Rockwell RK9000 Guide
-$:+256(70 3$* (1*
-$:+256(70 3$* (63
-$:+256(70 3$* )5(
5.
(23723)
RTD10000561AA
Note: Rockler may not carry all products and/or sizes listed in this vendor's publication
7KDQN\RXIRUSXUFKDVLQJD52&.:(//WRRO:HDUHFRQÀGHQWWKDW\RXZLOODSSUHFLDWH
WKHTXDOLW\RIWKHSURGXFWDQG\RXZLOOEHHQWLUHO\VDWLVÀHGZLWK\RXUSXUFKDVH3OHDVH
UHDGFDUHIXOO\WKHXVHUVDIHW\DQGRSHUDWLQJLQVWUXFWLRQVRQKRZWRRSHUDWHWKLVSURGXFW
FRUUHFWO\ZLWKLQVDIHW\QRUPVDQGUHJXODWLRQV
*UDFLDVSRUVXFRPSUDGHXQSURGXFWR52&.:(//(VWDPRVVHJXURVGHTXHDSUHFLDUi
ODFDOLGDGGHOSURGXFWR\GHTXHHVWDUiFRPSOHWDPHQWHVDWLVIHFKRFRQVXFRPSUD/HD
FXLGDGRVDPHQWHODVLQVWUXFFLRQHVGHVHJXULGDG\GHRSHUDFLyQSDUDREWHQHUPD\RU
LQIRUPDFLyQDFHUFDGHFyPRXWLOL]DUpVWHSURGXFWRFRUUHFWDPHQWHGHQWURGHODVQRUPDV
\UHJODVGHVHJXULGDG
0HUFLG·DYRLUFKRLVLXQSURGXLWGHPDUTXH52&.:(//1RXVVRPPHVFHUWDLQVTXHYRXV
DSSUpFLHUH]ODTXDOLWpGHFHSURGXLWHWTX·LOVDXUDYRXVVDWLVIDLUH3RXUrWUHUHQVHLJQp
VXU WRXWHV OHV PpWKRGHV GH WUDYDLO FRUUHFWHV HW VpFXULWDLUHV UpSRQGDQW DX[ QRUPHV
HW UqJOHPHQWV GH VpFXULWp YHXLOOH] OLUH DWWHQWLYHPHQW OD QRWLFH GH VpFXULWp HW GH
IRQFWLRQQHPHQWSUpVHQWpH
9LVLWXVRQWKHZHEDWZZZURFNZHOOWRROVFRP
52&.:(//722/6&RQVXPHU+HOSOLQH
5.
-$:+256(70 (1*
&20321(17/,67
029,1*-$:
),;('-$:
0$,1%2'<
/2&.5(/($6(6:,7&+
)2273('$/
)2273('$//2&.,1*/$7&+
)5217/(*
)2273/$7(
58%%(502817
)5217/(*/2&.,1*/$7&+
5($5/(*
5($5/(*/2&.,1*.12%
),;('-$:)$&,1*
029,1*-$:)$&,1*3,(&(6
52//(5
237,21$/$&&(6625,(6
:HOGLQJVWDWLRQ5.
/RJMDZZLWKFKDLQVDZFODPSLQJYLFHV5.
7RROEDJ5.
:HUHFRPPHQGWKDW\RXEX\DOO\RXUDFFHVVRULHVIURPWKHVWRUH
ZKHUH\RXSXUFKDVHGWKHWRRO8VHJRRGTXDOLW\DFFHVVRULHV
PDUNHGZLWKDZHOONQRZQEUDQGQDPH5HIHUWRWKHDFFHVVRU\
SDFNDJLQJIRUPRUHGHWDLOV6WRUHSHUVRQQHOFDQDOVRKHOSDQG
DGYLVH
6$)(7<,16758&7,216
:$51,1*
:KHQXVLQJWKLVSURGXFWEDVLFVDIHW\
SUHFDXWLRQVVKRXOGDOZD\VEHIROORZHG)DLOXUHWR
IROORZDOOLQVWUXFWLRQVOLVWHGEHORZPD\UHVXOWLQSHUVRQDOLQMXU\
5HDGDOOWKHVHLQVWUXFWLRQVEHIRUHDWWHPSWLQJWRRSHUDWHWKLV
SURGXFWDQGVDYHWKHVHLQVWUXFWLRQV
6$9(7+(6(,16758&7,216
.HHSZRUNDUHDFOHDU
&OXWWHUHGDUHDVDQGEHQFKHVLQYLWHLQMXULHV
0DNHVXUHDOOPRYLQJSDUWVDUHIUHHIURP
LQWHUIHUHQFH
(QVXUH-$:+256(70LVVHWXSRQÀUPOHYHOJURXQG
-$:+256(70 (1*
LQDVWDEOHPDQQHU
.HHSRWKHUSHUVRQVDZD\
'RQRWOHWSHUVRQVHVSHFLDOO\FKLOGUHQQRWLQYROYHGLQWKH
ZRUNWRXFKWKHWRRODQGNHHSWKHPDZD\IURPWKHZRUNDUHD
%HDZDUHRIRYHUEDODQFLQJ
:KHQDODUJHSLHFHLV
FXWIURPRQHHQGRIDMREWKHUHPDLQLQJSLHFHPD\EHKHDY\
HQRXJKWRWLSWKH-$:+256(
70
$OZD\VHQVXUHWKHZRUNSLHFH
LVZHOOVXSSRUWHG
&KHFNWRPDNHVXUHWKDWDOOÀ[LQJVFUHZVDQG
NQREVDUHWLJKWDQGDOOOHJVDUHORFNHGLQWRSODFH
EHIRUHRSHUDWLQJWKH-$:+256(70
7KHWRROPXVWEHXVHGRQO\IRULWVSUHVFULEHG
SXUSRVH
$Q\XVHRWKHUWKDQWKRVHPHQWLRQHGLQWKHVH
LQVWUXFWLRQVZLOOEHFRQVLGHUHGDFDVHRIPLVXVH
7KHPDQXIDFWXUHUVKDOOQRWEHOLDEOHIRUDQ\GDPDJHRULQMXU\
UHVXOWLQJIURPVXFKFDVHVRIPLVXVH
1HYHUVWDQGRQWKLVSURGXFW
'UHVVSURSHUO\
'RQRWZHDUORRVHFORWKLQJRUMHZHOU\WKH\FDQEHFDXJKWLQ
PRYLQJSDUWV
1RQVNLGIRRWZHDULVUHFRPPHQGHGZKHQZRUNLQJRXWGRRUV
:HDUSURWHFWLYHKDLUFRYHULQJWRFRQWDLQORQJKDLU
8VHSURWHFWLYHHTXLSPHQW
8VHVDIHW\JODVVHV
6DYHWKHVHLQVWUXFWLRQV
5HIHUWRWKHPIUHTXHQWO\DQG
XVHWKHPWRLQVWUXFWRWKHUVZKRPD\XVH-$:+256(
70
,I\RX
ORDQVRPHRQH-$:+256(
70
ORDQWKHPWKHVHLQVWUXFWLRQVDOVR
WRSUHYHQWPLVXVHRIWKHSURGXFWDQGSRVVLEOHLQMXU\
6<0%2/6
5HDGWKHPDQXDO
:DUQLQJ
'RQRWH[SRVHWRUDLQRUZDWHU
'RQRWEXUQ
:HDUHDUSURWHFWLRQ:HDUH\HSURWHFWLRQ
:HDUGXVWPDVN
3LQFKSRLQWV
-$:+256(70 (1*
7(&+1,&$/'$7$
&ODPSLQJUDQJH
0D[LPXP&ODPSLQJIRUFH
&ODPS0HWKRG
0D[LPXPORDG
)RRWSULQW6WDQGLQJ
)RRWSULQW)ROGHG
&ODPS7UDYHO
:HLJKW
&RQVWUXFWLRQ
vPP
7RQNJV
)RRWVWHS
OEVNJV
v[v[v[[PP
v[v[v[[PP
vSHUVWHS
OEVNJV
6ROLGVWHHO
23(5$7,1*,16758&7,216
127(
%HIRUHXVLQJWKHWRROUHDGWKHLQVWUXFWLRQERRN
FDUHIXOO\
6(783,16758&7,216
3XWWKH-$:+256(
70
XSVLGHGRZQRQWKHJURXQGORRVHQWKH
UHDUOHJORFNLQJNQREDQGVOLGHWKHUHDUOHJIURPLWVVWRUDJH
SRVLWLRQ3LYRWWKHOHJWRSRVLWLRQDQGVOLGHLWDOOWKHZD\XSZDUG
WKHQOLIWDQGVOLGHLWIXOO\LQWRLWVKRXVLQJDWWKHUHDU7LJKWHQWKH
NQREVHH)LJ
5DLVHWKHIRRWSHGDOXQWLOLW´FOLFNVµLQWRSRVLWLRQVHH
)LJ
5RWDWHWKHIURQWOHJVDOOWKHZD\IRUZDUGXQWLOWKH\´FOLFNµ
LQWRSRVLWLRQ7KHIURQWOHJORFNLQJODWFKZLOOEHRSHQ
DXWRPDWLFDOO\VHH)LJ
7XUQWKH-$:+256(
70
XSULJKWDQGUHFKHFNWKDWDOOOHJVDUH
ORFNHGÀUPO\LQSRVLWLRQ
)2/',1*,16758&7,216
)ROGLQJLVWKHUHYHUVHSURFHGXUHRIDERYHVHH)LJ
(QVXUHWKDWWKHORFNUHOHDVHVZLWFKLVLQWKH´XQORFN
SRVLWLRQµVHH)LJ
6OLGHWKHIURQWOHJODWFKDQGIROGWKHIURQWOHJVLQWRSRVLWLRQ
VHH)LJ
'UDZWKHIRRWSHGDOORFNLQJODWFKDQGSODFHWKHIRRWSHGDOLQ
IROGLQJSRVLWLRQVHH)LJ
/RRVHQWKHUHDUORFNLQJNQRE6OLGHWKHUHDUOHJIURPKRXVLQJ
DQGEDFNLQWRVWRUDJHSRVLWLRQ0DNHVXUHWKHUHDUOHJLV
