Bosch Appliances Coffeemaker tas 55xxuc User Manual
TAS 55xxUC  
Instruction manual  
Mode d’emploi  
Instrucciones de uso  
ꢁG  
ꢁF  
ꢆI  
ꢁ
ꢁE  
ꢁD  
ꢂD  
ꢂH  
ꢀD  
ꢀE  
ꢀ
ꢂE  
ꢂF  
ꢂG  
ꢆH ꢆG ꢆF  
ꢂ
ꢄD  
ꢄE  
ꢄ
ꢆD  
ꢃE  
ꢆE  
ꢅ
ꢃ
ꢃD  
ꢂ
HQ  
¡ꢀ ,PSRUWDQWꢀVDIHJXDUGV  
:KHQꢀXVLQJꢀHOHFWULFDOꢀDSSOLDQFHVꢄꢀEDVLFꢀ  
VDIHW\ꢀSUHFDXWLRQVꢀVKRXOGꢀDOZD\VꢀEHꢀ  
IROORZHGꢄꢀLQFOXGLQJꢀWKHꢀIROORZLQJꢅ  
ꢈꢁꢀ 5HDGꢀDOOꢀ,QVWUXFWLRQVꢀEHIRUHꢀXVLQJꢀWKHꢀ  
7$66,02ꢀEUHZHUꢁ  
i6DYHꢀWKHVHꢀ,QVWUXFWLRQVꢃ  
ꢇꢁꢀ 'RꢀQRWꢀWRXFKꢀKRWꢀVXUIDFHVꢁꢀꢀ  
8VHꢀKDQGOHVꢁ  
7KHꢀ7$66,02ꢀPDFKLQHꢀXVHVꢀDꢀVKRUWꢀ  
ꢊꢁꢀ &ORVHꢀVXSHUYLVLRQꢀLVꢀQHFHVVDU\ꢀZKHQꢀ  
WKHꢀDSSOLDQFHꢀLVꢀXVHGꢀDURXQGꢀFKLOGUHQꢁ  
ꢂꢁꢀ 'RꢀQRWꢀRSHUDWHꢀXQDWWHQGHGꢁ  
ꢅꢁꢀ 'RꢀQRWꢀXVHꢀWKHꢀ7$66,02ꢀEUHZHUꢀIRUꢀ  
SXUSRVHVꢀRWKHUꢀWKDQꢀLWVꢀLQWHQGHGꢀXVHꢁ  
ꢉꢁꢀ 7RꢀGLVFRQQHFWꢐꢀSUHVVꢀ³RII´ꢀVZLWFKꢐꢀWKHQꢀ  
UHPRYHꢀSOXJꢀIURPꢀZDOOꢀRXWOHWꢁꢀ  
SRZHUꢌVXSSO\ꢀFRUGꢀWRꢀSUHYHQWꢀWKHꢀFRUGꢀIURPꢀ  
WDQJOLQJꢀDQGꢀWRꢀUHGXFHꢀWKHꢀULVNꢀRIꢀWULSSLQJꢀ  
RYHUꢀDꢀORQJHUꢀFRUGꢁ  
([WHQVLRQꢀFRUGVꢀPD\ꢀEHꢀXVHGꢀLIꢀFDUHꢀLVꢀ  
H[HUFLVHGꢀLQꢀWKHLUꢀXVHꢁ  
,IꢀH[WHQVLRQꢀFRUGꢀLVꢀXVHGꢍ  
ꢃꢁꢀ 8QSOXJꢀIURPꢀRXWOHWꢀZKHQꢀQRWꢀLQꢀXVHꢀDQGꢀ ꢈꢁꢀ 7KHꢀPDUNHGꢀµHOHFWULFDOꢀUDWLQJ¶ꢀꢎQRPLQDOꢀ  
EHIRUHꢀFOHDQLQJꢁꢀ$OORZꢀWRꢀFRROꢀEHIRUHꢀ  
UHSODFLQJꢀRUꢀUHPRYLQJꢀSDUWVꢐꢀDQGꢀEHIRUHꢀ  
FOHDQLQJꢀ7$66,02ꢀEUHZHUꢁ  
YROWDJHꢀDQGꢀQRPLQDOꢀFXUUHQWꢏꢀRIꢀWKHꢀ  
HOHFWULFDOꢀUDWLQJꢀRIꢀWKHꢀH[WHQVLRQꢀFRUGꢀ  
VKRXOGꢀEHꢀDWꢀOHDVWꢀDVꢀJUHDWꢀDVꢀWKHꢀ  
ꢋꢁꢀ 'RꢀQRWꢀRSHUDWHꢀGDPDJHGꢀ7$66,02ꢀ  
EUHZHUꢁꢀ'RꢀQRWꢀRSHUDWHꢀDSSOLDQFHꢀ  
ZLWKꢀDꢀGDPDJHGꢀFRUGꢀRUꢀSOXJꢀRUꢀDIWHUꢀ  
7$66,02ꢀEUHZHUꢀPDOIXQFWLRQVꢐꢀRUꢀ  
KDVꢀEHHQꢀGURSSHGꢀRUꢀGDPDJHGꢀLQꢀDQ\ꢀ  
HOHFWULFDOꢀUDWLQJꢀRIꢀWKHꢀDSSOLDQFHꢁ  
ꢇꢁꢀ 7KHꢀORQJHUꢀFRUGꢀVKRXOGꢀEHꢀDUUDQJHGꢀVRꢀ  
WKDWꢀLWꢀZLOOꢀQRWꢀGUDSHꢀRYHUꢀWKHꢀFRXQWHUWRSꢀ  
RUꢀWDEOHWRSꢀZKHUHꢀLWꢀFDQꢀEHꢀSXOOHGꢀRQꢀE\ꢀ  
FKLOGUHQꢀRUꢀWULSSHGꢀRYHUꢀDFFLGHQWDOO\ꢁ  
PDQQHUꢁꢀ&RQWDFWꢀWKHꢀ7DVVLPRꢀ&XVWRPHUꢀ ꢊꢁꢀ 7KHꢀDSSOLDQFHꢀLVꢀWKHꢀJURXQGHGꢀW\SHꢁꢀ  
6HUYLFHꢀ'HSDUWPHQWꢀDWꢀꢈꢌꢋꢃꢃꢌ7',6&6ꢈꢁ  
ꢄꢁꢀ 7RꢀSURWHFWꢀDJDLQVWꢀ¿UHꢐꢀHOHFWULFꢀVKRFNꢀ  
DQGꢀLQMXU\ꢀWRꢀSHUVRQVꢐꢀGRꢀQRWꢀLPPHUVHꢀ  
FRUGꢐꢀSOXJꢐꢀRUꢀERG\ꢀRIꢀWKHꢀ7$66,02ꢀ  
EUHZHUꢀLQꢀZDWHUꢀRUꢀLQꢀDQ\ꢀRWKHUꢀOLTXLGꢁꢀ  
6HHꢀXVHꢀDQGꢀFDUHꢀPDQXDOꢀIRUꢀFOHDQLQJꢁ  
ꢈꢆꢁꢀ7KHꢀXVHꢀRIꢀDFFHVVRULHVꢀRUꢀDWWDFKHPHQWVꢀ  
LVꢀQRWꢀUHFRPPHQGHGꢀE\ꢀWKHꢀ7$66,02ꢀ  
EUHZHUꢀPDQXIDFWXUHUꢀDQGꢀPD\ꢀUHVXOWꢀLQꢀ  
¿UHꢐꢀHOHFWULFꢀVKRFNꢀRUꢀLQMXU\ꢀWRꢀSHUVRQVꢁ  
ꢈꢈꢁꢀ'RꢀQRWꢀXVHꢀRXWGRRUVꢀRUꢀZKHQꢀVWDQGLQJꢀ  
LQꢀGDPSꢀDUHDꢁ  
7KHꢀH[WHQVLRQꢀFRUGꢀVKRXOGꢀEHꢀDꢀꢊꢀSURQJꢀ  
³W\SHꢀꢊ´ꢀJURXQGHGꢀFRUGꢁꢀ  
ꢈꢇꢁꢀ'RꢀQRWꢀDOORZꢀFRUGꢀWRꢀKDQJꢀRYHUꢀHGJHꢀ  
RIꢀWDEOHꢀRUꢀFRXQWHUWRSVꢐꢀRUꢀWRXFKꢀKRWꢀ  
VXUIDFHVꢁ  
ꢈꢊꢁꢀ'RꢀQRWꢀSODFHꢀKRXVLQJꢐꢀZDWHUꢀWDQNꢀRUꢀFXSꢀ  
VWDQGꢀRQꢀRUꢀQHDUꢀDꢀKRWꢀJDVꢀRUꢀHOHFWULFꢀ  
EXUQHUꢐꢀRUꢀLQꢀDꢀKHDWHGꢀRYHQꢁ  
ꢈꢂꢁꢀ6FDOGLQJꢀPD\ꢀRFFXUꢀLIꢀEUHZLQJꢀXQLWꢀLVꢀ  
RSHQHGꢀGXULQJꢀEUHZLQJꢀF\FOHVꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
HQ  
ꢆ
ꢀꢀ ꢀ ,03257$17  
±ꢀ 7KLVꢀDSSOLDQFHꢀLVꢀGHVLJQHGꢀIRUꢀGRPHVꢌ  
ꢀ
:$51,1*  
¡
7RꢀUHGXFHꢀULVNꢀRIꢀ¿UHꢀDQGꢀHOHFWULFꢀ  
VKRFNꢅ  
WLFꢀDQGꢀQRWꢀFRPPHUFLDOꢀXVHꢁ  
±ꢀ 2QO\ꢀFRQQHFWꢀDQGꢀRSHUDWHꢀWKHꢀ  
ꢀDSSOLFDQFHꢀLQꢀDFFRUGDQFHꢀZLWKꢀWKHꢀ  
VSHFL¿FDWLRQVꢀRQꢀWKHꢀUDWLQJꢀODEHOꢁ  
±ꢀ 'RꢀQRWꢀXVHꢀ\RXUꢀ7$66,02ꢀꢀPDFKLQHꢀ  
LIꢀHLWKHUꢀWKHꢀSRZHUꢀFRUGꢀRUꢀWKHꢀ  
ꢀDSSOLFDQFHꢀLVꢀGDPDJHGꢁ  
±ꢀ 'RꢀQRWꢀUHPRYHꢀWKHꢀVLGHꢀFRYHUVꢁꢀꢀ  
1RꢀXVHUꢀVHUYLFHDEOHꢀSDUWVꢀLQVLGHꢁꢀ  
±ꢀ 5HSDLUVꢀVKRXOGꢀRQO\ꢀEHꢀFDUULHGꢀRXWꢀE\ꢀ  
DXWKRUL]HGꢀVHUYLFHꢀSHUVRQQHOꢁ  
±ꢀ 'RꢀQRWꢀLPPHUVHꢀLQꢀDQ\ꢀOLTXLGꢁ  
±ꢀ 8VHꢀLQGRRUVꢀDWꢀURRPꢀWHPSHUDWXUHꢀ  
RQO\ꢁꢀ'RꢀQRWꢀXVHꢀPRUHꢀWKDQꢀꢉꢅꢉꢆꢀIHHWꢀꢑꢀ  
ꢇꢆꢆꢆꢀPHWHUVꢀDERYHꢀVHDꢀOHYHOꢁ  
ꢀ
&$87,21  
±ꢀ 'RꢀQRWꢀOHWꢀFKLOGUHQꢀRUꢀSHUVRQVꢀZLWKꢀ  
UHGXFHGꢀPHQWDOꢀRUꢀVHQVRU\ꢀDELOLWLHVꢀRUꢀ  
OLPLWHGꢀNQRZOHGJHꢀDQGꢀH[SHULHQFHꢀXVHꢀ  
WKHꢀDSSOLDQFHꢐꢀXQOHVVꢀWKH\ꢀDUHꢀVXSHUꢌ  
YLVHGꢀRUꢀKDYHꢀEHHQꢀLQVWUXFWHGꢀLQꢀWKHꢀ  
XVHꢀRIꢀWKHꢀDSSOLDQFHꢀE\ꢀDꢀSHUVRQꢀZKRꢀLVꢀ  
UHVSRQVLEOHꢀIRUꢀWKHLUꢀVDIHW\ꢁ  
±ꢀ 6XSHUYLVHꢀFKLOGUHQꢀWRꢀHQVXUHꢀWKDWꢀWKH\ꢀ  
GRꢀQRWꢀSOD\ꢀZLWKꢀWKHꢀDSSOLDQFHꢁ  
±ꢀ ,QꢀWKHꢀHYHQWꢀRIꢀDꢀPDOIXQFWLRQꢐꢀXQSOXJꢀ  
WKHꢀDSSOLDQFHꢀLPPHGLDWHO\ꢁ  
±ꢀ 7RꢀDYRLGꢀSRWHQWLDOꢀKD]DUGVꢐꢀUHSDLUVꢀVXFKꢀ  
DVꢀUHSODFLQJꢀDꢀGDPDJHGꢀFRUGꢀVKRXOGꢀ  
RQO\ꢀEHꢀSHUIRUPHGꢀE\ꢀRXUꢀVHUYLFHꢀ  
SHUVRQQHOꢁ  
±ꢀ 1HYHUꢀLPPHUVHꢀWKHꢀDSSOLDQFHꢀRUꢀSRZHUꢀ  
FRUGꢀLQꢀZDWHUꢁ  
¡
7RꢀDYRLGꢀWKHꢀULVNꢀRIꢀVFDOGLQJꢅ  
±ꢀ 1HYHUꢀRSHQꢀWKHꢀEUHZLQJꢀXQLWꢀGXULQJꢀ  
WKHꢀEUHZLQJꢐꢀFOHDQLQJꢀRUꢀGHVFDOLQJꢀ  
SURFHVVꢁꢀ'RLQJꢀVRꢀFRXOGꢀGDPDJHꢀWKHꢀ  
EUHZHUꢀDQGꢀVFDOGLQJꢀPD\ꢀRFFXUꢁ  
±ꢀ $OZD\VꢀZDLWꢀXQWLOꢀWKHꢀ6WDWXVꢀ/('ꢀFꢀ  
ꢎꢊFꢏꢀKDVꢀVWRSSHGꢀEOLQNLQJꢀEHIRUHꢀDWꢌ  
WHPSWLQJꢀWRꢀRSHQꢀWKHꢀEUHZLQJꢀXQLWꢁ  
±ꢀ 3OHDVHꢀQRWHꢀWKDWꢀWKHꢀEHYHUDJHVꢀDUHꢀ  
YHU\ꢀKRWꢀZKHQꢀGLVSHQVHGꢁ  
±ꢀ 3OHDVHꢀH[HUFLVHꢀFDXWLRQꢀZKHQꢀRSHQꢌ  
LQJꢀWKHꢀEUHZLQJꢀXQLWꢀDQGꢀKDQGOLQJꢀWKHꢀ  
7ꢀ',6&VꢐꢀDVꢀVRPHꢀSUHVVXUHꢀPD\ꢀEHꢀ  
UHOHDVHGꢀDQGꢀ7ꢀ',6&VꢀFDQꢀEHꢀKRWꢀWRꢀ  
WKHꢀWRXFKꢁ  
±ꢀ 3OHDVHꢀUHDGꢀWKLVꢀLQVWUXFWLRQꢀPDQXDOꢀ  
DQGꢀWKHꢀVKRUWꢀFOHDQLQJꢀꢑꢀGHVFDOLQJꢀSURꢌ  
JUDPꢀLQVWUXFWLRQVꢀFDUHIXOO\ꢀDQGꢀNHHSꢀ  
WKHPꢀIRUꢀIXWXUHꢀUHIHUHQFHꢁ  
±ꢀ 7KLVꢀLQVWUXFWLRQꢀPDQXDOꢀGHVFULEHVꢀꢀ  
YDULRXVꢀPRGHOVꢁ  
±ꢀ 'RꢀQRWꢀXVHꢀFKHPLFDOO\ꢀVRIWHQHGꢀZDWHUꢒꢀ  
'RLQJꢀVRꢀFRXOGꢀFDXVHꢀH[FHVVꢀSUHVVXUHꢀ  
DQGꢀGDPDJHꢀWRꢀ7ꢀ',6&ꢐꢀZKLFKꢀFRXOGꢀ  
UHꢀVXOWꢀLQꢀLQMXU\ꢀLIꢀEUHZHUꢀLVꢀRSHQHGꢀ  
EHIRUHꢀWKHꢀ6WDWXVꢀ/('ꢀFꢀꢎꢊFꢏꢀKDVꢀ  
VWRSSHGꢀÀDVKLQJꢁ  
±ꢀ 'RꢀQRWꢀXVHꢀ7ꢀ',6&VꢀPRUHꢀWKDQꢀRQFHꢁ  
±ꢀ 'RꢀQRWꢀXVHꢀGDPDJHGꢀ7ꢀ',6&Vꢁ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢇ
HQ  
7KDQNꢀ\RXꢀIRUꢀFKRRVLQJꢀWKHꢀ7$66,02ꢀKRWꢀ  
EHYHUDJHꢀV\VWHPꢁꢀ:LWKꢀ7$66,02ꢐꢀ\RXꢀ  
FDQꢀHQMR\ꢀ\RXUꢀIDYRULWHꢀGULQNꢀDWꢀDQ\ꢀWLPHꢁꢀꢀ  
3UHPLXPꢀFRIIHHꢐꢀEROGꢀHVSUHVVRꢐꢀFUHDP\ꢀ  
FDSSXFFLQRꢀDQGꢀODWWHꢐꢀRUꢀHYHQꢀDꢀFXSꢀRIꢀWHDꢀ  
RUꢀKRWꢀFKRFRODWHꢁꢀ  
<RXUꢀ7$66,02ꢀPDFKLQHꢀ  
DWꢀDꢀJODQFH  
%HIRUHꢀUHDGLQJꢀIXUWKHUꢐꢀSOHDVHꢀRSHQꢀWKHꢀ  
IROGHGꢀGLDJUDPꢀSDJHꢀDWꢀWKHꢀVWDUWꢀRIꢀWKHꢀ  
PDQXDOꢀRXWꢀWRꢀWKHꢀOHIWꢁ  
<RXUꢀ7$66,02ꢀPDFKLQHꢀZRUNVꢀH[FOXVLYHO\ꢀ  
ZLWKꢀVSHFLDOO\ꢀGHYHORSHGꢀGLVFVꢀNQRZQꢀ  
DVꢀ7$66,02ꢀ',6&Vꢀꢎ7ꢀ',6&Vꢏꢁꢀ:KHQꢀ  
\RXꢀLQVHUWꢀWKHꢀ7ꢀ',6&ꢐꢀWKHꢀPDFKLQHꢀ  
ꢀ ꢈꢀ 21ꢀꢉꢀ2))ꢀVZLWFK  
ꢀ ꢂꢀ 6WDUWꢀꢉꢀ6WRSꢀEXWWRQ  
ꢀ
ꢀ
ꢀ Dꢀ'ULQNꢀDGMXVWPHQWꢀEXWWRQꢀꢓꢀ  
ꢀ Eꢀ'ULQNꢀDGMXVWPHQWꢀEXWWRQꢀ±ꢀ  
ꢀ
ꢀ
DXWRPDWLFDOO\ꢀUHDGVꢀWKHꢀEDUꢀFRGHꢀSULQWHGꢀ  
RQꢀWKHꢀODEHOꢁꢀ7KLVꢀFRQWDLQVꢀH[DFWꢀGHWDLOVꢀ  
RIꢀWKHꢀDPRXQWꢀRIꢀZDWHUꢀQHHGHGꢐꢀDVꢀZHOOꢀDVꢀ  
WKHꢀEUHZLQJꢀWLPHꢀDQGꢀWHPSHUDWXUHꢀUHTXLUHGꢀ  
WRꢀSUHSDUHꢀWKHꢀFKRVHQꢀEHYHUDJHꢁꢀ7ꢀ',6&Vꢀ  
DUHꢀVSHFLDOO\ꢀGHVLJQHGꢀIRUꢀXVHꢀZLWKꢀWKHꢀ  
7$66,02ꢀEUHZLQJꢀV\VWHPꢀDQGꢀRIIHUꢀSHUIHFWꢀ  
HQMR\PHQWꢐꢀFXSꢀDIWHUꢀFXSꢁꢀ  
ꢀ ꢆꢀ ,QGLFDWRUV  
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ Dꢀ ꢀ/('  
ꢓ
ꢀ Eꢀ ꢀ/('  
í
ꢀ Fꢀ6WDWXVꢀ/('ꢀF  
ꢀ Gꢀ)LOOꢀZDWHUꢀWDQNꢀT  
ꢀ Hꢀ'HVFDOHꢀUHTXLUHGꢀ'  
ꢀ Iꢀ ꢀ0$9($ꢀFDUWULGJHꢀ  
UHSODFHPHQWꢀLQGLFDWRU  
ꢀ ꢇꢀ %UHZLQJꢀXQLW  
7RꢀHQVXUHꢀORQJꢌWHUPꢀHQMR\PHQWꢐꢀSOHDVHꢀ  
RQO\ꢀXVHꢀWKHꢀ7ꢀ',6&VꢀVSHFLDOO\ꢀGHYHORSHGꢀ  
IRUꢀWKHꢀ7$66,02ꢀPDFKLQHꢁ  
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ Dꢀ+DQGOH  
ꢀ Eꢀ7ꢀ',6&ꢀKROGHU  
ꢀ Fꢀ7ꢀ',6&ꢀSLHUFLQJꢀXQLW  
ꢀ Gꢀ'ULQNꢀRXWOHW  
ꢀ Hꢀ7ꢀ',6&ꢀEDUFRGHꢀUHDGLQJꢀZLQGRZ  
ꢀ ꢊꢀ 5HPRYDEOHꢀZDWHUꢀWDQN  
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ Dꢀ)ORDW  
ꢀ Eꢀ)LOOꢀPDUNꢀIRUꢀGHVFDOLQJꢀVROXWLRQ  
ꢀ Fꢀ)LOWHUꢀFDUWULGJHꢀKROGHU  
ꢀ Gꢀ0$9($ꢀ0ꢀ $;75$ꢀ¿OWHUꢀFDUWULGJH  
ꢀ ꢋꢀ 6WRUDJHꢀFRPSDUWPHQWꢀ  
ꢀ
ꢀ
ꢀ Dꢀ6HUYLFHꢀ7ꢀ',6&  
ꢀ Eꢀꢀ6KRUWꢀLQVWUXFWLRQVꢀIRUꢀ  
FOHDQLQJꢀꢑꢀGHVFDOLQJ  
ꢀ ꢌꢀ 5HPRYDEOHꢀFXSꢀVWDQG  
ꢀ
ꢀ
ꢀ Dꢀ'ULSꢀWUD\  
ꢀ Eꢀ+HLJKWꢀDGMXVWPHQWꢀZLWKꢀGULSꢀJUDWH  
i1RWHꢅ  
:HꢀUHFRPPHQGꢀWKDWꢀ\RXꢀVWRUHꢀWKHꢀ6HUYLFHꢀ  
7ꢀ',6&ꢀDQGꢀWKHꢀFOHDQLQJꢀꢑꢀGHVFDOLQJꢀ  
SURJUDPꢀLQVWUXFWLRQVꢀLQꢀWKHꢀFRPSDUWPHQWꢀ  
ꢎꢉꢏꢀSURYLGHGꢀDWꢀWKHꢀEDFNꢀRIꢀWKHꢀDSSOLDQFHꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
HQ  
ꢊ
)LUVWꢀXVHꢀRIꢀ\RXUꢀ7$66,02ꢀPDFKLQH  
Źꢀ ,QVHUWꢀWKHꢀSOXJꢀLQWRꢀDꢀZDOOꢀRXWOHWꢁ  
Źꢀ 5HPRYHꢀWKHꢀZDWHUꢀWDQNꢐꢀULQVHꢀLWꢀDQGꢀWKHꢀ  
¿OWHUꢀFDUWULGJHꢀKROGHUꢀꢎꢅFꢏꢀWKRURXJKO\ꢀ  
XQGHUꢀUXQQLQJꢀZDWHUꢐꢀDQGꢀ¿OOꢀLWꢀXSꢀWRꢀWKHꢀ  
PD[ꢀPDUNꢀZLWKꢀIUHVKꢐꢀFROGꢀZDWHUꢁ  
Źꢀ 5HSODFHꢀWKHꢀZDWHUꢀWDQNꢀE\ꢀWLOWLQJꢀLWꢀ  
VOLJKWO\ꢀDQGꢀUHWXUQLQJꢀLWꢀWRꢀLWVꢀRULJLQDOꢀ  
SRVLWLRQꢀXQWLOꢀLWꢀFOLFNVꢀLQWRꢀSODFHꢁ  
Źꢀ 5HPRYHꢀWKHꢀ6HUYLFHꢀ7ꢀ',6&ꢀꢎꢉDꢏꢀIURPꢀ  
LWVꢀFRPSDUWPHQWꢀꢎꢉꢏꢀDWꢀWKHꢀEDFNꢀRIꢀWKHꢀ  
DSSOLDQFHꢁ  
Źꢀ 7XUQꢀWKHꢀPDFKLQHꢀRQꢀE\ꢀSUHVVLQJꢀWKHꢀ  
21ꢀꢑꢀ2))ꢀVZLWFKꢀꢎꢈꢏꢁꢀ  
7KHꢀGLVSOD\ꢀHOHPHQWVꢀZLOOꢀOLJKWꢀXSꢀEULHÀ\ꢁ  
Źꢀ 6HOHFWꢀDꢀODUJHꢀFXSꢀꢎPLQLPXPꢀFDSDFLW\ꢀ  
ꢋꢀR]ꢁꢀꢑꢀꢇꢆꢆꢀPOꢏꢀDQGꢀSODFHꢀLWꢀRQꢀWKHꢀFXSꢀ  
VWDQGꢀꢎꢃꢏꢁ  
PLQꢁꢀꢋꢀR]ꢁꢀꢑꢀ  
ꢇꢆꢆꢀPO  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢋ
HQ  
ꢈꢁꢀ 2SHQꢀWKHꢀEUHZLQJꢀXQLWꢀE\ꢀOLIWLQJꢀWKHꢀ  
KDQGOHꢀꢎꢂDꢏꢀDQGꢀWKHQꢀSXVKLQJꢀWKHꢀ  
EUHZLQJꢀXQLWꢀXSꢁ  
ꢈꢁ  
ꢂꢁ  
ꢇꢁ  
ꢋꢁ  
ꢂꢁꢀ 3ODFHꢀWKHꢀ6HUYLFHꢀ7ꢀ',6&ꢀꢎꢉDꢏꢀRQꢀWKHꢀ  
7ꢀ',6&ꢀKROGHUꢀꢎꢂEꢏꢀZLWKꢀWKHꢀEDUFRGHꢀ  
IDFLQJꢀGRZQꢁꢀꢀ  
0DNHꢀVXUHꢀWKDWꢀWKHꢀÀDSꢀRIꢀWKHꢀ7ꢀ',6&ꢀLVꢀ  
FHQWUHGꢀLQꢀWKHꢀVORWꢀLQꢀWKHꢀIURQWꢁ  
ꢆꢁꢀ &ORVHꢀWKHꢀEUHZLQJꢀXQLWꢀE\ꢀ¿UVWꢀEULQJLQJꢀ  
ꢆꢁ  
ꢊꢁ  
LWꢀGRZQꢁꢀ  
ꢇꢁꢀ 7KHQꢀSXVKꢀWKHꢀKDQGOHꢀꢎꢂDꢏꢀ¿UPO\ꢀWRꢀWKHꢀ  
PDFKLQHꢐꢀXQWLOꢀ\RXꢀKHDUꢀDQꢀDXGLEOHꢀFOLFNꢁ  
ꢊꢁꢀ 3UHVVꢀWKHꢀ6WDUWꢀꢑꢀ6WRSꢀEXWWRQꢀꢎꢇꢏꢀWRꢀVWDUWꢀ  
WKHꢀFOHDQLQJꢀSURFHVVꢁ  
ꢋꢁꢀ :KHQꢀWKHꢀFOHDQLQJꢀSURFHVVꢀLVꢀFRPSOHWHꢐꢀ  
HPSW\ꢀWKHꢀFXSꢀDQGꢀUHWXUQꢀLWꢀXQGHUꢀWKHꢀ  
GULQNꢀRXWOHWꢁ  
ꢀꢀ ꢀ ,03257$17  
3OHDVHꢀFRPSOHWHꢀVWHSVꢀꢊꢀDQGꢀꢋꢀIRXUꢀ  
WLPHVꢀWRꢀHQVXUHꢀWKHꢀPDFKLQHꢀLVꢀFOHDQHGꢀ  
DQGꢀSUHSDUHGꢀIRUꢀWKHꢀQH[WꢀVWHSVꢁ  
ꢇꢀ[  
ꢌꢁꢀ 2SHQꢀWKHꢀEUHZLQJꢀXQLWꢐꢀUHPRYHꢀWKHꢀ  
6HUYLFHꢀ7ꢀ',6&ꢀDQGꢀVWRUHꢀLWꢀLQꢀWKHꢀ  
FRPSDUWPHQWꢀꢎꢉꢏꢀDWꢀWKHꢀEDFNꢀRIꢀWKHꢀ  
PDFKLQHꢁ  
ꢌꢁ  
Źꢀ 7KHꢀQH[WꢀVWHSꢀLQYROYHVꢀLQVWDOOLQJꢀWKHꢀ  
0$9($ꢀ0ꢀ $;75$ꢀZDWHUꢀ¿OWHUꢀV\VWHPꢀ  
WKDWꢀFDPHꢀZLWKꢀ\RXUꢀPDFKLQHꢁꢀ3OHDVHꢀ  
IROORZꢀWKHꢀLQVWUXFWLRQVꢀRQꢀWKHꢀQH[Wꢀ  
SDJHVꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
HQ  
ꢌ
ꢀ0$9($ꢀꢀ0$;75$ꢀZDWHUꢀ¿OWUDWLRQꢀV\VWHP  
2QO\ꢀ0$9($ꢀꢀ0$;75$ꢀZDWHUꢀ¿OWUDWLRQꢀ  
V\VWHPꢀFDUWULGJHVꢀPD\ꢀEHꢀXVHGꢀLQꢀ  
7$66,02ꢀPDFKLQHVꢁꢀ  
ꢈꢁ  
ꢂꢁ  
ꢆꢁ  
ꢇꢁ  
7KHꢀ0$9($ꢀ0$;75$ꢀFDUWULGJHVꢀPD\ꢀ  
EHꢀREWDLQHGꢀIURPꢀYDULRXVꢀUHWDLOHUVꢀRUꢀIURPꢀ  
7$66,02ꢀ&XVWRPHUꢀ6HUYLFHꢀ'HSDUWPHQWꢀ  
DWꢀꢈꢌꢋꢃꢃꢌ7',6&6ꢈꢀꢎRQO\ꢀLQꢀWKHꢀ86$ꢏꢀRUꢀRQꢀ  
ZZZꢁWDVVLPRꢁFRPꢁ  
7RꢀRSHUDWHꢀ\RXUꢀPDFKLQHꢀZLWKꢀDꢀQHZꢀ¿OWHUꢀ  
FDUWULGJHꢀꢎꢅGꢏꢐꢀSURFHHGꢀDVꢀIROORZVꢍ  
3UHSDULQJꢀDQGꢀLQVHUWLQJꢀWKHꢀ0$9($ꢀ  
ꢀ0$;75$ꢀ¿OWHUꢀFDUWULGJH  
ꢈꢁꢀ 5HPRYHꢀWKHꢀ¿OWHUꢀFDUWULGJHꢀꢎꢅGꢏꢀIURPꢀLWVꢀ  
SURWHFWLYHꢀZUDSꢁ  
ꢂꢁꢀ ,PPHUVHꢀWKHꢀ¿OWHUꢀFDUWULGJHꢀꢎꢅGꢏꢀLQꢀFROGꢀ  
WDSꢀZDWHUꢀDQGꢀPRYHꢀLWꢀJHQWO\ꢀEDFNꢀDQGꢀ  
IRUWKꢀWRꢀUHPRYHꢀDQ\ꢀDLUꢀEXEEOHVꢀꢎDERXWꢀ  
ꢅꢀVHFRQGVꢏꢁ  
ꢆꢁꢀ 5HPRYHꢀWKHꢀ¿OWHUꢀFDUWULGJHꢀKROGHUꢀꢎꢅFꢏꢀ  
IURPꢀWKHꢀZDWHUꢀWDQNꢀDQGꢀLQVHUWꢀWKHꢀ  
¿OWHUꢀFDUWULGJHꢀꢎꢅGꢏꢀLQWRꢀWKHꢀDSSURSULDWHꢀ  
FKDPEHUꢀRIꢀWKHꢀ¿OWHUꢀFDUWULGJHꢀKROGHUꢀ  
ꢎꢅFꢏꢀXQWLOꢀLWꢀVQDSVꢀLQWRꢀSODFHꢀZLWKꢀDQꢀ  
DXGLEOHꢀFOLFNꢁ  
ꢇꢁꢀ +ROGꢀWKHꢀ¿OWHUꢀFDUWULGJHꢀKROGHUꢀꢎꢅFꢏꢀXQꢌ  
GHUꢀWKHꢀWDSꢐꢀ¿OOꢀLWꢀZLWKꢀIUHVKꢐꢀFROGꢀZDWHUꢀ  
DQGꢀOHWꢀWKHꢀZDWHUꢀUXQꢀWKURXJKꢀWKHꢀ¿OWHUꢀ  
FDUWULGJHꢀꢎꢅGꢏꢁꢀ  
5HSHDWꢀWKLVꢀSURFHGXUHꢀWKUHHꢀWLPHVꢁ  
ꢆꢀ[  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢍ
HQ  
ꢊꢁꢀ 1RZꢀSODFHꢀWKHꢀ¿OWHUꢀFDUWULGJHꢀKROGHUꢀ  
ꢊꢁ  
ꢎꢅFꢏꢀZLWKꢀWKHꢀ¿OWHUꢀFDUWULGJHꢀꢎꢅGꢏꢀLQWRꢀWKHꢀ  
HPSW\ꢀZDWHUꢀWDQNꢀDQGꢀ¿OOꢀWKHꢀWDQNꢀZLWKꢀ  
IUHVKꢀZDWHUꢀWRꢀWKHꢀPD[ꢀPDUNꢁ  
ꢀꢀ ꢀ ,03257$17  
$OZD\VꢀUHPRYHꢀWKHꢀ¿OWHUꢀFDUWULGJHꢀKROGHUꢀ  
ꢎꢅFꢏꢀZLWKꢀWKHꢀ¿OWHUꢀFDUWULGJHꢀꢎꢅGꢏꢀEHIRUHꢀ  
UXQQLQJꢀWKHꢀGHVFDOLQJꢀSURJUDPꢁ  
$FWLYDWLQJꢀWKHꢀ0$9($ꢀ¿OWHUꢀFDUWULGJHꢀ  
UHSODFHPHQWꢀLQGLFDWRU  
)RUꢀPD[LPXPꢀ¿OWHUꢀSHUIRUPDQFHꢀDQGꢀDQWLꢌ  
VFDOHꢀSURWHFWLRQꢐꢀWKHꢀ0$9($ꢀꢀ0$;75$ꢀ  
¿OWHUꢀFDUWULGJHꢀꢎꢅGꢏꢀVKRXOGꢀEHꢀUHSODFHGꢀ  
HYHU\ꢀHLJKWꢀZHHNVꢁꢀꢀ  
7KHꢀ0$9($ꢀFDUWULGJHꢀUHSODFHPHQWꢀLQGLFDWRUꢀ  
ꢎꢊIꢏꢀRQꢀWKHꢀWRSꢀRIꢀWKHꢀPDFKLQHꢀXVHVꢀEDUVꢀWRꢀ  
LQGLFDWHꢀZKHQꢀWKHꢀ¿OWHUꢀFDUWULGJHꢀꢎꢅGꢏꢀVKRXOGꢀ  
EHꢀUHSODFHGꢀZLWKꢀDꢀQHZꢀRQHꢁꢀꢀ  
i1RWHꢅ  
7RꢀDFWLYDWHꢀWKHꢀ0$9($ꢀ¿OWHUꢀFDUWULGJHꢀ  
UHSODFHꢀPHQWꢀLQGLFDWRUꢀꢎꢊIꢏꢐꢀSUHVVꢀDQGꢀKROGꢀ  
WKHꢀ6WDUWꢀEXWWRQꢀXQWLOꢀDOOꢀIRXUꢀEDUVꢀDSSHDUꢀRQꢀ  
WKHꢀGLVꢀSOD\ꢀDQGꢀEOLQNꢀWZLFHꢁ  
7KHꢀEOLQNLQJꢀGRWꢀLQꢀWKHꢀORZHUꢀULJKWꢀFRUQHUꢀ  
LQGLFDWHVꢀWKDWꢀWKHꢀ¿OWHUꢀFDUWULGJHꢀUHSODFHꢌ  
PHQWꢀLQGLFDWRUꢀꢎꢊIꢏꢀLVꢀDFWLYDWHGꢁꢀ$OOꢀIRXUꢀEDUVꢀ  
VKRXOGꢀEHꢀYLVLEOHꢁ  
)URPꢀWKLVꢀPRPHQWꢀRQꢐꢀRQHꢀEDUꢀGLVDSSHDUVꢀ  
HYHU\ꢀWZRꢀZHHNVꢁꢀ:KHQꢀQRꢀEDUVꢀDUHꢀYLVLEOHꢀ  
DIWHUꢀHLJKWꢀZHHNVꢀDQGꢀWKHꢀDUURZꢀLVꢀEOLQNLQJꢐꢀ  
UHSODFHꢀWKHꢀ¿OWHUꢀFDUWULGJHꢀꢎꢅGꢏꢁ  
,W¶VꢀDꢀJRRGꢀLGHDꢀWRꢀSXUFKDVHꢀDꢀQHZꢀ¿OWHUꢀ  
FDUWULGJHꢀꢎꢅGꢏꢀZKHQꢀWKHꢀUHSODFHPHQWꢀ  
LQGLFDWRUꢀVKRZVꢀRQO\ꢀRQHꢀEDUꢁꢀ7KHꢀ  
0$9($ꢀ0$;75$ꢀFDUWULGJHVꢀPD\ꢀEHꢀ  
REWDLQHGꢀIURPꢀYDULRXVꢀUHWDLOHUVꢀRUꢀIURPꢀ  
7$66,02ꢀ&XVWRPHUꢀ6HUYLFHꢀ'HSDUWPHQWꢀ  
DWꢀꢈꢌꢋꢃꢃꢌ7',6&6ꢈꢀꢎRQO\ꢀLQꢀWKHꢀ86$ꢏꢀRUꢀRQꢀ  
ZZZꢁWDVVLPRꢁFRPꢁ  
7RꢀUHPRYHꢀWKHꢀ¿OWHUꢀFDUWULGJHꢀꢎꢅGꢏꢐꢀVLPSO\ꢀ  
SXOOꢀLWꢀRXWꢀE\ꢀLWVꢀWDEꢁ  
7RꢀSUHSDUHꢀDꢀQHZꢀ¿OWHUꢀFDUWULGJHꢀꢎꢅGꢏꢐꢀIROORZꢀ  
WKHꢀLQVWUXFWLRQVꢀLQꢀWKHꢀVHFWLRQꢀWLWOHGꢀ³3UHꢌ  
SDULQJꢀDQGꢀLQVHUWLQJꢀWKHꢀ0$9($ꢀꢀ0$;75$ꢀ  
¿OWHUꢀFDUWULGJH´ꢀDQGꢀUHVHWꢀWKHꢀ0$9($ꢀ¿OWHUꢀ  
FDUWULGJHꢀUHSODFHPHQWꢀLQGLFDWRUꢀꢎꢊIꢏꢀE\ꢀ  
SUHVVLQJꢀDQGꢀKROGLQJꢀWKHꢀ6WDUWꢀEXWWRQꢁ  
i1RWHꢅ  
<RXUꢀ7$66,02ꢀPDFKLQHꢀLVꢀQRZꢀUHDG\ꢀIRUꢀ  
XVHꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
HQ  
ꢎ
&RQWUROVꢀDQGꢀ'LVSOD\V  
ꢎVHHꢀWKHꢀLOOXVWUDWLRQꢀDWꢀWKHꢀEHJLQQLQJꢀRIꢀWKLVꢀ  
LQVWUXFWLRQꢀPDQXDOꢏ  
6WDWXVꢀ/('ꢀFꢀꢏꢆFꢐ  
7KHꢀ6WDWXVꢀ/('ꢀLQGLFDWHVꢀIRXUꢀPDFKLQHꢀ  
FRQGLWLRQVꢍ  
21ꢀꢉꢀ2))ꢀVZLWFKꢀꢏꢈꢐ  
±ꢀ 6WHDG\ꢀRUDQJHꢍ  
7KHꢀ21ꢀꢑꢀ2))ꢀVZLWFKꢀLVꢀWKHꢀPDLQꢀSRZHUꢀ  
VZLWFKꢀIRUꢀWKHꢀPDFKLQHꢁꢀ<RXꢀXVHꢀLWꢀWRꢀWXUQꢀ  
RQꢀ\RXUꢀ7$66,02ꢀPDFKLQHꢀRUꢀWXUQꢀLWꢀRIIꢀ  
FRPSOHWHO\ꢁ  
0DFKLQHꢀLVꢀLQꢀVWDQGE\ꢀPRGH  
±ꢀ %OLQNLQJꢀRUDQJHꢍ  
0DFKLQHꢀLVꢀLQꢀWKHꢀSURFHVVꢀRIꢀEUHZLQJꢀDꢀ  
GULQNꢀꢑꢀFOHDQLQJꢀꢑꢀGHVFDOLQJ  
±ꢀ 6WHDG\ꢀUHGꢍꢀ  
i1RWHꢅ  
(UURUꢀPRGHꢀꢎIRUꢀH[DPSOHꢐꢀLIꢀWKHꢀEDUFRGHꢀ  
ZDVꢀQRWꢀUHFRJQL]HGꢏ  
±ꢀ 'LPPHGꢐꢀRUDQJHꢀOLJKWꢍ  
3RZHUꢌVDYHꢀPRGH  
7RꢀVDYHꢀHYHQꢀPRUHꢀHQHUJ\ꢐꢀWKHꢀDSSOLDQFHꢀ  
VKRXOGꢀEHꢀVZLWFKHGꢀRIIꢀDIWHUꢀHDFKꢀXVHꢁ  
6WDUWꢀꢉꢀ6WRSꢀEXWWRQꢀꢏꢂꢐ  
ꢀ
&$87,21  
7KHꢀ6WDUWꢀꢑꢀ6WRSꢀEXWWRQꢀLVꢀXVHGꢀWRꢀVWDUWꢀ  
DQGꢀLQWHUUXSWꢀWKHꢀEUHZLQJꢐꢀFOHDQLQJꢀDQGꢀ  
GHVFDOLQJꢀSURFHVVHVꢁ  
¡
:DLWꢀXQWLOꢀWKHꢀ6WDWXVꢀ/('ꢀFꢀꢎꢊFꢏꢀKDVꢀ  
VWRSSHGꢀEOLQNLQJꢀEHIRUHꢀDWWHPSWLQJꢀWRꢀ  
RSHQꢀWKHꢀEUHZLQJꢀXQLWꢁ  
'ULQNꢀDGMXVWPHQWꢀEXWWRQVꢀ  
ꢑꢀ ꢀꢏꢂDꢐꢀDQGꢀꢒꢀ ꢀꢏꢂEꢐ  
7KHꢀGULQNꢀDGMXVWPHQWꢀEXWWRQVꢀDUHꢀIRUꢀ  
DGMXVWLQJꢀWKHꢀVL]HꢀRIꢀWKHꢀGULQNꢀ\RXꢀDUHꢀ  
SUHSDULQJꢍ  
)LOOꢀZDWHUꢀWDQNꢀTꢀꢏꢆGꢐ  
7KLVꢀLQGLFDWRUꢀOLJKWVꢀXSꢀZKHQꢀWKHꢀUHPRYDEOHꢀ  
ZDWHUꢀWDQNꢀQHHGVꢀWRꢀEHꢀUH¿OOHGꢀRUꢀLVꢀQRWꢀLQꢀ  
SODFHꢁ  
ꢂDꢀ ꢀ0DNHVꢀDꢀODUJHUꢀꢉꢀORQJHUꢀGULQNꢀ  
ꢎPLOGHUꢀÀDYRUꢏ  
ꢂEꢀꢀ0DNHVꢀDꢀVPDOOHUꢀꢉꢀVKRUWHUꢀGULQNꢀ  
ꢎVWURQJHUꢀÀDYRUꢏ  
'HVFDOHꢀUHTXLUHGꢀQꢀꢏꢆHꢐ  
7KLVꢀLQGLFDWRUꢀOLJKWVꢀXSꢀRUꢀEOLQNVꢀZKHQꢀ\RXUꢀ  
7$66,02ꢀPDFKLQHꢀQHHGVꢀWRꢀEHꢀGHVFDOHGꢁ  
ꢀ/('ꢀꢏꢆDꢐꢀDQGꢀ ꢀ/('ꢀꢏꢆEꢐ  
7KHVHꢀ/('VꢀOLJKWꢀXSꢀZKHQꢀWKHꢀ7ꢀ',6&ꢀKDVꢀ  
i1RWHꢅ  
ꢑ
í
$OZD\VꢀGHVFDOHꢀ\RXUꢀ7$66,02ꢀPDFKLQHꢀLQꢀ  
EHHQꢀGHWHFWHGꢁꢀ7KHꢀ ꢀDQGꢀ ꢀ/('VꢀOLJKWꢀXSꢀ DFFRUGDQFHꢀZLWKꢀWKHꢀLQVWUXFWLRQVꢀSURYLGHGꢀ  
ꢑ
í
LQGLYLGXDOO\ꢀDFFRUGLQJꢀWRꢀZKHWKHUꢀDꢀELJJHUꢀ  
RUꢀVPDOOHUꢀGULQNꢀKDVꢀEHHQꢀVHOHFWHGꢀDQGꢀ  
ÀDVKꢀGXULQJꢀWKHꢀEUHZLQJꢀSURFHVVꢁ  
XQGHUꢀ³'HVFDOLQJ´ꢀRQꢀSDJHꢀꢈꢅꢁ  
0$9($ꢀ¿OWHUꢀFDUWULGJHꢀUHSODFHPHQWꢀ  
LQGLFDWRUꢀꢏꢆIꢐ  
7KLVꢀLQGLFDWRUꢀUHPLQGVꢀ\RXꢀWKDWꢀLWꢀLVꢀWLPHꢀ  
WRꢀUHSODFHꢀWKHꢀ0$9($ꢀꢀ0$;75$ꢀ¿OWHUꢀ  
FDUWULGJHꢀꢎꢅGꢏꢁ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢈꢓ  
HQ  
&XSꢀVL]H  
7RꢀXVHꢀFXSVꢀRIꢀGLIIHUHQWꢀVL]HVꢀLQꢀDFFRUꢌ  
GDQFHꢀZLWKꢀ\RXUꢀEHYHUDJHꢀVHOHFWLRQꢐꢀ\RXꢀ  
FDQꢀDGMXVWꢀWKHꢀFXSꢀVWDQGꢀRIꢀ\RXUꢀ7$66,02ꢀ  
PDFKLQHꢁ  
7RꢀDGMXVWꢀWKHꢀKHLJKWꢀVHWWLQJꢀIRUꢀVPDOOꢀFXSVꢐꢀ  
WXUQꢀWKHꢀFRQWUROꢀKDQGOHꢀꢎꢃEꢏꢀOHIWꢀWRꢀULJKWꢀXQWLOꢀ  
LWꢀFOLFNVꢀLQWRꢀSODFHꢁ  
)RUꢀODUJHꢀFXSVꢀRUꢀJODVVHVꢐꢀWKHꢀFXSꢀVWDQGꢀ  
FDQꢀEHꢀUHPRYHGꢀFRPSOHWHO\ꢁ  
7RꢀUHPRYHꢐꢀOLIWꢀXSꢀWKHꢀIURQWꢀRIꢀWKHꢀFXSꢀVWDQGꢀ  
DQGꢀWLOWꢀWRZDUGVꢀWKHꢀEDFNꢁ  
i1RWHVꢅ  
±ꢀ 7RꢀHQVXUHꢀWKHꢀEHVWꢀSRVVLEOHꢀEHYHUDJHꢀ  
TXDOLW\ꢀDQGꢀDYRLGꢀVSODVKLQJꢐꢀDOZD\VꢀXVHꢀ  
WKHꢀKLJKHVWꢀFXSꢀVWDQGꢀSRVLWLRQꢁ  
±ꢀ 7RꢀDYRLGꢀVSLOODJHꢐꢀVHOHFWꢀWKHꢀDSSURSULDWHꢀ  
FXSꢀVL]HꢀIRUꢀHDFKꢀW\SHꢀRIꢀEHYHUDJHꢁꢀ7KHꢀ  
UHFRPPHQGHGꢀFXSꢀVL]HꢀLVꢀLQGLFDWHGꢀRQꢀ  
WKHꢀRULJLQDOꢀ7ꢀ',6&ꢀRXWHUꢀSDFNDJLQJꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
HQ  
ꢈꢈ  
+RZꢀWRꢀXVHꢀ\RXUꢀ7$66,02ꢀPDFKLQH  
i1RWHꢅ  
ꢀꢀ ꢀ ,03257$17  
)RUꢀRSWLPXPꢀUHVXOWVꢐꢀ¿OOꢀWKHꢀWDQNꢀRQO\ꢀ  
ZLWKꢀFRROꢐꢀIUHVKꢐꢀQRQꢌFDUERQDWHGꢀZDWHUꢀ  
HDFKꢀGD\ꢁꢀ'RꢀQRWꢀXVHꢀFKHPLFDOO\ꢀ  
VRIWHQHGꢀZDWHUꢁ  
0DNHꢀVXUHꢀWKDWꢀ\RXUꢀ7$66,02ꢀPDFKLQHꢀ  
KDVꢀEHHQꢀVHWꢀXSꢀIRUꢀXVHꢀDVꢀGHVFULEHGꢀLQꢀWKHꢀ  
VHFWLRQꢀWLWOHGꢀ³)LUVWꢀXVHꢀRIꢀ\RXUꢀ7$66,02ꢀ  
PDFKLQH´ꢀRQꢀSDJHꢀꢅꢁ  
7RꢀSUHSDUHꢀ\RXUꢀIDYRULWHꢀEHYHUDJHꢐꢀSURFHHGꢀ  
DVꢀIROORZVꢍ  
Źꢀ 7XUQꢀWKHꢀ7$66,02ꢀPDFKLQHꢀRQꢀE\ꢀ  
SUHVVLQJꢀWKHꢀ21ꢀꢑꢀ2))ꢀVZLWFKꢀꢎꢈꢏꢁ  
Źꢀ 3ODFHꢀDꢀVXLWDEOHꢀFXSꢀRQꢀWKHꢀVWDQGꢀꢎꢃꢏꢀ  
DFFRUGLQJꢀWRꢀWKHꢀW\SHꢀRIꢀEHYHUDJHꢁꢀ  
$GMXVWꢀWKHꢀKHLJKWꢀRIꢀWKHꢀFXSꢀVWDQGꢐꢀLIꢀ  
QHFHVVDU\ꢐꢀRUꢀUHPRYHꢀLWꢀDOWRJHWKHUꢀIRUꢀ  
ODUJHꢀFXSVꢀRUꢀJODVVHVꢁ  
ꢀ
&$87,21  
¡
7RꢀDYRLGꢀWKHꢀULVNꢀRIꢀVFDOGLQJꢅ  
±ꢀ 'RꢀQRWꢀXVHꢀFKHPLFDOO\ꢀVRIWHQHGꢀ  
ZDWHUꢒꢀ'RLQJꢀVRꢀFRXOGꢀFDXVHꢀH[FHVVꢀ  
SUHVVXUHꢀDQGꢀGDPDJHꢀWRꢀ7ꢀ',6&ꢐꢀ  
ZKLFKꢀFRXOGꢀUHꢀVXOWꢀLQꢀLQMXU\ꢀLIꢀEUHZLQJꢀ  
XQLWꢀLVꢀRSHQHGꢀEHIRUHꢀWKHꢀ6WDWXVꢀ  
/('ꢀFꢀꢎꢊFꢏꢀKDVꢀVWRSSHGꢀEOLQNLQJꢁ  
±ꢀ $OZD\VꢀZDLWꢀXQWLOꢀWKHꢀ6WDWXVꢀ/('ꢀFꢀ  
ꢎꢊFꢏꢀKDVꢀVWRSSHGꢀEOLQNLQJꢀEHIRUHꢀDWꢌ  
WHPSWLQJꢀWRꢀRSHQꢀWKHꢀEUHZLQJꢀXQLWꢁ  
Źꢀ $OZD\VꢀVHWꢀWKHꢀFXSꢀVWDQGꢀDVꢀKLJKꢀDVꢀ  
SRVVLEOHꢁꢀ  
ꢈꢁꢀ 2SHQꢀWKHꢀEUHZLQJꢀXQLWꢀE\ꢀOLIWLQJꢀWKHꢀ  
KDQGOHꢀꢎꢂDꢏꢀDQGꢀWKHQꢀSXVKLQJꢀWKHꢀ  
EUHZLQJꢀXQLWꢀXSꢁ  
ꢈꢁ  
ꢂꢁꢀ 6HOHFWꢀDꢀ7ꢀ',6&ꢀEHYHUDJHꢀDQGꢀLQVHUWꢀ  
LWꢀLQWRꢀWKHꢀ7ꢀ',6&ꢀKROGHUꢀꢎꢂEꢏꢀZLWKꢀWKHꢀ  
SULQWHGꢀVLGHꢀGRZQꢁꢀ  
ꢂꢁ  
ꢆꢁ  
0DNHꢀVXUHꢀWKDWꢀWKHꢀÀDSꢀRIꢀWKHꢀ7ꢀ',6&ꢀLVꢀ  
ORFDWHGꢀLQꢀWKHꢀVORWꢀLQꢀWKHꢀIURQWꢁ  
ꢆꢁꢀ &ORVHꢀWKHꢀEUHZLQJꢀXQLWꢀE\ꢀ¿UVWꢀEULQJLQJꢀLWꢀ  
GRZQꢀDQGꢀWKHQꢀSXVKLQJꢀWKHꢀKDQGOHꢀꢎꢂDꢏꢀ  
¿UPO\ꢀWRꢀWKHꢀPDFKLQHꢁ  
Źꢀ :KHQꢀWKHꢀ7ꢀ',6&ꢀKDVꢀEHHQꢀGHWHFWHGꢐꢀ  
WKHꢀ ꢀꢑꢀ ꢀ/('VꢀOLJKWꢀXSꢁ  
ꢑ í  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢈꢂ  
HQ  
7KHꢀPDFKLQHꢀLVꢀQRZꢀUHDG\ꢀWRꢀEUHZꢀ\RXUꢀ  
EHYHUDJHꢁ  
ꢋꢁꢀ :KHQꢀWKHꢀEUHZLQJꢀSURFHVVꢀLVꢀFRPSOHWHꢐꢀ  
WKHꢀ6WDWXVꢀ/('ꢀFꢀꢎꢊFꢏꢀVWRSVꢀEOLQNLQJꢁꢀ  
7KHꢀEUHZLQJꢀXQLWꢀFDQꢀEHꢀRSHQHGꢀDWꢀWKLVꢀ  
SRLQWꢁꢀ<RXUꢀEHYHUDJHꢀLVꢀQRZꢀUHDG\ꢁꢀ<RXꢀ  
FDQꢀVLWꢀEDFNꢀDQGꢀHQMR\ꢀLWꢀRUꢀSUHSDUHꢀ  
DQRWKHUꢀEHYHUDJHꢁ  
ꢀ
&$87,21  
¡
7RꢀDYRLGꢀULVNꢀRIꢀVFDOGLQJꢅ  
±ꢀ $OZD\VꢀZDLWꢀXQWLOꢀWKHꢀ6WDWXVꢀ/('ꢀFꢀ  
ꢎꢊFꢏꢀKDVꢀVWRSSHGꢀEOLQNLQJꢀEHIRUHꢀDWꢌ  
WHPSWLQJꢀWRꢀRSHQꢀWKHꢀEUHZLQJꢀXQLWꢁ  
±ꢀ 'RꢀQRWꢀRSHQꢀWKHꢀEUHZLQJꢀXQLWꢀGXULQJꢀ  
WKHꢀEUHZLQJꢀSURFHVVꢁ  
i1RWHꢅ  
7KHUHꢀPD\ꢀEHꢀVKRUWꢀSDXVHVꢀGXULQJꢀWKHꢀ  
EUHZLQJꢀSURFHVVꢁꢀ7KLVꢀLVꢀWRꢀDFKLHYHꢀWKHꢀ  
RSWLPDOꢀÀDYRUꢀH[WUDFWLRQꢁ  
±ꢀ 7KHꢀEUHZLQJꢀXQLWꢀORFNVꢀDXWRPDWLFDOO\ꢀ  
IRUꢀEHYHUDJHVꢀZLWKꢀDꢀKLJKHUꢀEUHZLQJꢀ  
SUHVVXUHꢁ  
±ꢀ 'RꢀQRWꢀWRXFKꢀWKHꢀSLHUFLQJꢀXQLWꢀ  
LPPHGLDWHO\ꢀDIWHUꢀEUHZLQJꢁꢀ  
,Iꢀ\RXꢀGRQ¶WꢀSUHSDUHꢀDQ\ꢀRWKHUꢀEHYHUDJHVꢐꢀ  
\RXUꢀPDFKLQHꢀDXWRPDWLFDOO\ꢀVZLWFKHVꢀWRꢀ  
SRZHUꢌVDYHꢀPRGHꢁ  
7RꢀVDYHꢀHYHQꢀPRUHꢀHOHFWULFLW\ꢐꢀZHꢀUHFRPꢌ  
PHQGꢀWXUQLQJꢀ\RXUꢀ7$66,02ꢀPDFKLQHꢀRIIꢀ  
ZLWKꢀWKHꢀ21ꢀꢑꢀ2))ꢀVZLWFKꢀꢎꢈꢏꢀDIWHUꢀHDFKꢀXVHꢁ  
±ꢀ 3OHDVHꢀQRWHꢀWKDWꢀWKHꢀEHYHUDJHVꢀDUHꢀ  
YHU\ꢀKRWꢀZKHQꢀGLVSHQVHGꢁ  
±ꢀ 7ꢀ',6&ꢀLVꢀKRWꢀDIWHUꢀEUHZLQJꢐꢀSOHDVHꢀ  
KDQGOHꢀZLWKꢀFDUHꢁ  
:KHUHꢀWRꢀEX\ꢀ7ꢀ',6&V  
<RXUꢀ7$66,02ꢀDSSOLDQFHꢀZRUNVꢀRQO\ꢀZLWKꢀ  
VSHFLDOO\ꢀGHYHORSHGꢀFDSVXOHVꢀNQRZQꢀDVꢀ  
ꢇꢁꢀ 7RꢀEUHZꢀ\RXUꢀEHYHUDJHꢀZLWKꢀWKHꢀ  
UHFRPPHQGHGꢀVHWWLQJVꢀDVꢀGH¿QHGꢀLQꢀWKHꢀ 7$66,02ꢀ7ꢀ',6&Vꢁ  
7ꢀ',6&ꢀEDUꢀFRGHꢐꢀJRꢀVWUDLJKWꢀWRꢀ6WHSꢀꢅꢁ  
Źꢀ <RXꢀKDYHꢀWKHꢀRSWLRQꢀWRꢀDGMXVWꢀWKHꢀ  
EHYHUDJHꢀTXDQWLW\ꢀWRꢀ\RXUꢀWDVWHꢀZLWKꢀ  
WKHꢀGULQNꢀDGMXVWPHQWꢀEXWWRQVꢍꢀ  
<RXꢀFDQꢀEX\ꢀWKHVHꢀ7ꢀ',6&VꢀDWꢀYDULRXVꢀ  
UHWDLOHUVꢐꢀRUꢀRQOLQHꢀDWꢀZZZꢁWDVVLPRꢁFRPꢁ  
7ꢀ',6&ꢀVWRUDJH  
GULQNꢀDGMXVWPHQWꢀEXWWRQꢀꢑꢀ ꢀꢎꢇDꢏꢍ  
ODUJHUꢀꢑꢀORQJHUꢀGULQNꢀIRUꢀDꢀPLOGHUꢀÀDYRU  
GULQNꢀDGMXVWPHQWꢀEXWWRQꢀꢒꢀ ꢀꢎꢇEꢏꢍ  
VPDOOHUꢀꢑꢀVKRUWHUꢀGULQNꢀIRUꢀDꢀVWURQJHUꢀ  
ÀDYRU  
7ꢀ',6&VꢀPD\ꢀEHꢀVWRUHGꢀLQꢀWKHLUꢀRZQꢀSDFNꢌ  
DJLQJꢀRUꢀLQꢀRWKHUꢀFRQWDLQHUVꢀRIꢀ\RXUꢀFKRLFHꢁꢀ  
7KH\ꢀVKRXOGꢀEHꢀVWRUHGꢀLQꢀDꢀFRROꢐꢀGU\ꢀSODFHꢁꢀ  
'RꢀQRWꢀVWRUHꢀ\RXUꢀ7ꢀ',6&VꢀLQꢀWKHꢀUHIULJHUDꢌ  
WRUꢀRUꢀIUHH]HUꢁꢀ3URYLGHGꢀWKHꢀRXWHUꢀSDFNDJLQJꢀ  
LVꢀLQWDFWꢐꢀ7ꢀ',6&VꢀPD\ꢀEHꢀXVHGꢀXQWLOꢀWKHꢀ  
EHVWꢌEHIRUHꢀGDWHꢀZKLFKꢀLVꢀSULQWHGꢀRQꢀWKHꢀ  
RXWHUꢀSDFNDJHꢁ  
Źꢀ ,IꢀWKHꢀGULQNꢀDGMXVWPHQWꢀZDVꢀFKRVHQꢐꢀ  
HLWKHUꢀWKHꢀ ꢀRUꢀ ꢀ/('ꢀZLOOꢀOLJKWꢀXSꢀXQWLOꢀ  
ꢑ
í
\RXꢀVWDUWꢀWKHꢀEUHZLQJꢀSURFHVVꢁ  
2QFHꢀRXWHUꢀIRLOꢀSDFNDJLQJꢀLVꢀUHPRYHGꢐꢀXVHꢀ  
ꢊꢁꢀ 3UHVVꢀWKHꢀ6WDUWꢀꢑꢀ6WRSꢀEXWWRQꢀꢎꢇꢏꢀRQFHꢀWRꢀ 7ꢀ',6&VꢀZLWKLQꢀꢉꢀZHHNVꢁ  
VWDUWꢀWKHꢀEUHZLQJꢀSURFHVVꢁꢀ  
Źꢀ 7KHꢀ6WDWXVꢀ/('ꢀFꢀꢎꢊFꢏꢀDQGꢀꢎLIꢀVHOHFWHGꢏꢀ  
WKHꢀ ꢀRUꢀ ꢀ/('ꢀEOLQNVꢀZKLOHꢀWKHꢀ  
ꢑ
í
PDFKLQHꢀLVꢀEUHZLQJꢁ  
Źꢀ ,Iꢀ\RXꢀZDQWꢀDꢀODUJHUꢀEHYHUDJHꢐꢀ\RXꢀ  
FDQꢀDGGꢀPRUHꢀZDWHUꢀLPPHGLDWHO\ꢀDIWHUꢀ  
WKHꢀEUHZLQJꢀSURFHVVꢀE\ꢀSUHVVLQJꢀDQGꢀ  
KROGLQJꢀWKHꢀ6WDUWꢀꢑꢀ6WRSꢀEXWWRQꢀꢎꢇꢏꢀRUꢀWKHꢀ  
GULQNꢀDGMXVWPHQWꢀEXWWRQꢀꢓꢀ ꢀꢎꢇDꢏꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
HQ  
ꢈꢆ  
0DLQWHQDQFHꢀDQGꢀGDLO\ꢀFDUH  
&OHDQꢀ\RXUꢀ7$66,02ꢀPDFKLQHꢀUHJXODUO\ꢀ  
ꢀ
:$51,1*  
WRꢀHQVXUHꢀWKDWꢀLWꢀFRQWLQXHVꢀWRꢀSURGXFHꢀ  
EHYHUDJHVꢀRIꢀWKHꢀEHVWꢀSRVVLEOHꢀTXDOLW\ꢁꢀ  
,IꢀWKHꢀDSSOLDQFHꢀKDVꢀEHHQꢀXQXVHGꢀIRUꢀDꢀ  
ORQJꢀWLPHꢐꢀUXQꢀWKHꢀFOHDQLQJꢀSURFHVVꢀZLWKꢀ  
WKHꢀ6HUYLFHꢀ7ꢀ',6&ꢀVHYHUDOꢀWLPHVꢀWRꢀ  
HQVXUHꢀWKDWꢀWKHꢀGULQNVꢀLWꢀSURGXFHVꢀDUHꢀRIꢀDꢀ  
VWDQGDUGꢀKLJKꢀTXDOLW\ꢀꢎVHHꢀ³)LUVWꢀXVHꢀRIꢀ\RXUꢀ  
7$66,02ꢀPDFKLQH´ꢏꢁꢀ  
¡
5LVNꢀRIꢀ¿UHꢀDQGꢀHOHFWULFꢀVKRFNꢅ  
±ꢀ 6ZLWFKꢀRIIꢀDQGꢀXQSOXJꢀWKHꢀDSSOLDQFHꢀ  
EHIRUHꢀFOHDQLQJꢁ  
±ꢀ 1HYHUꢀLPPHUVHꢀWKHꢀDSSOLDQFHꢀLQꢀ  
ZDWHUꢁ  
±ꢀ 'RꢀQRWꢀXVHꢀDꢀVWHDPꢀFOHDQHUꢁ  
1HYHUꢀXVHꢀYLQHJDUꢀRUꢀYLQHJDUꢌEDVHGꢀ  
SURGXFWVꢐꢀVFRXULQJꢀDJHQWVꢀRUꢀFKHPLFDOO\ꢀ  
VRIWHQHGꢀZDWHUꢁ  
ꢈꢁꢀ &OHDQꢀWKHꢀEUHZLQJꢀXQLWꢀUHJXODUO\ꢀZLWKꢀDꢀ  
VRIWꢐꢀGDPSꢀFORWKꢐꢀHVSHFLDOO\ꢀWKHꢀ7ꢀ',6&ꢀ  
EDUFRGHꢀVFDQQHUꢀꢎꢂHꢏꢀDQGꢀWKHꢀDUHDꢀ  
DURXQGꢀWKHꢀFODPSꢐꢀVRꢀWKDWꢀWKHꢀ7ꢀ',6&ꢀ  
EDUFRGHꢀFDQꢀEHꢀVFDQQHGꢀSURSHUO\ꢁ  
ꢈꢁ  
ꢂꢁ  
ꢂꢁꢀ :LSHꢀWKHꢀRXWVLGHꢀRIꢀWKHꢀDSSOLDQFHꢀZLWKꢀDꢀ  
VRIWꢐꢀGDPSꢀFORWKꢁ  
ꢆꢁꢀ 5LQVHꢀRXWꢀWKHꢀZDWHUꢀWDQNꢀꢎꢅꢏꢀDQGꢀWKHꢀ  
¿OWHUꢀFDUWULGJHꢀKROGHUꢀꢎꢅFꢏꢀE\ꢀKDQGꢀDQGꢀ  
ZLWKꢀZDWHUꢀRQO\ꢔꢀWKH\ꢀDUHꢀQRWꢀVXLWDEOHꢀIRUꢀ  
XVHꢀLQꢀWKHꢀGLVKZDVKHUꢁ  
ꢆꢁ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢈꢇ  
HQ  
ꢇꢁꢀ $OOꢀSDUWVꢀRIꢀWKHꢀFXSꢀVWDQGꢀꢎꢃꢏꢀDUHꢀ  
ꢇꢁ  
GLVKZDVKHUꢌVDIHꢁꢀ  
ꢊꢁꢀ 5HPRYHꢀWKHꢀ7ꢀ',6&ꢀKROGHUꢀꢎꢂEꢏꢀDQGꢀ  
WKHꢀSLHUFLQJꢀXQLWꢀꢎꢂFꢏꢁꢀ$OVRꢀUHPRYHꢀ  
WKHꢀGULQNꢀRXWOHWꢀꢎꢂGꢏꢀE\ꢀSXVKLQJꢀLWꢀXSꢁꢀ  
5HJXODUꢀFOHDQLQJꢀRIꢀWKHVHꢀSDUWVꢀLVꢀ  
UHFRPPHQGHGꢐꢀRWKHUZLVHꢀWKHꢀGULQNꢀ  
RXWOHWꢀFRXOGꢀEHFRPHꢀEORFNHGꢐꢀSRVVLEO\ꢀ  
FDXVLQJꢀOHDNDJHꢀRUꢀUHGXFHGꢀGULQNꢀVL]HVꢁ  
Źꢀ $OOꢀWKHVHꢀSDUWVꢀFDQꢀDOVRꢀEHꢀFOHDQHGꢀLQꢀ  
WKHꢀGLVKZDVKHUꢁꢀ  
ꢊꢁ  
Źꢀ :KHQꢀSUHSDULQJꢀDꢀQXPEHUꢀRIꢀGULQNVꢀRQHꢀ  
DIWHUꢀDQRWKHUꢐꢀWKHꢀSLHUFLQJꢀXQLWꢀPD\ꢀEHꢀ  
PDQXDOO\ꢀFOHDQHGꢀTXLFNO\ꢀDQGꢀHDVLO\ꢀ  
XQGHUꢀUXQQLQJꢀZDWHUꢁ  
i1RWHꢅ  
ꢀ
&$87,21  
,Iꢀ\RXꢀSUHSDUHꢀEHYHUDJHVꢀFRQWDLQLQJꢀPLONꢀ  
RUꢀFRFRDꢐꢀZHꢀUHFRPPHQGꢀFOHDQLQJꢀWKHꢀ  
EUHZLQJꢀXQLWꢀPRUHꢀIUHTXHQWO\ꢀE\ꢀXVLQJꢀWKHꢀ  
6HUYLFHꢀ7ꢀ',6&ꢀDVꢀGHVFULEHGꢀLQꢀWKHꢀVHFWLRQꢀ  
WLWOHGꢀ³)LUVWꢀXVHꢀRIꢀ\RXUꢀ7$66,02ꢀPDFKLQH´ꢁ  
¡
5LVNꢀRIꢀEXUQꢀRUꢀVFDOGLQJꢅ  
7KHꢀSLHUFLQJꢀXQLWꢀDQGꢀWKHꢀGULQNꢀRXWOHWꢀFDQꢀ  
EHꢀYHU\ꢀKRWꢀLPPHGLDWHO\ꢀDIWHUꢀEUHZLQJꢁ  
ꢀꢀ ꢀ ,03257$17  
±ꢀ $IWHUꢀXVHꢐꢀZHꢀUHFRPPHQGꢀWKDWꢀWKHꢀ  
6HUYLFHꢀ7ꢀ',6&ꢀEHꢀVWRUHGꢀLQꢀLWVꢀ  
FRPꢀSDUWPHQWꢀꢎꢉꢏꢀDWꢀWKHꢀEDFNꢀRIꢀWKHꢀ  
DSSOLDQFHꢁ  
±ꢀ 7KHꢀGULQNꢀRXWOHWꢀꢎꢂGꢏꢀPXVWꢀEHꢀSXWꢀ  
EDFNꢀLQꢀSODFHꢀDIWHUꢀFOHDQLQJꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
HQ  
ꢈꢊ  
'HVFDOLQJ  
<RXUꢀ7$66,02ꢀPDFKLQHꢀPXVWꢀEHꢀGHVFDOHGꢀ  
UHJXODUO\ꢐꢀEHFDXVHꢀKHDWLQJꢀZDWHUꢀFUHDWHVꢀ  
OLPHVFDOHꢀZKLFKꢀDFFXPXODWHVꢀLQꢀWKHꢀPDFKLQHꢀ  
RYHUꢀWLPHꢁꢀ:KHQꢀGHVFDOLQJꢀLVꢀQHHGHGꢐꢀWKHꢀ  
PDFKLQHꢀLQGLFDWHVꢀWKLVꢀE\ꢀDFWLYDWLQJꢀWKHꢀ  
³'HVFDOHꢀUHTXLUHG´ꢀ'ꢀ/('ꢀꢎꢊHꢏꢁꢀ:KHQꢀ  
WKLVꢀ/('ꢀOLJKWVꢀXSꢐꢀ\RXꢀVKRXOGꢀGHVFDOHꢀ  
\RXUꢀPDFKLQHꢀLPPHGLDWHO\ꢁꢀ1RWꢀGRLQJꢀVRꢀ  
PD\ꢀUHVXOWꢀLQꢀWKHꢀPDFKLQHꢀQRWꢀIXQFWLRQLQJꢀ  
SURSHUO\ꢀDQGꢀEHYHUDJHꢀTXDOLW\ꢀGHWHULRUDWLQJꢁ  
ꢀꢀ ꢀ ,03257$17  
±ꢀ ,Iꢀ\RXꢀKDYHꢀYHU\ꢀKDUGꢀZDWHUꢐꢀQRWLFHꢀ  
DQꢀXQXVXDOꢀDPRXQWꢀRIꢀVWHDPꢀRUꢀLIꢀWKHꢀ  
EHYHUDJHꢀVL]HꢀLVꢀQRWꢀZKDWꢀLWꢀVKRXOGꢀ  
EHꢐꢀGHVFDOHꢀWKHꢀPDFKLQHꢀEHIRUHꢀWKHꢀ  
Qꢀ/('ꢀFRPHVꢀRQꢁ  
±ꢀ $OWKRXJKꢀWKHꢀHQFORVHGꢀ0$9($ꢀ  
ꢀ0$;75$ꢀ¿OWHUꢀV\VWHPꢀUHGXFHVꢀWKHꢀ  
DPRXQWꢀRIꢀOLPHꢀLQꢀWKHꢀZDWHUꢀVLJQL¿ꢌ  
FDQWO\ꢐꢀLWꢀGRHVꢀQRWꢀHOLPLQDWHꢀWKHꢀQHHGꢀ  
IRUꢀUHJXODUꢀGHVFDOLQJꢁ  
,Iꢀ\RXꢀKDYHꢀQRWꢀGHVFDOHGꢀWKHꢀPDFKLQHꢀDIWHUꢀ  
DQRWKHUꢀꢇꢆꢀ7ꢀ',6&VꢐꢀWKHꢀLQGLFDWRUꢀVWDUWVꢀWRꢀ  
EOLQNꢁꢀ  
ꢀ
&$87,21  
6SHFLDOꢀGHVFDOLQJꢀDJHQWVꢀFDQꢀEHꢀ  
REWDLQHGꢀIURPꢀZZZꢁWDVVLPRꢁFRPꢄꢀWKHꢀ  
%RVFKꢀFXVWRPHUꢀVHUYLFHꢀGHSDUWPHQWꢀ  
ꢏDUWLFOHꢀQRꢁꢀꢊꢌꢆꢍꢂꢍꢄꢀIRUꢀFRQWDFWꢀGHWDLOVꢄꢀ  
VHHꢀSDJHꢀꢌꢈꢐꢀRUꢀIURPꢀ\RXUꢀUHWDLOHUꢁ  
¡
±ꢀ 'RꢀQRWꢀGULQNꢀDQ\ꢀRIꢀWKHꢀOLTXLGVꢀXVHGꢀ  
IRUꢀGHVFDOLQJꢁ  
±ꢀ 1HYHUꢀXVHꢀYLQHJDUꢀRUꢀYLQHJDUꢌEDVHGꢀ  
SURGXFWVꢁ  
±ꢀ 1HYHUꢀLQWHUUXSWꢀWKHꢀGHVFDOLQJꢀ  
SURJUDPꢁ  
5XQQLQJꢀWKHꢀGHVFDOLQJꢀSURJUDP  
ꢈꢁꢀ 5HPRYHꢀWKHꢀZDWHUꢀWDQNꢀIURPꢀ\RXUꢀ  
7$66,02ꢀPDFKLQHꢀDQGꢀWDNHꢀRXWꢀWKHꢀ  
¿OWHUꢀFDUWULGJHꢀKROGHUꢀꢎꢅFꢏꢀZLWKꢀWKHꢀ¿OWHUꢀ  
FDUWULGJHꢀꢎꢅGꢏꢁ  
ꢈꢁ  
ꢂꢁꢀ 5HPRYHꢀWKHꢀ6HUYLFHꢀ7ꢀ',6&ꢀIURPꢀWKHꢀ  
FRPSDUWPHQWꢀꢎꢉꢏꢀDWꢀWKHꢀEDFNꢀRIꢀWKHꢀ  
PDFKLQHꢁ  
ꢂꢁ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢈꢋ  
HQ  
ꢆꢁꢀ )LOOꢀWKHꢀZDWHUꢀWDQNꢀXSꢀWRꢀWKHꢀGHVFDOLQJꢀ  
ꢆꢁ  
ꢇꢁ  
PDUNꢀꢎꢆꢐꢅꢀOꢏꢀDQGꢀDGGꢀWKHꢀGHVFDOLQJꢀDJHQWꢀ  
LQꢀDFFRUGDQFHꢀZLWKꢀWKHꢀPDQXIDFWXUHU¶Vꢀ  
LQVWUXFWLRQVꢁ  
i1RWHꢅ  
,Iꢀ\RXꢀKDYHꢀKDUGꢀZDWHUꢐꢀLQFUHDVHꢀWKHꢀ  
DPRXQWꢀRIꢀGHVFDOLQJꢀDJHQWꢁ  
ꢇꢁꢀ 5HSODFHꢀWKHꢀZDWHUꢀWDQNꢀE\ꢀWLOWLQJꢀLWꢀ  
VOLJKWO\ꢀDQGꢀUHWXUQLQJꢀLWꢀWRꢀLWVꢀRULJLQDOꢀ  
SRVLWLRQꢀXQWLOꢀLWꢀFOLFNVꢀLQWRꢀSODFHꢁ  
ꢊꢁꢀ 3ODFHꢀDꢀFRQWDLQHUꢀZLWKꢀDꢀFDSDFLW\ꢀRIꢀ  
DWꢀOHDVWꢀꢈꢃꢀR]ꢁꢀꢑꢀꢅꢆꢆꢀPOꢀXQGHUꢀWKHꢀGULQNꢀ  
RXWOHWꢁ  
ꢋꢁꢀ 2SHQꢀWKHꢀEUHZLQJꢀXQLWꢀE\ꢀOLIWLQJꢀWKHꢀ  
KDQGOHꢀꢎꢂDꢏꢀDQGꢀWKHQꢀSXVKLQJꢀWKHꢀ  
EUHZLQJꢀXQLWꢀXSꢁꢀ3ODFHꢀWKHꢀ6HUYLFHꢀ  
7ꢀ',6&ꢀRQꢀWKHꢀ7ꢀ',6&ꢀKROGHUꢀꢎꢂEꢏꢀZLWKꢀ  
WKHꢀEDUFRGHꢀIDFLQJꢀGRZQꢁꢀ0DNHꢀVXUHꢀ  
WKDWꢀWKHꢀÀDSꢀRIꢀWKHꢀ7ꢀ',6&ꢀLVꢀORFDWHGꢀLQꢀ  
WKHꢀVORWꢀLQꢀWKHꢀIURQWꢁ  
ꢊꢁ  
ꢋꢁ  
PLQꢁꢀꢀ  
ꢈꢃꢀR]ꢁꢀꢑ  
ꢅꢆꢆꢀPO  
Źꢀ &ORVHꢀWKHꢀEUHZLQJꢀXQLWꢀE\ꢀ¿UVWꢀEULQJLQJꢀLWꢀ  
GRZQꢀDQGꢀWKHQꢀSXVKLQJꢀWKHꢀKDQGOHꢀꢎꢂDꢏꢀ  
¿UPO\ꢀWRꢀWKHꢀPDFKLQHꢀXQWLOꢀ\RXꢀKHDUꢀDQꢀ  
DXGLEOHꢀFOLFNꢁ  
ꢌꢁꢀ 3UHVVꢀDQGꢀKROGꢀWKHꢀ6WDUWꢀꢑꢀ6WRSꢀEXWWRQꢀ  
ꢎꢇꢏꢀIRUꢀDWꢀOHDVWꢀꢊꢀVHFRQGVꢀWRꢀVWDUWꢀWKHꢀ  
GHVFDOLQJꢀSURJUDPꢁ  
ꢌꢁ  
ꢅꢀVHFꢁ  
Źꢀ 5HOHDVHꢀWKHꢀ6WDUWꢀꢑꢀ6WRSꢀEXWWRQꢀDIWHUꢀ  
ꢅꢀVHFRQGVꢔꢀWKHꢀPDFKLQHꢀZLOOꢀUXQꢀWKHꢀ  
GHVFDOLQJꢀF\FOHꢀDXWRPDWLFDOO\ꢁꢀ7KLVꢀLVꢀ  
LQGLFDWHGꢀE\ꢀWKHꢀ6WDWXVꢀ/('ꢀFꢀDQGꢀ  
³'HVFDOHꢀUHTXLUHG´ꢀ/('ꢀ'ꢀEOLQNLQJꢁ  
ꢂꢓꢀPLQ  
i1RWHꢅ  
ꢀꢀ ꢀ ,03257$17  
7KHꢀGHVFDOLQJꢀSURJUDPꢀUXQVꢀIRUꢀDERXWꢀ  
7KHꢀGHVFDOLQJꢀVROXWLRQꢀLVꢀSXPSHGꢀWKURXJKꢀ  
WKHꢀPDFKLQHꢀLQꢀLQWHUYDOVꢀDQGꢀWKHQꢀUXQVꢀLQWRꢀ  
WKHꢀFRQWDLQHUꢀXQWLOꢀWKHꢀZDWHUꢀWDQNꢀLVꢀDOPRVWꢀ  
HPSW\ꢁꢀ$ꢀVPDOOꢀDPRXQWꢀRIꢀOLTXLGꢀLVꢀDOZD\Vꢀ  
OHIWꢀLQꢀWKHꢀWDQNꢁ  
ꢂꢓꢀPLQXWHVꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
HQ  
ꢈꢌ  
ꢍꢁꢀ :KHQꢀWKHꢀ6WDWXVꢀ/('ꢀFꢀDQGꢀ³'HVFDOHꢀ  
UHTXLUHG´ꢀ/('ꢀ'ꢀVWRSꢀEOLQNLQJꢐꢀWKHꢀ  
GHVFDOLQJꢀSURFHVVꢀLVꢀFRPSOHWHꢁꢀ(PSW\ꢀ  
WKHꢀUHFHLYLQJꢀFRQWDLQHUꢀDQGꢀUHWXUQꢀLWꢀ  
XQGHUꢀWKHꢀGULQNꢀRXWOHWꢁ  
ꢍꢁ  
Źꢀ 5LQVHꢀWKHꢀZDWHUꢀWDQNꢀWKRURXJKO\ꢀDQGꢀ¿OOꢀ  
XSꢀWRꢀWKHꢀPD[ꢀPDUNꢀZLWKꢀIUHVKꢀZDWHUꢁ  
Źꢀ 5HWXUQꢀLWꢀWRꢀ\RXUꢀ7$66,02ꢀPDFKLQHꢁ  
ꢎꢁꢀ 2SHQꢀDQGꢀFORVHꢀWKHꢀEUHZLQJꢀXQLWꢀ  
ꢎOHDYHꢀWKHꢀ6HUYLFHꢀ7ꢀ',6&ꢀLQꢀWKHꢀ  
7ꢀ',6&ꢀKROGHUꢏꢁ  
ꢎꢁ  
ꢈꢓꢁꢀ3UHVVꢀWKHꢀ6WDUWꢀꢑꢀ6WRSꢀEXWWRQꢀꢎꢇꢏꢀEULHÀ\ꢀ  
ꢈꢓꢁ  
ꢈꢈꢁ  
WRꢀUXQꢀWKHꢀFOHDQLQJꢀF\FOHꢁ  
ꢈꢈꢁꢀ:KHQꢀWKHꢀFOHDQLQJꢀSURFHVVꢀLVꢀFRPSOHWHꢐꢀ  
HPSW\ꢀWKHꢀFXSꢀDQGꢀUHWXUQꢀLWꢀXQGHUꢀWKHꢀ  
GULQNꢀRXWOHWꢁ  
ꢀꢀ ꢀ ,03257$17  
3OHDVHꢀFRPSOHWHꢀVWHSVꢀꢈꢓꢀDQGꢀꢈꢈꢀIRXUꢀ  
ꢇꢀ[  
WLPHVꢁ  
<RXUꢀ7$66,02ꢀPDFKLQHꢀKDVꢀQRZꢀEHHQꢀ  
SURSHUO\ꢀGHVFDOHGꢀDQGꢀFOHDQHGꢁ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢈꢍ  
HQ  
ꢈꢂꢁꢀ1RZꢀRSHQꢀWKHꢀEUHZLQJꢀXQLWꢐꢀUHPRYHꢀWKHꢀ  
6HUYLFHꢀ7ꢀ',6&ꢀDQGꢀVWRUHꢀLWꢀLQꢀWKHꢀFRPꢌ  
SDUWPHQWꢀꢎꢉꢏꢀDWꢀWKHꢀEDFNꢀRIꢀWKHꢀPDFKLQHꢁ  
ꢈꢂꢁ  
ꢈꢆꢁꢀ1RZꢀSODFHꢀWKHꢀ¿OWHUꢀFDUWULGJHꢀKROGHUꢀ  
ꢎꢅFꢏꢀZLWKꢀWKHꢀ¿OWHUꢀFDUWULGJHꢀꢎꢅGꢏꢀLQWRꢀWKHꢀ  
HPSW\ꢀZDWHUꢀWDQNꢀDQGꢀ¿OOꢀWKHꢀWDQNꢀZLWKꢀ  
IUHVKꢀZDWHUꢀWRꢀWKHꢀPD[ꢀPDUNꢁ  
ꢈꢆꢁ  
i1RWHꢅ  
<RXUꢀ7$66,02ꢀPDFKLQHꢀLVꢀUHDG\ꢀIRUꢀXVHꢀ  
DJDLQꢁ  
'LVSRVDO  
A
3OHDVHꢀDVNꢀ\RXUꢀUHWDLOHUꢀDERXWꢀFXUUHQWꢀ  
GLVSRVDOꢀIDFLOLWLHVꢁ  
$OOꢀULJKWVꢀUHVHUYHGꢁ  
ꢀꢀ ꢀ ,03257$17  
%RVFKꢀRQO\ꢀPDQXIDFWXUHVꢀWKHꢀ7$66,02ꢀ  
PDFKLQHꢁꢀ,WꢀWKHUHIRUHꢀGRHVꢀQRWꢀJXDUDQWHHꢀ  
WKHꢀDYDLODELOLW\ꢀRIꢀ7$66,02ꢀ7ꢀ',6&Vꢁꢀ  
)RUꢀ7ꢀ',6&ꢀLQTXLULHVꢐꢀSOHDVHꢀFRQWDFWꢀꢀ  
7$66,02ꢀRUꢀ%RVFKꢀ&XVWRPHUꢀ6HUYLFHꢀ  
'HSDUWPHQWꢀDWꢀꢈꢌꢋꢃꢃꢌ7',6&6ꢈꢀꢎRQO\ꢀLQꢀ  
WKHꢀ86$ꢏꢀRUꢀRQꢀZZZꢁWDVVLPRꢁFRPꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
HQ  
ꢈꢎ  
7URXEOHVKRRWLQJ  
7KHꢀIROORZLQJꢀWDEOHꢀSURYLGHVꢀVROXWLRQVꢀIRUꢀSUREOHPVꢀDQGꢀJOLWFKHVꢀWKDWꢀPD\ꢀDULVHꢀDVꢀ\RXꢀ  
XVHꢀ\RXUꢀ7$66,02ꢀPDFKLQHꢁꢀ,Iꢀ\RXꢀGRꢀQRWꢀ¿QGꢀDꢀVROXWLRQꢀIRUꢀ\RXUꢀVSHFL¿FꢀSUREOHPꢀRUꢀWKHꢀ  
SUREOHPꢀSHUVLVWVꢀDIWHUꢀWURXEOHVKRRWLQJꢐꢀSOHDVHꢀFRQWDFWꢀ7$66,02ꢀ&XVWRPHUꢀ6HUYLFHꢀDWꢀ  
ꢈꢒꢍꢌꢌꢒ7',6&6ꢈꢀꢏꢈꢒꢍꢌꢌꢒꢍꢆꢇꢒꢌꢂꢌꢈꢐꢁ  
i1RWHꢅ  
,IꢀWKHꢀSLHUFLQJꢀXQLWꢀRUꢀWKHꢀ6HUYLFHꢀ7ꢀ',6&ꢀDUHꢀORVWꢐꢀWKH\ꢀPD\ꢀEHꢀSXUFKDVHGꢀIURPꢀ7$66,02ꢀ  
RUꢀ%RVFKꢀ&XVWRPHUꢀ6HUYLFHꢀ'HSDUWPHQWꢀDWꢀꢈꢌꢋꢃꢃꢌ7',6&6ꢈꢀꢎRQO\ꢀLQꢀWKHꢀ86$ꢏꢀRUꢀRQꢀꢀ  
ZZZꢁWDVVLPRꢁFRPꢁ  
3UREOHP  
3RVVLEOHꢀFDXVH  
6ROXWLRQ  
$SSOLDQFHꢀQRWꢀZRUNLQJꢔꢀ  
QRꢀV\PEROVꢀOLJKWꢀXSꢁ  
7KHUHꢀLVꢀQRꢀSRZHUꢀ  
VXSSO\ꢁ  
&KHFNꢀWKDWꢀWKHꢀDSSOLDQFHꢀLVꢀSURSꢌ  
HUO\ꢀSOXJJHGꢀLQWRꢀWKHꢀSRZHUꢀVXSSO\ꢁ  
0DFKLQHꢀEUHZVꢀEXWꢀQRꢀ  
GULQNꢀGLVSHQVHGꢁ  
7KHꢀZDWHUꢀWDQNꢀLVꢀQRWꢀ  
FRUUHFWO\ꢀSRVLWLRQHGꢁ  
0DNHꢀVXUHꢀWKDWꢀWKHꢀZDWHUꢀWDQNꢀLVꢀ  
SRVLWLRQHGꢀFRUUHFWO\ꢁ  
7KHꢀZDWHUꢀWDQNꢀZDVꢀ  
UHPRYHGꢀGXULQJꢀWKHꢀ  
EUHZLQJꢀSURFHVVꢀRUꢀWKHUHꢀ  
LVꢀDLUꢀLQꢀWKHꢀV\VWHPꢁ  
6WDUWꢀDꢀFOHDQLQJꢀF\FOHꢀZLWKꢀWKHꢀ  
6HUYLFHꢀ7ꢀ',6&ꢁ  
7KHꢀÀRDWꢀLQꢀWKHꢀZDWHUꢀ  
WDQNꢀLVꢀVWXFNꢁ  
&OHDQꢀWKHꢀZDWHUꢀWDQNꢀDQGꢀHQVXUHꢀ  
WKHꢀÀRDWꢀFDQꢀPRYHꢁ  
'ULQNꢀVL]HꢀVPDOOHUꢀWKDQꢀ 1RWꢀHQRXJKꢀZDWHUꢀLQꢀWKHꢀ )LOOꢀ WKHꢀ ZDWHUꢀ WDQNꢀ DIWHUꢀ WKHꢀ GULQNꢀ  
XVXDOꢁ  
ZDWHUꢀWDQNꢁ  
KDVꢀ¿QLVKHGꢀGLVSHQVLQJꢀDQGꢀSUHVVꢀ  
WKHꢀ6WDUWꢀꢑꢀ6WRSꢀEXWWRQꢀWRꢀ¿QLVKꢀWKHꢀ  
GULQNꢁ  
7KHꢀDSSOLDQFHꢀQHHGVꢀ  
GHVFDOLQJꢁ  
'HVFDOHꢀWKHꢀDSSOLDQFHꢀꢎIRUꢀGHWDLOVꢀ  
VHHꢀ³'HVFDOLQJ´ꢏꢁ  
0RUHꢀVWHDPꢀWKDQꢀXVXDOꢁ 7KHꢀDSSOLDQFHꢀQHHGVꢀ  
GHVFDOLQJꢁ  
'HVFDOHꢀWKHꢀDSSOLDQFHꢀꢎIRUꢀGHWDLOVꢀ  
VHHꢀ³'HVFDOLQJ´ꢏꢁ  
7KHꢀDSSOLDQFHꢀGRHVꢀQRWꢀ $SSOLDQFHꢀLVꢀQRWꢀVZLWFKHGꢀ 0DNHꢀVXUHꢀWKHꢀDSSOLDQFHꢀLVꢀ  
UHFRJQL]HꢀWKHꢀLQVHUWHGꢀ  
7ꢀ',6&ꢀDQGꢀUHPDLQVꢀLQꢀ  
VWDQGꢌE\ꢀPRGHꢀRUꢀWKHꢀ  
6WDWXVꢀ/('ꢀFꢀOLJKWVꢀXSꢀ  
UHGꢁ  
RQꢁ  
VZLWFKHGꢀRQꢀEHIRUHꢀLQVHUWLQJꢀDꢀ  
7ꢀ',6&ꢁ  
&KHFNꢀLIꢀ7ꢀ',6&ꢀKDVꢀEHHQꢀ  
LQVHUWHGꢁ  
&OHDQꢀWKHꢀ7ꢀ',6&ꢀEDUFRGHꢀUHDGLQJꢀ  
ZLQGRZꢀDQGꢀWU\ꢀDJDLQꢀRUꢀVPRRWKꢀ  
RXWꢀWKHꢀEDUFRGHꢀRQꢀWKHꢀ7ꢀ',6&ꢀ  
ZLWKꢀ\RXUꢀWKXPEꢁ  
1Rꢀ7ꢀ',6&ꢀLQVHUWHGꢁ  
7KHꢀEDUFRGHꢀFRXOGꢀQRWꢀ  
EHꢀGHWHFWHGꢁ  
8VHꢀDQRWKHUꢀ7ꢀ',6&ꢁ  
,IꢀSUREOHPVꢀSHUVLVWꢐꢀFRQWDFWꢀWKHꢀ  
7$66,02ꢀ&XVWRPHUꢀ6HUYLFHꢁ  
7KHꢀEUHZLQJꢀXQLWꢀLVꢀQRWꢀ  
SURSHUO\ꢀFORVHGꢁ  
&OHDQꢀWKHꢀEUHZLQJꢀXQLWꢀꢀWKRURXJKO\ꢐꢀ  
HVSHFLDOO\ꢀLQꢀWKHꢀDUHDꢀRIꢀWKHꢀFODPSꢁ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢂꢓ  
HQ  
3UREOHP  
3RVVLEOHꢀFDXVH  
6ROXWLRQ  
7KHꢀTXDOLW\ꢀRIꢀWKHꢀIRDPꢀꢑ 7KHꢀGULQNꢀRXWOHWꢀLVꢀ  
FUHPDꢀKDVꢀGHWHULRUDWHGꢁ FORJJHGꢀRUꢀGLUW\ꢁ  
5HPRYHꢀWKHꢀGULQNꢀRXWOHWꢀIURPꢀ  
WKHꢀEUHZLQJꢀXQLWꢀDQGꢀGHWDFKꢀ  
WKHꢀꢀSLHUFLQJꢀXQLWꢁꢀ$IWHUꢀFOHDQLQJꢀ  
ꢀHYHU\WKLQJꢀWKRURXJKO\ꢐꢀUHDVVHPEOHꢀ  
WKHꢀSDUWVꢀDQGꢀUHSODFHꢀWKHPꢀLQꢀWKHꢀ  
EUHZLQJꢀXQLWꢁ  
&OHDQꢀWKHꢀEUHZLQJꢀXQLWꢀZLWKꢀWKHꢀ  
6HUYLFHꢀ7ꢀ',6&ꢁ  
7KHꢀDSSOLDQFHꢀQHHGVꢀWRꢀ 'HVFDOHꢀWKHꢀDSSOLDQFHꢀꢎIRUꢀGHWDLOVꢀ  
EHꢀGHVFDOHGꢁ VHHꢀ³'HVFDOLQJ´ꢏꢁ  
%UHZLQJꢀXQLWꢀFDQQRWꢀEHꢀ 7ꢀ',6&ꢀSLHUFLQJꢀXQLWꢀRUꢀ ,QVHUWꢀ7ꢀ',6&ꢀKROGHUꢀRUꢀ7ꢀ',6&ꢀ  
VHFXUHO\ꢀFORVHGꢁ  
7ꢀ',6&ꢀKROGHUꢀLVꢀQRWꢀ  
SURSHUO\ꢀLQVHUWHGꢁ  
SLHUFLQJꢀXQLWꢀSURSHUO\ꢁ  
7KHꢀ7ꢀ',6&ꢀLVꢀQRWꢀ  
ꢀLQVHUWHGꢀSURSHUO\ꢁ  
5HꢌLQVHUWꢀWKHꢀ7ꢀ',6&ꢀDQGꢀPDNHꢀ  
VXUHꢀLWꢀLVꢀSURSHUO\ꢀSRVLWLRQHGꢁ  
7KHꢀEUHZLQJꢀXQLWꢀLVꢀQRWꢀ  
SURSHUO\ꢀFORVHGꢁ  
3XVKꢀWKHꢀKDQGOHꢀGRZQꢀXQWLOꢀLWꢀ  
VQDSVꢀLQWRꢀSODFHꢀZLWKꢀDQꢀDXGLEOHꢀ  
FOLFNꢁ  
&OHDQꢀWKHꢀEUHZLQJꢀXQLWꢀWKRURXJKO\ꢐꢀ  
HVSHFLDOO\ꢀLQꢀWKHꢀDUHDꢀRIꢀWKHꢀFODPSꢁ  
7KHꢀEUHZLQJꢀXQLWꢀFDQQRWꢀ 7KHꢀEUHZLQJꢀXQLWꢀORFNꢀLVꢀ :DLWꢀXQWLOꢀWKHꢀ6WDWXVꢀ/('ꢀFꢀꢎꢊFꢏꢀ  
EHꢀRSHQHGꢁ  
VWLOOꢀHQJDJHGꢁ  
KDVꢀVWRSSHGꢀEOLQNLQJꢀEHIRUHꢀDWꢌ  
WHPSWLQJꢀWRꢀRSHQꢀWKHꢀEUHZLQJꢀXQLWꢁ  
:DWHUꢀGULSSLQJꢀIURPꢀWKHꢀ 7KHꢀ7ꢀ',6&ꢀLVꢀGDPDJHGꢀ 6WRSꢀWKHꢀEUHZLQJꢀSURFHVVꢁꢀ:DLWꢀ  
EUHZLQJꢀXQLWꢁ  
RUꢀOHDN\ꢁ  
XQWLOꢀWKHꢀPDFKLQHꢀLVꢀFRROHGꢀGRZQꢀ  
EHIRUHꢀUHPRYLQJꢀWKHꢀ7ꢀ',6&ꢀDQGꢀ  
WKHQꢀFOHDQꢀWKHꢀEUHZLQJꢀXQLW  
7KHꢀSLHUFLQJꢀXQLWꢀLVꢀ  
&KHFNꢀWRꢀHQVXUHꢀWKDWꢀWKHꢀSLHUFLQJꢀ  
HLWKHUꢀQRWꢀLQVHUWHGꢀRUꢀQRWꢀ XQLWꢀLVꢀLQVHUWHGꢀSURSHUO\ꢁ  
LQVHUWHGꢀSURSHUO\ꢁ  
:DWHUꢀRQꢀWKHꢀVXUIDFHꢀ  
XQGHUꢀWKHꢀFXSꢀVWDQGꢁ  
:DWHUꢀIURPꢀ  
FRQGHQVDWLRQꢁ  
&RQGHQVDWLRQꢀPD\ꢀRFFXUꢀDQGꢀLVꢀ  
QRWꢀDꢀIDXOWꢁꢀ5HPRYHꢀLWꢀE\ꢀZLSLQJꢀ  
ZLWKꢀDꢀFORWKꢁ  
7KHꢀ6HUYLFHꢀ7ꢀ',6&ꢀLVꢀ  
GDPDJHGꢀRUꢀORVWꢁ  
7KHꢀ6HUYLFHꢀ7ꢀ',6&ꢀLVꢀ  
UHTXLUHGꢀIRUꢀWKHꢀFOHDQLQJꢀ IRUꢀWKHꢀ6HUYLFHꢀ7ꢀ',6&ꢀDWꢀWKHꢀEDFNꢀ  
F\FOHꢀDQGꢀWKHꢀGHVFDOLQJꢀ RIꢀWKHꢀDSSOLDQFHꢁ  
&KHFNꢀWKHꢀVWRUDJHꢀFRPSDUWPHQWꢀ  
F\FOHꢁ  
7KHꢀ6HUYLFHꢀ7ꢀ',6&ꢀFDQꢀEHꢀ  
ꢀSXUFKDVHGꢀIURPꢀ7$66,02ꢀ  
ꢀ&XVWRPHUꢀ6HUYLFHꢀ'HSDUWPHQWꢀDWꢀ  
ꢈꢌꢋꢃꢃꢌ7',6&6ꢈꢀꢎRQO\ꢀLQꢀWKHꢀ86$ꢏꢀ  
RUꢀRQꢀZZZꢁWDVVLPRꢁFRPꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
HQ  
ꢂꢈ  
3UREOHP  
3RVVLEOHꢀFDXVH  
6ROXWLRQ  
7ꢀ',6&ꢀOHDNHGꢀRUꢀEXUVWꢁ %ORFNHGꢀ¿OWHUꢀLQꢀ7ꢀ',6&ꢀ &KHFNꢀWKDWꢀWKHꢀZDWHUꢀLVꢀQRWꢀWUHDWHGꢀ  
GXHꢀWRꢀXVHꢀRIꢀFKHPLFDOO\ꢀ ZLWKꢀVRGLXPꢀEDVHGꢀVRIWHQHUꢁꢀ,Iꢀ  
VRIWHQHGꢀZDWHUꢁ  
ꢀZDWHUꢀLVꢀFKHPLFDOO\ꢀVRIWHQHGꢐꢀ  
GLVFDUGꢀZDWHUꢀLQꢀWDQNꢐꢀULQVHꢀ  
WKUHHꢀWLPHVꢀZLWKꢀQRQꢌFKHPLFDOO\ꢀ  
VRIWHQHGꢀZDWHUꢀDQGꢀUH¿OOꢁꢀ6WDUWꢀDꢀ  
FOHDQLQJꢀSURFHVVꢀZLWKꢀWKHꢀ6HUYLFHꢀ  
7ꢀ',6&ꢁ  
$ꢀ³)LOOꢀZDWHUꢀWDQN´ꢀOLJKWVꢀ 7KHꢀÀRDWꢀLQꢀWKHꢀZDWHUꢀ  
XSꢀHYHQꢀWKRXJKꢀWKHUHꢀLVꢀ WDQNꢀLVꢀVWXFNꢁ  
VXI¿FLHQWꢀZDWHUꢀLQꢀWKHꢀ  
&OHDQꢀWKHꢀZDWHUꢀWDQNꢀDQGꢀHQVXUHꢀ  
WKDWꢀWKHꢀÀRDWꢀFDQꢀPRYHꢁ  
WDQNꢁ  
'ꢀ³'HVFDOHꢀUHTXLUHG´ꢀ  
(YHQꢀVRIWꢀZDWHUꢀFRQWDLQVꢀ 'HVFDOHꢀWKHꢀDSSOLDQFHꢁꢀ6SHFLDOꢀ  
OLJKWVꢀXSꢀHYHQꢀWKRXJKꢀ  
VPDOOꢀDPRXQWVꢀRIꢀGLVꢌ  
GHVFDOLQJꢀDJHQWVꢀFDQꢀEHꢀREWDLQHGꢀ  
IURPꢀZZZꢁWDVVLPRꢁFRPꢐꢀWKHꢀ%RVFKꢀ  
FXVWRPHUꢀVHUYLFHꢀGHSDUWPHQWꢀ  
ꢎDUWLFOHꢀQRꢁꢀꢅꢃꢊꢋꢇꢋꢐꢀIRUꢀFRQWDFWꢀ  
GHWDLOVꢐꢀVHHꢀSDJHꢀꢃꢈꢏꢀRUꢀIURPꢀ\RXUꢀ  
UHWDLOHUꢁ  
\RXꢀDUHꢀXVLQJꢀVRIWꢀZDWHUꢁ VROYHGꢀOLPHꢁ  
)LOWHUꢀFDUWULGJHꢀUHSODFHꢌ 3OHDVHꢀSURFHHGꢀDVꢀGHꢌ  
,Iꢀ¿OWHUꢀFDUWULGJHꢀUHSODFHPHQWꢀ  
LQGLFDWRUꢀLVꢀVWLOOꢀQRWꢀZRUNLQJꢐꢀ  
SOHDVHꢀFRQWDFWꢀWKHꢀ7$66,02ꢀ  
&XVWRPHUꢀ6HUYLFHꢀ'HSDUWPHQWꢀDWꢀ  
ꢈꢌꢋꢃꢃꢌ7',6&6ꢈꢀꢎRQO\ꢀLQꢀWKHꢀ86$ꢏꢀ  
RUꢀRQꢀZZZꢁWDVVLPRꢁFRPꢁ  
PHQWꢀLQGLFDWRUꢀLVꢀQRWꢀ  
ZRUNLQJꢀDQ\PRUHꢁ  
VFULEHGꢀRQꢀSDJHꢀꢋꢁ  
0RUHꢀ&XVWRPHUꢀ6HUYLFHꢀLQIRUPDWLRQꢀLVꢀDYDLODEOHꢀRQOLQHꢀDWꢀZZZꢁWDVVLPRꢁFRP  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢂꢂ  
HQ  
67$7(0(17ꢀ2)ꢀ/,0,7('ꢀ352'8&7ꢀ:$55$17<  
7DVVLPRꢀE\ꢀ%RVFK  
:KDWꢀWKLVꢀ:DUUDQW\ꢀ&RYHUVꢀ ꢀ:KRꢀLWꢀ$SSOLHVꢀWRꢅꢀꢀ7KHꢀOLPLWHGꢀZDUUDQW\ꢀSURYLGHGꢀE\ꢀ%6+ꢀ  
+RPHꢀ$SSOLDQFHVꢀ%RVFKꢀLQꢀWKLVꢀ6WDWHPHQWꢀRIꢀ/LPLWHGꢀ3URGXFWꢀ:DUUDQW\ꢀDSSOLHVꢀRQO\ꢀWRꢀWKHꢀ  
7DVVLPRꢀE\ꢀ%RVFKꢀꢎ³%RVFK´ꢏꢀVROGꢀWRꢀ\RXꢐꢀWKHꢀ¿UVWꢀXVLQJꢀSXUFKDVHUꢐꢀSURYLGHGꢀWKDWꢀWKHꢀ3URGXFWꢀ  
ZDVꢀSXUFKDVHGꢍꢀꢎꢈꢏꢀIRUꢀ\RXUꢀQRUPDOꢐꢀKRXVHKROGꢀꢎQRQꢌFRPPHUFLDOꢏꢀXVHꢐꢀDQGꢀKDVꢀLQꢀIDFWꢀDWꢀDOOꢀ  
WLPHVꢀRQO\ꢀEHHQꢀXVHGꢀIRUꢀQRUPDOꢀKRXVHKROGꢀSXUSRVHVꢔꢀꢎꢇꢏꢀQHZꢀDWꢀUHWDLOꢀꢎQRWꢀDꢀGLVSOD\ꢐꢀ³DVꢀLV´ꢐꢀ  
RUꢀSUHYLRXVO\ꢀUHWXUQHGꢀPRGHOꢏꢐꢀDQGꢀQRWꢀIRUꢀUHVDOHꢐꢀRUꢀFRPPHUFLDOꢀXVHꢔꢀDQGꢀꢎꢊꢏꢀZLWKLQꢀWKHꢀ8QLWHGꢀ  
6WDWHVꢀRUꢀ&DQDGDꢐꢀDQGꢀKDVꢀDWꢀDOOꢀWLPHVꢀUHPDLQHGꢀZLWKLQꢀWKHꢀFRXQWU\ꢀRIꢀRULJLQDOꢀSXUFKDVHꢁꢀ7KHꢀ  
ZDUUDQWLHVꢀVWDWHGꢀKHUHLQꢀDSSO\ꢀRQO\ꢀWRꢀWKHꢀ¿UVWꢀSXUFKDVHUꢀRIꢀWKHꢀ3URGXFWꢀDQGꢀDUHꢀQRWꢀWUDQVIHUDEOHꢁꢀ  
3OHDVHꢀPDNHꢀVXUHꢀWRꢀUHWXUQꢀ\RXUꢀUHJLVWUDWLRQꢀFDUGꢔꢀZKLOHꢀQRWꢀQHFHVVDU\ꢀWRꢀHIIHFWXDWHꢀZDUUDQW\ꢀ  
FRYHUDJHꢐꢀLWꢀLVꢀWKHꢀEHVWꢀZD\ꢀIRUꢀ%RVFKꢀWRꢀQRWLI\ꢀ\RXꢀLQꢀWKHꢀXQOLNHO\ꢀHYHQWꢀRIꢀDꢀVDIHW\ꢀQRWLFHꢀRUꢀ  
SURGXFWꢀUHFDOOꢁꢀ  
+RZꢀ/RQJꢀWKHꢀ:DUUDQW\ꢀ/DVWVꢅꢀꢀ%RVFKꢀZDUUDQWVꢀWKDWꢀWKHꢀ3URGXFWꢀLVꢀIUHHꢀIURPꢀGHIHFWVꢀLQꢀ  
PDWHULDOVꢀDQGꢀZRUNPDQVKLSꢀIRUꢀDꢀSHULRGꢀRIꢀWKUHHꢀKXQGUHGꢀVL[W\ꢌ¿YHꢀGD\VꢀꢎꢊꢉꢅꢏꢀGD\VꢀIURPꢀWKHꢀ  
GDWHꢀRIꢀSXUFKDVHꢁꢀꢀ7KHꢀIRUHJRLQJꢀWLPHOLQHꢀEHJLQVꢀWRꢀUXQꢀXSRQꢀWKHꢀGDWHꢀRIꢀSXUFKDVHꢐꢀDQGꢀVKDOOꢀ  
QRWꢀEHꢀVWDOOHGꢐꢀWROOHGꢐꢀH[WHQGHGꢐꢀRUꢀVXVSHQGHGꢐꢀIRUꢀDQ\ꢀUHDVRQꢀZKDWVRHYHUꢁꢀꢀ  
5HSDLUꢉ5HSODFHꢀDVꢀ<RXUꢀ([FOXVLYHꢀ5HPHG\ꢅꢀꢀ'XULQJꢀWKLVꢀZDUUDQW\ꢀSHULRGꢐꢀ%RVFKꢀRUꢀRQHꢀRIꢀLWVꢀ  
DXWKRUL]HGꢀVHUYLFHꢀSURYLGHUVꢀZLOOꢀUHSDLUꢀ\RXUꢀ3URGXFWꢀZLWKRXWꢀFKDUJHꢀWRꢀ\RXꢀꢎVXEMHFWꢀWRꢀFHUWDLQꢀ  
OLPLWDWLRQVꢀVWDWHGꢀKHUHLQꢏꢀLIꢀ\RXUꢀ3URGXFWꢀSURYHVꢀWRꢀKDYHꢀEHHQꢀPDQXIDFWXUHGꢀZLWKꢀDꢀGHIHFWꢀLQꢀ  
PDWHULDOVꢀRUꢀZRUNPDQVKLSꢁꢀꢀ,IꢀUHDVRQDEOHꢀDWWHPSWVꢀWRꢀUHSDLUꢀWKHꢀ3URGXFWꢀKDYHꢀEHHQꢀPDGHꢀ  
ZLWKRXWꢀVXFFHVVꢐꢀWKHQꢀ%RVFKꢀZLOOꢀUHSODFHꢀ\RXUꢀ3URGXFWꢀꢎXSJUDGHGꢀPRGHOVꢀPD\ꢀEHꢀDYDLODEOHꢀWRꢀ  
\RXꢐꢀLQꢀ%RVFKꢀ¶VꢀVROHꢀGLVFUHWLRQꢐꢀIRUꢀDQꢀDGGLWLRQDOꢀFKDUJHꢏꢁꢀꢀ$OOꢀUHPRYHGꢀSDUWVꢀDQGꢀFRPSRQHQWVꢀ  
VKDOOꢀEHFRPHꢀWKHꢀSURSHUW\ꢀRIꢀ%RVFKꢀDWꢀLWVꢀVROHꢀRSWLRQꢁꢀ$OOꢀUHSODFHGꢀDQGꢑRUꢀUHSDLUHGꢀSDUWVꢀVKDOOꢀ  
DVVXPHꢀWKHꢀLGHQWLW\ꢀRIꢀWKHꢀRULJLQDOꢀSDUWꢀIRUꢀSXUSRVHVꢀRIꢀWKLVꢀZDUUDQW\ꢀDQGꢀWKLVꢀZDUUDQW\ꢀVKDOOꢀQRWꢀ  
EHꢀH[WHQGHGꢀZLWKꢀUHVSHFWꢀWRꢀVXFKꢀSDUWVꢁꢀ%RVFKꢀ¶VꢀVROHꢀOLDELOLW\ꢀDQGꢀUHVSRQVLELOLW\ꢀKHUHXQGHUꢀLVꢀWRꢀ  
UHSDLUꢀPDQXIDFWXUHUꢌGHIHFWLYHꢀ3URGXFWꢀRQO\ꢐꢀXVLQJꢀDꢀ%RVFKꢀꢌDXWKRUL]HGꢀVHUYLFHꢀSURYLGHUꢀGXULQJꢀ  
QRUPDOꢀEXVLQHVVꢀKRXUVꢁꢀ)RUꢀVDIHW\ꢀDQGꢀSURSHUW\ꢀGDPDJHꢀFRQFHUQVꢐꢀ%RVFKꢀKLJKO\ꢀUHFRPPHQGVꢀ  
WKDWꢀ \RXꢀ GRꢀ QRWꢀ DWWHPSWꢀ WRꢀ UHSDLUꢀ WKHꢀ 3URGXFWꢀ \RXUVHOIꢐꢀ RUꢀ XVHꢀ DQꢀ XQꢌDXWKRUL]HGꢀ VHUYLFHUꢔꢀ  
%RVFKꢀZLOOꢀKDYHꢀQRꢀUHVSRQVLELOLW\ꢀRUꢀOLDELOLW\ꢀIRUꢀUHSDLUVꢀRUꢀZRUNꢀSHUIRUPHGꢀE\ꢀDꢀQRQꢌDXWKRUL]HGꢀ  
VHUYLFHUꢁꢀꢀ,Iꢀ\RXꢀFKRRVHꢀWRꢀKDYHꢀVRPHRQHꢀRWKHUꢀWKDQꢀDQꢀDXWKRUL]HGꢀVHUYLFHꢀSURYLGHUꢀZRUNꢀRQꢀ  
\RXUꢀ3URGXFWꢐꢀ7+,6ꢀ:$55$17<ꢀ:,//ꢀ$8720$7,&$//<ꢀ%(&20(ꢀ18//ꢀ$1'ꢀ92,'ꢁꢀ$XWKRUL]HGꢀ  
VHUYLFHꢀSURYLGHUVꢀDUHꢀWKRVHꢀSHUVRQVꢀRUꢀFRPSDQLHVꢀWKDWꢀKDYHꢀEHHQꢀVSHFLDOO\ꢀWUDLQHGꢀRQꢀ%RVFKꢀ  
SURGXFWVꢐꢀDQGꢀZKRꢀSRVVHVVꢐꢀLQꢀ%RVFKꢀ¶VꢀRSLQLRQꢐꢀDꢀVXSHULRUꢀUHSXWDWLRQꢀIRUꢀFXVWRPHUꢀVHUYLFHꢀDQGꢀ  
WHFKQLFDOꢀDELOLW\ꢀꢎQRWHꢀWKDWꢀWKH\ꢀDUHꢀLQGHSHQGHQWꢀHQWLWLHVꢀDQGꢀDUHꢀQRWꢀDJHQWVꢐꢀSDUWQHUVꢐꢀDI¿OLDWHVꢀ  
RUꢀUHSUHVHQWDWLYHVꢀRIꢀ%RVFKꢏꢁꢀ1RWZLWKVWDQGLQJꢀWKHꢀIRUHJRLQJꢐꢀ%RVFKꢀZLOOꢀQRWꢀLQFXUꢀDQ\ꢀOLDELOLW\ꢐꢀ  
RUꢀKDYHꢀUHVSRQVLELOLW\ꢐꢀIRUꢀWKHꢀ3URGXFWꢀLIꢀLWꢀLVꢀORFDWHGꢀLQꢀDꢀUHPRWHꢀDUHDꢀꢎPRUHꢀWKDQꢀꢈꢆꢆꢀPLOHVꢀ  
IURPꢀDQꢀDXWKRUL]HGꢀVHUYLFHꢀSURYLGHUꢏꢀRUꢀLVꢀUHDVRQDEO\ꢀLQDFFHVVLEOHꢐꢀKD]DUGRXVꢐꢀWKUHDWHQLQJꢐꢀ  
RUꢀWUHDFKHURXVꢀORFDOHꢐꢀVXUURXQGLQJVꢐꢀRUꢀHQYLURQPHQWꢔꢀLQꢀDQ\ꢀVXFKꢀHYHQWꢐꢀLIꢀ\RXꢀUHTXHVWꢐꢀ%RVFKꢀ  
ZRXOGꢀVWLOOꢀSD\ꢀIRUꢀODERUꢀDQGꢀSDUWVꢀDQGꢀVKLSꢀWKHꢀSDUWVꢀWRꢀWKHꢀQHDUHVWꢀDXWKRUL]HGꢀVHUYLFHꢀSURYLGHUꢐꢀ  
EXWꢀ\RXꢀZRXOGꢀVWLOOꢀEHꢀIXOO\ꢀOLDEOHꢀDQGꢀUHVSRQVLEOHꢀIRUꢀDQ\ꢀWUDYHOꢀWLPHꢀRUꢀRWKHUꢀVSHFLDOꢀFKDUJHVꢀE\ꢀ  
WKHꢀVHUYLFHꢀFRPSDQ\ꢐꢀDVVXPLQJꢀWKH\ꢀDJUHHꢀWRꢀPDNHꢀWKHꢀVHUYLFHꢀFDOOꢁꢀꢀ  
2XWꢀRIꢀ:DUUDQW\ꢀ3URGXFWꢅꢀꢀ%RVFKꢀLVꢀXQGHUꢀQRꢀREOLJDWLRQꢐꢀDWꢀODZꢀRUꢀRWKHUZLVHꢐꢀWRꢀSURYLGHꢀ\RXꢀ  
ZLWKꢀDQ\ꢀFRQFHVVLRQVꢐꢀLQFOXGLQJꢀUHSDLUVꢐꢀSURꢌUDWHVꢐꢀRUꢀ3URGXFWꢀUHSODFHPHQWꢐꢀRQFHꢀWKLVꢀZDUUDQW\ꢀ  
KDVꢀH[SLUHGꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
HQ  
ꢂꢆ  
:DUUDQW\ꢀ([FOXVLRQVꢅꢀꢀ7KHꢀZDUUDQW\ꢀFRYHUDJHꢀGHVFULEHGꢀKHUHLQꢀH[FOXGHVꢀDOOꢀGHIHFWVꢀRUꢀGDPꢌ  
DJHꢀWKDWꢀDUHꢀQRWꢀWKHꢀGLUHFWꢀIDXOWꢀRIꢀ%RVFKꢐꢀLQFOXGLQJꢀZLWKRXWꢀOLPLWDWLRQꢐꢀRQHꢀRUꢀPRUHꢀRIꢀWKHꢀIROORZꢌ  
LQJꢍꢀꢎꢈꢏꢀXVHꢀRIꢀWKHꢀ3URGXFWꢀLQꢀDQ\WKLQJꢀRWKHUꢀWKDQꢀLWVꢀQRUPDOꢐꢀFXVWRPDU\ꢀDQGꢀLQWHQGHGꢀPDQQHUꢀ  
ꢎLQFOXGLQJꢀZLWKRXWꢀOLPLWDWLRQꢐꢀDQ\ꢀIRUPꢀRIꢀFRPPHUFLDOꢀXVHꢐꢀXVHꢀRUꢀVWRUDJHꢀRIꢀDQꢀLQGRRUꢀSURGXFWꢀ  
RXWGRRUVꢐꢀXVHꢀRIꢀWKHꢀ3URGXFWꢀLQꢀFRQMXQFWLRQꢀZLWKꢀDLUꢀRUꢀZDWHUꢌJRLQJꢀYHVVHOVꢏꢔꢀꢎꢇꢏꢀDQ\ꢀSDUW\¶VꢀZLOOꢌ  
IXOꢀPLVFRQGXFWꢐꢀQHJOLJHQFHꢐꢀPLVXVHꢐꢀDEXVHꢐꢀDFFLGHQWVꢐꢀQHJOHFWꢐꢀLPSURSHUꢀRSHUDWLRQꢐꢀIDLOXUHꢀWRꢀ  
PDLQWDLQꢐꢀLPSURSHUꢀRUꢀQHJOLJHQWꢀLQVWDOODWLRQꢐꢀWDPSHULQJꢐꢀIDLOXUHꢀWRꢀIROORZꢀRSHUDWLQJꢀLQVWUXFWLRQVꢐꢀ  
PLVKDQGOLQJꢐꢀXQDXWKRUL]HGꢀVHUYLFHꢀꢎLQFOXGLQJꢀVHOIꢌSHUIRUPHGꢀ³¿[LQJ´ꢀRUꢀH[SORUDWLRQꢀRIꢀWKHꢀDSꢌ  
SOLDQFH¶VꢀLQWHUQDOꢀZRUNLQJVꢏꢔꢀꢎꢂꢏꢀDGMXVWPHQWꢐꢀDOWHUDWLRQꢀRUꢀPRGL¿FDWLRQꢀRIꢀDQ\ꢀNLQGꢔꢀꢎꢅꢏꢀDꢀIDLOXUHꢀ  
WRꢀFRPSO\ꢀZLWKꢀDQ\ꢀDSSOLFDEOHꢀVWDWHꢐꢀORFDOꢐꢀFLW\ꢐꢀRUꢀFRXQW\ꢀHOHFWULFDOꢐꢀSOXPELQJꢀDQGꢑRUꢀEXLOGLQJꢀ  
FRGHVꢐꢀUHJXODWLRQVꢐꢀRUꢀODZVꢐꢀLQFOXGLQJꢀIDLOXUHꢀWRꢀLQVWDOOꢀWKHꢀSURGXFWꢀLQꢀVWULFWꢀFRQIRUPLW\ꢀZLWKꢀORFDOꢀ  
¿UHꢀDQGꢀEXLOGLQJꢀFRGHVꢀDQGꢀUHJXODWLRQVꢔꢀꢎꢉꢏꢀRUGLQDU\ꢀZHDUꢀDQGꢀWHDUꢐꢀVSLOOVꢀRIꢀIRRGꢐꢀOLTXLGꢐꢀJUHDVHꢀ  
DFFXPXODWLRQVꢐꢀRUꢀRWKHUꢀVXEVWDQFHVꢀWKDWꢀDFFXPXODWHꢀRQꢐꢀLQꢐꢀRUꢀDURXQGꢀWKHꢀ3URGXFWꢔꢀDQGꢀꢎꢃꢏꢀDQ\ꢀ  
H[WHUQDOꢐꢀHOHPHQWDOꢀDQGꢑRUꢀHQYLURQPHQWDOꢀIRUFHVꢀDQGꢀIDFWRUVꢐꢀLQFOXGLQJꢀZLWKRXWꢀOLPLWDWLRQꢐꢀUDLQꢐꢀ  
ZLQGꢐꢀVDQGꢐꢀÀRRGVꢐꢀ¿UHVꢐꢀPXGꢀVOLGHVꢐꢀIUHH]LQJꢀWHPSHUDWXUHVꢐꢀH[FHVVLYHꢀPRLVWXUHꢀRUꢀH[WHQGHGꢀ  
H[SRVXUHꢀWRꢀKXPLGLW\ꢐꢀOLJKWQLQJꢐꢀSRZHUꢀVXUJHVꢐꢀVWUXFWXUDOꢀIDLOXUHVꢀVXUURXQGLQJꢀWKHꢀDSSOLDQFHꢐꢀ  
DQGꢀDFWVꢀRIꢀ*RGꢁꢀꢀ,QꢀQRꢀHYHQWꢀVKDOOꢀ%RVFKꢀKDYHꢀDQ\ꢀOLDELOLW\ꢀRUꢀUHVSRQVLELOLW\ꢀZKDWVRHYHUꢀIRUꢀ  
GDPDJHꢀWRꢀVXUURXQGLQJꢀSURSHUW\ꢐꢀLQFOXGLQJꢀFDELQHWU\ꢐꢀÀRRUVꢐꢀFHLOLQJVꢐꢀDQGꢀRWKHUꢀVWUXFWXUHVꢀRUꢀ  
REMHFWVꢀDURXQGꢀWKHꢀ3URGXFWꢁꢀꢀ$OVRꢀH[FOXGHGꢀIURPꢀWKLVꢀZDUUDQW\ꢀDUHꢀVFUDWFKHVꢐꢀQLFNVꢐꢀPLQRUꢀ  
GHQWVꢐꢀDQGꢀFRVPHWLFꢀGDPDJHVꢀRQꢀH[WHUQDOꢀVXUIDFHVꢀDQGꢀH[SRVHGꢀSDUWVꢔꢀ3URGXFWVꢀRQꢀZKLFKꢀWKHꢀ  
VHULDOꢀQXPEHUVꢀKDYHꢀEHHQꢀDOWHUHGꢐꢀGHIDFHGꢐꢀRUꢀUHPRYHGꢔꢀVHUYLFHꢀYLVLWVꢀWRꢀWHDFKꢀ\RXꢀKRZꢀWRꢀXVHꢀ  
WKHꢀ3URGXFWꢐꢀRUꢀYLVLWVꢀZKHUHꢀWKHUHꢀLVꢀQRWKLQJꢀZURQJꢀZLWKꢀWKHꢀ3URGXFWꢔꢀFRUUHFWLRQꢀRIꢀLQVWDOODWLRQꢀ  
SUREOHPVꢀꢎ\RXꢀDUHꢀVROHO\ꢀUHVSRQVLEOHꢀIRUꢀDQ\ꢀVWUXFWXUHꢀDQGꢀVHWWLQJꢀIRUꢀWKHꢀ3URGXFWꢐꢀLQFOXGLQJꢀ  
DOOꢀHOHFWULFDOꢐꢀSOXPELQJꢀRUꢀRWKHUꢀFRQQHFWLQJꢀIDFLOLWLHVꢐꢀIRUꢀSURSHUꢀIRXQGDWLRQꢑÀRRULQJꢐꢀDQGꢀIRUꢀ  
DQ\ꢀDOWHUDWLRQVꢀLQFOXGLQJꢀZLWKRXWꢀOLPLWDWLRQꢀFDELQHWU\ꢐꢀZDOOVꢐꢀÀRRUVꢐꢀVKHOYLQJꢐꢀHWFꢁꢏꢔꢀDQGꢀUHVHWꢌ  
WLQJꢀRIꢀEUHDNHUVꢀRUꢀIXVHVꢁꢀꢀ72ꢀ7+(ꢀ(;7(17ꢀ$//2:('ꢀ%<ꢀ/$:ꢄꢀ7+,6ꢀ:$55$17<ꢀ6(76ꢀ287ꢀ  
<285ꢀ(;&/86,9(ꢀ5(0(',(6ꢀ:,7+ꢀ5(63(&7ꢀ72ꢀ352'8&7ꢄꢀ:+(7+(5ꢀ7+(ꢀ&/$,0ꢀ$5,6(6ꢀ,1ꢀ  
&2175$&7ꢀ25ꢀ7257ꢀꢏ,1&/8',1*ꢀ675,&7ꢀ/,$%,/,7<ꢄꢀ25ꢀ1(*/,*(1&(ꢐꢀ25ꢀ27+(5:,6(ꢁꢀꢀ7+,6ꢀ  
:$55$17<ꢀ,6ꢀ,1ꢀ/,(8ꢀ2)ꢀ$//ꢀ27+(5ꢀ:$55$17,(6ꢄꢀ:+(7+(5ꢀ(;35(66ꢀ25ꢀ,03/,('ꢁꢀ$1<ꢀ  
:$55$17<ꢀ,03/,('ꢀ%<ꢀ/$:ꢄꢀ:+(7+(5ꢀ)25ꢀ0(5&+$17$%,/,7<ꢀ25ꢀ),71(66ꢀ)25ꢀ$ꢀ3$57,&ꢒ  
8/$5ꢀ385326(ꢄꢀ25ꢀ27+(5:,6(ꢄꢀ6+$//ꢀ%(ꢀ())(&7,9(ꢀ21/<ꢀ)25ꢀ7+(ꢀ3(5,2'ꢀ7+$7ꢀ7+,6ꢀ  
(;35(66ꢀ/,0,7('ꢀ:$55$17<ꢀ,6ꢀ())(&7,9(ꢁꢀ,1ꢀ12ꢀ(9(17ꢀ:,//ꢀ7+(ꢀ0$18)$&785(5ꢀ%(ꢀ  
/,$%/(ꢀ)25ꢀ&216(48(17,$/ꢄꢀ63(&,$/ꢄꢀ,1&,'(17$/ꢄꢀ,1',5(&7ꢄꢀ³%86,1(66ꢀ/266´ꢄꢀ$1'ꢉ25ꢀ  
381,7,9(ꢀ'$0$*(6ꢄꢀ/266(6ꢄꢀ25ꢀ(;3(16(6ꢄꢀ,1&/8',1*ꢀ:,7+287ꢀ/,0,7$7,21ꢀ7,0(ꢀ$:$<ꢀ  
)520ꢀ:25.ꢄꢀ+27(/6ꢀ$1'ꢉ25ꢀ5(67$85$17ꢀ0($/6ꢄꢀ5(02'(//,1*ꢀ(;3(16(6ꢀ,1ꢀ(;&(66ꢀ  
2)ꢀ',5(&7ꢀ'$0$*(6ꢀ:+,&+ꢀ$5(ꢀ'(),1,7,9(/<ꢀ&$86('ꢀ(;&/86,9(/<ꢀ%<ꢀ%RVFKꢄꢀ25ꢀ27+ꢒ  
(5:,6(ꢁꢀꢀ620(ꢀ67$7(6ꢀ'2ꢀ127ꢀ$//2:ꢀ7+(ꢀ(;&/86,21ꢀ25ꢀ/,0,7$7,21ꢀ2)ꢀ,1&,'(17$/ꢀ  
25ꢀ&216(48(17,$/ꢀ'$0$*(6ꢄꢀ$1'ꢀ620(ꢀ67$7(6ꢀ'2ꢀ127ꢀ$//2:ꢀ/,0,7$7,216ꢀ21ꢀ+2:ꢀ  
/21*ꢀ,03/,('ꢀ:$55$17<ꢀ/$676ꢄꢀ62ꢀ7+(ꢀ$%29(ꢀ/,0,7$7,216ꢀ0$<ꢀ127ꢀ$33/<ꢀ72ꢀ<28ꢁꢀ  
7+,6ꢀ:$55$17<ꢀ*,9(6ꢀ<28ꢀ63(&,),&ꢀ/(*$/ꢀ5,*+76ꢄꢀ$1'ꢀ<28ꢀ0$<ꢀ$/62ꢀ+$9(ꢀ27+(5ꢀ  
5,*+76ꢄꢀ:+,&+ꢀ9$5<ꢀ)520ꢀ67$7(ꢀ72ꢀ67$7(ꢁꢀꢀ1RꢀDWWHPSWꢀWRꢀDOWHUꢐꢀPRGLI\ꢀRUꢀDPHQGꢀWKLVꢀZDUꢌ  
UDQW\ꢀVKDOOꢀEHꢀHIIHFWLYHꢀXQOHVVꢀDXWKRUL]HGꢀLQꢀZULWLQJꢀE\ꢀDQꢀRI¿FHUꢀRIꢀ%6+ꢁ  
+RZꢀWRꢀ2EWDLQꢀ:DUUDQW\ꢀ6HUYLFHꢅꢀꢀ7RꢀREWDLQꢀZDUUDQW\ꢀVHUYLFHꢀIRUꢀ\RXUꢀ3URGXFWꢐꢀ\RXꢀVKRXOGꢀ  
FRQWDFWꢀWKHꢀQHDUHVWꢀ%RVFKꢀDXWKRUL]HGꢀVHUYLFHꢀFHQWHUꢁ  
%6+ꢀ+RPHꢀ$SSOLDQFHV  
ꢈꢄꢆꢈꢀ0DLQꢀ6WUHHWꢐꢀ,UYLQHꢐꢀ&$ꢀꢄꢇꢉꢈꢂꢀꢑꢀꢋꢆꢆꢌꢄꢂꢂꢌꢇꢄꢆꢂ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢂꢇ  
IU  
¡ꢀ 0HVXUHVꢀGHꢀSUpFDXWLRQ  
6XLYH]ꢀWRXMRXUVꢀOHVꢀPHVXUHVꢀGHꢀ  
SUpFDXWLRQꢀGHꢀEDVHꢀORUVꢀGHꢀO¶XWLOLVDWLRQꢀ  
G¶DSSDUHLOVꢀPpQDJHUVꢀpOHFWULTXHVꢄꢀ  
QRWDPPHQWꢀꢅ  
ꢈꢁꢀ /LVH]ꢀWRXWHVꢀOHVꢀLQVWUXFWLRQVꢀDYDQWꢀ  
G¶XWLOLVHUꢀODꢀPDFKLQHꢀ7$66,02ꢁ  
ꢇꢁꢀ 1HꢀWRXFKH]ꢀSDVꢀOHVꢀVXUIDFHVꢀFKDXGHVꢁꢀ  
8WLOLVH]ꢀOHVꢀSRLJQpHVꢁ  
ꢊꢁꢀ 6R\H]ꢀSDUWLFXOLqUHPHQWꢀYLJLODQWꢀTXDQGꢀ  
GHVꢀHQIDQWVꢀVHꢀWURXYHQWꢀSUqVꢀGHꢀ  
O¶DSSDUHLOꢁ  
ꢂꢁꢀ 1HꢀODLVVH]ꢀSDVꢀODꢀPDFKLQHꢀHQꢀPDUFKHꢀ  
VDQVꢀVXUYHLOODQFHꢁ  
ꢅꢁꢀ 1¶XWLOLVH]ꢀSDVꢀODꢀPDFKLQHꢀ7$66,02ꢀ  
SRXUꢀXQHꢀIRQFWLRQꢀDXWUHꢀTXHꢀFHOOHꢀSRXUꢀ  
ODTXHOOHꢀHOOHꢀDꢀpWpꢀFRQoXHꢁ  
ꢈꢇꢁꢀ1HꢀODLVVH]ꢀSDVꢀOHꢀFRUGRQꢀSHQGUHꢀGXꢀ  
ERUGꢀG¶XQHꢀWDEOHꢀRXꢀG¶XQꢀFRPSWRLUꢐꢀRXꢀ  
WRXFKHUꢀGHVꢀVXUIDFHVꢀFKDXGHVꢁ  
ꢈꢊꢁꢀ1HꢀSODFH]ꢀSDVꢀO¶DSSDUHLOꢐꢀOHꢀUpVHUYRLUꢀ  
G¶HDXꢀRXꢀOHꢀVXSSRUWꢀjꢀWDVVHꢀVXUꢀXQꢀ  
EU€OHXUꢀpOHFWULTXHꢀRXꢀXQꢀUpFKDXGꢀjꢀJD]ꢀ  
RXꢀjꢀF{WpꢐꢀQLꢀGDQVꢀXQꢀIRXUꢀFKDXGꢁ  
ꢈꢂꢁꢀ1¶RXYUH]ꢀSDVꢀOHꢀV\VWqPHꢀGHꢀSHUFRODWLRQꢀ  
SHQGDQWꢀO¶LQIXVLRQꢀSRXUꢀpYLWHUꢀOHVꢀ  
ULVTXHVꢀGHꢀEU€OXUHꢁ  
ꢉꢁꢀ 3RXUꢀGpEUDQFKHUꢐꢀDSSX\H]ꢀVXUꢀ  
O¶LQWHUUXSWHXUꢀ©ꢀPDUFKHꢑDUUrWꢀªꢀHWꢀ  
GpEUDQFKH]ꢀOHꢀFRUGRQꢀGHꢀODꢀSULVHꢀGHꢀ  
FRXUDQWꢀPXUDOHꢁ  
i*DUGHUꢀFHVꢀGLUHFWLYHVꢀꢃ  
/HꢀFRUGRQꢀpOHFWULTXHꢀFRXUWꢀUpGXLWꢀ  
OHVꢀULVTXHVꢀG¶HQFKHYrWUHPHQWꢀHWꢀGHꢀ  
ꢃꢁꢀ 'pEUDQFKH]ꢀODꢀPDFKLQHꢀTXDQGꢀHOOHꢀ  
Q¶HVWꢀSDVꢀXWLOLVpHꢀHWꢀDYDQWꢀGHꢀODꢀQHWWR\HUꢁꢀ WUpEXFKHPHQWꢀTXHꢀSUpVHQWHꢀXQꢀFRUGRQꢀSOXVꢀ  
/DLVVH]ꢀODꢀPDFKLQHꢀUHIURLGLUꢀDYDQWꢀ  
G¶DMRXWHUꢀRXꢀG¶HQOHYHUꢀGHVꢀSLqFHVꢐꢀHWꢀ  
DYDQWꢀGHꢀODꢀQHWWR\HUꢁ  
ORQJꢁꢀ'HVꢀUDOORQJHVꢀSHXYHQWꢀrWUHꢀXWLOLVpHVꢀ  
DYHFꢀSUpFDXWLRQꢁ  
ꢋꢁꢀ 1¶XWLOLVH]ꢀSDVꢀODꢀPDFKLQHꢀ7$66,02ꢀVLꢀ  
6LꢀRQꢀXWLOLVHꢀXQHꢀUDOORQJHꢀꢍ  
HOOHꢀHVWꢀHQGRPPDJpHꢀRXꢀVLꢀOHꢀFRUGRQꢀRXꢀ ꢈꢁꢀ /HꢀFDOLEUHꢀpOHFWULTXHꢀLQGLTXpꢀVXUꢀOHꢀ  
ODꢀSULVHꢀVRQWꢀHQGRPPDJpVꢁꢀ5HQYR\H]ꢀODꢀ  
PDFKLQHꢀDXꢀFHQWUHꢀGHꢀVHUYLFHꢀDXWRULVpꢀ  
OHꢀSOXVꢀSURFKHꢀSRXUꢀTX¶HOOHꢀVRLWꢀUpSDUpHꢀ  
RXꢀUpJOpHꢁ  
FRUGRQꢀGHꢀUDOORQJHꢀGRLWꢀrWUHꢀDXꢀPRLQVꢀ  
DXVVLꢀpOHYpꢀTXHꢀFHOXLꢀGHꢀO¶DSSDUHLOꢀ  
PpQDJHUꢁ  
ꢇꢁꢀ /HꢀFRUGRQꢀSOXVꢀORQJꢀGRLWꢀrWUHꢀGLVSRVpꢀ  
GHꢀVRUWHꢀTX¶LOꢀQHꢀSHQGHꢀSDVꢀGXꢀFRPSWRLUꢀ  
RXꢀGHꢀODꢀWDEOHꢐꢀRꢀGHVꢀHQIDQWVꢀSHXYHQWꢀ  
OHꢀWLUHUꢀRXꢀWUpEXFKHUꢀGHVVXVꢀSDUꢀ  
LQDGYHUWDQFHꢁ  
ꢊꢁꢀ /¶DSSDUHLOꢀHVWꢀGRWpꢀG¶XQHꢀPLVHꢀjꢀODꢀWHUUHꢁꢀ  
/HꢀFRUGRQꢀGHꢀUDOORQJHꢀGRLWꢀrWUHꢀGXꢀW\SHꢀ  
jꢀWURLVꢀ¿OVꢀDYHFꢀWHUUHꢁ  
ꢄꢁꢀ 3RXUꢀpYLWHUꢀOHVꢀULVTXHVꢀG¶LQFHQGLHꢐꢀ  
GHꢀFKRFꢀpOHFWULTXHꢀRXꢀGHꢀEOHVVXUHꢐꢀ  
Q¶LPPHUJH]ꢀSDVꢀOHꢀFRUGRQꢐꢀODꢀSULVHꢀQLꢀ  
O¶DSSDUHLOꢀGDQVꢀO¶HDXꢀQLꢀGDQVꢀDXFXQꢀ  
DXWUHꢀOLTXLGHꢁꢀ6XLYH]ꢀOHVꢀGLUHFWLYHVꢀGHꢀ  
QHWWR\DJHꢁ  
ꢈꢆꢁꢀ/HPSORLꢀGHꢀGLVSRVLWLIVꢀDFFHVVRLUHVꢀQ¶HVWꢀ  
SDVꢀUHFRPPDQGpꢀSDUꢀOHꢀIDEULFDQWꢀGHꢀODꢀ  
PDFKLQHꢀ7$66,02ꢀFDUꢀLOVꢀSUpVHQWHQWꢀꢀ  
XQꢀULVTXHꢀGHꢀFKRFꢀpOHFWULTXHꢀRXꢀGHꢀ  
EOHVVXUHꢁ  
ꢈꢈꢁꢀ1¶XWLOLVH]ꢀSDVꢀO¶DSSDUHLOꢀjꢀO¶H[WpULHXUꢀRXꢀ  
SUqVꢀG¶XQꢀHQGURLWꢀKXPLGHꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
IU  
ꢂꢊ  
ꢀꢀ ꢀ ,03257$17  
±ꢀ &HWꢀDSSDUHLOꢀHVWꢀGHVWLQpꢀjꢀXQꢀXVDJHꢀ  
GRPHVWLTXHꢀHWꢀQRQꢀFRPPHUFLDOꢁ  
±ꢀ %UDQFKH]ꢀHWꢀXWLOLVH]ꢀO¶DSSDUHLOꢀ  
FRQIRUPpPHQWꢀDX[ꢀVSpFL¿FDWLRQVꢀ  
LQGLTXpHVꢀVXUꢀOHꢀFDOLEUHꢁ  
±ꢀ 1¶XWLOLVH]ꢀSDVꢀODꢀPDFKLQHꢀ7$66,02ꢀVLꢀ  
OHꢀFRUGRQꢀG¶DOLPHQWDWLRQꢀRXꢀO¶DSSDUHLOꢀ  
VRQWꢀHQGRPPDJpVꢁ  
ꢀ0,6(ꢀ(1ꢀ*$5'(  
¡
5LVTXHꢀGHꢀFKRFꢀpOHFWULTXHꢀꢅ  
±ꢀ 1HꢀSDVꢀHQOHYHUꢀOHVꢀSDQQHDX[ꢀODWpꢌ  
UDX[ꢁꢀ$XFXQHꢀSLqFHꢀjꢀO¶LQWpULHXUꢀQ¶HVWꢀ  
ꢀGHVWLQpHꢀjꢀO¶XWLOLVDWHXUꢁ  
±ꢀ 6HXOꢀXQꢀSHUVRQQHOꢀTXDOL¿pꢀHVWꢀDXWRULVpꢀ  
jꢀUpSDUHUꢀO¶DSSDUHLOꢁ  
±ꢀ 1HꢀSDVꢀLPPHUJHUꢀO¶DSSDUHLOꢀGDQVꢀO¶HDXꢁ  
±ꢀ 8WLOLVH]ꢌODꢀXQLTXHPHQWꢀjꢀO¶LQWpULHXUꢀHWꢀjꢀ  
WHPSpUDWXUHꢀDPELDQWHꢁ  
±ꢀ 1¶XWLOLVH]ꢀSDVꢀODꢀPDFKLQHꢀjꢀXQHꢀDOWLWXGHꢀ  
GHꢀSOXVꢀGHꢀꢉꢅꢉꢆꢀSLHGVꢀꢑꢀꢇꢆꢆꢆꢀPqWUHVꢀ  
DXꢌGHVVXVꢀGXꢀQLYHDXꢀGHꢀODꢀPHUꢁ  
±ꢀ 1HꢀFRQ¿H]ꢀSDVꢀO¶DSSDUHLOꢀjꢀGHVꢀHQIDQWVꢀ  
RXꢀjꢀGHVꢀSHUVRQQHVꢀDX[ꢀFDSDFLWpVꢀ  
VHQVRULHOOHVꢀRXꢀLQWHOOHFWXHOOHVꢀGLPLꢌ  
QXpHVꢀRXꢀQ¶pWDQWꢀSDVꢀIDPLOLDULVpHVꢀ  
DYHFꢀVRQꢀIRQFWLRQQHPHQWꢐꢀVDXIꢀVRXVꢀ  
VXUYHLOODQFHꢀRXꢀVXLWHꢀjꢀXQHꢀH[SOLFDWLRQꢀ  
GHꢀVRQꢀXWLOLVDWLRQꢀSDUꢀXQHꢀSHUVRQQHꢀ  
UHVSRQVDEOHꢀGHꢀOHXUꢀVpFXULWpꢁ  
±ꢀ 6XUYHLOOH]ꢀOHVꢀHQIDQWVꢀD¿QꢀG¶pYLWHUꢀ  
TX¶LOVꢀQHꢀV¶DPXVHQWꢀDYHFꢀO¶DSSDUHLOꢁꢀ  
±ꢀ 'pEUDQFKH]ꢀO¶DSSDUHLOꢀLPPpGLDWHPHQWꢀ  
HQꢀFDVꢀGHꢀG\VIRQFWLRQQHPHQWꢁꢀ  
±ꢀ &RQ¿H]ꢀWRXWHꢀUpSDUDWLRQꢐꢀFRPPHꢀOHꢀ  
UHPSODFHPHQWꢀG¶XQꢀFRUGRQꢐꢀjꢀQRWUHꢀ  
SHUVRQQHOꢀGHꢀVHUYLFHꢁ  
ꢀ $77(17,21  
¡
5LVTXHꢀGHꢀEU€OXUHꢀꢅ  
±ꢀ 1HꢀMDPDLVꢀRXYULUꢀOHꢀV\VWqPHꢀGHꢀSHUFRꢌ  
ODWLRQꢀGXUDQWꢀO¶LQIXVLRQꢐꢀOHꢀQHWWR\DJHꢀRXꢀ  
OHꢀGpWDUWUDJHꢁꢀ8QHꢀWHOOHꢀDFWLRQꢀSRXUUDLWꢀ  
HQGRPPDJHUꢀOHꢀSHUFRODWHXUꢀHWꢀFDXVHUꢀ  
GHVꢀEU€OXUHVꢁ  
±ꢀ $WWHQGH]ꢀTXHꢀOHꢀYR\DQWꢀG¶pWDWꢀFꢀDLWꢀ  
FHVVpꢀGHꢀFOLJQRWHUꢀDYDQWꢀG¶RXYULUꢀOHꢀ  
V\VWqPHꢀGHꢀSHUFRODWLRQꢁ  
±ꢀ 1RWH]ꢀTXHꢀOHVꢀERLVVRQVꢀSUpSDUpHVꢀ  
VRQWꢀEU€ODQWHVꢁ  
±ꢀ 6R\H]ꢀSUXGHQWꢀHQꢀRXYUDQWꢀOHꢀV\VWqPHꢀ  
GHꢀSHUFRODWLRQꢀHWꢀHQꢀPDQLDQWꢀOHVꢀ  
7ꢀ',6&Vꢁꢀ'HꢀO¶DLUꢀVRXVꢀSUHVVLRQꢀSRXUꢌ  
UDLWꢀrWUHꢀOLEpUpꢀHWꢀOHVꢀ7ꢀ',6&VꢀSRXUꢌ  
UDLHQWꢀrWUHꢀEU€ODQWVꢁ  
±ꢀ 1HꢀSDVꢀXWLOLVHUꢀG¶HDXꢀDGRXFLHꢀFKLPLꢌ  
TXHPHQWꢀꢒꢀ&HODꢀSRXUUDLWꢀSURYRTXHUꢀSDUꢀ  
XQHꢀSUHVVLRQꢀWURSꢀLPSRUWDQWꢀHWꢀHQGRPꢌ  
PDJHUꢀOHꢀ7ꢀ',6&ꢀHWꢀGRQFꢀFDXVHUꢀGHVꢀ  
EOHVVXUHVꢀVLꢀOHꢀV\VWqPHꢀGHꢀSHUFRODWLRQꢀ  
HVWꢀRXYHUWHꢀDYDQWꢀTXHꢀOHꢀYR\DQWꢀG¶pWDWꢀ  
FꢀꢎꢊFꢏꢀDLWꢀFHVVpꢀGHꢀFOLJQRWHUꢁ  
±ꢀ 1HꢀSDVꢀXWLOLVHUꢀXQꢀ7ꢀ',6&ꢀSOXVꢀG¶XQHꢀ  
IRLVꢁ  
±ꢀ 1¶LPPHUJH]ꢀMDPDLVꢀO¶DSSDUHLOꢀRXꢀOHꢀ  
FRUGRQꢀG¶DOLPHQWDWLRQꢀGDQVꢀO¶HDXꢁ  
±ꢀ 9HXLOOH]ꢀOLUHꢀDWWHQWLYHPHQWꢀFHꢀPDQXHOꢀ  
DLQVLꢀTXHꢀO¶DLGHꢌPpPRLUHꢀVXUꢀOHꢀQHWꢌ  
WR\DJHꢀHWꢀOHꢀGpWDUWUDJHꢀHWꢀFRQVHUYHUꢀ  
FHVꢀGRFXPHQWVꢀHQꢀOLHXꢀV€Uꢁ  
±ꢀ &HꢀPRGHꢀG¶HPSORLꢀGpFULWꢀGLIIpUHQWVꢀ  
PRGqOHVꢁ  
±ꢀ 1HꢀSDVꢀXWLOLVHUꢀXQꢀ7ꢀ',6&ꢀ  
HQGRPPDJpꢁ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢂꢋ  
IU  
0HUFLꢀG¶DYRLUꢀFKRLVLꢀꢀ7$66,02ꢁꢀꢀ  
3UpVHQWDWLRQꢀGHꢀYRWUHꢀ  
V\VWqPHꢀ7ꢀ $66,02  
$YDQWꢀGHꢀSRXUVXLYUHꢀODꢀOHFWXUHꢐꢀGpSOLH]ꢀ  
*UkFHꢀjꢀꢀ7$66,02ꢀYRXVꢀSRXUUH]ꢀjꢀWRXWꢀ  
PRPHQWꢀVDYRXUHUꢀYRWUHꢀERLVVRQꢀSUpIpUpHꢀ  
H[SUHVVRꢐꢀFDIpꢀORQJꢀjꢀO¶DU{PHꢀGpOLFDWꢐꢀFDIpꢀ  
ꢀGpFDIpLQpꢐꢀFDSSXFFLQR«ꢀꢀ  
VXUꢀODꢀJDXFKHꢀODꢀSDJHꢀG¶LOOXVWUDWLRQꢀFRUUHVꢌ  
,OꢀYRXVꢀVHUDꢀPrPHꢀSRVVLEOHꢀGHꢀSUpSDUHUꢀXQꢀ SRQGDQWHꢀTXLꢀVHꢀWURXYHꢀDXꢀGpEXWꢀGXꢀPRGHꢀ  
WKpꢐꢀXQHꢀLQIXVLRQꢀRXꢀXQHꢀERLVVRQꢀVDYHXUꢀ  
FDFDRꢀVXUꢀVLPSOHꢀꢀSUHVVLRQꢀG¶XQꢀERXWRQꢁ  
G¶HPSORLꢁ  
ꢀ ꢈꢀ ,QWHUUXSWHXUꢀ0DUFKHꢀꢉꢀ$UUrWꢀ  
9RWUHꢀV\VWqPHꢀꢀ7$66,02ꢀIRQFWLRQQHꢀ  
H[FOXVLYHPHQWꢀDYHFꢀGHVꢀFDSVXOHVꢀVSpFLꢌ  
¿TXHPHQWꢀFRQoXHVꢀSRXUꢀOXLꢐꢀOHVꢀ7ꢀ',6&Vꢀ  
ꢀ7$66,02ꢀꢍꢀORUVTXHꢀYRXVꢀSODFH]ꢀXQHꢀFDSꢌ  
VXOHꢀ7ꢀ',6&ꢀGDQVꢀO¶DSSDUHLOꢐꢀYRWUHꢀV\VWqPHꢀ  
ꢀ7$66,02ꢀOLWꢀDXWRPDWLTXHPHQWꢀOHꢀFRGHꢌ  
EDUUHꢀLPSULPpꢀVXUꢀOHꢀ¿OPꢀGHꢀODꢀFDSVXOHꢀ  
7ꢀ',6&ꢁꢀ&HꢀFRGHꢀFRQWLHQWꢀGHVꢀLQGLFDWLRQVꢀ  
SUpFLVHVꢀFRQFHUQDQWꢀODꢀTXDQWLWpꢐꢀODꢀGXUpHꢀ  
GHꢀSHUFRODWLRQꢀHWꢀODꢀWHPSpUDWXUHꢀGHꢀODꢀERLVꢌ  
VRQꢀVpOHFWLRQQpHꢁꢀ/HVꢀFDSVXOHVꢀ7ꢀ',6&Vꢀ  
VRQWꢀSDUIDLWHPHQWꢀDGDSWpHVꢀDXꢀV\VWqPHꢀ  
GHꢀSHUFRODWLRQꢀꢀ7$66,02ꢀHWꢀRIIUHQWꢀDLQVLꢐꢀ  
WDVVHꢀDSUqVꢀWDVVHꢐꢀXQꢀSODLVLUꢀGHꢀGpJXVWDWLRQꢀ  
WRXMRXUVꢀpJDOꢁꢀ8WLOLVH]ꢀH[FOXVLYHPHQWꢀOHVꢀ  
FDSVXOHVꢀ7ꢀ',6&VꢀDGDSWpHVꢀjꢀYRWUHꢀDSSDꢌ  
UHLOꢀD¿QꢀGHꢀJDUDQWLUꢀXQHꢀXWLOLVDWLRQꢀFRQIRUPHꢀ  
GHꢀFHOXLꢌFLꢁ  
ꢀ ꢂꢀ %RXWRQꢀ'pPDUUDJHꢀꢉꢀ$UUrW  
ꢀ
ꢀ
ꢀ Dꢀ%RXWRQꢀGHꢀUpJODJHꢀꢓꢀá  
ꢀ Eꢀ%RXWRQꢀGHꢀUpJODJHꢀ±ꢀà  
ꢀ ꢆꢀ (OpPHQWVꢀG¶DI¿FKDJH  
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ Dꢀ9R\DQWꢀ  
ꢀ Eꢀ9R\DQWꢀ  
ꢓ
í
ꢀ Fꢀ9R\DQWꢀG¶pWDWꢀF  
ꢀ Gꢀ5HPSOLUꢀOHꢀUpVHUYRLUꢀG¶HDXꢀT  
ꢀ Hꢀ'pWDUWUHUꢀ'  
ꢀ Iꢀ ꢀ,QGLFDWHXUꢀSRXUꢀOHꢀUHPSODFHPHQWꢀGHꢀODꢀ  
FDUWRXFKHꢀꢀ0$9($  
ꢀ ꢇꢀ 6\VWqPHꢀGHꢀSHUFRODWLRQ  
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ Dꢀ3RLJQpH  
ꢀ Eꢀ6XSSRUWꢀGXꢀ7ꢀ',6&  
ꢀ Fꢀ&RXURQQHꢀGHꢀSHUoDJHꢀGXꢀ7ꢀ',6&ꢀ  
ꢀ Gꢀ%HFꢀYHUVHXU  
ꢀ Hꢀ)HQrWUHꢀGHꢀOHFWXUHꢀGXꢀ7ꢀ',6&  
ꢀ ꢊꢀ 5pVHUYRLUꢀG¶HDXꢀDPRYLEOH  
ꢀ
ꢀ
ꢀ Dꢀ)ORWWHXU  
ꢀ Eꢀꢀ5HSqUHꢀGHꢀQLYHDXꢀGHꢀUHPSOLVVDJHꢀGHꢀ  
ODꢀVROXWLRQꢀGHꢀGpWDUWUDJH  
ꢀ
ꢀ
ꢀ Fꢀ6XSSRUWꢀGHꢀODꢀFDUWRXFKHꢀ¿OWUDQWH  
ꢀ Gꢀ&DUWRXFKHꢀ¿OWUDQWHꢀꢀ0$9($ꢀ0ꢀ $;75$  
ꢀ ꢋꢀ &DVHꢀGHꢀUDQJHPHQWꢀ  
ꢀ
ꢀ
ꢀ Dꢀ7ꢀ',6&ꢀGHꢀ6HUYLFH  
ꢀ Eꢀ0pPHQWRꢀ1HWWR\DJHꢀꢑꢀ'pWDUWUDJH  
ꢀ ꢌꢀ 6XSSRUWꢀGHꢀWDVVHꢀGpPRQWDEOH  
ꢀ
ꢀ
ꢀ Dꢀ%DFꢀFROOHFWHXU  
ꢀ Eꢀ5pJODJHꢀGHꢀODꢀKDXWHXUꢀDYHFꢀJULOOH  
i5HPDUTXHꢀꢅ  
1RXVꢀUHFRPPDQGRQVꢀGHꢀWRXMRXUVꢀ  
FRQVHUYHUꢀOHꢀ7ꢀ',6&ꢀGHꢀ6HUYLFHꢀHWꢀOHꢀ  
0pPHQWRꢀG¶XWLOLVDWLRQꢀGDQVꢀOHꢀFDVLHUꢀSUpYXꢀ  
jꢀFHWꢀHIIHWꢀꢎꢉꢏꢐꢀDXꢀGRVꢀGHꢀO¶DSSDUHLOꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
IU  
ꢂꢌ  
0LVHꢀHQꢀVHUYLFHꢀGHꢀYRWUHꢀV\VWqPHꢀꢀ7$66,02  
Źꢀ %UDQFKH]ꢀODꢀ¿FKHꢀVXUꢀXQHꢀSULVHꢀVHFWHXUꢁ  
Źꢀ 5HWLUH]ꢀOHꢀUpVHUYRLUꢀG¶HDXꢐꢀQHWWR\H]ꢌOHꢀ  
VRLJQHXVHPHQWꢀjꢀO¶HDXꢀFRXUDQWHꢐꢀDLQVLꢀ  
TXHꢀOHꢀVXSSRUWꢀGHꢀODꢀFDUWRXFKHꢀ¿OWUDQWHꢀ  
ꢎꢅFꢏꢐꢀSXLVꢀUHPSOLVVH]ꢌOHꢀG¶HDXꢀIUDvFKHꢀ  
MXVTX¶DXꢀUHSqUHꢀPD[ꢁ  
Źꢀ 5HSRVLWLRQQH]ꢀOHꢀUpVHUYRLUꢀG¶HDXꢀHQꢀ  
ELDLVꢀHWꢀSLYRWH]ꢌOHꢀYHUVꢀO¶DSSDUHLOꢀMXVTX¶jꢀ  
FHꢀTX¶LOꢀV¶HQFOLSVHꢀGHꢀPDQLqUHꢀDXGLEOHꢁ  
Źꢀ 6RUWH]ꢀOHꢀ7ꢀ',6&ꢀGHꢀ6HUYLFHꢀꢎꢉDꢏꢀGHꢀODꢀ  
FDVHꢀꢎꢉꢏꢀDXꢀGRVꢀGHꢀO¶DSSDUHLOꢁ  
Źꢀ $OOXPH]ꢀYRWUHꢀV\VWqPHꢀꢀ7$66,02ꢀjꢀ  
O¶DLGHꢀGHꢀO¶LQWHUUXSWHXUꢀ0DUFKHꢀꢑꢀ$UUrWꢀꢎꢈꢏꢁꢀꢀ  
/HVꢀpOpPHQWVꢀG¶DI¿FKDJHꢀV¶DOOXPHQWꢀ  
EULqYHPHQWꢁ  
Źꢀ 3UHQH]ꢀXQꢀUpFLSLHQWꢀDGDSWpꢀꢎDXꢀPRLQVꢀ  
ꢋꢀR]ꢁꢀꢑꢀꢇꢆꢆꢀPOꢏꢀHWꢀSRVH]ꢌOHꢀVXUꢀOHꢀVXSSRUWꢀ  
GHꢀWDVVHꢀꢎꢃꢏꢁ  
DXꢀPRLQVꢀꢀ  
ꢋꢀR]ꢁꢀꢑꢀꢇꢆꢆꢀPO  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢂꢍ  
IU  
ꢈꢁꢀ 2XYUH]ꢀOHꢀV\VWqPHꢀGHꢀSHUFRODWLRQꢀ  
HQꢀVRXOHYDQWꢀODꢀSRLJQpHꢀꢎꢂDꢏꢀHWꢀHQꢀ  
UHPRQWDQWꢀOHꢀV\VWqPHꢀGHꢀSHUFRODWLRQꢁ  
ꢈꢁ  
ꢂꢁ  
ꢇꢁ  
ꢋꢁ  
ꢂꢁꢀ 3ODFH]ꢀOHꢀ7ꢀ',6&ꢀGHꢀ6HUYLFHꢀꢎꢉDꢏꢀVXUꢀOHꢀ  
VXSSRUWꢀGXꢀ7ꢀ',6&ꢀꢎꢂEꢏꢀDYHFꢀOHꢀFRGHꢌ  
EDUUHꢀGLULJpꢀYHUVꢀOHꢀEDVꢁ  
9HLOOH]ꢀjꢀFHꢀTXHꢀODꢀODQJXHWWHꢀGXꢀ7ꢀ',6&ꢀ  
VRLWꢀSRVLWLRQQpHꢀDXꢀPLOLHXꢀGHꢀO¶HQFRFKHꢀ  
DYDQWꢁ  
ꢆꢁꢀ 5HIHUPH]ꢀOHꢀV\VWqPHꢀGHꢀSHUFRODWLRQꢐꢀHQꢀ  
ꢆꢁ  
ꢊꢁ  
OHꢀSRXVVDQWꢀYHUVꢀOHꢀEDVꢁꢀ  
ꢇꢁꢀ 3RXVVH]ꢀODꢀSRLJQpHꢀꢎꢂDꢏꢀYHUVꢀO¶DSSDUHLOꢀ  
MXVTX¶jꢀFHꢀTX¶HOOHꢀV¶HQFOLSVHꢀGHꢀIDoRQꢀ  
DXGLEOHꢁ  
ꢊꢁꢀ 'pPDUUH]ꢀO¶RSpUDWLRQꢀGHꢀQHWWR\DJHꢀ  
HQꢀDSSX\DQWꢀVXUꢀOHꢀERXWRQꢀ  
'pPDUUDJHꢀꢑꢀ$UUrWꢀꢎꢇꢏꢁ  
ꢋꢁꢀ $ꢀO¶LVVXHꢀGHꢀO¶RSpUDWLRQꢀGHꢀQHWWR\DJHꢐꢀ  
YLGH]ꢀOHꢀUpFLSLHQWꢀHWꢀSRVH]ꢌOHꢀjꢀQRXYHDXꢀ  
VRXVꢀOHꢀEHFꢀYHUVHXUꢁ  
ꢀꢀ ꢀ ,03257$17  
5pSpWH]ꢀTXDWUHꢀIRLVꢀOHVꢀpWDSHVꢀꢊꢀHWꢀꢋꢀ  
SRXUꢀJDUDQWLUꢀTXHꢀO¶DSSDUHLOꢀDꢀELHQꢀpWpꢀ  
QHWWR\pꢀHWꢀTX¶LOꢀHVWꢀSUrWꢀSRXUꢀOHVꢀ  
pWDSHVꢀVXLYDQWHVꢁ  
ꢇꢀ[  
ꢌꢁꢀ 2XYUH]ꢀHQVXLWHꢀOHꢀV\VWqPHꢀGHꢀ  
SHUFRODWLRQꢐꢀUHWLUH]ꢀOHꢀ7ꢀ',6&ꢀGHꢀ  
6HUYLFHꢀHWꢀFRQVHUYH]ꢌOHꢀGDQVꢀOHꢀFDVLHUꢀ  
ꢎꢉꢏꢀSUpYXꢀSRXUꢀOHꢀ7ꢀ',6&ꢀGHꢀ6HUYLFHꢀHWꢀ  
OHꢀ0pPHQWRꢀDXꢀGRVꢀGHꢀO¶DSSDUHLOꢁ  
ꢌꢁ  
Źꢀ $ꢀSUpVHQWꢐꢀPHWWH]ꢀHQꢀVHUYLFHꢀOHꢀV\VWqPHꢀ  
GHꢀ¿OWUDWLRQꢀGHꢀO¶HDXꢀꢀ0$9($ꢀ0ꢀ $;75$ꢀ  
OLYUpꢀDYHFꢀO¶DSSDUHLOꢁꢀ3RXUꢀFHꢀIDLUHꢐꢀ  
VXLYH]ꢀOHVꢀLQVWUXFWLRQVꢀGpFULWHVꢀGDQVꢀOHVꢀ  
SDJHVꢀVXLYDQWHVꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
IU  
ꢂꢎ  
6\VWqPHꢀGHꢀ¿OWUDWLRQꢀG¶HDXꢀꢀ0$9($ꢀꢀ0$;75$  
6HXOHVꢀOHVꢀFDUWRXFKHVꢀGXꢀV\VWqPHꢀ  
GHꢀ¿OWUDWLRQꢀG¶HDXꢀꢀ0$9($ꢀꢀ0$;75$ꢀ  
GRLYHQWꢀrWUHꢀXWLOLVpHVꢀGDQVꢀOHVꢀV\VWqPHVꢀ  
ꢀ7$66,02ꢁꢀ  
/HVꢀFDUWRXFKHVꢀ0$9($ꢀ0$;75$ꢀVRQWꢀ  
GLVSRQLEOHVꢀDXSUqVꢀGHꢀGLYHUVꢀGpWDLOODQWVꢐꢀ  
DXSUqVꢀGXꢀ6HUYLFHꢀ&OLHQWqOHꢀGHꢀ7$66,02ꢀDXꢀ  
ꢈꢀꢌꢋꢃꢃꢌ7',6&6ꢈꢀꢎSRXUꢀOHVꢀeꢌ8ꢀXQLTXHPHQWꢏꢀ  
RXꢀVXUꢀOHꢀVLWHꢀZZZꢁWDVVLPRꢁFRPꢁ  
ꢈꢁ  
ꢂꢁ  
ꢆꢁ  
ꢇꢁ  
6LꢀO¶DSSDUHLOꢀHVWꢀXWLOLVpꢀDYHFꢀXQHꢀQRXYHOOHꢀ  
FDUWRXFKHꢀ¿OWUDQWHꢀꢎꢅGꢏꢐꢀSURFpGH]ꢀFRPPHꢀ  
VXLWꢀꢍ  
3UpSDUHUꢀHWꢀLQVpUHUꢀODꢀFDUWRXFKHꢀ¿OWUDQWHꢀ  
ꢀ0$9($ꢀꢀ0$;75$  
ꢈꢁꢀ 5HWLUH]ꢀO¶HPEDOODJHꢀGHꢀSURWHFWLRQꢀGHꢀODꢀ  
FDUWRXFKHꢀ¿OWUDQWHꢀꢎꢅGꢏꢁꢀ  
ꢂꢁꢀ 3ORQJH]ꢀODꢀFDUWRXFKHꢀ¿OWUDQWHꢀꢎꢅGꢏꢀGDQVꢀ  
O¶HDXꢀGXꢀURELQHWꢀIURLGHꢀHWꢀUHPXH]ꢌODꢀHQꢀ  
GRXFHXUꢀD¿QꢀG¶pOLPLQHUꢀOHVꢀEXOOHVꢀG¶DLUꢀ  
ꢎHQYꢁꢀꢅꢀVHFRQGHVꢏꢁ  
ꢆꢁꢀ 5HWLUH]ꢀOHꢀVXSSRUWꢀGHꢀODꢀFDUWRXFKHꢀ  
¿OWUDQWHꢀꢎꢅFꢏꢀGXꢀUpVHUYRLUꢀG¶HDXꢀHWꢀ  
SODFH]ꢀODꢀFDUWRXFKHꢀ¿OWUDQWHꢀꢎꢅGꢏꢀGDQVꢀ  
OHꢀORJHPHQWꢀSUpYXꢀjꢀFHWꢀHIIHWꢀGXꢀVXSSRUWꢀ  
GHꢀODꢀFDUWRXFKHꢀ¿OWUDQWHꢀꢎꢅFꢏꢀMXVTX¶jꢀFHꢀ  
TX¶HOOHꢀV¶HQFOHQFKHꢀGHꢀPDQLqUHꢀDXGLEOHꢀ  
ꢎHQꢀpPHWWDQWꢀXQꢀFOLFꢏꢁ  
ꢇꢁꢀ 3ODFH]ꢀOHꢀVXSSRUWꢀGHꢀODꢀFDUWRXFKHꢀ  
¿OWUDQWHꢀꢎꢅFꢏꢀVRXVꢀOHꢀURELQHWꢐꢀUHPSOLVVH]ꢌ  
OHꢀG¶HDXꢀIURLGHꢀHWꢀODLVVH]ꢀV¶pFRXOHUꢀO¶HDXꢀ  
jꢀWUDYHUVꢀODꢀFDUWRXFKHꢀ¿OWUDQWHꢀꢎꢅGꢏꢁꢀꢀ  
5pSpWH]ꢀFHWWHꢀRSpUDWLRQꢀWURLVꢀIRLVꢁ  
ꢆꢀ[  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢆꢓ  
IU  
ꢊꢁꢀ 5HSODFH]ꢀPDLQWHQDQWꢀOHꢀVXSSRUWꢀGHꢀODꢀ  
ꢊꢁ  
FDUWRXFKHꢀ¿OWUDQWHꢀꢎꢅFꢏꢀHWꢀODꢀFDUWRXFKHꢀ  
¿OWUDQWHꢀꢎꢅGꢏꢀGDQVꢀOHꢀUpVHUYRLUꢀG¶HDXꢀ  
YLGHꢀHWꢀUHPSOLVVH]ꢀOHꢀUpVHUYRLUꢀMXVTX¶DXꢀ  
UHSqUHꢀPD[ꢀDYHFꢀGHꢀO¶HDXꢀIUDvFKHꢁ  
$FWLYHUꢀO¶LQGLFDWHXUꢀGHꢀUHPSODFHPHQWꢀGHꢀ  
ODꢀFDUWRXFKHꢀ¿OWUDQWHꢀꢀ0$9($  
3RXUꢀJDUDQWLUꢀOHVꢀSHUIRUPDQFHVꢀGHꢀ¿OWUDWLRQꢀꢀ  
HWꢀXQHꢀSURWHFWLRQꢀPD[LPDOHꢀFRQWUHꢀO¶HQWDUꢌ  
WUDJHꢐꢀLOꢀIDXWꢀFKDQJHUꢀODꢀFDUWRXFKHꢀ¿Oꢌ  
WUDQWHꢀ0ꢀ $9($ꢀꢀ0$;75$ꢀꢎꢅGꢏꢀWRXWHVꢀOHVꢀ  
ꢋꢀVHPDLQHVꢁꢀ  
6XUꢀOHꢀGHVVXVꢀGHꢀO¶DSSDUHLOꢀ¿JXUHꢀXQꢀLQGLꢌ  
FDWHXUꢀGHꢀUHPSODFHPHQWꢀGHꢀODꢀFDUWRXFKHꢀ  
ꢀ0$9($ꢀꢎꢊIꢏꢀTXLꢀYRXVꢀUDSSHOOHꢀTX¶LOꢀHVWꢀWHPSVꢀ  
GHꢀUHPSODFHUꢀODꢀFDUWRXFKHꢀ¿OWUDQWHꢁꢀ/¶DI¿ꢌ  
FKDJHꢀVRXVꢀIRUPHꢀGHꢀEDUUHVꢀYRXVꢀLQGLTXHꢀ  
TXDQGꢀODꢀFDUWRXFKHꢀ¿OWUDQWHꢀꢎꢅGꢏꢀGRLWꢀrWUHꢀ  
UHPSODFpHꢁ  
ꢀꢀ ꢀ ,03257$17  
$YDQWꢀOHꢀGpWDUWUDJHꢐꢀUHWLUHUꢀLPSpUDWLYHꢌ  
PHQWꢀOHꢀVXSSRUWꢀGHꢀODꢀFDUWRXFKHꢀ¿OWUDQWHꢀ  
ꢎꢅFꢏꢀDYHFꢀODꢀFDUWRXFKHꢀ¿OWUDQWHꢀꢎꢅGꢏꢁ  
3RXUꢀDFWLYHUꢀO¶LQGLFDWHXUꢀGHꢀUHPSODFHꢀPHQWꢀ  
GHꢀODꢀFDUWRXFKHꢀ¿OWUDQWHꢀꢀ0$9($ꢀꢎꢊIꢏꢐꢀLOꢀVXI¿Wꢀ  
G¶DSSX\HUꢀVXUꢀOHꢀERXWRQꢀGHꢀGpPDUUDJHꢀHWꢀGHꢀ  
OHꢀPDLQWHQLUꢀHQIRQFpꢀMXVTX¶jꢀFHꢀTXHꢀOHVꢀTXDꢌ  
WUHꢀEDUUHVꢀV¶DI¿FKHQWꢀEULqYHPHQWꢀHWꢀFOLJQRWHQWꢀ  
GHX[ꢀIRLVꢁ  
/HꢀSRLQWꢀFOLJQRWDQWꢀHQꢀEDVꢀjꢀGURLWHꢀYRXVꢀVLꢌ  
JQDOHꢀTXHꢀO¶LQGLFDWHXUꢀꢎꢊIꢏꢀHVWꢀHQꢀVHUYLFHꢁꢀ/HVꢀ  
TXDWUHꢀEDUUHVꢀGRLYHQWꢀrWUHꢀYLVLEOHVꢁ  
$ꢀSDUWLUꢀGHꢀFHꢀPRPHQWꢐꢀXQHꢀEDUUHꢀGLVSDUDvWꢀ  
WRXWHVꢀOHVꢀGHX[ꢀVHPDLQHVꢁꢀ6LꢀDSUqVꢀKXLWꢀVHꢌ  
PDLQHVꢐꢀWRXWHVꢀOHVꢀEDUUHVꢀRQWꢀGLVSDUXꢀHWꢀVLꢀODꢀ  
ÀqFKHꢀFOLJQRWHꢐꢀLOꢀHVWꢀWHPSVꢀGHꢀUHPꢀSODFHUꢀODꢀ  
FDUWRXFKHꢀ¿OWUDQWHꢀꢎꢅGꢏꢁ  
,OꢀVXI¿WꢀGHꢀWLUHUꢀVXUꢀODꢀODQJXHWWHꢀSRXUꢀUHWLUHUꢀODꢀ  
FDUWRXFKHꢀ¿OWUDQWHꢀꢎꢅGꢏꢁꢀ3RXUꢀSUpSDUHUꢀXQHꢀ  
QRXYHOOHꢀFDUWRXFKHꢀ¿OWUDQWHꢀꢎꢅGꢏꢐꢀYHXLOOH]ꢀ  
i5HPDUTXHꢀꢅ  
$FKHWH]ꢀXQHꢀQRXYHOOHꢀFDUWRXFKHꢀ¿OWUDQWHꢀ  
ꢎꢅGꢏꢐꢀGqVꢀTXHꢀYRXVꢀQHꢀYR\H]ꢀSOXVꢀTX¶XQHꢀ  
VHXOHꢀEDUUHꢁꢀ/HVꢀFDUWRXFKHVꢀ0$9($ꢀ  
0$;75$ꢀVRQWꢀGLVSRQLEOHVꢀDXSUqVꢀGHꢀ  
GLYHUVꢀGpWDLOODQWVꢐꢀDXSUqVꢀGXꢀ6HUYLFHꢀ  
&OLHQWqOHꢀGHꢀ7$66,02ꢀDXꢀꢈꢀꢌꢋꢃꢃꢌ7',6&6ꢈꢀ SURFpGHUꢀFRQIRUPpPHQWꢀDX[ꢀFRQVLJQHVꢀ¿JXꢌ  
ꢎSRXUꢀOHVꢀeꢌ8ꢀXQLTXHPHQWꢏꢀRXꢀVXUꢀOHꢀVLWHꢀ  
ZZZꢁWDVVLPRꢁFRPꢁ  
UDQWꢀGDQVꢀOHꢀSDUDJUDSKHꢀ©ꢀ3UpSDUHUꢀHWꢀLQVpUHUꢀ  
ODꢀFDUWRXFKHꢀ¿OWUDQWHꢀꢀ0$9($ꢀꢀ0$;75$ꢀªꢀHWꢀ  
UpLQLWLDOLVH]ꢀO¶LQGLFDWHXUꢀGHꢀUHPSODFHPHQWꢀGHꢀ  
ODꢀFDUWRXFKHꢀ¿OWUDQWHꢀꢀ0$9($ꢀꢎꢊIꢏꢀHQꢀPDLQWHꢌ  
QDQWꢀDSSX\pꢀOHꢀERXWRQꢀGHꢀGpPDUUDJHꢁ  
i5HPDUTXHꢀꢅ  
9RWUHꢀV\VWqPHꢀꢀ7$66,02ꢀHVWꢀPDLQWHQDQWꢀ  
SUrWꢀjꢀIRQFWLRQQHUꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
IU  
ꢆꢈ  
(OpPHQWVꢀGHꢀFRPPDQGHꢀHWꢀG¶DI¿FKDJH  
ꢎYRLUꢀO¶LOOXVWUDWLRQꢀDXꢀGpEXWꢀGXꢀPRGHꢀ  
G¶HPSORLꢏ  
9R\DQWꢀG¶pWDWꢀFꢀꢏꢆFꢐ  
&HꢀYR\DQWꢀVLJQDOHꢀTXDWUHꢀpWDWVꢀGHꢀO¶DSSDUHLOꢀꢍ  
±ꢀ 2UDQJHꢀFRQWLQXꢀꢍꢀ  
,QWHUUXSWHXUꢀ0DUFKHꢀꢉꢀ$UUrWꢀꢏꢈꢐ  
/LQWHUUXSWHXUꢀ0DUFKHꢀꢑꢀ$UUrWꢀHVWꢀ  
O¶LQWHUUXSWHXUꢀSULQFLSDOꢀGHꢀO¶DSSDUHLOꢁꢀ  
9RXVꢀSRXYH]ꢀDLQVLꢀPHWWUHꢀHQꢀVHUYLFHꢀ  
YRWUHꢀV\VWqPHꢀꢀ7$66,02ꢀRXꢀO¶pWHLQGUHꢀ  
FRPSOqWHPHQWꢁ  
DSSDUHLOꢀHQꢀPRGHꢀYHLOOH  
±ꢀ 2UDQJHꢀFOLJQRWDQWꢀꢍꢀꢀ  
DSSDUHLOꢀHQꢀPRGHꢀ  
SUpSDUDWLRQꢀꢑꢀQHWWR\DJHꢀꢑGpWDUWUDJH  
±ꢀ 5RXJHꢀFRQWLQXꢀꢍꢀꢀ  
PRGHꢀGpIDXWꢀꢎSDUꢀH[ꢁꢀOHꢀFRGHꢌEDUUHꢀQ¶Dꢀ  
SDVꢀpWpꢀUHFRQQXꢏ  
i5HPDUTXHꢀꢅ  
±ꢀ 2UDQJHꢀDWWHQXpꢀꢍꢀ  
3RXUꢀGHVꢀUDLVRQVꢀG¶pFRQRPLHꢀG¶pQHUJLHꢐꢀ  
SHQVH]ꢀjꢀpWHLQGUHꢀFRPSOqWHPHQWꢀYRWUHꢀ  
V\VWqPHꢀꢀ7$66,02ꢀDSUqVꢀFKDTXHꢀ  
XWLOLVDWLRQꢁ  
PRGHꢀpFRQRPLHꢀG¶pQHUJLH  
ꢀ $77(17,21  
¡
$WWHQGH]ꢀTXHꢀOHꢀYR\DQWꢀG¶pWDWꢀFꢀꢎꢊFꢏꢀDLWꢀ  
FHVVpꢀGHꢀFOLJQRWHUꢀDYDQWꢀG¶RXYULUꢀOHꢀV\Vꢌ  
WqPHꢀGHꢀSHUFRODWLRQꢁ  
%RXWRQꢀ'pPDUUDJHꢀꢉꢀ$UUrWꢀꢏꢂꢐ  
/HꢀERXWRQꢀ'pPDUUDJHꢀꢑꢀ$UUrWꢀVHUWꢀjꢀGpPDUꢌ  
UHUꢀRXꢀjꢀLQWHUURPSUHꢀO¶RSpUDWLRQꢀGHꢀSHUFRODꢌ  
WLRQꢐꢀGHꢀQHWWR\DJHꢀHWꢀGHꢀGpWDUWUDJHꢁ  
5HPSOLUꢀOHꢀUpVHUYRLUꢀG¶HDXꢀTꢀꢏꢆGꢐ  
/HꢀYR\DQWꢀV¶DOOXPHꢀORUVTXHꢀOHꢀUpVHUYRLUꢀ  
G¶HDXꢀDPRYLEOHꢀGRLWꢀjꢀQRXYHDXꢀrWUHꢀUHPSOLꢀ  
G¶HDXꢀRXꢀTXHꢀOHꢀUpVHUYRLUꢀQ¶HVWꢀSDVꢀHQꢀ  
SODFHꢁ  
%RXWRQꢀGHꢀUpJODJHꢀꢑꢀáꢀꢏꢂDꢐꢀHWꢀ  
ERXWRQꢀGHꢀUpJODJHꢀꢒꢀàꢀꢏꢂEꢐ  
/HVꢀERXWRQVꢀGHꢀUpJODJHꢀVHUYHQWꢀjꢀODꢀ  
SUpSDUDWLRQꢀLQGLYLGXHOOHꢀGHVꢀERLVVRQVꢁꢀ,OVꢀ  
YRXVꢀSHUPHWWHQWꢀGHꢀYDULHUꢀODꢀTXDQWLWpꢀGHꢀ  
ERLVVRQꢀꢍ  
'pWDUWUHUꢀ'ꢀꢏꢆHꢐ  
ꢂDꢀ ꢀ4XDQWLWpꢀSOXVꢀLPSRUWDQWHꢀGHꢀERLVVRQꢀ /HꢀYR\DQWꢀV¶DOOXPHꢀORUVTX¶LOꢀIDXWꢀGpWDUWUHUꢀ  
SRXUꢀXQꢀDU{PHꢀSOXVꢀGRX[  
ꢂEꢀꢀ4XDQWLWpꢀUpGXLWHꢀGHꢀERLVVRQꢀꢀ  
SRXUꢀXQꢀDU{PHꢀSOXVꢀLQWHQVH  
YRWUHꢀV\VWqPHꢀꢀ7$66,02ꢁ  
i5HPDUTXHꢀꢅ  
9HXLOOH]ꢀGpWDUWUHUꢀYRWUHꢀV\VWqPHꢀꢀ7$66,02ꢀ  
H[FOXVLYHPHQWꢀVHORQꢀOHVꢀLQVWUXFWLRQVꢀ  
FRQWHQXHVꢀGDQVꢀOHꢀFKDSLWUHꢀ©ꢀ'pWDUWUDJHꢀªꢐꢀ  
SDJHꢀꢊꢃꢁ  
9R\DQW ꢀꢏꢆDꢐꢀHWꢀYR\DQW ꢀꢏꢆEꢐ  
ꢀꢑ  
ꢀí  
&HVꢀYR\DQWVꢀV¶DOOXPHQWꢀORUVTXHꢀOHꢀ7ꢀ',6&ꢀ  
DꢀpWpꢀUHFRQQXꢁꢀ/HVꢀYR\DQWVꢀ ꢀRXꢀ ꢀ  
ꢑ
í
ꢀV¶DOOXPHQWꢐꢀVRLWꢀꢀO¶XQꢀVRLWꢀO¶DXWUHꢐꢀVHORQꢀ  
TX¶XQHꢀTXDQWLWpꢀVXSpULHXUHꢀRXꢀLQIpULHXUHꢀ  
,QGLFDWHXUꢀSRXUꢀOHꢀUHPSODFHPHQWꢀGHꢀODꢀ  
GHꢀERLVVRQꢀDꢀpWpꢀꢀVpOHFWLRQQpHꢀHWꢀFOLJQRWHQWꢀ FDUWRXFKHꢀꢀ0$9($ꢀꢏꢆIꢐ  
GXUDQWꢀO¶RSpUDWLRQꢀGHꢀSHUFRODWLRQꢁ /HꢀYR\DQWꢀUDSSHOOHꢀTX¶LOꢀHVWꢀWHPSVꢀGHꢀ  
UHPSODFHUꢀODꢀFDUWRXFKHꢀ¿OWUDQWHꢀꢀ0$9($ꢀ  
ꢀ0$;75$ꢀꢎꢅGꢏꢁ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢆꢂ  
IU  
7DLOOHꢀGHꢀODꢀWDVVH  
/HꢀVXSSRUWꢀGHꢀWDVVHꢀGHꢀYRWUHꢀV\VWqPHꢀ  
ꢀ7$66,02ꢀYRXVꢀSHUPHWꢀG¶XWLOLVHUꢀGLIIpUHQWHVꢀ  
WDLOOHVꢀGHꢀWDVVHVꢐꢀSHUPHWWDQWꢀXQHꢀ  
DGDSWDWLRQꢀVHORQꢀODꢀERLVVRQꢀFKRLVLHꢁ  
/DꢀKDXWHXUꢀGXꢀVXSSRUWꢀGHꢀWDVVHꢀSHXWꢀrWUHꢀ  
UpJOpHꢁꢀ3RXUꢀFHꢀIDLUHꢐꢀIDLWHVꢀJOLVVHUꢀODꢀ  
ODQJXHWWHꢀꢎꢃEꢏꢀGHꢀJDXFKHꢀjꢀGURLWHꢀMXVTX¶jꢀ  
FHꢀTX¶HOOHꢀV¶HQFOHQFKHꢀGHꢀPDQLqUHꢀDXGLEOHꢁ  
5HWLUH]ꢀOHꢀVXSSRUWꢀVLꢀYRXVꢀVRXKDLWH]ꢀXWLOLVHUꢀ  
GHVꢀUpFLSLHQWVꢀSDUWLFXOLqUHPHQWꢀKDXWVꢁꢀ3RXUꢀ  
FHꢀIDLUHꢐꢀVRXOHYH]ꢀO¶DYDQWꢀGXꢀVXSSRUWꢀGHꢀ  
WDVVHꢀHWꢀEDVFXOH]ꢌOHꢀOpJqUHPHQWꢀHQꢀDUULqUHꢁ  
i5HPDUTXHꢀꢅ  
±ꢀ 3RXUꢀJDUDQWLUꢀODꢀPHLOOHXUHꢀTXDOLWpꢀGHꢀ  
ERLVVRQꢀSRVVLEOHꢐꢀYHXLOOH]ꢀWRXMRXUVꢀ  
HPSOR\HUꢀOHꢀUpJODJHꢀGHꢀVXSSRUWꢀGHꢀ  
WDVVHꢀOHꢀSOXVꢀKDXWꢁ  
±ꢀ $¿QꢀG¶pYLWHUꢀWRXWꢀGpERUGHPHQWꢐꢀ  
XWLOLVH]ꢀXQHꢀWDVVHꢀGHꢀWDLOOHꢀDGDSWpHꢀ  
DXꢀW\SHꢀGHꢀERLVVRQꢁꢀ/DꢀWDLOOHꢀGHꢀ  
WDVVHꢀUHFRPPDQGpHꢀHVWꢀLQGLTXpHꢀVXUꢀ  
O¶HPEDOODJHꢀG¶RULJLQHꢀGXꢀ7ꢀ',6&ꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
IU  
ꢆꢆ  
3UpSDUDWLRQꢀGHꢀERLVVRQV  
i5HPDUTXHꢀꢅ  
ꢀꢀ ꢀ ,03257$17  
(QꢀXVDJHꢀTXRWLGLHQꢐꢀXWLOLVH]ꢀXQLTXHPHQWꢀ  
GHꢀO¶HDXꢀIUDvFKHꢀꢎSDVꢀG¶HDXꢀPLQpUDOHꢀ  
SpWLOODQWHꢀRXꢀGHꢀO¶HDXꢀGpWDUWUpHꢀSDUꢀYRLHꢀ  
FKLPLTXHꢏꢀGDQVꢀOHꢀUpVHUYRLUꢀG¶HDXꢁ  
$YDQWꢀTXHꢀYRXVꢀQHꢀSUpSDULH]ꢀYRVꢀERLVVRQVꢀ  
SRXUꢀODꢀSUHPLqUHꢀIRLVꢐꢀYHXLOOH]ꢀYRXVꢀDVVXUHUꢀ  
TXHꢀYRWUHꢀV\VWqPHꢀꢀ7$66,02ꢀHVWꢀSUrWꢀjꢀ  
O¶HPSORLꢀFRQIRUPpPHQWꢀDXꢀFKDSLWUHꢀ©ꢀ0LVHꢀ  
HQꢀVHUYLFHꢀGHꢀYRWUHꢀV\VWqPHꢀꢀ7$66,02ꢀªꢐꢀ  
SDJHꢀꢇꢃꢁ  
3RXUꢀSUpSDUHUꢀYRWUHꢀERLVVRQꢀIDYRULWHꢐꢀ  
YHXLOOH]ꢀSURFpGHUꢀFRPPHꢀVXLWꢀꢍ  
ꢀ $77(17,21  
¡
Źꢀ $OOXPH]ꢀYRWUHꢀV\VWqPHꢀꢀ7$66,02ꢀjꢀ  
O¶DLGHꢀGHꢀO¶LQWHUUXSWHXUꢀ0DUFKHꢀꢑꢀ$UUrWꢀꢎꢈꢏꢁꢀ  
Źꢀ 6XLYDQWꢀOHꢀW\SHꢀGHꢀERLVVRQꢐꢀSODFH]ꢀWRXWꢀꢀ  
G¶DERUGꢀXQHꢀWDVVHꢀDGDSWpHꢀVXUꢀOHꢀVXSSRUWꢀ  
GHꢀWDVVHꢀꢎꢃꢏꢁꢀ9RXVꢀSRXYH]ꢀDGDSWHUꢀFHOXLꢌ  
FLꢀHQꢀKDXWHXUꢀFRQIRUPpPHQWꢀjꢀODꢀWDLOOHꢀ  
GHꢀODꢀWDVVHꢀRXꢀOHꢀUHWLUHUꢀHQWLqUHPHQWꢀ  
SRXUꢀDFFXHLOOLUꢀGHVꢀWDVVHVꢀꢑYHUUHVꢀSOXVꢀ  
JUDQGVꢁ  
5LVTXHꢀGHꢀEU€OXUHꢀꢅ  
±ꢀ 1HꢀSDVꢀXWLOLVHUꢀG¶HDXꢀDGRXFLHꢀFKLPLꢌ  
TXHPHQWꢀꢒꢀ&HODꢀSRXUUDLWꢀVHꢀWUDGXLUHꢀSDUꢀ  
XQHꢀSUHVVLRQꢀWURSꢀLPSRUWDQWꢀHWꢀHQGRPꢌ  
PDJHUꢀOHꢀ7ꢀ',6&ꢀHWꢀGRQFꢀFDXVHUꢀGHVꢀ  
EOHVVXUHVꢀVLꢀOHꢀV\VWqPHꢀGHꢀSHUFRODWLRQꢀ  
HVWꢀRXYHUWHꢀDYDQWꢀTXHꢀOHꢀYR\DQWꢀG¶pWDWꢀ  
FꢀꢎꢊFꢏꢀDLWꢀFHVVpꢀGHꢀFOLJQRWHUꢁ  
±ꢀ $WWHQGH]ꢀTXHꢀOHꢀYR\DQWꢀG¶pWDWꢀFꢀꢎꢊFꢏꢀ  
DLWꢀFHVVpꢀGHꢀFOLJQRWHUꢀDYDQWꢀG¶RXYULUꢀOHꢀ  
V\VWqPHꢀGHꢀSHUFRODWLRQꢁ  
Źꢀ 8WLOLVH]ꢀWRXMRXUVꢀOHꢀUpJODJHꢀOHꢀSOXVꢀKDXWꢀ  
SRVVLEOHꢀGXꢀVXSSRUWꢀGHꢀWDVVHꢁ  
ꢈꢁꢀ 2XYUH]ꢀOHꢀV\VWqPHꢀGHꢀSHUFRODWLRQꢀ  
HQꢀVRXOHYDQWꢀODꢀSRLJQpHꢀꢎꢂDꢏꢀHWꢀHQꢀ  
UHPRQWDQWꢀOHꢀV\VWqPHꢀGHꢀSHUFRODWLRQꢁ  
ꢈꢁ  
ꢂꢁꢀ 6pOHFWLRQQH]ꢀXQꢀ7ꢀ',6&ꢀGHꢀERLVVRQꢀHWꢀ  
SODFH]ꢌOHꢐꢀ¿OPꢀLPSULPpꢀYHUVꢀOHꢀEDVꢐꢀGDQVꢀ  
OHꢀVXSSRUWꢀGXꢀ7ꢀ',6&ꢀꢎꢂEꢏꢁꢀꢀ  
ꢂꢁ  
ꢆꢁ  
9HLOOH]ꢀjꢀFHꢀTXHꢀODꢀODQJXHWWHꢀGXꢀ7ꢀ',6&ꢀ  
VRLWꢀSRVLWLRQQpHꢀDXꢀPLOLHXꢀGHꢀO¶HQFRFKHꢀ  
DYDQWꢁ  
ꢆꢁꢀ 5HIHUPH]ꢀOHꢀV\VWqPHꢀGHꢀSHUFRODWLRQꢀHQꢀ  
O¶DPHQDQWꢀYHUVꢀOHꢀEDVꢀSXLVꢀSRXVVH]ꢀODꢀ  
SRLJQpHꢀꢎꢂDꢏꢀYHUVꢀO¶DSSDUHLOꢁ  
Źꢀ /HVꢀYR\DQWVꢀ ꢀꢑꢀ ꢀV¶DOOXPHQWꢀORUVTXHꢀOHꢀ  
ꢑ í  
7ꢀ',6&ꢀDꢀpWpꢀUHFRQQXꢁ  
/¶DSSDUHLOꢀHVWꢀDORUVꢀSUrWꢀjꢀIRQFWLRQQHUꢁ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢆꢇ  
IU  
DSSX\pꢀOHꢀERXWRQꢀ'pPDUUDJHꢀꢑꢀ$UUrWꢀꢎꢇꢏꢀ  
RXꢀOHꢀERXWRQꢀGHꢀUpJODJHꢀꢓꢀáꢀꢎꢇDꢏꢀMXVWHꢀ  
DSUqVꢀO¶RSpUDWLRQꢀGHꢀSHUFRODWLRQꢁ  
ꢀ $77(17,21  
¡
5LVTXHVꢀGHꢀEU€OXUHꢀꢃ  
ꢋꢁꢀ /RUVTXHꢀO¶RSpUDWLRQꢀGHꢀSHUFRODWLRQꢀHVWꢀ  
WHUPLQpHꢐꢀOHꢀYR\DQWꢀG¶pWDWꢀFꢀꢎꢊFꢏꢀFHVVHꢀ  
GHꢀFOLJQRWHUꢁꢀ9RXVꢀSRXYH]ꢀPDLQWHQDQWꢀ  
RXYULUꢀOHꢀV\VWqPHꢀGHꢀSHUFRODWLRQꢁꢀ9RWUHꢀ  
ERLVVRQꢀHVWꢀSUrWHꢁꢀ9RXVꢀSRXYH]ꢀODꢀUHWLUHUꢀ  
RXꢀSUpSDUHUꢀXQHꢀDXWUHꢀERLVVRQꢁ  
±ꢀ $WWHQGH]ꢀTXHꢀOHꢀYR\DQWꢀG¶pWDWꢀFꢀDLWꢀ  
FHVVpꢀGHꢀFOLJQRWHUꢀDYDQWꢀG¶RXYULUꢀOHꢀ  
V\VWqPHꢀGHꢀSHUFRODWLRQꢁ  
±ꢀ 1¶HVVD\H]ꢀMDPDLVꢀG¶RXYULUꢀOHꢀV\VWqPHꢀ  
GHꢀSHUFRODWLRQꢀDXꢀFRXUVꢀGHꢀO¶RSpUDWLRQꢀ  
GHꢀSHUFRODWLRQꢁ  
±ꢀ /HꢀV\VWqPHꢀGHꢀSHUFRODWLRQꢀVHꢀ  
YHUURXLOOHꢀDXWRPDWLTXHPHQWꢀSRXUꢀOHVꢀ  
ERLVVRQVꢀTXLꢀSDVVHꢀjꢀKDXWHꢀSUHVVLRQꢁ  
±ꢀ 1HꢀSDVꢀWRXFKHUꢀODꢀFRXURQQHꢀGHꢀ  
SHUoDJHꢀLPPpGLDWHPHQWꢀDSUqVꢀ  
O¶LQIXVLRQꢁ  
i5HPDUTXHꢀꢅ  
$SUqVꢀOHꢀGpEXWꢀGHꢀO¶RSpUDWLRQꢀGHꢀSHUFRODWLRQꢐꢀ  
ODꢀSHUFRODWLRQꢀSHXWꢀSDUIRLVꢀrWUHꢀGLVFRQWLQXHꢁꢀ  
&HVꢀSDXVHVꢀVRQWꢀQpFHVVDLUHVꢀSRXUꢀGpYHORSꢌ  
SHUꢀSOHLQHPHQWꢀO¶DU{PHꢁ  
±ꢀ 1¶RXEOLH]ꢀSDVꢀTXHꢀOHVꢀERLVVRQVꢀ  
SUpSDUpHVꢀVRQWꢀEU€ODQWHVꢁ  
±ꢀ /Hꢀ7ꢀ',6&ꢀHVWꢀEU€ODQWꢀDSUqVꢀO¶LQIXꢌ  
VLRQꢐꢀPDQLSXOHUꢀDYHFꢀSUpFDXWLRQꢁ  
6LꢀYRXVꢀQHꢀSUpSDUH]ꢀSDVꢀG¶DXWUHVꢀERLVVRQVꢐꢀ  
YRWUHꢀV\VWqPHꢀSDVVHꢀDXWRPDWLTXHPHQWꢀHQꢀ  
PRGHꢀYHLOOHꢁꢀ  
3RXUꢀUpGXLUHꢀHQFRUHꢀSOXVꢀODꢀFRQVRPPDWLRQꢀ  
G¶pOHFWULFLWpꢐꢀQRXVꢀYRXVꢀUHFRPPDQGRQVꢀ  
G¶pWHLQGUHꢀYRWUHꢀV\VWqPHꢀꢀ7$66,02ꢀDSUqVꢀ  
ꢇꢁꢀ 3RXUꢀSUpSDUHUꢀYRWUHꢀERLVVRQꢀHQꢀXWLOLVDQWꢀ FKDTXHꢀXVDJHꢀjꢀO¶DLGHꢀGHꢀO¶LQWHUUXSWHXUꢀ  
OHꢀUpJODJHꢀGHꢀEDVHꢀGp¿QLꢀSDUꢀOHꢀFRGHꢌ  
EDUUHꢀGXꢀ7ꢀ',6&ꢐꢀSDVVH]ꢀGLUHFWHPHQWꢀjꢀ  
O¶pWDSHꢀꢅꢁ  
ꢀ0DUFKHꢀꢑꢀ$UUrWꢀꢎꢈꢏꢁ  
3RLQWVꢀGHꢀYHQWHꢀGXꢀ7ꢀ',6&  
Źꢀ 9RXVꢀDYH]ꢀpJDOHPHQWꢀODꢀSRVVLELOLWpꢀGHꢀ  
UpJOHUꢀODꢀTXDQWLWpꢀGHꢀERLVVRQꢀjꢀO¶DLGHꢀ  
GHVꢀERXWRQVꢀGHꢀUpJODJHꢀꢍꢀꢀ  
9RWUHꢀV\VWqPHꢀꢀ7$66,02ꢀIRQFWLRQQHꢀH[FOXꢌ  
VLYHPHQWꢀDYHFꢀGHVꢀFDSVXOHVꢀVSpFLDOHPHQWꢀ  
GpYHORSSpHVꢐꢀOHVꢀꢀ7$66,02ꢀ7ꢀ',6&Vꢁ  
9RXVꢀOHVꢀWURXYHUH]ꢀGDQVꢀOHVꢀFRPPHUFHVꢀ  
VSpFLDOLVpVꢀHWꢀHQꢀOLJQHꢀVXUꢀOHꢀVLWHꢀ  
ZZZꢁWꢀDVVLPRꢁFRPꢁ  
%RXWRQꢀGHꢀUpJODJHꢀꢑꢀáꢎꢇDꢏꢀꢅ  
ꢀ
TXDQWLWpꢀSOXVꢀLPSRUWDQWHꢀGHꢀERLVVRQꢀ  
SRXUꢀXQꢀDU{PHꢀSOXVꢀGRX[ꢀꢀ  
%RXWRQꢀGHꢀUpJODJHꢀ±ꢀàꢎꢇEꢏꢀꢅ  
ꢀ
TXDQWLWpꢀUpGXLWHꢀGHꢀERLVVRQꢀ  
SRXUꢀXQꢀDU{PHꢀSOXVꢀLQWHQVHꢀ  
&RQVHUYDWLRQꢀGHVꢀ7ꢀ',6&  
/HVꢀ7ꢀ',6&VꢀSHXYHQWꢀrWUHꢀFRQVHUYpVꢀGDQVꢀ  
OHXUꢀHPEDOODJHꢀDLQVLꢀTXHꢀGDQVꢀOHVꢀUpFLSLHQWVꢀ  
GHꢀYRWUHꢀFKRL[ꢁꢀ&HꢀTXLꢀLPSRUWHꢀHVWꢀGHꢀOHVꢀ  
VWRFNHUꢀGDQVꢀXQꢀHQGURLWꢀIUDLVꢀHWꢀVHFꢁꢀ1Hꢀ  
FRQVHUYH]ꢀSDVꢀYRVꢀ7ꢀ',6&ꢀDXꢀUpIULJpUDWHXUꢀ  
/RUVTXHꢀYRXVꢀDYH]ꢀUpJOpꢀODꢀTXDQWLWpꢀ  
GHꢀERLVVRQꢐꢀOHꢀYR\DQWꢀ ꢀRXꢀ ꢀV¶DOOXPHꢀ  
ꢑ
í
MXVTX¶DXꢀGpEXWꢀGHꢀO¶RSpUDWLRQꢀGHꢀ  
SHUFRODWLRQꢁ  
ꢊꢁꢀ $SSX\H]ꢀVXUꢀOHꢀERXWRQꢀ'pPDUUDJHꢀꢑꢀ$UUrWꢀ RXꢀDXꢀFRQJpODWHXUꢁꢀ7DQWꢀTXHꢀO¶HPEDOODJHꢀ  
SRXUꢀODQFHUꢀODꢀSHUFRODWLRQꢁꢀ  
Źꢀ $XꢀFRXUVꢀGHꢀO¶RSpUDWLRQꢀGHꢀSHUFRODWLRQꢐꢀ  
Q¶DꢀSDVꢀpWpꢀRXYHUWꢐꢀYRXVꢀSRXYH]ꢀXWLOLVHUꢀOHVꢀ  
7ꢀ',6&VꢀMXVTX¶jꢀODꢀGDWHꢀOLPLWHꢀLQGLTXpHꢁꢀ  
&HOOHꢌFLꢀHVWꢀLPSULPpHꢀVXUꢀOHꢀ¿OPꢀG¶HPEDOODJHꢀ  
GHVꢀ7ꢀ',6&Vꢁꢀ8QHꢀIRLVꢀTXHꢀO¶HPEDOODJHꢀDꢀ  
pWpꢀRXYHUWꢐꢀLOꢀHVWꢀUHFRPPDQGpꢀG¶XWLOLVHUꢀOHVꢀ  
7ꢀ',6&VꢀGDQVꢀXQꢀGpODLꢀGHꢀꢉꢀVHPDLQHVꢁ  
OHꢀYR\DQWꢀG¶pWDWꢀFꢀꢎꢊFꢏꢀHWꢀOHꢀYR\DQWꢀ ꢀ  
ꢑ
RXꢀ ꢀꢎVLꢀVpOHFWLRQQpꢀSUpFpGHPPHQWꢏꢀ  
í
FOLJQRWHQWꢁ  
Źꢀ 6LꢀYRXVꢀVRXKDLWH]ꢀREWHQLUꢀXQHꢀTXDQWLWpꢀ  
SOXVꢀLPSRUWDQWHꢀGHꢀERLVVRQꢐꢀYRXVꢀSRXYH]ꢀ  
HQꢀGHPDQGHUꢀGDYDQWDJHꢀHQꢀPDLQWHQDQWꢀ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
IU  
ꢆꢊ  
(QWUHWLHQꢀHWꢀQHWWR\DJHꢀTXRWLGLHQV  
1HWWR\H]ꢀUpJXOLqUHPHQWꢀYRWUHꢀV\VWqPHꢀ  
ꢀ0,6(ꢀ(1ꢀ*$5'(  
ꢀ7$66,02ꢀD¿QꢀGHꢀJDUDQWLUꢀODꢀTXDOLWpꢀGHꢀYRVꢀ  
ERLVVRQVꢁꢀ$SUqVꢀXQHꢀSpULRGHꢀSURORQJpHꢀ  
G¶LQXWLOLVDWLRQꢐꢀHIIHFWXH]ꢀWRXMRXUVꢀXQꢀ  
QHWWR\DJHꢀjꢀO¶DLGHꢀGXꢀ7ꢀ',6&ꢀGHꢀ6HUYLFHꢀ  
D¿QꢀG¶REWHQLUꢀGHVꢀERLVVRQVꢀERQQHꢀODꢀTXDOLWpꢀ  
ꢎYRLUꢀFKDSLWUHꢀ©ꢀ0LVHꢀHQꢀVHUYLFHꢀGHꢀYRWUHꢀ  
V\VWqPHꢀꢀ7$66,02ꢀªꢏꢁꢀ  
1¶XWLOLVH]ꢀMDPDLVꢀGHꢀYLQDLJUHꢀRXꢀGHꢀSURGXLWꢀ  
jꢀEDVHꢀGHꢀYLQDLJUHꢐꢀGHꢀSURGXLWꢀGHꢀQHWWR\DJHꢀ  
DJUHVVLIꢀRXꢀG¶HDXꢀGpWDUWUpHꢀSDUꢀYRLHꢀ  
FKLPLTXHꢁ  
¡
5LVTXHꢀGHꢀFKRFꢀpOHFWULTXHꢀꢃ  
±ꢀ $YDQWꢀGHꢀSURFpGHUꢀDXꢀQHWWR\DJHꢐꢀ  
pWHLQGUHꢀO¶DSSDUHLOꢀHWꢀUHWLUHUꢀODꢀSULVHꢀ  
pOHFWULTXHꢁꢀ  
±ꢀ 1HꢀSORQJH]ꢀMDPDLVꢀO¶DSSDUHLOꢀGDQVꢀ  
O¶HDXꢁ  
±ꢀ 1¶XWLOLVH]ꢀSDVꢀGHꢀQHWWR\HXUꢀYDSHXUꢁ  
ꢈꢁꢀ 1HWWR\H]ꢀUpJXOLqUHPHQWꢀOHꢀV\VWqPHꢀGHꢀ  
SHUFRODWLRQꢐꢀHQꢀSDUWLFXOLHUꢀODꢀIHQrWUHꢀ  
GHꢀOHFWXUHꢀGXꢀ7ꢀ',6&ꢀꢎꢂHꢏꢐꢀDLQVLꢀTX¶DXꢀ  
QLYHDXꢀGHꢀODꢀIHUPHWXUHꢐꢀDYHFꢀXQꢀFKLIIRQꢀ  
GRX[ꢀHWꢀKXPLGHꢐꢀD¿QꢀTXHꢀOHꢀFRGHꢌEDUUHꢀ  
GXꢀ7ꢀ',6&ꢀSXLVVHꢀrWUHꢀOXꢀFRUUHFWHPHQWꢁ  
ꢈꢁ  
ꢂꢁ  
ꢂꢁꢀ 9RXVꢀSRXYH]ꢀHVVX\HUꢀOHꢀERvWLHUꢀGHꢀ  
O¶DSSDUHLOꢀjꢀO¶DLGHꢀG¶XQꢀFKLIIRQꢀGRX[ꢀHWꢀ  
KXPLGHꢁ  
ꢆꢁꢀ 5LQFHUꢀOHꢀUpVHUYRLUꢀG¶HDXꢀꢎꢅꢏꢀHWꢀOHꢀ  
VXSSRUWꢀGHꢀODꢀFDUWRXFKHꢀ¿OWUDQWHꢀꢎꢅFꢏꢀ  
XQLTXHPHQWꢀjꢀO¶HDXꢀHWꢀQHꢀSDVꢀOHVꢀPHWWUHꢀ  
DXꢀODYHꢌYDLVVHOOHꢁ  
ꢆꢁ  
ꢇꢁ  
ꢇꢁꢀ 7RXWHVꢀOHVꢀSLqFHVꢀGXꢀVXSSRUWꢀGHꢀWDVVHꢀ  
ꢎꢃꢏꢀSHXYHQWꢀrWUHꢀODYpHVꢀWRXWꢀVLPSOHPHQWꢀ  
DXꢀODYHꢌYDLVVHOOHꢁꢀ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢆꢋ  
IU  
ꢊꢁꢀ 5HWLUH]ꢀOHꢀVXSSRUWꢀGXꢀ7ꢀ',6&ꢀꢎꢂEꢏꢀHWꢀ  
ODꢀFRXURQQHꢀGHꢀSHUoDJHꢀꢎꢂFꢏꢁꢀ5HWLUH]ꢀ  
pJDOHPHQWꢀOHꢀEHFꢀYHUVHXUꢀꢎꢂGꢏꢀHQꢀ  
OHꢀSRXVVDQWꢀYHUVꢀOHꢀKDXWꢁꢀ1HWWR\H]ꢀ  
ꢊꢁ  
UpJXOLqUHPHQWꢀWRXWHVꢀFHVꢀSLqFHVꢐꢀVLQRQꢀ  
OHꢀEHFꢀYHUVHXUꢀSHXWꢀVHꢀERXFKHUꢀHWꢀ  
HQWUDvQHUꢀXQHꢀUpGXFWLRQꢀGHꢀODꢀTXDQWLWpꢀ  
GHꢀERLVVRQꢀRXꢀHPSrFKHUꢀO¶pFRXOHPHQWꢁꢀ  
Źꢀ 7RXWHVꢀOHVꢀSLqFHVꢀVRQWꢀODYDEOHVꢀDXꢀ  
ODYHꢌYDLVVHOOHꢁꢀ  
Źꢀ 6LꢀYRXVꢀSUpSDUH]ꢀVXFFHVVLYHPHQWꢀ  
GLIIpUHQWHVꢀERLVVRQVꢐꢀYRXVꢀSRXYH]ꢀ  
UDSLGHPHQWꢀULQFHUꢀjꢀO¶HDXꢀFRXUDQWHꢀODꢀ  
FRXURQQHꢀGHꢀSHUoDJHꢀHQWUHꢀFKDTXHꢀ  
SUpSDUDWLRQꢁ  
i5HPDUTXHꢀꢅ  
ꢀ $77(17,21  
'DQVꢀOHꢀFDVꢀGHVꢀERLVVRQVꢀODFWpHVꢀRXꢀ  
FDFDRWpHVꢀHQꢀSDUWLFXOLHUꢐꢀQRXVꢀYRXVꢀUHꢌ  
FRPPDQGRQVꢀGHꢀQHWWR\HUꢀOHꢀV\VWqPHꢀGHꢀ  
SHUFRODWLRQꢀSOXVꢀIUpTXHPPHQWꢀHQꢀXWLOLVDQWꢀOHꢀ  
7ꢀ',6&ꢀGHꢀ6HUYLFHꢀGHꢀODꢀPDQLqUHꢀLQGLTXpHꢀ  
DXꢀFKDSLWUHꢀ©ꢀ0LVHꢀHQꢀVHUYLFHꢀGHꢀYRWUHꢀV\Vꢌ  
WqPHꢀꢀ7$66,02ꢀªꢁ  
¡
5LVTXHꢀGHꢀEU€OXUHꢀꢅ  
$SUqVꢀO¶RSpUDWLRQꢀGHꢀSHUFRODWLRQꢐꢀODꢀ  
FRXURQQHꢀGHꢀSHUoDJHꢀHWꢀOHꢀEHFꢀYHUVHXUꢀ  
SHXYHQWꢀrWUHꢀEU€ODQWVꢁ  
ꢀꢀ ꢀ ,03257$17  
±ꢀ 1RXVꢀYRXVꢀUHFRPPDQGRQVꢀGHꢀUHꢌ  
SODFHUꢀOHꢀ7ꢀ',6&ꢀGHꢀ6HUYLFHꢀGDQVꢀODꢀ  
FDVHꢀGHꢀUDQJHPHQWꢀVLWXpHꢀDXꢀGRVꢀGHꢀ  
O¶DSSDUHLOꢀꢎꢉꢏꢀDSUqVꢀFKDTXHꢀXWLOLVDWLRQꢁ  
±ꢀ 5HSODFH]ꢀOHꢀEHFꢀYHUVHXUꢀꢎꢂGꢏꢀDSUqVꢀOHꢀ  
QHWWR\DJHꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
IU  
ꢆꢌ  
'pWDUWUDJH  
9RWUHꢀV\VWqPHꢀꢀ7$66,02ꢀGRLWꢀUpJXOLqUHPHQWꢀ  
rWUHꢀGpWDUWUpꢐꢀGDQVꢀODꢀPHVXUHꢀRꢀOHꢀ  
ꢀꢀ ꢀ ,03257$17  
UpFKDXIIHPꢀ HQWꢀJpQqUHꢀGXꢀFDOFDLUHꢀVXVFHSꢌ  
WLEOHꢀGHꢀV¶DFFXPXOHUꢀGDQVꢀOHꢀV\VWqPHꢁꢀ  
'DQVꢀFHꢀFDVꢐꢀFHFLꢀYRXVꢀHVWꢀLQGLTXpꢀSDUꢀOHꢀ  
YR\DQWꢀ©ꢀ'pWDUWUHUꢀªꢀ'ꢀꢎꢊHꢏꢁꢀ'qVꢀTXHꢀFHOXLꢌ  
FLꢀV¶DOOXPHꢐꢀYRXVꢀGHYULH]ꢀLPPpGLDWHPHQWꢀ  
GpWDUWUHUꢀYRWUHꢀDSSDUHLOꢐꢀD¿QꢀG¶pYLWHUꢀ  
±ꢀ (QꢀSUpVHQFHꢀG¶XQHꢀGXUHWpꢀGHꢀO¶HDXꢀ  
WUqVꢀpOHYpHꢐꢀG¶XQHꢀSURGXFWLRQꢀGHꢀYDꢌ  
SHXUꢀSOXVꢀDERQGDQWHꢀRXꢀG¶XQꢀꢀYROXPHꢀ  
GHꢀERLVVRQVꢀGLIIpUHQWꢐꢀYHXLOOH]ꢀGpꢌ  
WDUWUHUꢀOHꢀV\VWqPHꢀjꢀLQWHUYDOOHVꢀSOXVꢀ  
FRXUWVꢀꢒ  
±ꢀ /HꢀV\VWqPHꢀGHꢀ¿OWUDWLRQꢀꢀ0$9($ꢀ  
ꢀ0$;75$ꢀUpGXLWꢀVLJQL¿FDWLYHPHQWꢀODꢀ  
WHQHXUꢀHQꢀFDOFDLUHꢀGHꢀO¶HDXꢐꢀPDLVꢀQHꢀ  
VDXUDLWꢀUHPSODFHUꢀOHVꢀRSpUDWLRQVꢀGHꢀ  
GpWDUWUDJHꢀQpFHVVDLUHVꢀHWꢀUpJXOLqUHVꢁ  
WRXVꢀGRPPDJHVꢀGHꢀO¶DSSDUHLOꢀRXꢀXQHꢀ  
GpWpULRUDWLRQꢀGHꢀODꢀTXDOLWpꢀGHꢀODꢀERLVVRQꢁ  
/HꢀYR\DQWꢀVHꢀPHWꢀjꢀFOLJQRWHUꢀVLꢀDXFXQꢀ  
GpWDUWUDJHꢀQ¶DꢀpWpꢀHIIHFWXpꢀDSUqVꢀDYRLUꢀ  
XWLOLVpꢀꢇꢆꢀ7ꢀ',6&VꢀVXSSOpPHQWDLUHVꢁ  
9RXVꢀWURXYHUH]ꢀXQꢀSURGXLWꢀGHꢀGpWDUWUDJHꢀ  
DGDSWpꢀHQꢀFRQVXOWDQWꢀZZZꢁꢀWDVVLPRꢁFRPꢄꢀ  
DXSUqVꢀGXꢀVHUYLFHꢀDSUqVꢒYHQWHꢀ%RVFKꢀ  
ꢏ1RꢀGHꢀUpIꢁꢀꢊꢌꢆꢍꢂꢍꢄꢀFRQWDFWꢀYRLUꢀSDJHꢀꢌꢈꢐꢀ  
RXꢀGDQVꢀOHVꢀFRPPHUFHVꢀVSpFLDOLVpVꢁ  
ꢀ $77(17,21  
¡
±ꢀ 1HꢀSDVꢀERLUHꢀOHVꢀOLTXLGHVꢁ  
±ꢀ 1HꢀSDVꢀXWLOLVHUꢀGHꢀYLQDLJUHꢀRXꢀGHꢀ  
ꢀSURGXLWꢀjꢀEDVHꢀGHꢀYLQDLJUHꢁ  
±ꢀ 1HꢀMDPDLVꢀLQWHUURPSUHꢀOHꢀSURJUDPPHꢀ  
GHꢀGpWDUWUDJHꢀHQꢀFRXUVꢁ  
(IIHFWXHUꢀOHꢀSURJUDPPHꢀGHꢀGpWDUWUDJH  
ꢈꢁꢀ 5HWLUH]ꢀOHꢀUpVHUYRLUꢀG¶HDXꢀGHꢀYRWUHꢀ  
V\VWqPHꢀꢀ7$66,02ꢀHWꢀUHWLUH]ꢀOHꢀVXSSRUWꢀ  
GHꢀODꢀFDUWRXFKHꢀ¿OWUDQWHꢀꢎꢅFꢏꢀDLQVLꢀTXHꢀODꢀ  
FDUWRXFKHꢀ¿OWUDQWHꢀꢎꢅGꢏꢁ  
ꢈꢁ  
ꢂꢁꢀ 6RUWH]ꢀOHꢀ7ꢀ',6&ꢀGHꢀ6HUYLFHꢀGHꢀODꢀFDVHꢀ  
ꢂꢁ  
ꢎꢉꢏꢀDXꢀGRVꢀGHꢀO¶DSSDUHLOꢁ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢆꢍ  
IU  
ꢆꢁꢀ 5HPSOLVVH]ꢀOHꢀUpVHUYRLUꢀG¶HDXꢀMXVTX¶DXꢀ  
UHSqUHꢀGHꢀGpWDUWUDJHꢀꢎꢆꢐꢅꢀOꢏꢀHWꢀDMRXWH]ꢀOHꢀ  
GpWDUWUDQWꢀFRQIRUPpPHQWꢀDX[ꢀLQVWUXFꢌ  
WLRQVꢀGXꢀIDEULFDQWꢁ  
ꢆꢁ  
ꢇꢁ  
i5HPDUTXHꢀꢅ  
(QꢀFDVꢀGHꢀGXUHWpꢀpOHYpHꢀGHꢀO¶HDXꢐꢀYHXLOOH]ꢀ  
DFFURvWUHꢀOHꢀGRVDJHꢀGXꢀGpWDUWUDQWꢁ  
ꢇꢁꢀ 5HSRVLWLRQQH]ꢀOHꢀUpVHUYRLUꢀG¶HDXꢀHQꢀ  
ELDLVꢀHWꢀSLYRWH]ꢌOHꢀYHUVꢀO¶DSSDUHLOꢀMXVTX¶jꢀ  
FHꢀTX¶LOꢀV¶HQFOHQFKHꢀGHꢀPDQLqUHꢀDXGLEOHꢁ  
ꢊꢁꢀ 3ODFH]ꢀXQꢀUpFLSLHQWꢀDGDSWpꢐꢀG¶XQHꢀFRQWHꢌ  
QDQFHꢀG¶DXꢀPRLQVꢀꢈꢃꢀR]ꢁꢀꢑꢀꢅꢆꢆꢀPOꢐꢀVRXVꢀ  
OHꢀEHFꢀYHUVHXUꢁ  
ꢊꢁ  
ꢋꢁ  
DXꢀPRLQV  
ꢈꢃꢀR]ꢁꢀꢑ  
ꢅꢆꢆꢀPO  
ꢋꢁꢀ 2XYUH]ꢀOHꢀV\VWqPHꢀGHꢀSHUFRODWLRQꢀHQꢀ  
VRXOHYDQWꢀODꢀSRLJQpHꢀꢎꢂDꢏꢀHWꢀUHPRQWH]ꢀ  
OHꢀV\VWqPHꢀGHꢀSHUFRODWLRQꢁꢀ3ODFH]ꢀOHꢀ  
7ꢀ',6&ꢀGHꢀ6HUYLFHꢀDYHFꢀOHꢀFRGHꢌEDUUHꢀ  
GLULJpꢀYHUVꢀOHꢀEDVꢀVXUꢀOHꢀVXSSRUWꢀGXꢀ  
7ꢀ',6&ꢀꢎꢂEꢏꢁꢀ9HLOOH]ꢀjꢀFHꢀTXHꢀODꢀODQJXHWꢌ  
WHꢀGXꢀ7ꢀ',6&ꢀVRLWꢀSRVLWLRQQpHꢀDXꢀPLOLHXꢀ  
GHꢀO¶HQFRFKHꢀDYDQWꢁ  
Źꢀ 5HIHUPH]ꢀOHꢀV\VWqPHꢀGHꢀSHUFRODWLRQꢀHQꢀ  
O¶DPHQDQWꢀYHUVꢀOHꢀEDVꢀSXLVꢀSRXVVH]ꢀODꢀ  
SRLJQpHꢀꢎꢂDꢏꢀYHUVꢀO¶DSSDUHLOꢀMXVTX¶jꢀFHꢀ  
TX¶LOꢀV¶HQFOHQFKHꢀGHꢀPDQLqUHꢀDXGLEOHꢁ  
ꢌꢁꢀ /DQFH]ꢀOHꢀSURJUDPPHꢀGHꢀGpWDUWUDJHꢀHQꢀ  
PDLQWHQDQWꢀOHꢀERXWRQꢀ'pPDUUDJHꢀꢑꢀ$UUrWꢀ  
ꢎꢇꢏꢀHQIRQFpꢀDXꢀPRLQVꢀꢊꢀVHFRQGHVꢁ  
Źꢀ $XꢀERXWꢀGHꢀꢅꢀVHFRQGHVꢐꢀUHOkFKH]ꢀOHꢀ  
ERXWRQꢀ'pPDUUDJHꢀꢑꢀ$UUrWꢀꢔꢀOHꢀGpWDUWUDJHꢀ  
FRPPHQFHꢀDXWRPDWLTXHPHQWꢁꢀ&HFLꢀHVWꢀ  
VLJQDOpꢀSDUꢀOHꢀFOLJQRWHPHQWꢀGXꢀYR\DQWꢀ  
G¶pWDWꢀFꢀHWꢀGXꢀYR\DQWꢀQꢀ©ꢀ'pWDUWUHUꢀªꢁ  
ꢌꢁ  
ꢅꢀVHFꢁ  
ꢂꢓꢀPLQ  
i5HPDUTXHꢀꢅ  
/HꢀOLTXLGHꢀGHꢀGpWDUWUDJHꢀHVWꢀSRPSpꢀSpULRꢌ  
GLTXHPHQWꢀSDUꢀO¶DSSDUHLOꢀHWꢀV¶pFRXOHꢀGDQVꢀOHꢀ  
UpFLSLHQWꢀMXVTX¶jꢀFHꢀTXHꢀOHꢀUpVHUYRLUꢀG¶HDXꢀ  
VRLWꢀSUHVTXHꢀYLGHꢁꢀ,OꢀUHVWHꢀWRXMRXUVꢀXQꢀSHXꢀ  
G¶HDXꢀGDQVꢀOHꢀUpVHUYRLUꢁ  
ꢀꢀ ꢀ ,03257$17  
/HꢀSURJUDPPHꢀGHꢀGpWDUWUDJHꢀGXUHꢀ  
ꢀHQYLURQꢀꢂꢓꢀPLQXWHVꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
IU  
ꢆꢎ  
ꢍꢁꢀ /RUVTXHꢀOHꢀYR\DQWꢀG¶pWDWꢀFꢀHWꢀOHꢀYR\DQWꢀ  
'ꢀ©ꢀ'pWDUWUHUꢀªꢀFHVVHQWꢀGHꢀFOLJQRWHUꢐꢀ  
OHꢀGpWDUWUDJHꢀHVWꢀWHUPLQpꢁꢀ9LGH]ꢀOHꢀ  
UpFLSLHQWꢀHWꢀSODFH]ꢌOHꢀGHꢀQRXYHDXꢀVRXVꢀ  
OHꢀEHFꢀYHUVHXUꢁ  
ꢍꢁ  
Źꢀ 5LQFH]ꢀVRLJQHXVHPHQWꢀOHꢀUpVHUYRLUꢀ  
G¶HDXꢀHWꢀUHPSOLVVH]ꢌOHꢀG¶HDXꢀIUDvFKHꢀ  
MXVTX¶DXꢀUHSqUHꢀPD[ꢁ  
Źꢀ 5HSODFH]ꢀHQVXLWHꢀOHꢀUpVHUYRLUꢀG¶HDXꢀ  
GDQVꢀYRWUHꢀV\VWqPHꢀꢀ7$66,02ꢁ  
ꢎꢁꢀ 2XYUH]ꢀHWꢀIHUPH]ꢀOHꢀV\VWqPHꢀGHꢀ  
SHUFRODWLRQꢀꢎOHꢀ7ꢀ',6&ꢀGHꢀ6HUYLFHꢀUHVWHꢀ  
GDQVꢀVRQꢀVXSSRUWꢏꢁꢀ  
ꢎꢁ  
ꢈꢓꢁꢀ$SSX\H]ꢀEULqYHPHQWꢀVXUꢀOHꢀERXWRQꢀ  
'pPDUUDJHꢀꢑꢀ$UUrWꢀꢎꢇꢏꢀSRXUꢀHIIHFWXHUꢀOHꢀ  
QHWWR\DJHꢁ  
ꢈꢓꢁ  
ꢈꢈꢁ  
ꢈꢈꢁꢀ$ꢀO¶LVVXHꢀGHꢀO¶RSpUDWLRQꢀGHꢀQHWWR\DJHꢐꢀ  
YLGH]ꢀOHꢀUpFLSLHQWꢀHWꢀSRVH]ꢌOHꢀjꢀQRXYHDXꢀ  
VRXVꢀOHꢀEHFꢀYHUVHXUꢁ  
ꢀꢀ ꢀ ,03257$17  
9HXLOOH]ꢀUpSpWHUꢀTXDWUHꢀIRLVꢀOHVꢀpWDSHVꢀ  
ꢇꢀ[  
ꢈꢓꢀHWꢀꢈꢈꢁ  
9RWUHꢀV\VWqPHꢀꢀ7$66,02ꢀDꢀpWpꢀGpWDUWUpꢀHWꢀ  
QHWWR\pꢀDYHFꢀVXFFqVꢁ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢇꢓ  
IU  
ꢈꢂꢁꢀ2XYUH]ꢀjꢀSUpVHQWꢀOHꢀV\VWqPHꢀGHꢀSHUFRꢌ  
ODWLRQꢐꢀUHWLUH]ꢀOHꢀ7ꢀ',6&ꢀGHꢀ6HUYLFHꢀHWