Tanaka TBC-225 User manual

2ZQHU¶VPDQXDO
0DQXDOG¶XWLOLVDWLRQ
0DQXOHXVRHPDQXWHQ]LRQH
%HGLHQXQJVDQOHLWXQJ
0DQXDOGHOSURSLHWDULR
,QVWUXNWLRQVERN
(Q)U,W*H6S6Z

7%&&6&6
7%&3)3)
7%&3)
7%&6)6)
7%&

7KHHQJLQHH[KDXVWIURPWKLVSURGXFW
FRQWDLQVFKHPLFDOVNQRZQWRWKH6WDWH
RI&DOLIRUQLDWRFDXVHFDQFHUELUWK
GHIHFWVDQGRWKHUUHSURGXFWLYHKDUP
:DUQLQJ



5HDGXQGHUVWDQGDQGIROORZDOOZDUQLQJVDQG
LQVWUXFWLRQVLQWKLVPDQXDODQGRQWKHXQLW
/LVH]FRPSUHQH]HWVXLYH]WRXWHVOHV
LQVWUXFWLRQVHWWRXVOHVDYHUWLVVHPHQWVGRQQp
VGDQVFHPDQXHOHWVXUOHSURGXLW
/HJJHUHFRQDWWHQ]LRQHHVHJXLUHWXWWHOH
DYYHUWHQ]HHOHLVWUX]LRQLDOO¶LQWHUQRGHO
PDQXDOH



'LHLQGHU%HGLHQXQJVDQOHLWXQJXQGDQGHU
0DVFKLQHDQJHJHEHQHQ:DUQXQJVWH[WHDQG
$QZHLVXQJHQVLQG]XOHVHQXQG]XEHIROJHQ
/HDFRPSUHQGD\VLJDWRGDVODVDGYHUWHQFLDV
\GHPiVLQVWUXFFLRQHVGHHVWHPDQXDO\ODV
TXHKD\HQODPiTXLQD
/lVI|UVWnRFKI|OMDOODYDUQLQJDURFK
LQVWUXNWLRQHULGHQQDEUXNVDQYLVQLQJRFKSn
PDVNLQHQ






,WLVLPSRUWDQWWKDW\RXUHDGIXOO\XQGHUVWDQG
DQGREVHUYHWKHIROORZLQJVDIHW\SUHFDXWLRQV
DQGZDUQLQJV&DUHOHVVRULPSURSHUXVHRI
WKHXQLWPD\FDXVHVHULRXVRUIDWDOLQMXU\
,OHVWHVVHQWLHOTXHYRXVOLVLH]HWFRPSUHQLH]
SDUIDLWHPHQWOHVFRQVLJQHVGHVpFXULWpV
VXLYDQWHVHWDXWUHVDYHUWLVVHPHQWVHWTXH
YRXVOHVREVHUYLH]VWULFWHPHQW/¶XWLOLVDWLRQ
LQDWWHQWLYHRXLQDGpTXDWHGHFHWWHXQLWp
ULVTXHGHSURYRTXHUGHVEOHVVXUHVJUDYHVRX
IDWDOHV
ÊLPSRUWDQWHOHJJHUHFRPSUHQGHUHDIRQGRH
RVVHUYDUHOHVHJXHQWLSUHFDX]LRQLGLVLFXUH]]D
HDYYHUWHQ]H'LVDWWHQ]LRQHRXQXVR
LPSURSULRGHOO¶XQLWjSRVVRQRFDXVDUHOHVLRQL
JUDYLRIDWDOL
(VLVWZLFKWLJGD6LHVLFKPLWGHQ
QDFKIROJHQGHQ9RUVLFKWVPDQDKPHQXQG
:DUQXQJHQYHUWUDXWPDFKHQXQGGLHVH
EHIROJHQ8QYRUVLFKWLJHRGHUXQVDFKJHP
lH+DQGKDEXQJGLHVHV*HUlWHVNDQQ]X
VFKZHUHQRGHUVRJDUOHEHQVJHIlKUOLFKHQ
9HUOHW]XQJHQIKUHQ
(VLPSRUWDQWHTXHXVWHGOHDHQWLHQGD
WRWDOPHQWH\REVHUYHODVVLJXLHQWHV
SUHFDXFLRQHV\DGYHUWHQFLDVGHVHJXULGDG
(OXVRGHVFXLGDGRRLQFRUUHFWRGHODXQLGDG
SRGUiFDXVDUOHOHVLRQHVVHULDVRIDWDOHV
'HWlUYLNWLJWDWWGXQRJJUDQWOlVHUL
EUXNVDQYLVQLQJHQI|UDWWIXOOWI|UVWnRFKI
|OMDI|UVLNWLJKHWVPnWWHQI|UVlNHUKHWRFK
YDUQLQJDUQD2PDSSDUDWHQDQYlQGVVODUYLJW
HOOHUSnQnJRWROlPSOLJWVlWWNDQGHWPHGI|UD
HQDOOYDUOLJVNDGD






×
$77(17,21
/HVJD]G¶pFKDSSHPHQWGXPRWHXUGHFHSURGXLWFRQWLHQQHQWGHVSURGXLWVFKLPLTXHV
FRQVLGpUpVSDUO¶(WDWGHOD&DOLIRUQLHFRPPHFDXVDQWGHVFDQFHUVGHVPDOIRUPDWLRQV
FRQJpQLWDOHVHWDXWUHVWURXEOHVGHODUHSURGXFWLRQ
$77(1=,21(
,JDVGLVFDULFRGHOPRWRUHGLTXHVWRSURGRWWRFRQWHQJRQRHOHPHQWLFKLPLFLQRWLDOOR
VWDWRGHOOD&DOLIRUQLDFRPHFDXVHGLFDQFURGLIHWWLFRQJHQLWLHDOWULGDQQLDOVLVWHPD
ULSURGXWWLYR
:$5181*
'LHYRQGLHVHP3URGXNW$EWJDVHHQWKDOWHQ6WRIIHGLHYRP%XQGHVVWDDW.DOLIRUQLHQDOV
(UUHJHUYRQ.UHEV*HEXUWVIHKOHUQXQGDQGHUHQ)RUWSÀDQ]XQJVVFKlGHQDQJHVHKHQ
ZHUGHQ
$7(1&,Ï1
(OJDVGHHVFDSHGHHVWHSURGXFWRFRQWLHQHSURGXFWRVTXtPLFRVFRQRFLGRVSRUHO
(VWDGRGH&DOLIRUQLDTXHFDXVDQFiQFHUQDFLPLHQWRFRQGHIHFWRV\RWURVGDxRVGH
UHSURGXFFLyQ
9$51,1*
0RWRUDYJDVHQIUnQGHQDSURGXNWLQQHKnOOHUYLVVDNHPLNDODOLHUVRPVWDWHQNDOLIRUQLHQ
NODVVL¿VHUDWVRPNDQFHUIUDPNDOODQGHIRVWHUVNDGDQGHHOOHUQ\GDQLQJVVW|UDQGHlPQHQ






0HDQLQJVRIV\PEROVRUODEHOV127(6RPHXQLWVGRQRWFDUU\WKHP
/HVVLJQL¿FTWLRQVGHVV\PEROHVRXpWLTXHWWHV5(0$548(&HUWDLQVHQVHPEOHVQ¶HQVRQWSDVSRXUYXV
,VLJQL¿FDWLGHLVLPEROLRGHOOHHWLFKHWWH127$$OFXQHXQLWjQRQQHVRQRSURYLVWH
'LH%HGHXWXQJHQGHU.XU]]HLFKHQRGHU%H]HLFKQXQJVVFKLOGHU
+,1:(,60DQFKH*HUlWHGDPLWQLFKWYHUVHKHQZXUGHQ
/RVVLJQL¿FDGRVGHORVVtPERORVRGHOODVHWLTXHWDV127$$OJXQRVDSDUDWRVQRHVWiQSURYLVWRVGHHOORV
%HW\GHOVHUDYV\PEROHUHOOHUHWLNHWWHU2%6(59(5$6RPOLJDDSSDUDWHUKDULQJDVnGDQD







$OZD\VZHDUH\HKHDGDQGHDUSURWHFWRUV
ZKHQXVLQJWKLVXQLW
8WLOLVH]WRXMRXUVGHVOXQHWWHVGHSURWHFWLRQ
DLQVLTX¶XQHSURWHFWLRQSRXUODWrWHHWOHV
RUHLOOHVORUVTXHYRXVXWLOLVH]FHSURGXLW
,QGRVVDUHVHPSUHSURWH]LRQLSHUJOLRFFKL
SHUODWHVWDHSHUOHRUHFFKLHTXDQGRXVDWHOD
PDFFKLQD
7UDJHQ6LHEHLGHU$QZHQGXQJGHU0DVFKLQH
VWHWV+HOP*HVLFKWVXQG*HK|UVFKXW]
8WLOL]DUVLHPSUHODVSURWHFFLRQHVSDUDORV
RMRVFDEH]D\ROGRVFXDQGRWUDEDMHFRQODP
iTXLQD
%lUDOOWLG|JRQKXYXGRFKK|UVHOVN\GGYLG
DQYlQGQLQJDYPDVNLQHQ






.HHSDOOFKLOGUHQE\VWDQGHUVDQGKHOSHUV
PDZD\IURPWKHXQLW,IDQ\RQHDSSURDFK
HV\RXVWRSWKHHQJLQHDQGFXWWLQJDWWDFK
PHQWLPPHGLDWHO\
0DLQWHQLUOHVHQIDQWVOHVEDGDXGVHWOHV
DLGHVDSOXVGHPqWUHVGHO¶HQVHPEOH6L
TXHOTX¶XQV¶DSSURFKHGHYRXVFRXSHULPPp
GLDWHPHQWOHPRWHXUHWDUUrWHUO¶RXWLOGHFRXSH
7HQHUHWXWWLLEDPELQLJOLDVWDQWLHJOLDLXWDQWL
DPGLGLVWDQ]DGDOO¶XQLWj6HTXDOFXQR
VLDYYLFLQDVSHJQHUHLOPRWRUHHIHUPDUHLO
GLVSRVLWLYRGLWDJOLRLPPHGLDWDPHQWH
.LQGHUXQG=XVFKDXHULQHLQHP$EVWDQGYRQ
PYRP*HUlWKDOWHQ)DOOVVLFKMHPDQGQl
KHUQVROOWHGHQ0RWRUXQGGDV=XEHK|UVRIRUW
DXVVFKDOWHQ
0DQWHQHUDOHMDGRVWRGRVORVQLxRVFXULRVRV
\D\XGDQWHVDXQDGLVWDQFLDGHPGHO
DSDUDWR(QHOFDVRGHDFHUFDUVHDOJXQD
SHUVRQDGHEHSDUDUVHLQPHGLDWDPHQWHHO
PRWRU\HODGLWDPHQWRGHFRUWH
/nWEDUQnVNnGDUHHOOHUKMlOSDUEHWDUHLQWH
NRPPDQlPDUHlQPWLOODSSDUDWHQ6WlQJ
JHQDVWDYPRWRUQRFKVWDQQDVNlUWLOOVDWVHQ
RPQnJRQNRPPHUQlUPDUH






6KRZVPD[LPXPVKDIWVSHHG'RQRWXVHWKH
FXWWLQJDWWDFKPHQWZKRVHPD[USPLVEHORZ
WKHVKDIWUSP
,QGLTXHODYLWHVVHPD[LPDOHGHO¶DUEUH
1¶XWLOLVHUSDVXQRXWLOGHFRXSHGRQWODYLWHVVH
GHURWDWLRQQRPEUHGHWRXUVPLQXWHHVWLQI
pULHXUHjODYLWHVVHGHURWDWLRQQEGHWRXUV
PLQXWHGHO¶DUEUH
,QGLFDODYHORFLWjPDVVLPDGHOO¶DOEHUR1RQ
XVDUHLOGLVSRVLWLYRGLWDJOLRLOFXLYDORUH
PDVVLPRGLJLULDOPLQXWRqLQIHULRUHDOYDORUH
GLJLULDOPLQXWRGHOO¶DOEHUR
=HLJWPD[MPDOH'UHK]DKOGHU:HOOHDQ.HMQ
6FKQHLG]XEHK|UYHUZHQGHQGHVVHQ'UHK]DKO
XQWHUGLHVHP:HUWOLHJW
,QGLFDODYHORFLGDGPi[LPDGHOHMH1RXVDU
HODGLWDPHQWRGHFRUWHFX\DYHORFLGDGPi
[LPDHVWpGHEDMRGHODYHORFLGDGGHOHMH
'HQPD[LPDODD[HOKDVWLJKHWHQYLVDV$QYl
QGLQJHQVNlUWLOOVDWVYDUVPD[USPURWDWLRQHU
SHUPLQXWlUXQGHUD[HOQVUSP






'RQRWXVHPHWDOULJLGEODGHVZKHQWKLVVLJQ
LVVKRZQRQWKHXQLW
1HSDVXWLOLVHUGHODPHVPpWDOOLTXHVULJLGHV
ORUVTXHFHVLJQHDSSDUDvWVXUO¶XQLWp
1RQXVDUHODPHGLPHWDOORULJLGHTXDQGRVXOO¶
XQLWjF¶qTXHVWRVLPEROR
:HQQGLHVHV=HLFKHQDP*HUlWDQJHJHEHQ
LVWNHLQHVWDUUH0HWDOOPHVVHUYHUZHQGHQ
1RXVDUODVFXFKLOODVPHWiOLFDVUtJLGDVFXDQGR
HVWDVHxDOHVWHLQGOFDGDHQODXQLGDG
6W\YDPHWDOONOLQJRUVNDOOLQWHDQYlQGDVQlU
GHWWDWHFNHQYLVDVSnDSSDUDWHQ






%HFDUHIXORIWKURZQREMHFWV
)DLUHDWWHQWLRQDX[REMHWVSURMHWHV
)DUHDWWHQ]LRQHDRJJHWWLODQFLDWLDGLVWDQ]D
$XI0OOREMHNWHDFKWHQ
7HQHUFXLGDGRFRQORVREMHWRVDUURMDGRV
$NWDGLJI|UI|UHPnOVRPNDVWDVXWIUnQ
YHUNW\JHW






*ORYHVVKRXOGEHZRUQZKHQQHFHVVDU\HJ
ZKHQDVVHPEOLQJFXWWLQJHTXLSPHQW
$XEHVRLQXWLOLVHUGHVJDQWVQRWDPPHQWORUV
GXPRQWDJHGHO¶pTXLSHPHQWGHFRXSH
6HqQHFHVVDULRPHWWHUHLJXDQWRQLSHU
HVHPSLRTXDQGRVLPRQWLXQDDWWUH]]DWXUDGD
WDJOLR
+DQGVFKXKHVLQGGDQQ]XWUDJHQZHQQ
GLHVQRWZHQGLJLVW]%EHLGHU0RQWDJHGHU
6FKQHLGDXVUVWXQJ
+D\TXHSRQHUJXDQWHVVLIXHUHQHFHVDULR
SRUHMHPSORDOPRQWDUHTXLSRGHFRUWH
+DQGVNDUPnVWHElUDVQlUVnNUlYV
H[HPSHOYLVYLGPRQWHULQJDYVNlUXWUXVWQLQJ







8VHDQWLVOLSDQGVWXUG\IRRWZHDU
8WLOLVHUGHVFKDXVVXUHVDQWLGpUDSDQWHVHW
VROLGHV
)DUXVRGLVFDUSHDQWLVGUXFFLROHYROLHVROLGH
5XWVFKIHVWHV6FKXKZHUNGDVJXWHQ+DOW
ELHWHWWUDJHQ
&iOFHQVHFDO]DGRVDQWLGHVOL]DQWHV\
UHVLVWHQWHV
$QYlQGKDONVN\GGDGHRFKVWDGLJDVNRGRQ



%ODGHWKUXVWPD\RFFXUHZKHQWKHVSLQQLQJ
EODGHFRQWDFWVDVROLGREMHFWLQWKHFULWLFDO
DUHD$GDQJHURXVUHDFWLRQPD\RFFXUH
FDXVLQJWKHHQWLUHXQLWDQGRSHUDWRUWREH
WKUXVWYLROHQWO\7KLVUHDFWLRQLVFDOOHG%/$'(
7+5867$VDUHVXOWWKHRSHUDWRUPD\ORVH
FRQWURORIWKHXQLWZKLFKPD\FDXVHVHULRXV
RUIDWDOLQMXU\%ODGHWKUXVWLVPRUHOLNHO\WR
RFFXUHLQDUHDVZKHUHLWLVGLI¿FXOWWRVHHWKH
PDWHULDOWREHFXW
8QHUpDFWLRQGHSRXVVpHGHODODPHSHXW
VXUYHQLUORUVTXHODODPHHQURWDWLRQHQWUHHQ
FRQWDFWDYHFXQREMHWVROLGHGDQVOD]RQH
FULWLTXH8QHUpDFWLRQGDQJHUHXVHSHXWDORUV
VXUYHQLUSURYRTXDQWXQPRXYHPHQWLQFRQWU{Op
HWYLROHQWGHWRXWHO¶XQLWHHWGHO¶RSpUDWHXU
&HWWHUpDFWLRQHVWDSSHOpH32866(('(
/$/$0(,OSHXWHQUpVXOWHUTXHO¶RSpUDWHXU
SHUGHOHFRQWU{OHGHO¶XWLOLWpHWTX¶LOV¶HQVXLYH
GHVEOHVVXUHVVpULHXVHVYRLUHIDWDOHV&HWWH
UpDFWLRQLQFRQWU{OpHGHODODPHULVTXHGH
VXUYHQLUSOXVIUpTXHPPHQWGDQVOHV]RQHVR
LOHVWGLI¿FLOHGHVHUHQGUHFRPSWHGHFHTXHO¶
RQFRXSH
/DVSLQWDGHOODODPDSXzYHUL¿FDUVLTXDQGROD
ODPDURWDQWHWRFFDXQRJJHWWRVROLGRQHOO¶DUHD
FULWLFD3XzDYYHQLUHXQDUHD]LRQHSHULFRORVD
DFDXVDGHOODTXDOHO¶LQWHUDXQLWjHO¶RSHUDWRUH
SRVVRQRVXELUHXQDYLROHQWDVSLQWD4XHVWD
UHD]LRQHqGHWWD63,17$'(//$/$0$
&RPHULVXOWDWRGLFLzO¶RSHUDWRUHSXzSHUGHUH
LOFRQWUROORGHOO¶XQLW 㨯LOFKHSXzFDXVDUH
OHVLRQLJUDYLROHWDOL/DVSLQWDGHOODODPDSXz
YHUL¿FDUVLFRQPDJJLRUHSUREDELOLWjLQDUHHLQ
FXLqGLI¿FLOHYHGHUHLOPDWHULDOHGDWDJOLDUH