HQJDJHGIXOO\LQWRVWRUDJHSRVLWLRQDQGWKHUHDUOHJORFNLQJ
NQRELVWLJKWHQHGÀUPO\
<RXFDQFDUU\WKHUHDUOHJDVDFDUU\KDQGOHZKHQWKH
-$:+256(
70
LVIXOO\IROGHGLQLWVSRVLWLRQVHH)LJ
<RXFDQDOVRVOLGHWKHUHDUOHJWRXVHDVDKDQGOH:LWKWKH
UROOHURQWKHIURQWWUDQVSRUWLQJWKH-$:+256(
70
LVHDV\DQG
IDVW1RWHWKDWWKHUROOHULVQRWGHVLJQHGWRZLWKVWDQGULJRURXV
WUDQVSRUWVXFKDVERXQFLQJGRZQVWDLUZD\VRUWUDYHUVLQJ
URXJKWHUUDLQVHH)LJ
&/$03,1*
3ODFHWKHZRUNSLHFHDJDLQVWWKHÀ[HGMDZDQGVOLGHWKH
PRYLQJMDZIRUZDUGXQWLOLWWRXFKHVWKHZRUNSLHFH
7KHIRRWSHGDOFDQEHSUHVVHGUHSHDWHGO\WRPDNHWKHMDZPRYH
IRUZDUG
6OLGHWKHORFNUHOHDVHVZLWFKGRZQWRWKH´ORFNµSRVLWLRQ
VHH)LJ
$SSO\GRZQZDUGSUHVVXUHRQWKHIRRWSHGDOXQWLOHQRXJK
FODPSLQJIRUFHLVDSSOLHGVHH)LJ
:$51,1*0D[LPXPDOORZDEOHIRUFHRQWKH
IRRWSHGDOLVOEVPD[LPXPNJ'RQRW
VWDQGRUMXPSRQWKHXQLWDV\RXFDQFDXVHLQMXU\RU
GDPDJHWKHXQLW
5(/($6,1*
6OLGHWKHORFNUHOHDVHVZLWFKXSWRWKH´UHOHDVHµSRVLWLRQ
VHH)LJ
3XVKRQWKHIRRWSHGDODOORZLWWRUHWXUQXSDQGUHOHDVHWKH
ZRUNSLHFHVHH)LJ
,I\RXKDYHFODPSHGWKHREMHFWYHU\WLJKWO\\RXPXVWH[HUW
VLPLODUSUHVVXUHRQWKHIRRWSHGDOEHIRUHLWZLOOUHOHDVH
:$51,1*
(QVXUH\RXDUHVXSSRUWLQJWKHZRUNSLHFH
WRDYRLGLWVIDOOLQJZKHQWKHMDZLVUHOHDVHG
6OLGHWKHPRYLQJMDZEDFNDQGUHPRYH\RXUZRUNSLHFHVHH
)LJ
&/$03,1*2121(6,'(2)7+(-$:
6RPHWLPHVODUJHRUDZNZDUGZRUNSLHFHVFDQRQO\EHFODPSHG
RQRQHVLGHRIWKHMDZV,QWKLVFDVHEHVXUHWRDYRLGH[FHVVLYH
FODPSLQJIRUFH
&/$03,1*648$5(3,(&(69(57,&$//<6((),*
6RPHWLPHVWXELQJRURWKHUVTXDUHVWHHODOXPLQXPRURWKHU
ZRUNSLHFHVQHHGWREHFODPSHGYHUWLFDOO\RQWKHFHQWHURIWKH
MDZV7KHKROHRQWKHEDVHSODWHXQGHUWKHMDZDFFRPPRGDWHV
SLHFHVXSWRLQZLGWK
&/$03,1*/$5*(2%-(&76>µ0072µ
00@
7KHPRYHMDZFDQEHUHYHUVHGWRDFFRPPRGDWHODUJH
ZRUNSLHFHV
6HWWKHORFNUHOHDVHVZLWFKWRWKH´UHOHDVHµSRVLWLRQDQG
HQVXUHWKDWWKHIRRWSHGDOLVUHOHDVHG
6OLGHWKHPRYLQJMDZIXOO\IURPLWVWUDFNVVHH)LJ
5RWDWHWKHMDZGHJUHHVDQGUHLQVHUWLWLQWRWKHWUDFNVHH
)LJ
:$51,1*:KHQHYHUFODPSLQJREMHFWV
ZLWKWKHPRYLQJMDZUHYHUVHGHQVXUHWKH
ZRUNSLHFHVLWVGRZQRQWRWKHVOLGLQJMDZDQGLV
-$:+256(70 (1*
SDUDOOHOWRLW$YRLGFODPSLQJZRUNSLHFHVDWWKHWRSRI
WKHMDZVZLWKDJDSEHWZHHQWKHZRUNSLHFHDQGWKH
EDVHRIWKHPRYLQJMDZDVH[FHVVLYHSHGDOSUHVVXUH
FRXOGGDPDJHWKHXQLW
127(6RPHRSHUDWLRQVVXFKDVKDQGVDZLQJ
RUSODQLQJH[HUWHQRXJKSUHVVXUHWRFDXVHWKH
-$:+256(70WRVOLGH,QWKHVHVLWXDWLRQVLWLV
DFFHSWDEOHWRKROGWKH-$:+256(70LQSODFHE\
VWDQGLQJRQWKHIRRWSODWH6HH)LJ:KHQ
FODPSLQJODUJHRUKHDY\PDWHULDOVSURYLGHRXWERDUG
VXSSRUW1HYHUVWHSRQWKHIRRWSODWHWRSUHYHQW
-$:+256(70IURPWLSSLQJRYHUHVSHFLDOO\ZKHQ
XVLQJSRZHUWRROVVHH)LJ
&/$03,1*648$5(78%,1*
&ODPSVTXDUHWXELQJRUVLPLODUPDWHULDOHLWKHURQWKHGLDJRQDO
RUÁDWVLGH8VHWKHMDZVWRVHFXUHO\KROG\RXUPDWHULDOVHH
)LJ
5(029,1*7+(-$:)$&,1*66((),*
7KHMDZIDFLQJVFDQEHUHPRYHGWRDFKLHYHDJUHDWHUFODPSLQJ
UDQJHUHSODFHLIZRUQRUGDPDJHGRUZKHQÀWWLQJWKHRSWLRQDO
MDZV
7KHMDZIDFLQJFDQEHSXOOHGRIIIURPWKHMDZE\KDQG
237,21$/$&&(6625,(6
:(/',1*67$7,216((),*$
7KHZHOGLQJVWDWLRQKHOSVWRKROGLWHPVZKLOHZHOGLQJ7KH
WKLFNZDOOHGFDVWDOXPLQXPMDZVFDQKROGWKHODUJHUSDUW7KH
KROGLQJDUPFODPSVWKHVHFRQGSDUWWKDWLVWREHZHOGHGRQWR
WKHODUJHUSDUWDQGPRUHLPSRUWDQWO\DFFXUDWHO\SRVLWLRQVLW
/2*-$::,7+&+$,16$:&/$03,1*9,&(66((),*
%'
6XLWDEOHIRUJULSSLQJORJVRUSROHVDQGKROGLQJWKHFKDLQVDZ
IRUVKDUSHQLQJ7KHVHVWHHOMDZVDOVREROWRQWRWKHVWDQGDUG
VWHHOMDZVDQGDUH]LQFSODWHGIRUFRUURVLRQUHVLVWDQFH
&KDLQVDZFODPSLQJEORFNVSLYRWEDFNRXWRIWKHZD\ZKHQQRW
LQXVHDQGSLYRWIRUZDUGZKHQUHTXLUHG
/RJVRUSROHVXSWRµPPLQGLDPHWHUDUHJULSSHGÀUPO\
IRUFKDLQVDZLQJGULOOLQJUDEEHWLQJHWF
7KHFKDLQVDZFODPSLQJYLFHPDNHVDQLGHDOFODPSWRKROGD
FKDLQVDZZKLOHVKDUSHQLQJWKHWHHWK7ZRSDLUVRIYLFHVHLWKHU
VLGHRIWKHEDUHQVXUHWKHFODPSLQJMDZVDUHFOHDURIWKHFKDLQ
ZKLFKFDQWKHQEHURWDWHGDVHDFKWRRWKLVÀOHG
722/%$*
7RROEDJSURYLGHVDFRQYHQLHQWSODFHWRKROGWRROVDQGRWKHU
ELWVDQGSLHFHV
:$55$17<
/,0,7(''$<(;&+$1*(32/,&<
'XULQJWKHÀUVWGD\VDIWHUGDWHRISXUFKDVH\RXPD\
H[FKDQJHDWRROZKLFKGRHVQRWZRUNSURSHUO\GXHWRGHIHFWVLQ
PDWHULDOVRUZRUNPDQVKLSE\UHWXUQLQJWKHSRZHUWRROWRWKHUH
WDLOHUZKHUHLWZDVSXUFKDVHG7RUHFHLYHDUHSODFHPHQWSRZHU
WRRO\RXPXVWSUHVHQWDGDWHGSURRIRISXUFKDVHDQGUHWXUQDOO
RULJLQDOHTXLSPHQWSDFNDJHGZLWKWKHRULJLQDOSURGXFW
/,0,7('7+5((<($5:$55$17<
7KHPDQXIDFWXUHUZDUUDQWVWKDWIRUDSHULRGRI\HDUVIURPWKH
GDWHRISXUFKDVHWKLVSURGXFWVKDOOEHIUHHRIGHIHFWVLQPDWHUL
DOVDQGZRUNPDQVKLS:HZLOOUHSDLURUUHSODFHDWRXURSWLRQ
WKLVWRROGXULQJWKHZDUUDQW\SHULRGDQGZHPD\UHTXLUHWKDW
WKHWRROEHVHQWSRVWDJHSUHSDLGWRDQDSSURYHGVHUYLFHFHQWHU
ZLWKDOORULJLQDOHTXLSPHQWDQGDGDWHGSURRIRISXUFKDVH$Q\
UHSODFHPHQWRUUHSDLUHGSRZHUWRROZLOORQO\EHFRYHUHGE\WKH
OLPLWHGZDUUDQW\IRUWKHEDODQFHRIWKHZDUUDQW\SHULRGIURPWKH
GDWHRIWKHRULJLQDOSXUFKDVH
:+$7,6127&29(5('
7KLVZDUUDQW\DSSOLHVRQO\WRWKHRULJLQDOSXUFKDVHUDWUHWDLODQG
LVQRWWUDQVIHUDEOH
