manuals.online logo
Brands
  1. Home
  2. •
  3. Brands
  4. •
  5. Oregon Scientific
  6. •
  7. Weather Station
  8. •
  9. Oregon Scientific Magic BA2000 User manual

Oregon Scientific Magic BA2000 User manual

Other manuals for Magic BA2000

3

Other Oregon Scientific Weather Station manuals

Oregon Scientific PSL01A User manual

Oregon Scientific

Oregon Scientific PSL01A User manual

Oregon Scientific BAR210 User manual

Oregon Scientific

Oregon Scientific BAR210 User manual

Oregon Scientific AWS899 User manual

Oregon Scientific

Oregon Scientific AWS899 User manual

Oregon Scientific WMR200 User manual

Oregon Scientific

Oregon Scientific WMR200 User manual

Oregon Scientific BAR206S User manual

Oregon Scientific

Oregon Scientific BAR206S User manual

Oregon Scientific BAR208HG User manual

Oregon Scientific

Oregon Scientific BAR208HG User manual

Oregon Scientific BAR938HG User manual

Oregon Scientific

Oregon Scientific BAR938HG User manual

Oregon Scientific RAR502S User manual

Oregon Scientific

Oregon Scientific RAR502S User manual

Oregon Scientific THGN122N User manual

Oregon Scientific

Oregon Scientific THGN122N User manual

Oregon Scientific BAR338P User manual

Oregon Scientific

Oregon Scientific BAR338P User manual

Oregon Scientific BAR688HGA User manual

Oregon Scientific

Oregon Scientific BAR688HGA User manual

Oregon Scientific BAR898HGA User manual

Oregon Scientific

Oregon Scientific BAR898HGA User manual

Oregon Scientific BAR218HGX User manual

Oregon Scientific

Oregon Scientific BAR218HGX User manual

Oregon Scientific RMR603HGA User manual

Oregon Scientific

Oregon Scientific RMR603HGA User manual

Oregon Scientific WMR180A User manual

Oregon Scientific

Oregon Scientific WMR180A User manual

Oregon Scientific BAR321 User manual

Oregon Scientific

Oregon Scientific BAR321 User manual

Oregon Scientific BAR338P User manual

Oregon Scientific

Oregon Scientific BAR338P User manual

Oregon Scientific BBW213 User manual

Oregon Scientific

Oregon Scientific BBW213 User manual

Oregon Scientific BAR688HG User manual

Oregon Scientific

Oregon Scientific BAR688HG User manual

Oregon Scientific BTHR968 User manual

Oregon Scientific

Oregon Scientific BTHR968 User manual

Oregon Scientific WMR112 User manual

Oregon Scientific

Oregon Scientific WMR112 User manual

Oregon Scientific Philippe Starck PS-M02 User manual

Oregon Scientific

Oregon Scientific Philippe Starck PS-M02 User manual

Oregon Scientific BAR626 User manual

Oregon Scientific

Oregon Scientific BAR626 User manual

Oregon Scientific RAR500N User manual

Oregon Scientific

Oregon Scientific RAR500N User manual

Popular Weather Station manuals by other brands

Bresser 7000016000000 instruction manual

Bresser

Bresser 7000016000000 instruction manual

Auriol AHFL 433 A1 operating instructions

Auriol

Auriol AHFL 433 A1 operating instructions

Hyundai WS 2202 instruction manual

Hyundai

Hyundai WS 2202 instruction manual

NexSens G2-HYDROMET quick start

NexSens

NexSens G2-HYDROMET quick start

IROX HBVR761 UV-X user manual

IROX

IROX HBVR761 UV-X user manual

La Crosse Technology C86371 instruction manual

La Crosse Technology

La Crosse Technology C86371 instruction manual

ADE WS 1711 operating instructions

ADE

ADE WS 1711 operating instructions

WAREMA EWFS Weather station eco Operating and installation instructions

WAREMA

WAREMA EWFS Weather station eco Operating and installation instructions

Auriol z29592 Operation and safety notes

Auriol

Auriol z29592 Operation and safety notes

Auriol 296289 Operation and safety notes

Auriol

Auriol 296289 Operation and safety notes

Hyundai WS 2266 instruction manual

Hyundai

Hyundai WS 2266 instruction manual

La Crosse Technology WS-2210 Operation manual

La Crosse Technology

La Crosse Technology WS-2210 Operation manual

La Crosse Technology WS-811561 manual 

La Crosse Technology

La Crosse Technology WS-811561 manual 

Ventus W177 owner's manual

Ventus

Ventus W177 owner's manual

National Geographic VA Colour RC instruction manual

National Geographic

National Geographic VA Colour RC instruction manual

Instant Transmission MA 10410 instruction manual

Instant Transmission

Instant Transmission MA 10410 instruction manual

Lutron Electronics PHB-318 Operation manual

Lutron Electronics

Lutron Electronics PHB-318 Operation manual

La Crosse Technology WS-9118U instruction manual

La Crosse Technology

La Crosse Technology WS-9118U instruction manual

manuals.online logo
manuals.online logoBrands
  • About & Mission
  • Contact us
  • Privacy Policy
  • Terms and Conditions

Copyright 2025 Manuals.Online. All Rights Reserved.

(1
0DJLF:HDWKHU6WDWLRQ
0RGHO%$
86(50$18$/
29(59,(:
)52179,(:








 ,5PRWLRQVHQVRU
 &'6OLJKWVHQVRU
 :HDWKHUIRUH DVW
 &OR NVLJQDOUH HSWLRQLQGL DWRU
 &)
 $030
 &OR N,QGRRU7HPSHUDWXUH
 7LPH]RQHRIIVHW
%277209,(:


 /2 .&KDQJHGLVSOD\6HW OR N
   'H UHDVH  LQ UHDVH YDOXH RI WKH VHWWLQJ
GHD WLYDWHD WLYDWH OR NUH HSWLRQVLJQDO
  )6HOH WWHPSHUDWXUHXQLW
 5(6(75HVHWXQLWWRGHIDXOWVHWWLQJV
 $87221Â2))(QDEOHGLVDEOHDXWRPDWL WRJJOHRI
GLVSOD\
 (88.6HOH WWKHQHDUHVWUDGLRVLJQDO
 ,QGRRUWHPSHUDWXUHVHQVRU
 $GDSWRUVR NHW
*(77,1*67$57('
0$,181,7,167$//$7,21
% 3OXJ$&'&DGDSWRULQWRVR NHW0DNHVXUHWKHDGDSWRU
LVQRWREVWUX WHGDQGLVHDVLO\D HVVLEOHWRWKHXQLW
7R RPSOHWHO\GLV RQQH WIURPSRZHUWKHDGDSWRUVKRXOGEH
GLV RQQH WHGIURPWKHPDLQXQLW
127(7KHPDLQXQLWDQGDGDSWRUVKRXOGQRWEHH[SRVHGWR
ZHW RQGLWLRQV1RREMH WV¿OOHGZLWKOLTXLGVX KDVYDVHV
VKRXOGEHSOD HGRQWKHPDLQXQLWDQGDGDSWRU
/2 .
/2 .5( (37,21
7KLVSURGX WLVGHVLJQHGWRV\Q KURQL]HLWV OR NDXWRPDWL DOO\
ZLWKD OR NVLJQDO
 (8 '&) VLJQDO ZLWKLQ  NP  PLOHV RI
)UDQNIXUW*HUPDQ\
 8. 06) VLJQDO ZLWKLQ  NP  PLOHV RI
$QWKRUQ(QJODQG
7RHQDEOHGLVDEOHVLJQDOUHFHSWLRQ
3UHVV DQG KROG  WR HQDEOH RU  WR GLVDEOH VLJQDO
UH HSWLRQ
127(5H HSWLRQWDNHVPLQXWHV,IWKHVLJQDOLVZHDN
LW DQWDNHXSWRKRXUVWRJHWDYDOLGVLJQDO
ORFNVLJQDOUHFHSWLRQLQGLFDWRU
67521*6,*1$/ :($.126,*1$/
0$18$//<6(7 /2 .
7RVHWWKH OR NPDQXDOO\GLVDEOHWKH OR NVLJQDOUH HSWLRQ
¿UVW
 3UHVVDQGKROG /2 .
 3UHVV  WR KDQJHWKHVHWWLQJV
 3UHVV /2 .WR RQ¿UP
7KHVHWWLQJVRUGHULVWLPH ]RQH RIIVHWKRXUIRUPDW
KRXUPLQXWH
7LPH]RQHRIIVHWVHWVWKH OR NKRXUVIURPWKHUH HLYHG
OR NVLJQDOWLPH
127(,I\RXHQWHULQWKHWLPHRIIVHWVHWWLQJWKLVZLOOJLYH
\RX\RXUOR DOWLPHSOXVRQHKRXU