(LQ0HVVHUVWRLVWP|JOLFKZHQQGDV
URWLHUHQGH0HVVHULPNULWLVFKHQ%HUHLFKPLW
HLQHPPDVVLYHQ*HJHQVWDQGLQ%HUKUXQJ
NRPPW,QGLHVHP)DOONDQQHV]XHLQHUJHI
lKUOLFKHQ5HDNWLRQNRPPHQEHLGHUGDV
JHVDPWH*HUlWXQGGHU%HGLHQHUHLQHP
KHIWLJHQ6WRDXVJHVHW]WZHUGHQ
'LHVH(UVFKHLQXQJZLUGDOV0(66(567266
EH]HLFKQHW'DV5HVXOWDWLVWX8GD
GHU%HGLHQHUGLH.RQWUROOHEHUGDV*HUlW
YHUOLHUWXQGVFKZHUHRGHUOHEHQVJHIlKUOLFKH
9HUOHW]XQJHQGDYRQWUlJW0HVVHUVWRHVLQG
ZDKUVFKHLQOLFKHULQ$UEHLWVEHUHLFKHQZR
GDV]XVFKQHLGHQGH9HJHWDWLRQVPDWHULDOQXU
VFKZHUHLQVHKEDULVW
(OHPSXMHGHODFXFKLOODSXHGHRFXUULUFXDQGR
ODFXFKLOODHQJLURKDJDFRQWDFWRFRQREMHWRV
HQHOiUHDFUtWLFD3XHGHSURGXFLUVHXQD
UHDFFtRQSHOLJURVDFDXVDQGRXQHPSXMH
YLROHQWRDWRGDODXQLGDG\DORSHUDGRU
(VWDUHDFFLyQVHGHQRPLQD(038-(
'(&8&+,//$&RQVHFXHQWHPHQWHHO
RSHUDGRUSXHGHSHUGHUHOFRQWUROGHOD
XQLGDGFDXVDQGROHVLRQHVVHULDVRIDWDOHV
(OHPSXMHGHFXFKLOODVXHOHRFXUULUHQiUHDV
GRQGHH[LVWDQGL¿FXOWDGHVSDUDYLVXDOL]DUHO
PDWHULDODFRUWDU
.OLQJDQWU\FNVWLOOEDNDQlUGHQVW|WHUPRW
HWWKnUWI|UHPnOXQGHUURWDWLRQ'HWWDI|
URUVDNDUHWWNUDIWLJWRFKIDUOLJWPRWWU\FNSnEn
GHUHGVNDSHWRFKVMlOYDDQYlQGDUHQ'HWWD
UHDNWLRQNDOODV%/$'(7+5867VW|WIUn
QNOLQJDQ$QYlQGDUHQNDQLVnIDOOI|UORUD
NRQWUROOHQ|YHUUHGVNDSHWYLONHWLVLQWXUNDQ
UHVXOWHUDLHQP\FNHWDOOYDUOLJVNDGD
'HWWDIHQRPHQKlQGHURIWDVWQlUDQYlQGDUHQ
KDUVYnUWDWWVHGHI|UHPnOVRPVNDOONOLSSDV

:$51,1*Ɣ5HDGWKH2SHUDWRU¶V0DQXDODQGIROORZDOOZDUQLQJVDQGVDIHW\LQVWUXFWLRQV)DLOXUHWRGRVRFDQ
UHVXOWLQVHULRXVLQMXU\WRWKHRSHUDWRUDQGRUE\VWDQGHUVƔ2EMHFWVPD\EHWKURZQRUULFRFKHWLQDOOGLUHFWLRQV
$/:$<6:($5(<(3527(&7,21Ɣ.HHSE\VWDQGHUVDWOHDVWIHHWPDZD\Ɣ7RUHGXFHWKHFKDQFH
RIKHDULQJORVVDOZD\VZHDUHDUSURWHFWLRQƔ7RUHGXFHWKHULVNRILQMXU\IURPORVVRIFRQWUROQHYHUXVHDPHWDO
EODGHRQDFXUYHGVKDIWJUDVVWULPPHU1HYHUXVHDPHWDOEODGHRQDQ\EUXVKFXWWHUZLWKRXWEDUULHUEDURUELF\FOH
KDQGOHFRQ¿JXUDWLRQDQGVDIHW\VWUDSƔ8VHRIDEODGHPD\FDXVHDVXGGHQVLGHZD\VIRUZDUGRUEDFNZDUG
PRWLRQRIWKHEUXVKFXWWHUZKHQWKHEODGHFRQWDFWVDVROLGREMHFW6HH2ZQHU¶VPDQXDOIRUPRGHOVSHFL¿FGHWDLOV






î
$77(17,21
Ɣ /LUHOHPDQXHOGHO¶RSpUDWHXUHWVHFRQIRUPHUjWRXVOHVDYHUWLVVHPHQWVHWjWRXWHVOHVLQVWUXFWLRQVGHVpFXULWp/¶LQREVHUYDWLRQGHFHVSUpFHSWHV
SRXUUDLWDERXWLUjXQHEOHVVXUHJUDYHGHO¶RSpUDWHXUGHPDFKLQHHWRXGHVVSHFWDWHXUV
Ɣ ,OVHSHXWTXHGHVREMHWVVRLHQWODQFpVRXULFRFKHQWHQWRXVVHQV3257(5728-2856'(6/81(77(6'(6e&85,7e
Ɣ eORLJQHUGHVVSHFWDWHXUVMXVTX¶jODGLVWDQFHG¶DXPRLQVPqWUHVGHSLHGV
Ɣ 3RUWHUWRXMRXUVGHVSDUHRUHLOOHVSRXUpYLWHUODSRVVLELOLWHGHVHIDLUHGXPDOjO¶RUHLOOH
Ɣ 1HMDPDOVXWLOLVHUXQHODPHPpWDOOLTXHDWWDFKpHjXQFRXSHKHUEHjO¶DUEUHFRXUEpSRXUQHSDVFRXULUOHULVTXHGHEOHVVXUHjFDXVHG¶XQHSHUWH
GHFRPPDQGH1HMDPDLVHPSOR\HUXQHODPHPpWDOOLTXHDWWDFKpHjQ¶LPSRUWHTXHOOHGpEURXVVDLOOHXVHVDQVXQEDUUHDXSURWHFWHXURXVDQVXQH
FRQ¿JXUDWLRQGHJXLGRQDYHFXQHEDQGRXOLqUHGHVUHWp
Ɣ /¶HPSORLG¶XQHODPHSHXWRFFDVLRQQHUGHVPRXYHPHQWVVRXGDLQVHQDYDQWGHF{WpRXHQDUULqUHGHODGpEURXVVDLOOHXVHORUVTXHODODPHSUHQG
FRQWDFWDYHFXQREMHWVROLGH9RLUOHPDQXHOGHSURSULpWDLUHHQYXHGRVGpWDLOVVSpFL¿TXHVGHPRGqOHV
$77(1=,21(
Ɣ /HJJHUHLOPDQXDOHG¶RSHUDWRUHHFRQIRUPDUVLDWXWWLJOLDYYHUWLPHQWLHWXWWHOHLVWUX]LRQLGLVLFXUH]]D/DPDQRFDQ]DG¶REEHGLHQ]DDLUHJRODPHQWL
SRWUHEEHFDXVDUHIHULWHJUDYLDOO¶RSHUDWRUHHGRDJOLDVWDQWL
Ɣ 2JJHWWLSRWUHEEHURVFDJOLDUVLRULPEDO]DUHLQPROWLVHQVL3257$5(6(035(2&&+,$/,',6,&85(==$
Ɣ 7HQHUHJOLDVWDQWLORQWDQLDOODGHELWDGLVWDQ]DGLDOPHQRPHWULSLHGL
Ɣ 3RUWDUHVHPSUHXQFRSULRUHFFKLRSHUQRQFRUUHUHLOULVFKLRGLGDQQRDOO¶XGLWR
Ɣ 1RQXVDUHPDLXQDODPDPHWDOOLFD¿VVDWDDGXQGHFHVSXJOLDWRUHGLDOEHURFXUYRSHUQRQFRUUHUHLOULVHKLRGLIHULWHFDXVDWHGDOODSHUGLWDGLJXLGD
1RQXVDUHPDLXQDODPDPHWDOOLFD¿VVDWDDTXDOFKHGHFHVSXJOLDWRUHVHQ]DEDUULHUDGLVSUDQJHRVHQ]DXQDFRQ¿JXUD]LRQHGLPDQXEULRFRQXQD
HLQJKLDGLVLFXUH]]D
Ɣ /¶XWLOL]]D]LRQHGLXQDODPDSRWUHEEHFDXVDUHPRYLPHQWLUHSHQWLQLLQDYDQWLGLWUDYHUVRRDOO¶LQGLHWURGHOGHFHVSXJOLDWRUHTXDQGRODODPDHQWULLQ
FRQWDWWRFRQXQRJJHWWRVROLGR9HGHULOPDQXDOHGHOSURSULHWDULRLQYLVWDGHLSDUWLFRODULVSHFL¿FLGLPRGHOOL
:$5181*
Ɣ /HVHQ6LHGLH%HGLHQXQJVYRUVFKULIWXQGEHDFKWHQ6LHDOOH:DUQXQJHQXQG6LFKHUKHLWVPDVVQDKPHQ:HQQPDQYHUVlXPWQDFKGHQVLFK]X
ULFKWHQHVLVWP|JOLFKGDVVVROFKH8PVWlQGH]XHUQVWHQ9HUOHW]XQJHQGHV0DVFKLQHQZlUWHUVXQGRGHUGHU=XVFKDXHUIKUHQ
Ɣ *HJHQVWlQGHN|QQWHQQDFKDOOHQ5LFKWXQJHQJHZRUIHQRGHUDEJHSUDOOWZHUGHQ0$162//,00(5(,1($8*(1086&+(/75$*(1
Ɣ +DOWHQ6LHGLH=XVFKDXUHLQHLQLJHU(QWIHUQXQJYRQZHQLJVWHQV0HWHU)XVVIHUQ
Ɣ 0DQVROOLPPHUHLQH2KUHQNDSSHWUDJHQXPGLH0|JOLFKNHLWGHU+|UJUHQ]HQDEQDKPH]XEHVHLWLJHQ
Ɣ 0DQGDUIQLHHLQH0HWDOONOLQJHDXIHLQHP*UDVWULPPHUPLWHLQHUJHERJHQHQ:HOOHEUDXFKHQ9HUZHQGHQ6LHQLHHLQH0HWDOONOLQJHDXI
LUJHQGZHOFKHP*HVWUSSVFKQHLGHURKQHHLQH6FKXW]WUDYHUVHRGHURKQHHLQH/HQNVWDQJHDQRUGQXQJPLWHLQHP6LFKHUKHLWVJXUW
Ɣ 'LH.OLQJHQYHUZHQGXQJN|QQWHHLQHSO|W]OLFKH%HZHJXQJGHV*HVWUSSVFKQHLGHUVYRUZlUWVVHLWZlUWVRGHUUFNZlUWVYHUXUVDFKHQZDQQGLH
.OLQJHHLQHQKDUWHQ*HJHQVWDQGEHUKUW6LHKHGLHVFKULIWOLFKH$QOHLWXQJLP+LQEOLFNDXIGLHEHVRQGHUHQ(LQ]HOKHLWHQ
$7(1&,Ï1
Ɣ /pDVHHOPDQXDOGHOXVXDULR\REVpUYHQVHWRGDVODVDGYHUWHQFLDV\WRGDVODVLQVWUXFFLRQHVGHVHJXULGDG/DIDOWDGHFXPSOLPLHQWRSRGUtD
RFDVLRQDUKHULGDVJUDYHVDORSHUDGRU\RDORVFLUFXQVWDQWHV
Ɣ 3RGUtDQODQ]DUVHRUHERWDUREMHWRVHQWRGDVODVGLUHFFLRQHV//e9(16(6,(035($17(2-263527(&725(638(6726
Ɣ $OpMHQVHORVFLUFXQVWDQWHVDODGLVWDQFLDGHPHWURVSLHVSRUORPHQRV
Ɣ /OpYHQVHVLHPSUHSURWHFWRUHVGHRtGRSXHVWRVSDUDHYLWDUODSRVLELOLGDGGHODVRUGHUDSDUFLDO
Ɣ 1RVHpPSOHHQXQFDXQDFXKLOODPHWiOLFDPRQWDGDVREUHODUHFRUWDGRUDGHFpVSHGGHiUEROHQFRUYDGRSDUDQRFRUUHUHOULHVJRGHKHULGDSRU
FDXVDGHODSpUGLGDGHPDQGR1RVHpPSOHHXQDRXFKLOODPHWiOLFDPRQWDGDVREUHFXDOTXLHUGHVEUR]DGRUDVLQXQDEDUUHUDGHJXDUGLDRVLQXQD
FRQ¿JXUDFLyQGHPDQXEULRFRQXQDUQpVGHVHJXULGDG
Ɣ /DXWLOL]DFLyQGHXQDFXFKLOODSRGUtDFDXVDUXQPRYLPLHQWRV~ELWRGHODGHVEUR]DGRUDKDFLDDGHODQWHGHODGRRKDFLDDWUiVFXDQGRODFXFKLOOD
FKRTXHFRQXQREMHWRVyOLGR9pDVHHOPDQXDOGHOSURSLHWDULRFRQPLUDVDGHWDOOHVHVSHFt¿FRV
9$51,1*
Ɣ /lVKDQGERNHQI|UDQYlQGDUHRFKI|OMDOODYDUQLQJDURFKVlNHUKHWVDQYLVQLQJDU,DQQDWIDOONDQGHWKlQGDDWWDOOYDUOLJDVNDGRUI|URUVDNDVSnDQY
lQGDUHQRFKHOOHUDQGUDSHUVRQHULQlUKHWHQ
Ɣ 'HWNDQKlQGDDWWI|UHPnONDVWDVHOOHUVOlQJVLDOODULNWQLQJDU%b5$//7,'6.<''6*/$6g*21XQGHUDUEHWHW
Ɣ /nWLQJDnVNDGDUHNRPPDQlUPDUHlQPWLOOPDVNLQHQ
Ɣ %lUDOOWLG|URQVN\GGI|UDWWXQGYLNDK|UVHOVNDGRU
Ɣ )|UDWWPLQVNDULVNHQIU|DWWI|UORUDNRQWUROOHQ|YHUPDVNLQHQRFKWDVNDGDVNDOOLQJDPHWDOONOLQJRUDQYlQGDVQlUHQJUlVWULPPHUPHGHQE|MG
VNDIWDQYlQGV$QYlQGDOGULJQnJRQPHWDOONOLQJDSnHQEXVNNOLSSDUHXWDQVSlUUVWnQJHOOHUXWDQF\NHOKDQGWDJVNRQVWUXNWLRQPHGVlNHUKHWVUHP
Ɣ 2PHQPHWDOONOLQJDDQYlQGVNDQEXVNNOLSSDUHQSO|WVOLJWU\FNDnWVLGDQIUDPnWHOOHUEDNnWQlUGHWWUlIIDUQnJRWKnUWI|UHPnOXQGHUDUEHWHW/lV
KDQGERNHQI|UDQYlQGDUHI|UQlPDUHDQYLVQLQJDU







,QGLFDWHVEODGHJXDUGORFDWLRQIRUDWULPPHUKHDGRU%UDLQ§KHDG
,OLQGLTXHO¶HPSODFHPHQWGHODSODTXHGHSURWHFWLRQGHODODPHSRXUXQH
WrWHGHGpEURXVVDLOOHXVHRXSRXUXQHWrWH7$1$.$%5$,1§
,QGLFDO¶XELFD]LRQHGHOFRSULODPDSHUXQDWHVWLQDGLWRVDHUEDRSHUXQD
WHVWLQDGL7$1$.$%5$,1§
(VEH]HLFKQHWGHQ3ODW]GHV0HVVHUVFKXW]HVIUHLQHQ7ULPPHUNRSI
RGHUIUHLQHQ0lKNRSIGHU%DXUHLKH7$1$.$%5$,1§
,QGLFDHOOXJDUGHOSURWHFWRUGHFXFKLOODSDUDXQFDEH]DOUHFRUWDGRUR
SDUDXQFDEH]DO7$1$.$%5$,1§
9LVDUOlJHWDYNOLQJVN\GGHWI|UWULPPHUKXYXGHOOHU%UDLQ§VNlUKXYXG






,QGLFDWHVKDQGOHORFDWLRQ'RQRWDWWDFKKDQGOHDERYHWKLVSRLQW
,OLQGLTXHO¶HPSODFHPHQWGXJXLGRQ1HSDVFDOHUOHJXLGRQDXGHVVXV
GHFHSRLQW
,QGLFDO¶XELFD]LRQHGHOPDQXEULR1RQ¿VVDUHLOPDQXEULRROWUHTXHVWR
SXQWR
(VEH]HLFKQHWGHQ3ODW]GHU*ULIIVWDQJH5LFKWHQ6LHGLH*ULIIVWDQJH
REHUKDOEGLHVHV3XQNWHVQLFKWHLQ
,QGLFDHOOXJDUGHOPDQLOODU1RVHFRQHFWHHOPDQLOODUHQFLPDGHHVWH
SXQWR
9LVDOlJHWDYKDQGWDJHW+DQGWDJHWVNDOOIlVWDVXQGHUGHQQDSXQNW




,QGH[
:KDWLVZKDW" ««««««««««««««««««««« 
:DUQLQJVDQGVDIHW\LQVWUXFWLRQV ««««««««««««« 
$VVHPEO\SURFHGXUHV «««««««««««««««««« 
2SHUDWLQJSURFHGXUHV««««««««««««««««« 
0DLQWHQDQFH ««««««««««««««««««««« 
6SHFL¿FDWLRQV «««««««««««««««««««« 
,QGH[
'HVFULSWLRQ «««««««««««««««««««««« 
3UpFDXWLRQVHWFRQVLJQHVGHVpFXULWp ««««««««««« 
3URFpGpVG¶DVVHPEODJH««««««««««««««««« 
3URFpGpVGHIRQFWLRQQHPHQW«««««««««««««« 
(QWUHWLHQ «««««««««««««««««««««« 
6SpFL¿FDWLRQV «««««««««««««««««««« 
,QGLFH
'HVFUL]LRQH «««««««««««««««««««««« 
$YYHUWHQ]HHGLVWUX]LRQLGLVLFXUH]]D ««««««««««« 
3URFHGLPHQWRGLPRQWDJJLR ««««««««««««««« 
)XQ]LRQDPHQWR «««««««««««««««««««« 
0DQXWHQ]LRQH «««««««««««««««««««« 
6SHFL¿FD]LRQH «««««««««««««««««««« 




,QKDOW
7HLOHEH]HLFKQXQJHQ ««««««««««««««««««« 
:DUQXQG6LFKHUKHLWVKLQZHLVH «««««««««««««« 
=XVDPPHQVHW]HQ««««««««««««««««««« 
%HWULHE ««««««««««««««««««««««« 
:DUWXQJ ««««««««««««««««««««««« 
7HFKQLVFKH'DWHQ ««««««««««««««««««« 
,QGLFH
¢4XpHVTXp" ««««««««««««««««««««« 
$GYHUWHQFLDVHLQVWUXFFLRQHVGHVHJXULGDG ««««««««« 
3URFHGLPLHQWRGHPRQWDMH ««««««««««««««« 
0RGRGHXVR ««««««««««««««««««««« 
0DQWHQLPLHQWR «««««««««««««««««««« 
(VSHFL¿FDFLRQHV ««««««««««««««««««« 
,QQHKnOO
9DGlUYDG" «««««««««««««««««««««« 
9DUQLQJDURFKVlNHUKHWVI|UHVNULIWHU «««««««««««« 
0RQWHULQJ «««««««««««««««««««««« 
$QYlQGQLQJ ««««««««««««««««««««« 
8QGHUKnOO «««««««««««««««««««««« 
7HNQLVNDGDWD «««««««««««««««««««« 
%HIRUHXVLQJ\RXUQHZXQLW
Ɣ 5HDGWKHRSHUDWRUVPDQXDOFDUHIXOO\
Ɣ &KHFNWKDWWKHFXWWLQJHTXLSPHQWLVFRUUHFWO\DV
VHPEOHGDQGDGMXVWHG
Ɣ 6WDUWWKHXQLWDQGFKHFNWKHFDUEXUHWRUDGMXVWPHQW
 6HH0DLQWHQDQFH
$YDQW,XWLOOVDWORQGHYRWUHQRXYHOWHXQLWp
Ɣ /LUHDWWHQWOYHPHQWOHPDQXHOGXWLOLVDWLRQ
Ɣ 9pUL¿HUTXH,pTXLSHPHQWGHFRXSHHVWPRQWpHWUpJOp
FRUUHFWHPHQW
Ɣ 'pPDUUHUOXQLWpHWYpUL¿HUOHUpJODJHGXFDUEXUDWHXU
9RLU(QWUHWHQ
3ULPDGLXVDUHODQXRYDXQLWj
Ɣ /HJJHUHDWWHQWDPHQWHLOPDQXDOHGLLVWUX]LRQL
Ɣ &RQWUROODUHLOPRQWDJJLRHODUHJLVWUD]LRQHGHOJUXSSR
GLWDJOLR
Ɣ 0HWWHUHLQPRWR,XQLWjHFRQWUROODUHODUHJLVWUD]LRQH
GHOFDUEXUDWRUH9HGHUH0DQXWHQ]LRQH
9RUGHP*HEUDXFKOKUHVQHXHQ*HUlWV
Ɣ %HGLHQXQJVDQOHLWXQJJHQDXGXUFKOHVHQ
Ɣ 0RQWDJHXQG(LQVWHOOXQJGHU6FKQHLGDXVUVWXQJ
NRQWUROOLHUHQ
Ɣ 'DV*HUlWVWDUWHQXQGGLH9HUJDVHUHLQVWHOOXQJSU
IHQ6LHKHÄ:DUWXQJ³
$QWHVGHOXVRGHODXQLGDG
Ɣ /HHUFXLGDGRVDPHQWHHOPDQXDOGHORSHUDGRU
Ɣ 9HUL¿FDUTXHHOHTXLSRGHFRUWHHVWpFRUUHFWDPHQWH
PRQWDGR\DMXVWDGR
Ɣ $UUDQFDUODXQLGDG\FRPSUREDUHODMXVWHGHOFDUEXUD
GRU9HUODVHFRLyQGH0DQWHQLPLHQWR
cWJlUGHUI|UHDQYlQGQLQJDYHQQ\DSSDUDW
Ɣ /lVLJHQRPEUXNVDQYLVQLQJHQQRJJUDQW
Ɣ .RQWUROOHUDVNlUXWUXVWQLQJHQVPRQWHULQJRFKMXVWHULQJ
Ɣ 6WDUWDDSSDUDWHQRFKNRQWUROOHUDI|UJDVDULQVWlOOQLQJHQ
6H´8QGHUKnOO´