7KLVZDUUDQW\GRHV127FRYHUVHUYLFHRUUHSODFHPHQWRISDUWV
UHVXOWLQJIURPQRUPDOZHDU
7KLVZDUUDQW\GRHV127FRYHUDFFHVVRULHVRUEDWWHU\SDFNV
7KLVZDUUDQW\GRHV127FRYHUPDOIXQFWLRQIDLOXUHRUGHIHFWV
GXHWR
DDEQRUPDOXVHDEXVHQHJOHFWRUXVHQRWLQDFFRUGDQFHZLWK
WKHRSHUDWLRQVPDQXDO
EGDPDJHUHVXOWLQJIURPDFFLGHQWVGURSVRUPLVKDQGOLQJRI
WKHWRRO
FDOWHUDWLRQRUUHSDLUVE\RWKHUWKDQDSSURYHGVHUYLFHFHQWHUV
GFRPPHUFLDORUUHQWDOXVH
7KHPDQXIDFWXUHUPDNHVQRZDUUDQWLHVUHSUHVHQWDWLRQVRU
SURPLVHVDVWRWKHTXDOLW\RUSHUIRUPDQFHRILWVSRZHUWRROV
RWKHUWKDQWKRVHVSHFLÀFDOO\VWDWHGLQWKLVZDUUDQW\
)256(59,&(
&RQWDFWRXUWROOIUHHFRQVXPHUVHUYLFHOLQHDW
WRUHFHLYHDUHSODFHPHQWWRRORUWREHGLUHFWHGWRDQDSSURYHG
VHUYLFHFHQWHU:KHQ\RXPDNHDZDUUDQW\FODLPRUVHQGWKH
WRROIRUZDUUDQW\VHUYLFH\RXPXVWDOVRLQFOXGHDGDWHGSURRI
-$:+256(70 (1*
RISXUFKDVH
$'',7,21$//,0,7$7,216
7KLVZDUUDQW\LVRQO\YDOLGIRUSURGXFWVSXUFKDVHGDQGXVHGLQ
WKH8QLWHG6WDWHVRI$PHULFDLWVWHUULWRULHVRU&DQDGD$Q\LP
SOLHGZDUUDQW\JUDQWHGXQGHUVWDWHODZLQFOXGLQJZDUUDQWLHVRI
PHUFKDQWDELOLW\RUÀWQHVVIRUDSDUWLFXODUSXUSRVHDUHOLPLWHG
WRWKUHH\HDUVIURPWKHGDWHRISXUFKDVH7KHPDQXIDFWXUHULV
QRWUHVSRQVLEOHIRUGLUHFWLQGLUHFWLQFLGHQWDORUFRQVHTXHQWLDO
GDPDJHVLQFOXGLQJEXWQRWOLPLWHGWROLDELOLW\IRUORVVRI
LQFRPHDULVLQJIURPWKHSXUFKDVHRUXVHRIWKHSURGXFW6RPH
VWDWHVDQGSURYLQFHVGRQRWDOORZOLPLWDWLRQVRQKRZORQJ
DQLPSOLHGZDUUDQW\ODVWVDQGRUGRQRWDOORZWKHH[FOXVLRQ
RUOLPLWDWLRQRILQFLGHQWDOGDPDJHVVRWKHDERYHOLPLWDWLRQV
DQGH[FOXVLRQVPD\QRWDSSO\WR\RX7KLVZDUUDQW\JLYHV\RX
VSHFLÀFOHJDOULJKWVDQG\RXPD\DOVRKDYHRWKHUULJKWVZKLFK
YDU\IURPVWDWHWRVWDWHRUSURYLQFHWRSURYLQFH
7KHPDQXIDFWXUHUGHFOLQHVDQ\UHVSRQVLELOLW\LQUHJDUGVWR
FLYLOOLDELOLW\DULVLQJIURPDEXVLYHXVHRUQRWLQFRQIRUPLW\ZLWK
SURSHUXVHDQGPDLQWHQDQFHRIWKHPDFKLQHDVGHVFULEHGLQWKH
RSHUDWRU·VPDQXDO
$IWHUWKHSXUFKDVHWKHPDQXIDFWXUHUUHFRPPHQGV
SURSHUPDLQWHQDQFHRIWKHPDFKLQHDQGWRUHDGWKH
RSHUDWRU·VPDQXDOEHIRUHXVLQJWKHPDFKLQH
-$:+256(70 (63
/,67$'(3$57(6
025'$=$0Ð9,/
025'$=$),-$
%$67,'2535,1&,3$/
,17(5583725'(%/248(2/,%(5$&,Ð1
3('$/
6(*852'(%/248(2'(/3('$/
3$7$)5217$/
3/$&$'(/3('$/
623257('(*20$
6(*852'(/$3$7$)5217$/
3$7$75$6(5$
0$1'2'(%/248(2'(/$3$7$75$6(5$
$&&(625,26'(/$025'$=$),-$
$&&(625,26'(/$025'$=$0Ð9,/3,(=$6
52',//2
$&&(625,2623&,21$/(6
(VWDFLyQGHVROGDGXUD5.
0RUGD]DSDUDPDGHUDFRQWRUQLOORVGHÀMDFLyQGHVLHUUD
5.
%ROVDGHKHUUDPLHQWDV5.
/HUHFRPHQGDPRVTXHFRPSUHWRGRVORVDFFHVRULRVHQOD
WLHQGDGRQGHDGTXLULyODKHUUDPLHQWD8VHDFFHVRULRVGHEXHQD
FDOLGDGXQDPDUFDELHQFRQRFLGD6HOHFFLRQHORVTXHPiV
FRQYHQJDQDOWUDEDMRTXHLQWHQWDKDFHU&RQVXOWHHOHPSDTXH
GHORVDFFHVRULRVSDUDREWHQHUPiVGHWDOOHV(OSHUVRQDOGHOD
WLHQGDWDPELpQSXHGHD\XGDUOH\DFRQVHMDUOH
,16758&&,21(6'(6(*85,'$'
£&8,'$'2
'XUDQWHHOXVRGHHVWHSURGXFWR
GHEHQUHVSHWDUVHVLHPSUHXQDVQRUPDVEiVLFDV
GHVHJXULGDG6LQRVHUHVSHWDQWRGDVODVLQVWUXFFLRQHV
VLJXLHQWHVSRGUtDQSURGXFLUVHOHVLRQHVSHUVRQDOHV
/HDWRGDVHVWDVLQVWUXFFLRQHVDQWHVGHLQWHQWDUXWLOL]DU
HVWHSURGXFWR&RQVHUYHODVLQVWUXFFLRQHV
0DQWHQJDGHVSHMDGDHOiUHDGHWUDEDMR
/DViUHDVFRQPXFKRVREVWiFXORV\EDQFRVGHWUDEDMR
IRPHQWDQORVDFFLGHQWHV
$VHJ~UHVHGHTXHWRGRVORVFRPSRQHQWHV
PyYLOHVQRUHFLEHQQLQJXQDLQWHUIHUHQFLD
-$:+256(70(63
$VHJ~UHVHGHTXHHO-$:+256(70VH
HQFXHQWUDDSR\DGRHQHOVXHORGHIRUPD
HVWDEOH
0DQWHQJDDOHMDGRVDORVREVHUYDGRUHV
1RSHUPLWDDRWUDVSHUVRQDVHVSHFLDOPHQWHDQLxRVTXH
WRTXHQODKHUUDPLHQWD0DQWpQJDORVDOHMDGRVGHOiUHDGH
WUDEDMR
7HQJDFXLGDGRFRQHOHTXLOLEULR
6LVHFRUWDXQD
SLH]DJUDQGHGHVGHXQH[WUHPRODSDUWHUHVWDQWHSRGUtDWHQHU
HOSHVRVXÀFLHQWHSDUDYROFDUHO-$:+256(
70
$VHJ~UHVH
VLHPSUHGHTXHODSLH]DGHWUDEDMRHVWiELHQVXMHWD
$VHJ~UHVHGHTXHORVWRUQLOORV\PDQGRV
GHÀMDFLyQHVWiQELHQDSUHWDGRV\TXHWRGDV
ODVSDWDVHVWpQEORTXHDGDVDQWHVGHXWLOL]DUHO
-$:+256(70
/DKHUUDPLHQWDGHEHXWLOL]DUVH~QLFDPHQWH
SDUDODÀQDOLGDGSURSXHVWD
&XDOTXLHUXVRDMHQR
DOPHQFLRQDGRHQHVWDVLQVWUXFFLRQHVVHFRQVLGHUDUiXQD
QHJOLJHQFLD
(OIDEULFDQWHQRVHKDFHUHVSRQVDEOHGHORVGDxRVROHVLRQHV
GHULYDGRVGHWDOHVQHJOLJHQFLDV
1RVHSRQJDGHSLHVREUHHVWHSURGXFWR
8WLOLFHSUHQGDVDGHFXDGDV
1RYLVWDURSDVKROJDGDVRMR\DV3RGUtDQTXHGDUDWDVFDGRV
HQODVSLH]DVPyYLOHV
6HUHFRPLHQGDXWLOL]DUFDO]DGRDQWLGHVOL]DQWHGXUDQWHHO
WUDEDMRHQH[WHULRUHV
8WLOLFHXQDUHGSURWHFWRUDSDUDHOFDEHOORVLWLHQHHOSHORODUJR
8WLOLFHHTXLSDPLHQWRSURWHFWRU
8WLOLFHJDIDVGHVHJXULGDG
&RQVHUYHHVWDVLQVWUXFFLRQHV
&RQV~OWHODVFRQ
IUHFXHQFLD\~VHODVSDUDHQVHxDUOHVDODVRWUDVSHUVRQDVTXH
SRGUtDQXVDUHVWDKHUUDPLHQWD6LSUHVWDHO-$:+256(
70
D
DOJXLHQSUpVWHOHWDPELpQODVLQVWUXFFLRQHVSDUDHYLWDUXQPDO
XVRGHOSURGXFWR\SRVLEOHVOHVLRQHV
6Ì0%2/26
/HDHOPDQXDO
$GYHUWHQFLD
1RH[SRQHUDODOOXYLDQLDODJXD
1RDUURMDUDOIXHJR
8VHOHQWHVGHVHJXULGDGPiVFDUDFRQWUDHOSROYR
\SURWHFFLyQDXGLWLYD
3XQWRVGHÀMDFLyQ
-$:+256(70 (63
'$7267e&1,&26