/ '',63/$<
7RJJOHFORFNDQGLQGRRUWHPSHUDWXUHGLVSOD\
 PDQXDOO\
 :DYH\RXUKDQGXSWRLQ KHVLQIURQWRIWKH,5PRWLRQ
VHQVRUZKHQ$87221Â2))LV2))
 DXWRPDWLFDOO\DQGFRQWLQXRXVO\
 6OLGH$87221Â2))VZLW KWR21
127(7KHLQVWDOOHG&'6OLJKWVHQVRULQVLGHWKHXQLWZLOO
D WLYDWHDXWRPDWL GLVSOD\GLPPLQJ
:($7+(5)25( $67
7KLVSURGX WIHDWXUHVWKHQH[WKRXUVRIZHDWKHUZLWKLQ
DNPPLOHUDGLXV
6XQQ\
&ORXG\
5DLQ\
7(03(5$785(
7RWRJJOHWHPSHUDWXUHXQLW
3UHVV )
5(6(7
3UHVV5(6(7WRUHWXUQWRWKHGHIDXOWVHWWLQJV
63( ,), $7,216
7<3( '(6 5,37,21
/[:[+ [[PP
[[LQ
:HLJKW JR]
3RZHU 9$&DGDSWRULQ OXGHG
7HPSHUDWXUH5DQJH &WR&
)WR)
35( $87,216
 'RQRWVXEMH WWKHXQLWWRH[ HVVLYHIRU HVKR NGXVW
WHPSHUDWXUHRUKXPLGLW\
 'RQRW RYHUWKHYHQWLODWLRQKROHVZLWKDQ\LWHPVVX KDV
QHZVSDSHUV XUWDLQVHW 
 'RQRWLPPHUVHWKHXQLWLQZDWHU,I\RXVSLOOOLTXLGRYHU
LWGU\LWLPPHGLDWHO\ZLWKDVRIWOLQWIUHH ORWK
 'R QRW OHDQ WKH XQLW ZLWK DEUDVLYH RU RUURVLYH
PDWHULDOV
 'RQRWWDPSHUZLWKWKHXQLW¶VLQWHUQDO RPSRQHQWV7KLV
LQYDOLGDWHVWKHZDUUDQW\
 2QO\ XVH IUHVK EDWWHULHV 'R QRW PL[ QHZ DQG ROG
EDWWHULHV
 ,PDJHVVKRZQLQWKLVPDQXDOPD\GLIIHUIURPWKHD WXDO
GLVSOD\
 :KHQ GLVSRVLQJ RI WKLV SURGX W HQVXUH LW LV ROOH WHG
VHSDUDWHO\ IRU VSH LDO WUHDWPHQW DQG QRW DV QRUPDO
KRXVHKROGZDVWH
 3OD HPHQW RI WKLV SURGX W RQ HUWDLQ W\SHV RI ZRRG
PD\ UHVXOW LQ GDPDJH WR LWV ¿QLVK IRU ZKL K 2UHJRQ
6 LHQWL¿ ZLOO QRW EH UHVSRQVLEOH &RQVXOWWKH IXUQLWXUH
PDQXID WXUHU¶V DUHLQVWUX WLRQVIRULQIRUPDWLRQ
% 7KH RQWHQWV RI WKLV PDQXDO PD\ QRW EH UHSURGX HG
ZLWKRXWWKHSHUPLVVLRQRIWKHPDQXID WXUHU
% 'R QRW GLVSRVH ROG EDWWHULHV DV XQVRUWHG PXQL LSDO
ZDVWH&ROOH WLRQ RI VX K ZDVWH VHSDUDWHO\IRU VSH LDO
WUHDWPHQWLVQH HVVDU\
% 3OHDVH QRWH WKDW VRPH XQLWV DUH HTXLSSHG ZLWK D
EDWWHU\VDIHW\VWULS 5HPRYH WKH VWULS IURPWKHEDWWHU\
RPSDUWPHQWEHIRUH¿UVWXVH
127(7KHWH KQL DOVSH L¿ DWLRQVIRUWKLVSURGX WDQGWKH
RQWHQWVRIWKHXVHUPDQXDODUHVXEMH WWR KDQJHZLWKRXW
QRWL H
127()HDWXUHVDQGD HVVRULHVZLOOQRWEHDYDLODEOHLQDOO
RXQWULHV )RU PRUH LQIRUPDWLRQ SOHDVH RQWD W \RXU OR DO
UHWDLOHU
$%28725(*216 ,(17,),
9LVLWRXUZHEVLWHZZZRUHJRQV LHQWL¿  RPWROHDUQPRUH
DERXW2UHJRQ6 LHQWL¿ SURGX WV
,I\RX¶UHLQWKH86DQGZRXOGOLNHWR RQWD WRXU&XVWRPHU
&DUHGHSDUWPHQWGLUH WO\SOHDVHYLVLW
ZZZRUHJRQV LHQWL¿  RPVHUYL HVXSSRUWDVS
)RULQWHUQDWLRQDOLQTXLULHVSOHDVHYLVLW
ZZZRUHJRQV LHQWL¿  RPDERXWLQWHUQDWLRQDODVS
(8'( /$5$7,212) 21)250,7<
+HUHE\2UHJRQ6 LHQWL¿ GH ODUHVWKDWWKLV0DJL :HDWKHU
6WDWLRQPRGHO%$LVLQ RPSOLDQ HZLWKWKHHVVHQWLDO
UHTXLUHPHQWV DQG RWKHU UHOHYDQW SURYLVLRQV RI 'LUH WLYH
(&$ RS\RIWKHVLJQHGDQGGDWHG'H ODUDWLRQRI
&RQIRUPLW\LVDYDLODEOHRQUHTXHVWYLDRXU2UHJRQ6 LHQWL¿ 
&XVWRPHU6HUYL H
 28175,(6577($33529$/ 203/,('
  $OO(8 RXQWULHV6ZLW]HUODQG&+
DQG1RUZD\1
) 67$7(0(17
7KLV GHYL H RPSOLHV ZLWK 3DUW  RI WKH )&& 5XOHV
2SHUDWLRQLVVXEMH WWRWKHIROORZLQJWZR RQGLWLRQV7KLV
GHYL H PD\ QRW DXVH KDUPIXO LQWHUIHUHQ H DQG  7KLV
GHYL H PXVW D HSW DQ\ LQWHUIHUHQ H UH HLYHG LQ OXGLQJ
LQWHUIHUHQ HWKDWPD\ DXVHXQGHVLUHGRSHUDWLRQ
 :$51,1*  &KDQJHV RU PRGL¿ DWLRQV QRW H[SUHVVO\
DSSURYHGE\WKHSDUW\UHVSRQVLEOHIRU RPSOLDQ H RXOGYRLG
WKHXVHU¶VDXWKRULW\WRRSHUDWHWKHHTXLSPHQW
127(7KLVHTXLSPHQWKDVEHHQWHVWHGDQGIRXQGWR RPSO\
ZLWKWKHOLPLWVIRUD&ODVV%GLJLWDOGHYL HSXUVXDQWWR3DUW
RIWKH)&&5XOHV7KHVHOLPLWVDUHGHVLJQHGWRSURYLGH
UHDVRQDEOH SURWH WLRQ DJDLQVW KDUPIXO LQWHUIHUHQ H LQ D
UHVLGHQWLDOLQVWDOODWLRQ
7KLV HTXLSPHQW JHQHUDWHV XVHV DQG DQ UDGLDWH UDGLR
IUHTXHQ \HQHUJ\DQGLIQRWLQVWDOOHGDQGXVHGLQD RUGDQ H
ZLWK WKH LQVWUX WLRQV PD\ DXVH KDUPIXO LQWHUIHUHQ H WR
UDGLR RPPXQL DWLRQV +RZHYHU WKHUH LV QR JXDUDQWHH
WKDWLQWHUIHUHQ HZLOOQRWR XULQDSDUWL XODULQVWDOODWLRQ,I
WKLVHTXLSPHQWGRHV DXVHKDUPIXOLQWHUIHUHQ HWRUDGLRRU
WHOHYLVLRQUH HSWLRQZKL K DQEHGHWHUPLQHGE\WXUQLQJWKH
HTXLSPHQWRIIDQGRQWKHXVHULVHQ RXUDJHGWRWU\WR RUUH W
WKHLQWHUIHUHQ HE\RQHRUPRUHRIWKHIROORZLQJPHDVXUHV
 5HRULHQWRUUHOR DWHWKHUH HLYLQJDQWHQQD
 ,Q UHDVH WKH VHSDUDWLRQ EHWZHHQ WKH HTXLSPHQW DQG
UH HLYHU
 &RQQH WWKHHTXLSPHQWLQWRDQRXWOHWRQD LU XLWGLIIHUHQW
IURPWKDWWRZKL KWKHUH HLYHULV RQQH WHG
 &RQVXOW WKH GHDOHU RU DQ H[SHULHQ HG UDGLR  79
WH KQL LDQIRUKHOS
'( /$5$7,212) 21)250,7<
7KH IROORZLQJ LQIRUPDWLRQ LV QRW WR EH XVHG DV RQWD W
IRU VXSSRUW RU VDOHV 3OHDVH YLVLW RXU ZHEVLWH DW ZZZ
RUHJRQV LHQWL¿  RPVHUYL HIRUDOOHQTXLULHV
:H
1DPH  2UHJRQ6 LHQWL¿ ,Q 
$GGUHVV  6:WK$YH7XDODWLQ
   2UHJRQ86$
7HOHSKRQH1R 
GHFODUHWKDWWKHSURGXFW
3URGX W1R %$
3URGX W1DPH 0DJL :HDWKHU6WDWLRQ
0DQXID WXUHU ,'77H KQRORJ\/LPLWHG
$GGUHVV  %OR N&).DLVHU(VWDWH
   3KDVH0DQ<XH6W+XQJ
   +RP.RZORRQ+RQJ.RQJ
LVLQ RQIRUPLW\ZLWK3DUWRIWKH)&&5XOHV2SHUDWLRQLV
VXEMH WWRWKHIROORZLQJWZR RQGLWLRQV7KLVGHYL HPD\
QRW DXVHKDUPIXOLQWHUIHUHQ H7KLVGHYL HPXVWD HSW
DQ\ LQWHUIHUHQ H UH HLYHG LQ OXGLQJ LQWHUIHUHQ H WKDW PD\
DXVHXQGHVLUHGRSHUDWLRQ
,7
0DJLF:HDWKHU6WDWLRQ
0RGHOOR%$
0$18$/(3(5/¶87(17(
3$125$0, $
9,67$$17(5,25(








 6HQVRUHGLPRYLPHQWR,5
 6HQVRUHOXPLQRVR&'6
 3UHYLVLRQLPHWHRURORJL KH
 LQGL DWRUHGHOODUL H]LRQHGHOVHJQDOHRUDULR
 &)
 $030QHOIRUPDWRRUDULRDRUH
 2UDWHPSHUDWXUDLQWHUQD
 'LIIHUHQ]DGLIXVRRUDULR
9,67$,1)(5,25(


 /2 . RQVHQWHGLPRGL¿ DUHODYLVXDOL]]D]LRQHHGL
LPSRVWDUHO¶RUD
    RQVHQWHGLDXPHQWDUHRGLPLQXLUHLOYDORUH
GHOO¶LPSRVWD]LRQH H GL DWWLYD R GLVDWWLYD LO VHJQDOH GL
UL H]LRQHGHOO¶RUD
  ) RQVHQWHGLVHOH]LRQDUHO¶XQLWjGLYLVXDOL]]D]LRQH
GHOODWHPSHUDWXUD
 5(6(7 RQVHQWH GL ULSULVWLQDUH L YDORUL SUHGH¿QLWL
GHOO¶XQLWj
 $872 21  2)) &RQVHQWH GL DWWLYDUH  GLVDWWLYDUH
O¶DOWHUQDQ]DGHOOHYLVXDOL]]D]LRQL
 (88. RQVHQWHGLVHOH]LRQDUHLOIRUPDWRGHOVHJQDOH
RUDULR(8SHUO¶(XURSD RQWLQHQWDOHH8.SHULO5HJQR
8QLWRHGLO3RUWRJDOOR
 6HQVRUHWHPSHUDWXUDLQWHUQD
 (QWUDWDDOLPHQWDWRUH
23(5$=,21,35(/,0,1$5,
,167$//$=,21('(//¶81,7¬35,1 ,3$/(
 &ROOHJDUH O¶DOLPHQWDWRUH DOOD RUUHQWH 9HUL¿ DUH
KH O¶HQWUDWD SHU O¶DOLPHQWDWRUH QRQ VLD RVWUXLWD H VLD
ID LOPHQWHD HVVLELOH
3HU V ROOHJDUH RPSOHWDPHQWH OD RUUHQWH O¶DOLPHQWDWRUH
GHYHHVVHUHVWD DWRGDOO¶XQLWjSULQ LSDOH
127$/¶XQLWjSULQ LSDOHHO¶DOLPHQWDWRUHQRQGHYRQRHVVHUH
HVSRVWL D XPLGLWj 6XOO¶XQLWj SULQ LSDOH H VXOO¶DOLPHQWDWRUH
QRQGHYRQRHVVHUHDSSRJJLDWLRJJHWWL RQWHQHQWLOLTXLGLDG
HVYDVL
252/2*,2
5, (=,21('(//¶25$
4XHVWR SURGRWWR q SURJHWWDWR SHU VLQ URQL]]DUH
DXWRPDWL DPHQWH LO SURSULR RURORJLR RQ XQ VHJQDOH RUDULR
LQ(XURSD
 (8 VHJQDOH '&) HQWUR  NP GD )UDQ RIRUWH
*HUPDQLD
 8. VHJQDOH 06) HQWUR  NP GD $QWKRUQ
,QJKLOWHUUD
$WWLYD]LRQH  GLVDWWLYD]LRQH GHOOD ULFH]LRQH GHO
VHJQDOH
3HUDWWLYDUHOD UL H]LRQHGHOVHJQDOHWHQHUHSUHPXWR 
SHUGLVDWWLYDUODWHQHUHSUHPXWR 
127$3HUODUL H]LRQHVRQRQH HVVDULGDLDLPLQXWL
6HLOVHJQDOHqGHEROHSRVVRQRR RUUHUH¿QRDRUHSHU
UL HYHUQHXQRYDOLGR
,QGLFDWRUHGHOODULFH]LRQHGHOVHJQDOHGHOO¶RUD
6(*1$/()257( 6(*1$/('(%2/(
1(66816(*1$/(
,03267$=,21(0$18$/('(//¶25$
3HU LPSRVWDUH O¶RUD PDQXDOPHQWH GLVDWWLYDUH SULPD OD
UL H]LRQHGHOVHJQDOH
 7HQHUHSUHPXWR /2 .
 3UHPHUH R SHUPRGL¿ DUHOHLPSRVWD]LRQL
 3UHPHUH /2 .SHU RQIHUPDUH
/¶RUGLQH GHOOH LPSRVWD]LRQL q GLIIHUHQ]D GL IXVR RUDULR
IRUPDWRRUDRUDHPLQXWL
/DGLIIHUHQ]DGLIXVRRUDULRLPSRVWDO¶RURORJLRDRUH
GDOO¶RUDGHOVHJQDOHUL HYXWR
127$6HVLLPPHWWHLOYDORUHQHOO¶LPSRVWD]LRQHUHODWLYD
DOODGLIIHUHQ]DGLIXVRRUDULRYHUUjYLVXDOL]]DWDODSURSULDRUD
OR DOHSLXQ¶RUD

