULDWHDSSOLFDWRUDFFRUGLQJ
WRWKHXVHUPDQXDOIRUWKH6ZLVV'RORU&ODVWDSSOL
FDWRUV
8WLOLVHUO¶DSSOLFDWHXUDSSURSULpVHORQOHPRGH
G
HPSORLGHVDSSOLFDWHXUV6ZLVV'RORU&ODVW
$1'(5($1:(1'81*(1
:HQQDQJHEUDFKWZLUGGLH]XEHKDQGHOQGH
5HJLRQGKGLH5HJLRQPD[LPDOHQ
6FKPHU]HVGXUFK3DOSDWLRQORNDOLVLHUW
1DFKGHU/RNDOLVLHUXQJZLUGGLH+DXWEHU
GHP%HKDQGOXQJVEHUHLFKPDUNLHUW
0LW(066ZLVV'RORU&ODVW.RSSHOJHOZLUGGLH
$QNRSSOXQJYHUEHVVHUW
%HLGHU%HKDQGOXQJYRQ:XQGHQGHV
:HLFKJHZHEHVPXVVHLQVWHULOHV.RSSHOJHO
YHUZHQGHWZHUGHQ
6WDUWHQ6LHGHQ'DXHULPSXOVEHWULHEXQG
VWUHLFKHQ6LHPLWGHU$SSOLNDWRUVSLW]HEHU
GHQ%HKDQGOXQJVEHUHLFK'LH$QSUHVVNUDIW
YDULLHUWMHQDFK,QGLNDWLRQ
9HUZHQGHQ6LHGHQJHHLJQHWHQ$SSOLNDWRU
JHPlGHU%HGLHQXQJVDQOHLWXQJGHU$SSOLNDWRUHQ
GHV6ZLVV'RORU&ODVW
275$6$3/,&$&,21(6
$/75($33/,&$=,21,
6LHPSUHTXHVHDSRVLEOHVHGHEHORFDOL]DU
OD]RQDDWUDWDUPHGLDQWHSDOSDFLyQHVGHFLU
ORFDOL]DQGRHOOXJDUGHPi[LPRGRORU
'HVSXpVGHODORFDOL]DFLyQVHPDUFDOD]RQD
FXWiQHDTXHFXEUHOD]RQDDWUDWDU
8WLOLFHHOJHO6ZLVV'RORU&ODVWGH(06SDUD
XQDPHMRUWUDQVPLVLyQ
8WLOLFHXQJHOWUDQVPLVRUHVWpULOFXDQGR
WUDWHOHVLRQHVGHWHMLGRVEODQGRV
$FWLYHORVLPSXOVRVHQPRGRFRQWLQXR\
GHVSODFHHOH[WUHPRGHODSOLFDGRUVREUH
OD]RQDGHWUDWDPLHQWR/DSUHVLyQPDQXDO
GHSHQGHUiGHODLQGLFDFLyQGHOWUDWDPLHQWR
8WLOLFH HO DSOLFDGRU DSURSLDGR VHJ~Q VH
LQGLFDHQHOPDQXDOGHOXVXDULRGHORVDSOLFDGRUHV
6ZLVV'RORU&ODVW
/RFDOL]]DWHOD]RQDGDWUDWWDUHPHGLDQWH
SDOSD]LRQHRYYHURLQGLYLGXDQGROD]RQDGL
PDJJLRUGROHQ]D
'RSRODORFDOL]]D]LRQHFRQWUDVVHJQDWHOD
]RQDGDWUDWWDUH
8WLOL]]DWHLOJHO6ZLVV'RORU&ODVW(06SHUXQ
FRQWDWWRRWWLPDOHFRQODFXWH
8WLOL]]DWHXQJHOGLDFFRSSLDPHQWRVWHULOH
QHOWUDWWDUHSLDJKHGHLWHVVXWLPROOL
$WWLYDWHJOLLPSXOVLLQPRGRFRQWLQXR
HVHUFLWDQGRXQDOHJJHUDSUHVVLRQHPXRYHWH
GROFHPHQWHO¶DSSOLFDWRUHVXOOD]RQDGDWUDWWDUH
/DSUHVVLRQHGDHVHUFLWDUHSXzHVVHUHGLYHUVD
VHFRQGRLWUDWWDPHQWL
8WLOL]]DWHO¶DSSOLFDWRUHDSSURSULDWRIDFHQGR
ULIHULPHQWRDOPDQXDOHG¶LVWUX]LRQLSHUO¶XVRGHJOL
DSSOLFDWRUL6ZLVV'RORU&ODVW
$11$1$19b1'1,1*
/RNDOLVHUDLWLOOlPSOLJDIDOOEHKDQGOLQJV
RPUnGHWJHQRPSDOSDWLRQGYVJHQRPDWW
ORNDOLVHUDYDUVPlUWDQlUPD[LPDO
1lURPUnGHWKDUORNDOLVHUDWVPDUNHUDVKXGHQ
|YHUEHKDQGOLQJVRPUnGHW
$QYlQG(066ZLVV'RORU&ODVWNRSSOLQJVJHO
I|UI|UElWWUDG|YHUI|ULQJ
$QYlQGVWHULONRSSOLQJVJHOYLGEHKDQGOLQJ
DYVnULPMXNYlYQDG
$QYlQGPXOWLSHOSXOVOlJHRFKVWU\NI|UVLNWLJW
PHGDSSOLNDWRUVSHWVHQ|YHUEHKDQGOLQJV
RPUnGHW'HWDQYlQGDWU\FNHWEHURUSnYLONHQ
LQGLNDWLRQVRPEHKDQGODV
5lWWDSSOLNDWRUI|UROLNDLQGLNDWLRQHUEHVNULYV
LEUXNVDQYLVQLQJHQWLOO6ZLVV'RORU&ODVWDSSOLNDWR
UHUQD
3H\URQLHµVGLVHDVH
,QGXUDWLRSHQLVSODVWLFD
0DODGLHGH/D3H\URQLH