5DQJRGHÀMDFLyQ
0j[LPD)XHU]DGHÀMDFLyQ
0pWRGRGHVXMHFLyQ
&DUJDPi[LPD
'LPHQVLRQHV'HSLH
'LPHQVLRQHV3OHJDGR
5HFRUULGRGHVXMHFLyQ3HGDO
3HVR
&RQVWUXFFLyQ
vvPP
7RQNJV
5HSRVDSLpV
OEVNJV
v[v[v[[PP
v[v[v[[PP
vSRUQLYHO
OEVNJV
$FHURVyOLGR
,16758&&,21(6'(862
127$
$QWHVGHXVDUODKHUUDPLHQWDOHDDWHQWDPHQWH
HOPDQXDOGHLQVWUXFFLRQHV
²²,16758&&,21(6'(,167$/$&,Ð1
&RORTXHHO-$:+256(
70
ERFDEDMRHQHOVXHOR$ÁRMHHO
PDQGRGHEORTXHRGHODSDWDWUDVHUD\GHVOLFHODSDWD
WUDVHUDGHVGHVXSRVLFLyQGHDOPDFHQDPLHQWR*LUHODSDWD
KDVWDODSRVLFLyQFRUUHFWD\GHVOtFHODKDFLDDUULED/HYiQWHOD
GHVSXpV\GHVOtFHODKDVWDHOKXHFRGHODSDUWHSRVWHULRU$SULHWH
HOPDQGR9HU)LJ
/HYDQWHHOSHGDOKDVWDTXHHQFDMHHQVXSRVLFLyQ9HU
)LJ
*LUHODVSDWDVIURQWDOHVKDFLDGHODQWHJDVWDTXHHQFDMHQ
HQVXSRVLFLyQ(OVHJXURGHÀMDFLyQGHODSDWDIURQWDOVH
DEULUiDXWRPiWLFDPHQWH9HU)LJ
*LUHHO-$:+256(
70
KDFLDDUULED\FRPSUXHEHGHQXHYRTXH
WRGDVODVSDWDVVHHQFXHQWUHQHQVXSRVLFLyQ
²²,16758&&,21(6'(3/(*$'2
(OSOHJDGRHVHOSURFHGLPLHQWRLQYHUVRDODQWHULRU9HU)LJ
$VHJ~UHVHGHTXHHOLQWHUUXSWRUGHEORTXHROLEHUDFLyQVH
HQFXHQWUDHQ´SRVLFLyQGHGHVEORTXHRµ9HU)LJ
'HVOLFHHOVHJXURGHODSDWDIURQWDO\SOLHJXHODVSDWDV
GHODQWHUDV9HU)LJ
7LUHGHOVHJXURGHÀMDFLyQGHOSHGDO\FRORTXHHOSHGDOHQ
SRVLFLyQGHSOHJDGR9HU)LJ
$ÁRMHHOPDQGRGHEORTXHRSRVWHULRU'HVOLFHODSDWD
WUDVHUDGHVGHHOKXHFR\FROyTXHODGHQXHYRHQODSRVLFLyQGH
DOPDFHQDPLHQWR$VHJ~UHVHGHTXHODSDWDWUDVHUDKDHQFDMDGR
FRPSOHWDPHQWHHQODSRVLFLyQGHDOPDFHQDPLHQWRGHTXHHO
PDQGRGHEORTXHRGHODSDWDHVWiELHQDSUHWDGR
3XHGHXWLOL]DUODSDWDWUDVHUDSDUDWUDQVSRUWDUHO
-$:+256(
70
PLHQWUDVVHHQFXHQWUHFRPSOHWDPHQWHSOHJDGR
9HU)LJ
7DPELpQSXHGHGHVOL]DUODSDWDWUDVHUDSDUDXWLOL]DUOD
FRPRDVD*UDFLDVDVXVUXHGDVGHODQWHUDVHOWUDQVSRUWHGHO
-$:+256(
70
HVIiFLO\UiSLGR5HFXHUGHTXHODVUXHGDVQRKDQ
VLGRGLVHxDGDVSDUDUHDOL]DUXQWUDQVSRUWHGXURFRPREDMDU
HVFDOHUDVRDWUDYHVDUXQWHUUHQR9HU)LJ
²²),-$&,Ð1
&RORTXHODSLH]DGHWUDEDMRHQODPRUGD]DÀMD\GHVOLFH
ODPRUGD]DPyYLOKDFLDGHODQWHKDVWDTXHWRTXHODSLH]DGH
WUDEDMR
3XHGHSUHVLRQDUUHSHWLGDPHQWHHOSHGDOSDUDKDFHUDYDQ]DUOD
PRUGD]DPyYLO
'HVOLFHHOLQWHUUXSWRUGHEORTXHROLEHUDFLyQKDVWDOD
SRVLFLyQGH´EORTXHRµ9HU)LJ
$SOLTXHSUHVLyQKDFLDDEDMRHQHOSHGDOKDVWDDSOLFDUOD
IXHU]DGHÀMDFLyQQHFHVDULD9HU)LJ
£&8,'$'2
/DIXHU]DPi[LPDSHUPLVLEOHHQHOSHGDO
HVGHOEVPi[LPRNJ1RVHDSR\HQLVDOWH
VREUHHOGLVSRVLWLYR3RGUtDOHVLRQDUVH\FDXVDUGDxRVVREUH
HOHTXLSR
²²/,%(5$&,Ð1
'HVOLFHHOLQWHUUXSWRUGHEORTXHROLEHUDFLyQKDVWDOD
SRVLFLyQGH´OLEHUDFLyQµ9HU)LJ
3UHVLRQHHOSHGDOGHMHTXHYXHOYDDVXSRVLFLyQRULJLQDO\
OLEHUHODSLH]DGHWUDEDMR9HU)LJ
6LKDÀMDGRHOREMHWRFRQPXFKDIXHU]DGHEHUiHMHUFHUXQD
IXHU]DVLPLODUVREUHHOSHGDOSDUDOLEHUDUOR
£&8,'$'2
$VHJ~UHVHGHTXHVRSRUWDODSLH]DGH
WUDEDMRSDUDHYLWDUTXHVHFDLJDXQDYH]OLEHUDGD
'HVOLFHODPRUGD]DPyYLO\H[WUDLJDODSLH]DGHWUDEDMR9HU
)LJ
²²),-$&,Ð1(181/$'2'(/$025'$=$
(QRFDVLRQHVODVSLH]DVGHWUDEDMRJUDQGHVRFRPSOLFDGDV
VyORVHSXHGHQVXMHWDUFRQXQDGHODVPRUGD]DV(QWDOFDVR
DVHJ~UHVHGHHYLWDUDSOLFDUXQDIXHU]DGHÀMDFLyQH[FHVLYD
²²),-$53,(=$6&8$'5$'$69(57,&$/0(17(9(5),*
$YHFHVODVSLH]DVGHWUDEDMRWXEXODUHVRFXDGUDGDVGH
DFHURDOXPLQLRXRWURPDWHULDOGHEHQÀMDUVHYHUWLFDOPHQWHHQ
HOFHQWURGHODVPRUGD]DV(ORULÀFLRGHODSODFDEDVHEDMROD
PRUGD]DSHUPLWHÀMDUSLH]DVGHKDVWDGHDQFKXUD
³),-$52%-(726*5$1'(6>µPPµPP@
/DPRUGD]DSXHGHLQYHUWLUVHSDUDVXMHWDUSLH]DVGHWUDEDMR
JUDQGHV
&RORTXHHOLQWHUUXSWRUGHEORTXHROLEHUDFLyQHQODSRVLFLyQ
GH´OLEHUDFLyQµ\DVHJ~UHVHGHTXHHOSHGDOHVWiOLEHUDGR
'HVOLFHODPRUGD]DPyYLOFRPSOHWDPHQWH9HU)LJ
*LUHODPRUGD]DJUDGRV\YXHOYDDLQVHUWDUODHQODSLVWD
9HU)LJ
-$:+256(70(63
£&8,'$'2
6LHPSUHTXHÀMHREMHWRVFRQODPRUGD]D
LQYHUWLGDDVHJ~UHVHGHTXHODSLH]DGHWUDEDMRVH
DVLHQWDHQODPRUGD]DGHVOL]DQWH\VHHQFXHQWUDSDUDOHODD
HOOD(YLWHÀMDUSLH]DVGHWUDEDMRHQODSDUWHVXSHULRUGHODV
PRUGD]DVFRQXQHVSDFLRHQWUHODSLH]DGHWUDEDMR\ODEDVHGH
ODPRUGD]DPyYLO8QDSUHVLyQH[FHVLYDGHOSHGDOSRGUtDGDxDU
ODXQLGDG
127$DOJXQDVRSHUDFLRQHVFRPRHOVHUUDGRDPDQR
RHOOLMDGRHMHUFHQSUHVLyQVXÀFLHQWHSDUDFDXVDU
TXHHO-$:+256(70VHGHVOLFH(QWDOHVVLWXDFLRQHV
HVDFHSWDEOHPDQWHQHUHO-$:+256(70HQVXOXJDU
DSR\iQGRVHVREUHODVSODFDVGHEDVH9HU)LJ6L
HVWiÀMDQGRPDWHULDOHVJUDQGHVRSHVDGRVXWLOLFH
XQDSR\RH[WHULRU1RSLVHODSODFDGHEDVHSDUD
HYLWDUTXHHO-$:+256(70VHYXHOTXHHVSHFLDOPHQWH
GXUDQWHHOXVRGHKHUUDPLHQWDVHOpFWULFDV9HU
)LJ
²²),-$53,(=$678%8/$5(6
3XHGHÀMDUODVSLH]DVWXEXODUHVRPDWHULDOHVVLPLODUHVVREUH
HOODGRGLDJRQDORSODQR8WLOLFHODVPRUGD]DVSDUDVRVWHQHUHO
PDWHULDO9HU)LJ
²²(;75$(5/26$&&(625,26'(/$025'$=$9(5),*
/RVDFFHVRULRVGHODPRUGD]DSXHGHQH[WUDHUVHSDUDFRQVHJXLU
XQPD\RUUDQJRGHVXMHFLyQUHHPSOD]DUODVLHVWiGHWHULRUDGDR
GDxDGDRVLVHGHVHDQLQVWDODUPRUGD]DVRSFLRQDOHV
/RVDFFHVRULRVGHODPRUGD]DVHSXHGHQTXLWDUGHOD
PRUGD]DFRQODPDQR
$&&(625,2623&,21$/(6
(67$&,Ð1'(62/'$'85$9(5),*$