',63/$</ '
$OWHUQDQ]D WUD YLVXDOL]]D]LRQH GHOO¶RUD H GHOOD
WHPSHUDWXUDLQWHUQD
 PDQXDOH
3DVVDUH OD PDQR D QRQ SL GL  P GL GLVWDQ]D GDO
VHQVRUH GL PRYLPHQWR ,5 TXDQWR q GLVDWWLYDWD OD
IXQ]LRQH$87221Â2))
 DXWRPDWLFDHFRQWLQXD
 6SRVWDUHODOHYHWWD$872212))VX21
127$,OVHQVRUHOXPLQRVR&'6LQVWDOODWRQHOO¶XQLWjDWWLYDOD
UHJROD]LRQHDXWRPDWL DLQEDVHDOODOXPLQRVLWjGHOO¶DPELHQWH
GHOODLQWHQVLWjOXPLQRVDGHOGLVSOD\
35(9,6,21,0(7(252/2*, +(
4XHVWR SURGRWWR q YLVXDOL]]D OH SUHYLVLRQL PHWHRURORJL KH
SHUOHVX HVVLYHRUHHQWURXQUDJJLRGLNP
6HUHQR
1XYRORVR
3LRJJLD
7(03(5$785$
6HOH]LRQHGOO¶XQLWjGLPLVXUDGHOODWHPSHUDWXUD3UHPHUH
 )
5(6(7
3UHPHUH5(6(7SHUULSULVWLQDUHOHLPSRVWD]LRQLSUHGH¿QLWH
63( ,), +(
7,32 '(6 5,=,21(
/[3[+ [[PP
3HVR J
$OLPHQWD]LRQH DOLPHQWDWRUH$&GD9
LQ OXVR
)DV LDGLWHPSHUDWXUD GDD&
35( $8=,21,
 1RQ VRWWRSRUUH LO SURGRWWR D IRU]D H HVVLYD XUWL
SROYHUHVEDO]LH HVVLYLGLWHPSHUDWXUDRXPLGLWj
 1RQRWWXUDUHLIRULGLDHUD]LRQH RQRJJHWWL RPHJLRUQDOL
WHQGHHW 
 1RQLPPHUJHUHO¶XQLWjLQD TXD6HVLYHUVDGHOOLTXLGR
VXOSURGRWWRDV LXJDUORLPPHGLDWDPHQWH RQXQSDQQR
PRUELGRHOLV LR
 1RQSXOLUHO¶XQLWj RQPDWHULDOLDEUDVLYLR RUURVLYL
 1RQPDQRPHWWHUHL RPSRQHQWLLQWHUQL,QTXHVWRPRGR
VLLQYDOLGDODJDUDQ]LD
 2UHJRQ 6 LHQWL¿  GH OLQD RJQL UHVSRQVDELOLWj SHU
HYHQWXDOLGDQQLDOOH¿QLWXUH DXVDWLGDOSRVL]LRQDPHQWR
GHOSURGRWWRVXGHWHUPLQDWLWLSLGLOHJQR&RQVXOWDUHOH
LVWUX]LRQLIRUQLWHGDOIDEEUL DQWHGHOPRELOHSHUXOWHULRUL
LQIRUPD]LRQL
 /HLPPDJLQLGHOPDQXDOHSRVVRQRGLIIHULUHGDOODUHDOWj
 ,O RQWHQXWR GL TXHVWR PDQXDOH QRQ SXz HVVHUH
ULVWDPSDWRVHQ]DO¶DXWRUL]]D]LRQHGHOIDEEUL DQWH
 8WLOL]]DUH VROR EDWWHULH QXRYH 1RQ PHV RODUH EDWWHULH
QXRYH RQEDWWHULHYH KLH
 $O PRPHQWR GHOOR VPDOWLPHQWR GHO SURGRWWR DWWHQHUVL
DOODQRWDUHODWLYDLQDOOHJDWR
 1RQ VPDOWLUH OH EDWWHULH YH KLH RPH UL¿XWR
LQGLIIHUHQ]LDWR Ê QH HVVDULR KH TXHVWR UL¿XWR YHQJD
VPDOWLWR PHGLDQWH UD ROWD GLIIHUHQ]LDWD SHU HVVHUH
WUDWWDWRLQPRGRLGRQHR
 $O XQHXQLWjVRQRGRWDWHGLXQDVWULV LDGLVL XUH]]DSHU
OHEDWWHULH5LPXRYHUHODVWULV LDGDOYDQREDWWHULHSULPD
GHOSULPRXWLOL]]R
127$  /H VSH L¿ KHWH QL KH GHO SURGRWWR HLO RQWHQXWR
GHO PDQXDOH SHU O¶XWHQWH SRVVRQR HVVHUH PRGL¿ DWL VHQ]D
SUHDYYLVR
 127$  &DUDWWHULVWL KH H D HVVRUL QRQ GLVSRQLELOL LQ WXWWL
L SDHVL 3HU XOWHULRUL LQIRUPD]LRQL ULYROJHUVL DO SURSULR
ULYHQGLWRUH
,1)250$=,21,6825(*216 ,(17,),
3HU DYHUH PDJJLRUL LQIRUPD]LRQL VXL QXRYL SURGRWWL
2UHJRQ 6 LHQWLIL  YLVLWD LO QRVWUR VLWR LQWHUQHW
ZZZRUHJRQV LHQWLIL LW GRYH SRWUDL WURYDUH WXWWH
OH LQIRUPD]LRQL GL XL KDL ELVRJQR R ROOHJDWL D ZZZ
RUHJRQV LHQWL¿ VWRUHLW
3HUUL HU KHGLWLSRLQWHUQD]LRQDOHSXRLYLVLWDUHLQYH HLOVLWR
ZZZRUHJRQV LHQWL¿  RPDERXWLQWHUQDWLRQDODVS
', +,$5$=,21(', 21)250,7$¶8(
&RQ OD SUHVHQWH 2UHJRQ 6 LHQWL¿  GL KLDUD KH TXHVWR
SURGRWWR%$ q RQIRUPH DL UHTXLVLWL HVVHQ]LDOLHG DOOH
DOWUHGLVSRVL]LRQLSHUWLQHQWLVWDELOLWHGDOODGLUHWWLYD&(
8QD RSLD¿UPDWDHGDWDWDGHOOD'L KLDUD]LRQHGL&RQIRUPLWj
q GLVSRQLELOH VX UL KLHVWD WUDPLWH LO VHUYL]LR OLHQWL GHOOD
2UHJRQ6 LHQWL¿ 
3$(6, 21)250,$//$',5(77,9$577(
7XWWLL3DHVL(XURSHL6YL]]HUD&+
(1RUYHJLD1
)5
6WDWLRQPpWpRURORJLTXH
PDJLTXH
0RGqOH%$
0$18(/'(/¶87,/,6$7(85
98('¶(16(0%/(
)$ ($9$17








 &DSWHXUGHPRXYHPHQWLQIUDURXJH
 &DSWHXUGHOXPLqUH&'6
 3UpYLVLRQPpWpRURORJLTXH
 ,QGL DWHXUGHUp HSWLRQGXVLJQDOGHO¶KRUORJH
 &)
 , {QH$030
 +RUORJH7HPSpUDWXUHDPELDQWH
 )XVHDXKRUDLUH
98('8%$6


 /2 .  3HUPHW GH PRGL¿HU O¶DI¿ KDJH HW GH UpJOHU
O¶KRUORJH
   $XJPHQWHGLPLQXHOHVYDOHXUVGXUpJODJH
D WLYHGpVD WLYHOHVLJQDOGHUp HSWLRQGHO¶KRUORJH
  )3HUPHWGHVpOH WLRQQHUO¶XQLWpGHPHVXUHGHOD
WHPSpUDWXUH
 5(6(7 5(,1,7,$/,6(5 5pLQLWLDOLVH O¶DSSDUHLO DX[
UpJODJHVSDUGpIDXW
 $872 21  2)) $ WLYH  GpVD WLYH O¶DOWHUQDQ H
DXWRPDWLTXHGHO¶DI¿ KDJH
 (88.6pOH WLRQQHOHVLJQDOUDGLROHSOXVSUR KH
 6RQGHGHODWHPSpUDWXUHDPELDQWH
 3ULVHGHO¶DGDSWDWHXU
$8 200(1 (0(17
,167$//$7,21'(/¶$33$5(,/35,1 ,3$/
 %UDQ KH]O¶DGDSWDWHXU &$&& GDQV OD SULVH $VVXUH]
YRXV TXH O¶DGDSWDWHXU Q¶HVW SDV REVWUXp HW TX¶LO HVW
ID LOHPHQWD HVVLEOHjO¶DSSDUHLO
3RXU rWUH HQWLqUHPHQW Gp RQQH Wp GH O¶DOLPHQWDWLRQ
pOH WULTXH O¶DGDSWDWHXU GRLW rWUH GpEUDQ Kp GH O¶DSSDUHLO
SULQ LSDO
5(0$548(1¶H[SRVH]QLO¶DGDSWDWHXUQLO¶DSSDUHLOSULQ LSDO
jO¶KXPLGLWp1HSOD H]DX XQUp LSLHQWUHPSOLG¶HDX RPPH
OHVYDVHVVXUO¶DSSDUHLOSULQ LSDORXO¶DGDSWDWHXU
+25/2*(
5( (37,21'(/¶+25/2*(
&H SURGXLW HVW RQoX SRXU V\Q KURQLVHU DXWRPDWLTXHPHQW
O¶KRUORJHDYH OHVLJQDOGHUp HSWLRQHQ(XURSH
 8QLRQHXURSpHQQH 6LJQDO '&) GDQV XQ UD\RQ
GHNPPLOHVGHSXLV)UDQNIRUW$OOHPDJQH
 5R\DXPH8QL6LJQDO06)GDQVXQUD\RQGH
.PPLOHVGH$QWKRUQ$QJOHWHUUH
$FWLYHUGpVDFWLYHUODUpFHSWLRQGXVLJQDO
0DLQWHQH] SRXUD WLYHU SRXUGpVD WLYHUODUp HSWLRQ
GXVLJQDO
5(0$548(/DUp HSWLRQSUHQGGHjPLQXWHV6LOH
VLJQDOHVWIDLEOH KHXUHVSHXYHQWrWUHQp HVVDLUHV SRXU
REWHQLUXQVLJQDOYDOLGH
,QGLFDWHXUGHUpFHSWLRQGXVLJQDOGHO¶KRUORJH
6,*1$/)257 6,*1$/)$,%/($8 81
6,*1$/
5(*/(50$18(//(0(17/¶+25/2*(
3RXU UpJOHU PDQXHOOHPHQW O¶KRUORJH YRXV GHYH] WRXW
G¶DERUGGpVD WLYHUODUp HSWLRQGXVLJQDO
 $SSX\H]HWPDLQWHQH]ODWRX KH /2 .
 $SSX\H]VXU  SRXUPRGL¿HUOHVUpJODJHV
 $SSX\H]VXU /2 .SRXU RQ¿UPHU
/HV UpJODJHV V¶HIIH WXHQW GDQV O¶RUGUH VXLYDQW Gp DODJH
KRUDLUHIRUPDWRXKHXUHVKHXUHHWPLQXWH
/DIRQ WLRQGHIXVHDXKRUDLUHUqJOHO¶KRUORJHjKHXUHV
GHO¶KHXUHGXVLJQDOUHoX
5(0$548(6LYRXVHQWUH]GDQVOHUpJODJHGXIXVHDX
KRUDLUHYRXVREWLHQGUH]YRWUHKHXUHOR DOHSOXVXQHKHXUH