,QGXUDWLRQSODVWLTXHGHVFRUSV
FDYHUQHX[GXSpQLV
3H\URQLH.UDQNKHLW
,QGXUDWLRSHQLVSODVWLFD
/LWHUDWXUH+DXSWHWDO$EVWUDFWVWK:RUOG&RQJUHVVRQ(QGRXURORJ\DQG6:/%DQJNRN7KDLODQG
3DOSDWLRQRIWKHSDLQIXOUHJLRQ
/DEHOLQJRIWKHSDLQIXOUHJLRQ
$SSOLFDWLRQRIFRXSOLQJJHO
7UHDWPHQWZLWKWKH5DGLDOKDQGSLHFH
$SSOLFDWRUPP
1XPEHURIVHVVLRQVDWZHHNO\LQWHUYDOV
,PSXOVHVSHUWUHDWPHQW
)UHTXHQF\+]
$LUSUHVVXUHEDU
([HUWDOLJKWDSSOLFDWLRQIRUFH
3DOSHUOD]RQHGRXORXUHXVH
0DUTXHUOD]RQHGRXORXUHXVH
$SSOLTXHUOHJHOGHFRXSODJH
7UDLWHUDYHFODSLqFHjPDLQ5DGLDO
$SSOLFDWHXUPP
1RPEUHGHWUDLWHPHQWVSDULQWHUYDOOHVG
XQH
VHPDLQH
1RPEUHG
LPSXOVLRQVSDUWUDLWHPHQW
)UpTXHQFH+]
3UHVVLRQG
DLUEDU
([HUFHUXQHIRUFHG
DSSOLFDWLRQOpJqUH
3DOSDWLRQGHUVFKPHU]KDIWHQ5HJLRQ
0DUNLHUXQJGHUVFKPHU]KDIWHQ5HJLRQ
$XIWUDJHQYRQ.RQWDNWJHO
%HKDQGOXQJPLWGHP5DGLDO+DQGVWFN
$SSOLNDWRUPP
$Q]DKOGHU%HKDQGOXQJHQLP$EVWDQGYRQMH
HLQHU:RFKH
$Q]DKOGHU,PSXOVHSUR%HKDQGOXQJ
)UHTXHQ]+]
$UEHLWVGUXFNEDU
0LWOHLFKWHU$QSUHVVNUDIWDUEHLWHQ
(QIHUPHGDGGH3H\URQLH
LQGXUDFLyQSOiVWLFD\GRORURVDGHORV
FXHUSRVFDYHUQRVRVGHOSHQH
0RUERGL/D3H\URQLH
,QGXUDWLRSHQLVSODVWLFD
3H\URQLHVVMXNGRP
,QGXUDWLRSHQLVSODVWLFD
3DOSDUHOiUHDGHOGRORU
0DUFDUHOiUHDGHOGRORU
$SOLFDUHOJHOGHWUDQVPLVLyQ
7UDWDUFRQHOPDQJR5DGLDO
$SOLFDGRUPP
1~PHURGHVHVLRQHVLQWHUYDORGHXQDVH
PDQD
,PSXOVRVSRUWUDWDPLHQWR
)UHFXHQFLD+]
3UHVLyQGHDLUHEDU
(MHU]DXQDSUHVLyQOLJHUD
3DOSDUHOD]RQDGRORUDVD
'HOLPLWDUHOD]RQDGRORURVD
$SSOLFDUHJHOGLDFFRSSLDPHQWR
7UDWWDUHFRQLOPDQLSROR5DGLDO
$SSOLFDWRUHPP
1XPHURGLWUDWWDPHQWLLQWHUYDOORGLXQDVHW
WLPDQD
1XPHURGLLPSXOVLSHUWUDWWDPHQWR
)UHTXHQ]D+]
3UHVVLRQHDULDEDU
(VHUFLWDWHXQDSUHVVLRQHOHJJHUD
3DOSHUDGHWVPlUWVDPPDRPUnGHW
0DUNHUDGHWVPlUWVDPPDRPUnGHW
$SSOLFHUDNRSSOLQJVJHO
%HKDQGODPHGKDQGVW\FNHW5DGLDO
$SSOLNDWRUPP
$QWDOVHVVLRQHULQWHUYDOOPHGHQYHFND
$QWDOSXOVHUSHUEHKDQGOLQJ
)UHNYHQV+]
/XIWWU\FNEDU
$QYlQGOlWWWU\FN
$FXWHDQGFKURQLFVRIWWLVVXHZRXQGV
GLDEHWLFIRRWXOFHUDVDQH[DPSOH
/LWHUDWXUH=RHFK-$75262UWKRS
3HUIRUP D VWDQGDUG ZRXQG FOHDQLQJ DQG
GHEULGHPHQW
3ODFHDVWHULOHSODVWLF¿OPRQWKHZRXQGDQGWKH
VXUURXQGLQJWLVVXHWKH¿OPVKRXOGH[FHHGWKH
ZRXQGHGJHVE\DWOHDVWFP
$SSO\VWHULOHFRXSOLQJJHOWRWKH¿OP
7UHDWPHQWZLWKWKH3RZHUKDQGSLHFH
$SSOLFDWRUPP3ODQDU
1XPEHURIVHVVLRQVWZLFHDZHHN
/pVLRQVDLJXsVHWFKURQLTXHV
GHVWLVVXVPRXVXOFqUHVGXSLHG
GLDEpWLTXHHQH[HPSOH
$NXWHXQGFKURQLVFKH:XQGHQGHV
:HLFKJHZHEHVJH]HLJWDP%HLVSLHO
GLDEHWLVFKHU)XVVXOFHUD
3URFpGHUjXQQHWWR\DJHHWjXQGpEULGHPHQWGH
ODEOHVVXUH
3ODFHUXQ¿OPSODVWLTXHVWpULOHVXUODEOHVVXUHHWOHV
WLVVXVHQYLURQQDQWVOH¿OPGRLWGpSDVVHUOHVOLPLWHV
GHODEOHVVXUHGHFPDXPLQLPXP