/DHVWDFLyQGHVROGDGXUDSHUPLWHVRVWHQHUODVSLH]DVGXUDQWHOD
VROGDGXUD/DVPRUGD]DVGHDOXPLQLRFRQVXSHUÀFLHVJUXHVDV
SXHGHQKDFHUODPD\RUSDUWH(OEUD]RGHVXMHFLyQÀMDOD
VHJXQGDSDUWHTXHGHEHVROGDUVHDODSDUWHPiVJUDQGH<OR
PiVLPSRUWDQWHODFRORFDFRQSUHFLVLyQ
025'$=$3$5$0$'(5$&217251,//26'(),-$&,Ð1'(
6,(55$9(5),*%'
$GHFXDGRSDUDVXMHWDUWURQFRVRSRVWHV\VXMHWDUXQDVLHUUD
GHFDGHQDSDUDDÀODUOD(VWDVPRUGD]DVGHDFHURHVWiQ
WDPELpQDWRUQLOODGDVDODVPRUGD]DVGHDFHURHVWiQGDU\HVWiQ
FKDSDGDVHQ]LQFSDUDUHVLVWLUODFRUURVLyQ
/RVEORTXHVGHVXMHFLyQGHODVLHUUDGHFDGHQDJLUDQKDFLD
DWUiVFXDQGRQRVHHQFXHQWUDQHQXVRRKDFLDGHODQWHFXDQGR
VRQSUHFLVRV
/RVWURQFRVRSRVWHVGHKDVWDµPPGHGLiPHWURVH
SXHGHQVXMHWDUÀUPHPHQWHSDUDVHUUDUORVFRQVLHUUDPHFiQLFD
WDODGUDUORVHQFDVWUDUORVHWF
(OWRUQLOORGHÀMDFLyQGHODVLHUUDGHFDGHQDVHFRQYLHUWHHQ
XQDVXMHFLyQLGHDOSDUDVRVWHQHUODVLHUUDPLHQWUDVVHDÀODQ
ORVGLHQWHV'RVSDUHVGHWRUQLOORVDDPERVODGRVGHODEDUUD
DVHJXUDQTXHODVPRUGD]DVGHÀMDFLyQQRWRTXHQODFDGHQD
TXHSXHGHJLUDUVHGHVSXpVGHDÀODUFDGDGLHQWH
%2/6$'(+(55$0,(17$6
/DEROVDGHKHUUDPLHQWDHVXQOXJDUFyPRGRSDUDJXDUGDU
KHUUDPLHQWDV\RWUDVEURFDV\SLH]DV
-$:+256(70 (63
*$5$17Ì$
*$5$17Ì$/,0,7$'$'(5((03/$=2325'Ì$6
'XUDQWHORVSULPHURVGtDVOXHJRGHODIHFKDGHFRPSUD
SRGUiUHHPSOD]DUXQDKHUUDPLHQWDTXHQRIXQFLRQHFRUUHFWD
PHQWHGHELGRDGHIHFWRVGHPDWHULDORIDEULFDFLyQGHYROYLHQGR
ODKHUUDPLHQWDDODWLHQGDGRQGHODKD\DFRPSUDGR3DUD
UHFLELUXQDKHUUDPLHQWDGHUHHPSOD]RGHEHUiSUHVHQWDUXQ
FRPSUREDQWHIHFKDGRGHFRPSUD\GHYROYHUWRGRHOPDWHULDOGH
HPSDTXHRULJLQDOMXQWRFRQHOSURGXFWR
*$5$17Ì$/,0,7$'$'(75(6$f26
(OIDEULFDQWHJDUDQWL]DTXHSRUHOWpUPLQRGHDxRVDSDUWLUGH
ODIHFKDGHFRPSUDHVWHSURGXFWRQRGHEHIDOODUSRUGHIHFWRV
GHPDWHULDOHVRIDEULFDFLyQ1RVRWURVUHSDUDUHPRVRUHHPSOD]
DUHPRVDQXHVWUDRSFLyQHVWDKHUUDPLHQWDGXUDQWHHOSHUtRGR
GHJDUDQWtD\SRGUtDPRVVROLFLWDUTXHHQYtHODKHUUDPLHQWDFRQ
ORVJDVWRVSDJDGRVDXQFHQWURDSUREDGRGHUHSDUDFLRQHVFRQ
WRGRHOHTXLSRRULJLQDO\XQFRPSUREDQWHIHFKDGRGHFRPSUD
7RGDKHUUDPLHQWDHOpFWULFDUHHPSOD]DGDRUHSDUDGDTXHGDUi
FXELHUWDSRUODJDUDQWtDOLPLWDGDGXUDQWHORTXHTXHGHGHO
SHUtRGRGHODJDUDQWtDGHVGHODIHFKDRULJLQDOGHFRPSUD
/248(12(67É&8%,(572
(VWDJDUDQWtDHVYiOLGD~QLFDPHQWHSDUDHOFRPSUDGRURULJLQDO
\QRHVWUDQVIHULEOH
(VWDJDUDQWtD12FXEUHODUHSDUDFLyQRUHHPSOD]RGHSDUWHV
GHELGRDOGHVJDVWHQRUPDO
(VWDJDUDQWtD12FXEUHDFFHVRULRVREDWHUtDV
(VWDJDUDQWtD12FXEUHIDOODVURWXUDVRGHIHFWRVGHELGRVD
DXVRDQRUPDODEXVRQHJOLJHQFLDRXVRTXHQRHVWpGH
DFXHUGRFRQHOPDQXDOGHLQVWUXFFLRQHV
EGDxRVUHVXOWDQWHVGHDFFLGHQWHVFDtGDVRXVRLQDGHFXDGR
GHODKHUUDPLHQWD
FPRGLÀFDFLRQHVRUHSDUDFLRQHVQRUHDOL]DGDVSRUFHQWURV
DSUREDGRVGHUHSDUDFLRQHV
GXVRFRPHUFLDORGHDOTXLOHU
(OIDEULFDQWHQRRIUHFHQLQJXQDRWUDJDUDQWtDUHSUHVHQWDFLyQR
SURPHVDFRQUHVSHFWRDODFDOLGDGRUHQGLPLHQWRGHVXVKHUUD
PLHQWDVHOpFWULFDVTXHQRHVWpQHVSHFtÀFDPHQWHPHQFLRQDGDV
HQHVWDJDUDQWtD
3$5$2%7(1(56(59,&,2
/ODPHDQXHVWUDOtQHDJUDWXLWDGHVHUYLFLRDOFOLHQWHDO
SDUDUHFLELUXQDKHUUDPLHQWDGHUHHPSOD]RRSDUDTXH
ORGLULMDQDXQFHQWURDSUREDGRGHUHSDUDFLRQHV$OHIHFWXDU
XQUHFODPRGHJDUDQWtDRDOHQYLDUODKHUUDPLHQWDSDUDVHU
UHSDUDGDEDMRJDUDQWtDGHEHUiLQFOXLUXQFRPSUREDQWHIHFKDGR
GHFRPSUD
/,0,7$&,21(6$',&,21$/(6
(VWDJDUDQWtDHVYiOLGD~QLFDPHQWHSDUDSURGXFWRVFRPSUDGRV
\XVDGRVHQORV(VWDGRV8QLGRVVXVWHUULWRULRVR&DQDGi
&XDOTXLHUJDUDQWtDLPSOtFLWDFRQFHGLGDSRUODVOH\HVHVWDWDOHV
LQFOX\HQGRJDUDQWtDVGHFDOLGDGRGHLGRQHLGDGSDUDXQÀQ
GHWHUPLQDGRHVWiOLPLWDGDDWUHVDxRVGHVGHODIHFKDGH
FRPSUD(OIDEULFDQWHQRVHKDFHUHVSRQVDEOHSRUGDxRV
GLUHFWRVLQGLUHFWRVLQFLGHQWDOHVRFRQVHFXHQWHVLQFOX\HQGR
SHURVLQOLPLWDFLyQODUHVSRQVDELOLGDGSRUSpUGLGDGHLQJUHVRV
FRPRFRQVHFXHQFLDGHODFRPSUDRXVRGHHVWHSURGXFWR
$OJXQRVHVWDGRV\SURYLQFLDVQRSHUPLWHQOLPLWDFLRQHVFRQ
UHVSHFWRDFXDQWRGXUDXQDJDUDQWtDLPSOtFLWD\RODH[FOXVLyQ
ROLPLWDFLyQGHGDxRVLPSUHYLVWRVSRUORWDQWRODVH[FOXVLRQHV
ROLPLWDFLRQHVDQWHULRUHVSXHGHQQRDSOLFDUVHHQVXFDVR(VWD
JDUDQWtDOHRWRUJDGHUHFKRVOHJDOHVHVSHFtÀFRV\XVWHGSXHGH
WDPELpQWHQHURWURVGHUHFKRVORVTXHYDUtDQGHHVWDGRDHVWDGR
RGHSURYLQFLDDSURYLQFLD
(OIDEULFDQWHUHFKD]DWRGDUHVSRQVDELOLGDGFRQUHVSHFWRDOD
UHVSRQVDELOLGDGFLYLOHPHUJHQWHGHOXVRDEXVLYRRTXHQRHVWp
GHDFXHUGRFRQHOXVR\PDQWHQLPLHQWRDGHFXDGRGHODKHU
UDPLHQWDWDOFRPRVHORGHVFULEHHQHOPDQXDOGHOXVXDULR
/XHJRGHODFRPSUDHOIDEULFDQWHUHFRPLHQGDHO
PDQWHQLPLHQWRDGHFXDGRGHODKHUUDPLHQWD\HOOHHU
HOPDQXDOGHOXVXDULRDQWHVGHXVDUOD
-$:+256(70 )5(
/,67('(6e/e0(176
0Ç&+2,5(02%,/(
0Ç&+2,5(),;(
&2536'(/·287,/
,17(55837(85'(%/2&$*('e%/2&$*(
3e'$/(
6<67Ë0('(%/2&$*('(/$3e'$/(
3,('$9$17
3$/(77('·$338,
6(0(//((1&$287&+28&
6<67Ë0('(%/2&$*('83,('$9$17
3,('$55,Ë5(
%28721'(%/2&$*('83,('$55,Ë5(
3527(&7,21'(/$0Ç&+2,5(),;(
3527(&7,21'(/$0Ç&+2,5(02%,/(3,Ë&(6
528/($8
$&&(662,5(6237,211(/6
3RVWHGHVRXGXUH5.
