03-2011:E

(QJOLVK
)UDQoDLV
4XLFN5HIHUHQFH*XLGH)LHOG4SQHXPDWLFDFWXDWRUV
$FWLRQQHXUVSQHXPDWLTXHV)LHOG4
2ULHQWDWLRQVHH¿J
2ULHQWDWLRQYRLU¿J
7KH)LHOG4DFWXDWRULVDQLQWHJUDWHG
FRQFHSWIRUWKHDXWRPDWLRQRITXDUWHUWXUQ
YDOYHVGDPSHUVRURWKHUTXDUWHUWXUQDS
SOLFDWLRQV,WFRQVLVWVRIWKUHHEDVLFSDUWV
3QHXPDWLF$FWXDWRU
3QHXPDWLF0RGXOHRU1$0853ODWH
&RQWURO0RGXOH
%HIRUH\RXVWDUW
1
2
3
/¶DFWLRQQHXU)LHOG4HVWXQFRQFHSWLQWpJUp
GpGLpjO¶DXWRPDWLVDWLRQGHVYDQQHVTXDUW
GHWRXUGHVUpJXODWHXUVHWG¶DXWUHVDSSOL
FDWLRQVTXDUWGHWRXU,OGLVSRVHGHWURLV
FRPSRVDQWVGHEDVH
$FWLRQQHXUSQHXPDWLTXH
0RGXOHSQHXPDWLTXHRXSODTXH1$
085
0RGXOHGHFRQWU{OH
'HXWVFK
1HGHUODQGV
9HU]HLFKQLV]XPUDVFKHQ1DFKVFKODJHQ
3QHXPDWLVFKH$QWULHEH)LHOG4
$XVULFKWXQJVLHKH$EE
1
2
3
'HU)LHOG4$QWULHELVWHLQLQWHJULHU
WHV.RQ]HSW]XU$XWRPDWLVLHUXQJYRQ
ƒ$UPDWXUHQ'lPSIHUQXQGDQGHUHQ
ƒ$QZHQGXQJHQ(UEHVWHKWDXVGUHL
JUXQGOHJHQGHQ7HLOHQ
3QHXPDWLVFKHU$QWULHE
3QHXPDWLVFKHV0RGXORGHU1$085
3ODWWH
6WHXHUPRGXO
%HNQRSWHQDVODJJLGV)LHOG4SQHXPDWLVFKHDFWXDWRUV
2ULsQWDWLH]LH¿J
1
2
3
D 6HXOXQSHUVRQQHOTXDOL¿pHVWDXWRULVp
jLQVWDOOHUUpJOHUPHWWUHHQVHUYLFH
XWLOLVHUPRQWHUGpPRQWHUHWHQWUHWHQLUO¶DFWLRQQHXUSQHXPDWLTXH
E /HVDFWLRQQHXUVSQHXPDWLTXHV)LHOG4GRLYHQWrWUHLVROpVSQHXPDWLTXHPHQWHWpOHFWUL
TXHPHQWDYDQWWRXWHRSpUDWLRQGHGpPRQWDJH
F ,OHVWLQWHUGLWGHUHOLHUXQUpFLSLHQWGHSUHVVLRQ©SOHLQªjO¶DFWLRQQHXUSQHXPDWLTXH
)LHOG4
G /HVDFWLRQQHXUV)LHOG4QHGRLYHQWSDVrWUHFRQQHFWpVjXQHDOLPHQWDWLRQG¶DLUVXSp
ULHXUHjEDUVJRXSVLJ
5HPDUTXH
6XUOHVDSSOLFDWLRQVSRXUOHVTXHOOHVODFRXUVHGXUHVVRUWGHVDFWLRQQHXUVVLPSOHHIIHW
HVWFRPPDQGpHSQHXPDWLTXHPHQWODSUHVVLRQPD[LPDOHHVWGHEDUV36,
H /¶DSSOLFDWLRQG¶XQHSUHVVLRQVXUO¶DFWLRQQHXURX
I O¶HQYRLG¶XQVLJQDOGHFRQWU{OHDXPRGXOHGHFRQWU{OHSHXWHQWUDvQHUODPLVHHQURXWH
GHO¶DFWLRQQHXUHWGHODYDQQH
$FWXDWRUDFFHVVRULHV
$FFHVVRLUHVGHO¶DFWLRQQHXU
D 7KHVHLQVWUXFWLRQVDUHRQO\DSSOLFDEOHWRWKH3QHXPDWLF$FWXDWRUWRJHWKHUZLWKWKH
3QHXPDWLF0RGXOHRU1$085SODWH
E 7KH$FWXDWRUPD\EHHTXLSSHGZLWKFRPSRQHQWVIRUFRQWURODQGRUIHHGEDFN&KHFN
WKHLQVWUXFWLRQVRIWKHVHFRPSRQHQWVIRULQVWDOODWLRQRSHUDWLRQDQGPDLQWHQDQFHLQ
VWUXFWLRQV
F 7KHVHLQVWUXFWLRQVDUHQRWDSSOLFDEOHIRUDVVHPEO\RUGLVDVVHPEO\RI
WKHYDOYH
WKHDFWXDWRURQWRDYDOYH
DFFHVVRULHVHJVROHQRLGYDOYHVSRVLWLRQHUVVZLWFKER[HVHWF
D &HVLQVWUXFWLRQVV¶DSSOLTXHQWXQLTXHPHQWjO¶DFWLRQQHXUSQHXPDWLTXHDFFRPSDJQp
GXPRGXOHSQHXPDWLTXHRXGHODSODTXH1$085
E /¶DFWLRQQHXUSHXWrWUHpTXLSpGHFRPSRVDQWVSRXUOHFRQWU{OHHWRXODUpDFWLRQ9pUL
¿H]OHVLQVWUXFWLRQVG¶LQVWDOODWLRQG¶XWLOLVDWLRQHWGHPDLQWHQDQFHGHFHVFRPSRVDQWV
F &HVLQVWUXFWLRQVQHV¶DSSOLTXHQWSDVDXPRQWDJHRXDXGpPRQWDJHGH
ODVRXSDSH
O¶DFWLRQQHXUVXUXQHVRXSDSH
OHVDFFHVVRLUHVSDUH[VRXSDSHVVROpQRwGHVSRVLWLRQQHXUVERvWLHUVGHFRP
PXWDWLRQHWF
,QVWDOODWLRQRSHUDWLRQDQGPDLQWHQDQFH
,QVWDOODWLRQXWLOLVDWLRQHWPDLQWHQDQFH
D 'LHVH$QZHLVXQJHQJHOWHQQXUIUGHQSQHXPDWLVFKHQ$QWULHELQ9HUELQGXQJPLWGHP
SQHXPDWLVFKHQ0RGXORGHUGHU1$0853ODWWH
E 'HU$QWULHENDQQPLW.RPSRQHQWHQIU6WHXHUXQJXQGRGHU5FNPHOGXQJDXVJH
VWDWWHWZHUGHQ%HDFKWHQ6LHGLH$QZHLVXQJHQIU,QVWDOODWLRQ%HWULHEXQG:DUWXQJ
GLHVHU.RPSRQHQWHQ
F 'LHVH$QZHLVXQJHQJHOWHQQXU0RQWDJHE]Z'HPRQWDJH
GHV9HQWLOV
GHV$QWULHEVDQHLQHP9HQWLO
=XEHK|U]%0DJQHWYHQWLOH6WHOOXQJVJHEHU6FKDOWNlVWHQHWF
,QVWDOODWLRQ%HWULHEXQG:DUWXQJ
5HIHUHQFHGRFXPHQWV
&RQVLGpUDWLRQVSUpDODEOHV
'RFXPHQWVGHUpIpUHQFH
%HIRUHPRXQWLQJLQVWDOOLQJFRPPLVVLRQLQJRUGLVDVVHPEOLQJWKHDFWXDWRUFRQVXOWWKH
IROORZLQJGRFXPHQWV
,QVWDOODWLRQ2SHUDWLRQ0DLQWHQDQFH0DQXDO)LHOG43QHXPDWLF$FWXDWRU'2&
,204(DQG
,QVWDOODWLRQ*XLGHDVVXSSOLHGZLWKWKH&RQWURO0RGXOH
)RUVRPH&RQWURO0RGXOHVZLWKEXVFRPPXQLFDWLRQWKHUHLVDQDGGLWLRQDO5HIHUHQFH
0DQXDOZLWKPRUHGHWDLOHGLQIRUPDWLRQ
7RREWDLQWKHVHGRFXPHQWVSOHDVHFRQWDFW\RXUQHDUHVW)LHOG4VXSSOLHURUORRNDWWKH
GRZQORDGSDJHRIZZZ)LHOG4FRP
$YDQWGHPRQWHUG¶LQVWDOOHUGHPHWWUHHQVHUYLFHRXGHGpPRQWHUO¶DFWLRQQHXUUHSRUWH]
YRXVDX[GRFXPHQWVVXLYDQWV
0DQXHOG¶LQVWDOODWLRQG¶XWLOLVDWLRQHWGHPDLQWHQDQFHGHO¶DFWLRQQHXUSQHXPDWLTXH
)LHOG4'2&,204)HW
*XLGHG¶LQVWDOODWLRQIRXUQLDYHFOHPRGXOHGHFRQWU{OH
8QPDQXHOVXSSOpPHQWDLUHFRQWHQDQWGHVLQIRUPDWLRQVGpWDLOOpHVHVWpJDOHPHQWGLV
SRQLEOHSRXUFHUWDLQVPRGXOHVGHFRQWU{OHDYHFFRPPXQLFDWLRQSDUEXV
3RXUREWHQLUFHVGRFXPHQWVFRQWDFWH]YRWUHIRXUQLVVHXU)LHOG4OHSOXVSURFKHRXYLVLWH]
ODSDJHGHWpOpFKDUJHPHQWGXVLWHZZZ)LHOG4FRP
2SHUDWLQJPHGLXP
D $LURULQHUWJDVVHV¿OWHUHGDWPLFURQ
E 7KHIROORZLQJ&RQWURO0RGXOHVUHTXLUHDLU¿OWHUHGDWPLFURQ4&4&DQG
4&
F 'HZSRLQW.EHORZRSHUDWLQJWHPSHUDWXUH
G )RUVXE]HURDSSOLFDWLRQVWDNHDSSURSULDWHPHDVXUHV
3UHYHQWPRLVWXUHHQWHULQJWKHDFWXDWRU
&RQGHQVDWLRQRUPRLVWXUHWKDWHQWHUVWKHDFWXDWRUWKH3QHXPDWLF0RGXOHRUWKH&RQWURO
0RGXOHFDQGDPDJHWKHVHFRPSRQHQWVDQGFDQUHVXOWLQIDLOXUHV7KHUHIRUH
D 8VHJODQGVSOXJVRUFRQQHFWRUVUDWHG,31(0$;RUKLJKHUWRDVVXUHLQJUHVVSUR
WHFWLRQDFFRUGLQJ,31(0$;
E (QVXUHLQWHJULW\RIJDVNHWVDQGRULQJV
F ,QVWDOOGULSORRSVLQFRQGXLWRUFDEOH
G 6HDODOOFRQGXLWRSHQLQJVZKHWKHUXVHGRUQRW
H )RU+D]DUGRXV$UHDDSSOLFDWLRQVXVHFHUWL¿HGJODQGVSOXJVRUFRQQHFWRUVDVUHTXLUHG
E\ORFDORUQDWLRQDOOHJLVODWLRQDQGUDWHG,31(0$;RUKLJKHU
+D]DUGRXVDUHDV
,PSURSHULQVWDOODWLRQLQDKD]DUGRXVDUHDFDQFDXVHDQH[SORVLRQ
$7(;LQVWUXFWLRQVIRUXVHLQSRWHQWLDOH[SORVLYHDUHD¶V
7KH3QHXPDWLF$FWXDWRUSDUWWRJHWKHUZLWKWKH3QHXPDWLF0RGXOHSDUWRIWKH)LHOG4
3QHXPDWLF$FWXDWRULVD*URXS,,FDWHJRU\HTXLSPHQWDQGLQWHQGHGIRUXVHLQDUHDVLQ
ZKLFKH[SORVLYHDWPRVSKHUHVFDXVHGE\PL[WXUHVRIDLUDQGJDVHVYDSRXUVPLVWVRUE\
DLUGXVWVDUHOLNHO\WRRFFXU
7KHUHIRUHLWPD\EHXVHGLQ$7(;FODVVL¿HG=RQHV*DVVHVDQGRU'XVW
6DIHW\LQVWUXFWLRQV
D $VVHPEO\GLVDVVHPEO\DQGPDLQWHQDQFHLVRQO\DOORZHGDWWKHDFWXDWRUWKH3QHX
PDWLF0RGXOHRU1$0853ODWHZKHQDWWKHWLPHRIWKHDFWLYLW\WKHUHLVQRWDQH[SOR
VLYHPL[WXUH
E 3UHYHQWHQWU\RIH[SORVLYHPL[WXUHVLQWRWKHDFWXDWRU
:HVXJJHVWXWLOL]LQJDVROHQRLGZLWKD³EUHDWKHU´IXQFWLRQRQVSULQJUHWXUQDFWXDWRUV
ZKHQXVHGLQSRWHQWLDOO\H[SORVLYHDWPRVSKHUHV
F 7KHSODVWLFSRVLWLRQLQGLFDWRUFDSVDUHDSSURYHGIRU$7(;JDVJURXS,,%DUHDV
,QDUHDVZKHUH$7(;JDVJURXS,,&UHTXLUHPHQWVDSSO\GRQRWXVHWKHSODVWLFSRVLWLRQ
LQGLFDWRUFDSRIVL]HV4XSWR(
0D[LPXPWHPSHUDWXUHVEDVHDFWXDWRU
7HPSHUDWXUH
$7(;
FODVV
7;$7(;
VXUIDFH
WHPSHUDWXUH
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
1RWH
77
9DOLGIRU
DFWXDWRU
PRGHO
3URWHFWLRQFRQWUHO¶KXPLGLWp
/DFRQGHQVDWLRQRXO¶KXPLGLWpTXLSpQqWUHGDQVO¶DFWLRQQHXUOHPRGXOHSQHXPDWLTXHRX
OHPRGXOHGHFRQWU{OHSHXWHQGRPPDJHUFHUWDLQVFRPSRVDQWVHWHQWUDvQHUGHVHUUHXUV,O
HVWGRQFUHFRPPDQGp
D G¶XWLOLVHUGHVUDFFRUGVSULVHVRXFRQQHFWHXUV,31(0$;RXVXSpULHXUVSRXUJD
UDQWLUODSURWHFWLRQHQHQWUpHFRQIRUPpPHQWDX[QRUPHV,31(0$;
E GHYpUL¿HUO¶LQWpJULWpGHVMRLQWVVWDWLTXHVHWWRULTXHV
F G¶LQVWDOOHUGHVDQQHDX[G¶pFRXOHPHQWGDQVOHVFRQGXLWVRXOHVFkEOHV
G GHVFHOOHUWRXWHVOHVRXYHUWXUHVGHFRQGXLWVXWLOLVpHVRXQRQ
H 3RXUOHVDSSOLFDWLRQVGDQVGHV]RQHVGDQJHUHXVHVXWLOLVH]GHVUDFFRUGVSULVHVRX
FRQQHFWHXUVFHUWL¿pVHQIRQFWLRQGHVH[LJHQFHVGHODOpJLVODWLRQORFDOHRXQDWLRQDOH
HWDX[QRUPHV,31(0$;RXVXSpULHXUHV
8QHPDXYDLVHLQVWDOODWLRQGDQVXQH]RQHGDQJHUHXVHSRXUUDLWrWUHjO¶RULJLQHG¶XQH
H[SORVLRQ
,QVWUXFWLRQVG¶XWLOLVDWLRQ$7(;SRXUOHV]RQHVH[SORVLEOHV
8VDJHSUpYX
/DSDUWLHDFWLRQQHXUSQHXPDWLTXHDLQVLTXHODSDUWLHPRGXOHSQHXPDWLTXHGHO¶DFWLRQ
QHXUSQHXPDWLTXH)LHOG4VRQWGHVpTXLSHPHQWVGHJURXSH,,FDWpJRULHGHVWLQpVjXQ
XVDJHGDQVGHV]RQHVRGHVDWPRVSKqUHVH[SORVLYHVVRQWVXVFHSWLEOHVGHVHIRUPHUHQ
UDLVRQGHVPpODQJHVG¶DLUHWGHJD]GHYDSHXUVGHIXPpHVRXG¶DLUHWGHSRXVVLqUHV
,OVSHXYHQWGRQFrWUHXWLOLVpVGDQVOHV]RQHVHWSRXUOHVJD]HWRXHWSRXUOHV
SRXVVLqUHVFRQIRUPpPHQWjODFODVVL¿FDWLRQ$7(;
&RQVLJQHVGHVpFXULWp
D /HVRSpUDWLRQVGHPRQWDJHGHGpPRQWDJHHWGHPDLQWHQDQFHQHVRQWDXWRULVpHVDX
QLYHDXGHO¶DFWLRQQHXUGXPRGXOHSQHXPDWLTXHRXGHODSODTXH1$085DXPRPHQW
GHO¶DFWLYLWpTX¶HQO¶DEVHQFHGHPpODQJHH[SORVLI
E 3URWpJH]O¶DFWLRQQHXUGHO¶LQ¿OWUDWLRQGHPpODQJHVH[SORVLIV
1RXVYRXVVXJJpURQVG¶XWLOLVHUXQVROpQRwGHDYHFIRQFWLRQ©UHQLÀDUGªVXUOHVDFWLRQ
QHXUVjUDSSHOUHVVRUWORUVTX¶LOVVRQWXWLOLVpVGDQVGHVDWPRVSKqUHVH[SORVLEOHV
F /HVLQGLFDWHXUVGHSRVLWLRQHQSODVWLTXHVRQWDSSURXYpVSRXUOHV]RQHV$7(;JURXSH
GHJD],,%
'DQVOHV]RQHVR$7(;JD]GXJURXSH,,&H[LJHQFHVVµDSSOLTXHQWQHSDVXWLOLVHUOH
LQGLFDWHXUGHSRVLWLRQHQSODVWLTXH4WDLOOHVMXVTXµj4
7HPSpUDWXUHVPD[LPDOHV
6WDQGDUG7HP
SHUDWXUHPRGHOV
ƒ&
/RZ7HPSHUDWXUH
PRGHOV
7ƒ&ƒ)
+D]DUGRXVDUHDVDQG&RQWURO0RGXOHV
,PSRUWDQW'XHWR(PHUVRQ¶VFRQWLQXLQJFRPPLWPHQWWRHQJLQHHUHGSURGXFWDGYDQFHPHQWGDWD
SUHVHQWHGKHUHLQLVVXEMHFWWRFKDQJH
3LFWXUHVVFKHPDWLFVDQGRWKHUJUDSKLFVFRQWDLQHGKHUHLQDUHSXEOLVKHGIRULOOXVWUDWLRQSXUSRVHV
RQO\DQGGRQRWUHSUHVHQWSURGXFWFRQ¿JXUDWLRQVRUIXQFWLRQDOLW\
‹(PHUVRQ$OOULJKWVUHVHUYHG$OOULJKWVWRWUDGHPDUNVUHVLGHZLWKWKHLUUHVSHFWLYHRZQHUV
7
9DODEOHSRXUOH
PRGqOHG¶DFWLRQQHXU
7ƒ&ƒ)
7HPSpUDWXUH
VWDQGDUG
/HVHQ6LHYRUGHU$QEULQJXQJ,QVWDOODWLRQ,QEHWULHEQDKPHRGHU'H0RQWDJHGHV$Q
WULHEVGLHIROJHQGHQ'RNXPHQWH
,QVWDOODWLRQV%HWULHEVXQG:DUWXQJVDQOHLWXQJGHVSQHXPDWLVFKHQ$QWULHEV
)LHOG4'2&,204'XQG
GDVPLWGHP6WHXHUPRGXOJHOLHIHUWH,QVWDOODWLRQVKDQGEXFK
)UHLQLJH6WHXHUPRGXOHPLW%XVNRPPXQLNDWLRQVWHKWHLQH]XVlW]OLFKH%H
GLHQXQJVDQOHLWXQJPLWDXVIKUOLFKHUHQ,QIRUPDWLRQHQ]XU9HUIJXQJ
8PGLHVH'RNXPHQWH]XHUKDOWHQZHQGHQ6LHVLFKDQ,KUHQ)LHOG49HUWUHWHURGHUUXIHQ
GLH'RZQORDG6HLWHYRQZZZ)LHOG4FRPDXI
%HWULHEVPHGLXP
D /XIWRGHU,QHUWJDVHJH¿OWHUWPLW0LNURQ
E 'LHIROJHQGHQ6WHXHUPRGXOHEHQ|WLJHQPLW0LNURQJH¿OWHUWH/XIW4&4&XQG
4&
F 'UXFN7DXSXQNW.XQWHUGHU%HWULHEVWHPSHUDWXU
G )U$QZHQGXQJHQXQWHU1XOOVLQGGLHHUIRUGHUOLFKHQ0D‰QDKPHQ]XHUJUHLIHQ
6FKXW]GHV$QWULHEVYRU)HXFKWLJNHLW
'DV(LQGULQJHQYRQ.RQGHQVDWRGHU)HXFKWLJNHLWLQGHQ$QWULHEGDVSQHXPDWLVFKH
0RGXORGHUGDV6WHXHUPRGXONDQQ]XU%HVFKlGLJXQJGLHVHU.RPSRQHQWHQXQG]X)XQN
WLRQVVW|UXQJHQIKUHQ'DKHULVW)ROJHQGHV]XEHDFKWHQ
D 9HUZHQGHQ6LH6WXW]HQ6WRSIHQRGHU$QVFKOVVHJHPl‰,31(0$;RGHUK|KHU
XPGHQ(LQODVVVFKXW]QDFK,31(0$;]XJHZlKUOHLVWHQ
E 6WHOOHQ6LHVLFKHUGDVV'LFKWXQJHQXQG25LQJHLQWDNWVLQG
F %DXHQ6LH7URSIVFKOHLIHQLQ/HLWXQJHQXQG.DEHOHLQ
G 'LFKWHQ6LHDOOH/HLWXQJV|IIQXQJHQXQDEKlQJLJGDYRQDEREVLHYHUZHQGHWZHUGHQ
H 9HUZHQGHQ6LHIU$QZHQGXQJHQLQH[SORVLRQVJHIlKUGHWHQ%HUHLFKHQ]HUWL¿]LHUWH
6WXW]HQ6WRSIHQRGHU$QVFKOVVHGLHGHQORNDOHQRGHUQDWLRQDOHQ9RUVFKULIWHQVRZLH
,31(0$;RGHUK|KHUHQWVSUHFKHQ
([SORVLRQVJHIlKUGHWH%HUHLFKH
'XUFKHLQHXQVDFKJHPl‰H,QVWDOODWLRQLQH[SORVLRQVJHIlKUGHWHQ%HUHLFKHQN|QQHQ([
SORVLRQHQYHUXUVDFKWZHUGHQ
$7(;*HEUDXFKVDQZHLVXQJIUH[SORVLRQVJHIlKUGHWH%HUHLFKH
9RUJHVHKHQHU9HUZHQGXQJV]ZHFN
'DVSQHXPDWLVFKH$QWULHEVWHLOLVW]XVDPPHQPLWGHPSQHXPDWLVFKHQ0RGXOWHLOGHV
SQHXPDWLVFKHQ$QWULHEV)LHOG4HLQ*HUlWGHU*UXSSH.DWHJRULHXQGNRQ]LSLHUWIU
GHQ(LQVDW]LQ*HELHWHQLQGHQHQH[SORVLRQVJHIlKUOLFKH$WPRVSKlUHQGXUFK0LVFKXQJHQ
YRQ/XIWXQG*DVHQ'lPSIHQRGHU1HEHOQRGHU/XIW6WDXEPLVFKXQJHQZDKUVFKHLQOLFK
VLQG
'LHVHU$QWULHENDQQGDKHULQGHQ$7(;NODVVL¿]LHUWHQ=RQHQ*DVHXQGRGHU
6WDXEYHUZHQGHWZHUGHQ
6LFKHUKHLWVKLQZHLVH
D 0RQWDJH'HPRQWDJHXQG:DUWXQJLVWQXUGDQQDP$QWULHEGHPSQHXPDWLVFKHQ0R
GXORGHUGHU1$0853ODWWH]XOlVVLJZHQQ]XU=HLWGHU'XUFKIKUXQJNHLQH[SORVLYHV
*HPLVFKYRUKDQGHQLVW
E 9HUPHLGHQ6LHGDVVH[SORVLYH*HPLVFKHLQGHQ$QWULHEJHODQJHQ
:LUHPSIHKOHQDQ$QWULHEHQPLW)HGHUUFNVWHOOXQJGLH9HUZHQGXQJHLQHV0DJQHWYHQ
WLOVPLWLQWHJULHUWHU%HOIWXQJZHQQVLHLQHLQHUH[SORVLRQVJHIlKUGHWHQ$WPRVSKlUH
YHUZHQGHWZHUGHQ
F 'LH.XQVWVWRII6LFKWDQ]HLJHQVLQGIUGLH$7(;*DV,,%%HUHLFKHQ]XJHODVVHQ