$SSOLTXHUOHJHOGHFRXSODJHVXUOH¿OP
7UDLWHUDYHFODSLqFHjPDLQ3RZHU
$SSOLFDWHXUPP3ODQDU
1RPEUHGHWUDLWHPHQWV[SDUVHPDLQH
'XUFKIKUXQJHLQHUVWDQGDUGLVLHUWHQ:XQGUHLQLJXQJ
XQG ZHQQ Q|WLJ HLQHV VWDQGDUGLVLHUWHQ
:XQGGHEULGHPHQWV
$XÀHJHQHLQHUVWHULOHQ3ODVWLNIROLHDXIGLH:XQGH
GLH 3ODVWLNIROLH VROO GLH :XQGH DOOVHLWV XP
PLQGHVWHQVFPEHUGHFNHQ
$XIWUDJHQYRQVWHULOHP.RQWDNWJHODXIGLH)ROLH
%HKDQGOXQJPLWGHP3RZHU+DQGVWFN
$SSOLNDWRUPP3ODQDU
$Q]DKOGHU%HKDQGOXQJHQELV]ZHL
%HKDQGOXQJHQSUR:RFKH
/HVLRQHVDJXGDV\FUyQLFDVGHOWHMLGR
EODQGRVHPXHVWUDQFRPRHMHPSORODV
~OFHUDVGHOSLHGLDEpWLFR
3LDJKHFXWDQHHDFXWHHFURQLFKH
XOFHUHGLDEHWLFKHLQGLFDWHFRPH
HVHPSLR
$NXWDRFKNURQLVNDVnULPMXNYlYQDG
GLDEHWLVNDIRWVnUYLVDVVRPH[HPSHO
5HDOL]DUXQDOLPSLH]D\XQGHVEULGDPLHQWRHVWiQGDU
GHODOHVLyQ
&RORFDUXQDSyVLWRSOiVWLFRHVWpULOVREUHODOHVLyQ\
HOWHMLGRFLUFXQGDQWHHODSyVLWRGHEHVREUHVDOLUGH
ORVOtPLWHVGHODOHVLyQDOPHQRVFP
$SOLFDUJHOGHWUDQVPLVLyQHVWpULOVREUHHODSyVLWR
7UDWDPLHQWRFRQHOPDQJR3RZHU
$SOLFDGRUPP3ODQDU
1~PHURGHVHVLRQHVGRVYHFHVSRUVH
PDQD
(IIHWWXDUHXQDSXOL]LDHXQGHEULGHPHQWVWDQGDUG
GHOODSLDJD
3RVL]LRQDUHXQDSHOOLFRODGLSODVWLFDVWHULOHVXOOD
SLDJDHLOWHVVXWRFLUFRVWDQWHODSHOOLFRODGHYH
ROWUHSDVVDUHLERUGLGHOODSLDJDGLDOPHQRFP
$SSOLFDUHJHOGLDFFRSSLDPHQWRVWHULOHVXOODSHOOLFROD
7UDWWDPHQWRFRQLOPDQLSROR3RZHU
$SSOLFDWRUHPP3ODQDU
1XPHURGLWUDWWDPHQWLGXHDOODVHWWLPDQD
5HQJ|URFKGHEULGHUDVnUHWSnYDQOLJWVlWW
/lJJHQVWHULOSODVW¿OPSnVnUHWRFKRPJLYDQGH
YlYQDG¿OPHQVNDOOVWLFNDXWXWDQI|UVnUNDQWHUQD
PHGPLQVWFP
$SSOLFHUDVWHULONRSSOLQJVJHOSn¿OPHQ
%HKDQGODPHGKDQGVW\FNHW3RZHU
$SSOLNDWRUPP3ODQDU
$QWDOVHVVLRQHUWYnJnQJHUSHUYHFND
,PSXOVHVSHUWUHDWPHQW
FPRIZRXQG
)UHTXHQF\+]
$LUSUHVVXUHEDU
([HUWDOLJKWDSSOLFDWLRQIRUFH
$IWHUWKHWUHDWPHQW
5HPRYHWKHSODVWLF¿OPDQGWKHFRXSOLQJJHO
&OHDQZLWKVWHULOHVDOLQHVROXWLRQ
$SSO\VWDQGDUGZRXQGGUHVVLQJDFFRUGLQJWRWKH
LQGLYLGXDOSKDVHRIZRXQGKHDOLQJ
1RPEUHG
LPSXOVLRQVSDUWUDLWHPHQW
FP
GHEOHVVXUH
)UpTXHQFH+]
3UHVVLRQG
DLUEDU
([HUFHUXQHIRUFHG
DSSOLFDWLRQOpJqUH
$SUqVOHWUDLWHPHQW
(QOHYHUOH¿OPSODVWLTXHHWOHJHOGHFRXSODJH
1HWWR\HUDYHFXQHVROXWLRQVDOLQH
7UDLWHUVXLYDQWOHVVWDQGDUGVHWVHORQOHQLYHDXGH
FLFDWULVDWLRQGHODEOHVVXUH
$Q]DKOGHU,PSXOVHSUR%HKDQGOXQJ
SUR
FP:XQGÀlFKH
)UHTXHQ]+]
$UEHLWVGUXFNEDU
0LWOHLFKWHU$QSUHVVNUDIWDUEHLWHQ
1DFKGHU%HKDQGOXQJ
(QWIHUQHQGHU)ROLHPLWGHP.RQWDNWJHO
5HLQLJHQGHU:XQGHPLWVWHULOHU.RFKVDO]O|VXQJ
$QOHJHQHLQHVVWDQGDUGLVLHUWHQ:XQGYHUEDQGHV
JHPlVVGHPLQGLYLGXHOOHQ+HLOXQJVVWDGLXP
,PSXOVRVSRUWUDWDPLHQWRFPGHOHVLyQ
)UHFXHQFLD+]
3UHVLyQGHDLUHEDU
(MHU]DXQDOLJHUDSUHVLyQ
'HVSXpVGHOWUDWDPLHQWR