0kFKRLUHVjEFKHVHWjSLQFHVSRXUWURQoRQQHXVH5.
6DFjRXWLOV5.
1RXVYRXVUHFRPPDQGRQVG·DFKHWHUWRXVYRVDFFHVVRLUHV
GXPrPHPDJDVLQTXLYRXVDYHQGXO·RXWLO1·XWLOLVH]TXH
GHVDFFHVVRLUHVGHERQQHTXDOLWpGHPDUTXHUHQRPPpH
&KRLVLVVH]OHW\SHG·RXWLODSSURSULpDXWUDYDLOTXHYRXVGpVLUH]
HQWUHSUHQGUH3RXUGHSOXVDPSOHVUHQVHLJQHPHQWVFRQVXOWH]
O·HPEDOODJHGHO·DFFHVVRLUH/HSHUVRQQHOGXPDJDVLQSHXW
pJDOHPHQWYRXVFRQVHLOOHU
&216,*1(6'(6e&85,7e
$9(57,66(0(17
/RUVTXHYRXVXWLOLVH]FHWRXWLO
YHXLOOH]WRXMRXUVVXLYUHOHVFRQVLJQHVGHVpFXULWpGH
EDVH9RXVULVTXHULH]DXWUHPHQWGHYRXVEOHVVHU
9HXLOOH]OLUHFHVLQVWUXFWLRQVDYDQWGHFRPPHQFHUjXWLOLVHUFHW
RXWLO9HXLOOH]pJDOHPHQWFRQVHUYHUFHVLQVWUXFWLRQV
*DUGH]ODVXUIDFHGHWUDYDLOWRXMRXUVSURSUH
/HV]RQHVHWOHVEDQFVGHWUDYDLOHQFRPEUpVVRQWGHVVRXUFHV
SRWHQWLHOOHVG·DFFLGHQWV
9pULÀH]TXHOHVSLqFHVPRELOHVQHULVTXHQWSDV
G·rWUHFRLQFpHV
$VVXUH]YRXVG·LQVWDOOHUO·-$:+256(70VXUXQVRO
-$:+256(70 )5(
IHUPHHWjQLYHDXGHPDQLqUHjFHTX·LOVRLWELHQ
VWDEOH
'HPDQGH]DX[DXWUHVSHUVRQQHVGHQHSDVUHVWHU
jSUR[LPLWp
1HODLVVH]DXFXQHSHUVRQQHTXLQHYRXVDLGHSDVGDQV
YRWUHWUDYDLOSDUWLFXOLqUHPHQWOHVHQIDQWVWRXFKHUO·RXWLOHW
GHPDQGH]OHXUVGHV·pORLJQHUGHOD]RQHGHWUDYDLO
$WWHQWLRQDXULVTXHGHGpVpTXLOLEUH
/RUVTX·XQH
SODQFKHGHJUDQGHWDLOOHHVWFRXSpHHQGHX[OHPRUFHDXUHVWDQW
SHXWrWUHVXIÀVDPPHQWORXUGSRXUIDLUHEDVFXOHUO·-$:+256(
70
9pULÀH]GRQFTXHODSODQFKHHVWVXSSRUWpHGHIDoRQDGpTXDWH
9pULÀH]TXHWRXWHVOHVYLVHWERXWRQVGHÀ[DWLRQ
VRQWELHQVHUUpVHWTXHOHVSLHGVVRQWYHUURXLOOpV
DYDQWG·XWLOLVHUO·-$:+256(70
/·RXWLOGRLWrWUHXQLTXHPHQWXWLOLVpSRXUO·XVDJH
SRXUOHTXHOLOHVWFRQoX
7RXWHXWLOLVDWLRQDXWUHTXHFHOOHV
PHQWLRQQpHVGDQVFHVLQVWUXFWLRQVHVWFRQVLGpUpHFRPPHXQ
FDVGHPDXYDLVHXWLOLVDWLRQ
/HIDEULFDQWQ·HVWGRQFSDVUHVSRQVDEOHGHVGRPPDJHVRXGHV
EOHVVXUHVUHOLpVjXQHWHOOHXWLOLVDWLRQ
1HYRXVPHWWH]MDPDLVGHERXWVXUO·RXWLO
+DELOOH]YRXVDGpTXDWHPHQW
1HSRUWH]SDVGHYrWHPHQWVDPSOHVQLGHELMRX[TXL
ULVTXHUDLHQWGHVHSUHQGUHGDQVOHVSLqFHVPRELOHV
3RUWH]GHVFKDXVVXUHVjVHPHOOHVQRQGpUDSDQWHVORUVTXH
YRXVWUDYDLOOH]jO·H[WpULHXU
3RUWH]XQÀOHWSRXUUHWHQLUOHVFKHYHX[ORQJV
8WLOLVH]GHVpTXLSHPHQWVGHSURWHFWLRQ
3RUWH]WRXMRXUVGHVOXQHWWHVGHVpFXULWp
&RQVHUYH]FHPRGHG·HPSORL
/LVH]OHIUpTXHPPHQW
HWXWLOLVH]OHSRXULQIRUPHUG·DXWUHVSHUVRQQHVVXVFHSWLEOHV
G·XWLOLVHUFHWRXWLO6LYRXVSUrWH]O·-$:+256(
70
jTXHOTX·XQ
ODLVVH]OHXUpJDOHPHQWFHVLQVWUXFWLRQVSRXUpYLWHUWRXWH
PDXYDLVHXWLOLVDWLRQGHO·RXWLOHWWRXWULVTXHGHEOHVVXUH
6<0%2/(6
/LVH]OHPDQXHO
$YHUWLVVHPHQW
1HSDVH[SRVH]SDVjODSOXLHHWjO·HDX
1HSDVMHWHUDXIHX
3RUWH]XQHSURWHFWLRQDXGLWLYHXQSURWHFWHXU
RFXODLUHHWXQPDVTXHDQWLSRXVVLqUHV
5LVTXHVGHSLQFHPHQW
-$:+256(70 )5(
'211e(67(&+1,48(6
2XYHUWXUHGHVHUUDJH
0D[)RUFHGHYHUURXLOODJH
0pWKRGHGHVHUUDJH
&KDUJHPD[LPDOH
(QFRPEUHPHQW'HERXW
(QFRPEUHPHQW3OLp
&RXUVHGHVHUUDJH3pGDOH
3RLGV
&RQVWUXFWLRQ
SRSRPP
7RQNJV
0DUFKH
OEVNJV
SR[SR[SR[[PP
SR[SR[SR[[PP
SRXFHSDUpWDSH
OEVNJV
$FLHUVROLGH
,16758&7,216'·87,/,6$7,21
5(0$548(
$YDQWG·XWLOLVHUFHWRXWLODVVXUH]YRXVGH
OLUHDWWHQWLYHPHQWOHPDQXHOG·XWLOLVDWLRQ
³,16758&7,216'(0217$*(
3ODFH]O·pWDXjO·HQYHUVVXUOHVROGHVVHUUH]OHERXWRQGH
EORFDJHGXSLHGDUULqUHSXLVWLUH]VXUOHSLHGDUULqUHSRXU
OHVRUWLUGHVDSRVLWLRQGHUDQJHPHQW)DLWHVSLYRWHUOHSLHG
HWJOLVVH]OHMXVTX·HQKDXWSXLVVRXOHYH]OHHWHQIRQFH]OH
FRPSOqWHPHQWGDQVVRQHPSODFHPHQW6HUUH]OHERXWRQYRLU
)LJ
6RXOHYH]ODSpGDOHMXVTX·jFHTX·HOOHEORTXHYRLU)LJ
7RXUQH]OHVSLHGVDYDQWHWSRXVVH]OHHQSODFHMXVTX·j
FHTX·LOVEORTXHQW/HV\VWqPHGHEORFDJHGHVSLHGVDYDQW
V·RXYUHDXWRPDWLTXHPHQWYRLU)LJ
5HPHWWH]O·pWDXjO·HQGURLWHWUHYpULÀH]TXHOHVSLHGVVRQWHQ
SODFHHWTX·LOVVRQWELHQYHUURXLOOpV
³,16758&7,216'('e0217$*(
/HGpPRQWDJHVHIDLWHQVXLYDQWODSURFpGXUHLQYHUVHGHV
H[SOLFDWLRQVGRQQpHVFLGHVVXVYRLU)LJ
9pULÀH]TXHO·LQWHUUXSWHXUGHEORFDJHGpEORFDJHHVWHQ
SRVLWLRQ´GpEORTXpHµYRLU)LJ
*OLVVH]OHV\VWqPHGHEORFDJHGXSLHGDYDQWHWSOLH]OHVSLHGV
YRLU)LJ
7LUH]OHV\VWqPHGHEORFDJHGHODSpGDOHSXLVSOLH]ODSpGDOH
YRLU)LJ
'HVVHUUH]OHERXWRQGHEORFDJHDUULqUH)DLWHVJOLVVHUOHSLHG
DUULqUHGHVRQHPSODFHPHQWHWUHSOLH]OH9pULÀH]TXHOHSLHG
DUULqUHHVWFRPSOqWHPHQWSOLpGDQVVDSRVLWLRQGHUDQJHPHQWHW