( 5$1/ '
$OWHUQHUHQWUHO¶DI¿FKDJHGHO¶KRUORJHHWODWHPSpUDWXUH
DPELDQWH
 PDQXHOOHPHQW
 3DVVH]YRWUHPDLQj PGX DSWHXUjLQIUDURXJHVL
$87221Â2))HVWSRVLWLRQQpVXU2))
 DXWRPDWLTXHPHQWHWFRQWLQXHOOHPHQW
 3RVLWLRQQH]O¶HQ R KH$872212))VXU21
5(0$548(/H DSWHXUGHOXPLqUH&'6VLWXpjO¶LQWpULHXU
GHO¶DSSDUHLOD WLYHUDO¶LQWHQVLWpDXWRPDWLTXHGHO¶p UDQ
35e9,6,210e7e252/2*,48(
&H SURGXLW YRXV SHUPHW GH RQQDvWUH OHV SUpYLVLRQV
PpWpRURORJLTXHVSRXUOHVjKHXUHVGDQVXQUD\RQGH
j.PPLOHV
(QVROHLOOp
1XDJHX[
3OXYLHX[
7(03e5$785(
3RXUVpOHFWLRQQHUO¶XQLWpGHWHPSpUDWXUH
$SSX\H]VXU )
5(,1,7,$/,6$7,21'86<67(0(
$SSX\H] VXU 5(6(7 SRXU TXH O¶DSSDUHLO UHYLHQQH DX[
UpJODJHVSDUGpIDXW
$5$ 7e5,67,48(6
7<3( '(6 5,37,21
/[O[+ [[PP
[[SRX HV
3RLGV JRQ HV
$OLPHQWDWLRQ $GDSWDWHXUVH WHXU&$
9QRQLQ OXV
3ODJHGHPHVXUHGHOD
WHPSpUDWXUH
&j&
)j)
35e $87,216
 1HSDVVRXPHWWUHOHSURGXLWjXQHIRU HH[ HVVLYHDX
KR jODSRXVVLqUHDX[ KDQJHPHQWVGHWHPSpUDWXUH
RXjO¶KXPLGLWp
 1HSDV RXYULUOHVWURXVGHYHQWLODWLRQDYH GHVMRXUQDX[
ULGHDX[HW 
 1HSDVLPPHUJHUOHSURGXLWGDQVO¶HDX6LYRXVUHQYHUVH]
GXOLTXLGHVXUO¶DSSDUHLOVp KH]OHLPPpGLDWHPHQWDYH 
XQWLVVXGRX[
 1HSDVQHWWR\HUO¶DSSDUHLODYH GHVPDWpULDX[ RUURVLIV
RXDEUDVLIV
 1HSDVWUD¿TXHUOHV RPSRVDQWVLQWHUQHV&HODLQYDOLGHUD
YRWUHJDUDQWLH
 1¶XWLOLVH]TXHGHVSLOHVQHXYHV1H SDVPpODQJHUGHV
SLOHVQHXYHVHWXVDJpHV
 /HVLPDJHVGH H PDQXHOSHXYHQWGLIIpUHUGHO¶DVSH W
UpHOGXSURGXLW
 /RUVTXHYRXVGpVLUH]YRXVGpEDUUDVVHUGH H SURGXLW
DVVXUH]YRXV TX¶LO VRLW ROOH Wp VpSDUpPHQW SRXU XQ
WUDLWHPHQWDGDSWp
 /H SRVHU VXU HUWDLQHV VXUID HV HQ ERLV SHXW
HQGRPPDJHUOD¿QLWLRQGXPHXEOHHW2UHJRQ6 LHQWL¿ 
QHSHXWHQrWUHWHQXUHVSRQVDEOH&RQVXOWH]OHVPLVHV
HQJDUGHGXIDEUL DQWGXPHXEOHSRXUGHSOXVDPSOHV
LQIRUPDWLRQV
 /H RQWHQX GX SUpVHQW PDQXHO QH SHXW rWUH UHSURGXLW
VDQVODSHUPLVVLRQGXIDEULTXDQW
 1H SDV MHWHU OHV SLOHV XVDJpHV GDQV OHV RQWDLQHUV
PXQL LSDX[QRQDGDSWpV9HXLOOH]HIIH WXHUOHWULGH HV
RUGXUHVSRXUXQWUDLWHPHQWDGDSWpVLQp HVVDLUH
 9HXLOOH] UHPDUTXHU TXH HUWDLQV DSSDUHLOV VRQW
pTXLSpVG¶XQHEDQGHGH Vp XULWp 5HWLUH]ODEDQGHGX
RPSDUWLPHQWGHVSLOHVDYDQWODSUHPLqUHXWLOLVDWLRQ
 5(0$548(  /HV DUD WpULVWLTXHV WH KQLTXHV GH H
SURGXLWHW OH RQWHQXGH HPDQXHOSHXYHQWrWUHVRXPLVj
PRGL¿ DWLRQVVDQVSUpDYLV
 5(0$548(  &DUD WpULVWLTXHV HW D HVVRLUHV QH VHURQW
SDV YDODEOHV SRXU WRXV OHV SD\V 3RXU SOXV G¶LQIRUPDWLRQ
RQWD WHUOHGpWDLOODQWOHSOXVSUR KH
¬352326'¶25(*216 ,(17,),
3RXUSOXVGµLQIRUPDWLRQVVXUOHVSURGXLWV2UHJRQ6 LHQWL¿ 
)UDQ HUHQGH]YRXVVXUQRWUHVLWH
ZZZRUHJRQV LHQWLIL IU
6L YRXV rWHV DX[ (WDWV8QLV YRXV SRXYH] RQWD WHU QRWUH
VXSSRUW RQVRPPDWHXUGLUH WHPHQWVXUOHVLWH
ZZZRUHJRQV LHQWL¿  RPVHUYL HVXSSRUWDVS
3RXUGHVUHQVHLJQHPHQWVLQWHUQDWLRQDX[UHQGH]YRXVVXUOH
VLWHZZZRUHJRQV LHQWL¿  RPDERXWLQWHUQDWLRQDODVS
(8523('e /$5$7,21'( 21)250,7e
3DU OD SUpVHQWH 2UHJRQ 6 LHQWL¿  Gp ODUH TXH O¶DSSDUHLO
6WDWLRQ PpWpRURORJLTXH PDJLTXH 0RGqOH%$
HVW RQIRUPH DX[ H[LJHQ HV HVVHQWLHOOHV HW DX[ DXWUHV
GLVSRVLWLRQV SHUWLQHQWHV GH OD GLUH WLYH &( 8QH
RSLH VLJQpH HW GDWpH GH OD Gp ODUDWLRQ GH RQIRUPLWp HVW
GLVSRQLEOHVXUGHPDQGHDXSUqVGHQRWUH6HUYL H&OLHQW
3$<6 21 (51e6577(
7RXVOHVSD\VGHO¶8(6XLVVH&+
HW1RUYqJH1
'(
0DJLVFKH:HWWHUVWDWLRQ
0RGHOO%$
%(',(181*6$1/(,781*
h%(56, +7
925'(5$16, +7








 ,5%HZHJXQJVVHQVRU
 &'6/L KWVHQVRU
 :HWWHUYRUKHUVDJH
 ,QGLNDWRUIU=HLWVLJQDOHPSIDQJ
 &)
 $030
 8KU,QQHQWHPSHUDWXU
 =HLW]RQHQDXVJOHL K
817(5($16, +7


 /2 .$Q]HLJHlQGHUQ8KUHLQVWHOOHQ
   :HUW GHU (LQVWHOOXQJ YHUULQJHUQ  HUK|KHQ
=HLWHPSIDQJVVLJQDOGHDNWLYLHUHQDNWLYLHUHQ
  )7HPSHUDWXUHLQKHLWDXVZlKOHQ
 5(6(7*HUlWDXI6WDQGDUGHLQVWHOOXQJHQ]XU NVHW]HQ
 $87221Â2))$XWRP:H KVHOGHU$Q]HLJHDNWLYLHUHQ
GHDNWLYLHUHQ
 (88.1l KVWJHOHJHQHV)XQNVLJQDODXVZlKOHQ
 6HQVRUIU,QQHQWHPSHUDWXU
 $QV KOXVVIU1HW]DGDSWHU
(567(6 +5,77(
,167$//$7,21'(5%$6,6(,1+(,7
% 6WH NHQ6LHGHQ1HW]DGDSWHULQGLH6WH NGRVH6WHOOHQ
6LHVL KHUGDVVGHU$GDSWHUQL KWEOR NLHUWXQGIUGDV
*HUlWOHL KW]XJlQJOL KLVW
8PGDV*HUlWYROOVWlQGLJYRP1HW]VWURP]XWUHQQHQVROOWH
GHU$GDSWHUYRQGHU%DVLVHLQKHLWHQWIHUQWZHUGHQ
 +,1:(,6  'LH %DVLVHLQKHLW XQG GHU 1HW]DGDSWHU VROOWHQ
NHLQHQ IHX KWHQ %HGLQJXQJHQ DXVJHVHW]W ZHUGHQ (V
GUIHQ NHLQH PLW )OVVLJNHLW JHIOOWHQ *HJHQVWlQGH ZLH
%OXPHQYDVHQ DXI GLH %DVLVHLQKHLW RGHU GHQ 1HW]DGDSWHU
JHVWHOOWZHUGHQ
)81.8+5
=(,76,*1$/(03)$1*
'LHVHV 3URGXNW V\Q KURQLVLHUW VHLQH 8KU DXWRPDWLV K PLW
HLQHP=HLWVLJQDOLQ(XURSD
 (86LJQDO'&)LQQHUKDOEYRQNP0HLOHQ
YRQ)UDQNIXUW'HXWV KODQG
 8.6LJQDO06)LQQHUKDOEYRQNP0HLOHQ
YRQ$QWKRUQ(QJODQG
6RDNWLYLHUHQGHDNWLYLHUHQ6LHGHQ6LJQDOHPSIDQJ
+DOWHQ 6LH  JHGU NW XP GHQ 6LJQDOHPSIDQJ ]X
DNWLYLHUHQRGHU XPLKQ]XGHDNWLYLHUHQ
 +,1:(,6  'HU (PSIDQJ QLPPW HWZD  0LQXWHQ LQ
$QVSUX K:HQQGDV6LJQDO]XV KZD KLVWNDQQHVELV]X
6WXQGHQGDXHUQELVHLQJOWLJHV6LJQDOHPSIDQJHQZLUG
,QGLNDWRUIU=HLWVLJQDOHPSIDQJ
67$5.(66,*1$/ 6 +:$ +(6.(,1
6,*1$/
',(8+50$18(//(,167(//(1
8P GLH 8KU PDQXHOO HLQ]XVWHOOHQ PVVHQ 6LH ]XHUVW GHQ
=HLWVLJQDOHPSIDQJGHDNWLYLHUHQ
 +DOWHQ6LH /2 .JHGU NW
 'U NHQ 6LH DXI   XP GLH (LQVWHOOXQJHQ ]X
lQGHUQ
 'U NHQ6LH]XU%HVWlWLJXQJDXI /2 .
'LH5HLKHQIROJHGHU(LQVWHOOXQJHQODXWHW=HLW]RQHQDXVJOHL K
6WXQGHQIRUPDW6WXQGH0LQXWH
'HU =HLW]RQHQDXVJOHL K VWHOOW GLH 8KU DXI ELV ]X  
6WXQGHQYRQGHUHPSIDQJHQHQ6LJQDO]HLWHLQ
+,1:(,6:HQQ6LHLQGHU(LQVWHOOXQJGHV=HLWDXVJOHL KHV
HLQJHEHQHUJLEWGLHV,KUH2UWV]HLW]X]JOL K6WXQGH