,Q*HELHWHQZR$7(;*DV*UXSSH,,&$QIRUGHUXQJHQJHOWHQEHQXW]HQ6LHQLFKWGLH
.XQVWVWRII6WHOOXQJVDQ]HLJH.DSSH*U|‰HQ4ELV4
0D[LPDOH7HPSHUDWXUHQ
$7(;
.ODVVH
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
77
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
77
5HPDUTXH
+DXWHWHPSpUDWXUH
%DVVHWHPSpUDWXUH
7ƒ&ƒ)
D /DWHPSpUDWXUHGHVXUIDFHPD[LPDOHUpHOOHQHGpSHQGSDVGHO¶pTXLSHPHQWOXLPrPH
PDLVSULQFLSDOHPHQWGHVFRQGLWLRQVG¶H[SORLWDWLRQQRWDPPHQWGHODWHPSpUDWXUHGX
VXSSRUWG¶DOLPHQWDWLRQ
E /HVYDOHXUVSUpFLVpHVVRQWYDODEOHVGDQVOHVFRQGLWLRQVVXLYDQWHV
/DIUpTXHQFHGHF\FOHPD[LPDOHGHO¶DFWLRQQHXUHVWGH+]SRXUXQYROXPH
PD[LPDOGHF\FOHVSDUKHXUHHWGDQVOHFDGUHG¶XQHFKDUJHPD[LPDOH
=RQHVGDQJHUHXVHVHWPRGXOHVGHFRQWU{OH
3RXUSOXVG¶LQIRUPDWLRQVVXUO¶LQVWDOODWLRQGHVPRGXOHVGHFRQWU{OH)LHOG4GDQVXQH]RQH
GDQJHUHXVHUHSRUWH]YRXVDX[VHFWLRQVDSSOLFDEOHVGX*XLGHG¶LQVWDOODWLRQIRXUQLDYHF
OHPRGXOHGHFRQWU{OH
+LQZHLV
3URGXFWGHVFULSWLRQ
'HVFULSWLRQGXSURGXLW
‡ )LHOG4SQHXPDWLFDFWXDWRU
7\SHV
([SORVLRQVJHIlKUGHWH%HUHLFKHXQG6WHXHUPRGXOH
,QIRUPDWLRQHQEHUGLH,QVWDOODWLRQYRQ)LHOG46WHXHUPRGXOHQLQH[SORVLRQVJHIlKUGHWHQ
%HUHLFKHQ¿QGHQ6LHLQGHQ$EVFKQLWWHQGHVPLWGHP6WHXHUPRGXOJHOLHIHUWHQ,QVWDOODWL
RQVKDQGEXFKV
:LFKWLJ$XIJUXQGYRQ(PHUVRQVNRQWLQXLHUOLFKHP(LQVDW]LQ%H]XJDXIGLH:HLWHUHQWZLFNOXQJ
GHU3URGXNWHVLQGbQGHUXQJHQGHUYRUOLHJHQGHQ'DWHQYRUEHKDOWHQ
%LOGHU'LDJUDPPHXQGDQGHUH*UD¿NHQGLHKLHUHQWKDOWHQVLQGZHUGHQQXU]XU9HUDQVFKDXOL
FKXQJYHU|IIHQWOLFKWXQGVWHOOHQNHLQH3URGXNWNRQ¿JXUDWLRQHQRGHU)XQNWLRQHQGDU
‹(PHUVRQ$OOH5HFKWHYRUEHKDOWHQ$OOH5HFKWHDXI:DUHQ]HLFKHQOLHJHQEHLGHQMHZHL
(PHUVRQ$OOH5HFKWHYRUEHKDOWHQ$OOH5HFKWHDXI:DUHQ]HLFKHQOLHJHQEHLGHQMHZHL
(PHUVRQ$OOH5HFKWHYRUEHKDOWHQ$OOH5HFKWHDXI:DUHQ]HLFKHQOLHJHQEHLGHQMHZHL
OLJHQ(LJHQWPHUQ
'RSSHOWZLUNHQG
(LQIDFKZLUNHQG
4'XQG
46XQG
7HPSHUDWXUH
2PJHYLQJV
EHUHLN
'LUHFWLYHFRQFHUQDQWOHVpTXLSHPHQWVVRXVSUHVVLRQ3('(&
‡ )RU*DV*URXSVHH'2&45*42SHUDWLQJ0HGLD)LHOG4SQHXPDWLF$FWXD
WRUVDUHH[FOXGHGIURPWKHUHTXLUHPHQWVRIWKH3UHVVXUH(TXLSPHQW'LUHFWLYH
(&EDVHGRQDUWLFOHRIWKHGLUHFWLYH
‡ )RU*DV*URXSSUHVVXUHPHGLD¿UVWFRQVXOWHQJLQHHULQJWRFKHFNFRPSDWLELOLW\RI
SUHVVXUHPHGLDZLWKWKHDFWXDWRU
‡ 7KHEHORZOLVWHGOLPLWHGUDQJHRI)LHOG4DFWXDWRUVL]HVDUHUDWHG³6RXQG(QJLQHHULQJ
3UDFWLFH´RU0RGXOH$,QWHUQDOSURGXFWLRQFRQWURODQGDUHDYDLODEOHRQUHTXHVWIRU
XVHZLWK*DV*URXSPHGLD
‡ 'RXEOHDFWLQJW\SHV 4'RU
‡ 6LQJOHDFWLQJW\SHV
46RU
‡ 3RXUOHJURXSHGHJD]YRLU0LOLHXG¶H[SORLWDWLRQOHVDFWLRQQHXUVSQHXPDWLTXHV
)LHOG4QHIRQWSDVSDUWLHGHVH[LJHQFHVGHOD'LUHFWLYHFRQFHUQDQWOHVpTXLSHPHQWV
VRXVSUHVVLRQ(&VHORQO¶DUWLFOHSRLQWGHODGLUHFWLYH
‡ 3RXUOHVXSSRUWGHSUHVVLRQSRXUOHJD]GHJURXSHFRQVXOWH]G¶DERUGOHVLQJpQLHXUV
SRXUYpUL¿HUODFRPSDWLELOLWpGHFHPrPHVXSSRUWGHSUHVVLRQDYHFO¶DFWLRQQHXU
‡ /DJDPPHOLPLWpHHWUpSHUWRULpHFLGHVVRXVGHVWDLOOHVGHO¶DFWLRQQHXU)LHOG4HVWFHUWL
¿pH©6RXQG(QJLQHHULQJ3UDFWLFHª6(3RX0RGXOH$FRQWU{OHLQWHUQHGHIDEULFDWLRQ
HWHVWGLVSRQLEOHjODGHPDQGHSRXUXQHXWLOLVDWLRQDYHFOHVXSSRUWGHJD]GHJURXSH
‡ 'RXEOHHIIHW
4'HW
‡ 6LPSOHHIIHW
46HW
$7(;'LUHFWLYH(&
'LUHFWLYH$7(;
0DUTXDJH$7(;
,,*'F,,&7;
D
E
F
G
0H]]RRSHUDWLYR
$ULDRJDVLQHUWL¿OWUDWLDPLFURQ
,VHJXHQWL0RGXOLGLFRQWUROORULFKLHGRQRDULD¿OWUDWDDPLFURQ4&4&H4&
3XQWRGLUXJLDGD.VRWWRODWHPSHUDWXUDGLIXQ]LRQDPHQWR
3HUOHDSSOLFD]LRQLVRWWR]HURDGRWWDUHPLVXUHDSSURSULDWH
3UHYHQ]LRQHGHOO¶LQJUHVVRGLXPLGLWjQHOO¶DWWXDWRUH
/DFRQGHQVDRO¶XPLGLWjFKHSHQHWUDQHOO¶DWWXDWRUHQHO0RGXORSQHXPDWLFRRQHO0RGXOR
GLFRQWUROORSXzGDQQHJJLDUHTXHVWLFRPSRQHQWLHFDXVDUHGDQQL3HUFLz
D 8WLOL]]DUHJXDUQL]LRQLWDSSLRFRQQHWWRUL,31(0$;RVXSHULRUHSHUJDUDQWLUHOD
SURWH]LRQHGDOODSHQHWUD]LRQHLQEDVHD,31(0$;
E $VVLFXUDUHO¶LQWHJULWjGLJLXQWLHDQHOOLRULQJ
F ,QVWDOODUHGULSORRSLQFRQGRWWLRFDYL
G 6LJLOODUHWXWWHOHDSHUWXUHGHLFRQGRWWLVLDFKHYHQJDQRXWLOL]]DWHRPHQR
H 3HUOH$UHHSHULFRORVHXWLOL]]DUHJXDUQL]LRQLWDSSLRFRQQHWWRULFHUWL¿FDWLFRPHULFKLH
VWRGDOOHQRUPDWLYHORFDOLRQD]LRQDOLHFRUULVSRQGHQWLD,31(0$;RVXSHULRUH
$UHHSHULFRORVH
/¶LQVWDOOD]LRQHQRQFRUUHWWDLQXQD]RQDGLSHULFRORSXzFDXVDUHXQ¶HVSORVLRQH
,VWUX]LRQL$7(;SHUO¶XVRLQDUHHSRWHQ]LDOPHQWHDULVFKLRGL
HVSORVLRQL
1RUPDOHXWLOL]]R
/DSDUWHGHOO¶$WWXDWRUHSQHXPDWLFRLQVLHPHDO0RGXORSQHXPDWLFRGHOO¶DWWXDWRUHSQHXPD
WLFR)LHOG4qXQ¶DWWUH]]DWXUDDSSDUWHQHQWHDO*UXSSR,,FDWHJRULDHGqGHVWLQDWDDOO¶XVR
QHOOHDUHHLQFXLVLSRVVRQRYHUL¿FDUHDWPRVIHUHHVSORVLYHFDXVDWHGDPLVWXUHGLDULDH
JDVYDSRULQHEELHRDULDSROYHUL
3HUFLzSXzHVVHUHXWLOL]]DWRQHOOH=RQH$7(;FODVVL¿FDWH*DVHR3ROYHUL
,VWUX]LRQLSHUODVLFXUH]]D
D /¶DVVHPEODJJLRLOGLVDVVHPEODJJLRHODPDQXWHQ]LRQHVRQRFRQVHQWLWLVXOO¶DWWXDWRUHLO
0RGXORSQHXPDWLFRRODEDVHWWD1$085VRORVHDOPRPHQWRGHOO¶DWWLYLWjQRQHVLVWH
XQDPLVWXUDHVSORVLYD
E 3UHYHQ]LRQHGHOO¶LQJUHVVRGLPLVWXUHHVSORVLYHQHOO¶DWWXDWRUH
6XJJHULDPRO¶XWLOL]]RGLXQVROHQRLGHFRQIXQ]LRQHGL³V¿DWDWRLR´VXJOLDWWXDWRULFRQ
ULWRUQRDPROODXWLOL]]DWLLQDWPRVIHUHSRWHQ]LDOPHQWHHVSORVLYH
F *OLLQGLFDWRULGLSRVL]LRQHLQSODVWLFDVRQRDSSURYDWLSHUOH]RQH$7(;LOJDVGHOJUXS
SR,,%
1HOOH]RQHLQFXLLOJUXSSRGLJDV$7(;,,&VLDSSOLFDQRLUHTXLVLWLQRQXVDUHLOWDSSR
LQSODVWLFDLQGLFDWRUHGLSRVL]LRQHGL4GLPHQVLRQL¿QRD4SHUSUHYHQLUH
FDULFKHHOHWWURVWDWLFKH´
7HPSHUDWXUHPDVVLPH
7HPSHUDWXUD
,QWHUYDOOR
WHPSHUDWXUD
DPELHQWH
&ODVVH
$7(;
7;
WHPSHUDWXUDGL
VXSHU¿FLH$7(;
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
77
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
7
7ƒ&ƒ)
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
+RJH7HPSHUDWXXU
/DJH7HPSHUDWXXU
D 'HZHUNHOLMNHPD[LPXPRSSHUYODNWHWHPSHUDWXXULVQLHWDIKDQNHOLMNHYDQKHWDSSDUDDW
]HOIPDDUKRRIG]DNHOLMNDIKDQNHOLMNYDQGHEHGLHLQLQJVFRQGLWLHV]RDOVGHWHPSHUDWXXU
YDQGHZHUNPHGLD
E 'HJHVSHFL¿FHHUGHZDDUGHV]LMQJHOGLJRQGHUGHYROJHQGHFRQGLWLHV
0D[LPXPVFKDNHOIUHTXHQWLHYDQGHDDQGULMYLQJLV+]ELMHHQPD[LPXPYDQ
VFKDNHOLQJHQSHUXXUHQELMPD[LPXPEHODVWLQJ
*HYDDUOLMNHRPJHYLQJHQHQEHVWXULQJVPRGXOHV
5DDGSOHHJYRRUPHHULQIRUPDWLHRYHUGHLQVWDOODWLHYDQ)LHOG4EHVWXULQJVPRGXOHVLQ
JHYDDUOLMNHRPJHYLQJHQGHEHWUHIIHQGHJHGHHOWHQYDQGH,QVWDOODWLHJLGVGLHELMGHEHVWX
ULQJVPRGXOHVZRUGWJHOHYHUG
%HODQJULMNRPGDW(PHUVRQEHRRJWKDDUSURGXFWHQYRRUWGXUHQGWHFKQLVFKWHYHUEHWHUHQNXQ
QHQGHKLHUJHSUHVHQWHHUGHJHJHYHQVZRUGHQJHZLM]LJG
$IEHHOGLQJHQVFKHPD¶VHQDQGHUJUD¿VFKPDWHULDDOLQGH]HSXEOLFDWLH]LMQXLWVOXLWHQGEHGRHOGWHU
LOOXVWUDWLHHQYHUWHJHQZRRUGLJHQRSJHHQHQNHOHZLM]HSURGXFWFRQ¿JXUDWLHVRIIXQFWLRQDOLWHLW
‹(PHUVRQDOOHUHFKWHQYRRUEHKRXGHQ$OOHUHFKWHQRSKDQGHOVPHUNHQEHUXVWHQELMGH
UHVSHFWLHYHHLJHQDUHQ
1RWH
4'HQ
46XQG
'UXNDSSDUDWXU5LFKWOLMQ3('(&
$7(;ULFKWOLMQ(&
$UHHSHULFRORVHHPRGXOLGLFRQWUROOR
,PSRUWDQWH'DWRO¶LPSHJQRGL(PHUVRQQHOFRQWLQXRPLJOLRUDPHQWRGHLSURGRWWLLGDWLSUHVHQWLLQ
TXHVWRGRFXPHQWRVRQRVRJJHWWLDPRGL¿FKH
,PPDJLQLVFKHPLHDOWUDJUD¿FDFRQWHQXWLQHOSUHVHQWHGRFXPHQWRVRQRSXEEOLFDWLVRORDVFRSR
LOOXVWUDWLYRHQRQUDSSUHVHQWDQROHFRQ¿JXUD]LRQLRODIXQ]LRQDOLWjGHLSURGRWWL
‹(PHUVRQ7XWWLLGLULWWLULVHUYDWL7XWWLLGLULWWLGHLPDUFKLDSSDUWHQJRQRDLULVSHWWLYLSURSULH
(PHUVRQ7XWWLLGLULWWLULVHUYDWL7XWWLLGLULWWLGHLPDUFKLDSSDUWHQJRQRDLULVSHWWLYLSURSULH
(PHUVRQ7XWWLLGLULWWLULVHUYDWL7XWWLLGLULWWLGHLPDUFKLDSSDUWHQJRQRDLULVSHWWLYLSURSULH
WDUL
6LGLFKLDUDFKHLSURGRWWLGLVHJXLWRVSHFL¿FDWLVRGGLVIDQRLUHTXLVLWLGLEDVHGLVDOXWHH
VLFXUH]]D
7HPSHUDWXUDVPi[LPDV
7HPSHUDWXUD
7;7HPSHUDWXUD
&ODVVH
GHVXSHUItFLH
$7(;
$7(;
$PSOLWXGHGR
DPELHQWH
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
1RWD
9iOLGRSDUDR
PRGHORDFWXDGRU
7HPSHUDWXUD1RUPDO
7HPSHUDWXUD(OHYDGD
7HPSHUDWXUD%DL[D
D $WHPSHUDWXUDGHVXSHUItFLHPi[LPDUHDOQmRGHSHQGHGRHTXLSDPHQWRHPVLPDV
VREUHWXGRGDVFRQGLo}HVGHIXQFLRQDPHQWRFRPRSRUH[HPSORDWHPSHUDWXUDGRV
PHLRVGHIRUQHFLPHQWR E 2VYDORUHVHVSHFL¿FDGRVVmRYiOLGRVFRPDVVHJXLQWHVFRQGLo}HV
$IUHTXrQFLDPi[LPDGRFLFORGRDFWXDGRUpGH+]QXPPi[LPRGHFLFORV
SRUKRUDHQDFDUJDPi[LPD
ÈUHDVSHULJRVDVH0yGXORVGH&RQWUROR
3DUDLQIRUPDo}HVVREUHLQVWDODomRGRV0yGXORVGH&RQWUROR)LHOG4QXPDiUHDSHULJRVD
FRQVXOWHDVVHFo}HVDDSOLFDUGR*XLDGH,QVWDODomRFRQIRUPHIRUQHFLGRFRPR0yGXOR
GH&RQWUROR
,PSRUWDQWH'HYLGRDRFRPSURPLVVRFRQWtQXRGD(PHUVRQHPGHVHQYROYHUSURGXWRVGHHQJH
QKDULDRVGDGRVDTXLDSUHVHQWDGRVHVWmRVXMHLWRVDDOWHUDo}HV
,PDJHQVHVTXHPDVHRXWURVJUi¿FRVDTXLDSUHVHQWDGRVVmRSXEOLFDGRVDSHQDVSDUD¿QVLOXV
WUDWLYRVHQmRUHSUHVHQWDPDVFRQ¿JXUDo}HVRXIXQFLRQDOLGDGHGHSURGXWRV
‹(PHUVRQ7RGRVRVGLUHLWRVUHVHUYDGRV7RGRVRVGLUHLWRVSDUDFRPHUFLDOL]DUPDUFDV
FRPRVUHVSHFWLYRVSURSULHWiULRV
(PHUVRQ3URFHVV0DQDJHPHQW$VYHOGZHJ
%7+HQJHOR2Y7KH1HWKHUODQGV
'HFODUDPRVSRUHVWHPHLRTXHRVSURGXWRVHVSHFL¿FDGRVDEDL[RFXPSUHPRVUHTXLVL
WRVEiVLFRVSDUDDVD~GHHVHJXUDQoD
9DULDo}HVGRSURGXWR
‡ /HYDULD]LRQLGHOSURGRWWRGHOOHWLSRORJLHVRSUDPHQ]LRQDWHVRQRFRPXQTXHFRSHUWH
GDOODVRSUDPHQ]LRQDWDGLUHWWLYDHKDQQRPDUFKLR&(
‡ $VYDULDo}HVGHSURGXWRGRVWLSRVUHIHULGRVDEDL[RFRQWLQXDPDVHUFREHUWDVSHOD
GLUHFWLYDUHIHULGDDWUiVHH[LEHPDPDUFD&(
1XPHURGLVHULH
1~PHURGHVpULH
‡ 2JQLDWWXDWRUHKDXQQXPHURGLVHULHLGHQWL¿FDELOH
‡ &DGDDFWXDGRUDSUHVHQWDXPQ~PHURGHVpULHLGHQWL¿FiYHO
'LFKLDUD]LRQHGLFRQIRUPLWj(&
'HFODUDomRGHFRQIRUPLGDGHGD&(
(PHVVDLQFRQIRUPLWjFRQ
(PLWLGDGHDFRUGRFRPD
'LUHWWLYDVXOOHDWWUH]]DWXUHDSUHVVLRQH3('(&
'LUHWWLYD$7(;(&
'LUHFWLYDVREUH(TXLSDPHQWRGH3UHVVmR'(3(&
'LUHFWLYD$7(;&(
0DUFDWXUD$7(;
,,*'F,,&7;
‡ (1 (1
'LUHFWLYDVREUH(TXLSDPHQWRGH3UHVVmR'(3(&
‡ 3DUDRJiVGR*UXSRYHU'2&45*40HLRVGH2SHUDomRRVDFWXDGRUHV
SQHXPiWLFRV)LHOG4HVWmRH[FOXtGRVGRVUHTXLVLWRVGD'LUHFWLYDVREUH(TXLSDPHQWR
GH3UHVVmR(&FRPEDVHQRDUWLJRSRQWRGDGLUHFWLYD
‡ 3DUDRPHLRGHSUHVVmRGR*UXSRGH*iVFRQVXOWHSULPHLURDHQJHQKDULDSDUD
YHUL¿FDUDFRPSDWLELOLGDGHGRPHLRGHSUHVVmRFRPRDFWXDGRU
‡$DPSOLWXGHDMXVWiYHOOLVWDGDDEDL[RGDVGLPHQV}HVGHDFWXDGRU)LHOG4HQFRQWUD
VHFODVVL¿FDGDFRPR³3UiWLFDGH(QJHQKDULDGH6RP´RX0yGXOR$&RQWURORGD
SURGXomRLQWHUQDHVWDQGRGLVSRQtYHODSHGLGRSDUDXWLOL]DomRFRPRPHLRGR*UXSR
GH*iV
‡ $FWXDomRGXSOD
4'RX
‡ $FWXDomRUHWRUQRGHPROD 46RX
'LUHFWLYD$7(;&(
0DUFDomR$7(;
YROJHQV
(PHVVDLQFRQIRUPLWjFRQ
0DFKLQH5LFKWOLMQ(*%LMODJH,,E
'LUHWWLYD0DFFKLQH(&$OOHJDWR,,E
,,*'F,,&7;
‡ 3DUDLQIRUPDo}HVVREUHRVOLPLWHVPi[LPRVGHWHPSHUDWXUDHFODVVL¿FDo}HVFRQVXOWH
R*XLDGH&RQVXOWD5iSLGD'2&45*47HPSHUDWXUDPi[LPD
1RUPDVDSOLFiYHLV
‡ (1 (1
'LFKLDUD]LRQHGLLQFRUSRUD]LRQHGLTXDVLPDFFKLQH
'HFODUDomRGHLQFRUSRUDomRGHXPDTXDVHPiTXLQD
(PLWLGDGHDFRUGRFRPD
'LUHFWLYDVREUH0DTXLQDULD(&$SrQGLFH,,E
7RHJHSDVWHHQYHUYXOGHHVVHQWLHOHHLVHQ
5HTXLVLWLHVVHQ]LDOLDSSOLFDWLHULVSHWWDWL
‡ DQG
‡ 'HWHFKQLVFKHGRNXPHQWDWLHLVRSJHVWHOGLQRYHUHHQVWHPPLQJPHW$SSHQGL[9,,6HF
WLH%
‡ $OYRUHQVGHDDQGULMYLQJLQEHGULMIZRUGWJHVWHOGPRHWGHPDFKLQHZDDULQRIZDDURS
GHDDQGULMYLQJZRUGWJHwQVWDOOHHUGYROGRHQDDQGHEHSDOLQJHQYDQGHPDFKLQHULFKWOLMQ
‡ 'HUHOHYDQWHLQIRUPDWLHEHWUHIIHQGHGHQLHWYROWRRLGHPDFKLQH]DOLQKHWJHYDOYDQ
HHQJHPRWLYHHUGYHU]RHNYDQGHQDWLRQDOHDXWRULWHLWHQEHVFKLNEDDU]LMQ
6WDQGDUGDSSOLFDELOL
‡ H
‡ $GRFXPHQWDomRWpFQLFDpHODERUDGDHPFRQIRUPLGDGHFRPR$SrQGLFH9,,VHFomR
%
‡ $QWHVGRDFWXDGRUVHUFRORFDGRHPIXQFLRQDPHQWRDPiTXLQDQDTXDOHVWHYDLVHU
LQVWDODGRGHYHFXPSULURHVWLSXODGRQDGLUHFWLYDVREUHPDTXLQDULD
‡ $VLQIRUPDo}HVUHOHYDQWHVUHODWLYDVjPiTXLQDRXSHoDHVWDUmRGLVSRQtYHLVQRFDVR
GHRFRUUHUXPSHGLGRPRWLYDGRGDVDXWRULGDGHVQDFLRQDLV
‡ ,62
1RUPDVDSOLFiYHLV
9DQWRHSDVVLQJ]LMQGHQRUPHQ
‡ ,62
8QWHU]HLFKQHW
1DPH