TXHOHERXWRQGHEORFDJHGXSLHGDUULqUHHVWELHQVHUUp
9RXVSRXYH]WUDQVSRUWHUO·pWDXHQXWLOLVDQWOHSLHGDUULqUH
FRPPHSRLJQpHORUVTX·LOHVWSOLpYRLU)LJ
9RXVSRXYH]pJDOHPHQWJOLVVHUOHSLHGHWO·XWLOLVHUFRPPH
SRLJQpHDYHFOHURXOHDXSODFpjO·DYDQWYRXVSRXYH]GRQF
IDFLOHPHQWWUDQVSRUWHUO·-$:+256(
70
9HXLOOH]QRWHUTXHOH
URXOHDXQ·HVWSDVFRQoXSRXUVXSSRUWHUGHVFRQGLWLRQVWURS
ULJRXUHXVHVFRPPHOHIDLWGHGHVFHQGUHXQHVFDOLHUVXUOH
URXOHDXRXGHOHURXOHUVXUXQWHUUDLQLQpJDOYRLU)LJ
³6(55$*('(/$3,Ë&(
3ODFH]ODSLqFHjWUDYDLOOHUFRQWUHODPkFKRLUHÀ[HHWJOLVVH]
ODPkFKRLUHPRELOHYHUVO·DYDQWMXVTX·jFHTX·HOOHWRXFKHOD
SLqFHjWUDYDLOOHU
9RXVSRXYH]HQIRQFHUODSpGDOHGHIDoRQUpSpWpHSRXUGpSODFHU
ODPkFKRLUHYHUVO·DYDQW
*OLVVH]O·LQWHUUXSWHXUGHEORFDJHGpEORFDJHYHUVOHEDVHQ
SRVLWLRQGH´EORFDJHµYRLU)LJ
$SSOLTXH]XQHSUHVVXUHYHUVOHEDVVXUODSpGDOHSRXU
DSSOLTXHUXQHIRUFHGHVHUUDJHVXIÀVDQWHYRLU)LJ
$9(57,66(0(17
/DIRUFHPD[LPDOHDSSOLFDEOHVXU
ODSpGDOHHVWGHOENJPD[1HYRXVPHWWH]
SDVGHERXWVXUODSpGDOHHWQHVDXWH]SDVGHVVXVFDUYRXV
ULVTXHULH]GHYRXVEOHVVHURXG·HQGRPPDJHUO·RXWLO
³'(66(55$*(
*OLVVH]O·LQWHUUXSWHXUGHEORFDJHGpEORFDJHYHUVOHKDXWHQ
SRVLWLRQGH´GpEORFDJHµYRLU)LJ
3RXVVH]VXUODSpGDOHSRXUODUHPRQWHUHWSRXUGHVVHUUHUOD
SLqFHjWUDYDLOOHUYRLU)LJ
6LYRXVDYH]VHUUpODSLqFHWUqVIRUWYRXVGHYH]H[HUFHUXQH
SUHVVLRQVLPLODLUHVXUODSpGDOHSRXUODGHVVHUUHU
$9(57,66(0(17
$VVXUH]YRXVGHWHQLUODSLqFH
ORUVTXHYRXVGHVVHUUH]O·pWDXSRXUTXHODSLqFHQH
WRPEHSDVDXPRPHQWRO·pWDXUHOkFKHODSUHVVLRQ
*OLVVH]ODPkFKRLUHPRELOHYHUVO·DUULqUHHWUHWLUH]ODSLqFHj
WUDYDLOOHUYRLU)LJ
³6(55$*('·81&Ñ7e'(/$0Ç&+2,5(
3DUIRLVGHVSLqFHVjWUDYDLOOHUWURSODUJHVRXGHIRUPHV
GLIIpUHQWHVQHSHXYHQWrWUHÀ[pHVTXHG·XQF{WpGHVPkFKRLUHV
'DQVFHFDVQ·H[HUFH]SDVXQHIRUFHGHVHUUDJHWURSIRUWH
³6(55$*('(3,Ë&(6&$55e(6/$9(57,&$/(92,5),*
3DUIRLVOHVSLqFHVjWUDYDLOOHUGHIRUPHWXEXODLUHRXFDUUpHHQ
DFLHUHQDOXPLQLXPRXDXWUHGRLYHQWrWUHSODFpHVjODYHUWLFDOH
DXFHQWUHGHVPkFKRLUHV/HWURXVLWXpGDQVOHSODWHDXVRXV
OHVPkFKRLUHVSHUPHWWHQWG·HQÀOHUGHVSLqFHVG·XQHODUJHXU
PD[LPDOHGHSR
³6(55$*('·2%-(76'(*5$1'(7$,//(>3200²
3200@
/DPkFKRLUHPRELOHSHXWrWUHLQYHUVpHSRXUDFFRPPRGHUGHV
REMHWVGHJUDQGHWDLOOH
3ODFH]O·LQWHUUXSWHXUGHEORFDJHGpEORFDJHHQSRVLWLRQGH
´GpEORFDJHµHWYpULÀH]TXHODSpGDOHHVWGHVVHUUpH
-$:+256(70 )5(
6RUWH]FRPSOqWHPHQWODPkFKRLUHPRELOHGHVRQUDLOYRLU
)LJ
7RXUQH]ODPkFKRLUHjGHJUpVHWUpLQVpUH]ODVXUOHUDLO
YRLU)LJ
$9(57,66(0(17
/RUVTXHYRXVVHUUH]GHVREMHWV
HQXWLOLVDQWODPkFKRLUHPRELOHUHWRXUQpHYpULÀH]TXH
ODSLqFHUHSRVHVXUODPkFKRLUHPRELOHHQpWDQWELHQSDUDOOqOH
jHOOHeYLWH]GHVHUUHUODSLqFHDYHFODSDUWLHVXSpULHXUHGHV
PkFKRLUHVDYHFXQHVSDFHHQWUHODSLqFHjWUDYDLOOHUHWODEDVH
GHODPkFKRLUHPRELOHFDUXQHSUHVVLRQH[FHVVLYHVXUODSpGDOH
SRXUUDLWHQGRPPDJHUO·RXWLORXODSLqFH
5(0$548(&HUWDLQHVXWLOLVDWLRQVFRPPHOHVFLDJH
jPDLQRXOHUDERWDJHH[HUFHQWVXIÀVDPPHQWGH
SUHVVLRQVXUO·pWDXSRXUTX·LOVHGpSODFHVXUOHVRO
'DQVFHVFDVYRXVSRXYH]WHQLUO·-$:+256(70HQYRXV
PHWWDQWGHERXWVXUODSDOHWWHG·DSSXLYRLU)LJ
/RUVTXHYRXVWUDYDLOOH]DYHFGHVPDWpULDX[ORXUGVRX
GHJUDQGHWDLOOHSUpYR\H]XQVXSSRUWVXSSOpPHQWDLUH
SRXUODSLqFH1HYRXVPHWWH]MDPDLVGHERXWVXU
ODSDOHWWHG·DSSXLSRXUpYLWHUTXHO·-$:+256(70QH
EDVFXOHSDVSDUWLFXOLqUHPHQWORUVTXHYRXVXWLOLVH]
GHVRXWLOVpOHFWULTXHVYRLU)LJ
³6(55$*('·8178%(&$55e
6HUUH]OHWXEHFDUUpRXWRXWHSLqFHVLPLODLUHVRLWVXUOD
GLDJRQDOHVRLWVXUOHF{Wp8WLOLVH]OHVPkFKRLUHVSRXUÀ[HUOD
SLqFHYRLU)LJ
³5(75$,7'(/$3527(&7,21'(60Ç&+2,5(692,5),*
/DSURWHFWLRQGHVPkFKRLUHVSHXWrWUHUHWLUpHSRXUREWHQLU
XQHRXYHUWXUHGHVHUUDJHVXSpULHXUHSRXUOHVUHPSODFHU
ORUVTX·HOOHVVRQWXVpHVRXHQGRPPDJpHVRXSRXULQVWDOOHUGHV
PkFKRLUHVRSWLRQQHOOHV
/DSURWHFWLRQGHODPkFKRLUHSHXWrWUHUHWLUpHjODPDLQ
$&&(662,5(6237,211(/6
3267('(628'85(92,5),*$
/HSRVWHGHVRXGXUHSHUPHWGHWHQLUGHVSLqFHVGXUDQWOD
VRXGXUH/HVpSDLVVHVPkFKRLUHVHQDOXPLQLXPSHXYHQWWHQLU
ODSLqFHODSOXVJUDQGH/HEUDVGHVRXWLHQUHWLHQWODVHFRQGH
SLqFHTXLGRLWrWUHVRXGpHVXUODSLqFHODSOXVJUDQGHHWSHXW
pJDOHPHQWOHSODFHUGHIDoRQWUqVSUpFLVH
0Ç&+2,5(6%Õ&+(6(73,1&(632857521d211(86(
92,5),*%'
&HVPkFKRLUHVVRQWSDUIDLWHVSRXUWHQLUGHVEFKHVRXGHV