:KDWLVZKDW"

 6LQFHWKLVPDQXDOFRYHUVVHYHUDOPRGHOVWKHUHPD\EHVRPHGLIIHUHQFHEHWZHHQSLFWXUHVDQG\RXUXQLW8VHWKHLQVWUXFWLRQVWKDWDSSO\WR\RXUXQLW

)XHOFDS
7KURWWOHWULJJHU
6WDUWHUKDQGOH
%ODGHJXDUG
&XWWLQJDWWDFKPHQW
'ULYHVKDIWWXEH
+DQGOHEDU
,JQLWLRQVZLWFK
7KURWWOHORFN
6DIHW\WULJJHU
&KRNHOHYHU
(QJLQH
$QJOHWUDQVPLVVLRQ
-RLQWFDVH


'HVFULSWLRQ 7HLOHEH]HLFKQXQJHQ 9DGlUYDG"


&RPPHFHPDQXHOVHUpIqUHjSOXVLHXUVPRG
qOHVLOVHSHXWTX¶LO\DLWGHGLIIpUHQFHVHQWUH
OHVLPDJHVHWYRWUHDSSDUHLO6XLYH]OHVLQ
VWUXFWLRQVFRQFHUQDQWYRWUHPRGqOH
5HPSOLVVDJHGHFDUEXUDQW
/HYLHUGHO¶DFFpOpUDWHXU
'pPDUUHXU
3ODTXHGHSURWHFWLRQGHODODPH
2XWLOGHFRXSH
7XEHGHSURWHFWLRQGHO¶DUEUHGHWUDQVPLV
VLRQ
3RLJQpH
,QWHUUXSWHXUPDUFKHDUUrW
%ORFDJHGHO¶DFFpOpUDWHXU
%ORFDJHGHJ 㨯FKHWWHG¶DFFpOpUDWHXU
/HYLHUGHVWDUWHU
0RWHXU
7UDQVPLVVLRQG¶DQJOH
(PERvWHPHQWGHMRLQWXUH
'DWRFKHTXHVWRPDQXDOHVLULIHULVFHDVYDUL
DWLPRGHOOLSRWUjYHUL¿FDUVLFKHYLVLDQRGHOOH
GLIIHUHQ]HWUDODYRVWUDPDFFKLQDHTXHOODLO
OXVWUDWDLQ¿JXUD8VDUHOHLVWUX]LRQLFKHVL
ULIHULVFRQRDOYRVWURDSSDUHFFKLR
7DSSRGHOVHUEDWRLRFDUEXUDQWH
/HYDGHOO¶DFFHOHUDWRUH
0DQLJOLDGLDYYLDPHQWR
&RSULODPD
'LVSRVLWLYRGLWDJOLR
7XERGHOO¶DOEHURPRWRUH
0DQXEULR
,QWHUUXWWRUHGLDFFHQVLRQH
3XOVDQWHGLEORFFDJJLRDFFHOHUDWRUH
6DOYDYLWD
&RPDQGRGHOO¶DULD
0RWRUH
7UDVPLVVLRQHDQJRODUH
$VWXFFLRGLJLXQWXUD


'DGLHVH%HGLHQXQJVDQOHLWXQJDXIPHK
UHUH0RGHOOHKLQZHLVWHVLVWP|JOLFKGDGLH
%LOGHUXQG,KU*HUlWYHUVFKLHGHQ6LQG'LH
$QOHLWXQJHQEHIROJHQGLHDXI,KU*HUlW]XWUHI
IHQ
%HQ]LQWDQNNXSSH
*DVKHEHO
6WDUWJULII
0HVVHUVFKXW]
6FKQHLG9RUVDW]JHUlW
$QWULHEVZHOOHQURKU
*ULII
=QGVFKDOWHU
'URVVHONODSSHQVSHUUH
6LFKHUKHLWVKHEHO
&KRNHKHEHO
0RWRU
:LQNHOJHWULHEH
6FKlIWXQJVJHKlXVH
<DTXHHVWHPDQXDOVHUH¿HUHDYDULRVPRG
HORVHVSRVLEOHTXHKD\DGLIHUHQFLDVHQWUHODV
LPDJHQHV\VXDSDUDWR(PSOHHODVLQVWUXF
FLRQHVTXHVHDSOLTXHQDVXXQLGDG
7DSyQGHOGHFRPEXVWLEOH
$FHOHUDGRU
0DQLOODGHDUUDQTXH
3URWHFWRUGHFXFKLOOD
$GLWDPHQWRGHFRUWH
7XERGHOHMHGHWUDQVPLVLyQ
0DQLOODU
/ODYHGHLJQLFLyQ
%ORTXHRGHODFHOHUDGRU
7UDEDGHVHJXULGDG
(VWUDQJXODGRU
0RWRU
7UDQVPLVLyQDQJXODU
&DMDGHDFRSODPLHQWR

'HWNDQKlQGDDWWGHW¿QQVVNLOOQDGHUPHOODQ
GHQPRGHOOGXKDURFKGHQPRGHOOVRPYLVDV
SnLOOXVWUDWLRQHUQDHIWHUVRPGHQQDEUXNVDQ
YLVQLQJWlFNHUÀHUDPRGHOOHU$WO\GGHLQVWUXN
WLRQHUVRPlUWLOOlPSEDUDI|U'LPPDVNLQ
%UlQVOHSnI\OOQLQJ
*DVUHJODJH
6WDUWKDQGWDJ
.OLQJVN\GG
6NlUWLOOVDWV
'ULYD[HOVU|U
+DQGWDJ
7lQGRPNRSSODUH
*DVUHJOHULQJVOnV
$YWU\FNDUH
&KRNHUHJODJH
0RWRU
9LQNHOYl[HO
/HGKXV
'HVFUL]LRQH ¢4XpHVTXp"


:DUQLQJVDQGVDIHW\LQVWUXFWLRQV

2SHUDWRUVDIHW\
Ɣ$OZD\VZHDUDVDIHW\IDFHVKLHOGRUJRJJOHV
Ɣ$OZD\VZHDUKHDY\ORQJSDQWVERRWVDQG
JORYHV'RQRWZHDUORRVHFORWKLQJMHZHOU\
VKRUWSDQWVVDQGDOVRUJREDUHIRRW6HFXUH
KDLUVRLWLVDERYHVKRXOGHUOHQJWK
Ɣ'RQRWRSHUDWHWKDWWRROZKHQ\RXDUHWLUHG
LOORUXQGHUWKHLQÀXHQFHRIDOFRKROGUXJVRU
PHGLFDWLRQ
Ɣ1HYHUOHWDFKLOGRULQH[SHULHQFHGSHUVRQ
RSHUDWHWKHPDFKLQH
Ɣ:HDUKHDULQJSURWHFWLRQ
Ɣ1HYHUVWDUWRUUXQWKHHQJLQHLQVLGHDFORVHG
URRPRUEXLOGLQJ%UHDWKLQJH[KDXVWIXPHV
FDQNLOO
Ɣ.HHSKDQGOHVIUHHRIRLODQGIXHO
Ɣ.HHSKDQGVDZD\IURPFXWWLQJHTXLSPHQW
Ɣ'RQRWJUDERUKROGWKHXQLWE\WKHFXWWLQJ
HTXLSPHQW
Ɣ:KHQWKHXQLWLVWXUQHGRIIPDNHVXUHWKH
FXWWLQJDWWDFKPHQWKDVVWRSSHGEHIRUHWKH
XQLWLVVHWGRZQ
Ɣ:KHQRSHUDWLRQLVSURORQJHGWDNHDEUHDN
IURPWLPHWRWLPHVRWKDW\RXPD\DYRLGSRV
VLEOHZKLWH¿QJHUGLVHDVHZKLFKLVFDXVHGE\
YLEUDWLRQ
7RROVDIHW\
Ɣ,QVSHFWWKHHQWLUHWRROEHIRUHHDFKXVH5H
SODFHGDPDJHGSDUWV&KHFNIRUIXHOOHDNV
DQGPDNHVXUHDOOIDVWHQHUVDUHLQSODFHDQG
VHFXUHO\IDVWHQHG
Ɣ5HSODFHSDUWVWKDWDUHFUDFNHGFKLSSHGRU
GDPDJHGLQDQ\ZD\EHIRUHXVLQJWKHWRRO
Ɣ0DNHVXUHWKHVDIHW\JXDUGLVSURSHUO\DW
WDFKHG
Ɣ.HHSRWKHUVDZD\ZKHQPDNLQJFDUEXUHWRU
DGMXVWPHQWV
Ɣ8VHRQO\DFFHVVRULHVDVUHFRPPHQGHGIRU
WKLVWRROVE\WKHPDQXIDFWXUHU
:$51,1*
1HYHUPRGLI\WKHWRROLQDQ\ZD\'RQRW
XVH\RXUFXWWLQJWRROIRUDQ\MREH[FHSW
WKDWIRUZKLFKLWLVLQWHQGHG
)XHOVDIHW\
127(
Ɣ(PSW\WKHIXHOWDQNEHIRUHVWRULQJWKH
WRRO(VSHFLDOO\LQFDVHRIRYHUWKUHH
PRQWKVWRUDJHLWLVDPXVWRWKHUZLVHIXHO
PD\FRUURGHFDXVLQJFDUEXUHWRUGDPDJH
,WLVUHFRPPHQGHGWKDWWKHIXHOEHHPS
WLHGDIWHUHDFKXVH,IIXHOLVOHIWLQWKH
WDQNVWRUHVRIXHOZLOOQRWOHDN
Ɣ0L[DQGSRXUIXHORXWGRRUVDQGZKHUHWKHUH
DUHQRVSDUNVRUÀDPHV
Ɣ8VHDFRQWDLQHUDSSURYHGIRUIXHO
Ɣ'RQRWVPRNHRUDOORZVPRNLQJQHDUIXHORU
WKHWRRORUZKLOHXVLQJWKHWRRO
Ɣ:LSHXSDOOIXHOVSLOOVEHIRUHVWDUWLQJHQJLQH
Ɣ0RYHDWOHDVWPDZD\IURPIXHOLQJVLWHEH
IRUHVWDUWLQJHQJLQH
Ɣ6WRSHQJLQHEHIRUHUHPRYLQJIXHOFDS
Ɣ6WRUHWRRODQGIXHOLQDUHDZKHUHIXHOYDSRUV
FDQQRWUHDFKVSDUNVRURSHQÀDPHVIURP
ZDWHUKHDWHUVHOHFWULFPRWRUVRUVZLWFKHV
IXUQDFHVHWF
:$51,1*
$QWLYLEUDWLRQV\VWHPVGRQRWJXDUDQ
WHHWKDW\RXZLOOQRWVXVWDLQZKLWH¿Q
JHUGLVHDVHRUFDUSDOWXQQHOV\QGURPH
7KHUHIRUHFRQWLQXDODQGUHJXODUXV
HUVVKRXOGPRQLWRUFORVHO\WKHFRQGLWLRQ
RIWKHLUKDQGVDQG¿QJHUV,IDQ\RIWKH
DERYHV\PSWRPVDSSHDUVHHNPHGLFDODG
YLFHLPPHGLDWHO\
&XWWLQJVDIHW\
Ɣ'RQRWFXWDQ\PDWHULDORWKHUWKDQJUDVVDQG
EUXVK
Ɣ,QVSHFWWKHDUHDWREHFXWEHIRUHHDFKXVH
5HPRYHREMHFWVZKLFKFDQEHWKURZQRUEH
FRPHHQWDQJOHG
Ɣ)RUUHVSLUDWRU\SURWHFWLRQZHDUDQDHURVRO
SURWHFWLRQPDVNZKHQFXWWLQJWKHJUDVVDIWHU
LQVHFWLFLGHLVVFDWWHUHG
Ɣ.HHSRWKHUVLQFOXGLQJFKLOGUHQDQLPDOV
E\VWDQGHUVDQGKHOSHUVRXWVLGHWKHP
KD]DUG]RQH6WRSWKHHQJLQHLPPHGLDWHO\LI
\RXDUHDSSURDFKHG
Ɣ$OZD\VNHHSWKHHQJLQHRQWKHULJKWVLGHRI
\RXUERG\
Ɣ+ROGWKHWRRO¿UPO\ZLWKERWKKDQGV
Ɣ.HHS¿UPIRRWLQJDQGEDODQFH'RQRWRYHU
UHDFK
Ɣ.HHSDOOSDUWVRI\RXUERG\DZD\IURPWKH
PXIÀHUDQGFXWWLQJDWWDFKPHQWZKHQWKHHQ
JLQHLVUXQQLQJ
Ɣ.HHSFXWWLQJWRROEHORZVKRXOGHUOHYHO
0DLQWHQDQFHVDIHW\
Ɣ0DLQWDLQWKHWRRODFFRUGLQJWRUHFRPPHQGHG
SURFHGXUHV
Ɣ'LVFRQQHFWWKHVSDUNSOXJEHIRUHSHUIRUPLQJ
PDLQWHQDQFHH[FHSWIRUFDUEXUHWRUDGMXVW
PHQWV
Ɣ.HHSRWKHUVDZD\ZKHQPDNLQJFDUEXUHWRU
DGMXVWPHQWV
Ɣ8VHRQO\JHQXLQHUHSODFHPHQWSDUWVDVUHF
RPPHQGHGE\WKHPDQXIDFWXUHU
7UDQVSRUWDQGVWRUDJH
Ɣ&DUU\WKHWRROE\KDQGZLWKWKHHQJLQH
VWRSSHGDQGWKHPXIÀHUDZD\IURP\RXU
ERG\
Ɣ$OORZWKHHQJLQHWRFRROHPSW\WKHIXHOWDQN
DQGVHFXUHWKHWRROEHIRUHVWRULQJRUWUDQV
SRUWLQJLQDYHKLFOH
Ɣ(PSW\WKHIXHOWDQNEHIRUHVWRULQJWKHWRRO
,WLVUHFRPPHQGHGWKDWWKHIXHOEHHPSWLHG
DIWHUHDFKXVH,IIXHOLVOHIWLQWKHWDQN
VWRUHVRIXHOZLOOQRWOHDN
Ɣ6WRUHWRRORXWRIWKHUHDFKRIFKLOGUHQ
Ɣ&OHDQWKHXQLWFDUHIXOO\DQGVWRUHLWLQDGU\
SODFH
Ɣ0DNHVXUHHQJLQHVZLWFKLVRIIZKHQWUDQV
SRUWLQJRUVWRULQJ
Ɣ:KHQWUDQVSRUWLQJLQDYHKLFOHFRYHUEODGH
ZLWKEODGHFRYHU
,IVLWXDWLRQVRFFXUZKLFKDUHQRWFRYHUHG
LQWKLVPDQXDOWDNHFDUHDQGKDYHDJRRG
MXGJHPHQW&RQWDFW\RXUGHDOHULI\RXQHHG
DVVLVWDQFH
3D\VSHFLDODWWHQWLRQWRVWDWHPHQWVSUHFHGHG
E\WKHIROORZLQJZRUGV
:$51,1*
,QGLFDWHVDVWURQJSRVVLELOLW\RIVHYHUH
SHUVRQDOLQMXU\RUORVVRIOLIHLILQVWUXF
WLRQVDUHQRWIROORZHG
&$87,21
,QGLFDWHVDSRVVLELOLW\RISHUVRQDOLQMXU\RU
HTXLSPHQWGDPDJHLILQVWUXFWLRQVDUHQRWIRO
ORZHG
127(
+HOSIXOLQIRUPDWLRQIRUFRUUHFWIXQFWLRQDQG
XVH
&$87,21
'RQRWGLVDVVHPEOHWKHUHFRLOVWDUWHU<RX
PD\JHWDSRVVLELOLW\RISHUVRQDOLQMXU\ZLWKUH
FRLOVSULQJ