6WHOOXQJ
'DWXP
2UW
+DQGWHNHQLQJ
1DDP
)XQFWLH
'DWXP
3ODDWV
BBBBBBBBBBBBBBBBBBBBBBBBBBB
(6DXVVD\H
9LFH3UHVLGHQW2SHUDWLRQV
(PHUVRQ3URFHVV0DQDJHPHQW
9DOYH$XWRPDWLRQ(XURSH
+HQJHOR2Y1HGHUODQG
‡ H
‡ /DGRFXPHQWD]LRQHWHFQLFDqVWLODWDFRQIRUPHPHQWHDOO¶$SSHQGLFH9,,VH]LRQH%
‡ 3ULPDGHOODPHVVDLQIXQ]LRQHGHOO¶DWWXDWRUHODPDFFKLQDLQFXLRVXFXLO¶DWWXDWRUH
YLHQHLQVWDOODWRGHYHHVVHUHFRQIRUPHDLUHTXLVLWLGHOODGLUHWWLYDPDFFKLQH
‡ /HLQIRUPD]LRQLULOHYDQWLULJXDUGDQWLODPDFFKLQDRXQDSDUWHGLHVVDVDUDQQRGLV
SRQLELOLLQFDVRGLPRWLYDWDULFKLHVWDDYDQ]DWDGDOOHDXWRULWjQD]LRQDOL
5HTXLVLWRVHVVHQFLDLVDSOLFDGRVHFXPSULGRV
‡ ,62
)LUPD
1RPH
3RVL]LRQH
'DWD
&LWWj
BBBBBBBBBBBBBBBBBBBBBBBBBBB
(6DXVVD\H
9LFH3UHVLGHQW2SHUDWLRQV
(PHUVRQ3URFHVV0DQDJHPHQW
9DOYH$XWRPDWLRQ(XURSH
+HQJHOR2Y3DHVL%DVVL
TM
'2&45*45HY(0DUFK
D 0RQWDJHPGHVPRQWDJHPHPDQXWHQomRVmRDSHQDVSHUPLWLGDVQRDFWXDGRU0y
GXOR3QHXPiWLFRRX3ODFD1$085TXDQGRGXUDQWHDDFWLYLGDGHQmRKiPLVWXUD
H[SORVLYD
E (YLWHDLQ¿OWUDomRGHPLVWXUDVH[SORVLYDVQRDFWXDGRU
6XJHULPRVDXWLOL]DomRGHXPDVROHQyLGHFRPIXQomRGH³YHQWLODomR´QRVDFWXDGRUHV
GHUHWRUQRGHPRODTXDQGRXWLOL]DGRVHPDWPRVIHUDVSRWHQFLDOPHQWHH[SORVLYDV
F 2VLQGLFDGRUHVGHSRVLomRGHSOiVWLFRVmRDSURYDGRVSDUDDViUHDV$7(;JiVJUXSR
,,%
(PiUHDVRQGHRJiV$7(;UHTXLVLWRVGRJUXSR,,&DSOLFDUQmRXWLOL]HDWDPSDGH
SOiVWLFRLQGLFDGRUGHSRVLomRGHWDPDQKRV4DWp4SDUDHYLWDUTXHDFDUJD
HVWiWLFD
9DULD]LRQLSURGRWWR
(8,QERXZYHUNODULQJEHWUHIIHQGHQLHWYROWRRLGHPDFKLQHV
‡ ,62
BBBBBBBBBBBBBBBBBBBBBBBBBBB
(6DXVVD\H
9L]HSUlVLGHQW2SHUDWLRQV
(PHUVRQ3URFHVV0DQDJHPHQW
9DOYH$XWRPDWLRQ(XURSH
+HQJHOR2Y1LHGHUODQGH
,QVWUXo}HVGHVHJXUDQoD
$FWXDomRGXSOD
4'RX
$FWXDomRUHWRUQRGHPROD 46RX
6WDQGDUGDSSOLFDELOL
$SHoD$FWXDGRU3QHXPiWLFRMXQWDPHQWHFRPDSHoD0yGXOR3QHXPiWLFRGR$FWXDGRU
3QHXPiWLFR)LHOG4pXPHTXLSDPHQWRGHFDWHJRULD*UXSR,,HGHVWLQDVHSDUDiUHDV
HPTXHDVDWPRVIHUDVH[SORVLYDVFDXVDGDVSRUPLVWXUDVGHDUHJDVHVYDSRUHVRXSRU
DUSRHLUDVSRGHUmRRFRUUHU
$VVLPSRGHVHUXWLOL]DGRHP=RQDV$7(;FODVVL¿FDGDV*DVHVHRX3R
HLUD
$FWXDGRUHVGHDFWXDomRGXSODHUHWRUQRGHPROD
4'H
46H
‡
$QZHQGXQJVQRUPHQ
,QVWUXo}HV$7(;SDUDXWLOL]DomRHPiUHDVSRWHQFLDOPHQWHH[SORVLYDV
8WLOL]DomR
'RSSLRHIIHWWR
5LWRUQRDPROOD
7RHJHSDVWHVWDQGDDUGHQ
‡ DQG
‡ 7HFKQLVFKH8QWHUODJHQVLQGJHPl‰$QKDQJ9,,$EVFKQLWW%HUVWHOOW
%HYRUGHU$QWULHELQ%HWULHEJHQRPPHQZLUGPXVVGLH0DVFKLQHLQRGHUDXIGHUGHU
$QWULHELQVWDOOLHUWZLUGGHQ$QIRUGHUXQJHQGHU0DVFKLQHQ5LFKWOLQLHHQWVSUHFKHQ
‡ 'LHUHOHYDQWH,QIRUPDWLRQKLQVLFKWOLFKGHUXQYROOVWlQGLJHQ0DVFKLQHLVWLP)DOOHHLQHV
PRWLYLHUWHQ$QWUDJVYRQGHQVWDDWOLFKHQ%HK|UGHQYRUKDQGHQ
‡ $FWXDGRUSQHXPiWLFR)LHOG4
‡ (1 (1
=XU$QZHQGXQJNRPPHQGHXQGHLQJHKDOWHQHJUXQGOHJHQGHQ
$QIRUGHUXQJHQ
$LQVWDODomRLQFRUUHFWDHPiUHDVSHULJRVDVSRGHSURYRFDUXPDH[SORVmR
$WWXDWRULDGRSSLRHIIHWWRHFRQULWRUQRDPROOD
$QJHZDQGWH6WDQGDUGV
(1
ÈUHDV3HULJRVDV
'HVFULomRGRSURGXWR
‡ 9RRUPD[LPDOHWHPSHUDWXXUVOLPLHWHQHQNODVVL¿FDWLHV]LH4XLFN5HIHUHQFH*XLGH
'2&45*40D[LPXPWHPSHUDWXXU
(1
&RQGHQVDomRRXKXPLGDGHTXHVHLQ¿OWUDQRDFWXDGRUR0yGXOR3QHXPiWLFRRXR0y
GXORGH&RQWURORSRGHPGDQL¿FDUHVWHVFRPSRQHQWHVHSRGHPSURYRFDUDYDULDV'HVWH
PRGR
D 8WLOL]HJOkQGXODV¿FKDVRXFRQHFWRUHVFRPDFODVVL¿FDomR,31(0$;RXVXSHULRU
SDUDDVVHJXUDUDSURWHFomRHPFRQIRUPLGDGHFRP,31(0$;
E $VVHJXUDUDLQWHJULGDGHGDVMXQWDVHRULQJV
F 0RQWHDFRQGXWDRXFDERGHIRUPDDID]HUXPDFXUYDWXUD
G 6HOHWRGDVDVDEHUWXUDVGDFRQGXWDTXHUVHMDPXWLOL]DGDVRXQmR
H 3DUDDSOLFDo}HVQDÈUHD3HULJRVDXWLOL]HJOkQGXODVFHUWL¿FDGDV¿FKDVRXFRQHFWRUHV
FRQIRUPHQHFHVViULRSRUOHJLVODomRORFDORXQDFLRQDOHFRPFODVVL¿FDomR,31(
0$;RXVXSHULRU
‡ $WWXDWRUHSQHXPDWLFR)LHOG4
‡ 3HULOLPLWLGLWHPSHUDWXUHPDVVLPHHOHFODVVL¿FD]LRQLYHGHUHOD*XLGDUDSLGDGLULIHUL
PHQWR'2&45*47HPSHUDWXUHPDVVLPH
‡ )UPD[LPDOH7HPSHUDWXUJUHQ]ZHUWHXQG.ODVVL¿NDWLRQHQVLHKH.XU]DQOHLWXQJ'2&
45*40D[LPXP7HPSHUDWXU
(YLWDUDLQ¿OWUDomRGHKXPLGDGHQRDFWXDGRU
'HVFUL]LRQHSURGRWWR
'LUHWWLYD$7(;(&
,,*'F,,&7;
0HLRVGHIXQFLRQDPHQWR
D $URXJDVHVLQHUWHV¿OWUDGRVDPLFURQ
E 2VVHJXLQWHV0yGXORVGH&RQWURORQHFHVVLWDPGHDU¿OWUDGRDPLFURQ4&4&
H4&
F 3RQWRGHFRQGHQVDomR.LQIHULRUjWHPSHUDWXUDGHIXQFLRQDPHQWR
G 3DUDDSOLFDo}HVGHWHPSHUDWXUDVQHJDWLYDVDGRSWHDVPHGLGDVDSURSULDGDV
(PHUVRQ3URFHVV0DQDJHPHQW$VYHOGZHJ
%7+HQJHOR2Y3DHVL%DVVL
$7(;'LUHFWLYH(&
$7(;0DUNHULQJ
%DVVDWHPSHUDWXUD
3HULQIRUPD]LRQLVXOO¶LQVWDOOD]LRQHGL0RGXOLGLFRQWUROOR)LHOG4LQDUHHSHULFRORVHFRQVXO
WDUHOHVH]LRQLDSSOLFDELOLGDOOD*XLGDDOO¶LQVWDOOD]LRQHIRUQLWDFRQLO0RGXORGLFRQWUROOR
'RFXPHQWRVGHFRQVXOWD
$QWHVGHPRQWDULQVWDODUPRQWDURXGHVPRQWDURDFWXDGRUFRQVXOWHRVVHJXLQWHV
GRFXPHQWRV
0DQXDOGH,QVWDODomR)XQFLRQDPHQWRH0DQXWHQomR$FWXDGRU3QHXPiWLFR)LHOG4
'2&,204(H
*XLDGH,QVWDODomRFRQIRUPHIRUQHFLGRFRPR0yGXORGH&RQWUROR
3DUDDOJXQV0yGXORVGH&RQWURORSDUDFRPXQLFDomREXVH[LVWHXP0DQXDOGH&RQ
VXOWDFRPPDLVLQIRUPDo}HV
3DUDREWHUHVWHVGRFXPHQWRVFRQWDFWHRVHXIRUQHFHGRU)LHOG4PDLVSUy[LPRRXFRQVXO
WHDSiJLQDGHGRZQORDGVGDZZZ)LHOG4FRP
$OWDWHPSHUDWXUD
$7(;5LFKWOLQLH
,,*'F,,&7;
,QVWDODomRIXQFLRQDPHQWRHPDQXWHQomR
(8&21)250,7(,769(5./$5,1*
8LWJHJHYHQLQRYHUHHQVWHPPLQJPHWGH
7HPSHUDWXUD
VWDQGDUG
D /DWHPSHUDWXUDGLVXSHU¿FLHPDVVLPDHIIHWWLYDQRQGLSHQGHGDOO¶DSSDUHFFKLDWXUDPD
SULQFLSDOPHQWHGDIDWWRULGLIXQ]LRQDPHQWRFRPHDGHVHPSLRODWHPSHUDWXUDGHOVXS
SRUWRGLDOLPHQWD]LRQH
E ,YDORULVSHFL¿FDWLVRQRYDOLGLDOOHVHJXHQWLFRQGL]LRQL
IUHTXHQ]DPDVVLPDGHOFLFORGHOO¶DWWXDWRUHGL+]SHUXQPDVVLPRGLFLFOL
DOO¶RUDHDFDULFRPDVVLPR
(PHUVRQ3URFHVV0DQDJHPHQW$VYHOGZHJ
%7+HQJHOR2Y1HGHUODQG
'XEEHOZHUNHQG
9HHU5HWRXU
9DOLGRSHULO
PRGHOORGLDWWXDWRUH
‡ 3HULJDVGLJUXSSRYHGHUH'2&45*40H]]RGLIXQ]LRQDPHQWRJOLDWWXDWRUL
SQHXPDWLFL)LHOG4VRQRHVFOXVLGDLUHTXLVLWLGHOOD'LUHWWLYDVXOOHDWWUH]]DWXUHDSUHVVLR
QH(&LQEDVHDOO¶DUWLFRORSXQWRGHOODGLUHWWLYD
‡ 3HUODSUHVVXUL]]D]LRQHGHLPH]]LJDVGLJUXSSRFRQVXOWDUHGDSSULPDLOUHSDUWRWHF
QLFRSHUYHUL¿FDUHODFRPSDWLELOLWjGHOODSUHVVXUL]]D]LRQHFRQO¶DWWXDWRUH
‡ ,IRUPDWLGLDWWXDWRUL)LHOG4GLJDPPDOLPLWDWDHOHQFDWLGLVHJXLWRVRQRFODVVL¿FDWL
FRPH³6RXQG(QJLQHHULQJ3UDFWLFH´R0RGXOR$FRQWUROORLQWHUQRGLSURGX]LRQHH
VRQRGLVSRQLELOLVXULFKLHVWDSHUO¶XVRFRQPH]]LJDVGLJUXSSR
‡ 'RSSLRHIIHWWR 4'H
‡ 5LWRUQRDPROOD 46H
'HQ0DVFKLQHQ5LFKWOLQLH(*$QKDQJ,,E
TM
‡ 9RRUJDVJURHS]LH'2&45*4:HUNPHGLD]LMQ)LHOG4SQHXPDWLVFKHDDQ
GULMYLQJHQXLWJHVORWHQYDQGHYHUHLVWHQYDQULFKWOLMQ(*EHWUHIIHQGHGUXNDSSDUD
WXXURSEDVLVYDQDUWLNHOSXQWYDQGHULFKWOLMQ
‡ 9RRUJDVJURHSZHUNPHGLDQHHPHHUVWFRQWDFWRSPHWGHDIGHOLQJHQJLQHHULQJRP
GHFRPSDWLELOLWHLWYDQGHZHUNPHGLDPHWGHDDQGULMYLQJWHFRQWUROHUHQ
‡ 'HKLHURQGHUJHQRHPGHEHSHUNWHUHHNVYDQ)LHOG4DDQGULMYLQJHQ]LMQJHFODVVL¿VHHUG
DOV³6RXQG(QJLQHHULQJ3UDFWLFH´³9HUDQWZRRUGJHFRQWUXHHUGSURGXFW´RI0RGXOH$
LQWHUQHSURGXFWLHFRQWUROHHQJHVFKLNWYRRUJHEUXLNPHWJDVJURHSZHUNPHGLD
‡ 'XEEHOZHUNHQG 4'HQ
‡ 9HHU5HWRXU
46HQ
'LUHFWLYH&(UHODWLYHDX[PDFKLQHVDQQH[H,,E
BBBBBBBBBBBBBBBBBBBBBBBBBBB
(6DXVVD\H
9LFH3UpVLGHQW([SORLWDWLRQ
(PHUVRQ3URFHVV0DQDJHPHQW
9DOYH$XWRPDWLRQ(XURSH
+HQJHOR2Y3D\V%DV
3ULPDGLPRQWDUHLQVWDOODUHFRPPLVVLRQDUHRDVVHPEODUHGLVDVVHPEODUHO¶DWWXDWRUH
FRQVXOWDUHLVHJXHQWLGRFXPHQWL
0DQXDOHGLLQVWDOOD]LRQHIXQ]LRQDPHQWRHPDQXWHQ]LRQHGHOO¶DWWXDWRUHSQHXPDWLFR
)LHOG4'2&,204(H
*XLGDDOO¶LQVWDOOD]LRQHIRUQLWDFRQLO0RGXORGLFRQWUROOR
3HUDOFXQLGLH0RGXOLGLFRQWUROORFRQFRPXQLFD]LRQHYLDEXVqGLVSRQLELOHXQ0DQXD
OHGLULIHULPHQWRDJJLXQWLYRFRQXOWHULRULLQIRUPD]LRQL
3HUULFHYHUHTXHVWLGRFXPHQWLFRQWDWWDUHLOIRUQLWRUH)LHOG4RYLVLWDUHODSDJLQDGLGRZQOR
DGDOO¶LQGLUL]]RZZZ)LHOG4FRP
‡ )U*DV*UXSSHVLHKH'2&45*4%HWULHEVPHGLHQVLQGSQHXPDWLVFKH
)LHOG4$QWULHEHYRQGHQ$QIRUGHUXQJHQGHU5LFKWOLQLH'UXFNDXVUVWXQJHQ(&
EDVLHUHQGDXI$UWLNHO3XQNWGHU5LFKWOLQLHDXVJHQRPPHQ
‡ )U*DV*UXSSH'UXFN0HGLHQNRQVXOWLHUHQ6LH]XQlFKVWGLHWHFKQLVFKH$EWHLOXQJ
XPGLH.RPSDWLELOLWlWYRQ'UXFN0HGLHQPLWGHP$QWULHE]XEHUSUIHQ
‡ 'LHXQWHQDXIJHIKUWHQEHJUHQ]WH$Q]DKOYRQ)LHOG4$QWULHEV*U|‰HQVLQG³6RXQG
(QJLQHHULQJ3UD[LV´RGHU0RGXO$,QWHUQH)HUWLJXQJVNRQWUROOHEHZHUWHWXQGVLQGDXI
$QIUDJHHUKlOWOLFKIUGHQ(LQVDW]PLW*DV*UXSSH0HGLHQ
‡ 'RSSHOWZLUNHQG 4'XQG
‡ (LQIDFKZLUNHQG 46XQG
JHPl‰
'RFXPHQWLGLULIHULPHQWR
'LUHWWLYDVXOOHDWWUH]]DWXUHDSUHVVLRQH3('(&
(UNOlUXQJIUGHQHLQEDXHLQHUXQYROOVWlQGLJHQ0DVFKLQH
6LJQDWXUH
1RP
3RVLWLRQ
'DWH
9LOOH
5LFKWOLMQ(*EHWUHIIHQGHGUXNDSSDUDWXXU
3XEOLpHFRQIRUPpPHQWjOD
‡ ,62
,QVWDOOD]LRQHIXQ]LRQDPHQWRHPDQXWHQ]LRQH
5LFKWOLQLH'UXFNDXVUVWXQJHQ3('(&
'pFODUDWLRQG¶LQFRUSRUDWLRQGHTXDVLPDFKLQHV
1RUPHVDSSOLFDEOHV
D (VWDVLQVWUXo}HVDSOLFDPVHDSHQDVDR$FWXDGRU3QHXPiWLFRMXQWDPHQWHFRPR0y
GXOR3QHXPiWLFRRXSODFD1$085
E 2DFWXDGRUSRGHHVWDUHTXLSDGRFRPFRPSRQHQWHVSDUDFRQWURORHRXIHHGEDFN9HUL
¿TXHDVLQVWUXo}HVGHLQVWDODomRRSHUDomRHPDQXWHQomRGHVWHVFRPSRQHQWHV
F (VWDVLQVWUXo}HVQmRVHDSOLFDPSDUDDPRQWDJHPRXGHVPRQWDJHPGH
DYiOYXOD
RDFWXDGRUQXPDYiOYXOD
DFHVVyULRVFRPRSH[YiOYXODVVROHQyLGHVSRVLFLRQDGRUHVFDL[DVGHLQWHU
UXSWRUHVHWF
ƒ&
‡ (ONYHQWLHOLVYRRU]LHQYDQHHQKHUNHQEDDUVHULHQXPPHU
‡ (1 (1
‡ DQG
‡ /DGRFXPHQWDWLRQWHFKQLTXHHVWUpGLJpHFRQIRUPpPHQWjO¶DQQH[H9,,ODVHFWLRQ%
‡ $YDQWG¶XWLOLVHUO¶DFWLRQQHXUSQHXPDWLTXHDVVXUH]YRXVTXHODPDFKLQHVXURXGDQV
ODTXHOOHLOVHUDLQVWDOOpHVWFRQIRUPHjODGLUHFWLYHVXUOHVPDFKLQHV
‡ /HVLQIRUPDWLRQVLPSRUWDQWHVDXVXMHWGHODTXDVLPDFKLQHVHURQWGLVSRQLEOHVHQFDV
G¶XQHGHPDQGHPRWLYpHGHVDGPLQLVWUDWLRQVQDWLRQDOHV
$FHVVyULRVGRDFWXDGRU
7ƒ&ƒ)
77
$QWHVGHLQLFLDU
D 4XHVWHLVWUX]LRQLVRQRDSSOLFDELOLVRQRDOO¶$WWXDWRUHSQHXPDWLFRFRQLO0RGXORSQHX
PDWLFRROD
EDVHWWD1$085
E /¶DWWXDWRUHSXzHVVHUHGRWDWRGLFRPSRQHQWLSHULOFRQWUROORHRIHHGEDFN&RQVXOWDUH
OHLVWUX]LRQLGLTXHVWLFRPSRQHQWLSHULQIRUPD]LRQLVXLQVWDOOD]LRQHIXQ]LRQDPHQWRH
PDQXWHQ]LRQH
F 4XHVWHLVWUX]LRQLQRQVRQRDSSOLFDELOLSHUO¶DVVHPEODJJLRRLOGLVDVVHPEODJJLRGL
ODYDOYROD
O¶DWWXDWRUHVXXQDYDOYROD
DFFHVVRULDGHVYDOYROHDVROHQRLGHSRVL]LRQDWRULVZLWFKER[HFF
77
ƒ&
3
$FFHVVRULGHOO¶DWWXDWRUH
ƒ&
ƒ&
2
D ,QVWDODomRD¿QDomRIXQFLRQDPHQWR
XWLOL]DomRPRQWDJHPGHVPRQWDJHPHPDQXWHQomRGR$FWXDGRU3QHXPiWLFRVmR
RSHUDo}HVTXHHVWmRUHVHUYDGDVH[FOXVLYDPHQWHDSHVVRDOTXDOL¿FDGR
E 2V$FWXDGRUHV3QHXPiWLFRV)LHOG4GHYHPHVWDULVRODGRVDQtYHOSQHXPiWLFRHHOpF
WULFRDQWHVGHFRPHoDUGHVPRQWDU
F 1mRpSHUPLWLGROLJDUXPUHFHSWiFXORGHSUHVVmRFRPVXSRUWHVQmRUHGX]LGRVDRDF
WXDGRUSQHXPiWLFR)LHOG4
G 2VDFWXDGRUHV)LHOG4QmRGHYHPVHUOLJDGRVDXPDEDVWHFLPHQWRGHDUPDLRUGRTXH
EDUJRXSVLJ
1RWD
1DVDSOLFDo}HVHPTXHRFXUVRGDPRODGRVDFWXDGRUHVGHDFomR~QLFDpRSHUDGR
SQHXPDWLFDPHQWHDSUHVVmRPi[LPDpGHEDU36,
H $SOLFDUSUHVVmRDRDFWXDWRURX
I $SOLFDUXPVLQDOGHFRQWURORDR0yGXORGH&RQWURORSRGHPGDURULJHPDRIXQFLRQD
PHQWRGRDFWXDGRUYiOYXOD
6WDQGDDUG
7HPSHUDWXXU
6HULHQXPPHU
1RUPHVDSSOLTXpHV
'HVH[LJHQFHVHVVHQWLHOOHVGHODSUpVHQWHGLUHFWLYHTXLVRQWDSSOLTXpHVHW
VDWLVIDLWHV
3ULPDGLFRPLQFLDUH
1
2DFWXDGRU)LHOG4pXPFRQFHLWRLQWH
JUDGRUSDUDDDXWRPDWL]DomRGHYiOYXODV
GHXPTXDUWRGHYROWDDPRUWHFHGRUHVRX
RXWUDVDSOLFDo}HVGHXPTXDUWRGHYROWD
eFRPSRVWRSRUWUrVSHoDVEiVLFDV
$FWXDGRU3QHXPiWLFR
0yGXOR3QHXPiWLFRRX3ODFD1$085
0yGXORGH&RQWUROR
D /¶LQVWDOOD]LRQHODUHJROD]LRQHODPHV
VDLQVHUYL]LRO¶XWLOL]]RO¶DVVHPEODJJLRLOGLVDVVHPEODJJLRHODPDQXWHQ]LRQHGHOO¶$W
WXDWRUHSQHXPDWLFRVRQRULVHUYDWLHVFOXVLYDPHQWHDOSHUVRQDOHTXDOL¿FDWR
E *OLDWWXDWRULSQHXPDWLFL)LHOG4GHYRQRHVVHUHLVRODWLVLDGDOSXQWRGLYLVWDSQHXPDWLFR
FKHHOHWWULFRSULPDGLFRPLQFLDUHO¶DVVHPEODJJLRGLVDVVHPEODJJLR