5HWLUDUHODSyVLWRSOiVWLFR\HOJHOGHWUDQVPLVLyQ
/LPSLDUODOHVLyQFRQVROXFLyQVDOLQDHVWpULO
$SOLFDUXQYHQGDMHHVWiQGDUVREUHODOHVLyQDFRUGH
DODIDVHGHFLFDWUL]DFLyQHQODTXHVHHQFXHQWUH
,PSXOVLSHUWUDWWDPHQWR¶FPGLSLDJD
)UHTXHQ]D+]
3UHVVLRQHDULDEDU
(VHUFLWDWHXQDSUHVVLRQHOHJJHUD
'RSRLOWUDWWDPHQWR
5LPXRYHUH OD SHOOLFROD GL SODVWLFD H LO JHO GL
DFFRSSLDPHQWR
3XOLUHFRQVROX]LRQHVDOLQDVWHULOH
$SSOLFDUHXQDPHGLFD]LRQHVWDQGDUGDSSURSULDWDD
VHFRQGDGHOODIDVHGLFLFDWUL]]D]LRQHGHOODSLDJD
$QWDOSXOVHUSHUEHKDQGOLQJFPVnU
)UHNYHQV+]
/XIWWU\FNEDU
$QYlQGOlWWWU\FN
(IWHUEHKDQGOLQJHQ
7DERUWSODVW¿OPHQRFKNRSSOLQJVJHOHQ
5HQJ|UPHGVWHULONRNVDOWO|VQLQJ
6lWWSnHWWVWDQGDUGI|UEDQGEHURHQGHSnLYLONHQ
IDVDYVnUOlNQLQJHQSDWLHQWHQEH¿QQHUVLJ
3ULPDU\DQGVHFRQGDU\O\PSKHGHPD
/\PSKRHGqPHSULPDLUHHWVHFRQGDLUH
3ULPlUHVXQGVHNXQGlUHV/\PSK|GHP
1RQHHGIRUSDOSDWLRQDQGODEHOLQJEHFDXVHWKH
WUHDWPHQWDUHDFDQEHLGHQWL¿HGE\YLVXDOLQVSHFWLRQ
3DOSDWLRQHWPDUTXDJHLQXWLOHFDUOD]RQHGH
WUDLWHPHQWHVWLGHQWL¿DEOHSDUXQHLQVSHFWLRQYLVXHOOH
3DOSDWLRQXQG0DUNLHUXQJQLFKWHUIRUGHUOLFKGD
GLH/RNDOLVDWLRQYLVXHOOHUIROJW
/LWHUDWXUH0LFKHOLQLHWDO(XU-/\PSKRO
$SSOLFDWLRQRIFRXSOLQJJHO
7UHDWPHQWZLWKWKH3RZHUKDQGSLHFH
$SSOLFDWRUPP3ODQDU
1XPEHURIVHVVLRQVWZLFHDZHHN
,PSXOVHVSHUWUHDWPHQWSHUFPRI
¿EURWLFVNLQ
)UHTXHQF\+]
$LUSUHVVXUHEDU
([HUWDOLJKWWRPRGHUDWHDSSOLFDWLRQIRUFH
$SSOLTXHUOHJHOGHFRXSODJH
7UDLWHUDYHFODSLqFHjPDLQ3RZHU
$SSOLFDWHXUPP3ODQDU
1RPEUHGHWUDLWHPHQWVGHX[IRLVSDUVH
PDLQH
1RPEUHG
LPSXOVLRQVSDUWUDLWHPHQW
SDUFPGHSHDX¿EURVpH
)UpTXHQFH+]
3UHVVLRQG
DLUEDU
([HUFHUXQHIRUFHG
DSSOLFDWLRQOpJqUHjPRGpUpH
$XIWUDJHQYRQ.RQWDNWJHO
%HKDQGOXQJPLWGHP3RZHU+DQGVWFN
$SSOLNDWRUPP3ODQDU
$Q]DKOGHU%HKDQGOXQJHQ]ZHL
%HKDQGOXQJHQSUR:RFKH
$Q]DKOGHU,PSXOVHSUR%HKDQGOXQJ±
SURFP¿EURWLVFKHU+DXW
)UHTXHQ]+]
$UEHLWVGUXFNEDU
0LWOHLFKWHUELVPRGHUDWHU$QSUHVVNUDIWDUEHLWHQ
/LQIHGHPDSULPDULR\VHFXQGDULR
/LQIHGHPDSULPDULRHVHFRQGDULR
3ULPlUWRFKVHNXQGlUWO\PI|GHP
1RHVQHFHVDULRUHDOL]DUSDOSDFLyQQLPDUFDGR
\DTXHOD]RQDGHWUDWDPLHQWRSXHGHLGHQWL¿FDUVHYLVXDO
PHQWH
1RQYLqQHFHVVLWjGLSDOSDUHHGHOLPLWDUHOD]RQD
GLWUDWWDPHQWRSRLFKpTXHVWDSXzHVVHUHLGHQWL¿FDWD
PHGLDQWHLVSH]LRQHYLVLYD
0DQEHK|YHULQWHSDOSHUDRFKPDUNHUDHIWHUVRP
EHKDQGOLQJVRPUnGHWNDQLGHQWLILHUDVJHQRPYLVXHOO
LQVSHNWLRQ
$SOLFDUHOJHOGHWUDQVPLVLyQ
7UDWDUFRQHOPDQJR3RZHU
$SOLFDGRUPP3ODQDU
1~PHURGHVHVLRQHVGRVYHFHVSRUVH
PDQD
,PSXOVRVSRUWUDWDPLHQWR
SRUFPGHSLHO¿EUyWLFD
)UHFXHQFLD+]
3UHVLyQGHDLUHEDU
(MHU]DXQDSUHVLyQGHOLJHUDDPRGHUDGD
$SSOLFDUHJHOGLDFFRSSLDPHQWR
7UDWWDUHFRQLOPDQLSROR3RZHU
$SSOLFDWRUHPP3ODQDU
1XPHURGLWUDWWDPHQWLGXHYROWHDVHWWLPDQD