3UpFDXWLRQVHWFRQVLJQHVGHVpFXULWp

6pFXULWpGHO¶XWLOLVDWHXU
Ɣ3RUWH]WRXMRXUVXQHYLVLqUHHWGHVOXQHWWHV
GHSURWHFWLQ
Ɣ3RUWH]WRXMRXUVXQSDQWDORQGHVFKDXVVXUHV
HWGHVJDQWVGHVpFXULWpeYLWH]OHVYrWH
PHQWVDPSOHVOHVVKRUWVOHVVDQGDOHVHWOHV
SLHGVQXV9HLOOH]jFHTXHYRVFKHYHX[QH
GHVFHQGHQWSDVDXGHVVRXVGHV㨯SDXOHV
Ɣ1¶XWLOLVH]SDVFHWRXWLOORUVTXHYRXVrWHVID
WLJXpPDODGHRXTXHYRXVDYH]DEVRUEpGH
O¶DOFRROGHODGURJXHRXGHVP 㨯GLFDPHQWV
Ɣ1HMDPDLVODLVVHUXQHQIDQWRXXQHSHUVRQQH
LQH[SpULPHQWpHIDLUHIRQFWLRQQHUODPDFKLQH
Ɣ3RUWH]GHVSURWqJHRUHLOOHV
Ɣ1HPHWWH]MDPDLVOHPRWHXUHQPDUFKHGDQV
XQORFDOFORV/HVJD]G¶pFKDSSHPHQWVRQW
DVSK\[LDQWV
Ɣ1HWWR\H]OHVSRLJQpHVGHWRXWHWUDFHG¶KXLOH
RXG¶HVVHQFH
Ɣ1HSDVDSSURFKHUOHVPDLQVGHODODPHGH
FRXSH
Ɣ1HSDVDWWUDSHUQLWHQLUO¶HQVHPEOHSDUOD
ODPHGHFRXSH
Ɣ/RUVTXHO¶RQDUUrWHO¶XQLWpYHLOOHUjFHTXH
O¶RXWLOGHFRXSHVRLWFRPSOHWHPHQWDUUrWp
DYDQWGHSRVHUO¶XQLWp
Ɣ/RUVG¶XQHXWLOLVDWLRQSURORQJpHYHLOOHUj
IDLUHXQHSDXVHGHWHPSVjDXWUHD¿QG¶p
YLWHUGHVWURXEOHVpYHQWXHOVSURYRTXpVSDU
OHVYLEUDWLRQV
6pFXULWpDXQLYHDXGHO¶RXWLO
Ɣ&RQWU{OH]HQWLqUHPHQWYRWUHRXWLODYDQW
FKDTXHXWLOLVDWLRQ5HPSODFH]OHVSLqFHV
HQGRPPDJpHV9pUL¿H]O¶DEVHQFHGHIXLWHV
GHFDUEXUDQWHWDVVXUH]YRXVTXHWRXVOHV
GLVSRVLWLIVGH¿[DWLRQVRQWHQSODFHHWQHULV
TXHQWSDVGHO 㨯FKHU
Ɣ5HPSODFH]OHVpOpPHQWVTXLSU 㨯VHQWHQWGHV
¿VVXUHVGHVpEUpFKXUHVRXWRXWHDXWUHDYD
ULH
Ɣ9pUL¿HUTXHODSURWHFWLRQGHVpFXULWpHVWELHQ
LQVWDOOpH
Ɣ1HODLVVH]DSSURFKHUSHUVRQQHWDQGLVTXH
YRXVUpJOH]OHFDUEXUDWHXU
Ɣ8WLOLVH]XQLTXHPHQWOHVDFFHVVRLUHVUHFRP
PDQGpVSDUOHFRQVWUXFWHXUSRXUFHWRXWLO
$77(17,21
1HPRGL¿H]HQDXFXQFDVO¶RXWLO1¶XWLOLVH]
MDPDLVO¶RXWLOGHFRXSHSRXUWRXWDXWUHWUD
YDLOTXHFHOXLDXTXHOLOHVWGHVWLQp
6pFXULWpDXQLYHDXGXFDUEXUDQW
5(0$548(
Ɣ9LGDQJH]OHUpVHUYRLUGHFDUEXUDQWDYDQW
GHUHPLVHUO¶RXWLO,OIDXOWOHIDLUHGp¿QL
WLYHPHQWDXFDVG¶XQHPPDJDVLQDJHGH
SOXVGHWURLVPRLVDXWUHPHQWLOVHSHXW
TXHOHFRPEXVWLEOHFRUURGHHWDYDULHOH
FDUEXUDWHXU,OHVWHQIDLWUHFRPPDQGpGH
OHIDLUHDSUqVFKDTXHXWLOLVDWLRQ6LOHUp
VHUYRLUQ¶HVWSDVYLGHUDQJH]DORUVYRWUHO¶
RXWLOGDQVXQHSRVLWLRQWHOOHTXHOHFDUEX
UDQWQHULVTXHSDVGHFRXOHU
Ɣ)DLWHVOHPpODQJHHWOHSOHLQjO¶DLUOLEUHj
GLVWDQFHGHWRXWHpWLQFHOOHRXÀDPPH
Ɣ8WLOLVH]XQUpFLSLHQWDJUppSRXUO¶HVVHQFH
Ɣ1HIXPH]SDVHWQHODLVVH]SHUVRQQHIXPHU
jSUR[LPLWpGXFDUEXUDQWRXGHO¶RXWLOQL
ORUVTXHYRXVXWLOLVH]O¶RXWLO
Ɣ(VVX\H]VRLJQHXVHPHQWWRXWHVWUDFHVGH
FDUEXUDQWDYDQWGHPHWWUHOHPRWHXUHQ
PDUFKH
Ɣ(FDUWH]YRXVG¶DXPRLQVPqWUHVGHO¶HQ
GURLWRYRXVDYH]IDLWOHSOHLQSRXUPHWWUH
HQPDUFKH
Ɣ$UUrWH]OHPRWHXUDYDQWGHGpYLVVHUOH
ERXFKRQGHUHPSOLVVDJH
Ɣ5DQJH]O¶RXWLOHWOHFDUEXUDQWGDQVXQHQGURLW
ROHVYDSHXUVG¶HVVHQFHQHULVTXHQWSDVG¶
HQWUHUHQFRQWDFWDYHFGHVpWLQFHOOHVRXXQH
ÀDPPHHQSURYHQDQFHG¶XQFKDXIIHHDXG¶
XQPRWHXUpOHFWULTXHG¶XQFRPPXWDWHXUG¶
XQHFKDXGLqUHHWF
$77(17,21
/HVV\VWqPHVDQWLYLEUDWLRQVQHJDUDQWLVV
HQHWTXHYRXVQHVRXIIULUH]SDVGHODPDOD
GLHGHVGRLJWVEODQFVRXGXV\QGURPHGX
FDQDOFDUSLHQ3DUFRQVpTXHQWOHVXWLOLVD
WHXUVFRQWLQXHOVHWUpJXOLHUVGHYURQWVXU
YHLOOHUVRLJQHXVHPHQWO¶pWDWGHOHXUVPDLQV
HWGHOHXUVGRLJWV6LO¶XQGHVV\PSW{PHV
VXVPHQWLRQQpVGHYDLHQWDSSDUDvWUHLOV
GRLYHQWVHIDLUHH[DPLQHUSDUXQPpGHFLQ
LPPpGLDWHPHQW
6pFXULWpDXQLYHDXGHODFRXSH
Ɣ1HFRXSH]DXPR\HQGHO¶RXWLOTXHGH
O¶KHUEHHWGHVEURXVVDLOOHVHWULHQG¶DXWUH
Ɣ,QVSHFWH]OD]RQHjGpVKHUEHUDYDQWGH
FRPPHQFHU(QOHYH]WRXWFHTXLULVTXHG¶r
WUHSURMHWpSDUOH¿ORXGHV¶HPPrOHUGDQVOD
WrWHGHFRXSH
Ɣ3RXUODSURWHFWLRQGHVYRLHVUHVSLUDWRLUHV
SRUWHUXQPDVTXHGHSURWHFWLRQFRQWUHOHV
DHURVROVORUVTXHO¶RQFRXSHGHODYpJpWDWLRQ
WUDLWpHDYHFGHVLQVHFWLFLGHV
Ɣ9HLOOH]jFHTXHSHUVRQQHHQIDQWVDQLPDX[
VSHFWDWHXUVRXDLGHVQHVHWLHQQHjO¶LQWp
ULHXUGHOD]RQHGHVpFXULWpGHPqWUHV$UU
rWH]LPPpGLDWHPHQWOHPRWHXUVLTXHOTX¶XQV¶
DSSURFKHGHYRXV
Ɣ7HQH]WRXMRXUVOHPRWHXUjYRWUHGURLWH
Ɣ0DLQWHQH]IHUPHPHQWO¶RXWLOGHVGHX[PDLQV
Ɣ7HQH]YRXVELHQHQpTXLOLEUHVXUOHVGHX[
MDPEHV1HWUDYDLOOH]MDPDLVHQSRUWHj
IDX[
Ɣ'HPHXUH]WRXMRXUVjERQQHGLVWDQFHGX
VLOHQFLHX[G¶pFKDSSHPHQWHWGHODWrWHGH
FRXSHORUVTXHOHPRWHXUWRXUQH
Ɣ0DLQWHQLUODWrWHGHFRXSHHQGHVVRXVGHOD
WDLOOH
6pFXULWpDXQLYHDXGHO¶HQWUHWLHQ
Ɣ(QWUHWHQH]YRWUHRXWLOVHORQOHVUHFRPPDQ
GDWLRQVGXFRQVWUXFWHXU
Ɣ'pEUDQFKH]ODERXJLHDYDQWWRXWHLQWHUYHQ
WLRQG¶HQWUHWLHQjO¶H[FHSWLRQGHVUpJODJHV
GHFDUEXUDWHXU
Ɣ1HODLVVH]SHUVRQQHDSSURFKHUORUTXHYRXV
SURFpGH]DXUpJODJHGXFDUEXUDWHXU
Ɣ8WLOLVH]XQLTXHPHQWOHVSLqFHVGHUHFKDQJH
G¶RULJLQHUHFRPPDQGpHVSDUOHFRQVWUXFWHXU
7UDQVSRUWHWUDQJHPHQW
Ɣ3RUWH]O¶RXWLODYHFPRWHXUDUUrWpHWVLOHQ
FLHX[YHUVO¶H[WpULHXU
Ɣ/DLVVH]OHPRWHXUUHIURLGLUYLGH]OHU 㨯VHUYRLU
GHFDUEXUDQWHWYHLOOH]jFHTXHO¶RXWLOQH
ULVTXHSDVGHWRPEHUORUVTXHYRXVOHUDQJH]
RXOHFKDUJH]jERUGG¶XQYpKLFXOH
Ɣ9LGDQJH]OHUpVHUYRLUGHFDUEXUDQWDYDQW
GHUHPLVHUO¶RXWLO,OHVWHQIDLWUHFRPPDQG
pGHOHIDLUHDSUqVFKDTXHXWLOLVDWLRQ6LOHU
pVHUYRLUQ¶HVWSDVYLGHUDQJH]DORUVYRWUHO¶
RXWLOGDQVXQHSRVLWLRQWHOOHTXHOHFDUEXUDQW
QHULVTXHSDVGHFRXOHU
Ɣ5DQJH]O¶RXWLOKRUVGHSRUWpHGHVHQIDQWV
Ɣ1HWWR\HUVRLJQHXVHPHQWO¶HQVHPEOHHWO¶HP
PDJDVLQHUGDQVXQHQGURLWVHF
Ɣ6¶DVVXUHUGHFHTXHOHFRPPXWDWHXUGXPR
WHXUHVWIHUPpORUVGXWUDQVSRUWRXGHO¶HP
PDJDVLQDJH
Ɣ/RUVGXWUDQVSRUWGDQVXQYpKLFXOHFRXYULU
ODODPHGXFDSRW
6LYRXVUHQFRQWUH]XQHVLWXDWLRQQRQSUp
YXHGDQVOHPDQXHOXWLOLVH]YRWUHMXJHPHQW
HWYRWUHERQVHQVHWVLYRXVDYH]EHVRLQGH
FRQVHLOVDGUHVVH]YRXVjYRWUHFRQFHVVLRQ
QDLUH
'DQVOHWH[WHFLGHVVRXVOHVSDVVDJHVSDU
WLFXOLqUHPHQWLPSRUWDQWVVRQWPLVHQpYLGHQFH
GHWURLVPDQLqUHVGLIIpUHQWHVVHORQOHXUJUDYLWp
$77(17,21
,QIRUPDWLRQGHSUHPLqUHLPSRUWDQFHSRXU
pYLWHUOHVGRPPDJHVFRUSRUHOVJUDYHVRX
PRUWHOV
,03257$17
,QIRUPDWLRQLPSRUWDQWHSRXUpYLWHUOHVGRP
PDJHVFRUSRUHOVRXPDWpULHOV
5(0$548(
,QIRUPDWLRQLPSRUWDQWHjODFRPSUpKHQVLRQG¶
XQHLQWHUYHQWLRQpYLWDQWOHVHUUHXUV
,03257$17
1HSDVGpPRQWHUOHGpPDUUHXUGHUHFXOVXU
O¶DSSDUHLO2QSRXUUDLWVHEOHVVHUjFDXVHGX
UHVVRUWGHUHFXO


$YYHUWHQ]HHGLVWUX]LRQLGLVLFXUH]]D

6LFXUH]]DGHOO¶RSHUDWRUH
Ɣ,QGRVVDUHVHPSUHXQDSURWH]LRQHSHULOYLVR
RSSXUHRFFKLDOLGLSURWH]LRQH
Ɣ,QGRVVDUHVHPSUHLQGXPHQWLSHVDQWLSDQWD
ORQLOXQJKLVWLYDOLHJXDQWL1RQLQGRVVDUH
YHVWLWLOHJJHULJLRLHOOLSDQWDORQLFRUWLVDQGDOL
HQRQFDPPLQDUHVHQ]DVFDUSH,FDSHOOL
GHYRQRHVVHUHWLUDWLVXVRSUDOHVSDOOH
Ɣ1RQXVDUHODPDFFKLQDVHVLqVWDQFKL
PDODWLRSSXUHGRSRDYHULQJHULWRPHGLFLQDOL
GURJKHRDOFROLFL
Ɣ1RQFRQVHQWLWHPDLO¶XVRGHOODPDFFKLQDD
EDPELQLRDSHUVRQHSULYHGLHVSHULHQ]D
Ɣ3URWHJJHUHOHRUHFFKLH
Ɣ1RQPHWWHUHPDLLQPRWRRXVDUHLOPRWRUHLQ
ORFDOLFKLXVL,JDVGLVFDULFRVRQROHWDOL
Ɣ$YHUFXUDQHOPDQWHQHUHSXOLWLOPDQXEULR
VHQ]DODSUHVHQ]DGLROLRRFDUEXUDQWH
Ɣ7HQHUHOHPDQLORQWDQHGDOODODPD
Ɣ1RQDIIHUUDUHRWHQHUHO¶XQLW 㨯SHUODODPD
Ɣ4XDQGRVLVSHJQHO¶XQLWjDFFHUWDUVLFKHLO
GLVSRVLWLYRGLWDJOLRVLVLDIHUPDWRSULPDGL
GHSRUUHO¶XQLWj
Ɣ4XDQGRVLXVDO¶XQLWjSHUSHULRGLSUROXQJDWL
IDUHXQDSDXVDGLWDQWRLQWDQWRLQPRGRGD
HYLWDUHLOULVFKLRGHOODPDODWWLDGHOOHGLWDEL
DQFKHFKHqFDXVDWDGDOOHYLEUD]LRQL
6LFXUH]]DGHOO¶DWWUH]]R
Ɣ&RQWUROODUHO¶DWWUH]]RSULPDGHOO¶XVR6RV
WLWXLUHOHSDUWLGDQQHJJLDWH&RQWUROODUHOD
SUHVHQ]DGLHYHQWXDOLSHUGLWHGLFDUEXUDQWHH
YHUL¿FDUHODWHQXWDGHJOLDWWDFFKL
Ɣ6RVWLWXLUHOHSDUWLURWWHHGDQQHJJLDWHSULPD
GLXVDUHO¶DWWUH]]R
Ɣ&RQWUROODUHFKHODSURWH]LRQHVLDDSSOLFDWD
FRUUHWWDPHQWH
Ɣ7HQHUHJOLHVWUDQHLDGLVWDQ]DGXUDQWHOD
UHJLVWUD]LRQHGHOFDUEXUDWRUH
Ɣ8VDUHHVFOXVLYDPHQWHJOLDFFHVVRULFRQVL
JOLDWLSHUO¶DWWUH]]RGDOODFDVDFRVWUXWWULFH
$77(1=,21(
1RQPRGL¿FDWHPDLO¶DWWUH]]RLQQHVVXQ
PRGR
1RQXVDWHO¶DWWUH]]RGLWDJOLRSHUODYRULGL
YHUVLGDTXHOOLDLTXDOLqGHVWLQDWR
6LFXUH]]DGHOFDUEXUDQWH
127$
Ɣ6YXRWDUHLOVHUEDWRLRGHOFDUEXUDQWH
SULPDGLULSRUUHO¶DWWUH]]RGRSRO¶XVR%L
VRJQDIDUORLPPDQFDELOHPHQWHLQFDVRG¶
XQPDJD]]LQDJJLRGLSLGLWUHPHVL$OWUL
PHQWLLOFRPEXVWLELOHSRWUHEEHFRUURGHUH
HGDYDULDUHODFDUEXUD]LRQH,QFDVRFLVLD
GHOFDUEXUDQWHUHVLGXRFRQWUROODUHFKH
QRQFLVLDODSRVVLELOLWjGLIXRULXVFLWDGHO
FDUEXUDQWH
Ɣ0HVFRODUHHYHUVDUHLOFDUEXUDQWHDOO¶HV
WHUQRORQWDQRGD¿DPPHHVFLQWLOOH
Ɣ8VDUHUHFLSLHQWLRPRORJDWLSHULFDUEXUDQWL
ƔeYLHWDWRIXPDUHQHOOHYLFLQDQ]HGHOFDUEX
UDQWHHGHOO¶DWWUH]]RHGXUDQWHO¶XVRGLTXHVW¶
XOWLPR
Ɣ5LSXOLUHHYHQWXDOLSHUGLWHGLFDUEXUDQWH
SULPDGLDYYLDUHLOPRWRUH
Ɣ3ULPDGLPHWWHUHLQPRWRVSRVWDUVLGLDO
PHQRPHWULGDOOD]RQDGLULIRUQLPHQWRGHO
FDUEXUDQWH
Ɣ$UUHVWDUHLOPRWRUHSULPDGLULPXRYHUHLO
WDSSRGHOVHUEDWRLR
Ɣ5LSRUUHO¶DWWUH]]RHLOFDUEXUDQWHDOVLFXUR
ORQWDQRGD¿DPPHRVFLQWLOOHJHQHUDWHGD
LQWHUUXWWRULPRWRULHOHWWULFLVFDOGDDFTXDR
VLPLOL
$77(1=,21(
,VLVWHPLDQWLYLEUD]LRQLQRQJDUDQWLVFRQR
FKHSRWUHWHHYLWDUHPDODWWLHFRPHOHGLWD
ELDQFKHRODVLQGURPHGHOFDQDOHFDUSDOH
3HUWDQWRFRORURFKHXVDQRO¶XQLWjFRQWLQX
DPHQWHHUHJRODUPHQWHGHYRQRWHQHUHVRW
WRVWUHWWRFRQWUROOROHFRQGL]LRQLGHOOHPDQL
HGHOOHGLWD6HFRPSDLRQRLVLQWRPLGLXQD
GHOOHPDODWWLHVRSUDFFLWDWHFRQVXOWDWHXQ
PHGLFRLPPHGLDWDPHQWH
6LFXUH]]DGLWDJOLR
Ɣ1RQWDJOLDUHPDWHULDOLGLYHUVLGDHUEDH
FHVSXJOL
Ɣ&RQWUROODUHOD]RQDGDWDJOLDUHSULPDGHOO¶XVR
GHOO¶DWWUH]]R5LPXRYHUHHYHQWXDOLRJJHWWL
FKHSRVVRQRHVVHUHODQFLDWLDGLVWDQ]DR
ULPDQHUHLPSLJOLDWLGXUDQWHO¶RSHUD]LRQHGL
WDJOLR
Ɣ3HUSURWHJJHUHOHYLHUHVSLUDWRULHLQGRV
VDUHXQDPDVFKHUDGLSURWH]LRQHGDDHURVRO
TXDQGRVLWDJOLDGHOODYHJHWD]LRQHVXFXL
VRQRVWDWLXVDWLGHJOLLQVHWWLFLGL
Ɣ7HQHUHOHDOWUHSHUVRQHLEDPELQLJOLDQL
PDOLHGDOWULHVWUDQHLGLVWDQWLDOPHQRPH
WULGDOOD]RQD$UUHVWDUHLPPHGLDWDPHQWH
LOPRWRUHVHTXDOFXQRVLDYYLFLQDDOODPDF
FKLQD
Ɣ7HQHUHVHPSUHLOPRWRUHDOODGHVWUDGHO
FRUSR
Ɣ,PSXJQDUHO¶DWWUH]]RVDOGDPHQWHFRQHQ
WUDPEHOHPDQL
Ɣ0DQWHQHUHVHPSUHXQDSRVL]LRQHGLHTXL
OLEULR1RQVELODQFLDUVL
Ɣ4XDQGRLOPRWRUHqLQPRWRQRQDYYLFLQDUH
ODPDUPLWWDHLOGLVSRVLWLYRGLWDJOLRDOFRUSR
Ɣ7HQHWHLOGLVSRVLWLYRGLWDJOLRDOGLVRWWRGHO
OLYHOORGHOODYLWD
6LFXUH]]DGHOODPDQXWHQ]LRQH
Ɣ3HUODPDQXWHQ]LRQHGHOO¶DWWUH]]RVHJXLUHL
SURFHGLPHQWLLQGLFDWL
Ɣ6WDFFDUHODFDQGHODSULPDGHOOHRSHUD]LRQL
GLPDQXWHQ]LRQHDGHFFH]LRQHGHOODUHJLVW
UD]LRQHGHOFDUEXUDWRUH
Ɣ7HQHUHJOLHVWUDQHLDGLVWDQ]DGXUDQWHOD
UHJLVWUD]LRQHGHOFDUEXUDWRUH
Ɣ8WLOL]]DUHHVFOXVLYDPHQWHSH]]LGLULFDPELR
RULJLQDOLUDFFRPDQGDWLGDOODFDVDFRVWUXW
WULFH
7UDVSRUWRHGHSRVLWR
Ɣ7UDQVSRUWDUHO¶DWWUH]]RFRQFDXWHODDPR
WRUHVSHQWRHWHQHQGRODPDUPLWWDORQWDQD
GDOFRUSR
Ɣ)DUUDIIUHGGDUHLOPRWRUHVYXRWDUHLOVHUEDWR
LRGHOFDUEXUDQWHHEORFFDUHO¶DWWUH]]RSULPD
GHOGHSRVLWRRGHOWUDVSRUWR
Ɣ6YXRWDUHLOVHUEDWRLRGHOFDUEXUDQWHSULPD
GLULSRUUHO¶DWWUH]]R6LUDFFRPDQGDGLVYXR
WDUHLOVHUEDWRLRRJQLYROWDGRSRO¶XVRGHOO¶
DWWUH]]R,QFDVRGLFDUEXUDQWHUHVLGXRQHO
VHUEDWRLRDVVLFXUDUVLFKHQRQFLVLDQRSHUG
LWH
Ɣ5LSRUUHO¶DWWUH]]RDOVLFXURORQWDQRGDOODSRU
WDWDGHLEDPELQL
Ɣ3XOLWHDFFXUDWDPHQWHODPDFFKLQDHULSRQH
WHODLQXQOXRJRDVFLXWWR
Ɣ$VVLFXUDWHYLVHPSUHFKHO¶LQWHUUXWWRUHGHO
PRWRUHVLDGLVDWWLYDWRTXDQGRWUDVSRUWDWHR
ULSRQHWHODPDFFKLQD
Ɣ4XDQGRWUDQVSRUWDWHODPDFFKLQDLQXQYH
LFRORFRSULWHODODPDFRQLOFRSHUFKLRGHOOD
ODPD
,QDOWULFDVLQRQSUHYLVWLGDTXHVWRPDQXDOH
DJLUHFRQFDXWHOD5LYROJHUVLDOSURSULRULYHQ
GLWRUHLQFDVRGLELVRJQRGLDVVLVWHQ]D
3XQWLSDUWLFRODUPHQWHVLJQL¿FDWLYLVRQRLQGLFDWL
LQWUHPRGLGLYHUVLDVHFRQGDGHOJUDGRGLLP
SRUWDQ]D
$77(1=,21(
,QIRUPD]LRQHGLSDUWLFRODUHLPSRUWDQ]DSHU
HYLWDUHLQFLGHQWLJUDYLRPRUWDOL
,03257$17(
,QGLFD]LRQHGDVHJXLUHSHUHYLWDUHGDQQLDOOD
SHUVRQDRDOODPDFFKLQD
127$
,QIRUPD]LRQHXWLOHSHUXQFRUUHWWRXVRHIXQ]L
RQDPHQWR
,03257$17(
1RQVPRQWDUHO¶DYYLDWRUHGLFRQWUDFFROSRVXO
GLVSRVLWLYR8QRSRWUHEEHIHULUVLDFDXVDGHOOD
PROODGLFRQWUDFFROSR