F 1RQqFRQVHQWLWRFROOHJDUHXQUHFLSLHQWHLQSUHVVLRQHFRQPH]]RQRQULGRWWRDOO¶DWWXD
WRUHSQHXPDWLFR)LHOG4
G *OLDWWXDWRUL)LHOG4QRQGHYRQRHVVHUHFROOHJDWLDGXQ¶LPPLVVLRQHGLDULDVXSHULRUHD
EDUJRSVLJ
1RWD
1HOOHDSSOLFD]LRQLLQFXLODFRUVDGHOODPROODGHJOLDWWXDWRULDGHIIHWWRVLQJRORYLHQH
FRQWUROODWDSQHXPDWLFDPHQWHODSUHVVLRQHPDVVLPDqGLEDU36,
H $SSOLFDUHSUHVVLRQHDOO¶DWWXDWRUHR
I $SSOLFDUHXQVHJQDOHGLFRQWUROORDO0RGXORGLFRQWUROORSXzSURYRFDUHLOIXQ]LRQD
PHQWRGHOO¶XQLWjDWWXDWRUHYDOYROD
7ƒ&ƒ)
‡ -HGHU$QWULHEYHUIJWEHUHLQHLGHQWL¿]LHUEDUH6HULHQQXPPHU
$7(;%H]HLFKQXQJ
,VVXHGLQDFFRUGDQFHZLWKWKH
3
7
6HULHQQXPPHU
‡ 3RXUODWHPSpUDWXUHPD[LPDOHOHVOLPLWHVHWOHVFODVVL¿FDWLRQVYRLHQWOHJXLGHGHUpIp
UHQFHUDSLGH
'2&45*47HPSpUDWXUHPD[LPDOH
(&'HFODUDWLRQRI,QFRUSRUDWLRQRISDUWO\FRPSOHWHGPDFKLQHU\
2
ƒ&
‡ 3URGXFWYDULDWLHVYDQGHKLHURQGHUJHQRHPGHVRRUWHQYROGRHQQRJVWHHGVDDQGH
ERYHQJHQRHPGHULFKWOLMQHQKHEEHQHHQ&(PDUNHULQJ
$7(;5LFKWOLQLH(&
5LFKWOLQLH'UXFNDXVUVWXQJHQ(&
/¶DWWXDWRUH)LHOG4qXQFRQFHWWRLQWHJUDWR
SHUO¶DXWRPD]LRQHGLYDOYROHDTXDUWRGL
JLURDPPRUWL]]DWRULRDOWUHDSSOLFD]LRQLD
TXDUWRGLJLUR&RQVLVWHGLWUHSDUWLEDVLODUL
$WWXDWRUHSQHXPDWLFR
0RGXORSQHXPDWLFRREDVHWWD1$085
0RGXORGLFRQWUROOR
7ƒ&ƒ)
3URGXFWYDULDWLHV
'LUHFWLYH$7(;(&
'LUHFWLYHVXUOHVpTXLSHPHQWVVRXVSUHVVLRQ(&
2ULHQWDomRYHU¿J
1
7
‡ 3URGXNWYDULDWLRQHQGHUXQWHQJHQDQQWHQ7\SHQIDOOHQQRFKXQWHUGLHRELJH5LFKWOLQLH
XQGWUDJHQGLH&(.HQQ]HLFKQXQJ
.RQIRUPLWlWVHUNOlUXQJGHU(*
2ULHQWDPHQWRYHGHUH¿J
ƒ&
2SPHUNLQJ
*XLDGHLQGLFDo}HVEiVLFDV$FWXDGRUHVSQHXPiWLFRV
)LHOG4
*HOGLJYRRU
DDQGULMYLQJ
PRGHO
7;$7(;
RSSHUYODNWH
WHPSHUDWXXU
$7(;
NODVVH
3URGXNWYDULDWLRQHQ
+HUDXVJHJHEHQLQhEHUHLQVWLPPXQJPLWGHU
BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(6DXVVD\H
9LFH3UHVLGHQW2SHUDWLRQV
(PHUVRQ3URFHVV0DQDJHPHQW
9DOYH$XWRPDWLRQ(XURSH
+HQJHOR2Y7KH1HWKHUODQGV
D 0RQWDJHGHPRQWDJHHQRQGHUKRXGYDQGHDFWXDWRUGHSQHXPDWLVFKHPRGXOHRI
1$085SODDWLVXLWVOXLWHQGWRHJHVWDDQZDQQHHUWLMGHQVGHDFWLYLWHLWJHHQH[SORVLHI
PHQJVHODDQZH]LJLV
E 9RRUNRPKHWELQQHQWUHGHQYDQ
H[SORVLHYHPHQJVHOVLQGHDFWXDWRU
%LMJHEUXLNLQHHQSRWHQWLHHOH[SORVLHYHDWPRVIHHUDGYLVHUHQZHKHWJHEUXLNYDQHHQ
VROHQRwGHPHWHHQ³YHQWLODWLHIXQFWLH´RSDFWXDWRUVYRRUWHUXJYHULQJ
F 'HSODVWLFSRVLWLHLQGLFDWRUHQ]LMQJRHGJHNHXUGYRRU$7(;JDVJURHS,,%JHELHGHQ
,QJHELHGHQZDDU$7(;JDVJURHS,,&YRRUVFKULIWHQYDQWRHSDVVLQJ]LMQJHEUXLNGDQ
QLHWGHSODVWLFSRVLWLHLQGLFDWRUYRRUPDWHQ4WRW4RPVWDWLVFKHRSODGLQJWH
YRRUNRPHQ
'XEEHOZHUNHQGHHQ9HHU5HWRXU$DQGULMYLQJHQ
4'HW
46HW
3XEOLpHFRQIRUPpPHQWjOD
‡ ,62
9HLOLJKHLGVLQVWUXFWLHV
7\SHQ
'RXEOHHIIHW
6LPSOHHIIHW
,VVXHGLQDFFRUGDQFHZLWKWKH
$SSOLFDEOHVWDQGDUGV
+HWSQHXPDWLVFKHDFWXDWRURQGHUGHHOHQKHWSQHXPDWLVFKHPRGXOHRQGHUGHHOYDQGH
)LHOG4SQHXPDWLVFKHDFWXDWRUYRUPHQVDPHQHHQ*URXS,,FDWHJRULHDSSDUDDWEHGRHOG
YRRUJHEUXLNLQRPJHYLQJHQZDDUHHQH[SORVLHYHDWPRVIHHUYHURRU]DDNWGRRUPHQJVHOV
YDQOXFKWHQJDVVHQGDPSHQPLVWRIOXFKWVWRIZDDUVFKLMQOLMNLV
'DDURPPDJGLWDSSDUDDWZRUGHQJHEUXLNWLQJHFODVVL¿FHHUGH$7(;]RQHVJDV
VHQHQRIVWRI
(PHUVRQ3URFHVV0DQDJHPHQW$VYHOGZHJ
%7+HQJHOR2Y1LHGHUODQGH
'pFODUDWLRQGHFRQIRUPLWp&(
‡ DQG
‡ 7HFKQLFDOGRFXPHQWDWLRQLVGUDIWHGLQFRPSOLDQFHZLWK$SSHQGL[9,,VHFWLRQ%
‡ %HIRUHWKHDFWXDWRULVSXWLQWRRSHUDWLRQWKHPDFKLQHLQWRRURQWRZKLFKWKHDFWXDWRU
ZLOOEHLQVWDOOHGPXVWFRPSO\ZLWKWKHVWLSXODWLRQVRIWKHPDFKLQHU\GLUHFWLYH
‡ 7KHUHOHYDQWLQIRUPDWLRQFRQFHUQLQJWKHPDFKLQHRUSDUWZLOOEHDYDLODEOHLQWKHHYHQW
RIDPRWLYDWHGUHTXHVWIURPQDWLRQDODXWKRULWLHV
$7(;LQVWUXFWLHVYRRUJHEUXLNLQSRWHQWLHHOH[SORVLHJHYDDUOLMNH
RPJHYLQJHQ
%HRRJGJHEUXLN
1LHGULJH7HPSHUDWXU
(&'HFODUDWLRQRI&RQIRUPLW\
(VVHQWLDOUHTXLUHPHQWVDSSOLHGDQGFRPSOLHGZLWK
‡ )LHOG43QHXPDWLVFKH$DQGULMYLQJ
‡&KDTXHDFWLRQQHXUDXQQXPpURGHVpULHXQLTXH
0DFKLQHU\'LUHFWLYH(&$SSHQGL[,,E
2QMXLVWHLQVWDOODWLHLQHHQJHYDDUOLMNHRPJHYLQJNDQHHQH[SORVLHWRWJHYROJKHEEHQ
3URGXFWEHVFKULMYLQJ
1XPpURGHVpULH
‡ (1 (1
*HYDDUOLMNHRPJHYLQJHQ
3RUWXJXrV
*XLGDUDSLGDGLULIHULPHQWR$WWXDWRULSQHXPDWLFL
)LHOG4
9RRUNRPGDWYRFKWELQQHQGULQJWLQGHDFWXDWRU
&RQGHQVRIYRFKWGDWGHDFWXDWRUGHSQHXPDWLVFKHPRGXOHRIGHEHVWXULQJVPRGXOH
ELQQHQGULQJWNDQGH]HFRPSRQHQWHQEHVFKDGLJHQHQNDQVWRULQJHQWRWJHYROJKHEEHQ
1HHPGDDURPGHYROJHQGHPDDWUHJHOHQ
D *HEUXLNSDNNLQJEXVVHQVWHNHUVRIFRQQHFWRUHQGLHYROGRHQDDQ,31(0$;RI
KRJHURPHU]HNHUYDQWH]LMQGDWGHEHVFKHUPLQJWHJHQLQGULQJLQJYROGRHWDDQ,3
1(0$;
E =RUJHUYRRUGDWSDNNLQJHQHQRULQJHQYULM]LMQYDQEHVFKDGLJLQJHQ
F 1HHPGUXLSOXVVHQRSLQOHLGLQJHQHQNDEHOV
G 'LFKWDOOHRSHQLQJHQLQOHLGLQJHQDIRIGLHQXJHEUXLNWZRUGHQRIQLHW
H *HEUXLNELMWRHSDVVLQJLQJHYDDUOLMNHRPJHYLQJHQJHFHUWL¿FHHUGHSDNNLQJEXVVHQ
VWHNHUVRIFRQQHFWRUHQLQRYHUHHQVWHPPLQJPHWORNDOHRIQDWLRQDOHZHWJHYLQJGLH
YROGRHQDDQ,31(0$;RIKRJHU
‡ 3QHXPDWLVFKHU$QWULHE)LHOG4
‡(DFKDFWXDWRUKDVDQLGHQWL¿DEOHVHULDOQXPEHU
$SSOLHGVWDQGDUGV
3URGXNWEHVFKUHLEXQJ
6HULDOQXPEHU
‡ )RUPD[LPXPWHPSHUDWXUHOLPLWVDQGFODVVL¿FDWLRQVVHH4XLFN5HIHUHQFH*XLGH
'2&45*40D[LPXPWHPSHUDWXUH
%HGULMIVPHGLXP
D /XFKWRILQHUWHJDVVHQJH¿OWHUGRSPLFURQ
E 9RRUGHYROJHQGHEHVWXULQJVPRGXOHVLVOXFKWQRGLJGLHLVJH¿OWHUGRSPLFURQ4&
4&HQ4&
F 'DXZSXQW.RQGHUEHGULMIVWHPSHUDWXXU
G 1HHPYRRUWRHSDVVLQJHQELMWHPSHUDWXUHQRQGHUQXOGHMXLVWHPDDWUHJHOHQ
7\SH
‡ /HVYDULDWLRQVGXSURGXLWGHVW\SHVPHQWLRQQpVSOXVEDVVRQWWRXMRXUVFRXYHUWHVSDU
ODGLUHFWLYHFLGHVVXVHWRQWXQHPDUTXH&(
,,*'F,,&7;
‡ $FWLRQQHXUSQHXPDWLTXH)LHOG4
‡ 3URGXFWYDULDWLRQVRIWKHDERYHPHQWLRQHGW\SHVDUHVWLOOFRYHUHGE\WKHDERYHGLUHF
WLYHVDQGDUH&(PDUNHG
$7(;0DUNLQJ
5DDGSOHHJGHYROJHQGHGRFXPHQWHQDOYRUHQVGHDFWXDWRURSWHVWHOOHQWHLQVWDOOHUHQLQ
EHGULMIWHVWHOOHQRIWHGHPRQWHUHQ
,QVWDOODWLHEHGLHQLQJVRQGHUKRXGVKDQGOHLGLQJ)LHOG4SQHXPDWLVFKHDFWXDWRU
'2&,204(HQ
GHELMGHEHVWXULQJVPRGXOHJHOHYHUGH,QVWDOODWLHJLGV
9RRUEHSDDOGHEHVWXULQJVPRGXOHVPHWEXVFRPPXQLFDWLHLVHUHHQDDQYXOOHQGH5HIH
UHQWLHKDQGOHLGLQJPHWPHHUJHGHWDLOOHHUGHLQIRUPDWLH
8NXQWGH]HGRFXPHQWHQYHUNULMJHQGRRUFRQWDFWRSWHQHPHQPHWGHGLFKWVWELM]LMQGH
)LHOG4OHYHUDQFLHURIGRRUGHGRZQORDGSDJLQDRSZZZ)LHOG4FRPWHEH]RHNHQ
:HYHUNODUHQKLHUELMGDWGHKLHURQGHUJHVSHFL¿FHHUGHSURGXFWHQYROGRHQDDQGHEDVLV
YHUHLVWHQWHQDDQ]LHQYDQJH]RQGKHLGHQYHLOLJKHLG]RDOVQHHUJHOHJGLQGHKLHUERYHQ
JHQRHPGH(8ULFKWOLMQHQ
9DULDWLRQVGXSURGXLW
3UHVVXUH(TXLSPHQW'LUHFWLYH3('(&
1DVODJGRFXPHQWHQ
+LHUPLWHUNOlUHQZLUGDVVGLHXQWHQVSH]L¿]LHUWHQ3URGXNWHGHQJUXQGOJHJHQGHQ*H
VXQGKHLWVXQG6LFKHUKHLWVEHVWLPPXQJHQGHUREHQHUZlKQWHQHXURSlLVFKHQ5LFKWOLQLHQ
HQWVSUHFKHQ
3URGXFWYDULDWLRQV
$7(;'LUHFWLYH(&
3UHVVXUHHTXLSPHQW'LUHFWLYH(&
,QVWDOODWLHEHGULMIHQRQGHUKRXG
+RKH7HPSHUDWXU
(PHUVRQ3URFHVV0DQDJHPHQW$VYHOGZHJ
%7+HQJHOR2Y3D\V%DV
D 'H]HLQVWUXFWLHV]LMQXLWVOXLWHQGYDQWRHSDVVLQJRSGHSQHXPDWLVFKHDFWXDWRULQFRP
ELQDWLHPHWGHSQHXPDWLVFKHPRGXOHRI1$085SODDW
E 'HDFWXDWRUNDQ]LMQXLWJHUXVWPHWFRPSRQHQWHQYRRUVWXULQJHQRIIHHGEDFN&RQWUR
OHHUGHGRFXPHQWDWLHJHOHYHUGELMGH]HFRPSRQHQWHQYRRULQVWUXFWLHVYRRULQVWDOODWLH
EHGLHQLQJHQRQGHUKRXG
F 'H]HLQVWUXFWLHV]LMQQLHWYDQWRHSDVVLQJRSGHPRQWDJHRIGHPRQWDJHYDQ
GHNOHS
GHDFWXDWRURSHHQNOHS
DFFHVVRLUHVELMYRRUEHHOGVROHQRwGHNOHSSHQSRVLWLRQHUVVFKDNHONDVWHQHQ]R
YRRUW
6WDQGDUG7HPSHUDWXU
D 'LHWDWVlFKOLFKHPD[LPDOH2EHUÀlFKHQWHPSHUDWXUKlQJWQLFKWYRQGHU$XVUVWXQJ
VHOEVWVRQGHUQKDXSWVlFKOLFKYRQGHQ%HWULHEVEHGLQJXQJHQDE]%YRQGHU7HPSH
UDWXUGHU9HUVRUJXQJVPHGLHQ
E 'LHDQJHJHEHQHQ:HUWHJHOWHQXQWHUIROJHQGHQ%HGLQJXQJHQ
'LHPD[LPDOH=\NOXVIUHTXHQ]EHWUlJW+]EHLPD[LPDO=\NOHQSUR6WXQGH
XQGXQWHUK|FKVWHU%HODVWXQJ
3
$FFHVVRLUHVYRRUGHDFWXDWRU
*OWLJIU
$QWULHEVW\SH
7;$7(;
2EHUÀlFKHQ
WHPSHUDWXU
7ƒ&ƒ)
ƒ&
2
0D[LPXPWHPSHUDWXXUEDVLVDDQGULMYLQJ
7HPSHUDWXU
8PJHEXQJV
EHUHLFK
1
D ,QVWDOODWLHLQVWHOOLQJLQEHGULMIVWHOOLQJ
JHEUXLNPRQWDJHGHPRQWDJHHQRQ
GHUKRXGYDQGHSQHXPDWLVFKHDFWXDWRU
]LMQXLWVOXLWHQGYRRUEHKRXGHQDDQJHNZDOL¿FHHUGSHUVRQHHO
E )LHOG4SQHXPDWLVFKHDFWXDWRUVPRHWHQSQHXPDWLVFKHQHOHNWULVFKZRUGHQJHwVROHHUG
YRRUGDWPHWKHWGHPRQWHUHQZRUGWEHJRQQHQ
F +HWLVQLHWWRHJHVWDDQHHQGUXNYDWPHWQLHWJHUHGXFHHUGHPHGLDDDQWHVOXLWHQRSGH
)LHOG4SQHXPDWLVFKHDFWXDWRU
G )LHOG4DFWXDWRUVPRJHQQLHWZRUGHQDDQJHVORWHQRSHHQOXFKWWRHYRHUPHWHHQGUXN
KRJHUGDQEDUJRISVLJ
2SPHUNLQJ
%LMWRHSDVVLQJHQPHWHQNHOZHUNHQGHDFWXDWRUHQHQSQHXPDWLVFKYHHUVODJLVGHPD[L
PDOHGUXNEDU36,
H +HWXLWRHIHQHQYDQGUXNRSGHDFWXDWRURI
I +HWWRHYRHUHQYDQHHQEHVWXULQJVVLJQDDOQDDUGHEHVWXULQJVPRGXOHNDQHUGHRRU
]DDNYDQ]LMQGDWKHWDFWXDWRUNOHSFRQVWUXFWLHLQZHUNLQJWUHHGW
5HIHUHQ]GRNXPHQWH
77
1RXVGpFODURQVSDUODSUpVHQWHTXHOHVSURGXLWVVSpFL¿pVFLGHVVRXVVDWLVIRQWDX[H[L
JHQFHVJpQpUDOHVG¶K\JLqQHHWGHVpFXULWpGHVGLUHFWLYHVHXURSpHQQHVVXVPHQWLRQQpHV
ƒ&
:HKHUHE\GHFODUHWKDWWKHSURGXFWVVSHFL¿HGEHORZPHHWWKHEDVLFKHDOWKDQGVDIHW\
UHTXLUHPHQWVRIWKHDERYHPHQWLRQHG(XURSHDQ'LUHFWLYHV
6LJQHG
1DPH
3RVLWLRQ
'DWH
3ODFH
6WHOODQWULHEV]XEHK|U
7ƒ&ƒ)
(PHUVRQ3URFHVV0DQDJHPHQW$VYHOGZHJ
%7+HQJHOR2Y7KH1HWKHUODQGV
4'DQG
46DQG
D ,QVWDOODWLRQ-XVWLHUXQJ,QEHWULHEQDKPH%HWULHE0RQWDJH'HPRQWDJHXQG:DUWXQJ
GHVSQHXPDWLVFKHQ$QWULHEVGUIHQQXUYRQHQWVSUHFKHQGTXDOL¿]LHUWHQ3HUVRQHQ
GXUFKJHIKUWZHUGHQ
E 'HUSQHXPDWLVFKH$QWULHE)LHOG4PXVVYRUMHGHU'H0RQWDJHSQHXPDWLVFKXQG
HOHNWULVFKLVROLHUWZHUGHQ
F $QGHQSQHXPDWLVFKHQ$QWULHE)LHOG4GUIHQNHLQH'UXFNEHKlOWHUPLWXQUHGX]LHUWHQ
0HGLHQDQJHVFKORVVHQZHUGHQ
G )LHOG4$QWULHEHGUIHQQLFKWDQHLQH/XIWYHUVRUJXQJPLWHLQHPK|KHUHQ'UXFNDOV
EDUJRGHUSVLJDQJHVFKORVVHQZHUGHQ
+LQZHLV
%HL$QZHQGXQJHQPLWSQHXPDWLVFKHP%HWULHEGHV)HGHUKXEVHLQIDFKZLUNHQGHU$Q
WULHEHEHWUlJWGHUK|FKVW]XOlVVLJH'UXFNEDUSVL
H 'XUFK'UXFNEHDXIVFKODJXQJGHV$QWULHEVRGHU
I 6HQGHQHLQHV6WHXHUVLJQDOVDQGDV6WHXHUPRGXONDQQGLH$QWULHEV$UPDWXUHQEDX
JUXSSHLQ%HWULHEJHVHW]WZHUGHQ
7
,PSRUWDQW(PHUVRQQ¶DGHFHVVHG¶DPpOLRUHUODFRQFHSWLRQGHVHVSURGXLWV/HVGRQQpHVGX
SUpVHQWGRFXPHQWVRQWGRQFVXVFHSWLEOHVG¶rWUHPRGL¿pHV
/HVLPDJHVVFKpPDVHWDXWUHVJUDSKLTXHVGXSUpVHQWGRFXPHQWVRQWGRQQpVjWLWUHG¶H[HPSOH
XQLTXHPHQWHWQHFRQVWLWXHQWSDVXQHLOOXVWUDWLRQGHVFRQ¿JXUDWLRQVRXIRQFWLRQQDOLWpVGXSURGXLW
‹(PHUVRQ7RXVGURLWVUpVHUYpV7RXWHVOHVPDUTXHVFRPPHUFLDOHVVRQWODSURSULpWpGH
OHXUVGpWHQWHXUVUHVSHFWLIV
'RXEOHDFWLQJ
6LQJOHDFWLQJ
9RU%HJLQQ
ƒ&
ƒ&
)RULQIRUPDWLRQDERXWLQVWDOODWLRQRI)LHOG4&RQWURO0RGXOHVLQDKD]DUGRXVDUHDUHIHUWR
WKHDSSOLFDEOHVHFWLRQVRIWKH,QVWDOODWLRQ*XLGHDVVKLSSHGZLWKWKH&RQWURO0RGXOH
7HPSpUDWXUH
&ODVVH
7;WHPSpUDWXUH
$7(;
GHVXUIDFH$7(;
3ODJH
DPELDQWH
+LJK7HPSHUDWXUH
PRGHOV
D 7KHDFWXDOPD[LPXPVXUIDFHWHPSHUDWXUHGHSHQGVQRWRQWKHHTXLSPHQWLWVHOIEXW
PDLQO\RQRSHUDWLQJFRQGLWLRQVOLNHHJWKHWHPSHUDWXUHRIWKHVXSSO\PHGLD
E 7KHVSHFL¿HGYDOXHVDUHYDOLGZLWKWKHIROORZLQJFRQGLWLRQV
0D[LPXPZRUNLQJIUHTXHQF\RIWKHDFWXDWRULV+]DWDPD[LPXPRIF\FOHV
SHUKRXUDQGDWPD[LPXPORDG
=RQHVGDQJHUHXVHV
,QWHQGHGXVH
$PELHQW
UDQJH
0LOLHXG¶H[SORLWDWLRQ
D $LURXJD]LQHUWHV¿OWUpVjPLFURQV
E /HVPRGXOHVGHFRQWU{OHVXLYDQWVUHTXLqUHQWGHO¶DLU¿OWUpjPLFURQV4&4&
HW4&
F 3RLQWGHURVpHj.VRXVODWHPSpUDWXUHG¶H[SORLWDWLRQ
G 3UHQH]OHVPHVXUHVTXLV¶LPSRVHQWSRXUOHVDSSOLFDWLRQVGHVWLQpHVjGHVWHPSpUD
WXUHVLQIpULHXUHVjƒ&
'H)LHOG4DFWXDWRULVHHQJHwQWHJUHHUG
FRQFHSWYRRUGHDXWRPDWLVHULQJYDQNZDUW
VODJNOHSSHQGHPSHUVRIDQGHUHNZDUW
VODJWRHSDVVLQJHQ'HDFWXDWRU
EHVWDDWXLWGULHKRRIGRQGHUGHOHQ
3QHXPDWLVFKHDFWXDWRU
3QHXPDWLVFKHPRGXOHRI1$085SODDW
%HVWXULQJVPRGXOH
9RRUGDWXEHJLQW
D ,QVWDOODWLRQDGMXVWPHQWSXWWLQJLQWR
VHUYLFHXVHDVVHPEO\GLVDVVHPEO\
DQGPDLQWHQDQFHRIWKH3QHXPDWLF