1XPHURGLLPSXOVLSHUWUDWWDPHQWRSHU
FPGLFXWH¿EURWLFD
)UHTXHQ]D+]
3UHVVLRQHDULDEDU
(VHUFLWDWHXQDSUHVVLRQHGDOHJJHUDDPRGHUDWD
$SSOLFHUDNRSSOLQJVJHO
%HKDQGODPHGKDQGVW\FNHW3RZHU
$SSOLNDWRUPP3ODQDU
$QWDOVHVVLRQHUWYnJnQJHUSHUYHFND
$QWDOSXOVHUSHUEHKDQGOLQJSHUFP
¿EURWLVNKXG
)UHNYHQV+]
/XIWWU\FNEDU
7U\FNOlWWWLOOPnWWOLJWKnUW
&HOOXOLWH
&HOOXOLWH
=HOOXOLWLV
1RQHHGIRUSDOSDWLRQDQGODEHOLQJEHFDXVHWKH
WUHDWPHQWDUHDFDQEHLGHQWL¿HGE\YLVXDOLQVSHFWLRQ
3DOSDWLRQHWPDUTXDJHLQXWLOHFDUOD]RQHGH
WUDLWHPHQWHVWLGHQWL¿DEOHSDUXQHLQVSHFWLRQYLVXHOOH
3DOSDWLRQXQG0DUNLHUXQJQLFKWHUIRUGHUOLFKGD
GLH/RNDOLVDWLRQYLVXHOOHUIROJW
/LWHUDWXUH(06RQJRLQJFOLQLFDOVWXG\
$SSOLFDWLRQRIFRXSOLQJJHO
7UHDWPHQWZLWKWKH3RZHUKDQGSLHFH
$SSOLFDWRUPP3ODQDU
1XPEHURIVHVVLRQVWZLFHDZHHN
,PSXOVHVSHUWUHDWPHQWSHUFPRIFHO
OXOLWHVNLQa
SHUVNLQUHJLRQ
)UHTXHQF\+]
$LUSUHVVXUHEDU
([HUWDOLJKWWRPRGHUDWHDSSOLFDWLRQIRUFH
$SSOLTXHUOHJHOGHFRXSODJH
7UDLWHUDYHFODSLqFHjPDLQ3RZHU
$SSOLFDWHXUPP3ODQDU
1RPEUHGHWUDLWHPHQWV[SDUVHPDLQH
1RPEUHG
LPSXOVLRQVSDUWUDLWHPHQW
SDUFPGHFHOOXOLWHa
SDU]RQHGHSHDX
)UpTXHQFH+]
3UHVVLRQG
DLUEDU
([HUFHUXQHIRUFHG
DSSOLFDWLRQOpJqUHjPRGpUpH
$XIWUDJHQYRQ.RQWDNWJHO
%HKDQGOXQJPLWGHP3RZHU+DQGVWFN
$SSOLNDWRUPP3ODQDU
$Q]DKOGHU%HKDQGOXQJHQ]ZHL
%HKDQGOXQJHQSUR:RFKH
$Q]DKOGHU,PSXOVHSUR%HKDQGOXQJ±
SURFP¿EURWLVFKHU+DXW
SUR+DXWUHJLRQ
)UHTXHQ]+]
$UEHLWVGUXFNEDU
0LWOHLFKWHUELVPRGHUDWHU$QSUHVVNUDIWDUEHLWHQ
&HOXOLWLV
&HOOXOLWH
&HOOXOLW
1RHVQHFHVDULRUHDOL]DUSDOSDFLyQQLPDUFDGR
\DTXHOD]RQDGHWUDWDPLHQWRSXHGHLGHQWL¿FDUVHYLVXDO
PHQWH
1RQYLqQHFHVVLWjGLSDOSDUHHGHOLPLWDUHOD]RQD
GLWUDWWDPHQWRSRLFKpTXHVWDSXzHVVHUHLGHQWL¿FDWD
PHGLDQWHLVSH]LRQHYLVLYD
0DQEHK|YHULQWHSDOSHUDRFKPDUNHUDHIWHUVRP
EHKDQGOLQJVRPUnGHWNDQLGHQWLILHUDVJHQRPYLVXHOO
LQVSHNWLRQ
$SOLFDUHOJHOGHWUDQVPLVLyQ
7UDWDUFRQHOPDQJR3RZHU
$SOLFDGRUPP3ODQDU
1~PHURGHVHVLRQHVGRVYHFHVSRUVHPDQD
,PSXOVRVSRUWUDWDPLHQWRSRUFPGH
SLHOFRQFHOXOLWLVaSRUUHJLyQFXWiQHD
)UHFXHQFLD+]
3UHVLyQGHDLUHEDU
(MHU]DXQDSUHVLyQGHOLJHUDDPRGHUDGD
$SSOLFDUHJHOGLDFFRSSLDPHQWR
7UDWWDUHFRQLOPDQLSROR3RZHU
$SSOLFDWRUHPP3ODQDU
1XPHURGLWUDWWDPHQWLGXHYROWHDVHWWLPDQD
1XPHURGLLPSXOVLSHUWUDWWDPHQWRSHU
FPGLFXWHFHOOXOLWLFDa
SHU]RQDGLFXWH
)UHTXHQ]D+]
3UHVVLRQHDULDEDU
(VHUFLWDWHXQDSUHVVLRQHGDOHJJHUDDPRGHUDWD
$SSOLFHUDNRSSOLQJVJHO
%HKDQGODPHGKDQGVW\FNHW3RZHU
$SSOLNDWRUPP3ODQDU
$QWDOVHVVLRQHUWYnJnQJHUSHUYHFND
$QWDOSXOVHUSHUEHKDQGOLQJSHUFP
FHOOXOLWKXGFLUNDSHUKXGRPUnGH
)UHNYHQV+]
/XIWWU\FNEDU
7U\FNOlWWWLOOPnWWOLJWKnUW
6$)(7<35(&$87,216
5(0$548(6&21&(51$17/$
6e&85,7e
6,&+(5+(,76+,1:(,6(