:DUQXQG6LFKHUKHLWVKLQZHLVH

6LFKHUKHLWGHV%HGLHQHUV
Ɣ6WHWV*HVLFKWVVFKXW]E]Z6FKXW]EULOOHWUD
JHQ
Ɣ6WHWVVFKZHUHODQJH+RVHQ6WLHIHOXQG
+DQGVFKXKHWUDJHQ'DV*HUlWGDUIQLFKWLQ
ORFNHUHU.OHLGXQJPLW6FKPXFNLQNXU]HQ
+RVHQ6DQGDOHQRGHUEDUIXEHWULHEHQ
ZHUGHQ'DV+DDULVWVR]XVLFKHUQGDHV
QLFKWEHUGLH6FKXOWHUKHUXQWHUKlQJW
Ɣ'LHVHV*HUlWGDUIQLFKWYRQ3HUVRQHQEHGL
HQWZHUGHQGLHEHUPGHWRGHUNUDQNVLQG
RGHUXQWHU$ONRKRORGHU0HGLNDPHQWHQHLQ
ÀXVWHKHQ
Ɣ0DQVROOQLHPDOVHUODXEHQGDVHHLQ.LQG
RGHUHLQHXQHUIDKUHQH3HUVRQGLH0DVFKLQH
EHWWlLJHQGUIH
Ɣ*HK|UVHKXW]IUDJHQ
Ɣ'HU0RWRUGDUIQLHLQQHUKDOEJHVFKORVVHQHU
5lXPHRGHU*HElXGHDQJHODVVHQE]Z
EHWULHEHQZHUGHQ'LH$EJDVHN|QQHQ]XP
7RGIKUHQ
Ɣ'LH*ULIIHPVVHQIUHLYRQgOXQG.UDIWVWRII
EOHLEHQ
Ɣ+lQGHZHJYRQGHQ6FKQHLGPHVVHUQ
Ɣ'DV*HUlWQLFKWDQGHQ0HVVHUQHUJUHLIHQ
RGHUKDOWHQ
Ɣ1DFKGHP$XVVFKDOWHQGHV0RWRUVXQEHG
LQJWPLWGHP$EVWHOOHQGHV*HUlWVZDUWHQ
ELVGDV6FKQHLG9RUVDW]JHUlWYROOVWDQGLJ
VWLOOVWHKW
Ɣ%HL'DXHUEHWULHEJHOHJHQWOLFKHLQH3DXVH
HLQOHJHQDOVYRUEHXJHQGH0DQDKPHJH
JHQ:HL¿QJHU.UDQNKHLWGLHGXUFKVWl
QGLJH9LEUDWLRQYHUXUVDFKWZLUG
*HUlWHVLFKHUKHLW
Ɣ9RUMHGHU9HUZHQGXQJLVWGDVJHVDPWH*HU
lW]XNRQWUROOLHUHQ%HVFKlGLJWH7HLOHVLQG
DXV]XZHFKVHOQ'DV*HUlWLVWDXIDXV
ODXIHQGHQ.UDIWVWRII]XEHUSUIHQ(VLVW
GDUDXI]XDFKWHQGDDOOH%HIHVWLJXQJVWHLOH
YRUKDQGHQXQGVLFKHUDQJH]RJHQVLQG
Ɣ*HULVVHQHDXVJHEURFKHQHRGHUDXIDQGHUH
:HLVHEHVFKlGLJWH7HLOHVLQGYRU9HUZHQG
XQJGHV*HUlWHVDXV]XZHFKVHOQ
Ɣ(VLVWGDUDXI]XDFKWHQGDGHU%HU
KUXQJVVFKXW]RUGQXQJVJHPlDQJHEUDFKW
LVW
Ɣ:lKUHQGGHU9HUJDVHUHLQVWHOOXQJGUIHQ
VLFKDQGHUH3HUVRQHQQLFKWLQGHU1lKHDXI
KDOWHQ
Ɣ1XUGDVYRP+HUVWHOOHUIUGLHVHV*HU
lWHPSIRKOHQH=XEHK|UGDUIYHUZHQGHW
ZHUGHQ
:$5181*
.HLQHVIDOOVGDV:HUN]HXJLQLUJHQGHLQHU
:HLVHPRGL¿]LHUHQ
'HQ)UHLVFKQHLGHUQXUIUGLH=ZHFNHYHU
ZHQGHQIUGLHHUEHVWLPPWLVW
.UDIWVWRIIVLFKHUKHLW
+,1:(,6
Ɣ%HYRUGDV*HUlWJHODJHUWZLUGPXGHU
7DQNHQWOHHUWZHUGHQ0DQVROOEHLHLQHU
$EODJHUXQJYRQPHKUDOVGUHL0RQDWHQ
XQYHUPHLGOLFKHVWXQ'HU.UDIWVWRIIN|
QQWHVRQVWGHQ9HUJDVHUYHUURVWHQXQG
EHVFKlGLJHQ(VHPS¿HKOWVLFKGHQ
.UDIWVWRIIQDFKMHGHP*HEUDXFKDE]X
ODVVHQ)DOOVGHU7DQNQRFKHLQHQ5HVW
.UDIWVWRIIHQWKlOWLVWGDV*HUlWVRDE]X
ODVVHQGDNHLQ.UDIWVWRIIDXVOlXIW
Ɣ.UDIWVWRIILP)UHLHQPLVFKHQXQGHLQIOOHQ
)XQNHQXQG)HXHUIHUQKDOWHQ
Ɣ)UGHQ.UDIWVWRIILVWHLQ]XJHODVVHQHU%HKl
OWHU]XYHUZHQGHQ
Ɣ,QGHU1lKHGHV.UDIWVWRIIVGHV*HUlWHV
VRZLHEHLP$UEHLWHQPLWGHP*HUlWLVWGDV
5DXFKHQ]XXQWHUODVVHQ
Ɣ9RUGHP$QODVVHQGHV0RWRUVPXYHUVFK
WWHWHU.UDIWVWRIIUHVWORVHQWIHUQWZHUGHQ
Ɣ9RUGHP$QODVVHQGHV0RWRUVLVWGDV*HU
lWPLQGHVWHQVPYRQGHU.UDIWVWRIIHLQI
OOVWHOOH]XHQWIHUQHQ
Ɣ9RUGHP$EQHKPHQGHV7DQNGHFNHOVPX
GHU0RWRUDXVJHVFKDOWHWZHUGHQ
Ɣ*HUlWXQG.UDIWVWRIIVLQGDQ6WHOOHQ]XOD
JHUQZR.UDIWVWRIIGlPSIHQLFKWPLW)XQNHQ
RGHURIIHQHQ)ODPPHQYRQ:DVVHUHUKLW]HUQ
(OHNWURPRWRUHQRGHUHOHNWULVFKHQ6FKDOWHUQ
gIHQXVZLQ%HUKUXQJNRPPHQN|QQHQ
:$5181*
9LEUDWLRQVGlPSIXQJVV\VWHPHVLQGNHLQ
JDUDQWLHUWHU6FKXW]JHJHQ:HL¿QJHU
.UDQNKHLWRGHU.DUSDOWXQQHOV\QGURP
'DKHULVWEHLUHJHOPlLJHP'DXHUHLQVDW]
GHV*HUlWVGHU=XVWDQGYRQ)LQJHUQ
XQG+DQGZXU]HOJUQGOLFK]XEHUZD
FKHQ)DOOV6\PSWRPHGHUREHQJHQDQQW
HQ.UDQNKHLWHQDXIWUHWHQVRIRUWHLQHQ$UW]
DXIVXFKHQ
6FKQHLGVLFKHUKHLW
Ɣ'DV:HUN]HXJQXU]XP0lKHQYRQ*UDV
XQG]XP6FKQHLGHQYRQ%XVFKZHUNXQG8Q
WHUKRO]HLQVHW]HQ
Ɣ9RUMHGHP*HEUDXFKGLH]XPlKHQGH)Ol
FKHXQWHUVXFKHQ*HJHQVWlQGHHQWIHUQHQ
EHLGHQHQGLH*HIDKUEHVWHKWGDVLHKRFK
JHVFKOHXGHUWZHUGHQRGHUVLFKLP0lKNRSI
YHUIDQJHQ
Ɣ%HLP6FKQHLGHQYRQ9HJHWDWLRQGLHPLW
,QVHNWHQEHNlPSIXQJHPLWWHOQEHKDQGHOWZRU
GHQLVW]XPVFKXW]GHU$WPXQJVRUJDQHHLQH
$HURVGVFKXW]PDVNHWUDJHQ
Ɣ.LQGHU7LHUH8PVWHKHQGH+HOIHUXVZG
UIHQVLFKQLFKWLQQHUKDOEGHUP*HIDKUHQ
]RQHDXIKDOWHQ0RWRUVRIRUWDEVWHOOHQ
ZHQQVLFKMHPDQGQlKHUW
Ɣ'HU0RWRUPXVLFKLPPHUDXIGHUUHFKWHQ.
|USHUVHLWHEH¿QGHQ
Ɣ*HUlWIHVWPLWEHLGHQ+lQGHQKDOWHQ
Ɣ6WHWVIUJXWH6WDQGVLFKHUKHLWVRUJHQ1LFKW
]XZHLWYRUEHXJHQ
Ɣ0lKNRSIXQG6FKDOOGlPSIHUVRZLH6FKQHLG
9RUVDW]JHUlWYRP.|USHUIHUQKDOWHQZHQQ
GHU0RWRUOlXIW
Ɣ'DV6FKQHLG9RUVDW]JHUlWVWHWVXQWHUGHU*
UWHOOLQLHKDOWHQ
:DUWXQJVVLFKHUKHLW
Ɣ*HUlWJHPl(PSIHKOXQJZDUWHQ
Ɣ9RU'XUFKIKUXQJYRQ:DUWXQJVDUEHLWHQDX
HUEHL9HUJDVHUHLQVWHOOXQJHQ=QGNHU]HQ
VWHFNHUDE]LHKHQ
Ɣ%HL9HUJDVHUHLQVWHOOXQJHQDQGHUH3HUVRQHQ
IHUQKDOWHQ
Ɣ1XUYRUVFKULIWVPl%LJHYRP+HUVWHOOHUHPS
IRKOHQH(UVDW]WHLOHYHUZHQGHQ
7UDQVSRUWXQG/DJHUXQJ
Ɣ*HUlWEHLDXVJHVFKDOWHWHP0RWRUYRQ+DQG
WUDJHQ6FKDOOGlPSIHUYRP.|USHUIHUQ
KDOWHQ
Ɣ0RWRUDENKOHQODVVHQ.UDIWVWRIIWDQN
HQWOHHUHQXQG*HUlWDEVLFKHUQEHYRUHVLQ
HLQHP)DKU]HXJJHODJHUWRGHUWUDQVSRUWLHUW
ZLUG
Ɣ9RUGHU/DJHUXQJGHV*HUlWV.UDIWVWRIIWDQN
HQWOHHUHQ(VHPS¿HKOWVLFKGHQ.UDIWVW
RIIQDFKMHGHP$UEHLWVHLQVDW]DE]XODVVHQ
:HQQGHU7DQNQRFKHLQHQ5HVW.UDIWVWRII
HQWKlOWLVWGDV*HUlWVR]XODJHUQGDNHLQ
.UDIWVWRIIDXVOlXIW
Ɣ*HUlWDQHLQHPIU.LQGHUXQ]XJlQJOLFKHQ
2UWODJHUQ
Ɣ'DV*HUlWVRUJIlOWLJUHLQLJHQXQGLQHLQHP
WURFNHQHQ2UWODJHUQ
Ɣ6LFKHUVWHOOHQGDGHU6FKDOWHUEHLWUDQVSRUW
RGHUODJHUXQJDXVJHVFKDOWHWLVW
Ɣ:HQQGDV*HUlWLQHLQHP:DJHQEHI|UGHUW
ZLUGGLH.OLQJHPLWGHP.OLQJHQGHFNHODE
GHFNHQ
%HL)lOOHQGLHLQGHUYRUOLHJHQGHQ
%HGLHQXQJVDQOHLWXQJQLFKWDEJHGHFNWVLQG
]XHUVWGLH/DJHEHXUWHLOHQXQGGDQQPLW
9RUVLFKW]X:HUNHJHKHQ=LHKHQ6LHIDOOV
6LH+LOIHEHQ|WLJHQ,KUHQ+lQGOHU]X5DWH
%HVRQGHUVZLFKWLJH$EVFKQLWWHZXUGHQDXI
GUHLYHUVFKLHGHQH$UWHQKHUYRUJHKREHQGLHVH
VLQGDEKlQJLJYRP*UDGGHU:LFKWLJNHLW
:$5181*
,QIRUPDWLRQYRQDOOHUJU|VVWHU:LFKWLJNHLW
XPHUQVWKDIWH3HUVRQHQVFKlGHQRGHU
7RGHVIlOOHYHUPHLGHQ]XN|QQHQ
$&+781*
,QIRUPDWLRQYRQJURVVHU%HGHXWXQJXP
3HUVRQHQVFKlGHQRGHU6FKlGHQDQGHU
0DVFKLQHXQG$XVUVWXQJYHUPHLGHQ]XN|
QQHQ
+,1:(,6
,QIRUPDWLRQGLHHLQH0DVVQDKPHNODUOHJWXQG
GDKHUZLFKWLJLVWXP)HKOHUYHUPHLGHQ]XN|
QQHQ
$&+781*
'HU5FNODXIDQODVVHUDXIGHP*HUlWVROOQLFKW
]HUOHJWZHUGHQ0DQN|QQWHVLFKZHJHQGHU5
FNODXIIHGHUYHUOHW]HQ