$FWXDWRULVVWULFWO\UHVHUYHGWRTXDOL¿HG
SHUVRQQHO
E )LHOG43QHXPDWLF$FWXDWRUVPXVWEHLVRODWHGERWKSQHXPDWLFDOO\DQGHOHFWULFDOO\EH
IRUHDQ\GLVDVVHPEO\LVEHJXQ
F ,WLVQRWSHUPLWWHGWRFRQQHFWDSUHVVXUHYHVVHOZLWKXQUHGXFHGPHGLDWRWKH)LHOG4
SQHXPDWLFDFWXDWRU
G )LHOG4DFWXDWRUVPXVWQRWEHFRQQHFWHGWRDQDLUVXSSO\JUHDWHUWKDQEDUJRU
SVLJ
1RWH
2QDSSOLFDWLRQVZKHUHWKHVSULQJVWURNHRIVLQJOHDFWLQJ$FWXDWRUVLVSQHXPDWLFDOO\
RSHUDWHGWKHPD[LPXPSUHVVXUHLVEDU36,
H $SSO\LQJSUHVVXUHWRWKHDFWXDWRURU
I $SSO\LQJDFRQWUROVLJQDOWRWKH&RQWURO0RGXOHPD\FDXVHWKHDFWXDWRUYDOYHDVVHP
EO\WRRSHUDWH
,WDOLDQR
'2&45*45HY(0DUFK
$VVLQDGR
1RPH
&DUJR
'DWD
&LGDGH
BBBBBBBBBBBBBBBBBBBBBBBBBBB
(6DXVVD\H
9LFH3UHVLGHQW2SHUDo}HV
(PHUVRQ3URFHVV0DQDJHPHQW
9DOYH$XWRPDWLRQ(XURSH
+HQJHOR2Y3DtVHV%DL[RV
(VSDxRO
1RUVN
6YHQVND
6XRPL
ǼȜȜȘȞȚțȐ
'DQVN
*XtDGHUHIHUHQFLDUiSLGD$FWXDGRUHVQHXPiWLFRV)LHOG4
6QDEEUHIHUHQVJXLGH)LHOG4SQHXPDWLVNDDNWXDWRUHU
+XUWLJYHLOHGQLQJ)LHOG4WU\NNOXIWEU\WHUH
3LNDRSDV)LHOG4SQHXPDWLLNNDWRLPLODLWWHHW
2SVODJVYHMOHGQLQJ)LHOG4SQHXPDWLVNHDNWXDWRUHU
2ULHQWDFLyQYpDVH¿J
2ULHQWHULQJVH¿J
2ULHQWHULQJVH¿J
(VLWWHO\NDWVRNXYD
2ULHQWHULQJVH¿J
(ODFWXDGRU)LHOG4HVXQFRQFHSWRLQWH
JUDGRSDUDODDXWRPDWL]DFLyQGHDPRUWL
JXDGRUHVYiOYXODVGHXQFXDUWRGHYXHOWD
XRWUDVDSOLFDFLRQHVGHFXDUWRGHYXHOWD
&RQVWDGHWUHVSDUWHVEiVLFDV
$FWXDGRUQHXPiWLFR
0yGXORQHXPiWLFRRSODFD1$085
QHXPiWLFR
$QWHVGHFRPHQ]DU
1
2
)LHOG4DNWXDWRUHUlUHWWLQWHJUHUDWNRQFHSW
I|UDXWRPDWLRQDYVWU\SYHQWLOHUVNMXWYHQ
WLOHUHOOHUDQGUDVWU\SWLOOlPSQLQJDU'HQ
EHVWnUDYWUHKXYXGGHODU
3QHXPDWLVNDNWXDWRU
3QHXPDWLNPRGXOHOOHU1$085SODWWD
6W\UPRGXO
3
,QQDQGXE|UMDU
1
2
3
$FFHVRULRVGHODFWXDGRU
D ,QVWDOODWLRQMXVWHULQJGULIWVlWWQLQJ
DQYlQGQLQJKRSVlWWQLQJLVlUWDJQLQJ
RFKXQGHUKnOODYGHQSQHXPDWLVND
DNWXDWRUQInUHQGDVWXWI|UDVDYEHK|ULJ
SHUVRQDO
E )LHOG4SQHXPDWLVNDDNWXDWRUHUPnVWHLVROHUDVEnGHSQHXPDWLVNWRFKHOHNWURQLVNW
LQQDQGHPRQWHULQJ
PRQWHULQJSnE|UMDV
F 'HWlULQWHWLOOnWHWDWWDQVOXWDHWWWU\FNNlUOPHGRUHGXFHUDWPHGLXPWLOO)LHOG4SQHXPD
WLVNDNWXDWRU
G )LOG4DNWXDWRUHUInULQWHDQVOXWDVWLOOHQOXIWI|UV|UMQLQJVRPlUK|JUHlQEDUJHOOHU
SVLJ
$QP
3nDSSOLNDWLRQHUGlUIMlGHUDQVODJHWI|UHQNHOYHUNDQGHVWlOOGRQGULYVSQHXPDWLVNWlU
GHWPD[LPDODWU\FNHWEDU36,
H 2PPDQOlJJHUSnWU\FNSnDNWXDWRUQHOOHU
I RPPDQOlJJHUSnHQVW\UVLJQDOSnVW\UPRGXOHQNDQDNWXDWRUQYHQWLOHQKHWHQDNWLYH
UDV
D (VWDVLQVWUXFFLRQHVVyORVRQDSOLFDEOHVDO$FWXDGRUQHXPiWLFRMXQWRFRQHO0yGXOR
QHXPiWLFRROD
SODFD1$085
E (ODFWXDGRUSXHGHHVWDUHTXLSDGRFRQFRPSRQHQWHVSDUDFRQWURO\UHWURDOLPHQWDFLyQ
&RQVXOWHODVLQVWUXFFLRQHVGHLQVWDODFLyQIXQFLRQDPLHQWR\PDQWHQLPLHQWRGHHVRV
FRPSRQHQWHV
F (VWDVLQVWUXFFLRQHVQRVRQDSOLFDEOHVSDUDHOPRQWDMHRGHVPRQWDMHGH
ODYiOYXOD
HODFWXDGRUHQXQDYiOYXOD
DFFHVRULRVSHMYiOYXODVVROHQRLGHVSRVLFLRQDGRUHVFDMDVGHFRQPXWDGRUHV
HWF
6WlOOGRQVWLOOEHK|U
D 'HVVDLQVWUXNWLRQHUJlOOHUHQGDVWI|UGHQSQHXPDWLVNDDNWXDWRUQWLOOVDPPDQVPHG
SQHXPDWLNPRGXOHQHOOHU1$085SODWWDQ
E 6WlOOGRQHWNDQYDUDXWUXVWDWPHGNRPSRQHQWHUI|UVW\UQLQJRFKHOOHUIHHGEDFN.RQ
WUROOHUDLQVWUXNWLRQHUQDI|UGHVVDNRPSRQHQWHUI|ULQVWUXNWLRQHURPLQVWDOODWLRQDQ
YlQGQLQJRFKXQGHUKnOO
F 'HVVDLQVWUXNWLRQHUJlOOHULQWHI|UKRSVlWWQLQJRFKLVlUWDJQLQJDY
YHQWLOHQ
DNWXDWRUQSnHQYHQWLO
WLOOEHK|UWH[PDJQHWYHQWLOHU
OlJHVVWlOODUHNRSSOLQJVGRVRUHWF
,QVWDODFLyQRSHUDFLyQ\PDQWHQLPLHQWR
,QVWDOODWLRQGULIWRFKXQGHUKnOO
D /DLQVWDODFLyQDVtFRPRHODMXVWH
SXHVWDHQVHUYLFLRXVRPRQWDMHGHV
PRQWDMH\PDQWHQLPLHQWRGHODFWXDGRU
QHXPiWLFRHVWiQHVWULFWDPHQWHUHVHUYDGRVDSHUVRQDOFXDOL¿FDGR
E /RVDFWXDGRUHVQHXPiWLFRV)LHOG4GHEHQHVWDUDLVODGRVWDQWRQHXPiWLFDFRPRHOpF
WULFDPHQWHDQWHVGHGHVPRQWDUVH
F 1RVHSHUPLWHFRQHFWDUXQUHFHSWiFXORGHSUHVLyQFRQPHGLRVQRUHGXFLGRVDODFWXD
GRUQHXPiWLFR)LHOG4
G /RVDFWXDGRUHV)LHOG4QRGHEHQFRQHFWDUVHDXQVXPLQLVWURGHDLUHPD\RUGHEDUJ
RSVLJ
1RWD
(QXVRVGRQGHODFDUUHUDGHOUHVRUWHGHORVDFWXDGRUHVGHHIHFWRVLPSOHVHFRQWUROD
GHIRUPDQHXPiWLFDODSUHVLyQPi[LPDHVGHEDUHV36,
H 6LDSOLFDSUHVLyQDODFWXDGRUR
I DSOLFDXQDVHxDOGHFRQWURODO0yGXORGHFRQWUROSXHGHKDFHUTXHVHSRQJDHQPDU
FKDHOFRQMXQWRDFWXDGRUYiOYXOD
'RFXPHQWRVGHUHIHUHQFLD
$QWHVGHPRQWDULQVWDODUSRQHUHQPDUFKDRGHVDUPDUHODFWXDGRUFRQVXOWHHVWRV
GRFXPHQWRV
0DQXDOGHLQVWDODFLyQRSHUDFLyQ\PDQWHQLPLHQWRGHORVDFWXDGRUHVGHYiOYXODV
)LHOG4'2&,2046\
*XtDGHLQVWDODFLyQLQFOXLGDFRQHO0yGXORGHFRQWURO
3DUDDOJXQRV0yGXORVGHFRQWUROFRQFRPXQLFDFLyQSRUEXVKD\XQ0DQXDOGHUHIH
UHQFLDDGLFLRQDOFRQLQIRUPDFLyQPiVGHWDOODGD
3DUDREWHQHUHVWRVGRFXPHQWRVGLUtMDVHDOSURYHHGRUGH)LHOG4PiVFHUFDQRRYLVLWHOD
SiJLQDGHGHVFDUJDGHZZZ)LHOG4FRP
7LSRGHÀXLGR
D $LUHRJDVHVLQHUWHV¿OWUDGRVDPLFURQHV
E /RVVLJXLHQWHV0yGXORVGHFRQWUROUHTXLHUHQTXHHODLUHVH¿OWUHDPLFURQHV4&
4&\4&
F 3XQWRGHFRQGHQVDFLyQ.SRUGHEDMRGHODWHPSHUDWXUDGHIXQFLRQDPLHQWR
G 3DUDODVDSOLFDFLRQHVEDMRFHURWRPHODVPHGLGDVFRUUHVSRQGLHQWHV
,PSLGDTXHODKXPHGDGSHQHWUHHQHODFWXDGRU
/DFRQGHQVDFLyQRKXPHGDGTXHSHQHWUDHQHODFWXDGRUHO0yGXORQHXPiWLFRRHO0y
GXORGHFRQWUROSXHGHGDxDUHVRVFRPSRQHQWHV\SURGXFLUIDOODV3RUHVWHPRWLYR
D 8VHSUHQVDHVWRSDVWDSRQHVRFRQHFWRUHVFRQFODVL¿FDFLyQ,31(0$;RVXSHULRU
SDUDJDUDQWL]DUODSURWHFFLyQGHLQJUHVRFRQFODVL¿FDFLyQ,31(0$;
E &RPSUXHEHODLQWHJULGDGGHMXQWDV\MXQWDVWyULFDV
F ,QVWDOHEXFOHVGHGUHQDMHHQHOFRQGXFWRRHOFDEOH
G 6HOOHWRGDVODVHQWUDGDVGHOFRQGXFWRFRQLQGHSHQGHQFLDGHVLODVXVDRQR
H 3DUDDSOLFDFLRQHVHQiUHDVSHOLJURVDVXVHSUHQVDHVWRSDVWDSRQHVRFRQHFWRUHV
FHUWL¿FDGRVVHJ~QORUHTXLHUDODOHJLVODFLyQORFDORQDFLRQDO\DVHJ~UHVHGHTXHVRQ
GHFODVL¿FDFLyQ,31(0$;RVXSHULRU
ÈUHDVSHOLJURVDV
8QDLQVWDODFLyQLQFRUUHFWDHQXQiUHDSHOLJURVDSXHGHFDXVDUXQDH[SORVLyQ
,QVWUXFFLRQHV$7(;SDUDXVRHQiUHDVSRWHQFLDOPHQWHH[SORVLYDV
8VRDSURSLDGR
/DSLH]D$FWXDGRUQHXPiWLFRMXQWRFRQODSLH]D0RGHORQHXPiWLFRGHO$FWXDGRUQHXPi
WLFR)LHOG4HVHTXLSRGH*UXSR,,FDWHJRUtDGHVWLQDGRDXVDUVHHQiUHDVHQODVTXH
VRQSUREDEOHVDWPyVIHUDVH[SORVLYDVFDXVDGDVSRUODPH]FODGHDLUH\JDVHVYDSRUHV
EUXPDVRDLUH\SROYR
3RUWDQWRSXHGHXVDUVHHQ]RQDV$7(;FODVL¿FDGDV*DVHVR3ROYR
,QVWUXFFLRQHVGHVHJXULGDG
D 6yORVHSHUPLWHHOPRQWDMHGHVPRQWDMH\PDQWHQLPLHQWRGHODFWXDGRUHO0yGXOR
QHXPiWLFRROD3ODFD1$085FXDQGRHQHOPRPHQWRGHODDFWLYLGDGQRKD\PH]FOD
H[SORVLYD
E ,PSLGDODHQWUDGDGHPH]FODVH[SORVLYDVHQHODFWXDGRU
6XJHULPRVHOXVRGHXQVROHQRLGHFRQIXQFLyQGH³UHVSLUDGRU´HQDFWXDGRUHVFRQUH
WRUQRSRUUHVRUWHFXDQGRVHXVHQHQDWPyVIHUDVSRWHQFLDOPHQWHH[SORVLYDV
F /RVLQGLFDGRUHVGHSRVLFLyQGHSOiVWLFRHVWiQDSUREDGRVSDUDiUHDV$7(;JUXSRGH
JDVHV,,%
(QODV]RQDVGRQGHHOJDV$7(;JUXSRGHUHTXLVLWRVGHOD&,,VHDSOLFDQQRXWLOLFH
ODWDSDGHOLQGLFDGRUGHSRVLFLyQGHSOiVWLFRGHWDPDxRVGHKDVWD44SDUD
HYLWDUODFDUJDHVWiWLFD
7HPSHUDWXUDVPi[LPDV
7HPSHUDWXUD
7;WHPSHUDWXUD
&ODVHGH
GHVXSHU¿FLH
$7(;
VHJ~Q$7(;
,QWHUYDORGH
DPELHQWH
5HIHUHQVGRNXPHQW
'ULIWPHGLXP
D /XIWHOOHULQHUWDJDVHUVRP¿OWUHUDWVPHGPLNURQ
E )|OMDQGHVW\UPRGXOHUNUlYHUOXIWVRPlU¿OWUHUDGPHGPLNURQ4&4&RFK
4&
F 'DJJSXQNW.XQGHUGULIWWHPSHUDWXUHQ
G )|UWLOOlPSQLQJDUYLGXQGHUQROOJUDGHUPnVWHOlPSOLJDnWJlUGHUYLGWDV
)|UKLQGUDDWWIXNWWUlQJHULQLDNWXDWRUQ
.RQGHQVHOOHUIXNWVRPNRPPHULQLDNWXDWRUQSQHXPDWLNPRGXOHQHOOHUVW\UPRGXOHQNDQ
VNDGDGHVVDNRPSRQHQWHURFKOHGDWLOOIXQNWLRQVDYEURWW'HWWD
LQQHElUI|OMDQGH
D $QYlQGSDFNQLQJVULQJDUSOXJJDUHOOHUNRSSOLQJVGHWDOMHUVRPlUNODVVDGHI|U,3
1(0$;HOOHUK|JUHI|UDWWVlNHUVWlOODLQWUlQJQLQJVVN\GGHQOLJW,31(0$;
E 6HWLOODWWSDFNQLQJDURFK2ULQJDUlULIHOIULWWVNLFN
F 0RQWHUDGURSSVOLQJRULOHGQLQJHOOHUNDEHO
G 7lWDDOODOHGQLQJV|SSQLQJDURDYVHWWRPGHDQYlQGVHOOHULQWH
H )|UWLOOlPSQLQJDULULVNRPUnGHQPnVWHFHUWL¿HUDGHSDFNQLQJVULQJDUSOXJJDUHOOHUNRSS
OLQJVGHWDOMHUVRPNUlYVHQOLJWORNDOHOOHUQDWLRQHOOODJVWLIWQLQJRFKKDUNODVVDWVI|U,3
1(0$;HOOHUK|JUHDQYlQGDV
)HODNWLJLQVWDOODWLRQLHWWULVNRPUnGHNDQOHGDWLOOHQH[SORVLRQ
$7(;LQVWUXNWLRQHUI|UDQYlQGQLQJLSRWHQWLHOOWH[SORVLYDRPUnGHQ
$YVHGGDQYlQGQLQJ
'HQSQHXPDWLVNDDNWXDWRUGHOHQWLOOVDPPDQVPHGGHQSQHXPDWLVNDPRGXOGHOHQlU
XWUXVWQLQJLJUXSS,,
NDWHJRULVRPlUDYVHGGI|UDQYlQGQLQJLRPUnGHQGlUH[SORVLYDDWPRVIlUHUVRPEHVWnU
DYEODQGQLQJDUDYOXIWRFKJDVHUnQJRUGLPPRUHOOHUDYOXIWGDPPNDQI|UHNRPPD
'lUI|UNDQGHQQDXWUXVWQLQJDQYlQGDVL$7(;NODVVDGH]RQHUJDVHURFKHOOHU
GDPP
6lNHUKHWVLQVWUXNWLRQHU
D +RSVlWWQLQJLVlUWDJQLQJRFKXQGHUKnOODYDNWXDWRUQSQHXPDWLNPRGXOHQHOOHU
1$085SODWWDQInUHQGDVWI|UHNRPPDRPGHWYLGWLGSXQNWHQI|UDNWLYLWHWHQLQWH¿QQV
QnJRQH[SORVLYEODQGQLQJYLGXSSVWlOOQLQJVSODWVHQ
E )|UKLQGUDDWWH[SORVLYDEODQGQLQJDUNRPPHULQLDNWXDWRUQ
9LI|UHVOnUDWWGXDQYlQGHUHQVROHQRLGPHGHQ³VQ\IWYHQWLO´IXQNWLRQSnIMlGUDQGHDN
WXDWRUHUQlUGHDQYlQGVLSRWHQWLHOOWH[SORVLYDDWPRVIlUHU
F 3ODVWHQSRVLWLRQVDQJLYDUHlUJRGNlQGDI|U$7(;RPUnGHQJDVJUXSS,,%
,RPUnGHQGlU$7(;JDVJUXSS,,&NUDYJlOOHULQWHDQYlQGDSODVWORFNHWOlJHVYLVDUH
VWRUOHNDU4XSSWLOO4DWWXQGYLNDODGGQLQJDYVWDWLVNHOHNWULFLWHW
0D[LPLWHPSHUDWXUHU
9iOLGRSDUDHO
PRGHORGHDFWXDGRU
7HPSHUDWXU
$7(;
7;$7(;
NODVV
\WWHPSHUDWXU
'ULIWV
WHPSHUDWXU
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
77
ƒ&
7
7HPSHUDWXUD
HVWiQGDU
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
ƒ&
1RWD
77
7HPSHUDWXUDDOWD
7HPSHUDWXUDEDMD
7ƒ&ƒ)
2EV D /DWHPSHUDWXUDPi[LPDDFWXDOGHVXSHU¿FLHQRGHSHQGHGHOHTXLSRPLVPRVLQRSULQ
FLSDOPHQWHGHODVFRQGLFLRQHVGHIXQFLRQDPLHQWRFRPRSHMODWHPSHUDWXUDPHGLD
GHDOLPHQWDFLyQ E /DVYiOYXODVHVSHFL¿FDGDVVRQYiOLGDVHQODVFRQGLFLRQHV
VLJXLHQWHV
)UHFXHQFLDPi[LPDGHOFLFORGHODFWXDGRUHV+]FRQXQPi[LPRGHFLFORV
SRUKRUD\FRQFDUJDPi[LPD
ÈUHDVSHOLJURVDV\0yGXORVGHFRQWURO
3DUDLQIRUPDUVHVREUHODLQVWDODFLyQGH0yGXORVGHFRQWURO)LHOG4HQXQiUHDSHOLJURVD
FRQVXOWHODVVHFFLRQHVDGHFXDGDVGHOD*XtDGHLQVWDODFLyQTXHVHLQFOX\HFRQHO
0yGXORGHFRQWURO
,PSRUWDQWH&RPRFRQVHFXHQFLDGHOHPSHxRSHUPDQHQWHGH(PHUVRQHQPHMRUDUVXVSURGXF
WRVGHLQJHQLHUtDORVGDWRVDTXtLQFOXLGRVVRQVXVFHSWLEOHVGHFDPELRV
/DVLPiJHQHVHVTXHPDV\RWURVJUi¿FRVDTXtLQFOXLGRVVHSXEOLFDQVyORFRQ¿QHVGHLOXVWUDFLyQ
\QRUHSUHVHQWDQFRQ¿JXUDFLRQHVQLIXQFLRQDOLGDGHVGHORVSURGXFWRV
‹(PHUVRQ7RGRVORVGHUHFKRVUHVHUYDGRV7RGRVORVGHUHFKRVVREUHODVPDUFDVFRPHU
FLDOHVSHUWHQHFHQDVXVUHVSHFWLYRVSURSLHWDULRV
2
3
D ,QVWDOODVMRQMXVWHULQJVHUYLFHDUEHLG
EUXNPRQWHULQJGHPRQWHULQJRJYHG
OLNHKROGDYWU\NNOXIWEU\WHUHQHUVWUHQJW
IRUEHKROGWNYDOL¿VHUWSHUVRQDOH
E )LHOG4WU\NNOXIWEU\WHUHPnLVROHUHVEnGHSQHXPDWLVNRJHOHNWULVNI¡UQRHGHPRQWH
ULQJJM¡UHV
F 'HWHULNNHORYnNREOHHQWU\NNWDQNPHGXUHGXVHUWHHQKHWHUWLO)LHOG4WU\NNOXIWEU\WH
UHQ
G )LHOG4EU\WHUHPnLNNHNREOHVWLOOXIWWLOI¡UVHOVRPHUVW¡UUHHQQEDUJHOOHUSVLJ
0HUNQDG
3nDSSOLNDVMRQHUKYRUIM UVODJHWWLOHQNHOWYLUNHQGHDNWXDWRUHUHUSQHXPDWLVNRSHUHUW
HUPDNVLPDOWU\NNHWEDU36,
H 7LOI¡UVHODYWU\NNSnEU\WHUHQHOOHU
I %UXNDYHWNRQWUROOVLJQDOSnNRQWUROOPRGXOHQNDQI¡UHWLODWEU\WHUHQYHQWLOHQKHWHQGUL
YHV
5LVNRPUnGHQRFKVW\UPRGXOHU
)|ULQIRUPDWLRQRPLQVWDOODWLRQHQDY)LHOG4VW\UPRGXOHULHWWULVNRPUnGHKlQYLVDVWLOOGH
WLOOlPSOLJDVHNWLRQHUQDL,QVWDOODWLRQVJXLGHQVRPOHYHUHUDVWLOOVDPPDQVPHGVW\UPRGX
OHQ
9LNWLJW7DFNYDUH(PHUVRQVVWlQGLJWSnJnHQGHHQJDJHPDQJI|UXWYHFNOLQJHQDYWHNQLVNDSUR
GXNWHUNDQLQIRUPDWLRQVRPSUHVHQWHUDVLGHQQDGRNXPHQWDWLRQlQGUDV
%LOGHUVFKHPDWLVNDIUDPVWlOOQLQJDURFKDQQDQJUD¿NVRP¿QQVLGHQQDGRNXPHQWDWLRQSXEOLFHUDV
HQGDVWLLOOXVWUDWLYWV\IWHRFKGHUHSUHVHQWHUDULQWHSURGXNWHUQDVNRQ¿JXUDWLRQHOOHUIXQNWLRQDOLWHW
‹(PHUVRQPHGHQVDPUlWW$OODUlWWLJKHWHUWLOOYDUXPlUNHQLQQHKDVDYGHUDVUHVSHNWLYH
lJDUH
2
3
D 9DLQSlWHYlWKHQNLO|WVDDYDWDVHQWDD
VllWllRWWDDNl\WW||QNl\WWllNRRWD
SXUNDDMDSLWllNXQQRVVD
SQHXPDDWWLVWDWRLPLODLWHWWD
E )LHOG4SQHXPDWLLNNDWRLPLODLWWHHWWl\W\\HULVWllVHNlSQHXPDDWWLVHVWLHWWlVlKN|LVHVWL
HQQHQNRNRDPLVWDLSXUNDPLVW|LGHQDORLWWDPLVWD
F )LHOG4SQHXPDWLLNNDWRLPLODLWWHHVHHQHLVDDOLLWWllYlKHQWlPlW|QWlYlOLDLQHWWDVLVlOWl
YllSDLQHDVWLDD
G )LHOG4WRLPLODLWWHLWDHLVDDOLLWWllLOPDQV\|WW||QMRQNDSDLQHRQ\OLEDUJWDLSVLJ
+XRPDD
6RYHOOXNVLVVDMRLVVD\NVLWRLPLVWHQWRLPLODLWWHLGHQMRXVHQLVNXDNl\WHWllQSQHXPDDWWL
VHVWLPDNVLPLSDLQHRQEDDULD36,
H 3DLQHHQNRKGLVWDPLQHQWRLPLODLWWHHVHHQWDL
I RKMDXVVLJQDDOLQDQWDPLQHQRKMDXVPRGXXOLOOHYRLVDDGDWRLPLODLWHYHQWWLLOLNRNRRQSDQRQ
WRLPLPDDQ
D 1lPlRKMHHWNRVNHYDWYDLQSQHXPDDWWLVWDWRLPLODLWHWWD\KGHVVlSQHXPDDWWLVHQPR
GXXOLQWDL1$085OHY\QNDQVVD
E 7RLPLODLWHYRLGDDQYDUXVWDDRKMDXVMDWDLSDODXWHNRPSRQHQWHLOOD.DWVRDVHQQXV
Nl\WW|MDKXROWRRKMHLWDQlLGHQNRPSRQHQWWLHQRKMHLVWD
F 1lPlRKMHHWHLYlWNRVNHVHXUDDYLHQNRNRDPLVWDWDLSXUNDPLVWD
YHQWWLLOL
YHQWWLLOLQWRLPLODLWH
OLVlYDUXVWHHWNXWHQVROHQRLGLYHQWWLLOLWDVHQQRQVllWLPHWN\WNLQUDVLDWMQH
,QVWDOODVMRQGULIWRJYHGOLNHKROG
7XWXVWXNDDVHXUDDYLLQDVLDNLUMRLKLQHQQHQWRLPLODLWWHHQNLLQQLW\VWlDVHQQXVWDNl\WW||QRW
WRDNRNRDPLVWDWDLSXUNDPLVWD
$VHQQXVNl\WW|MDKXROWRRSDV)LHOG4SQHXPDWLLNNDWRLPLODLWH'2&,204(MD
RKMDXVPRGXXOLQPXNDQDWRLPLWHWWX$VHQQXVRSDV
(UlLOOlWLHGRQVLLUWRYl\OlOOlYDUXVWHWXLOODRKMDXVPRGXXOHLOODRQOLVlNVLWDUNHPSLDWLHWRMD
VLVlOWlYl9LLWHRSDV
1lPlDVLDNLUMDWRYDWVDDWDYDQDOlKLPPlOWl)LHOG4MlOOHHQP\\MlOWlWDLODWDXVVLYXOWDRVRLW
WHHVVDZZZ)LHOG4FRP
5HIHUDQVHGRNXPHQWHU
)¡UPRQWHULQJLQVWDOODVMRQIHUGLJVWLOOLQJHOOHUGHPRQWHULQJDYEU\WHUHQVHLI¡OJHQGH
GRNXPHQWHU
,QVWDOODVMRQVGULIWVRJYHGOLNHKROGVPDQXDO)LHOG47U\NNOXIWEU\WHU'2&,204(
RJ
,QVWDOODVMRQVJXLGHVRPI¡OJHUPHGNRQWUROOPRGXOHQ
)RUQRHQNRQWUROOPRGXOHUPHGEXVVNRPPXQLNDVMRQ¿QQHVGHWHQHNOVWUD5HIHUDQVH
PDQXDOPHGPHUGHWDOMHUWLQIRUPDVMRQ
)RUnInGLVVHGRNXPHQWHQHYHQQOLJVWNRQWDNWGLQQ UPHVWH)LHOG4OHYHUDQG¡UHOOHU
VMHNNQHGODVWLQJVVLGHQSnZZZ)LHOG4FRP
%HWMHQLQJVPHGLXP
D
E
F
G
/XIWHOOHUHGHOJDVVHU¿OWUHUWYHGPLNURQ
)¡OJHQGHNRQWUROOPXGXOHUNUHYHUOXIW¿OWUHUWYHGPLNURQ4&4&RJ4&
'XJJSXQNW.XQGHUGULIWVWHPSHUDWXU
7DHJQHGHIRUKROGVUHJOHUIRULQVWDOODVMRQHUXQGHUIU\VHSXQNWHW
3DVVSnVnGHWLNNHNRPPHUIXNWLJKHWLQQLEU\WHUHQ
.RQGHQVHOOHUIXNWLJKHWVRPNRPPHULQQLEU\WHUHQWU\NNOXIWPRGXOHQHOOHUNRQWUROOPRGX
OHQNDQVNDGHGLVVHNRPSRQHQWHQHRJI¡UHWLOIHLO'HUIRU
D %UXNÀHQVHUSOXJJHUHOOHUNRQWDNWHUEHUHJQHWWLO,31(0$;HOOHUK¡\HUHIRUnVLNUH
LQQWDNVEHVN\WWWHOVHLKHQKROGWLO,31(0$;
E 6LNUHLQWHJULWHWSnSDNQLQJHURJRULQJHU
F ,QVWDOOHUGUHQHULQJVVO¡\IHULU¡UHOOHUNDEHO
G )RUVHJODOOHOHGQLQJVnSQLQJHUXDQVHWWRPGHHUEUXNWHOOHULNNH
H %UXNJRGNMHQWHÀHQVHUSOXJJHUHOOHUNRQWDNWHULLQVWDOODVMRQHULIDUOLJHRPUnGHUVRP
SnNUHYGDYORNDOHHOOHUQDVMRQDOHIRUVNULIWHURJVRPHUEHUHJQHWWLO,31(0$;HOOHU
K¡\HUH
)DUOLJHRPUnGHU
8ULNWLJLQVWDOODVMRQLHWIDUOLJRPUnGHNDQIRUnUVDNHHQHNVSORVMRQ
$7(;LQVWUXNVMRQHUIRUEUXNLSRWHQVLHOWIDUOLJRPUnGHU
7U\NNOXIWEU\WHUGHOHQRJWU\NNOXIWPRGXOGHOHQDY)LHOG4WU\NNOXIWEU\WHUHUXWVW\ULJUXSSH,,
NDWHJRULRJPHQWIRUEUXNLRPUnGHUGHUHNVSORVLYJDVVIRUnUVDNHWDYEODQGLQJHUDYOXIW
RJJDVVHUGDPSOXIWIXNWLJKHWHOOHUDYOXIWVW¡YOHWWNDQRSSVWn
'HUIRUNDQGHEUXNHVL$7(;NODVVL¿VHUWHVRQHUJDVVHURJHOOHUVW¡Y
6LNNHUKHWVLQVWUXNVMRQHU
D 0RQWHULQJGHPRQWHULQJRJYHGOLNHKROGHUNXQWLOODWWYHGEU\WHUHQWU\NNOXIWPRGXOHQHO
OHU1$085SODWHQQnUGHWLNNHHUHNVSORVLYHEODQGLQJHUYHG
DNWLYLWHW
E 3DVVSnVnLNNHHNVSORVLYH
EODQGLQJHUNRPPHULQQLEU\WHUHQ
9LDQEHIDOHUEUXNDYHQVROHQRLGPHGHQYHQWLODVMRQVIXQNVMRQSnIM UHQGHEU\WHUHYHG
EUXNLSRWHQVLHOWHNVSORVLYHRPUnGHU
F 'HQSODVWSRVLVMRQLQGLNDWRUHQHHUJRGNMHQWIRU$7(;RPUnGHUJDVVJUXSSH,,%
,RPUnGHUGHU$7(;JDVVJUXSSH,,&NUDYHQHJMHOGHULNNHEUXNHUSODVWVWLOOLQJVLQGLNH
ULQJHQFDSVW¡UUHOVHU4RSSWLO4IRUnKLQGUHVWDWLVNHOHNWULVLWHW
$VHQQXVNl\WW|MDNXQQRVVDSLWR
/LLWW\YlWDVLDNLUMDW
.l\WHWWlYlYlOLDLQH
D ,OPDWDLMDORNDDVXWPLNURQLQVXRGDWXV
E 6HXUDDYDWRKMDXVPRGXXOLWYDDWLYDWLOPDQPLNURQLQVXRGDWXNVHQ4&4&MD
4&
F .DVWHSLVWH.Nl\WW|OlPS|WLODQDODSXROHOOD
G 5\KW\NllDVLDQPXNDLVLLQWRLPHQSLWHLVLLQSDNNDVHVVDNl\WHWWlYLVVlVRYHOOXNVLVVD
(VWlNllNRVWHXGHQSllV\WRLPLODLWWHHVHHQ
7RLPLODLWWHHVHHQSQHXPDDWWLVHHQ
PRGXXOLLQWDLRKMDXVPRGXXOLLQSllVHYlNRQGHQVDDWLRWDLNRVWHXVYRLYDKLQJRLWWDDQlLWl
NRPSRQHQWWHMDMDDLKHXWWDDWRLPLQWDKlLUL|LWl7lVWlV\\VWl
D .l\WWlNll,31(0$;WLLYLVWHUHQNDLWDWXOSSLDWDLOLLWWLPLlWDLSDUHPSLD,3
1(0$;PXNDLVHQWXQNHXWXPLVVXRMDQYDUPLVWDPLVHNVL
E 9DUPLVWDNDDWLLYLVWHLGHQMDUHQJDVWLLYLVWHLGHQHKH\V
F $VHQWDNDDWLSSDVLOPXNDWSXWNLMRKWRRQWDLNDDSHOLLQ
G 7LLYLVWlNllNDLNNLSXWNLMRKWRMHQDXNRWULLSSXPDWWDVLLWlRYDWNRQHNl\W|VVlYDLHL
H .l\WWlNllYDDUDOOLVWHQDOXHLGHQVRYHOOXNVLVVDVHUWL¿RLWXMD,31(0$;WLLYLVWHUHQNDL
WDWXOSSLDWDLOLLWWLPLlWDLSDUHPSLDSDLNDOOLVWHQWDLNDQVDOOLVWHQPllUl\VWHQPXNDLVHV
WL
9DDUDOOLVHWDOXHHW
9llUlDVHQQXVYDDUDOOLVHOODDOXHHOODYRLDLKHXWWDDUlMlKG\NVHQ
$7(;RKMHHWPDKGROOLVHVWLUlMlKG\VDOWWLLOODDOXHHOODNl\WW|lYDUWHQ
.l\WW|WDUNRLWXV
3QHXPDDWWLQHQWRLPLODLWHRVD\KGHVVl)LHOG4SQHXPDWLLNNDWRLPLODLWWHHQSQHXPDDWWLVHQ
PRGXXOLRVDQNDQVVDRQU\KPlQ,,OXRNDQODLWH6HRQWDUNRLWHWWXNl\WHWWlYlNVLDOXHLOOD
MRLVVDLOPDQMDNDDVXMHQK|\U\MHQVXPXMHQWDLLOPDQS|O\MHQDLKHXWWDPDQUlMlKG\VDOWWLLQ
LOPDQHVLLQW\PLQHQRQWRGHQQlN|LVWl
7lPlQYXRNVLVLWlYRLGDDQNl\WWll$7(;OXRNLWHWXLOODDOXHLOODNDDVXWMDWDL
S|O\
7XUYDOOLVXXVRKMHHW
D 7RLPLODLWWHHQSQHXPDDWWLVHQPRGXXOLQWDL1$085OHY\QNRNRDPLQHQSXUNDPLQHQMD
NXQQRVVDSLWRRQVDOOLWWXYDLQVLOORLQNXQWRLPHQSLWHHQDLNDQDHLHVLLQQ\UlMlKG\VDOWLVWD
VHRVWD
E (VWlNllUlMlKG\VDOWWLLGHQVHRVWHQSllV\WRLPLODLWWHHVHHQ
6XRVLWHOWDYDDRQNl\WWllVROHQRLGLDMRQNDMRXVLSDODXWWHLVLVVDWRLPLHOLPLVVlRQ´KXR
KRWLQWRLPLQWR´Nl\WHWWlHVVlUlMlKG\VDOWWLLVVDLOPDVVD
F 0XRYLDVHQQRLWWLPLVWDRQK\YlNV\WW\$7(;DOXHLOODNDDVX,,%
$OXHLOODMRLOOD$7(;NDDVX,,&YDDWLPXNVHWlOlNl\WlPXRYLVLDDVHQQRQRVRLWLQNRUNNL
NRRW4MRSD4HVWllVWDDWWLVHQYDUDXNVHQ
(QLPPlLVOlPS|WLODW
0DNVLPDOHWHPSHUDWXUHU
/lPS|WLOD
7HPSHUDWXU
$PELHQW
UDQJH
$7(;
FODVV
7;$7(;
VXUIDFH
WHPSHUDWXUH
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
77
ƒ&
5RPWHPSHUD
WXURPUnGH
$7(;
NODVVH
7;$7(;
RYHUÀDWH
WHPSHUDWXU
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
77
ƒ&
*MHOGHUIRU
DNWXWDWRUPRGHOO
)LHOG4DNWXDWRUHQHUHWLQWHJUHUHWNRQFHSW
WLODXWRPDWLVHULQJDITXDUWHUWXUQYHQWLOHU
VW¡GG PSHUHHOOHUDQGHQTXDUWHUWXUQ
EUXJ'HWEHVWnUDIWUHJUXQGO JJHQGH
GHOH
3QHXPDWLVNDNWXDWRU
3QHXPDWLVNPRGXOHOOHU1$085SODGH
.RQWUROPRGXO
)¡ULEUXJWDJQLQJ
7RLPLODLWWHHQOLVlYDUXVWHHW
+|JWHPSHUDWXU
(QQHQDORLWWDPLVWD
1
D 'LVVHLQVWUXNVMRQHQHJMHOGHUNXQIRUWU\NNOXIWEU\WHUHQVDPPHQPHGWU\NNOXIWPRGXOHQ
HOOHU
1$085SODWHQ
E $NWXDWRUHQPnY UHXWVW\UWPHGNRPSRQHQWHUIRUNRQWUROORJHOOHUIHHGEDFN6MHNN
LQVWUXNVMRQHQHIRUGLVVHNRPSRQHQWHQHIRULQVWUXNVMRQHURPLQVWDOODVMRQRSHUDVMRQRJ
YHGOLNHKROG
F 'LVVHLQVWUXNVMRQHQHJMHOGHULNNHIRUPRQWHULQJHOOHUGHPRQWHULQJDY
YHQWLOHQ
EU\WHUHQSnHQYHQWLO
WLOEHK¡UIHNVPDJQHWYHQWLOHU
SRVLVMRQHULQJVYHUNEU\WHUERNVHURVY
6WDQGDUGWHPSHUDWXU
/nJWHPSHUDWXU
)LHOG4WRLPLODLWHRQLQWHJURLWXNlVLWH
DVWHHQYHQWWLLOLHQYDLPHQWLPLHQWDLPXL
GHQDVWHHQVRYHOOXVWHQ
DXWRPDDWLRRQ6LLQlRQNROPHSHUXVRVDD
3QHXPDDWWLQHQWRLPLODLWH
3QHXPDDWWLQHQPRGXXOLWDL1$085
OHY\
2KMDXVPRGXXOL
$NWXDWRUWLOEHK¡U
*LOWLJI|U
VWlOOGRQVPRGHOO
D 'HQIDNWLVNDPD[LPL\WWHPSHUDWXUHQEHURULQWHSnVMlOYDXWUXVWQLQJHQXWDQSnGULIWVYLO
ONRUHQWH[I|UV|UMQLQJVPHGLHWVWHPSHUDWXU
E 'HDQJLYQDYlUGHQDlUJLOWLJDXQGHUI|OMDQGHI|UKnOODQGHQ
6WlOOGRQHWVPD[LPDODF\NHOIUHNYHQVlU+]YLGPD[LPDOWF\NOHUSHUWLPPH
RFKYLGPD[LPDOEHODVWQLQJ
(PHUVRQ3URFHVV0DQDJHPHQW$VYHOGZHJ
%7+HQJHOR2Y3DtVHV%DMRV
)¡UGXVWDUWHU
1
$QYHQGHOVHVRPUnGH
5LVNRPUnGHQ
)|UHPRQWHULQJLQVWDOODWLRQLJnQJN|UQLQJHOOHULVlUWDJQLQJKRSVlWWQLQJDYDNWXDWRUQVNDOO
I|OMDQGHGRNXPHQWNRQVXOWHUDV
,QVWDOODWLRQVGULIWRFKXQGHUKnOOVKDQGERN)LHOG4SQHXPDWLVNDNWXDWRU'2&
,204(RFK
,QVWDOODWLRQVJXLGHVRPOHYHUHUDV
WLOOVDPPDQVPHGVW\UPRGXOHQ
)|UHQGHOVW\UPRGXOHUPHGEXVVNRPPXQLNDWLRQ¿QQVGHWHQH[WUDUHIHUHQVKDQGERN
PHGPHUGHWDOMHUDGLQIRUPDWLRQ
)|UDWWInGHVVDGRNXPHQWEHUYLGLJDWWNRQWDNWDQlUPDVWH)LHOG4OHYHUDQW|UHOOHUDWWWLWWD
SnQHUODGGQLQJVVLGDQSnZZZ)LHOG4FRP
)LHOG4EU\WHUHQHUHWLQWHJUHUWNRQVHSWIRU
DXWRPDWLVHULQJHQDYYHQWLOHUPHGHQNYDUW
RPGUHLQLQJVSMHOGHOOHUDQGUHLQVWDOODVMR
QHUPHGHQNYDUWRPGUHLQLQJ'HQEHVWnU
DYWUHKRYHGGHOHU
7U\NNOXIWEU\WHU
7U\NNOXIWPRGXOHOOHU1$085SODWH
.RQWUROOPRGXO
.RVNHH
WRLPLODLWHPDOOLD
2
3
D ,QVWDOODWLRQMXVWHULQJLEUXJWDJQLQJ
EUXJPRQWHULQJGHPRQWHULQJRJ
YHGOLJHKROGHOVHDIGHQSQHXPDWLVNH
DNWXDWRUPnNXQIRUHWDJHVDINYDOL¿FHUHWSHUVRQDOH
E )LHOG4SQHXPDWLVNHDNWXDWRUHUVNDOLVROHUHVEnGHSQHXPDWLVNRJHOHNWULVNI¡UVDP
OLQJGHPRQWHULQJSnEHJ\QGHV
F 'HWHULNNHWLOODGWDWVOXWWHHQWU\NEHKROGHUPHGLNNHUHGXFHUHGHPHGLHUWLOHQ)LHOG4
SQHXPDWLVNDNWXDWRU
G )LHOG4DNWXDWRUHUPnLNNHVOXWWHVWLOHQOXIWWLOI¡UVHORYHUEDUJHOOHUSVLJ
H $QYHQGHOVHDIWU\NSnDNWXDUHQHOOHU
I $QYHQGHOVHDINRQWUROVLJQDOHUWLONRQWUROPRGXOHWNDQPHGI¡UHDWDNWXDWRUHQYHQWLOHQ
DNWLYHUHV
%HP UN
3nWLOEHK¡UKYRUIMHGHUVODJHWIRUHQNHOWYLUNHQGHDNWXDWRUHUEHWMHQHVSQHXPDWLVNHU
GHWPDNVLPDOHWU\NEDU36,
$NWXDWRUWLOEHK¡U
D 'HQQHYHMOHGQLQJJ OGHUNXQIRUDUEHMGHSnDNWXDWRUHQGHWSQHXPDWLVNHPRGXOHOOHU
Sn1$085SODGHQ
E $NWXDWRUHQNDQXGVW\UHVPHGNRPSRQHQWHUWLOVW\ULQJRJHOOHUWLOEDJHPHOGLQJ6H
YHMOHGQLQJHUQHIRUGLVVHNRPSRQHQWHUYHGU¡UHQGHLQVWDOODWLRQVEHWMHQLQJVRJYHGOL
JHKROGHOVHVYHMOHGQLQJ
F 'HQQHYHMOHGQLQJJ OGHULNNHIRUPRQWHULQJHOOHUGHPRQWHULQJDI
YHQWLOHQ
DNWXDWRUHQSnHQYHQWLO
WLOEHK¡UIHNVVROHQRLGYHQWLOHUPDQLSXODWRUHUDIEU\GHUGnVHUPY
,QVWDOODWLRQEHWMHQLQJRJYHGOLJHKROGHOVH
2SVODJVGRNXPHQWHU
/ VI¡OJHQGHGRNXPHQWHUI¡UPRQWHULQJLQVWDOODWLRQLEUXJWDJQLQJHOOHUVDPOLQJGHPRQ
WHULQJDIDNWXDWRUHQ
,QVWDOODWLRQVEHWMHQLQJVRJYHGOLJHKROGHOVHVYHMOHGQLQJ)LHOG4SQHXPDWLVNDN
WXDWRU'2&,204(RJ
,QVWDOODWLRQVYHMOHGQLQJOHYHUHW
VDPPHQPHGNRQWUROPRGXOHW
)RUYLVVHNRQWUROPRGXOHUPHGEXVNRPPXQLNDWLRQHUGHUHQHNVWUDRSVODJVYHMOHG
QLQJGHULQGHKROGHUPHUHGHWDOMHUHGHRSO\VQLQJHU
'LVVHGRNXPHQWHUNDQUHNYLUHUHVYHGDWNRQWDNWHGHQQ UPHVWH)LHOG4OHYHUDQG¡UHOOHU
YHGDWORJJHSnGRZQORDGVLGHQSnZZZ)LHOG4FRP
D
E
F
G
'ULIWVPHGLH
/XIWHOOHU GHOJDVVHU¿OWUHUHWYHGPLNURQ
)¡OJHQGHNRQWUROPRGXOHUNU YHUOXIW¿OWUHUHWYHGPLNURQ4&4&RJ4&
'XJSXQNWHW.XQGHUGULIWVWHPSHUDWXUHQ
9HGEUXJXQGHUQXOJUDGHUVNDOGHUWDJHVV UOLJHIRUKROGVUHJOHU
8QGJnDWIXJWWU QJHULQGLDNWXDWRUHQ
.RQGHQVHULQJHOOHUIXJWGHUWU QJHULQGLDNWXDWRUHQGHWSQHXPDWLVNHPRGXOHOOHUNRQ
WUROPRGXOHWNDQEHVNDGLJHGLVVHNRPSRQHQWHURJPHGI¡UHIHMO'HUIRU
D %UXJSDNQLQJHUSURSSHUHOOHUNRQQHNWRUHUPHGGHQQRPLQHOOHY UGL,31(0$;
HOOHUGHURYHUIRUDWVLNUHEHVN\WWHOVHPRGLQGWU QJQLQJLKHQKROGWLO,31(0$;
E 6¡UJIRUDWSDNQLQJHUQHRJ2ULQJHQHHULJRGVWDQG
F 0RQWHUGU\SVO¡MIHULOHGQLQJHQHOOHUNDEOHW
G )RUVHJODOOHOHGQLQJVnEQLQJHUXDQVHWRPGHEUXJHVHOOHUHM
H ,IRUELQGHOVHPHGEUXJSnIDUOLJHVWHGHUVNDOGHUEUXJHVJRGNHQGWHSDNQLQJHUSURSSHU
HOOHUNRQQHNWRUHULRYHUHQVVWHPPHOVHPHGGHQORNDOHHOOHUQDWLRQDOHORYJLYQLQJRJ
GHQQRPLQHOOHY UGLVNDOY UH,31(0$;HOOHUGHURYHU
)DUOLJHRPUnGHU
)RUNHUWLQVWDOODWLRQSnHWIDUOLJWRPUnGHNDQPHGI¡UHHNVSORVLRQ
$7(;YHMOHGQLQJWLOEUXJSn
SRWHQWLHOOHHNVSORVLYHRPUnGHU
'HQSQHXPDWLVNHDNWXDWRUHUVDPPHQPHGGHWSQHXPDWLVNHPRGXOSnGHQSQHXPDWLVNH
)LHOG4DNWXDWRUXGVW\UDI*UXSSH,,NDWHJRULHQRJNDQEUXJHVSnVWHGHUKYRUHNVSORVLYH