(06DQGWKHGLVWULEXWRURIWKLVSURGXFWDFFHSWQR
OLDELOLW\IRUGLUHFWRUFRQVHTXHQWLDOLQMXU\RUGDPDJH
UHVXOWLQJIURPLPSURSHUXVHDULVLQJLQSDUWLFXODU
WKURXJKQRQREVHUYDQFHRIWKHRSHUDWLQJLQVWUXF
WLRQVRULPSURSHUSUHSDUDWLRQDQGPDLQWHQDQFH
(06HWOHGLVWULEXWHXUGHFHSURGXLWQHSHXYHQW
rWUHWHQXVUHVSRQVDEOHVG¶pYHQWXHOVSUpMXGLFHV
GLUHFWVHWLQGLUHFWVUpVXOWDQWG¶XQHPSORLLQDGpTXDW
RXG¶XQPDQLHPHQWLQFRUUHFWHQSDUWLFXOLHUORUVTXH
OHPRGHG¶HPSORLQ¶DSDVpWpUHVSHFWpRXORUVTXH
ODSUpSDUDWLRQHWO¶HQWUHWLHQQ¶RQWSDVpWpFRUUHF
WHPHQWHIIHFWXpV
(06XQGGHU9HUWUHLEHUGLHVHV3URGXNWHVKDIWHQ
QLFKWIUGLUHNWH6FKlGHQXQG)ROJHVFKlGHQGLH
GXUFKXQVDFKJHPlVVHQ(LQVDW]RGHU+DQGKDEXQJ
GLHVHV3URGXNWHVDXIWUHWHQLQVEHVRQGHUHGXUFK
1LFKWEHDFKWXQJGHU%HGLHQXQJVDQOHLWXQJRGHU
GXUFKXQVDFKJHPlVVH9RUEHUHLWXQJRGHU:DUWXQJ
)RUIXUWKHUGHWDLOVRQWKHSUHSDULQJRSHUDWLQJ
DQGPDLQWHQDQFHRIWKLVSURGXFWSOHDVHUHIHUWR
WKHUHOHYDQWRSHUDWLQJLQVWUXFWLRQVRIWKHXQLWDQG
KDQGSLHFHNLW
8VHIRUWKHLQWHQGHGSXUSRVHRQO\%HIRUH
XVLQJWKHSURGXFWPDNHVXUHWKDW\RXKDYHVWXGLHG
DQGXQGHUVWRRGWKHRSHUDWLQJLQVWUXFWLRQV7KLVDOVR
DSSOLHVWRDQ\HTXLSPHQWXVHGZLWKWKLVSURGXFW
)DLOXUHWRREVHUYHWKHRSHUDWLQJLQVWUXFWLRQVPD\
UHVXOWLQWKHSDWLHQWRUXVHUVXIIHULQJVHULRXVLQMXU\
RUWKHSURGXFWEHLQJGDPDJHGSRVVLEO\EH\RQG
UHSDLU
5LVNRIH[SORVLRQ'RQRWXVHWKLVSURGXFW
LQWKHSUHVHQFHRILQÀDPPDEOHDQDHVWKHWLFVRU
JDVHV
7KLVSURGXFWPXVWEHXVHGRQO\E\WUDLQHG
DQGTXDOL¿HGSHUVRQQHO
%HIRUHHDFKXVHDOZD\VFOHDQGLVLQIHFW
ULQVHDQGVWHULOL]HWKHGLIIHUHQWSLHFHVDQGDFFHV
VRULHVRIWKLVSURGXFW3OHDVHUHIHUWRWKHLQIRU
PDWLRQSURYLGHGLQWKHVHRSHUDWLQJLQVWUXFWLRQV
1RQVWHULOHSLHFHVDQGDFFHVVRULHVPD\FDXVH
EDFWHULDORUYLUDOLQIHFWLRQV
3RXUSOXVGHGpWDLOVFRQFHUQDQWODSUpSD
UDWLRQO
XWLOLVDWLRQHWODPDLQWHQDQFHGHFHSURGXLW
YHXLOOH] YRXV UpIpUHU DX[ PRGHV G
HPSORL GH
O
DSSDUHLOHWGXNLWSLqFHjPDLQ
1
XWLOLVH] OH SURGXLW TXH SRXU OHV DSSOL
FDWLRQV SUpYXHV FH PRGH G¶HPSORL GRLW rWUH
VRLJQHXVHPHQWpWXGLpHWFRPSULVDYDQWO¶XWLOLVDWLRQ
&HFLHVWpJDOHPHQWYDODEOHSRXUWRXVOHVpTXLSH
PHQWVSRXYDQWrWUHXWLOLVpVHQFRPELQDLVRQDYHF
FHSURGXLW9RXVpYLWHUH]DLQVLWRXVULVTXHVGH
EOHVVXUHVHWG¶HQGRPPDJHPHQWGHYRWUHSURGXLW
5LVTXHG
H[SORVLRQ1¶XWLOLVH]SDVFHSURGXLW
HQSUpVHQFHG¶DQHVWKpVLTXHVRXGHJD]LQÀDP
PDEOHV
&HSURGXLWQHGRLWrWUHXWLOLVpTXHSDUXQ
SHUVRQQHOTXDOL¿pHWIRUPp
$YDQWFKDTXHXWLOLVDWLRQQHWWR\H]GpVLQ
IHFWH]ULQFH]HWVWpULOLVH]OHVGLIIpUHQWHVSLqFHVHW
DFFHVVRLUHVGHFHSURGXLW5HVSHFWH]SRXUFHOD
OHVLQGLFDWLRQVFRUUHVSRQGDQWHVGXPRGHG¶HPSORL
'HVSLqFHVHWDFFHVVRLUHVQRQVWpULOLVpVSHXYHQW
rWUHjO¶RULJLQHG¶LQIHFWLRQVEDFWpULHQQHVRXYLUDOHV
:HLWHUH ,QIRUPDWLRQHQ EH]JOLFK GHV