$GYHUWHQFLDVHLQVWUXFFLRQHVGHVHJXULGDG

6HJXULGDGGHOXVXDULR
Ɣ/OHYHQVLHPSUHODVSURWHFFLRQHVWDOHVFRPR
ODSDQWDOODRJDIDVGHVHJXULGDG
Ɣ8VHQVLHPSUHORVSDQWDORQHVODUJRV\
JUXHVRVERWDV\JXDQWHV1RVHSRQJDQ
SUHQGDVVXHOWDVMR\DVSDQWDORQHVFRUWRV
VDQGDOLDVQLGHVFDO]R
Ɣ1RRSHUHQHVWDPiTXLQDFXDQGRHVWpQ
FDQVDGRVHQIHUPRVREDMRODLQÀXHQFLDGHO
DOFRKROGURJDVRPHGLFDPHQWRV
Ɣ1RGHJHQDORVQLxRVRSHUVRQDVLQH[SHUWDV
SDUDTXHRSHUHQHVWDPiTXLQD
Ɣ/OHYHQODVSURWHFFLRQHVGHRtGRV
Ɣ1XQFDSRQJDQHQPDUFKDHVWDPiTXLQD
GHQWURGHXQORFDOFHUUDGRRHGL¿FLR/D
UHVSLUDFLyQGHORVJDVHVGHHVFDSHSXHGH
FDXVDUODPXHUWH
Ɣ0DQWHQJDODVHPSXxDGXUDVOLPSLDVGH
DFHLWH\FRPEXVWLEOH
Ɣ0DQWHQJDOODVPDQRVDOHMDGDVGHODKRMDGH
FRUWH
Ɣ1RDJDUUHODPiTXLQDSRUODKRMDGHFRUWH
Ɣ&XDQGRSDUDODXQLGDGDVHTXUHQTXHHO
DGLWDPHQWRGHFRUWHVHKD\DGHWHQLGRDQWHV
GHDSR\DUODVREUHHOVXHOR
Ɣ'XUDQWHODRSHUDFLyQSURORQJDGDVHUHFR
PLHQGDLQWHUUXPSLUGHYH]HQFXDQGRSDUD
HYLWDUODSRVLEOHHQIHUPHGDGGHGHGRVEODQ
FRVFDXVDGDSRUODVYLEUDFLRQHV
6HJXULGDGGHODPiTXLQD
Ɣ,QVSHFFLRQHVLHPSUHODPiTXLQDDQWHVGH
XVDUOD6XVWLWX\DODVSLH]DVGDxDGDV&RP
SUXHEHTXHQRKD\DIXJDVGHFRPEXVWLEOH
\DVHJ 㨯UHVHGHTXHWRGDVODVSLH]DVHVW 㨯Q
ELHQVXMHWDVHQVXVLWLR
Ɣ6XVWLWX\DODVSLH]DVDJULHWDGDVURWDVRGH
WHULRUDGDVDQWHVGHSRQHUHQPDUFKDODPi
TXLQD
Ɣ$VHJXUDUTXHHOSURWHFWRUGHVHJXULGDGHVWp
SHUIHFWDPHQWHFRORFDGR
Ɣ$ODMXVWDUHOFDUEXUDGRUQRSHUPLWDTXHVH
DFHUTXHQRWUDVSHUVRQDV
Ɣ8WLOLFH~QLFDPHQWHORVDFFHVRULRVTXHKD\DQ
VLGRUHFRPHQGDGRVSRUHOIDEULFDQWH
$7(1&,Ï1
1RGHEHUiPRGL¿FDUVHGHQLQJXQDPDQHUD
ODKHUUDPLHQWD1RXVDUVXKHUUDPLHQWDGH
FRUWHSDUDFXDOTXLHUWDUHDH[FHSWRSDUDOD
FXDOVHKD\DGHVWLQDGR
6HJXULGDGSDUDFRQHOFRPEXVWLEOH
127$
Ɣ$QWHVGHJXDUGDUODPiTXLQDYDFtHHOGHS
yVLWRGHFRPEXVWLEOH+D\TXHKDFHUOR
LQHYLWDEOHPHQWHDODOPDFHQDUORGXUDQWH
PiVGHWUHVPHVHVGHRWURPRGRHOFRP
EXVWLEOHHVFDSD]GHFRUURHU\GHDYHULDU
HOFDUEXUDGRU(VFRQYHQLHQWHYDFLDUHO
GHSyVLWRFDGDYH]TXHVHKDXVDGRODP
iTXLQD6LVHGHMDFRPEXVWLEOHHQHOGHS
yVLWRDVHJXUDUVHGHTXHQRSXHGDQSUR
GXFLUVHIXJDV
Ɣ0H]FOH\FDUJXHHOFRPEXVWLEOHDODLUHOLEUH
HQOXJDUHVGRQGHQRVHSURGX]FDQFKLVSDV
QLIXHJRV
Ɣ8WLOLFHSDUDHOFRPEXVWLEOHXQUHFLSLHQWHDG
HFXDGR
Ɣ1RIXPHQLGHMHIXPDUDRWUDVSHUVRQDVHQ
ODVFHUFDQtDVGHOFRPEXVWLEOHRGHODPi
TXLQDPLHQWUDVHVWiHQPDUFKD
Ɣ/LPSLHORVUHVLGXRVGHFRPEXVWLEOHDQWHVGH
SRQHUHQPDUFKDHOPRWRU
Ɣ$QWHVGHSRQHUHQPDUFKDHOPRWRUDSi
UWHVHFRPRPtQLPRPHWURVGHOOXJDUHQHO
TXHVHKDUHSRVWDGR
Ɣ3DUHHOPRWRUDQWHVGHTXLWDUHOWDSyQGHO
GHSyVLWRGHFRPEXVWLEOH
Ɣ$OPDFHQHODPiTXLQD\HOFRPEXVWLEOHHQXQ
OXJDUGRQGHORVYDSRUHVGHOFRPEXVWLEOHQR
SXHGDQOOHJDUDFKLVSDVROODPDVGHFDOHQWD
GRUHVGHDJXDPRWRUHVHOpFWULFRVLQWHUUXS
WRUHVKRUQRVHWF
$7(1&,Ï1
/RVVLVWHPDVDQWLYLEUDWRULRVQRJDUDQWL]DQ
GHTXHQRVXIUDODHQIHUPHGDGGHGHGRV
EODQFRVRVtQGURPHGHW~QHOFDUSDO
3RUORWDQWRORVXVXDULRVFRQWLQXRVR
UHJXODUHVGHEHUiQFRQWURODUIUHFXHQWH
PHQWHODVFRQGLFLRQHVGHVXVPDQRV\GH
GRV6LDSDUHFHQDOJXQRGHORVVtQWRPDV
FLWDGRVGHEHUiVROLFLWDUVHLQPHGLDWDPHQWH
ODLQGLFDFLyQPpGLFD
6HJXULGDGHQHOFRUWH
Ɣ1RFRUWDUFXDOTXLHUPDWHULDOTXHQRVHDOD
KLHUED\ODVPDOH]DV
Ɣ,QVSHFFLRQHVLHPSUHHOiUHDTXHKD\TXH
FRUWDUDQWHVGHLQLFLDUHOWUDEDMR4XLWHORV
REMHWRVTXHSXHGDQVDOLUGHVSHGLGRVRHQUH
GDUVHHQHOFDEH]DOGHFRUWH
Ɣ3DUDSURWHJHUODVYtDVUHVSLUDWRULDVGXUDQWH
HOFRUWHGHYHJHWDFLRQHVTXHKD\DQXVDGR
LQVHFWLFLGDVGHEHUiXVDUVHODPiVFDUDGH
SURWHFFLyQFRQWUDDHURVROHV
Ɣ0DQWHQJDDRWUDVSHUVRQDVQLxRVDQL
PDOHVD\XGDQWHV\PLURQHVIXHUDGHOD
]RQDGHSHOLJURGHPHWURV3DUHHOPRWRU
LQPHGLDWDPHQWHVLVHDFHUFDDOJXLHQ
Ɣ0DQWHQJDVLHPSUHHOPRWRUDOODGRGHUHFKR
GHOFXHUSR
Ɣ6XMHWH¿UPHPHQWHODPiTXLQDFRQDPEDV
PDQRV
Ɣ0DQWHQJDHVWDEOHHOFXHUSRFRQORVSLHV
ELHQDSR\DGRVVREUHHOVXHOR1RHVWLUHGH
PDVLDGRHOFXHUSR
Ɣ0DQWpQJDVXFXHUSRDSDUWDGRGHOVLOHQ
FLDGRUGHHVFDSH\HODGLWDPHQWRGHFRUWH
PLHQWUDVHVWiHQPDUFKDHOPRWRU
Ɣ0DQWHQHUHODGLWDPHQWRGHFRUWHGHEDMRGHO
QLYHOGHODFLQWXUD
6HJXULGDGHQHOPDQWHQLPLHQWR
٨0DQWHQJDODPiTXLQDVHJ 㨯QODVUHFRPHQGD
FLRQHV
Ɣ$QWHVGHLQLFLDUHOPDQWHQLPLHQWRGHVFR
QHFWHODEXMtDH[FHSWRVLKD\TXHDMXVWDUHO
FDUEXUDWRU
Ɣ1RSHUPLWDTXHVHDFHUTXHQRWUDVSHUVRQDV
PLHQWUDVHVWiDMXVWDQGRHOFDUEXUDGRU
Ɣ8WLOLFH~QLFDPHQWHUHSXHVWRV\DFFHVRULRV
RULJLQDOHVUHFRPHQGDGRVSRUHOIDEULFDQWH
7UDQVSRUWH\DOPDFHQDPLHQWR
Ɣ7UDQVSRUWHODPiTXLQDFRQHOPRWRU\HOVL
OHQFLDGRUDSDUWDGRGHOFXHUSR
Ɣ$QWHVGHDOPDFHQDURWUDQVSRUWDUODPi
TXLQDHQXQYHKtFXORHVSHUHDTXHVHKD\D
HQIULDGRHOPRWRUYDFtHHOGHSyVLWRGHFRP
EXVWLEOH\DVHJ~UHODELHQ
Ɣ9DFtHHOGHSyVLWRDQWHVGHDOPDFHQDUODPi
TXLQD
(VUHFRPHQGDEOHYDFLDUHOGHSyVLWRFDGD
YH]TXHVHKDXVDGRODPiTXLQD6LVHGHMD
FRPEXVWLEOHHQHOGHSyVLWRDVHJ~UHVHGH
TXHQRSXHGDQSURGXFLUVHIXJDV
Ɣ$OPDFHQHODPiTXLQDIXHUDGHODOFDQFHGH
QLxRV
Ɣ/LPStHVHFXLGDGRVDPHQWHHOFRQMXQWR\DO
PDFpQHVHHQXQOXJDUVHFR
Ɣ$VHJ~UHVHGHTXHHVWiGHVFRQHFWDGRHO
FRQPXWDGRUGHOPRWRUDOWUDQVSRUWDUORRDO
DOPDFHQDUOR
Ɣ&~EUDVHODKRMDFRQODFXELHUWDGHKRMDGX
UDQWHHOWUDQVSRUWH
6LRFXUUHQVLWXDFLRQHVTXHQRVHKDQSUHYLVWR
HQHVWHPDQXDOSURFHGDFRQHOPi[LPDFXL
GDGR\EXHQMXLFLR&RQWDFWHDVXGLVWULEXLGRU
FXDQGRQHFHVLWHDVHVRUDPLHQWR
'HGLTXHHVSHFLDODWHQFLyQDORVDSDUWDGRV
SUHFHGLRGRVSRUODVSDODEUDVVLJXLHQWHV
$7(1&,Ï1
,QGLFDJUDQSHOLJURGHGDxRVSHUVRQDOHV
JUDYHVHLQFOXVRODPXHUWHVLQRVHVLJXHQ
ODVLQVWUXFFLRQHV
,03257$17(
,QGLFDSRVLELOLGDGGHGDxRVSHUVRQDOHVRPD
WHULDOHVVLQRVHVLJXHQODVLQVWUXFFLRQHV
127$
,QGLFDLQIRUPDFLyQ~WLOSDUDXQFRUUHFWRXVR\
IXQFLRQDPLHQWRGHODPiTXLQD
,03257$17(
1RVHGHVPRQWHHOGLVSRVLWLYRGHDUUDQTXHGH
UHWURFHVRVREUHHODSDUDWR8QRSRGUtDKHU
LUVHDFDXVDGHOUHVRUWHGHUHWURFHVR


9DUQLQJDURFKVlNHUKHWVI|UHVNULIWHU

$QYlQGDUHQVVlNHUKHW
Ɣ$QYlQGDOOWLGDQVLNWVVN\GGHOOHUVN\GGVJODV|
JRQ
Ɣ$QYlQGDOOWLGNUDIWLJDOnQJDE\[RUVWDGLJD
VNRURFKKDQGVNDU%lUDOGULJO|VWVLWWDQGH
NOlGHUVP\FNHQNRUWE\[RUHOOHUVDQGDOHU
RFKJnDOGULJEDUIRWD%LQGXSSKnUHWVnDWW
GHWLQWHUlFNHUQHGDQI|UD[HOK|MG
Ɣ$QYlQGLQWHUHGVNDSHWRPGXlUWU|WWVMXN
HOOHUSnYHUNDGDYDONRKROGURJHUHOOHUPHGL
FLQHU
Ɣ/nWDOGULJHWWEDUQHOOHUHQSHUVRQVRPLQWHN
lQQHUWLOOPDVNLQHQN|UDPDVNLQHQ
Ɣ$QYlQGDOOWLGK|UVHOVN\GG
Ɣ6WDUWDHOOHUN|UDOGULJPRWRUQLQQHLHWWVWlQJW
XWU\PPH$YJDVHUQDNDQYDUDOLYVIDUOLJDDWW
LQDQGDV
Ɣ+nOOKDQGWDJHQIULDIUnQROMDRFKEHQVLQ
Ɣ+nOOKlQGHUQDERUWDIUnQVNlUXWUXVWQLQJHQ
Ɣ+nOOLQWHWULPPHUQLVNlUXWUXVWQLQJHQ
Ɣ6WDQQDDOOWLGVNlWLOOVDWVHQKHOWLQQDQGXOl
JJHUQHGUHGVNDSHWQlUGHWWDIUnQVODJLWV
Ɣ)|UV|NLQWHDWWDUEHWDLÀHUDWLPPDULHWWVWUl
FNXWDQWDSDXVGnRFKGn'XNDQSnVnV
lWWXQGYLNDGHVNYLWD¿QJUDUQDVRPRUVDN
VDVDYYLEUDWLRQHU
5HGVNDSHWVVlNHUKHW
Ɣ.RQWUROOHUDKHODUHGVNDSHWI|UHYDUMHDQYl
QGQLQJ%\WXWVNDGDGHGHODU6HHIWHURP
GHWLQWHI|UHNRPPHUQnJRWEUlQVOHOlFNDJH
RFKNRQWUROOHUDDWWDOODIlVWGHWDOMHU¿QQVSn
VLQDSODWVHURFKlURUGHQWOLJWIDVWVDWWD
Ɣ%\WXWGHODUVRPlUVSUlFNWD\WVNDGDGHHOOHU
VNDGDGHSnDQQDWVlWWLQQDQGXDQYlQGHU
UHGVNDSHW
Ɣ6HWLOODWWVlNHUKHWVVN\GGHWlUUlWWPRQWHUDW
Ɣ/nWLQWHQnJRQVWnLQlUKHWHQYLGI|UJDVDU
MXVWHULQJDU
Ɣ$QYlQGHQGDVWWLOOEHK|UDYGHW\SHUVRPWLOO
YHUNDUHQUHNRPPHQGHUDUWLOOGHWWDUHGVNDS
9$51,1*
bQGUDDOGULJYHUNW\JHWVNRQVWUXNWLRQSnQn
JRWVlWW
$QYlQGGHQQDU|MVnJWULPPHUI|UDQQDWl
QGDPnOlQGHQlUDYVHGGI|U
%UlQVOHVlNHUKHW
2%6(59(5$
Ɣ7|PEUlQVOHWDQNHQLQQDQGXVWlQOOHU
XQGDQUHGVNDSHWI|UI|UYDULQJ'HWWDlUV
lUVNLOWQ|GYlQGLJWLQQDQ|YHUWUHPnQDG
HUVI|UYDULQJHIWHUVRPEUlQVOHDQQDUV
NDQE|UMDIUlWDRFKRUVDNDVNDGRUSnI|
UJDVDUHQ9LUHNRPPHQGHUDUDWWEUlQVOHWW
|PVHIWHUYDUMHDQYlQGQLQJ2PGHW¿QQV
EUlQVOHNYDULWDQNHQPnVWHUHGVNDSHWI|
UYDUDVVnDWWLQWHQnJRWEUlQVOHNDQULQQD
XW
Ɣ%ODQGDRFKKDQWHUDEU 㨯QVOHWXWRPKXVRFKS
nHQSODWVGlUGHWLQWH¿QQVQnJRQULVNI|U
JQLVWRUHOOHU|SSHQHOG
Ɣ$QYlQGNlUOVRPlUJRGNlQGDI|UEUlQVOH
KDQWHULQJ
Ɣ5|NLQWHVMlOYRFKWLOOnWLQWHQnJRQDQQDQDWW
U|NDQlUDEUlQVOHWHOOHUUHGVNDSHWHOOHUYLG
DQYlQGQLQJDYUHGVNDSHW
Ɣ7RUNDXSSXWVSLOOWEUlQVOHI|UHVWDUWDYPRW
RUQ
Ɣ)O\WWDUHGVNDSHWPLQVWPIUnQWDQNQLQJ
VSODWVHQI|UHVWDUWDYPRWRUQ
Ɣ6WDQQDPRWRUQLQQDQGXWDUDYEUlQVOHSn
I\OOQLQJVORFNHW
Ɣ)|UYDUDUHGVNDSHWRFKEUlQVOHWSnHWWVWlOOH
GlUEUlQVOHnQJRUQDLQWHNDQQnJQLVWRUHOOHU
|SSHQHOGIUnQYDUPYDWWHQEHUHGDUHHOHN
WULVNDPRWRUHUVWU|PVWlOODUHYlUPHSDQQRU
HWF
9$51,1*
$QWLYLEUDWLRQVV\WHPHWJDUDQWHUDULQWHDWW
GXLQWHXWVlWWVI|UGHVNYLWD¿QJUDUQD
HOOHUFDUSDOWXQQHOV\QGURP'HQVRPNRQ
WLQXHUOLJWHOOHUUHJHOEXQGHWDQYlQGHUGHQ
QDPDVNLQPnVWHVnOHGHVNRQWUROOHUDWLOOVWn
QGHWDYKlQGHUQDRFK¿QJUDUQDQRJJUDQW
9lQGGLJJHQDVWWLOOHQOlNDUHI|UQlUPDUH
XQGHUV|NQLQJRPQnJRWRYDQOLJWPlUNVL
GLQDKlQGHUHOOHU¿QJUDU
$UEHWVVlNHUKHW
Ɣ)|UV|NLQWHDWWNOLSSDDQQDWPDWHULDOlQJUlV
RFKERUVWDU
Ɣ*UDQVNDDUEHWV\WDQI|UHYDUMHDUEHWVLQVDWV
$YOlJVQDDOODI|UHPnOVRPNDQNDVWDVLYlJ
HOOHUWUDVVODLQVLJ
Ɣ7DJSnGLJHQPDVNI|UDQGQLQJVVN\GGYLG
NOLSSQLQJDYYl[WHUEHVSUXWDGHPHGLQVHNWV
PHGHO
Ɣ+nOODOODEDUQGMXUnVNnGDUHRFKPHGKMl
OSDUHSnPLQVWPDYVWnQGIUnQUHGVNDSHW
6WDQQDRPHGHOEDUWPRWRUQRPQnJRQNRP
PHULQlUKHWHQ
Ɣ+nOODOOWLGUHGVNDSHWSnK|JUDVLGDQDYNURS
SHQ
Ɣ+nOOUHGVNDSHWVWDGLJWPHGEnGDKlQGHUQD
Ɣ6HWLOODWWGXVWnUVWDGLJWRFKPHGJRGED
ODQV6WUlFNGLJDOGULJI|UDWW|NDUlFNYLG
GHQ
Ɣ+nOODOODNURSSVGHODURFKWLOOVDWVGHODUI|U
NOLSSQLQJERUWDIUnQOMXGGlPSDUHQVnOlQJH
PRWRUQJnU
Ɣ+nOOWLOOVDWVGHODUQDI|UNOLSSQLQJXQGHUPL
GMHQLYnQ
6N|WVHOVlNHUKHW
Ɣ6N|WRPUHGVNDSHWHQOLJWDQYLVQLQJDUQD
Ɣ7DJERUWWlQGNDEHOQIUnQWlQGVWLIWHWLQQDQGX
XWI|UQnJUDXQGHUKnOOVDUEHWHQPHGXQGDQWDJ
I|UI|UJDVDULQVWlOOQLQJDU
Ɣ/nWLQWHQnJRQVWnLQlUKHWHQYLGI|UJDVDU
MXVWHULQJDU
Ɣ$QYlQGHQGDVWWLOOEHK|UDYGHW\SHUVRPWLOO
YHUNDUHQUHNRPPHQGHUDUWLOOGHWWDUHGVNDS
7UDQVSRUWRFKI|UYDULQJ
Ɣ%lUDOOWLGUHGVNDSHWPHGPRWRUQVWRSSDG
RFKOMXGGlPSDUHQYlQGERUWIUnQNURSSHQ
Ɣ/nWPRWRUQVYDOQDW|PEUlQVOHWDQNHQRFK
VSlQQIDVWUHGVNDSHWI|UI|UYDULQJHOOHU
WUDQVSRUWLHWWIRUGRQ
Ɣ7|PEUlQVOHWDQNHQLQQDQGXVWlOOHUXQGDQ
UHGVNDSHWI|UI|UYDULQJ9LUHNRPPHQG
HUDUDWWEUlQVOHWW㨯PVHIWHUYDUMHDQYlQGQLQJ
2PGHW¿QQVEUlQVOHNYDULWDQNHQPnVWH
UHGVNDSHWI 㨯UYDUDVVnDWWQnJRWEU 㨯QVOHLQWH
NDQULQQDXW
Ɣ)|UYDUDUHGVNDSHWRnWNRPOLJWI|UEDUQ
Ɣ5HQJ|UQRJDJUlVU|MDUHQRFKI|UYDUDGHQL
HWWWRUUWXWU\PPH
Ɣ)|UHWUDQVSRUWRFKI|UYDULQJ.RQWUROOHUDDWW
WlQGRPNRSSODUHQVWnULIUnQVODJHWOlJH
Ɣ9LGJUlVU㨯MDUHQVWUDQVSRUWLHQELO7lFNNOLQ
JDQPHGNOLQJVN\GGHW
$QYlQGI|UVLNWLJKHWRFKJRWWRPG|PHRPGHW
XSSVWnUQnJUDVLWXDWLRQHUVRPLQWHNDQEHKDQ
GODVLGHQQDERN7DJNRQWDNWPHGnWHUI|UVl
OMDUHQRPGXEHK|YHUKMlOS
6lUVNLOWYLNWLJDDYVQLWWKDULGHWI|OMDQGHPDU
NHUDWVSnWUHROLNDVlWWEHURHQGHSnJUDGHQDY
EHW\GHOVH
9$51,1*
,QIRUPDWLRQVRPlUDYVW|UVWDEHW\GHOVHI|
UDWWXQGYLNDDOOYDUOLJSHUVRQVNDGDHOOHUG|
GVIDOO
9,.7,*7
,QIRUPDWLRQDYVWRUEHW\GHOVHI|UDWWXQGYL
NDSHUVRQVNDGDHOOHUVNDGDSnPDVNLQRFK
XWUXVWQLQJ
2%6(59(5$
,QIRUPDWLRQVRPlUYLNWLJI|UDWWNODUJ|UDHQn
WJlUGRFKGlUPHGXQGYLNDPLVVWDJ
9,.7,*7
7DLQWHLVlUUHN\OVWDUWDUHQHIWHUVRPGHWlUOlWW
DWWVNDGDVLJSnUHN\OIMlGHUQ