/ '$1=(,*(
=ZLVFKHQGHU$Q]HLJHGHU8KUXQG,QQHQWHPSHUDWXU
ZHFKVHOQ
 0DQXHOO
 %HZHJHQ6LH ,KUH +DQG ELV HWZD PYRU GHP ,5
%HZHJXQJVVHQVRU KLQ XQG KHU ZHQQ $872 21Â2))
DXI2))LVW
 $XWRPDWLVFKXQGGDXHUKDIW
 6 KLHEHQ6LHGHQ6 KDOWHU$87221Â2))DXI21
 +,1:(,6  'HU LP *HUlW HLQJHEDXWH &'6/L KWVHQVRU
DNWLYLHUW GLH DXWRPDWLV KH %HOHX KWXQJVUHJHOXQJ GHU
$Q]HLJH'LPPHU
:(77(5925+(56$*(
'LHVHV3URGXNWHUVWHOOWHLQH:HWWHUYRUKHUVDJHGHUQl KVWHQ
6WXQGHQLP8PNUHLVYRQNP0HLOHQ
6RQQLJ
%HZ|ONW
5HJQHULV K
7(03(5$785
6RZHFKVHOQ6LHGLH7HPSHUDWXUHLQKHLW
'U NHQ6LHDXI )
5(6(7
'U NHQ 6LH DXI 5(6(7 XP GDV *HUlW DXI GLH
6WDQGDUGHLQVWHOOXQJHQ]XU N]XVHW]HQ
7( +1,6 +('$7(1
7<3 %(6 +5(,%81*
/[%[+ [[PP
*HZL KW J
6WURPYHUVRUJXQJ 1HW]DGDSWHU9LP
/LHIHUXPIDQJ
7HPSHUDWXUEHUHL K &ELV&
)ELV)
9256, +760$1$+0(1
 6HW]HQ6LHGDV*HUlWNHLQHUH[WUHPHQ*HZDOWHLQZLUNXQJ
XQG NHLQHQ 6W|HQ DXV XQG KDOWHQ 6LH HV YRQ
EHUPlLJHP6WDXE+LW]HRGHU)HX KWLJNHLWIHUQ
 6LH GUIHQ GLH %HOIWXQJV|IIQXQJHQ QL KW PLW
*HJHQVWlQGHQDEGH NHQZLH]%=HLWXQJHQ9RUKlQJH
XVZ
 7DX KHQ6LHGDV*HUlWQLHPDOVLQ:DVVHU)DOOV6LHHLQH
)OVVLJNHLWEHUGDV*HUlWYHUV KWWHQWUR NQHQ6LHHV
VRIRUWPLWHLQHPZHL KHQIDVHUIUHLHQ7X K
 5HLQLJHQ 6LH GDV *HUlW NHLQHVIDOOV PLW V KHXHUQGHQ
RGHUlW]HQGHQ0LWWHOQ
 0D KHQ 6LH VL K QL KW DQ GHQ LQWHUQHQ .RPSRQHQWHQ
GHV*HUlWV]X V KDIIHQGDGLHV ]X HLQHP 9HUOXVWGHU
*DUDQWLHIKUHQNDQQ
 9HUZHQGHQ 6LH QXU QHXH %DWWHULHQ 9HUZHQGHQ 6LH
NHLQHVIDOOVQHXHXQGDOWH%DWWHULHQJHPHLQVDP
 'LH LQ GLHVHU $QOHLWXQJ GDUJHVWHOOWHQ $EELOGXQJHQ
N|QQHQVL KYRP2ULJLQDOXQWHUV KHLGHQ
 (QWVRUJHQ 6LH GDV 3URGXNW QL KW LP DOOJHPHLQHQ
+DXVPOO VRQGHUQ DXVV KOLHOL K LQ GHQ GDIU
YRUJHVHKHQHQNRPPXQDOHQ6DPPHOVWHOOHQGLH6LHEHL
,KUHU*HPHLQGHHUIUDJHQN|QQHQ
 :HQQGLHVHV3URGXNWDXIEHVWLPPWH+RO]Àl KHQJHVWHOOW
ZLUGNDQQGLH2EHUÀl KH EHV KlGLJW ZHUGHQ 2UHJRQ
6 LHQWL¿  LVW QL KW KDIWEDU IU VRO KH %HV KlGLJXQJHQ
(QWVSUH KHQGH +LQZHLVH HQWQHKPHQ 6LH ELWWH GHU
3ÀHJHDQOHLWXQJ,KUHV0|EHOKHUVWHOOHUV
 'HU,QKDOWGLHVHU$QOHLWXQJGDUIRKQH*HQHKPLJXQJGHV
+HUVWHOOHUVQL KWYHUYLHOIlOWLJWZHUGHQ
 9HUEUDX KWH %DWWHULHQ JHK|UHQ QL KW LQ GHQ +DXVPOO
%LWWHJHEHQ6LHVLHEHLHLQHU6DPPHOVWHOOHIU$OWEDWWHULHQ
E]Z6RQGHUPOODE
 %LWWH EHD KWHQ 6LH GDVV PDQ KH *HUlWH PLW HLQHP
%DWWHULHXQWHUEUH KXQJVVWUHLIHQEHVW NW VLQG 9RUGHP
HUVWHQ *HEUDX K PVVHQ 6LH GHQ 6WUHLIHQ DXV GHP
%DWWHULHID K]LHKHQ
 +,1:(,6  'LH WH KQLV KHQ 'DWHQ IU GLHVHV 3URGXNW
XQG GHU ,QKDOW GHU %HGLHQXQJVDQOHLWXQJ N|QQHQ RKQH
%HQD KUL KWLJXQJJHlQGHUWZHUGHQ
 +,1:(,6  (LJHQV KDIWHQ XQG =XEHK|U QL KW LQ DOOHQ
/lQGHUQYHUIJEDU:HLWHUH,QIRUPDWLRQHQHUKDOWHQ6LHYRQ
,KUHP)D KKlQGOHUYRU2UW
h%(525(*216 ,(17,),
%HVX KHQ 6LH XQVHUH :HEVLWH ZZZRUHJRQV LHQWL¿ GH
XQGHUIDKUHQ6LHPHKUEHUXQVHUH2UHJRQ6 LHQWLIL 
3URGXNWH$XIGHU:HEVLWH¿QGHQ6LHDX K,QIRUPDWLRQHQZLH
6LHLP%HGDUIVIDOOXQVHUHQ.XQGHQGLHQVWHUUHL KHQXQG
'DWHQ KHUXQWHUODGHQ N|QQHQ )U LQWHUQDWLRQDOH $QIUDJHQ
EHVX KHQ6LHELWWHXQVHUH:HEVLWHZZZRUHJRQV LHQWL¿ 
RPDERXWLQWHUQDWLRQDODVS
(8.21)250,7b76(5./b581*
+LHUPLW HUNOlUW 2UHJRQ 6 LHQWL¿  GDVV GLH 0DJLV KH
:HWWHUVWDWLRQ 0RGHOO%$ PLW GHQ JUXQGOHJHQGHQ
$QIRUGHUXQJHQ XQG DQGHUHQ UHOHYDQWHQ 9RUV KULIWHQ
GHU 5L KWOLQLH (* EHUHLQVWLPPW (LQH .RSLH
GHU XQWHUV KULHEHQHQ XQG PLW 'DWXP YHUVHKHQHQ
.RQIRUPLWlWVHUNOlUXQJHUKDOWHQ6LHDXI$QIUDJHEHUXQVHUHQ
2UHJRQ6 LHQWL¿ .XQGHQGLHQVW

.21)250,1)2/*(1'(1/b1'(51
$OOH(*6WDDWHQGLH6 KZHL]&+
XQG1RUZHJHQ1
(6
(VWDFLyQPHWHRUROyJLFDPiJLFD
0RGHOR%$
0$18$/'(868$5,2
5(680(1
9,67$)5217$/








 6HQVRUGHPRYLPLHQWR,5
 6HQVRUGHOX]&'6
 3UHGL LyQPHWHRUROyJL D
 ,QGL DGRUGHUH HS LyQGHODVHxDOGHOUHORM
 &)
 $030
 5HORM7HPSHUDWXUDLQWHULRU
 &RQ¿JXUD LyQGHKXVRVKRUDULRV
9,67$,1)(5,25


 /2 .&DPELDUSDQWDOOD RQ¿JXUDUUHORM
  %DMDU6XELUHOYDORUGHODMXVWHGHVD WLYDU
D WLYDUODUH HS LyQGHVHxDOGHOUHORM
  )6HOH LyQGHXQLGDGGHWHPSHUDWXUD
 5(6(7 /D XQLGDG YXHOYH D ORV DMXVWHV
SUHGHWHUPLQDGRV
 $872 21 Â 2)) $ WLYDU  GHVD WLYDU DOWHUQDQ LD
DXWRPiWL DGHSDQWDOOD
 (88.6HOH LRQDUODVHxDOGHUDGLRPiV HU DQD
 6HQVRUGHWHPSHUDWXUDLQWHULRU
 7RPDGHODGDSWDGRU
Ï02(03(=$5
,167$/$ ,Ï1'(/$81,'$'35,1 ,3$/
% &RQH WH HO DGDSWDGRU GH RUULHQWH$&&& D OD WRPD
$VHJ~UHVHGHTXHHODGDSWDGRUQRWHQJDREVWi XORV\
GHTXHVHDD HVLEOHSDUDODXQLGDG
3DUD GHV RQH WDU RPSOHWDPHQWH OD HQWUDGD GH HQHUJtD
GHV RQH WHHODGDSWDGRUGHODXQLGDGSULQ LSDO
127$/DXQLGDGSULQ LSDO\HODGDSWDGRUQRGHEHUtDQHVWDU
HQ HQWRUQRV K~PHGRV 1R RORTXH QLQJ~Q REMHWR OOHQR GH
OtTXLGR RPR SRU HMHPSORXQ MDUUyQ HQ LPD GH OD XQLGDG
SULQ LSDOQLGHODGDSWDGRU
5(/2-
5( (3 ,Ï1'(/5(/2-
(VWH SURGX WR KD VLGR GLVHxDGR SDUD VLQ URQL]DU
DXWRPiWL DPHQWHVXUHORM RQXQDVHxDOGHUHORMHXURSHD
 8(VHxDO'&)DPPLOODVGH)UDQNIXUW
$OHPDQLD
 5HLQR8QLGRVHxDO06)DNP PLOODV
GH$QWKRUQ,QJODWHUUD
3DUDDFWLYDUGHVDFWLYDUODVHxDOGHUHFHSFLyQGHOD
VHxDO
3XOVH \PDQWpQJDORSXOVDGRSDUDD WLYDUODUH HS LyQGH
VHxDOR SDUDGHVD WLYDUOD
 127$  /D UH HS LyQ WDUGD HQWUH  \  PLQXWRV 6L OD
VHxDOGHUDGLRHVGpELOSXHGHWDUGDUVHKDVWDKRUDVHQ
RQVHJXLUXQDVHxDOYiOLGD
5HFHSFLyQGHOLQGLFDGRUGHODVHxDOGHOUHORM
6(f$/)8(57( 6(f$/'e%,/6,16(f$/
$-867(0$18$/'(/5(/2-
3DUD RQ¿JXUDU PDQXDOPHQWH HO UHORM SULPHUR GHEHUi
GHVD WLYDUODVHxDOGHUH HS LyQGHOUHORM
 3XOVH /2 .\PDQWpQJDORSXOVDGR
 3XOVH  SDUDPRGL¿ DUOD RQ¿JXUD LyQ
 3XOVH /2 .SDUD RQ¿UPDU
/D VH XHQ LD GH RQ¿JXUD LyQ HV RQ¿JXUD LyQ GH XVR
KRUDULRIRUPDWRGHyKRUDVKRUD\PLQXWR
/D ]RQD KRUDULD DMXVWD HO UHORM D    KRUDV GH OD KRUD
UH LELGDSRUODVHxDOGHOUHORM
 127$  6L LQWURGX H  HQ HO DMXVWH GH KXVR KRUDULR OH
LQGL DUiVXKRUDD WXDOPiVXQDKRUD