SRWHDX[HWSRXUWHQLUXQHWURQoRQQHXVHDÀQG·HQDIIWHUOD
FKDvQH&HVPkFKRLUHVHQDFLHUVRQWERXORQQpHVVXUOHV
PkFKRLUHVVWDQGDUGHQDFLHUHWVRQWJDOYDQLVpHVSRXUPLHX[
UpVLVWHUjODFRUURVLRQ
/HVEORFVGHVHUUDJHGHODWURQoRQQHXVHSLYRWHQWYHUVO·DUULqUH
ORUVTX·LOVQHVRQWSDVXWLOLVpVHWLOVSLYRWHQWYHUVO·DYDQW
ORUVTX·LOVVRQWQpFHVVDLUHV
/HVEFKHVRXOHVSRWHDX[G·XQGLDPqWUHPD[LPDOGHSR
PPVRQWIHUPHPHQWVHUUpVSRXUSHUPHWWUHODFRXSHjOD
WURQoRQQHXVHOHSHUoDJHOHUDERWDJHHWF
/DPkFKRLUHSRXUWURQoRQQHXVHHVWSDUIDLWHSRXUWHQLUXQH
WURQoRQQHXVHDÀQG·HQDIIWHUODFKDvQH'HX[SDLUHVG·pWDX[
G·XQF{WpHWGHO·DXWUHSHUPHWWHQWG·pORLJQHUOHVPkFKRLUHVGH
VHUUDJHGHODFKDvQHTXLSHXWDLQVLWRXUQHUOLEUHPHQWGXUDQW
O·DIIWDJHGHVGHQWV
6$&287,/6
/HVDFjRXWLOVYRXVRIIUHXQHVSDFHGHUDQJHPHQWSUDWLTXHSRXU
YRVRXWLOVHWDXWUHVSLqFHV
*$5$17,(
32/,7,48('·e&+$1*(/,0,7e('(62,;$17(-2856
8QRXWLOTXLQHIRQFWLRQQHSDVFRUUHFWHPHQWjFDXVHG·XQ
GpIDXWGHSLqFHRXGHPDLQG·±XYUHHVWpFKDQJHDEOHGXUDQWOHV
VRL[DQWHSUHPLHUVMRXUVDSUqVODGDWHG·DFKDWHQUDSSRUWDQW
O·RXWLODXGpWDLOODQWRLODpWpDFKHWp3RXUREWHQLUXQRXWLOGH
UHPSODFHPHQWYRXVGHYH]SUpVHQWHUXQHSUHXYHG·DFKDWGDWpH
HWUHWRXUQHUO·RXWLOGDQVVRQHPEDOODJHRULJLQDO
*$5$17,(/,0,7e('(752,6$16
1RXVJDUDQWLVVRQVTXHGXUDQWXQHSpULRGHGHWURLVDQV
jSDUWLUGHODGDWHG·DFKDWFHSURGXLWVHUDOLEUHGHGpIDXWGH
PDWpULDX[GHIDEULFDWLRQHWGHPDLQG·±XYUH1RXVUpSDUHURQV
RXUHPSODFHURQVjQRWUHVHXOHRSWLRQFHWRXWLOGXUDQWOD
SpULRGHGHJDUDQWLHHWQRXVSRXYRQVH[LJHUTX·LOVRLWH[SpGLp
IUDLVGHSRUWSD\pVjXQGHQRVFHQWUHVGHVHUYLFHDXWRULVpV
DFFRPSDJQpG·XQHSUHXYHG·DFKDWGDWpH7RXWRXWLOUHPSODFpRX
UpSDUpQHVHUDFRXYHUWTXHGHODSpULRGHGHJDUDQWLHUHVWDQWVXU
ODGXUpHGHGHX[DQVGHSXLVODGDWHG·DFKDW
&(48,(67(;&/86'(/$*$5$17,(
HWWHJDUDQWLHQ·HVWYDOLGHTXHSRXUO·DFKHWHXURULJLQDOHWQ·HVWSDV
WUDQVIpUDEOH
&HWWHJDUDQWLHQHFRXYUH3$6O·HQWUHWLHQRXOHUHPSODFHPHQWGH
SLqFHVXVpHVTXLHVWQRUPDOHPHQWUHTXLV
&HWWHJDUDQWLHQHFRXYUH3$6OHVDFFHVVRLUHVRXOHVEORFVSLOHV
&HWWHJDUDQWLHQHFRXYUH3$6
DOHPDXYDLVIRQFWLRQQHPHQWSDQQHVRXGpIDXWVFDXVpVSDU
XQXVDJHDQRUPDOO·DEXVODQpJOLJHQFHRXXQHXWLOLVDWLRQQH
-$:+256(70 )5(
VXLYDQWSDVOHVGLUHFWLYHVGXPDQXHOG·XWLOLVDWLRQ
EO·HQGRPPDJHPHQWUpVXOWDQWG·DFFLGHQWVG·pFKDSSHPHQWVDX
VRORXGHPDXYDLVWUDLWHPHQWVGHO·RXWLO
FOHVSUREOqPHVFDXVpVSDUXQHPRGLÀFDWLRQRXUpSDUDWLRQ
IDLWHDLOOHXUVTX·jXQFHQWUHGHVHUYLFHDXWRULVp
GOHVSUREOqPHVGXVjO·XWLOLVDWLRQFRPPHUFLDOHRXGHORFDWLRQ
/HPDQXIDFWXULHUQHIDLWSDVGHJDUDQWLHUHSUpVHQWDWLRQRX
SURPHVVHUHODWLYHVjODTXDOLWpRXSHUIRUPDQFHGHVHVRXWLOV
DXWUHVTXHFHOOHVGpFULWHVHQWRXWHVOHWWUHVGDQVODSUpVHQWH
JDUDQWLH
$66,67$1&(
3RXUIDLUHUHPSODFHUYRWUHRXWLOHWREWHQLUO·DGUHVVHG·XQFHQWUH
GHVHUYLFHDXWRULVpFRQWDFWH]QRWUHSHUVRQQHOG·DVVLVWDQFHj
ODFOLHQWqOHDXQXPpURVDQVIUDLV/RUVTXHYRXV
IDLWHVXQHUpFODPDWLRQGHJDUDQWLHRXUHWRXUQH]O·RXWLOSRXU
UpSDUDWLRQVRXVJDUDQWLHYRXVGHYH]pJDOHPHQWLQFOXUHXQH
SUHXYHG·DFKDWGDWpH
/,0,7$7,216$'',7,211(//(6
&HWWHJDUDQWLHQ·HVWYDOLGHTXHSRXUOHVSURGXLWVDFKHWpVHWXWLOLVpV
DX[eWDWV8QLVG·$PpULTXHVHVWHUULWRLUHVHWDX&DQDGD7RXWH
JDUDQWLHWDFLWHDX[ORLVpWDWLTXHVRXSURYLQFLDOHVQ·LQFOXDQWSDV
OHVJDUDQWLHVGHTXDOLWpPDUFKDQGHRXGHFDSDFLWpGpGLpHjXQH
DSSOLFDWLRQSDUWLFXOLqUHHVWOLPLWpHjWURLVDQVGHODGDWHG·DFKDW
/HPDQXIDFWXULHUQHVHUDSDVUHVSRQVDEOHGHVGRPPDJHV
DFFHVVRLUHVGLUHFWVHWLQGLUHFWVLQFOXDQWPDLVQHVHOLPLWDQWSDV
jODSHUWHGHUHYHQXVUpVXOWDQWGHO·DFKDWRXGHO·XWLOLVDWLRQGX
SURGXLW&HUWDLQVpWDWVHWSURYLQFHVQ·DXWRULVHQWSDVODOLPLWDWLRQGH
GXUpHGHJDUDQWLHWDFLWHHWRXQHSHUPHWWHQWSDVO·H[FOXVLRQRXOD
OLPLWDWLRQGHVGRPPDJHVDFFHVVRLUHVGLUHFWVDORUVOHVOLPLWDWLRQV
HWH[FOXVLRQVpQXPpUpHVFLGHVVXVSHXYHQWQHSDVV·DSSOLTXHU
GDQVYRWUHFDV&HWWHJDUDQWLHYRXVGRQQHGHVGURLWVOpJDX[
VSpFLÀTXHVHWYRXVDYH]SHXWrWUHG·DXWUHVGURLWVTXLYDULHQWG·XQ
pWDWRXSURYLQFHjO·DXWUH
/HPDQXIDFWXULHUGpFOLQHWRXWHUHVSRQVDELOLWpFLYLOHGH
GRPPDJHVSURYHQDQWG·XQHXWLOLVDWLRQDEXVLYHRXQ·pWDQWSDV
FRQIRUPHjODERQQHXWLOLVDWLRQRXjO·HQWUHWLHQGHODPDFKLQH
GpFULWVDXPDQXHOGHO·XWLOLVDWHXU
$SUqVO·DFKDWOHPDQXIDFWXULHUVXJJqUHGHOLUHOH
PDQXHOGHO·XWLOLVDWHXUDYDQWGHVHVHUYLUGHODPDFKLQH
HWG·HQIDLUHO·HQWUHWLHQUHFRPPDQGp