DWPRVI UHUIRUnUVDJHWDIEODQGLQJHUDIOXIWDQGJDVVHUGDPSHWnJHHOOHUDIOXIWVW¡YNDQ
IRUHNRPPH
'HUIRUNDQGHQEUXJHVLGH$7(;NODVVL¿FHUHGH]RQHUJDVVHURJHOOHU
VW¡Y
6LNNHUKHGVYHMOHGQLQJ
D 0RQWHULQJGHPRQWHULQJRJYHGOLJHKROGHOVHVDUEHMGHPnNXQ¿QGHVWHGYHGDNWXDWR
UHQGHWSQHXPDWLVNHPRGHOHOOHU1$085SODGHQQnUGHULNNHHUHQHNVSORVLYEODQ
GLQJWLOVWHGHXQGHUDNWLYLWHWHQ
E )RUHE\JLQGWU QJQLQJDIHNVSORVLYHEODQGLQJHULDNWXDWRUHQ
9LIRUHVOnUEUXJDIHQVROHQRLGHPHG³nQGHIXQNWLRQ´SnDNWXDWRUHUPHGIMHGHUUHWXUQnU
GHEUXJHVLSRWHQWLHOWHNVSORVLYHDWPRVI UHU
F 'HQSODVWLVNHKROGQLQJLQGLNDWRUHUHUJRGNHQGWWLO$7(;RPUnGHUJDVJUXSSH,,%
,RPUnGHUKYRU$7(;JDV,,&NUDYJ OGHULNNHEUXJHSODVWLNSRVLWLRQLQGLNDWRUFDS
VW¡UUHOVHU4RSWLO4IRUDWXQGJnVWDWLVNHOHNWULFLWHW
0DNVLPXPWHPSHUDWXUHU
7HPSHUDWXU
7;$7(;
RYHUÀDGH
WHPSHUDWXU
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
0HUN
/DYWHPSHUDWXU
D )DNWLVNPDNVLPDORYHUÀDWHWHPSHUDWXUDYKHQJHULNNHDYVHOYHXWVW\UHWPHQKRYHGVDN
OLJDYGULIWVIRUKROGHQHVRPIHNVWHPSHUDWXUHQSnPHGLDHW
E 6SHVL¿VHUWHYHUGLHUHUJ\OGLJHPHGI¡OJHQGHYLONnU
0DNVLPDOV\NOXVIUHNYHQVIRUDNWXDWRUHQHU+]SnPDNVLPDOW
V\NOXVHUSHUWLPHRJYHGPDNVLPDOEHODVWQLQJ
)DUOLJHRPUnGHURJNRQWUROOPRGXOHU
)RULQIRUPDVMRQRPLQVWDOODVMRQDY)LHOG4NRQWUROOPRGXOHULIDUOLJHRPUnGHUKHQYLVWLO
EUXNVNDSLWOHQHDY,QVWDOODVMRQVJXLGHQVRPI¡OJHUPHGNRQWUROOPRGXOHQ
9LNWLJ3nJUXQQDY(PHUVRQVVWDGLJHDUEHLGIRUSURGXNWIRUEHGULQJNDQGHWY UHDWLQIRUPDVMR
QHQVRPSUHVHQWHUHVKHUEOLUHQGUHW
%LOGHUVNMHPDHURJDQQHQJUD¿NNLQNOXGHUWKHUHUNXQWU\NWVRPLOOXVWUDVMRQHURJUHSUHVHQWHUHU
LNNHSURGXNWNRQ¿JXUDVMRQHUHOOHUIXQNVMRQDOLWHW
‹(PHUVRQ.RSLHULQJIRUEXGW$OOHUHWWLJKHWHUWLOYDUHPHUNHUWLOK¡UHUGHUHVUHVSHNWLYHHLHUH
(PHUVRQ3URFHVV0DQDJHPHQW$VYHOGZHJ
%7+HQJHOR2Y1HGHUOlQGHUQD
+XRPDD
YDNLROlPS|WLOD
NRUNHDOlPS|WLOD
DOKDLQHQOlPS|WLOD
9DDUDOOLVHWDOXHHWMDRKMDXVPRGXXOLW
7LHWRMD)LHOG4RKMDXVPRGXXOLHQDVHQQXNVHVWDYDDUDOOLVHOOHDOXHHOOHRQRKMDXVPRGXXOLQ
PXNDQDWRLPLWHWXQ
$VHQQXVRSSDDQVRYHOWXYLVVDRVLVVD
7lUNHll(PHUVRQLQMDWNXYDQWXRWHNHKLW\NVHQMRKGRVWDWlVVlHVLWHW\WWLHGRWYRLYDWPXXWWXD
2KHLVHWNXYDWNDDYLRWMDPXXJUD¿LNNDRQ
MXONDLVWXYDLQNXYLWXVWDUNRLWXNVHVVDHLYlWNlQHHGXVWDWXRWWHHQNRNRRQSDQRMDWDL
WRLPLQQDOOLVXXWWD
‹(PHUVRQ.DLNNLRLNHXGHWSLGlWHWllQ.DLNNLRLNHXGHWWDYDUDPHUNNHLKLQNXXOXYDWQLLGHQ
RPLVWDMLOOH
(PHUVRQ3URFHVV0DQDJHPHQW$VYHOGZHJ
%7+HQJHOR2Y7KH1HWKHUODQGV
1
2
3
ȆȡȚȞȟİțȚȞȒıİIJİ
Į ǾİȖțĮIJȐıIJĮıȘȘȡȪșȝȚıȘȘİȞİȡȖȠʌȠȓȘıȘȘȤȡȒıȘȘıȣȞĮȡȝȠȜȩȖȘıȘȘĮʌȠıȣ
ȞĮȡȝȠȜȩȖȘıȘțĮȚȘıȣȞIJȒȡȘıȘIJȠȣİȞİȡȖȠʌȠȚȘIJȒʌİʌȚİıȝȑȞȠȣĮȑȡĮİȓȞĮȚĮʌȠțȜİȚıIJȚ
țȒĮȡȝȠįȚȩIJȘIJĮİȟİȚįȚțİȣȝȑȞȠȣʌȡȠıȦʌȚțȠȪ
ȕ ȅȚİȞİȡȖȠʌȠȚȘIJȑȢʌİʌȚİıȝȑȞȠȣĮȑȡĮIJȘȢ)LHOG4ʌȡȑʌİȚȞĮĮʌȠȝȠȞȦșȠȪȞıİİʌȓʌİįȠ
IJȩıȠʌȓİıȘȢĮȑȡĮȩıȠțĮȚȘȜİțIJȡȚțȩʌȡȚȞʌȡȠȤȦȡȒıİIJİıIJȘȞĮʌȠıȣȞĮȡȝȠȜȩȖȘıȘ
Ȗ ǻİȞİʌȚIJȡȑʌİIJĮȚȞĮıȣȞįȑıİIJİȑȞĮʌİʌȚİıȝȑȞȠįȠȤİȓȠȝİȝȘȝİȚȦȝȑȞĮȝȑıȘıIJȠȞİȞİȡ
ȖȠʌȠȚȘIJȒʌİʌȚİıȝȑȞȠȣĮȑȡĮ)LHOG4
į ȅȚİȞİȡȖȠʌȠȚȘIJȑȢ)LHOG4įİȞʌȡȑʌİȚȞĮıȣȞįȑȠȞIJĮȚȝİʌĮȡȠȤȒĮȑȡĮȝİȖĮȜȪIJİȡȘĮʌȩ
EDUJȒSVLJ
ȈȘȝİȓȦıȘ
ȈİİijĮȡȝȠȖȑȢȩʌȠȣȘįȚĮįȡȠȝȒIJȠȣİȜĮIJȘȡȓȠȣİȞİȡȖȠʌȠȚȘIJȫȞȝȚĮȢİȞȑȡȖİȚĮȢȜİȚIJȠȣȡ
ȖİȓȝİʌİʌȚİıȝȑȞȠĮȑȡĮȘȝȑȖȚıIJȘʌȓİıȘİȓȞĮȚEDU36,
İ ǼijĮȡȝȠȖȒʌȓİıȘȢıIJȠȞİȞİȡȖȠʌȠȚȘIJȒȒ
ȗ ǾİijĮȡȝȠȖȒİȞȩȢıȒȝĮIJȠȢİȜȑȖȤȠȣıIJȘȂȠȞȐįĮǼȜȑȖȤȠȣȝʌȠȡİȓȞĮȑȤİȚȦȢĮʌȠIJȑȜİ
ıȝĮIJȘȞİȞİȡȖȠʌȠȓȘıȘIJȘȢįȚȐIJĮȟȘȢİȞİȡȖȠʌȠȚȘIJȒȕĮȜȕȓįĮȢ
ǹȟİıȠȣȐȡǼȞİȡȖȠʌȠȚȘIJȒ
Į ǹȣIJȑȢȠȚȠįȘȖȓİȢȚıȤȪȠȣȞȝȩȞȠȖȚĮIJȠȞİȞİȡȖȠʌȠȚȘIJȒʌİʌȚİıȝȑȞȠȣĮȑȡĮȝĮȗȓȝİIJȘȞ
ȝȠȞȐįĮʌİʌȚİıȝȑȞȠȣĮȑȡĮȒIJȘȞʌȜȐțĮ
1$085
ȕ ȅǼȞİȡȖȠʌȠȚȘIJȒȢȝʌȠȡİȓȞĮİȟȠʌȜȚıIJİȓȝİİȟĮȡIJȒȝĮIJĮȖȚĮIJȠȞȑȜİȖȤȠȒțĮȚIJȘȞIJȡȠijȠ
įȠıȓĮǼȜȑȖȟIJİIJȚȢȠįȘȖȓİȢĮȣIJȫȞIJȦȞİȟĮȡIJȘȝȐIJȦȞȖȚĮIJȘȞİȖțĮIJȐıIJĮıȘIJȘȜİȚIJȠȣȡ
ȖȓĮțĮȚIJȘıȣȞIJȒȡȘıȘ
Ȗ ǹȣIJȑȢȠȚȠįȘȖȓİȢįİȞȚıȤȪȠȣȞȖȚĮıȣȞĮȡȝȠȜȩȖȘıȘȒĮʌȠıȣȞĮȡȝȠȜȩȖȘıȘ
IJȘȢȕĮȜȕȓįĮȢ
IJȠȣİȞİȡȖȠʌȠȚȘIJȒıİȕĮȜȕȓįĮ
IJȦȞİȟĮȡIJȘȝȐIJȦȞȩʌȦȢıȦȜȘȞȠİȚįİȓȢȕĮȜȕȓįİȢȡȣșȝȚıIJȑȢșȑıȘȢʌȓȞĮțİȢįȚĮțȠ
ʌIJȫȞțIJȜ
ǼȖțĮIJȐıIJĮıȘȜİȚIJȠȣȡȖȓĮțĮȚıȣȞIJȒȡȘıȘ
DzȖȖȡĮijĮĮȞĮijȠȡȐȢ
ȆȡȚȞIJȠȝȠȞIJȐȡȚıȝĮIJȘȞİȖțĮIJȐıIJĮıȘIJȘȞʌȡȠİIJȠȚȝĮıȓĮȖȚĮIJȘȜİȚIJȠȣȡȖȓĮȒĮʌȠıȣȞĮȡ
ȝȠȜȩȖȘıȘIJȠȣİȞİȡȖȠʌȠȚȘIJȒıȣȝȕȠȣȜİȣIJİȓIJİIJĮĮțȩȜȠȣșĮȑȖȖȡĮijĮ
ǼȖȤİȚȡȓįȚȠǼȖțĮIJȐıIJĮıȘȢȁİȚIJȠȣȡȖȓĮȢȈȣȞIJȒȡȘıȘȢ
ǼȞİȡȖȠʌȠȚȘIJȒȢʌİʌȚİıȝȑȞȠȣĮȑȡĮ)LHOG4'2&,204(țĮȚ
ȅįȘȖȩȢİȖțĮIJȐıIJĮıȘȢȩʌȦȢʌĮȡȑȤȠȞIJĮȚȝİIJȘȂȠȞȐįĮǼȜȑȖȤȠȣ
īȚĮȠȡȚıȝȑȞİȢȂȠȞȐįİȢǼȜȑȖȤȠȣȝİİʌȚțȠȚȞȦȞȓĮįȚĮȪȜȠȣȣʌȐȡȤİȚȑȞĮİʌȚʌȡȩıșİIJȠ
ǼȖȤİȚȡȓįȚȠĮȞĮijȠȡȐȢȝİʌȚȠȜİʌIJȠȝİȡİȓȢʌȜȘȡȠijȠȡȓİȢȢ
īȚĮȞĮĮʌȠțIJȒıİIJİĮȣIJȐIJĮȑȖȖȡĮijĮİʌȚțȠȚȞȦȞȒıIJİȝİIJȠȞțȠȞIJȚȞȩIJİȡȠʌȡȠȝȘșİȣIJȒıĮȢ
IJȘȢ)LHOG4ȒȝİIJĮȕİȓIJİıIJȘıİȜȓįĮȜȒȥİȦȞIJȘȢZZZ)LHOG4FRP
ȂȑıȠȜİȚIJȠȣȡȖȓĮȢ
Į ǹȑȡĮȢȒĮįȡĮȞȒĮȑȡȚĮȝİijȚȜIJȡȐȡȚıȝĮPLFURQ
ȕ ȉĮĮțȩȜȠȣșĮȈIJȠȚȤİȓĮǼȜȑȖȤȠȣĮʌĮȚIJȠȪȞijȚȜIJȡȐȡȚıȝĮIJȠȣĮȑȡĮıIJĮ
PLFURQ4&4&țĮȚ4&
Ȗ ȈȘȝİȓȠįȡȩıȠȣ.țȐIJȦĮʌȩIJȘșİȡȝȠțȡĮıȓĮȢȜİȚIJȠȣȡȖȓĮȢ
į īȚĮİijĮȡȝȠȖȑȢıİșİȡȝȠțȡĮıȓİȢȣʌȩIJȠȝȘįȑȞʌȐȡIJİIJĮțĮIJȐȜȜȘȜĮȝȑIJȡĮ
ȆȡȠıIJĮıȓĮĮʌȩIJȘȞİȓıȠįȠȣȖȡĮıȓĮȢıIJȠȞİȞİȡȖȠʌȠȚȘIJȒ
ǾȣȖȡȠʌȠȓȘıȘȒȘȣȖȡĮıȓĮȘȠʌȠȓĮİȚıȑȡȤİIJĮȚıIJȠȞİȞİȡȖȠʌȠȚȘIJȒIJȘȝȠȞȐįĮİȞİȡȖȠʌȠȚ
ȘIJȒʌİʌȚİıȝȑȞȠȣĮȑȡĮȒIJȘȂȠȞȐįĮǼȜȑȖȤȠȣȝʌȠȡİȓȞĮʌȡȠțĮȜȑıİȚȗȘȝȚȑȢıİĮȣIJȐIJĮ
İȟĮȡIJȒȝĮIJĮțĮȚįȣıȜİȚIJȠȣȡȖȓİȢǼʌȠȝȑȞȦȢ
Į ȋȡȘıȚȝȠʌȠȚȒıIJİıIJȣʌȚȠșȜȓʌIJİȢȕȪıȝĮIJĮȒıȣȞįİIJȒȡİȢȝİȤĮȡĮțIJȘȡȚıȝȩ,3
1(0$;ȒĮȞȫIJİȡȠȖȚĮȞĮįȚĮıijĮȜȓıİIJİIJȘȞʌȡȠıIJĮıȓĮİȚıȩįȠȣıȪȝijȦȞĮȝİIJȠ
,31(0$;
ȕ ǺİȕĮȚȦșİȓIJİȖȚĮIJȘȞĮțİȡĮȚȩIJȘIJĮIJȦȞijȜĮȞIJȗȫȞțĮȚIJȦȞįĮțIJȣȜȓȦȞįȚĮIJȠȝȒȢ
Ȗ ȉȠʌȠșİIJȒıIJİıIJĮȜĮțIJȚțȠȪȢȕȡȩȤȠȣȢıİıȦȜȘȞȫıİȚȢȒțĮȜȫįȚĮ
į ȈijȡĮȖȓıIJİȩȜĮIJĮĮȞȠȓȖȝĮIJĮIJȦȞıȦȜȘȞȫıİȦȞİȓIJİȤȡȘıȚȝȠʌȠȚȠȪȞIJĮȚİȓIJİȩȤȚ
İ īȚĮİijĮȡȝȠȖȑȢıİİʌȚțȓȞįȣȞİȢʌİȡȚȠȤȑȢȤȡȘıȚȝȠʌȠȚȒıIJİıIJȣʌȚȠșȜȓʌIJİȢȕȪıȝĮIJĮȒ
ıȣȞįİIJȒȡİȢȩʌȦȢĮʌĮȚIJȠȪȞIJĮȚıȪȝijȦȞĮȝİIJȘȞIJȠʌȚțȒȒİșȞȚțȒȞȠȝȠșİıȓĮțĮȚȝİȤĮ
ȡĮțIJȘȡȚıȝȩ,31(0$;ȒĮȞȫIJİȡȠ
*\OGLJIRU
DNWXDWRU
PRGHO
6WDQGDUGWHPSHUDWXU
ȅįȘȖȓİȢIJȘȢ$7(;ȖȚĮȤȡȒıȘıİʌİȡȚȠȤȑȢʌȠȣʌĮȡȠȣıȚȐȗȠȣȞ
įȣȞȘIJȚțȐțȓȞįȣȞȠȑțȡȘȟȘȢ
ȆȡȠȠȡȚȗȩȝİȞȘȤȡȒıȘ
ȉȠİȟȐȡIJȘȝĮIJȠȣİȞİȡȖȠʌȠȚȘIJȒʌİʌȚİıȝȑȞȠȣĮȑȡĮȝĮȗȓȝİIJȠİȟȐȡIJȘȝĮȝȠȞȐįĮȢʌİʌȚİ
ıȝȑȞȠȣĮȑȡĮIJȠȣİȞİȡȖȠʌȠȚȘIJȒʌİʌȚİıȝȑȞȠȣĮȑȡĮIJȘȢ)LHOG4İȓȞĮȚİȟȠʌȜȚıȝȩȢȅȝȐįĮȢ
,,țĮIJȘȖȠȡȓĮȢțĮȚʌȡȠȠȡȓȗİIJĮȚȖȚĮȤȡȒıȘıİʌİȡȚȠȤȑȢıIJȚȢȠʌȠȓİȢİȓȞĮȚʌȚșĮȞȩȞȞĮ
ʌĮȡȠȣıȚĮıIJȠȪȞİțȡȘțIJȚțȑȢıȣȞșȒțİȢĮIJȝȩıijĮȚȡĮȢʌȠȣʌȡȠțĮȜȠȪȞIJĮȚĮʌȩȝİȓȖȝĮIJĮĮȑȡĮ
țĮȚĮİȡȓȦȞĮIJȝȫȞȠȝȓȤȜȘȢȒĮʌȩĮȑȡĮıțȩȞȘ
ǼʌȠȝȑȞȦȢȝʌȠȡİȓȞĮȤȡȘıȚȝȠʌȠȚȘșİȓıİȗȫȞİȢȝİIJĮȟȚȞȩȝȘıȘıȪȝijȦȞĮȝİIJȘȞ$7(;
ǹȑȡȚĮțĮȚȒȈțȩȞȘ
ȅįȘȖȓİȢĮıijĮȜİȓĮȢ
D ǾıȣȞĮȡȝȠȜȩȖȘıȘȘĮʌȠıȣȞĮȡȝȠȜȩȖȘıȘțĮȚȘıȣȞIJȒȡȘıȘIJȠȣİȞİȡȖȠʌȠȚȘIJȒIJȘȢ
ȝȠȞȐįĮȢʌİʌȚİıȝȑȞȠȣĮȑȡĮȒIJȘȢʌȜȐțĮȢ1$085İʌȚIJȡȑʌİIJĮȚȝȩȞȠȩIJĮȞIJȘȞȫȡĮ
IJȘȢįȡĮıIJȘȡȚȩIJȘIJĮȢįİȞȣʌȐȡȤİȚİțȡȘțIJȚțȩȝİȓȖȝĮ
ȕ ǹʌȠIJȡȠʌȒIJȘȢİȚıȩįȠȣİțȡȘțIJȚțȫȞȝİȚȖȝȐIJȦȞıIJȠȞİȞİȡȖȠʌȠȚȘIJȒ
ȈĮȢıȣȞȚıIJȠȪȝİȞĮȤȡȘıȚȝȠʌȠȚȒıİIJİȑȞĮıȦȜȘȞȠİȚįȑȢȝİȜİȚIJȠȣȡȖȓĮ³İȟĮİȡȚıȝȠȪ´
ıIJȠȣȢİȞİȡȖȠʌȠȚȘIJȑȢİȜĮIJȘȡȓȠȣİʌĮȞĮijȠȡȐȢȩIJĮȞȤȡȘıȚȝȠʌȠȚȠȪȞIJĮȚıİįȣȞȘIJȚțȐ
İțȡȘțIJȚțȒĮIJȝȩıijĮȚȡĮ
Ȗ ȉĮʌȜĮıIJȚțȐįİȓțIJİȢșȑıȘʌȠȣȑȤȠȣȞİȖțȡȚșİȓȖȚĮ$7(;ʌİȡȚȠȤȫȞIJȠȣijȣıȚțȠȪĮİȡȓȠȣ
IJȘȢȠȝȐįĮȢ,,%
ȈIJȚȢʌİȡȚȠȤȑȢȩʌȠȣȚıȤȪȠȣȞǹȉǼȋĮİȡȓȠȣȠȝȐįĮĮʌĮȚIJȒıİȦȞ,,&ȝȘȞȤȡȘıȚȝȠʌȠȚȒıİ
IJİIJȠʌȜĮıIJȚțȩțĮʌȐțȚșȑıȘįİȓțIJȘȢIJȦȞȝİȖİșȫȞ4ȑȦȢ4ȖȚĮIJȘȞʌȡȩȜȘȥȘ
ıIJĮIJȚțȩijȠȡIJȓȠ
ȂȑȖȚıIJİȢșİȡȝȠțȡĮıȓİȢ
ȀȜȓȝĮțĮ
șİȡȝȠțȡĮıȚȫȞ
ʌİȡȚȕȐȜȜȠȞIJȠȢ
ĬİȡȝȠțȡĮıȓĮ
7;șİȡȝȠțȡĮıȓĮ
$7(;
İʌȚijȐȞİȚĮȢ
FODVV
$7(;
ƒ&
7
7ƒ&ƒ)
77
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
7
7ƒ&ƒ)
ƒ&
77
7ƒ&ƒ)
%HP UN +¡MWHPSHUDWXU
ǾĮțĮIJȐȜȜȘȜȘİȖțĮIJȐıIJĮıȘıİİʌȚțȓȞįȣȞȘʌİȡȚȠȤȒȝʌȠȡİȓȞĮʌȡȠțĮȜȑıİȚȑțȡȘȟȘ
ƒ&
D 7RGHOOLQHQHQLPPlLVSLQWDOlPS|WLODHLULLSXODLWWHLVWRVWDLWVHVWllQYDDQSllDVLDVVD
Nl\WW|RORVXKWHLVWDNXWHQHVLPYlOLDLQHHQOlPS|WLODVWD
E ,OPRLWHWXWDUYRWSlWHYlWVHXUDDYLVVDRORVXKWHLVVD
7RLPLODLWWHHQVXXULQMDNVRWDDMXXVRQ+]HQLQWllQMDNVRDWXQQLVVDMDHQLP
PlLVNXRUPDOOD
ȅİȞİȡȖȠʌȠȚȘIJȒȢʌİʌȚİıȝȑȞȠȣĮȑȡĮIJȘȢ
)LHOG4İȓȞĮȚȝȚĮȠȜȠțȜȘȡȦȝȑȞȘȚįȑĮȖȚĮ
IJȠȞĮȣIJȠȝĮIJȚıȝȩIJȦȞȕĮȜȕȓįȦȞIJȑIJĮȡIJȠȣ
ıIJȡȠijȒȢȡȣșȝȚıIJȫȞĮȑȡȠȢȒȐȜȜİȢİijĮȡ
ȝȠȖȑȢǹʌȠIJİȜİȓIJĮȚĮʌȩIJȡȚĮȕĮıȚțȐȝȑȡȘ
ǼȞİȡȖȠʌȠȚȘIJȒȢʌİʌȚİıȝȑȞȠȣĮȑȡĮ
ȂȠȞȐįĮİȞİȡȖȠʌȠȚȘIJȒʌİʌȚİıȝȑȞȠȣ
ĮȑȡĮȒʌȜȐțĮ1$085
ȂȠȞȐįĮİȜȑȖȤȠȣ
ǼʌȚțȓȞįȣȞİȢʌİȡȚȠȤȑȢ
7LOW QNWEUXJ
$7(;
NODVVH
+¡\WHPSHUDWXU
ȆȡȠıĮȞĮIJȠȜȚıȝȩȢįİȓIJİ
ȈȤȒȝĮ
1
,QWHUYDO
IRURPJL
YHOVHU
6WDQGDUGWHPSHUDWXU
ȈȣȞȠʌIJȚțȩȢȅįȘȖȩȢǹȞĮijȠȡȐȢǼȞİȡȖȠʌȠȚȘIJȑȢʌİʌȚİıȝȑȞȠȣ
ĮȑȡĮIJȘȢ)LHOG4
/DYWHPSHUDWXU
D 'HQDNWXHOOHPDNVLPDOHRYHUÀDGHWHPSHUDWXUDIK QJHULNNHDIVHOYHXGVW\UHWPHQ
SULP UWDIGULIWVIRUKROGVRPIHNVWHPSHUDWXUHQSnIRUV\QLQJVPHGLHW
E 'HDQJLYQHY UGLHUHUJ\OGLJHXQGHUI¡OJHQGHEHWLQJHOVHU
'HQPDNVLPDOHF\NOXVIUHNYHQVIRUDNWXDWRUHQHU+]YHGPDNVLPDOWF\NOHU
SUWLPHRJPHGPDNVLPDOEHODVWQLQJ
)DUOLJHRPUnGHURJNRQWUROPRGXOHU
'HUNDQInVLQIRUPDWLRQRPLQVWDOODWLRQDI)LHOG4NRQWUROPRGXOHUSnIDUOLJHRPUnGHULGH
UHOHYDQWHDIVQLWDILQVWDOODWLRQVYHMOHGQLQJHQVRPOHYHUHVVDPPHQPHGNRQWUROPRGX
OHW
9LJWLJW3nJUXQGDI(PHUVRQVIRUWVDWWH
EHVWU EHOVHUSnIUHPVNULGWLQGHQIRUVLQHSURGXNWHUNDQRSO\VQLQJHUQHKHUL QGUHV
%LOOHGHUVNHPDHURJDQGHQJUD¿NLGHQQH
YHMOHGQLQJHUXGHOXNNHQGHRIIHQWOLJJMRUWDI
LOOXVWUDWLRQVKHQV\QRJUHSU VHQWHUHULNNHSURGXNWHWVNRQ¿JXUDWLRQHUHOOHUIXQNWLRQDOLWHW
‹(PHUVRQDOOHUHWWLJKHGHUIRUEHKROGHV$OOHUHWWLJKHGHUWLOYDUHP UNHUWLOK¡UHUGHUHV
UHVSHNWLYHHMHUH
ȈȘȝİȓȦıȘ DzȖțȣȡȠȖȚĮȝȠȞIJȑȜȠ
İȞİȡȖȠʌȠȚȘIJȒ
IJȣʌȚțȒșİȡȝȠțȡĮıȓĮ
ȣȥȘȜȒșİȡȝȠțȡĮıȓĮ
ȤĮȝȘȜȒșİȡȝȠțȡĮıȓĮ
Į ǾʌȡĮȖȝĮIJȚțȒȝȑȖȚıIJȘșİȡȝȠțȡĮıȓĮİʌȚijȐȞİȚĮȢįİȞİȟĮȡIJȐIJĮȚĮʌȩIJȠȞİȟȠʌȜȚıȝȩ
ĮȜȜȐțȣȡȓȦȢĮʌȩIJȚȢıȣȞșȒțİȢȜİȚIJȠȣȡȖȓĮȢȩʌȦȢʌȤIJȘșİȡȝȠțȡĮıȓĮIJȦȞȝȑıȦȞ
ʌĮȡȠȤȒȢ
ȕ ȅȚțĮșȠȡȚıȝȑȞİȢIJȚȝȑȢİȓȞĮȚȑȖțȣȡİȢȖȚĮIJȚȢĮțȩȜȠȣșİȢıȣȞșȒțİȢ
ǾȝȑȖȚıIJȘıȣȤȞȩIJȘIJĮțȪțȜȦȞIJȠȣİȞİȡȖȠʌȠȚȘIJȒİȓȞĮȚ+]ȝİȑȞĮȝȑȖȚıIJȠ
țȪțȜȦȞĮȞȐȫȡĮțĮȚȝİIJȠȝȑȖȚıIJȠijȠȡIJȓȠ
ǼʌȚțȓȞįȣȞİȢʌİȡȚȠȤȑȢțĮȚȈIJȠȚȤİȓĮǼȜȑȖȤȠȣ
īȚĮʌȜȘȡȠijȠȡȓİȢıȤİIJȚțȐȝİIJȘȞİȖțĮIJȐıIJĮıȘIJȠȞȂȠȞȐįȦȞǼȜȑȖȤȠȣIJȘȢ)LHOG4ıİİʌȚ
țȓȞįȣȞȘʌİȡȚȠȤȒĮȞĮIJȡȑȟIJİıIJȚȢıȤİIJȚțȑȢİȞȩIJȘIJİȢIJȠȣȅįȘȖȠȪİȖțĮIJȐıIJĮıȘȢȠȠʌȠȓȠȢ
ʌĮȡȑȤİIJĮȚȝĮȗȓȝİIJȘȂȠȞȐįĮǼȜȑȖȤȠȣ
(PHUVRQ3URFHVV0DQDJHPHQW$VYHOGZHJ
%7+HQJHOR2Y$ODQNRPDDW
(PHUVRQ3URFHVV0DQDJHPHQW$VYHOGZHJ
%7+HQJHOR2Y+ROODQG
ȈȘȝĮȞIJȚțȩȁȩȖȦIJȘȢıȣȞİȤȩȝİȞȘȢįȑıȝİȣıȘȢIJȘȢ(PHUVRQȖȚĮIJȘȞİȟȑȜȚȟȘIJȦȞʌȡȠȧȩȞIJȦȞȝȘ
ȤĮȞȚțȒȢIJĮįİįȠȝȑȞĮʌȠȣʌĮȡȠȣıȚȐȗȠȞIJĮȚıIJȠʌĮȡȩȞȣʌȩțİȚȞIJĮȚıİĮȜȜĮȖȑȢ
ȅȚİȚțȩȞİȢIJĮıȤȑįȚĮțĮȚȐȜȜĮȖȡĮijȚțȐʌȠȣʌİȡȚȑȤȠȞIJĮȚıIJȠʌĮȡȩȞįȘȝȠıȚİȪȠȞIJĮȚȝȩȞȠȖȚĮ
ıțȠʌȠȪȢĮʌİȚțȩȞȚıȘȢțĮȚįİȞĮȞIJȚʌȡȠıȦʌİȪȠȣȞIJȘȞȠȝȐįĮʌĮȡĮȝȑIJȡȦȞȒIJȘȜİȚIJȠȣȡȖȚțȩIJȘIJĮ
įȚĮIJȐȟİȚȢIJȦȞʌȡȠȧȩȞIJȦȞ
‹(PHUVRQȂİİʌȚijȪȜĮȟȘțȐșİȞȩȝȚȝȠȣįȚțĮȚȫȝĮIJȠȢǵȜĮIJĮįȚțĮȚȫȝĮIJĮȖȚĮıȒȝĮIJĮțĮIJĮ
(PHUVRQȂİİʌȚijȪȜĮȟȘțȐșİȞȩȝȚȝȠȣįȚțĮȚȫȝĮIJȠȢǵȜĮIJĮįȚțĮȚȫȝĮIJĮȖȚĮıȒȝĮIJĮțĮIJĮ
(PHUVRQȂİİʌȚijȪȜĮȟȘțȐșİȞȩȝȚȝȠȣįȚțĮȚȫȝĮIJȠȢǵȜĮIJĮįȚțĮȚȫȝĮIJĮȖȚĮıȒȝĮIJĮțĮIJĮ
IJİșȑȞIJĮʌĮȡĮȝȑȞȠȣȞıIJȠȣĮȞIJȓıIJȠȚȤȠȣȢțĮIJȩȤȠȣȢIJȠȣȢ
(PHUVRQ3URFHVV0DQDJHPHQW$VYHOGZHJ
%7+HQJHOR2Y7KH1HWKHUODQGV
3RUHOSUHVHQWHGRFXPHQWRGHFODUDPRVTXHORVSURGXFWRVHVSHFL¿FDGRVDFRQWLQXDFLyQ
FXPSOHQORVUHTXLVLWRVEiVLFRVGHVDOXG\VHJXULGDG
9LLQW\JDUKlUPHGDWWQHGDQDQJLYQDSURGXNWHUXSSI\OOHUJUXQGOlJJDQGHKlOVRRFKVlNHU
KHWVNUDY
9LHUNO UHUKHUYHGDWSURGXNWHQHVRPHUVSHVL¿VHUWXQGHUP¡WHUJUXQQOHJJHQGHNUDY
IRUKHOVHRJVLNNHUKHW
9DNXXWDPPHWlWHQHWWlDOODLOPRLWHWXWWXRWWHHWWl\WWlYlWSHUXVWHUYH\VMDWXUYDOOLVXXVYDD
WLPXNVHW
9LHUNO UHUKHUPHGDWGHKHUXQGHUDQJLYQHSURGXNWHURSI\OGHUGHJUXQGO JJHQGHVXQG
KHGVRJVLNNHUKHGVP VVLJHNUDY
'HVFULSFLyQGHOSURGXFWR
3URGXNWEHVNULYQLQJ
3URGXNWEHVNULYHOVH
7XRWHNXYDXV
3URGXNWEHVNULYHOVH
‡ $FWXDGRUQHXPiWLFR)LHOG4
‡ )LHOG43QHXPDWLVNWPDQ|YHUGRQ
‡ )LHOG4SQHXPDWLVNDNWXDWRU
‡ )LHOG4SQHXPDWLLQHQWRLPLODLWH
‡ )LHOG4SQHXPDWLVNDNWXDWRU
ǻȚĮIJȠȣʌĮȡȩȞIJȠȢįȘȜȫȞȠȣȝİȩIJȚȩȜĮIJĮʌȡȠȧȩȞIJĮʌȠȣțĮșȠȡȓȗȠȞIJĮȚʌĮȡĮțȐIJȦ
ıȣȝȝȠȡijȫȞȠȞIJĮȚıIJȚȢĮʌĮȚIJȒıİȚȢȣȖİȓĮȢțĮȚĮıijĮȜİȓĮȢ
7LSR
7\SHU
7\SHU
7\\SLW