3$17$//$/ '
$OWHUQDUHORM\SDQWDOODGHWHPSHUDWXUDLQWHULRU
 PDQXDOPHQWH
 3DVHODPDQR D PHQRVGH HQWtPHWURVGH GLVWDQ LD
GHOVHQVRUGHPRYLPLHQWR ,5  XDQGR $87221Â2))
HVWpHQ2))
 DXWRPiWLFD\FRQWLQXDPHQWH
 'HVOL HHOLQWHUUXSWRU$87221Â2))D21
127$(OVHQVRUGHOX]&'6LQVWDODGRGHQWURGHODXQLGDG
D WLYDUiODDWHQXD LyQDXWRPiWL DGHODSDQWDOOD
35(', ,Ï10(7(252/Ï*, $
(VWHSURGX WRSUHGL HHOWLHPSRGHODVSUy[LPDVD
KRUDVHQXQUDGLRGHDNP
'HVSHMDGR
1XEODGR
/OXYLD
7(03(5$785$
3DUDDOWHUQDUXQLGDGGHWHPSHUDWXUD
3XOVH )
5(67$%/( (5
3XOVH 5(6(7 SDUD YROYHU D OD RQ¿JXUD LyQ
SUHGHWHUPLQDGD
(63( ,), $ ,21(6
7,32 '(6 5,3 ,Ï1
/;$;$ [[PP
[[SXOJDGDV
3HVR JR]
3RWHQ LD DGDSWDGRU&$GH9
LQ OXLGR
$O DQ HGH
WHPSHUDWXUD
&D&
)D)
35( $8 ,Ï1
 1RH[SRQJD HOSURGX WRDIXHU]D H[WUHPDGHV DUJDV
SROYRÀX WXD LRQHVGHWHPSHUDWXUDRKXPHGDG
 1R XEUDORVRUL¿ LRVGHYHQWLOD LyQ RQREMHWRV RPR
SHULyGL RV RUWLQDVHW 
 1R VXPHUMD HO GLVSRVLWLYR HQ DJXD 6L VH YHUWLHUD
OtTXLGRHQODXQLGDGOtPSLHOD RQXQSDxRVXDYH\VLQ
HOH WUL LGDGHVWiWL D
 1R OLPSLH OD XQLGDG RQ PDWHULDOHV DEUDVLYRV R
RUURVLYRV
 1RPDQLSXOHORV RPSRQHQWHVLQWHUQRV'HKD HUORVH
LQYDOLGDUtDODJDUDQWtD
 8VHVLHPSUHSLODVQXHYDV1RPH] OHSLODV YLHMDV RQ
SLODVQXHYDV
 /DVLPiJHQHVGHHVWDJXtDSDUDHOXVXDULRSXHGHQVHU
GLVWLQWDVDOSURGX WRHQVt
 &XDQGR HOLPLQH HVWH SURGX WR DVHJ~UHVH GH TXH QR
YD\DDSDUDUDODEDVXUDJHQHUDOVLQRVHSDUDGDPHQWH
SDUDUH LELUXQWUDWDPLHQWRHVSH LDO
 /D ROR D LyQGHHVWHSURGX WRHQ LPDGH LHUWRVWLSRV
GH PDGHUD SXHGH SURYR DU GDxRV D VXV D DEDGRV
2UHJRQ 6 LHQWL¿  QR VH UHVSRQVDELOL]DUi GH GL KRV
GDxRV &RQVXOWH ODV LQVWUX LRQHV GH XLGDGR GHO
IDEUL DQWHSDUDREWHQHUPiVLQIRUPD LyQ
 /RV RQWHQLGRVGHHVWHPDQXDOQRSXHGHQUHSURGX LUVH
VLQSHUPLVRGHOIDEUL DQWH
 1R HOLPLQH ODV SLODV JDVWDGDV RQ OD EDVXUD QRUPDO
(V QH HVDULR GHVH KDUODV VHSDUDGDPHQWH SDUD SRGHU
WUDWDUODV
 7HQJD HQ XHQWD TXH DOJXQDV XQLGDGHV GLVSRQHQ GH
XQD LQWDGHVHJXULGDGSDUDODVSLODV5HWLUHOD LQWDGH
RPSDUWLPHQWR SDUD SLODV DQWHVGHXVDUORSRUSULPHUD
YH]
127$/D¿ KDWp QL DGHHVWHSURGX WR\ORV RQWHQLGRV
GH HVWH PDQXDO GH XVXDULR SXHGHQ H[SHULPHQWDU DPELRV
VLQSUHYLRDYLVR
 127$  1R WRGDV ODV IXQ LRQHV \ D HVRULRV HVWDUiQ
GLVSRQLEOHVHQWRGRVORVSDtVHV6tUYDVHSRQHUVHHQ RQWD WR
RQVXGLVWULEXLGRUOR DOVLGHVHDPiVLQIRUPD LyQ
62%5(25(*216 ,(17,),
9LVLWHQXHVWUDSiJLQDZHEZZZRUHJRQV LHQWL¿  RPSDUD
RQR HUPiVVREUHORVSURGX WRVGH2UHJRQ6 LHQWL¿ 
6L HVWi HQ ((88 \ TXLHUH RQWD WDU GLUH WDPHQWH RQ
QXHVWUR 'HSDUWDPHQWR GH $WHQ LyQ DO &OLHQWH SRU IDYRU
YLVLWHZZZRUHJRQV LHQWL¿  RPVHUYL HVXSSRUWDVS
6L HVWi HQ (VSDxD \ TXLHUH RQWD WDU GLUH WDPHQWH RQ
QXHVWUR 'HSDUWDPHQWR GH $WHQ LyQ DO &OLHQWH SRU IDYRU
YLVLWHZZZRUHJRQV LHQWL¿ HVROODPHDO
3DUD RQVXOWDVLQWHUQD LRQDOHVSRUIDYRUYLVLWH
ZZZRUHJRQV LHQWL¿  RPDERXWLQWHUQDWLRQDODVS
(8'( /$5$ ,Ï1'( 21)250,'$'
3RUPHGLRGHODSUHVHQWH2UHJRQ6 LHQWL¿ GH ODUDTXHOD
(VWD LyQ PHWHRUROyJL D PiJL D %$ XPSOH RQ ORV
UHTXLVLWRV HVHQ LDOHV \ XDOHVTXLHUD RWUDV GLVSRVL LRQHV
DSOL DEOHVRH[LJLEOHVGHOD'LUH WLYD&(7LHQHDVX
GLVSRVL LyQ XQD RSLD ¿UPDGD\ VHOODGD GH OD 'H ODUD LyQ
GH&RQIRUPLGDG VROL tWHODDO'HSDUWDPHQWRGH$WHQ LyQDO
&OLHQWHGH2UHJRQ6 LHQWL¿ 
3$Ë6(6%$-2/$',5( 7,9$577(
7RGRVORVSDËVHVGHOD8QLyQ(XURSHD6XL]D&+
\1RUXHJD1
325
(VWDomR0HWHRUROyJLFD0iJLFD
0RGHOR%$
9,62*(5$/
9,67$)5217$/








 6HQVRUGHPRYLPHQWRLQIUDYHUPHOKR,5
 6HQVRUGHOX]&'6
 3UHYLVmRGRWHPSR
 ,QGL DGRUGHUH HSomRGRVLQDOGRUHOyJLR
 &)
 $030
 5HOyJLR7HPSHUDWXUDLQWHULRU
 )XVRKRUiULR
9,67$,1)(5,25


 /2 .$OWHUDRGLVSOD\DMXVWDRUHOyJLR
  'LPLQXLDXPHQWDRYDORUGRDMXVWHGHVDWLYD
DWLYDDUH HSomRGRVLQDOGRUHOyJLR
  )6HOH LRQDDXQLGDGHGHWHPSHUDWXUD
 5(6(7 5HWRUQD RV DMXVWHV GD XQLGDGH DRV YDORUHV
SDGUmR
 $872 21 Â 2)) $WLYD  GHVDWLYD D DOWHUQkQ LD
DXWRPiWL DGRGLVSOD\
 (88.6HOH LRQDRVLQDOGHUiGLRPDLVSUy[LPR
 6HQVRUGHWHPSHUDWXUDLQWHUQD
 6RTXHWHGRDGDSWDGRU
3$5$ 20(d$5
,167$/$d2'$81,'$'(35,1 ,3$/
% /LJXH R DGDSWDGRU $& SOHDVH UHPRYH QD WRPDGD
&HUWL¿TXHVHGHTXHRDGDSWDGRUQmRHVWiREVWUXtGRHp
GHIi LOD HVVRjXQLGDGH
3DUDGHVOLJDU RPSOHWDPHQWH DHQHUJLDRDGDSWDGRUGHYH
VHUGHV RQH WDGRGDXQLGDGHSULQ LSDO
127$$XQLGDGHSULQ LSDOHRDGDSWDGRU QmRGHYHPVHU
H[SRVWRV D RQGLo}HV GH XPLGDGH 1mR RORTXH REMHWRV
RP OtTXLGR WDLV RPR YDVRV QD XQLGDGH SULQ LSDO H QR
DGDSWDGRU
5(/Ï*,2
5( (3d2'25(/Ï*,2
(VWH SURGXWR IRL SURMHWDGR SDUD VLQ URQL]DU VHX UHOyJLR
DXWRPDWL DPHQWH RPXPVLQDOGHUHOyJLRQD(XURSD
% 8(VLQDO'&)QXPUDLRGH.PPLOKDVGH
)UDQNIXUW$OHPDQKD
% 58VLQDO06)QXPUDLRGH.PPLOKDV
GH$QWKRUQ,QJODWHUUD
3DUDDWLYDUGHVDWLYDUDUHFHSomRGRVLQDO
3UHVVLRQHHPDQWHQKDSUHVVLRQDGR SDUDDWLYDURX 
SDUDGHVDWLYDUDUH HSomRGRVLQDO
127$$UH HSomROHYDGHDPLQXWRV6HRVLQDOHVWLYHU
IUD RSRGHOHYDUDWpKRUDVSDUDREWHUXPVLQDOYiOLGR
,QGLFDGRUGHUHFHSomRGRVLQDOGRUHOyJLR
6,1$/)257( 6,1$/)5$ 2$86(17(
$-867(0$18$/'25(/Ï*,2
3DUD DMXVWDU R UHOyJLR PDQXDOPHQWH GHVDWLYH SULPHLUR D
UH HSomRGRVLQDOGRUHOyJLR
 3UHVVLRQHHPDQWHQKDSUHVVLRQDGR /2 .
 3UHVVLRQH  SDUDDOWHUDURVDMXVWHV
 3UHVVLRQH /2 .SDUD RQ¿UPDU
$ RUGHP GH DMXVWH p IXVR KRUiULR IRUPDWR K KRUD
PLQXWR
2IXVRKRUiULRDMXVWDRUHOyJLRHPKRUDVDSDUWLUGD
KRUDGRVLQDOGRUHOyJLRUH HELGR
127$&DVRYR rLQVLUDQRDMXVWHGDKRUDYR rREWHUi
DKRUDOR DOPDLVXPDKRUD
7(/$/ '
3DUD DOWHUQDU R GLVSOD\ HQWUH UHOyJLR H WHPSHUDWXUD
LQWHULRU
 PDQXDOPHQWH
 0RYLPHQWHVXDPmRHPIUHQWHDRVHQVRUGHPRYLPHQWR
,5 D XPD GLVWkQ LD Pi[LPD GH  SROHJDGDV TXDQGR
$87221Â2))HVWiGHVOLJDGR
 DXWRPiWLFDHFRQWLQXDPHQWH
 &RORTXH$87221Â2))QDSRVLomR21OLJDGR
127$2VHQVRUGHOX]&'6LQVWDODGRQRLQWHULRUGDXQLGDGH
DWLYDUiDXWRPDWL DPHQWHRHV XUH LPHQWRGRGLVSOD\
35(9,62'27(032
(VWHSURGXWRID]SUHYLV}HVGRWHPSRSDUDDVSUy[LPDVD
KRUDVHPXPUDLRGHD.PDPLOKDV
(QVRODUDGR
1XEODGR
&KXYRVR
7(03(5$785$
3DUDDOWHUQDUDXQLGDGHGHWHPSHUDWXUD
3UHVVLRQH )
5(6(7
3UHVVLRQH5(6(7SDUDUHWRUQDUDRVDMXVWHVSDGUmR
(63( ,), $d®(6
7,32 '(6 5,d2
&[/[$ [[PP
[[SROHJDGDV
3HVR JRQoDV
$OLPHQWDomR $GDSWDGRU$&GH9
LQ OXtGR
)DL[DGH
WHPSHUDWXUD
&D&
)D)
35( $8d®(6
 1mRVXEPHWDDXQLGDGHDIRUoDVH[ HVVLYDVLPSD WRV
SRHLUDVRV LODo}HVGHWHPSHUDWXUDRXXPLGDGH
 1mRREVWUXDDVDEHUWXUDVGHYHQWLODomR RPLWHQV RPR
MRUQDLV RUWLQDVHW 
 1mRPHUJXOKHDXQLGDGHQDiJXD6HUHVSLQJDUOtTXLGR
QHODVHTXHDLPHGLDWDPHQWH RPXPSDQRPD LRHTXH
QmRVROWH¿DSRV
 1mR OLPSH D XQLGDGH RP PDWHULDO DEUDVLYR RX
RUURVLYR
 1mRDOWHUH RV RPSRQHQWHV LQWHUQRV GD XQLGDGH,VVR
LQYDOLGDUiVXDJDUDQWLD
 8WLOL]HDSHQDVSLOKDVQRYDV1mRPLVWXUHSLOKDVQRYDV
H XVDGDV 5HWLUH DV SLOKDV DVR SUHWHQGD JXDUGDU R
SURGXWR
 $VLPDJHQVPRVWUDGDVQHVWHPDQXDOSRGHPGLIHULUGD
LPDJHPUHDO
 2V PDWHULDLV XWLOL]DGRV QRV SURGXWRV 2UHJRQ SRGHP
VHUUHXWLOL]DGRVHUH L ODGRVDSyVR¿PGHVXDYLGD~WLO
(Q DPLQKHRVSURGXWRVDVHUHPGHV DUWDGRVDRVOR DLV
GH ROHWD DSURSULDGRV DWHQWDQGR SDUD DV OHJLVODo}HV
OR DLV
 $ ROR DomR GHVWH SURGXWR VREUH HUWRV WLSRV GH
PDGHLUDSRGHUHVXOWDUHPGDQRVDRVHXD DEDPHQWR
SHORVTXDLVD2UHJRQ6 LHQWL¿ QmRVHUHVSRQVDELOL]DUi
&RQVXOWH DV LQVWUXo}HV GH XLGDGRV GR IDEUL DQWH GR
PyYHOSDUDREWHULQIRUPDo}HV
 2 RQWH~GR GHVWH PDQXDO QmR SRGH VHU UHSURGX]LGR
VHPDSHUPLVVmRGRIDEUL DQWH
 1mR GHV DUWH EDWHULDV XVDGDV HP OR DLV QmR
DSURSULDGRVeQH HVViULDD ROHWDGROL[RHPTXHVWmR
GHPDQHLUDVHSDUDGDSDUDWUDWDPHQWRHVSH LDO
 2EVHUYHTXHDOJXPDVXQLGDGHV HVWmR HTXLSDGDV RP
XPD WLUD GH VHJXUDQoD GD EDWHULD 5HPRYD D WLUD GR
RPSDUWLPHQWRGHEDWHULDDQWHVGRSULPHLURXVR
2%6(59$d2$VHVSH L¿ Do}HVWp QL DVGHVWHSURGXWRH
R RQWH~GRGRPDQXDOGRXVXiULRHVWmRVXMHLWRVDDOWHUDo}HV
VHPDYLVRSUpYLR
127$5H XUVRVHD HVVyULRVQmRHVWmRGLVSRQtYHLVSDUD
WRGRV RV SDtVHV 3DUD REWHU PDLV LQIRUPDo}HV HQWUH HP
RQWDWR RPRVHXGLVWULEXLGRUOR DO
62%5($25(*216 ,(17,),
9LVLWHQRVVRVLWHZZZRUHJRQV LHQWL¿  RPEUSDUDVDEHU
PDLVVREUHRVSURGXWRV2UHJRQ6 LHQWL¿ 
&DVRYR rQH HVVLWHGHPDLVLQIRUPDo}HVRXWHQKDG~YLGDV
HQWUHHP RQWDWR RPRQRVVR6HUYLoRGH$WHQGLPHQWRDR
&RQVXPLGRUDWUDYpVGR WHOHIRQH   RX HPDLO
VD #RUHJRQV LHQWL¿  RPEU
(±'( /$5$d2'( 21)250,'$'(
2UHJRQ6 LHQWL¿ GH ODUDTXHHVWHD(VWDomR0HWHRUROyJL D
0iJL D0RGHOR%$HVWi RQIRUPH RPRVUHTXLVLWRV
HVVHQ LDLVHRXWUDVSURYLV}HV GD 'LUHWUL] &( 8PD
ySLD DVVLQDGD H GDWDGD GD 'H ODUDomR GH &RQIRUPLGDGH
HVWiGLVSRQtYHOSDUDUHTXLVLo}HVDWUDYpVGRQRVVR6$&
3$Ë6(668-(,726¬1250$577(
7RGRVRVSDtVHVGD8QLmR(XURSpLD6XtoD&+
H1RUXHJD1
1/
0DJLVFK:HHUVWDWLRQ
0RGHO%$
+$1'/(,',1*
29(5=, +7
9225.$17