$VVHPEO\SURFHGXUHV
'ULYHVKDIWWRHQJLQH)LJ
/RRVHQWXEHORFNLQJEROW,IVRHTXLSSHG
DERXWWHQWXUQVVRWKDWWKHEROWSRLQWZLOOQRW
REVWUXFWGULYHVKDIWWXEHWREHLQVHUWHG:KHQ
LQVHUWLQJGULYHVKDIWWXEHKROGWKHWXEHORFN
LQJEROWRXWZDUGSUHYHQWLQJLQVLGH¿WWLQJIURP
REVWUXFWLQJDVZHOO
,QVHUWWKHGULYHVKDIWLQWRWKHIDQFDVHRIWKH
HQJLQHSURSHUO\XQWLOWKHPDUNHGSRVLWLRQ
RQWKHGULYHVKDIWWXEHPHHWVWKHIDQFDVH
127(
)RU7%&&&6DWWDFKWKHSLSHKROGHUV
RQGULYHVKDIWWXEHDQGWKHQLQVHUWGULYH
VKDIWLQWRIDQFDVHSURSHUO\XQWLOWKHPDUNHG
SRVLWLRQRQWKHSLSHKROGHUPHHWVWKHIDQ
FDVH
127(
:KHQLWLVKDUGWRLQVHUWGULYHVKDIWXSWRWKH
PDUNHGSRVLWLRQRQWKHGULYHVKDIWWXEHWXUQ
GULYHVKDIWE\WKHFXWWHUPRXQWLQJHQGFORFN
ZLVHRUFRXQWHUFORFNZLVH7LJKWHQWXEHORFN
LQJEROWOLQLQJXSWKHKROHLQWKHVKDIWWXEH
7KHQWLJKWHQFODPSEROWVHFXUHO\
,QVWDOODWLRQRIDWWDFKPHQW
-RLQWKHDWWDFKPHQWLQSODFHRILW
0DNHVXUHWKHORFNSLQ¿WVLQWKHORFDWLRQ
KROHRIWXEHDQGWKDWWKHWXEHZLOOQRW
FRPHRII)LJ
7LJKWHQWKHNQREQXWVHFXUHO\)LJ
,QVWDOODWLRQRIKDQGOH)LJ
$WWDFKWKHKDQGOHWRWKHGULYHVKDIWWXEHZLWK
WKHDQJOHWRZDUGVWKHHQJLQH
$GMXVWWKHORFDWLRQWRWKHPRVWFRPIRUWDEOHSR
VLWLRQEHIRUHRSHUDWLRQ)LJ

3URFpGpVG¶DVVHPEODJH
$UEUHGHWUDQVPLVVLRQGXPRWHXU)LJ
'HVVHUUHUOHERXORQGHYHUURXLOODJHGHWX\DX
6LODPDFKLQHHQHVWPXQLHGHGL[WRXUV
HQYLURQSRXUTXHODSRLQWHGHERXORQQ¶HQWUDYH
SDVOHWX\DXGHO¶DUEUHGHWUDQVPLVVLRQjLQV
pUHU/RUVTX¶RQLQVqUHOHWX\DXGHO¶DUEUH
GHWUDQVPLVVLRQPDLQWHQLUOHERXORQGH
YHUURXLOODJHGHWX\DXYHUVO¶H[WpULHXUSRXU
HPSrFKHUTXHODJDUQLWXUHLQWpULHXUHSXLVVH
GHYHQLUXQREVWDFOH
,QVpUHUO¶DUEUHGHWUDQVPLVVLRQGDQVOHFDUWHU
GHYHQWLODWHXUGXPRWHXUG¶XQHIDoRQDSSURSUL
pHMXVTX¶jFHTXHODSRVLWLRQPDUTXpH
VXUOHWXEHGHO¶DUEUHGHWUDQVPLVVLRQVRLWHQ
FRUUHVSRQGDQFHDYHFOHFDUWHUGHYHQWLODWHXU
5(0$548(
$YHF7%&&&6¿[HUOHVVXSSRUWVGH
WX\DXDXWXEHGHO¶DUEUHGHWUDQVPLVVLRQ
SXLVLQVpUHUO¶DUEUHGHWUDQVPLVVLRQGDQVOH
FDUWHUGHYHQWLODWHXUG¶XQHIDoRQDSSURSULpH
MXVTX¶jFHTXHODSRVLWLRQPDUTXpHVXUOH
VXSSRUWGHWX\DXVRLWHQFRUUHVSRQGDQFHDYHF
OHFDUWHUGHYHQWLODWHXU
5(0$548(
/RUVTX¶LOHVWGLI¿FLOHG¶LQVpUHUO¶DUEUHGH
WUDQVPLVVLRQMXVTX¶jODSRVLWLRQPDUTXpHVXUOH
WX\DXGHO¶DUEUHGHWUDQVPLVVLRQIDLUHWRXUQHU
O¶DUEUHGHWUDQVPLVVLRQDXPR\HQGXERXW
GHPRQWXUHGHO¶RXWLOGHFRXSHGDQVOHVHQV
GHVDLJXLOOHVG¶XQHPRQWUHRXLQYHUVHPHQW
5HVVHUUHUOHERXORQGHYHUURXLOODJHGXWX\DX
WRXWHQDOLJQDQWO¶RUL¿FHVXUOHWX\DXGHO¶DUEUH
GHWUDQVPLVVLRQ
(QVXLWHUHVVHUUHUIHUPHPHQWOHERXORQGH
VHUUDJH
0RQWDJHGXGLVSRVLWLI
0RQWHUO¶DFFHVVRtUHDXOLHXGHFHOXLOj
6¶DVVXUHUGHFHTXHODFKHYLOOHGH
YHUURXLOODJHV¶HQFODYHGDQVOHWURXGH
¿[DWLRQGXWX\DXHWTXHOHWX\DXQHVHG
pWDFKHSDV)LJ
6HUUHUIHUPHPHQWO¶pFURXGHEORFDJH
)LJ
,QVWDOODWLRQGXPDQFKH)LJ
)L[HUODSRLJQpHDXWX\DXGHO¶DUEUHG¶HQWUDv
QHPHQWDYHFO¶DQJOHYHUVOHPRWHXU
5pJOHUO¶HPSODFHPHQWVXUODSRVLWLRQODSOXV
FRPPRGHDYDQWODPLVHHQPDUFKH)LJ

3URFHGLPHQWRGLPRXQWDJJLR
0RQWDJJLRGHOO¶DOEHURPRWRUHDOPRWRUH
)LJ
$OOHQWDUHLOEXOORQHGLEORFFDJJLRGHOWXER
6HODPDFFKLQDQHqIRUQLWDGLGLHFL
JLULDSSURVVLPDWLYDPHQWHDI¿QFKqODSXQWD
GLEXOORQHQRQRVWDFROLLOWXERGHOO¶DOEHUR
PRWRUHGDLQVHULUH4XDQGRVLLQVHULVFHLO
WXERGHOO¶DOEHURPRWRUHPDQWHQHUHLOEXOORQH
GLEORFFDJJLRGHOWXERLQIXRULLPSHGLQGRO¶
DFFHVVRULRLQWHUQRGLIDURVWUX]LRQH
,QVHULUHO¶DOEHURPRWRUHFRUUHWWDPHQWHQHO
FDUWHUGHOODYHQWRODGHOPRWRUH¿QRDIDU
FRLQFLGHUHLOVHJQRGLULVFRQWURVXOWXER
GHOO¶DOEHURPRWRUHFRQTXHOORVXOFDUWHUGHOOD
YHQWROD
127$
3HU7%&&&6FROOHJDUHLVRVWHJQL
WXED]LRQHVXOWXERGHOO¶DOEHURPRWRUHH
TXLQGLLQVHULUHFRUUHWWDPHQWHO¶DOEHURPRWRUH
QHOFDUWHUGHOODYHQWROD¿QRDIDUFRLQFLGHUHLO
VHJQRGLULVFRQWURVXOVRVWHJQRWXED]LRQH
FRQTXHOORVXOFDUWHUGHOODYHQWROD
127$
6HIRVVHGLI¿FLOHLQ¿ODUHO¶DOEHURPRWRUH¿QR
DOVHJQRGLULVFRQWURVXOWXERGHOO¶DOEHUR
PRWRUHJLUDUHO¶DOEHURPRWRUHSHUO¶HVWUHPLWj
GLPRQWDJJLRODPDLQVHQVRRUDULRRLQVHQVR
DQWLRUDULR6WULQJHUHLOEXOORQHGLEORFFDJJLR
GHOWXERDOOLQHDQGRORFRQLOIRURVXOWXERGHOO¶
DOEHUR
4XLQGLVWULQJHUHVDOGDPHQWHLOEXOORQHGL
VHUUDJJLR
,QVWDOOD]LRQHGHOO¶DFFHVVRQLR
 0RQWDUHO¶DFFHVVRULRLQYHFHGLTXHOOD
$VVLFXUDUVLFKHLOSHUQRGLEORFFDJJLR
V¶DFFRUGDFRQLOIRURGL¿VVD]LRQHGHO
WXERHFKHLOWXERQRQVLVHSDUD)LJ
$YYLWDUHDIRQGRVLFXUDPHQWHLOGDGRGD
PDQRSROD)LJ
0RQWDJJLRGHOPDQXEULR)LJ
0RQWDUHLOPDQXEULRVXOWXERGHOO¶DOEHUR
PRWRUHIDFHQGRDWWHQ]LRQHFKHVLDLQFOLQDWR
YHUVRLOPRWRUH
5HJRODUQHODSRVL]LRQHVHFRQGROHSURSULH
HVLJHQ]HSULPDGLLQL]LDUHDODYRUDUH)LJ
)LJ )LJ



=XVDPPHQVHW]HQ
$QWULHEVZHOOHXQG0RWRU)LJ
'HQ5RKUEORFNLHUXQJVERO]HQ
)DOOVYRUKDQGHQXQJHIlKUXP]HKQ
6FKUDXEHQZHQGXQJHQVRORFNHUQGDVV
GLH%RO]HQVSLW]HEHLP(LQVFKLHEHQGDV
$QWULHEVZHOOHQURKUQLFKWEHKLQGHUW:DQQGDV
$QWULHEVZHOOHQURKUHLQJHVFKREHQZLUGKDOWHQ
6LHGHQ5RKUEORFNLHUXQJVERO]HQVRQDFK
DXVZlUWVIHVWGDVVGDVLQQHUH=XEHK|UDQ
LUJHQGZHOFKHU6W|UXQJYHUKLQGHUWZLUG
6HW]HQ6LHGLH$QWULHEVZHOOHVRLQGDV/
IWHUJHKlXVHHLQGDVVGLH0DUNLHUXQJDQ
GHU$QWULHEVZHOOHQKOVHVLFKDP/IWHUJHKl
XVHEH¿QGHW
+,1:(,6
%ULQJHQ6LHEHLP7%&&&6GLH
5RKUKDOWHUDQGHU$QWULHEVZHOOHDQXQG
VHW]HQ6LHGLH$QWULHEVZHOOHVRLQGDV/
IWHUJHKlXVHHLQGDVVGLH0DUNLHUXQJDP
5RKUKDOWHUVLFKDP/IWHUJHKlXVHEH¿QGHW
+,1:(,6
:HQQGDV(LQVFKLHEHQGHU$QWULHEVZHOOH
ELV]XU0DUNLHUXQJDP$QWULHEVZHOOHQURKU
VFKZLHULJLVWGLH:HOOHDPDQGHUHQ(QGH
IDVVHQXQGEHLP(LQVFKLHEHQLPRGHU
HQWJHJHQGHQ8KU]HLJHUVLQQGUHKHQ'HQ
%ORFNLHUXQJVERO]HQVRDQ]LHKHQGDHULQ
GDV/RFKLQGHU$QWULHEVZHOOHHLQJUHLIW
'DQQGLH6SDQQVFKUDXEHIHVWDQ]LHKHQ
0RQWLHUXQJGHU6FKQHLGYRUULFKWXQJ
5LFKWHQ6LHGLH6FKQHLGYRUULFKWXQJDQ
VHLQH6WHOOHHLQ
hEHU]HLJHQ6LHVLFKGDYRQGDVVGHU
6SDQQVWLIWLQV%HIHVWLJXQJVORFKGHU
5|KUHKLQHLQSDVVWXQGGDVVGLH5|KUHQLFKW
ZHJNRPPW)LJ
=LHKHQ6LHGLH*ULIIPXWWHUVLFKHUIHVW
)LJ
$QEULQJXQJGHV+DQGJULIIV)LJ
'HQ+DQGJULII]XP0RWRUKLQJHQHLJWDQGDV
$QWULHEVZHOOHQURKUDQEULQJHQ
'HQ+DQGJULIIYRUGHU,QEHWULHEQDKPHDXIHLQH
NRPIRUWDEOH3RVLWLRQHLQVWHOOHQ)LJ

3URFHGLPLHQWRGHPRQWDMH
$UEROGHWUDQVPLVLyQGHOPRWRU)LJ
$ÀyMHVHHOSHUQRWUDEDGRUGHWXER
6LORWLHQHHTXLSDGRGHGLH]YXHOWDV
DSUR[LPDGDPHQWHSDUDTXHODSXQWDGHSHUQR
QRHVWRUEHHOWXERGHOiUEROGHWUDQVPLVLyQ
SRULQWURGXFLU$OLQWURGXFLUHOWXERGHOiUEROGH
WUDQVPLVLyQPDQWpQJDVHHOSHUQRWUDEDGRU
KDFLDIXHUDHYLWDQGRTXHHODFFHVRULRLQWHUQR
SXHGDREVWDU
,QWURGXFLUHOiUEROGHWUDQVPLVLyQHQODFDMD
GHOYHQWLODGRUGHOPRWRUGHIRUPDFRUUHFWD
KDVWDTXHODPDUFDGHOiUEROGHWUDQVPLVLy
QWRTXHODFDMDGHOYHQWLODGRU
127$
3DUDHOPRGHOR7%&&&6¿MDUORV
VRSRUWHVGHODWXEHUtDHQHOWXERGHOi
UEROGHWUDQVPLVLyQHLQWURGXFLUHOiUEROGH
WUDQVPLVLyQHQODFDMDGHOYHQWLODGRUGHO
PRWRUGHIRUPDFRUUHFWDKDVWDTXHODPDUFD
GHOiUEROGHWUDQVPLVLyQWRTXHODFDMDGHO
YHQWLODGRU
127$
6LHVGLItFLOLQWURGXFLUHOiUEROGHWUDQVPLVLy
QKDVWDODPDUFDKDFHUJLUDUHOiUEROSRUHO
H[WUHPRGHODKRMDFRUWDGRUDHQHOVHQWLGRGH
ODVPDQHFLOODVGHOUHORMRVHQWLGRFRQWUDULR
$SUHWDUHOSHUQRGH¿MDFLyQKDFLHQGRTXH
FRLQFLGDFRQHORUL¿FLRGHOWXERGHOiUERO
$FRQWLQXDFLyQDSUHWDU¿UPHPHQWHHOSHUQR

0RQWDMHGHODFFHVRULR
,QVWiOHVHHODFFHVRULRHQHOOXJDUGHHVWD
$VHJ~UHVHGHTXHVHHQFDMDODFODYLMD
WUDEDGRUDHQHODJXMHURGH¿MDFLyQ
GHOWXER\TXHQRVHGHVSUHQGHHOWXER
 )LJ
$SULpWHVH¿UPHPHQWHODWXHUFDGHSHULOOD
)LJ
0RQWDMHGHOPDQLOODU)LJ
$FRSODUHOPDQLOODUDOWXERGHOiUEROGH
SURSXOVLyQFRQHOiQJXORRULHQWDGRKDFLDHO
PRWRU
$MXVWDUHOPDQLOODUGHODIRUPDTXHUHVXOWHPi
VFyPRGD)LJ

0RQWHULQJ
'ULYD[HOWLOOPRWRU)LJ
6NUXYDXWU|UHWVOnVEXOWQlUVnGDQ¿QQV
FLUNDWLRYDUYVnDWWEXOWHQVVSHWVLQWHlUWLOO
KLQGHUQlUGULYD[HOU|UHWVlWWVL1lUGULYD[HOU|
UHWVlWWVLVNDOOGXULNWDU|UHWVOnVEXOWXWnWVn
DWWGHWLQUHEHVODJHWLQWHXWJ|UHWWKLQGHU
6NMXWLQGULYD[HOQLÀlNWKXVHWSnPRWRUQ
RUGHQWOLJWVnDWWPDUNHULQJHQSnGULYD[HOVU
|UHWJnUHPRWÀlNWKXVHW
$10b5.1,1*
*lOOHU7%&&&60RQWHUDU|UKnOODUQD
SnGULYD[HOVU|UHWRFKVNMXWVHGDQLQGULYD[HOQ
LÀlNWKXVHWSnPRWRUQRUGHQWOLJWVnDWW
PDUNHULQJHQSnU|UKnOODUHQJnUHPRWÀl
NWKXVHW
$10b5.1,1*
2PGHWlUVYnUWDWWI|UDLQGULYD[HOQ
WLOOPDUNHULQJHQSnGULYD[HOVU|UHWVNDOO
GULYD[HOQYULGDVPHGHOOHUPRWXUVPHGKMl
OSDYD[HOVSHWVHQGlUVNlUHWPRQWHUDVVnDWW
D[HOQVPRQWHULQJXQGHUOlWWDV3DVVDLQKnOHW
LGULYD[HOVU|UHWPRWOnVVNUXYHQRFKGUDJnW
GHQQDVNUXY
'UDJVHGDQnWNODPPHUVNUXYHQRUGHQWOLJW
0RQWHULQJDYVNlUDQRUGQLQJHQ
6lWWGLWVNlUDQRUGQLQJHQLVWlOOHW
6HWLOODWWOnVWDSSHQSDVVDULLQVWlOOQLQJ
VKnOHWLU|UHWRFKDWWU|UHWLQWHUDPODUDY
)LJ
'UDJIDVWUDWWPXWWHUQRUGHQWOLJW)LJ
0RQWHULQJDYKDQGWDJ)LJ
0RQWHUDKDQGWDJHWSnULJJU|UHWVnDWWGHWOXWDU
PRWPRWRUQ
-XVWHUDKDQGWDJHWVOlJHWLOOVGHWVLWWHUSnEHNY
lPWDYVWnQG)LJ
)LJ




7KURWWOHZLUHVWRSFRUG
5HPRYHDLUFOHDQHUFRYHU)LJ
&RQQHFWVWRSFRUGV)LJ
6HWRXWHUUHFHLYHU,IVRSURYLGHGLQWRZLUH
JXLGHDQGSXWWKURWWOHZLUHWKURXJKWKHRXWHU
UHFHLYHU)LJ
&RQQHFWWKURWWOHZLUHHQGWRFDUEXUHWRUDQGLQ
VWDOOVZLYHOFDSLIVRHTXLSSHGZKHUHLV
LQFOXGHGLQWRROEDJRQWRVZLYHO)LJ
&RYHUWKURWWOHZLUHDQGVWRSFRUGVWRJHWKHU
ZLWKSURWHFWLYHWXEHSURYLGHGXSWRDLUFOHDQHU
FRYHU)LJ
&kEOHGHPDUFKHDUUrWFkEOHGHFRP
PDQGHGHVJD]
5HWLUHUOHFRXYHUFOHGX¿OWUHjDLU)LJ
5HOLHUOHV¿OVGHPDUFKHDUUrW)LJ
3RVLWLRQQHUOHJXLGHH[WpULHXUV¶LO\D
OLHXVXUOHJXLGH¿OHWPHWWUHOHFkEOHGHFRP
PDQGHGHVJD]jWUDYHUVOHJXLGHH[WpULHXU
)LJ
&RQQHFWHUOHFjEOHGHFRPPDQGHGHVJD]DX
FDUEXUDWHXUHWLQVWDOOHUOHFDSXFKRQGXSLYRW
OHFDVpFKpDQWV¶LO¿JXUHGDQVOHVDFjRXWLOV
VXUOHSLYRW)LJ
&RXYULUHQVHPEOHOHFkEOHGHFRPPDQGHGHV
JD]HWOHV¿OVGHPDUFKHDUUrWDYHFOHWXEHGH
SURWHFWLRQIRXUQLMXVTX¶DXQLYHDXGXFRXYHUFOH
GX¿OWUHjDLU)LJ


)LORGHOJDV&DYRGLDUUHVWR
5LPXRYHWHLOFRSHUFKLRGHO¿OWURGHOO¶DULD
)LJ
&ROOHJDUHLFDYLGLDUUHVWR)LJ
)DUSDVVDUHO¶HVWUHPLWjGHOULFHYLWRUHVH
SUHVHQWHQHOJXLGD¿ORHPHWWHUHLO¿ORGHOO¶
DFFHOHUDWRUHDWWUDYHUVRLOULFHYLWRUHHVWHUQR
)LJ
&ROOHJDUHO¶HVWHUPLWjGHO¿ORGHOO¶DFFHOHUDWRUH
DOFDUEXUDWRUHHLQVWDOODUHODEXVVRODJLUHYROH
VHFRVLHTXLSDJJLDWRLQFOXVDQHOODERUVD
XWHQVLOLVXOODSDUWHJLUHYROH)LJ
&RSULUHLO¿ORGHOO¶DFFHOHUDWRUHHIHUPDUHL
FDYLLQVLHPHFRQODJXDLQDGLSURWH]LRQHLQ
GRWD]LRQHWUDVPLVVLRQ¿QRDOFRSHUFKLRGHO
¿OWURGHOO¶DULD)LJ
*DV]XJ6WRSNDEHO
'HQ/XIW¿OWHUGHFNHODEQHKPHQ)LJ
'LH6WRSS.DEHODQVFKOLHHQ)LJ
5LFKWHQ6LHGDV$XVVHQHPSIDQJVJHUlW
ZHQQHVJLEW]XP'UDKWIKUHU]XXQG
IKUHQ6LHGHQ'URVVHOGUDKWGXUFKGDV
$XVVHQHPSIDQJVJHUlWDXV)LJ
%ULQJHQ6LHGDV(QGHGHV'URVVHONODSSHQ]XJV
DP9HUJDVHUDQXQGEULQJHQ6LHLP
7HLOHNDVWHQEH¿QGOLFKH6FKDUQLHUNDSSHIDOOV
YRUKDQGHQDP6FKDUQLHUDQ)LJ
'HQPLWJHOLHIHUWHQ6FKXW]VFKODXFKEHU
*DV]XJXQG6WRSS/HLWXQJHQELV]XP
/XIW¿OWHUGHFNHO]LHKHQ)LJ


&RUGyQGHSDUDGDDODPEUHGHODFHOHUDGRU
'HVPRQWDUODWDSDGHOSXUL¿FDGRUGHDLUH
)LJ
&RQHFWDUORVFDEOHVGHSDUDGD)LJ
&ROyTXHVHHOUHFHSWRUH[WHUQRVLORKD\
HQODJXLDGHDODPEUHHLQVpUWHVHHODODPEUH
HVWUDQJXODGRUDWUDYpVGHOUHFHSWRUH[WHUQR
)LJ
&RQHFWDUHOH[WUHPRGHODODPEUHGHODFHOHUD
GRUDOFDUEXUDGRUHLQVWDODUODWDSDGHUyWXOD
VLH[LVWHLQFOXLGDHQODEROVDGHKHUUDPLHQ
WDVHQODUyWXODJLUDWRULD)LJ
&XEULUHODODPEUHGHODFHOHUDGRU\¿MDUODVFX
HUGDVFRQHOWXERSURWHFWRUSURYLVWRKDVWDOD
FXELHUWDGHOSXUL¿FDGRUGHDLUH)LJ
*DVVSMDOOHWVOHQGLQJNRUWVOXWQLQJVNDEODU
7DJERUWNnSDQIUnQOXIWUHQDUHQ)LJ
$QVOXWNRUWVOXWQLQJVNDEODUQD)LJ
6lWWSnGHQ\WWUHEHKnOODUHQRPGHQPHGI
|OMHUSnYDMHUOHGDUHQRFKI|ULQ9LGDQYlQG
JDVUHJOHULQJVNDEHOQJHQRPGHQ\WWUHEHKn
OODUHQ)LJ
.RSSODJDVUHJOHULQJVNDEHOQVlQGHWLOOI|
UJDVDUHQRFKPRQWHUDVYlQJKXYXGHWVNnSD
RPGHQQDXWUXVWQLQJ¿QQVIUnQYHUNW\JVYl
VNDQSnVYlQJKXYXGHW)LJ
/LQGDLKRSJDVUHJOHULQJVNDEHOQRFK
NRUWVOXWQLQJVNDEODUQDWLOOVDPPDQVPHG
GHWPHGOHYHUHUDGHVN\GGVU|UHWXSSWLOO
OXIWUHQDUHQVK|OMH)LJ
)LJ )LJ
)LJ )LJ




0RQWDJJLRGHOFRSULODPD)LJ%&
,QVWDOODUHLOFRSULODPDFRPHPRVWUDWRVRSUD
)LJ%&
127$
6HO¶DSSDUHFFKLRKDO¶HWLFKHWWDLQGLFDWLYDLO
OXRJRGHOODSURWH]LRQHVXOWXERGHOO¶DOEHUR
PRWRUHFRQIRUPDUVLDOOHLVWUX]LRQL
,03257$17(
1RQWHQWDUHGLLQVWDOODUHXQDODPDGLPHQWDOOR
VXOODWRVDHUEDDGDOEHURFXUYR&LzqPROWR
SHULFRORVR
,03257$17(
$OFXQLFRSULODPDVRQRGRWDWLGLOLPLWDWRULGL
OLQHD%DGDUHGLPDQHJJLDUOR
(LQEDXGHV0HVVHUVFKXW]HV
)LJ%&
%ULQJHQ6LHGHQ0HVVHUVFKXW]ZLHREHQ
JH]HLJWDQ$EE%&
+,1:(,6
:HQQGDV*HUlWGHQ/DJHEHVWLPPXQJV]HWWHO
]XP6FKXW]DXIGHP7ULHEZHOOHQURKUKDWPDQ
VROOGHU1DFKZHLVXQJIROJHQ
+,1:(,6
.HLQHVIDOOVHLQ0HWDOOPHVVHUDP7ULPPHUPLW
ELHJVDPHU:HOOHDQEDXHQ'LHVLVWVHKUJHIl
KUOLFK
+,1:(,6
,UJHQGZHOFKH0HVVHUVFKXW]HVLQGPLW
VFKDUIHQ/LQLHQEHJUHQ]HUQDXVJHUVWHW0DQ
VROOGDUDXIEHGDFKWVHLQGLHVRUJIlOWLJ]X
EHKDQGHOQ


,QVWDODFLyQGHOSURWHFWRUGHFXFKLOOD
)LJ%&
,QVWDODUHOSURWHFWRUGHFXFKLOODFRPRVH
PXHVWUDDUULED)LJV%&
127$
6LHODSDUDWRGHXVWHGWLHQHODHWLTXHWD
LQGLFDQWHHOOXJDUGHODJXDUGLDVREUHHOWXER
GHOHMHPRWRQVtJDQVHODVLQGLFDFLRQHV
,03257$17(
1RWUDWHQGHLQVWDODUFXFKLOODPDWiOLFDHQ
UHFRUWDGRUDGHHMHPHWiOLFD(VPX\SHOLJURVR
,03257$17(
$OJXQRVSURWHFWRUHVGHFXFKLOODHVWiQ
HTXLSDGRVFRQOLPLWDGRUHVGHOLQHDD¿ODGRV7
pQJDVHFXLGDGRDOPDQHMDUOR
0RQWHULQJDYNOLQJVN\GG)LJ%&
0RQWHUDNOLQJVN\GGHWHQOLJWRYDQ)LJ%
&
2%6(59(5$
3ODFHUDVN\GGHWHQOLJWLQGLNHULQJHQSn
HWLNHWWHQQlUHQHWLNHWWI|UVN\GGHWVSODFHULQJ
¿QQVSnNDQWWULPPDUHQVGULYD[HOU|U
2%6(59(5$
)|UV|NDOGULJPRQWHUDHQPHWDOONOLQJDSn
WULPPHUQPHGE|MWVNDIW'HWlU\WWHUVWIDUOLJW
2%6(59(5$
6RPOLJDNOLQJVN\GGlUI|UVHGGDPHGHQVNDUS
OLQMHEHJUlQVDUH9DUVnOHGHVP\FNHWYDUVDP
YLGKDQWHULQJDYGHP


,QVWDOODWLRQRIEODGHJXDUG)LJ%&
,QVWDOOWKHEODGHJXDUGDVVKRZQRQDERYH
)LJ%d&
127(
,I\RXUXQLWKDVJXDUGORFDWLRQODEHORQGULYH
VKDIWWXEHIROORZWKHLQGLFDWLRQ
&$87,21
'RQRWDWWHPSWWRLQVWDOOPHWDOEODGHRQWKH
FXUYHGVKDIWWULPPHU,WLVYHU\GDQJHURXV
&$87,21
6RPHEODGHJXDUGVDUHHTXLSSHGZLWKVKDUS
OLQHOLPLWHUV%HFDUHIXOZLWKKDQGOLQJLW
,QVWDOODWLRQGHODSODTXHGHSURWHFWLRQGHOD
ODPH)LJ%&
,QVWDOOHUODSURWHFWLRQGHODPHFRPPHLQGLTXp
FLGHVVXV)LJ%&
5(0$548(
6LYRWUHDSSDUHLODO¶pWLTXHWWHPRQWUDQWOHOLHX
GXSURWHFWHXUVXUOHWX\DXGHO¶DUEUHG¶HQWUDv
QHPHQWYHXLOOH]VXLYUHOHULQGLFDWLRQV
5(0$548(
1HSDVHVVD\HUG¶LQVWDOOHUXQHODPHHQPpWDO
VXUXQHGpEURXVDLOOHXVHjDUEUHFRXUEH&HFL
HVWH[WUrPHPHQWGDQJHUHX[
5(0$548(
4XHOTXHVSODTXHVGHSURWHFWLRQGHODODPH
VRQWPXQLHVGHVOLPLWHXUVGHOLJQHDLJXV
3UHQH]JDUGHORUVTXHYRXVOHPDQLH]
)LJ )LJ% )LJ&



,QVWDOODWLRQRIFXWWLQJEODGH)LJ
,IVRHTXLSSHG
:KHQLQVWDOOLQJDFXWWLQJEODGHPDNHVXUH
WKDWWKHUHLVQRFUDFNVRUDQ\GDPDJHLQLWDQG
WKDWWKHFXWWLQJHGJHVDUHIDFLQJWKHFRUUHFW
GLUHFWLRQ
127(
:KHQLQVWDOOLQJFXWWHUKROGHUFDSEHVXUH
WRVHWFRQFDYHVLGHXSZDUG
,QVHUWWKHDOOHQZUHQFKLQWRWKHKROHRIWKH
DQJOHWUDQVPLVVLRQLQRUGHUWRORFNWKHFXWWHU
KROGHU3OHDVHQRWHWKDWWKHFXWWHU¿[LQJ
EROWRUQXWKDVOHIWKDQGHGWKUHDGVFORFN
ZLVHWRORRVHQFRXQWHUFORFNZLVHWRWLJKW
HQ7LJKWHQWKH¿[LQJEROWRUQXWZLWKWKHER[
ZUHQFK
127(
,I\RXUXQLWLVRIDQXWVHFXULQJW\SHDQG
HTXLSSHGZLWKDFRWWHUSLQWKHEODGHPXVWEH
UHWDLQHGZLWKDQHZFRWWHUSLQHDFKWLPHLQ
VWDOOHG)LJ%
&$87,21
%HIRUHRSHUDWLRQPDNHVXUHWKHEODGHKDV
EHHQSURSHUO\LQVWDOOHG
&$87,21
,I\RXUXQLWLVHTXLSSHGZLWKSURWHFWLRQFRYHU
XQGHUDFXWWLQJEODGHFKHFNLWIRUZHDULQHVV
RUFUDFNVEHIRUHRSHUDWLRQ,IDQ\GDPDJHRU
ZHDULQHVVLVIRXQGUHSODFHLWDVLWLVDQDUWL
FOHRIFRQVXPSWLRQ
,QVWDOODWLRQRIWKH%5$,1FXWWLQJKHDG
127(
)RULQVWDOODWLRQVHH\RXU%5$,12ZQHU¶
VPDQXDOSURYLGHGZLWKWKH%5$,1FXWWLQJ
KHDG
:$51,1*
)RU7$1$.$%5$,1KHDGVRU7$1$.$DOOR\
KHDGXVHRQO\ÀH[LEOHQRQPHWDOOLFOLQHUHF
RPPHQGHGE\WKHPDQXIDFWXUHU1HYHUXVH
ZLUHRUZLUHURSHV7KH\FDQEUHDNRIIDQGEH
FRPHDGDQJHURXVSURMHFWLOH
127(
:KHQXVLQJ7$1$.$DOOR\KHDG&+LQL
WLDOFXWWLQJOLQHOHQJWKVKRXOGEHDERXWFP
HDFK)LJ

,QVWDOODWLRQGHODODPHGHFRXSH)LJ
6LODPDFKLQHHQHVWPXQLH
/RUVTX¶RQLQVWDOOHXQHODPHGHFRXSHYHLOOHU
jFHTXHFHOOHFLQHVRLWSDV¿VVXUpHRX
HQGRPPDJpHHWjFHTXHOHVERUGVWUDQFKDQWV
VRLHQWGLULJpVGDQVODGLUHFWLRQDSSURSULpH
5(0$548(
/RUVTX¶RQLQVWDOOHOHFDSXFKRQGXVXSSRUW
GHODODPHWUDQFKDQWHV¶DVVXUHUTXHOHF{Wp
FRQFDYHHVWPLVYHUWLFDOHPHQW
,QVpUHUODFOpGHVHUUDJHGDQVOHWURXGH
O¶DUEUHGHWUDQVPLVVLRQG¶DQJOHD¿QGHEORTXHU
OHSRUWHODPH,OFRQYLHQWGHUHPDUTXHU
TXHOH¿OHWDJHGXERXORQRXGHO¶pFURXGH
¿[DWLRQHVWjJDXFKHGHVVHUUHUGDQV
OHVHQVGXPRXYHPHQWGHVDLJXLOOHVG¶XQH
PRQWUHVHUUHUHQVHQVLQYHUVHGHVDLJXLOOHVG¶
XQHPRQWUH6HUUHUOHERXORQGL¿[DWLRQRXO¶p
FURXDYHFODFOHIjGRXLOOH
5(0$548(
6LYRWUHDSSDUHLOHVWGXJHQUHjpFURXGH
FDODJHHWPXQLG¶XQHJRXSLOOHLOIDXWUHWHQLUOD
ODPHDXPR\HQG¶XQHFODYHWWHQHXYHTX¶RQ
PRQWHFKDTXHIRLV)LJ%
,03257$17
$YDQWGHIDLUHPDUFKHUODPDFKLQHYpUL¿HUOD
ODPHSRXUYRLUVLHOOHDpWpELHQLQVWDOOpH
,03257$17
6LYRWUHDSSDUHLOHVWPXQLG¶XQFDSXFKRQ
SURWHFWHXUVRXVODODPHWUDQFKDQWHV¶
DVVXUHUDYDQWODIRQFWLRQQHPHQWTX¶LOQ¶\
DSDVG¶XVXUHH[FHVVLYHRXGH¿VVXUHV6L
RQWURXYHTXHOTXHVDYDULHVRXGHO¶XVXUHLO
IDXWOHUHPSODFHUSXLVTX¶LOHVWXQDUWLFOHGH
FRQVRPPDWLRQ
,QVWDOODWLRQGHODWrWHGHFRXSH%5$,1
5(0$548(
3RXUO¶LQVWDOODWLRQYHXLOOH]YRXVUpIpUHUjYRWUH
0DQXHOGHO¶XWLOLVDWHXU%5$,1IRXUQLDYHFODW
rWHGHFRXSH%5$,1
$77(17,21
3RXUOHVWrWHV7$1$.$%5$,1XWLOLVHU3RXU
OHVWrWHV7$1$.$%5$,1RXODWrWHG¶DOOLDJH
7$1$.$XWLOLVHUXQLTXHPHQWGHVFRUGRQVQRQ
PpWDOOLTXHVUHFRPPDQGpVSDUOHIDEULFDYQW
1HMDPDLVXWLOLVHUGX¿OGHIHURXGHVFkEOHVP
pWDOOLTXHV,OVSHXYHQWVHURPSUHHWGHYHQLU
GHGDQJHUHX[SURMHFWLOHV
5(0$548(
/RUVTXHYRXVXWLOLVH]ODWrWHG¶DOOLDJH
7$1$.$&+ODORQJXHXUGHODOLJQH
GHVHFWLRQQHPHQWLQLWLDOVHUDG¶HQYLURQFP
FKDFXQH)LJ

0RQWDJJLRGHOODODPD)LJ
6HODPDFFKLQDQHqIRUQLWD
4XDQGRVLPRQWDXQDODPDDVVLFXUDUVLFKHOD
ODPDQRQVLDLQFULQDWDRGDQQHJJLDWDHFKHL
GHQWLVLDQRRULHQWDWLQHOODJLXVWDGLUH]LRQH
127$
4XDQGRVLPRQWDODSLDVWULQDIHUPDGLVFR
DVVLFXUDUVLFKHLOODWRFRQFDYRVLDULYROWRYHUVR
O¶DOWR,Q¿ODUHODFKLDYHDEUXJRODQHOIRUR
VXOO¶LQJUDQDJJLRFRQFRUUHQWHSHUEORFFDUHLO
SRUWDGLVFR1RWDUHFKHLOEXOORQHRGDGRGL
¿VVDJJLRGLODPDqD¿OHWWDWXUDVLQLVWURUVD
LQVHQVRRUDULRVLDOOHQWDLQVHQVRDQWLRUDULR
VLVWULQJH6HUUDUHLOEXOORQHGL¿VVDJJLRRGLO
GDGRFRQODFKLDYHWXERODUH
127$
6HLOVXRHOHPHQWRqGHOWLSRGL¿VVDJJLRGL
GDGRHSURYYLVWRGLXQDFKLDYHWWDWUDVYHUVDOH
ODODPDGHYHVRVWHQHUVLSHUPH]]RGLXQD
FRSSLJOLDQXRYDRJQLYROWDTXDQGRVLD
HIIHWWXDWRLOPRQWDJJLR)LJ%
,03257$17(
3ULPDGHOODYRURFRQWUROODUHODODPDSHU
YHUL¿FDUHFKHVLDVWDWDPRQWDWDFRUUHWWDPHQWH
,03257$17(
6HLOVXRDSSDUHFFKLRqVWDWRDWWUH]]DWRGLXQD
FDORWWDGLSURWH]LRQHVRWWRODODPDWDJOLHQWH
DVVLFXUDUVLSULPDGHOIXQ]LRQDPHQWRFKHQRQ
F¶qORJRULRHFFHVVLYRRQRQFLVRQRIHVVXUH
6HVLWURYDORJRULRRJXDVWRGHYHVRSSLDQWDUVL
FRPHHXQDUWLFRORGLFRQVXPR
,QVWDOOD]LRQHGHOODWHVWLQDGDWDJOLR%5$,1

127$
3HUTXDQWRULJXDUGDO¶LQVWDOOD]LRQHIDUHULIHUL
PHQWRDOPDQXDOHGLLVWUX]LRQL%5$,1LQ
GRWD]LRQHDOODWHVWLQDGDWDJOLR%5$,1
$77(1=,21(
3HUWHVWLQH7$1$.$%5$,1RWHVWLQHLQ
OHJD7$1$.$XVDUHVRORXQ¿ORÀHVVLELOH
QRQPHWDOOLFRFRQVLJOLDWRGDOIDEEULFDQWH
1RQXVDUHPDL¿OLRIXQLPHWDOOLFKH(VVL
SRWUHEEHURVSH]]DUVLHGLYHQWDUHXQ
SHULFRORVRSURLHWWLOH
127$
4XDQGRYLHQHXVDWDODWHVWLQDLQOHJD7$1$.$
&+ODOXQJKH]]DGHOODOLQHDGLWDJOLR
LQL]LDOHGHYHHVVHUHFLUFDFP)LJ
)LJ )LJ% )LJ