$XIEDXVGHV*HEUDXFKVXQGGHU,QVWDQGKDOWXQJ
HQWQHKPHQ6LHGHQ%HGLHQXQJVDQOHLWXQJHQGHV
*HUlWHVXQGGHV+DQGVWFNVHWV
1XUIUGHQYRUJHVHKHQHQ9HUZHQGXQJV
]ZHFN HLQVHW]H Q ' LHVH %HGLHQXQJVDQOHLWXQJ
LVW YRU GHP (LQVDW] VRUJIlOWLJ ]X OHVHQ XQG
]XYHUVWHKHQ'LHVJLOWJOHLFKHUPDVVHQIUDOOH
LQ.RPELQDWLRQPLWGLHVHP*HUlWHLQJHVHW]WHQ
3URGXNWH$XIGLHVH:HLVHYHUPHLGHQ6LH9HUOHW
]XQJHQVRZLH%HVFKlGLJXQJHQDQ,KUHP3URGXNW
([SORVLRQVJHIDKU9HUZHQGHQ6LHGLHVHV
3URGXNWQLFKWLQ*HJHQZDUWYRQHQW]QGOLFKHQ
$QlVWKHWLNDRGHU*DVHQ
'LHVHV3URGXNWGDUIQXUYRQDXVJHELOGHWHP
XQGTXDOL¿]LHUWHP3HUVRQDOEHQXW]WZHUGHQ
9RUMHGHP(LQVDW]UHLQLJHQGHVLQ¿]LHUHQ
VSOHQXQGVWHULOLVLHUHQ6LHELWWH%HVWDQGWHLOHXQG
=XEHK|UGLHVHV3URGXNWHV%HDFKWHQ6LHGD]X
GLHHQWVSUHFKHQGHQ+DQGKDEXQJVKLQZHLVH1LFKW
VWHULOLVLHUWH%HVWDQGWHLOHXQG=XEHK|UN|QQHQ]X
HLQHU,QIHNWLRQPLW%DNWHULHQRGHU9LUHQIKUHQ
&216(-26'(6(*85,'$'
266(59$=,21,68//$
6,&85(==$
6b.(5+(76)g5(6.5,)7(5
(06\ORVGLVWULEXLGRUHVGHHVWHSURGXFWRQR
VHKDFHQUHVSRQVDEOHVGHORVGDxRV\OHVLRQHV
GLUHFWRVHLQGLUHFWRVGHULYDGRVGHOXVRRPDQLSX
ODFLyQLQFRUUHFWRVGHHVWHSURGXFWRHVSHFLDOPHQWH
SRUODQRREVHUYDFLyQGHODVLQVWUXFFLRQHVGH
HPSOHRRSRUXQDSUHSDUDFLyQ\XQPDQWHQLPLHQWR
LQFRUUHFWRV
(06HLOGLVWULEXWRUHGLTXHVWRSURGRWWRGHFOLQDQR
RJQLUHVSRQVDELOLWjSHUGDQQLGLUHWWLRLQGLUHWWLFKH
SRVVRQRGHULYDUHGDXVRLPSURSULRRHUUDWRGHO
SURGRWWRLQSDUWLFRODUHGDOO¶LQRVVHUYDQ]DGHOOH
LVWUX]LRQLG¶XVRRGDSUHSDUD]LRQLRPDQXWHQ]LRQH
QRQLGRQHL
(06RFKGLVWULEXW|UHQDYSURGXNWHQSnWDUVLJLQWH
QnJRWDQVYDUI|UGLUHNWDHOOHULQGLUHNWDVNDGRUWLOO
I|OMGDYIHODNWLJDQYlQGQLQJLV\QQHUKHWQlUEUXNV
DQYLVQLQJHQLQWHKDUI|OMWVHOOHUI|UEHUHGHOVHURFK
XQGHUKnOOLQWHKDUXWI|UWVNRUUHNW
+DOODUiLQIRUPDFLyQPiVGHWDOODGDUHIHUHQWH
DODSUHSDUDFLyQODXWLOL]DFLyQ\HOPDQWHQLPLHQWR
GHHVWHSURGXFWRHQODVLQVWUXFFLRQHVGHHPSOHR
SHUWLQHQWHVGHODSDUDWR\GHONLWGHOPDQJR
8WLOL]DU ~QLFDPHQWH SDUD VX ILQDOLGDG
SUHYLVWD DQWHV GH XWLOL]DU HVWH SURGXFWR SRU
SULPHUDYH]OHDFRQDWHQFLyQHVWDVLQVWUXFFLRQHV
GHHPSOHRKDVWDVXFRPSOHWDFRPSUHQVLyQ(VWR
HVLJXDOPHQWHYDOLGRSDUDWRGRVORVSURGXFWRV
TXHXWLOLFHHQFRPELQDFLyQFRQHVWHDSDUDWR/D
QRREVHUYDQFLDGHHVWDVLQVWUXFFLRQHVGHHPSOHR
SXHGHSURYRFDUOHVLRQHVJUDYHVDOSDFLHQWHRDO
XVXDULRDVtFRPRGHVSHUIHFWRVGHOSURGXFWRVLQ
SRVLELOLGDGGHUHSDUDFLyQ
5LHVJR GH H[SORVLyQ 1R XWLOL]DU HVWH
SURGXFWRHQFRPELQDFLyQFRQDQHVWpVLFRVRJDVHV
LQÀDPDEOHV
(VWHSURGXFWRGHEHUiVHUXWLOL]DGR~QLFD
PHQWHSRUSHUVRQDOFXDOL¿FDGR\IRUPDGRSDUDHOOR
$QWHV GH VX SULPHUD XWLOL]DFLyQ OLPSLH
GHVLQIHFWHDFODUH\HVWHULOLFHORVGLIHUHQWHVFRPSR
QHQWHV\DFFHVRULRVGHHVWHSURGXFWR3DUDHOOR
VLJDODVLQGLFDFLRQHVGHVFULWDVHQODVLQVWUXFFLRQHV
GHHPSOHR/RVFRPSRQHQWHV\DFFHVRULRVQR
HVWHULOL]DGRVSXHGHQSURYRFDUXQDLQIHFFLyQGH
RULJHQEDFWHULDQRRYLUDO
3HUXOWHULRULGHWWDJOLFLUFDODSUHSDUD]LRQH
O¶XVRHODPDQXWHQ]LRQHGLTXHVWRSURGRWWRYRJOLDWH
ULIHULUYLDOOHLVWUX]LRQLSHUO¶XVRGHOO¶DSSDUHFFKLRH
GHONLWPDQLSROR
8WLOL]]DWHLOSURGRWWRVROWDQWRSHUOHDSSOLFD
]LRQLSUHYLVWHTXHVWHLVWUX]LRQLSHUO
XVRGHYRQR
HVVHUHDFFXUDWDPHQWHVWXGLDWHHFRPSUHVHSULPD
GHOO
XWLOL]]RGHOSURGRWWR4XHVWRqDQFKHYDOLGR
SHUWXWWLLSURGRWWLFKHSRVVRQRHVVHUHXWLOL]]DWLLQ
FRPELQD]LRQHFRQTXHVWRDSSDUHFFKLR(YLWHUHWH
FRVuTXDOVLDVLULVFKLRGLIHULPHQWRHGLGDQQRGHO
YRVWURSURGRWWR
5LVFKLRG
HVSORVLRQH1RQXVDUHTXHVWR
SURGRWWRLQSUHVHQ]DGLJDVRDQHVWHWLFLLQ¿DP
PDELOL
4XHVWR SURGRWWR GHYH HVVHUH XWLOL]]DWR
HVFOXVLYDPHQWHGDSHUVRQDOHTXDOL¿FDWRHIRUPDWR
3ULPDGLRJQLWUDWWDPHQWRSXOLWHGLVLQIHWWDWH
ULVFLDFTXDWHHVWHULOL]]DWHLGLIIHUHQWLFRPSRQHQWLH
DFFHVVRULGLTXHVWRSURGRWWR5LVSHWWDWHDTXHVWR
VFRSROHLQGLFD]LRQLULSRUWDWHQHOOHLVWUX]LRQLSHU
O
XVR&RPSRQHQWLHDFFHVVRULQRQVWHULOL]]DWL
SRVVRQRHVVHUHDOO
RULJLQHGLLQIH]LRQLEDWWHULFKH
RYLUDOL
0HULQIRUPDWLRQRPKXUGHQKlUSURGXNWHQ
I|UEHUHGVDQYlQGVRFKXQGHUKnOOV¿QQVLEUXNV
DQYLVQLQJDUQDI|UHQKHWHQRFKKDQGWDJHW
$QYlQGVHQGDVWWLOODYVHWWlQGDPnO,QQDQ
GXDQYlQGHUSURGXNWHQPnVWHGXOlVDLJHQRP
EUXNVDQYLVQLQJHQRFKI|UVWnLQQHKnOOHWLGHQ'HWWD
JlOOHUlYHQDOOXWUXVWQLQJVRPDQYlQGVWLOOVDPPDQV
PHGSURGXNWHQ2PEUXNVDQYLVQLQJHQLQWHI|OMV
NDQSDWLHQWHOOHUDQYlQGDUHVNDGDVDOOYDUOLJWbYHQ
SURGXNWHQNDQVNDGDVHYHQWXHOOWVnDWWGHQLQWH
JnUDWWUHSDUHUD
([SORVLRQVULVN$QYlQGLQWHGHQQDSURGXNWL
QlUKHWHQDYEUDQGIDUOLJDDQHVWHVLJDVHUHOOHUDQGUD
JDVHU
'HQQD SURGXNW InU HQGDVW DQYlQGDV DY
XWELOGDGRFKNYDOL¿FHUDGSHUVRQDO
)|UHYDUMHDQYlQGQLQJVNDOOGHROLNDGHODUQD
RFKWLOOEHK|UHQWLOOSURGXNWHQDOOWLGUHQJ|UDVGHVLQ
¿FHUDVVN|OMDVRFKVWHULOLVHUDV6HLQIRUPDWLRQHQ
LGHQKlUEUXNVDQYLVQLQJHQ2VWHULODGHODURFK
WLOOEHK|UNDQRUVDNDEDNWHULHHOOHUYLUXVLQIHNWLRQHU
(06ZRUOGZLGHRI¿FHVPHGLFDO
&KGHOD9XDUSLOOLqUH
1\RQ
6:,7=(5/$1'
7HO
)D[
HPDLOZHOFRPH#HPVFKFRP
)5$1&(
(06)UDQFH6DUO
$Y/RXLV%UpJXHW
,PPHXEOH6DQWRV'XPRQW%kWLPHQW'
)9pOL]\9LOODFRXEOD\
7pO
)D[
HPDLOLQIR#HPVIUDQFHIU
*(50$1<
(06(OHFWUR0HGLFDO6\VWHPV*PE+
6FKDW]ERJHQ
'0QFKHQ
7HO
)D[
HPDLOLQIR#HPVFKGH
,7$/<
(06,WDOLD6SD
9LD)DUDYHOOL
,0LODQR
7HO
)D[
HPDLOPHGLFDO#HPVLWDOLDLW
63$,1
(06(OHFWUR0HGLFDO6\VWHPV(VSDxD6/
%HUQDUGLQR2EUHJyQELV
(0DGULG
7OI
)D[
HPDLOHPVHV#DUUDNLVHV
86$&$1$'$
(06&RUSRUDWLRQ
*UHHQYLOOH$YHQXH
'DOODV7;86$
7HO
)D[
HPDLOLQIR#HPVPHGLFDODPHULFDFRP
WWW.EMS-SWISSQUALITY.COM
&RS\ULJKW(066$)%HG
(06(OHFWUR0HGLFDO6\VWHPV6$