 ,5EHZHJLQJVVHQVRU
 &'6OL KWVHQVRU
 :HHUVYHUZD KWLQJ
 2QWYDQJVWLQGL DWRUYDQNORNVLJQDDO
 &)
 $030
 .ORN%LQQHQWHPSHUDWXXU
 ,QJHVWHOGH7LMG]RQH
21'(5.$17


 ./2.:HHUJDYHZLVVHOHQNORNLQVWHOOHQ
  9HUKRJHQYHUODJHQZDDUGHYDQGHLQVWHOOLQJ
DDQ]HWWHQXLW]HWWHQNORNRQWYDQJVWVLJQDDO
  )6HOH WHHUWHPSHUDWXXUHHQKHLG
 5(6(7 +HW DSSDUDDW WHUXJ]HWWHQ RS
VWDQGDDUGLQVWHOOLQJHQ
 $87221Â2)),QV KDNHOHQXLWV KDNHOHQDXWRPDWLV K
ZHHUJDYHZLVVHOHQ
 (88.6HOH WHHUGL KWVWELM]LMQGHNORNVLJQDDO
 6HQVRUELQQHQWHPSHUDWXXU
 $GDSWHUDDQVOXLWLQJ
$$1'(6/$*
+(7$33$5$$7,167(//(1
 6OXLWGHQHWVWURRPDGDSWHUDDQ=RUJGDWGHDGDSWHULQ
GHEXXUWLVYDQKHWDSSDUDDWHQGDWGHDGDSWHUQLHWZRUGW
JHEORNNHHUG
2PKHWDSSDUDDWYROOHGLJDIWHVOXLWHQYDQGHYRHGLQJPRHW
XGHDGDSWHUXLWKHWDSSDUDDWKDOHQ
1%6WHOKHWDSSDUDDWHQGHDGDSWHUQLHWEORRWDDQYR KWLJH
RPVWDQGLJKHGHQ 3ODDWV QRRLW YRRUZHUSHQ PHW YORHLVWRI
]RDOVYD]HQRSKHWDSSDUDDWRIGHDGDSWHU
./2.
./2.2179$1*67
'LW SURGX W LV RQWZRUSHQ RP ]LMQ NORN DXWRPDWLV K WH
V\Q KURQLVHUHQGRRUPLGGHOYDQHHQ(XURSHHVNORNVLJQDDO
 (8 '&) VLJQDDO ELQQHQ  NP  PLMO YDQ
)UDQNIXUW'XLWVODQG
 9. 06) VLJQDDO ELQQHQ  NP  PLMO YDQ
$QWKRUQ(QJHODQG
2PVLJQDDORQWYDQJVWDDQXLWWH]HWWHQ
+RXG  LQJHGUXNW RP VLJQDDORQWYDQJVW DDQ WH ]HWWHQ RI
RPKHWXLWWH]HWWHQ
 1%  2QWYDQJVW NDQ  PLQXWHQ GXUHQ$OV KHW VLJQDDO
]ZDNLVNDQKHWWRWXXUGXUHQRPHHQJHOGLJVLJQDDOWH
RQWYDQJHQ
2QWYDQJVWLQGLFDWRUYDQNORNVLJQDDO
67(5.6,*1$$/ =:$.*((16,*1$$/
./2.+$1'0$7,*,167(//(1
2P GH NORN KDQGPDWLJ LQ WH VWHOOHQ PRHW X HHUVW
NORNRQWYDQJVWVLJQDDOXLW]HWWHQ
 +RXG./2.LQJHGUXNW
 'UXNRS  RPGHLQVWHOOLQJHQWHZLM]LJHQ
 'UXN./2.RPWHEHYHVWLJHQ
'H YROJRUGH YDQ LQVWHOOLQJHQ LV WLMG]RQH   XXUV
IRUPDDWXUHQPLQXWHQ
'H WLMG]RQH VWHOW GH NORN LQ RS WRW    XXU YDQ KHW
RQWYDQJHQNORNVLJQDDO
1%$OVXDOVWLMG]RQHLQVWHOWUHVXOWHHUWGLWLQXZORNDOH
WLMGSOXVppQXXU

/ '6 +(50
6FKDNHOHQ WXVVHQ NORN HQ EXLWHQWHPSHUDWXXUZHHU
JDYH
 KDQGPDWLJ
 =ZDDL PHW XZ KDQG PD[LPDDO  P YDQ GH ,5
EHZHJLQJVVHQVRU ZDQQHHU $872 21Â2)) RS 2))
VWDDW
 DXWRPDWLVFKHQFRQWLQX
 6 KXLI$87221Â2))QDDU21
1%'HJHwQVWDOOHHUGH&'6OL KWVHQVRULQKHWDSSDUDDW]DO
KHWV KHUPDXWRPDWLV KGLPPHQ
:((569(5:$ +7,1*
'LWSURGX WYRRUVSHOW KHWZHHUYRRUGHYROJHQGH WRW
XXULQHHQVWUDDOYDQNPPLMO
=RQQLJ
%HZRONW
5HJHQD KWLJ
7(03(5$7885
2PGHWHPSHUDWXXUHHQKHLGLQWHVWHOOHQ
'UXNRS )
:,6
'UXNRS5(6(7RPGHVWDQGDDUGLQVWHOOLQJHQWHJHEUXLNHQ
63( ,), $7,(6
7<3( %(6 +5,-9,1*
/[%[+ [[PP
[[LQ
*HZL KW JR]
9RHGLQJ 9:LVVHOVWURRPDGDSWRU
LQEHJUHSHQ
7HPSHUDWXXUEHUHLN WRW
)WRW)
.(10(5.(1
 6WHO KHW DSSDUDDW QLHW EORRW DDQ H[WUHPH NODSSHQ
V KRNNHQVWRIWHPSHUDWXXURIYR KWLJKHLG
 'HN GH YHQWLODWLHJDWHQ QLHW DI PHW NUDQWHQ JRUGLMQHQ
HW 
 'RPSHO KHW SURGX W QRRLW RQGHU LQ ZDWHU$OV X ZDWHU
RYHUKHWDSSDUDDWPRUVWGURRJKHWGDQRQPLGGHOOLMNDI
PHWHHQ]D KWHVWRIYULMHGRHN
 5HLQLJ KHW DSSDUDDW QLHW PHW NUDVVHQGH RI ELMWHQGH
PDWHULDOHQ
 /DDWGHLQWHUQH RPSRQHQWHQPHWUXVW$QGHUVNDQGLW
GHJDUDQWLHEHwQYORHGHQ
 *HEUXLNDOOHHQQLHXZHEDWWHULMHQ*HEUXLNQRRLWRXGHHQ
QLHXZHEDWWHULMHQGRRUHONDDU
 'H LQ GH]H KDQGOHLGLQJ ZHHUJHJHYHQ SODDWMHV NXQQHQ
DIZLMNHQYDQGHZHUNHOLMNKHLG
 :DQQHHU X GLW SURGX W ZHJ JRRLW ]RUJ GDQ GDW
KHW RSJHKDDOG ZRUGW GRRU GH GDDUYRRU EHVWHPGH
DIYDOGLHQVW
 'LWSURGX WNDQHYHQWXHHOV KDGHYHURRU]DNHQDDQGH
ODNODDJYDQEHSDDOGHKRXWVRRUWHQ2UHJRQ6 LHQWL¿ LV
KLHUYRRUQLHWDDQVSUDNHOLMN/HHV GH LQVWUX WLHVYDQGH
IDEULNDQWYDQKHWPHXEHOYRRUPHHULQIRUPDWLH
 'H LQKRXG YDQ GH]H KDQGOHLGLQJ PDJ QLHW ZRUGHQ
YHUPHQLJYXOGLJG]RQGHUWRHVWHPPLQJYDQGHIDEULNDQW
 *RRLOHJHEDWWHULMHQQLHWELMKHWKXLVYXLO'HUJHOLMNDIYDO
PRHWJHV KHLGHQYHUZHUNWZRUGHQ
 /HW RS VRPPLJH DSSDUDWHQ ]LMQ YRRU]LHQ YDQ HHQ
EDWWHULMVWULS 9HUZLMGHU GH]H VWULS XLW KHW EDWWHULMYDN
DOYRUHQVKHWDSSDUDDWWHJHEUXLNHQ
1%'HWH KQLV KHVSH L¿ DWLHVYDQGLWSURGX WHQGHLQKRXG
YDQGHKDQGOHLGLQJ]LMQ]RQGHUYRRUDIJDDQGHZDDUV KXZLQJ
DDQYHUDQGHULQJHQRQGHUKHYLJ
 1%  )XQ WLHV HQ D HVVRLUHV ]H ]LMQ QLHW LQ DOOH ODQGHQ
EHV KLNEDDU 1HHP RQWD W RS PHW XZ SODDWVHOLMNH
YHUNRRSSXQWYRRUPHHULQIRUPDWLH
29(525(*216 ,(17,),
%H]RHNRQ]HZHEVLWHZZZRUHJRQV LHQWL¿  RPRPPHHU
WHZHWHQRYHUXZQLHXZHSURGX WHQDQGHUH2UHJRQ6 LHQWL¿ 
SURGX WHQ ]RDOV GLJLWDOH IRWRWRHVWHOOHQ JH]RQGKHLGV HQ
¿WQHVVXLWUXVWLQJ HQ ZHHUVWDWLRQV 2S GH]H ZHEVLWH YLQGW X
WHYHQVGHLQIRUPDWLHRYHURQ]HNODQWHQGLHQVWYRRUKHWJHYDO
XRQVZHQVWWH RQWD WHUHQ
(8 21)250,7(,769(5./$5,1*
%LM GH]H YHUNODDUW 2UHJRQ 6 LHQWL¿  GDW GH]H 0DJLV K
:HHUVWDWLRQ 0RGHO %$ YROGRHW DDQ GH HVVHQWLsOH
HLVHQHQDDQGHRYHULJHUHOHYDQWHEHSDOLQJHQYDQ5L KWOLMQ
(& (HQ NRSLH YDQ GH JHWHNHQGH HQ JHGDWHHUGH
&RQIRUPLWHLWVYHUNODULQJLVRSYHU]RHNEHV KLNEDDUYLDRQ]H
2UHJRQ6 LHQWL¿ NODQWHQVHUYL H
/$1'(1',(=,-121'(5:253(1$$1577(
$OOH((*ODQGHQ=ZLWVHUODQG&+
HQ1RRUZHJHQ1
6:(
0DJLF9lGHUVWDWLRQ
0RGHOO%$
%58.6$19,61,1*
352'8.7g9(56,.7
9<)5$06,'$








 ,5U|UHOVHVHQVRU
 &'6OMXVVHQVRU
 9lGHUSURJQRV
 ,QGLNDWRUI|UUDGLRPRWWDJQLQJVVLJQDO
 &)
 $030
 .OR ND,QRPKXVWHPSHUDWXU
 2IIVHWI|UWLGV]RQ
9<81'(56,'$


 ./2 .$bQGUDYLVQLQJVWlOONOR ND
   gNDPLQVNDLQVWlOOQLQJDNWLYHUDLQDNWLYHUD
UDGLRNRQWUROOHUDGNOR ND
  )9lOMWHPSHUDWXUHQKHW
 5(6(7cWHUVWlOOHQKHWHQWLOOIDEULNVLQVWlOOQLQJ
 $872 21Â2)) $NWLYHUD  DYDNWLYHUD DXWRPDWLVN
Yl[OLQJDYGLVSOD\
 (88.9lOMQlUPVWDUDGLRVLJQDO
 ,QRPKXVWHPSHUDWXUJLYDUH
 1lWDGDSWHUMD N
$77.200$,*c1*
,167$//$7,21$9+898'(1+(7
 6lWW $&'& DGDSWHUQ L XWWDJHW .ROOD Vn DWW
DGDSWHUSOXJJHQJnUOlWWDWWDQVOXWDWLOOHQKHWHQ
)|UDWWWRWDOWERUWNRSSODVSlQQLQJHQVNDOODGDSWHUQWDVERUW
IUnQKXYXGHQKHWHQ
 127(5$  +XYXGHQKHWHQ R K DGDSWHUQ InU HM XWVlWWDV
I|UIXNW,QJD I|UHPnO I\OOGD PHG YlWVNDVnVRPYDVHUInU
SOD HUDVSnKXYXGHQKHWHQHOOHUDGDSWHUQ
./2 .$
./2 .0277$*1,1*
'HQQD SURGXNW lU JMRUG I|U DWW DXWRPDWLVNW V\QNURQLVHUD
NOR NDQQlUGHQWDUHPRWHQNOR NVLJQDOL(XURSD
 (8 '&) VLJQDO LQRP  NP IUnQ )UDQNIXUW
7\VNODQG
 8. 06) VLJQDO LQRP  NP IUnQ $QWKRUQ
(QJODQG
$WWDNWLYHUDDYDNWLYHUDUDGLRVLJQDOPRWWDJQLQJ
7U\ N R K KnOO LQQH  I|U DWW DNWLYHUD HOOHU  I|U DWW
DYDNWLYHUDVLJQDOPRWWDJQLQJHQ
127(5,1*0RWWDJQLQJWDUPLQXWHU2PVLJQDOHQlU
VYDJNDQGHWWDXSSWLOOWLPPDUI|UHQKHWHQDWWInNRQWDNW
PHGVLJQDOHQ
,QGLNDWRUI|UUDGLRPRWWDJQLQJVVLJQDO
67$5.6,*1$/ 69$*,1*(16,*1$/
0$18(//,167b//1,1*$9./2 .$1
$YDNWLYHUDUDGLRPRWWDJQLQJHQLQQDQPDQXHOOLQVWlOOQLQJ
 7U\ NR KKnOOLQQH /2 .
 7U\ N  I|UDWWlQGUDLQVWlOOQLQJDUQD
 7U\ N /2 .I|UDWWEHNUlIWD
2UGQLQJHQ I|U LQVWlOOQLQJDUQD lU WLGV]RQ  WLPIRUPDW
WLPPHPLQXW
7LGV]RQVLQVWlOOQLQJHQ NDQ DQYlQGDV I|U DWW VWlOOD NOR NDQ
XSSWLOOWLPPDUIUnQGHQPRWWDJQDNOR NWLGHQ
 127(5,1*  2P GX PDWDU LQ  L WLGV]RQLQVWlOOQLQJHQ
NRPPHUGHWWDLQQHElUDDWWGLQWLGEOLUGHQORNDODWLGHQSOXV
WLPPH

/ '',63/$<
9l[ODYLVQLQJDYNORFNDRFKLQRPKXVWHPSHUDWXU
 PDQXHOOW
 9LIWD PHG KDQGHQ QlUPDUH lQ  P IUDPI|U ,5
U|UHOVHVHQVRUQQlU$87221Â2))lU2))
 DXWRPDWLVNWRFKNRQWLQXHUOLJW
 6NMXW$87221Â2))RPNRSSODUHWLOO21
 127(5,1*  &'6 OMXVNRQWUROOHQ L HQKHWHQ GLPPDU /&'
GLVSOD\HQDXWRPDWLVNW
9b'(5352*126
'HQQDSURGXNWI|UXWVSnUYlGUHWI|UGHNRPPDQGHWLOO
WLPPDUQDLQRPHQ²NP±PLOHVUDGLH
6RO
0ROQLJW
5HJQ
7(03(5$785
)|UDWWYl[ODWHPSHUDWXUHQKHW
7U\ N )
c7(567b//1,1*
7U\ N5(6(7I|UDWWnWHUJnWLOOJUXQGLQVWlOOQLQJDUQD
63( ,),.$7,21(5
7<3 %(6.5,91,1*
/[%[+ [[PP
[[WXP
9LNW J
'ULIW 9QlWDGDSWHUPHGI|OMHU
7HPSHUDWXURPUnGH &WLOO&
)WLOO)
)g56,.7,*+(76c7*b5'(5
 8WVlWW LQWH DSSDUDWHQ I|U NUDIWLJW YnOG VW|WDU GDPP
H[WUHPDWHPSHUDWXUHUHOOHUIXNW
 7l N LQWH I|U YHQWLODWLRQVKnOHQ )|UVlNUD GLJ RP DWW
QlUOLJJDQGH I|UHPnO VnVRP WLGQLQJDU GXNDU JDUGLQHU
PPLQWHWl NHUI|UYHQWLODWLRQVKnOHQ
 8WVlWW LQWH SURGXNWHQ I|U YDWWHQ 2P GX VSLOOHU YlWVND
|YHUGHQWRUNDRPHGHOEDUWPHGHQPMXNOXGGIULWUDVD
 5HQJ|U LQWH DSSDUDWHQ PHG IUlWDQGH HOOHU VOLSDQGH
PDWHULDO
 0L[WUDLQWHPHGHQKHWHQVLQWHUQDNRPSRQHQWHUGnGHWWD
NDQSnYHUNDJDUDQWLQ
 $QYlQGHQEDUWQ\DEDWWHULHU%ODQGDLQWHQ\DR KJDPOD
EDWWHULHU
 $Y WU\ NWHNQLVND VNlO NDQ GLVSOD\ELOGHUQD L GHQQD
PDQXDOVNLOMDVLJIUnQGHPLYHUNOLJKHWHQ
 )|UEUXNDG SURGXNW PnVWH VRUWHUDV VRP VSH LDODYIDOO
SnDYVHGGPLOM|VWDWLRQR KInULQWHVOlQJDVVRPYDQOLJW
UHVWDYIDOO
 2PGHQQDSURGXNWSOD HUDVSn\WRUPHGVSH LHOO¿QLVK
VnVRPOD NDWWUlHW NDQGHVVD\WRUVNDGDV7DNRQWDNW
PHGGLQP|EHOWLOOYHUNDUHI|U DWW InPHULQIRUPDWLRQRP
KXUXYLGDGHWJnUEUDDWWSOD HUDI|UHPnOSn\WDQ2UHJRQ
6 LHQWL¿ NDQLQWHKnOODVDQVYDULJDI|UVNDGRUSnWUl\WRU
VRP XSSNRPPLW Sn JUXQG DY NRQWDNW PHG GHQQD
SURGXNW
 ,QQHKnOOHW , GHQQD PDQXDO InU HM NRSLHUDV XWDQ
WLOOYHUNDUHQVPHGJLYDQGH
 .DVVHUD LQWH JDPOD EDWWHULHU VRP RVRUWHUDGH VRSRU
,QVDPOLQJDYNDVVHUDGHEDWWHULHUPnVWHVNHVHSDUDW
 1RWHUD DWW YLVVD HQKHWHU lU XWUXVWDGH PHG HQ
EDWWHULVlNHUKHWVVWULS 7D ERUW GHQQD VWULS IUnQ
EDWWHULXWU\PPHW LQQDQ SURGXNWHQ DQYlQGV I|UVWD
JnQJHQ
 127(5,1*  'H WHNQLVND VSH L¿NDWLRQHUQD I|U GHQQD
SURGXNWR KLQQHKnOOHW,DQYlQGDUPDQXDOHQNDQNRPPDDWW
lQGUDVXWDQYLGDUHXSSO\VQLQJ
 127(5,1*  (JHQVNDSHU R K WLOOEHK|U NDQ VNLOMD PHOODQ
ROLND OlQGHU )|U PHU LQIRUPDWLRQ NRQWDNWD GLWW ORNDOD
LQN|SVVWlOOH
2025(*216 ,(17,),
%HV|N YnU KHPVLGD ZZZRUHJRQV LHQWL¿ VH I|U DWW VH
PHUDYYnUDSURGXNWHUVnVRPGLJLWDONDPHURU03VSHODUH
SURMHNWLRQVNOR NRU KlOVRSURGXNWHU YlGHUVWDWLRQHU '(&7
WHOHIRQHUR KNRQIHUHQVWHOHIRQHU
+HPVLGDQLQQHKnOOHUR NVnLQIRUPDWLRQI|UYnUDNXQGHULGH
IDOOQLEHK|YHU WDNRQWDNWPHGRVVHOOHU EHK|YHUODGGDQHU
LQIRUPDWLRQ
9L KRSSDV GX KLWWDU DOO LQIRUPDWLRQ GX EHK|YHU Sn YnU
KHPVLGD R K RP GX YLOO NRPPD L NRQWDNW PHG 2UHJRQ
6 LHQWL¿ NXQGNRQWDNWEHV|NHUGXYnUORNDODKHPVLGDZZZ
RUHJRQV LHQWL¿ VHHOOHU ZZZRUHJRQV LHQWL¿  RPI|U DWW¿
QQDWHOHIRQQXPPHUWLOOUHVSHNWLYHVXSSRUWDYGHOQLQJ
(8)g56b.5$120g9(5(1667b00(/6(
+lUPHG LQW\JDU 2UHJRQ 6 LHQWL¿  DWW GHQQD 0DJL 
9lGHUVWDWLRQ 0RGHOO%$  VWnU , |YHUHQVVWlPPHOVH
PHG GH YlVHQWOLJD HJHQVNDSVNUDY R K |YULJD UHOHYDQWD
EHVWlPPHOVHU VRP IUDPJnU DY GLUHNWLY (* (Q
VLJQHUDG NRSLD DY ³'(&/$5$7,21 2) &21)250,7<´
NDQ HUKnOODV YLG KlQYlQGHOVH WLOO 25(*21 6&,(17,),&
VHUYL H HQWHU

/b1'(562020)$77$6577(',5(.7,9(7
$OODOlQGHULQRP(86 KZHL]&+
R K1RUJH1
2UHJRQ6FLHQWL¿F$OOULJKWVUHVHUYHG
31