7\SHV
(IHFWRGREOH
4'R
5HWRUQRSRUUHVRUWH 46R
'XEEHOYHUNDQGH
0HGIMlGHUUHWXU
'REEHOWYLUNHQGH
0HGIMHGHUUHWXU
ȆİȡȚȖȡĮijȒʌȡȠȧȩȞIJȠȢ
9DULDFLRQHVGHOSURGXFWR
3URGXNWYDULDWLRQHU
3URGXNWYDULDVMRQHU
‡ /DVYDULDFLRQHVGHORVWLSRVFLWDGRVDFRQWLQXDFLyQWDPELpQHVWiQFXELHUWDVSRUOD
GLUHFWLYDDQWHULRU\WLHQHQODPDUFD&(
‡ 3URGXNWYDULDWLRQHUDYQHGDQQlPQGDW\SHUWlFNVIRUWIDUDQGHDYRYDQVWnHQGHGLUHNWLY
RFKlU&(PlUNWD
‡ 3URGXNWYDULDVMRQHUDYW\SHQHVRPHUQHYQWXQGHURPIDWWHVIUHPGHOHVDYGLUHNWLYHW
RYHURJHU&(PHUNHW
.DNVLWRLPLVHW
4'WDL
<NVLWRLPLVHW
46WDL
7XRWHPXXQQRNVHW
‡ $OODPDLQLWWXMHQW\\SSLHQWXRWHPXXQQRNVHWRYDWP\|VHGHOOlPDLQLWXQGLUHNWLLYLQDODLVLD
MDQLLVVlRQ&(PHUNLQWl
1~PHURGHVHULH
6HULHQXPPHU
6HULHQXPPHU
6DUMDQXPHUR
6HULHQXPPHU
‡ &DGDDFWXDGRUWLHQHVXQ~PHURGHVHULHLGHQWL¿FDEOH
‡ 9DUMHVWlOOGRQKDUHWWLGHQWL¿HUEDUWVHULHQXPPHU
‡ +YHUDNWXDWRUKDUHWLGHQWL¿VHUEDUWVHULHQXPPHU
4'HOOHU
46HOOHU
'REEHOWYLUNHQGH
)M UUHWXUQHUW
4'HOOHU
46HOOHU
‡ -RNDLVHOODWRLPLODLWWHHOODRQWXQQLVWHWWDYLVVDROHYDVDUMDQXPHUR
4'HOOHU
46HOOHU
3URGXNWYDULDWLRQHU
‡ 3URGXNWYDULDWLRQHUDIRYHQQ YQWHW\SHUK¡UHUIRUWVDWXQGHURYHQVWnHQGHGLUHNWLYRJHU
&(P UNHGH
‡ +YHUHQNHOWDNWXDWRUKDUHWVHULHQXPPHUGHUJ¡UGHWPXOLJWDWLGHQWL¿FHUHHQKHGHQ
(<9DDWLPXVWHQPXNDLVXXVYDNXXWXV
'HFODUDFLyQGHFRQIRUPLGDGFRQOD8(
(*)|UVlNUDQRPYHUHQVVWlPPHOVH
(&6DPVYDUVHUNO ULQJ
3XEOLFDGDGHDFXHUGRFRQOD
8WIlUGDGLHQOLJKHWPHG
8WVWHGWLKHQKROGWLO
$QQHWWXVHXUDDYLHQPXNDLVHVWL
'LUHFWLYDVREUHHTXLSRVDSUHVLyQ3('(&
'LUHFWLYD$7(;(&
7U\FNXWUXVWQLQJVGLUHNWLYHW3('(&
$7(;GLUHNWLYHW(&
'LUHNWLYIRUWU\NNXWVW\U3('(&
$7(;GLUHNWLY(&
3DLQHODLWHGLUHNWLLYL3('(<
$7(;GLUHNWLLYL(<
()2YHUHQVVWHPPHOVHVHUNO ULQJ
8GVWHGWLRYHUHQVVWHPPHOVHPHG
'LUHNWLY()RPWU\NE UHQGHXGVW\U3('
$7(;GLUHNWLYHW()
'LUHFWLYDVREUHHTXLSRVDSUHVLyQ3('(&
7U\FNXWUXVWQLQJVGLUHNWLYHW3('(&
'LUHNWLYIRUWU\NNXWVW\U3('(&
3DLQHODLWHGLUHNWLLYL3('(<
'LUHNWLY()RPWU\NE UHQGHXGVW\U3('
‡ &RQDUUHJORDODUWtFXORSXQWRGHODGLUHFWLYDORVDFWXDGRUHVQHXPiWLFRV)LHOG4
GHOJUXSRGHJDVYHU'2&45*40HGLRVGHRSHUDFLyQTXHGDQH[FOXLGRVGH
ORVUHTXLVLWRVGHOD'LUHFWLYDVREUHHTXLSRVDSUHVLyQ(&
‡ 3DUDPHGLRVGHSUHVLyQGHJUXSRGHJDVSULPHURFRQVXOWHODLQJHQLHUtDSDUDFRP
SUREDUODFRPSDWLELOLGDGGHPHGLRVGHSUHVLyQFRQHODFWXDGRU
‡ (OLQWHUYDOROLPLWDGRGHPHGLGDVGHODFWXDGRU)LHOG4HQXPHUDGDVDFRQWLQXDFLyQ
WLHQHQFODVL¿FDFLyQ³6RXQG(QJLQHHULQJ3UDFWLFH´3UiFWLFD$SURSLDGDGH,QJHQLHUtDR
0yGXOR$FRQWUROGHSURGXFFLyQLQWHUQR\HVWiQGLVSRQLEOHVSRUVROLFLWXGSDUDHOXVR
FRQORVPHGLRVGHJUXSRGHJDV
‡ 7LSR(IHFWRGREOH
4'R
‡ 7LSR5HWRUQRSRUUHVRUWH 46R
‡ )|U*DVJUXSSVH'2&45*4'ULIWPHGLDH[NOXGHUDV)LHOG4SQHXPDWLVND
PDQ|YHUGRQIUnQNUDYHQL7U\FNXWUXVWQLQJVGLUHNWLYHW(&EDVHUDWSnDUWLNHO
SXQNWLGLUHNWLYHW
‡ )|UWU\FNPHGLHULJDVJUXSSNRQWDNWDI|UVWWHNQLNDYGHOQLQJHQI|UDWWNRQWUROOHUDDWW
WU\FNPHGLHUlUNRPSDWLEODPHGPDQ|YUHULQJVRUJDQHW
‡ 'HWEHJUlQVDGHVWRUOHNVLQWHUYDOOVRPYLVDVQHGDQI|U)LHOG4PDQ|YUHULQJVRUJDQNODV
VL¿FHUDVVRP³6RXQG(QJLQHHULQJ3UDFWLFH´HOOHU0RGXO$LQWHUQSURGXNWLRQVNRQWUROO
RFK¿QQVWLOOJlQJOLJWSnEHJlUDQI|UDQYlQGQLQJPHGPHGLHUIUnQJDVJUXSS
‡ 'XEEHOYHUNDQGH 4'HOOHU
‡ 0HGIMlGHUUHWXU 46HOOHU
‡ )RU*DVVJUXSSHVH'2&45*4'ULIWVPHGLDHU)LHOG4SQHXPDWLVNHDNWXD
WRUHUHNVNOXGHUWIUDNUDYHQHLGLUHNWLYHWIRUWU\NNXWVW\U(&EDVHUWSnDUWLNNHO
SXQNWLGLUHNWLYHW
‡ )RUJDVVJUXSSHWU\NNPHGLDWDI¡UVWNRQWDNWPHGLQJHQL¡UIRUnVMHNNHWU\NNPHGLDV
NRPSDWLELOLWHWPHGDNWXDWRUHQ
‡ 'HWEHJUHQVHGHXWYDOJHWDY)LHOG4DNWXDWRUVW¡UUHOVHURSSI¡UWXQGHUHUUDQJHUW
³6RXQG(QJLQHHULQJ3UDFWLFH´HOOHU0RGXOH$LQWHUQSURGXNVMRQVNRQWUROORJHUWLOJMHQ
JHOLJHYHGIRUHVS¡UVHOIRUEUXNPHGJDVVJUXSSHPHGLD
‡ 'REEHOWYLUNHQGH 4'HOOHU
‡ )M UUHWXUQHUW
46HOOHU
‡ 3DLQHODLWHGLUHNWLLYLQ(<S\NlOlQNRKGDQSHUXVWHHOODWlPlQGLUHNWLLYLQYDD
WLPXNVHWHLYlWNRVNHNDDVXU\KPlQNDWVR'2&45*4.l\WHWWlYlWYlOLDLQHHW
)LHOG4SQHXPDWLLNNDWRLPLODLWWHLWD
‡ 7DUNLVWDNDDVXU\KPlQSDLQHDLQHHQNDQVVDHQVLQVXXQQLWWHOXVWDSDLQHDLQHHQ\KW
HHQVRSLYXXVNl\WW|ODLWWHHQNDQVVD
‡ $OODOXHWHOWX)LHOG4Nl\WW|ODLWWHHQNRNRMHQUDMRLWHWWXYDOLNRLPDRQOXRNLWHOWXK\YlNVLWH
NQLLNDNVLHOLPRGXXOLNVL$VLVlLQHQWXRWDQQRQRKMDXVMDQLLWlRQVDDWDYDQDS\\QQ|VWl
Nl\WHWWlYlNVLNDDVXU\KPlQDLQHHQNDQVVD
‡ .DNVLWRLPLVHW
4'WDL
‡ <NVLWRLPLVHW
46WDL
‡ 3QHXPDWLVNH)LHOG4DNWXDWRUHUIRUJDVJUXSSHVH'2&45*4'ULIWVPHGLH
EHK¡YHUSnEDJJUXQGDIDUWLNHOLNNHRYHUKROGHGLUHNWLY()RPWU\NE UHQGH
XGVW\U
‡ )RUWU\NPHGLHULJDVJUXSSHNRQWDNWHVSURGXNWLRQVDIGHOLQJHQIRUDWNRQWUROOHUHNRP
SDWLELOLWHWHQDIWU\NPHGLHWPHGDNWXDWRUHQ
‡ 'HWQHGHQIRUYLVWHEHJU QVHGHVRUWLPHQWDI)LHOG4DNWXDWRUVW¡UUHOVHUHUVSH
FL¿FHUHGHVRP³6RXQG(QJLQHHULQJ3UDFWLFH´HOOHU0RGXO$LQWHUQSURGXNWLRQVNRQWURO
RJNDQHIWHUDQPRGQLQJOHYHUHVWLOEUXJPHGPHGLHULJDVJUXSSH
‡ 'REEHOWYLUNHQGH 4'HOOHU
‡ 0HGIMHGHUUHWXU 46HOOHU
$7(;GLUHNWLYHW(&
$7(;GLUHNWLY(&
$7(;GLUHNWLLYL(<
'LUHFWLYD$7(;(&
$7(;GLUHNWLYHW()
$7(;PlUNQLQJ
,,*'F,,&7;
(WLTXHWD$7(;
‡ 3DUDYHUORVOtPLWHV\ODVFODVL¿FDFLRQHVGHODVWHPSHUDWXUDVPi[LPDVFRQVXOWHOD
*XtDGHUHIHUHQFLDUiSLGD'2&45*47HPSHUDWXUDPi[LPD
1RUPDWLYDVDSOLFDEOHV
,,*'F,,&7;
,,*'F,,&7;
$7(;PHUNLQJ
‡ )|UPD[LPDODWHPSHUDWXUJUlQVHURFKNODVVL¿FHULQJDUVH6QDEEUHIHUHQVJXLGH'2&
45*40D[LPLWHPSHUDWXUHU
‡ )RULQIRUPDVMRQRPJUHQVHUIRUPDNVLPDOWHPSHUDWXURJNODVVL¿NDVMRQHUVHKXUWL
JUHIHUDQVHJXLGHQ'2&45*40DNVLPDOWHPSHUDWXU
‡ .DWVRPDNVLPLOlPS|WLODUDMDWMDOXRNLWXNVHW3LNDRSSDDVWD'2&45*4
0DNVLPLOlPS|WLOD
*lOODQGHVWDQGDUGHU
*MHOGHQGHVWDQGDUGHU
6RYHOWXYDWVWDQGDUGLW
‡ (1 (1
‡ (1 (1
‡ (1 (1
‡ (1 (1
'HFODUDFLyQGHLQFRUSRUDFLyQGHXQDFXDVLPiTXLQD
1RUPDWLYDVDSOLFDEOHV
‡ )RURSO\VQLQJHURPPDNVLPXPWHPSHUDWXUHURJNODVVL¿NDWLRQHUVH4XLFN5HIHUHQFH
*XLGH'2&45*40DNVLPXPWHPSHUDWXU
* OGHQGHVWDQGDUGHU
‡ (1 (1
,QNRUSRUHULQJVHUNO ULQJIRUGHOPDVNLQH
3XROLYDOPLVWHLGHQOLLWWlPLVYDNXXWXV
(&(UNO ULQJHQRPLQQOHPPHOVHDYGHOYLVIXOOI¡UWPDVNLQHU
8WIlUGDGLHQOLJKHWPHG
8WVWHGWLKHQKROGWLO
$QQHWWXVHXUDDYLHQPXNDLVHVWL
8GVWHGWLRYHUHQVVWHPPHOVHPHG
0DVNLQHULGLUHNWLY(&YHGOHJJ,,E
.RQHGLUHNWLLYL(</LLWH,,E
0DVNLQGLUHNWLYHW()$SSHQGLNV,,E
0DVNLQGLUHNWLYHW(&%LODJD,,E
'LUHFWLYDVREUHPDTXLQDULD(&DSpQGLFH,,E
‡ \
‡ /DGRFXPHQWDFLyQWpFQLFDHVWiUHGDFWDGDFXPSOLHQGRFRQHO$SpQGLFH9,,VHFFLyQ
%
$QWHVGHTXHHODFWXDGRUVHDSXHVWRHQIXQFLRQDPLHQWRODPi[LPDHQODTXHVHYD
DLQVWDODUGHEHFXPSOLUFRQODVHVWLSXODFLRQHVGHODGLUHFWLYDFRUUHVSRQGLHQWHDGLFKD
PiTXLQD
‡ /DLQIRUPDFLyQUHOHYDQWHFRQFHUQLHQWHDODPiTXLQDRDSDUWHGHHOODHVWDUiGLVSRQL
EOHHQFDVRGHXQDVROLFLWXGPRWLYDGDGHODVDXWRULGDGHVQDFLRQDOHV
,,*'F,,&7;
$7(;P UNH
)|UVlNUDQI|ULQE\JJQDGDYHQGHOYLVIXOOERUGDGPDVNLQ
3XEOLFDGDGHDFXHUGRFRQOD
5HTXLVLWRVHVHQFLDOHVDSOLFDGRV\DFXPSOLU
,,*'F,,&7;
$7(;PHUNLQWl
9LNWLJDNUDYVRPWLOOlPSDWVRFKI|OMWV
9LNWLJHNUDYRYHUKROGWRJLVDPVYDUPHG
‡ RFK
‡ 7HNQLVNGRNXPHQWDWLRQKDUXWDUEHWDWVLHQOLJKHWPHGELODJD9,,DYVQLWW%
‡ ,QQDQPDQ|YHUGRQDQYlQGVVNDGHQPDVNLQVRPVWlOOGRQHWVNDLQVWDOOHUDVLHOOHUSn
|YHUHQVVWlPPDPHGVWLSXOHULQJDUQDLPDVNLQGLUHNWLYHW
‡ 5HOHYDQWLQIRUPDWLRQVRPJlOOHUPDVNLQHQHOOHUGHOHQ¿QQVWLOOJlQJOLJRPGHWLQNRP
PHUHQPRWLYHUDGEHJlUDQIUnQQDWLRQHOODP\QGLJKHWHU
‡ RJ
‡ 7HNQLVNGRNXPHQWDVMRQHUWHJQHWLKHQKROGWLO7LOOHJJ9,,DYVQLWW%
‡ )¡UDNWXDWRUHQHUVDWWLGULIWPnPDVNLQHQVRPDNWXDWRUHQVNDOLQVWDOOHUHVLQQLHOOHU
SnRYHUKROGHEHVWHPPHOVHQHLPDVNLQHULGLUHNWLYHW
‡ 5HOHYDQWLQIRUPDVMRQRPPDVNLQHQHOOHUGHOHQYLOY UHWLOJMHQJHOLJLWLOIHOOHHQPRWLYHUW
IRUHVS¡UVHONRPPHUIUDQDVMRQDOHP\QGLJKHWHU
*lOODQGHVWDQGDUGHU
*MHOGHQGHVWDQGDUGHU
‡ ,62
‡ ,62
2OHQQDLVHWWl\WW\YlWYDDWLPXNVHW
9LJWLJHDQYHQGWHNUDYRJRYHUHQVVWHPPHOVHVNUDY
‡ MD
‡ 7HNQLQHQGRNXPHQWDDWLRRQODDGLWWXOLLWWHHQ9,,RVDQ%PXNDLVHVWL
‡ (QQHQWRLPLODLWWHHQNl\WW||QRWWRDVHQNRQHHQMRKRQWRLPLODLWHDVHQQHWDDQRQ
Wl\WHWWlYlNRQHGLUHNWLLYLQYDDWLPXNVHW
‡ $VLDDQNXXOXYDWNRQHWWDWDLRVDDNRVNHYDWWLHGRWRQVDDWDYDQDNDQVDOOLVHQYLUDQR
PDLVHQSHUXVWHOOXVWDS\\QQ|VWl
6RYHOWXYDWVWDQGDUGLW
‡ ,62
‡ RJ
‡ 7HNQLVNGRNXPHQWDWLRQHUVNLWVHUHWLRYHUHQVVWHPPHOVHPHG$SSHQGLNV9,,DIVQLW%
‡ )¡UDNWXDWRUHQWDJHVLEUXJVNDOGHQPDVNLQHVRPDNWXDWRUHQVNDOPRQWHUHVSn
RSI\OGHNUDYHQHLPDVNLQGLUHNWLYHW
‡ 5HOHYDQWHRSO\VQLQJHUYHGU¡UHQGHPDVNLQHQHOOHUGHQVGHOHYLOY UHWLOJ QJHOLJH
VnIUHPWGHUPRGWDJHVHQEHJUXQGHWDQPRGQLQJIUDQDWLRQDOHP\QGLJKHGHU
* OGHQGHVWDQGDUGHU
‡ ,62
‡ ,62
‡ ǼȞİȡȖȠʌȠȚȘIJȒȢʌİʌȚİıȝȑȞȠȣĮȑȡĮ)LHOG4
7ȪʌȠȚ
ǻȚʌȜȒȢİȞȑȡȖİȚĮȢ 4'Ȓ
ǼȜĮIJȘȡȓȠȣİʌĮȞĮijȠȡȐȢ 46Ȓ
ȆĮȡĮȜȜĮȖȑȢʌȡȠȧȩȞIJȠȢ
‡ ȅȚʌĮȡĮȜȜĮȖȑȢʌȡȠȧȩȞIJȠȢIJȦȞIJȪʌȦȞʌȠȣĮȞĮijȑȡȠȞIJĮȚʌĮȡĮʌȐȞȦțĮȜȪʌIJȠȞIJĮȚĮʌȩ
IJĮʌĮȡĮʌȐȞȦȠįȘȖȓĮțĮȚijȑȡȠȣȞıȒȝĮȞıȘ&(
ǹȡȚșȝȩȢıİȚȡȐȢ
‡ ȀȐșİİȞİȡȖȠʌȠȚȘIJȒȢȑȤİȚȑȞĮȞĮȞĮȖȞȦȡȓıȚȝȠıİȚȡȚĮțȩĮȡȚșȝȩ
ǻȘȜȦıȘıȣȝȝȠȡijȦıȘȢȝİIJȘȞİȣȡȦʌĮȧțȘțȠȚȞȠIJȘIJĮ
ǼțįȩșȘțİıȪȝijȦȞĮȝİIJȘȞ
ȅįȘȖȓĮʌİȡȓİȟȠʌȜȚıȝȫȞʌȓİıȘȢ
3UHVVXUH(TXLSPHQW'LUHFWLYH(&
ȅįȘȖȓĮ$7(;ǼȀ
ȅįȘȖȓĮʌİȡȓİȟȠʌȜȚıȝȫȞʌȓİıȘȢ3UHVVXUH(TXLSPHQW'LUHFWLYH(&
‡ȅȚİȞİȡȖȠʌȠȚȘIJȑȢʌİʌȚİıȝȑȞȠȣĮȑȡĮ)LHOG4ȅȝȐįĮȢǹİȡȓȠȣįİȓIJİ'2&45*4
ȂȑıĮȁİȚIJȠȣȡȖȓĮȢİȟĮȚȡȠȪȞIJĮȚĮʌȩIJȚȢĮʌĮȚIJȒıİȚȢIJȘȢȅįȘȖȓĮȢǼȟȠʌȜȚıȝȠȪȊʌȩȆȓİ
ıȘǼȀʌȠȣȕĮıȓȗİIJĮȚıIJȠȐȡșȡȠʌĮȡȐȖȡĮijȠIJȘȢȠįȘȖȓĮȢ
‡ īȚĮȝȑıĮʌȓİıȘȢȅȝȐįĮȢǹİȡȓȦȞıȣȝȕȠȣȜİȣIJİȓIJİʌȡȫIJĮIJȠȝȘȤĮȞȠȜȠȖȚțȩȖȚĮȑȜİȖȤȠ
ıȣȝȕĮIJȩIJȘIJĮȢȝȑıȦȞʌȓİıȘȢȝİIJȠȞİȞİȡȖȠʌȠȚȘIJȒ
‡ ȉĮʌȡȠȧȩȞIJĮʌȠȣʌĮȡĮIJȓșİȞIJĮȚʌĮȡĮțȐIJȦȖȚĮȝİȖȑșȘİȞİȡȖȠʌȠȚȘIJȒ)LHOG4ijȑȡȠȣȞ
ıȒȝĮȞıȘ³6RXQG(QJLQHHULQJ3UDFWLFH´>ȆȡĮțIJȚțȒȝȘȤĮȞȚțȒȢȒȤȠȣ@Ȓ0RGXOH
$>ȂȠȞȐįĮǹ@ȑȜİȖȤȠȢİıȦIJİȡȚțȒȢʌĮȡĮȖȦȖȒȢțĮȚİȓȞĮȚįȚĮșȑıȚȝĮțĮIJȩʌȚȞ
ʌĮȡĮȖȖİȜȓĮȢȖȚĮȤȡȒıȘȝİȝȑıĮȅȝȐįĮȢǹİȡȓȦȞ
‡ ǻȚʌȜȒȢİȞȑȡȖİȚĮȢ
4'HOOHU
‡ ǼȜĮIJȘȡȓȠȣİʌĮȞĮijȠȡȐȢ 46HOOHU
ȅįȘȖȓĮ$7(;ǼȀ
ȋĮȡĮțIJȘȡȚıȝȩȢ
,,*'F,,&7;
‡īȚĮȝȑȖȚıIJĮȩȡȚĮșİȡȝȠțȡĮıȓĮȢțĮȚțĮIJȘȖȠȡȚȠʌȠȚȒıİȚȢĮȞĮIJȡȑȟIJİıIJȠȞȅįȘȖȩȖȡȒȖȠȡȘȢ
ĮȞĮijȠȡȐȢ'2&45*4ȂȑȖȚıIJȘșİȡȝȠțȡĮıȓĮ
ǿıȤȪȠȞIJĮİȞĮȡȝȠȞȚıȝȑȞĮʌȡȩIJȣʌĮ
‡(1
(1
ǻȘȜȦıȘİȞıȦȝĮIJȦıȘȢȘȝȚIJİȜȦȞȝȘȤĮȞȘȝĮIJȦȞ
ǼțįȩșȘțİıȪȝijȦȞĮȝİIJȘȞ
ȀĮIJİȣșȣȞIJȒȡȚĮȅįȘȖȓĮʌİȡȓȂȘȤĮȞȫȞǼȀȆĮȡȐȡIJȘȝĮ,,E
ȅȣıȚȫįİȚȢĮʌĮȚIJȒıİȚȢʌȠȣİijĮȡȝȩȗȠȞIJĮȚțĮȚʌȜȘȡȠȪȞIJĮȚ
‡ țĮȚ
‡ ǾIJİȤȞȚțȒIJİțȝȘȡȓȦıȘȑȤİȚıȣȞIJĮȤșİȓıȪȝijȦȞĮȝİIJȠȆĮȡȐȡIJȘȝĮ9,,İȞȩIJȘIJĮ%
‡ ȆȡȚȞIJİșİȓıİȜİȚIJȠȣȡȖȓĮȠİȞİȡȖȠʌȠȚȘIJȒȢIJȠȝȘȤȐȞȘȝĮıIJȠȒİʌȓIJȠȣȠʌȠȓȠȣșĮ
İȖțĮIJĮıIJĮșİȓȠİȞİȡȖȠʌȠȚȘIJȒȢʌȡȑʌİȚȞĮıȣȝȝȠȡijȫȞİIJĮȚȝİIJĮȩıĮțĮșȠȡȓȗİȚȘ
ȠįȘȖȓĮȝȘȤĮȞȫȞ
‡ ǾıȤİIJȚțȒIJİțȝȘȡȓȦıȘʌȠȣĮijȠȡȐIJȠȝȘȤȐȞȘȝĮȒIJȠİȟȐȡIJȘȝĮșĮİȓȞĮȚįȚĮșȑıȚȝȘ
țĮIJȩʌȚȞĮȚIJȚȠȜȠȖȘȝȑȞȘȢĮȚIJȒıİȦȢĮʌȩIJȚȢİșȞȚțȑȢĮȡȤȑȢ
ǿıȤȪȠȞIJĮİȞĮȡȝȠȞȚıȝȑȞĮʌȡȩIJȣʌĮ
‡ ,62
)LUPDGR
1RPEUH
&DUJR
)HFKD
&LXGDG
BBBBBBBBBBBBBBBBBBBBBBBBBBB
(6DXVVD\H
9LFH3UHVLGHQWGH2SHUDFL
(PHUVRQ3URFHVV0DQDJHPHQW
9DOYH$XWRPDWLRQ(XURSH
+HQJHOR2Y3DtVHV%DMRV
8QGHUWHFNQDW
1DPQ
%HIDWWQLQJ
'DWXP
3ODWV
BBBBBBBBBBBBBBBBBBBBBBBBBBB
(6DXVVD\H
9LFHGULIWFKHI2SHUDWLRQV
(PHUVRQ3URFHVV0DQDJHPHQW
9DOYH$XWRPDWLRQ(XURSH
+HQJHOR2Y1HGHUOlQGHUQD
TM
6LJQHUW
1DYQ
6WLOOLQJ
'DWR
6WHG
BBBBBBBBBBBBBBBBBBBBBBBBBBB
(6DXVVD\H
9LFH3UHVLGHQW2SHUDWLRQV
(PHUVRQ3URFHVV0DQDJHPHQW
9DOYH$XWRPDWLRQ(XURSH
+HQJHOR2Y1HGHUODQG
$OOHNLUMRLWXV
1LPL
7HKWlYl
3lLYl\V
3DLNND
BBBBBBBBBBBBBBBBBBBBBBBBBBB
(6DXVVD\H
9LFH3UHVLGHQW2SHUDWLRQV
(PHUVRQ3URFHVV0DQDJHPHQW
9DOYH$XWRPDWLRQ(XURSH
+HQJHOR2Y$ODQNRPDDW
8QGHUVNULIW
1DYQ
6WLOOLQJ
'DWR
6WHG
BBBBBBBBBBBBBBBBBBBBBBBBBBB
(6DXVVD\H
1 VWIRUPDQGRSHUDWLRQHU
(PHUVRQ3URFHVV0DQDJHPHQW
9DOYH$XWRPDWLRQ(XURSH
+HQJHOR2Y1HGHUODQGHQH
TM
'2&45*45HY(0DUFK
'2&45*45HY(0DUFK
ȊʌȠȖȡĮijȒ
µȅȞȠȝĮ
ĬȑıȘ
ǾȝİȡȠȝȘȞȓĮ
șȑıȘ
BBBBBBBBBBBBBBBBBBBBBBBBBBB
(6DXVVD\H
ǹȞIJȚʌȡȩİįȡȠȢ2SHUDWLRQV
(PHUVRQ3URFHVV0DQDJHPHQW
9DOYH$XWRPDWLRQ(XURSH
+HQJHOR2YȅȜȜĮȞįȓĮ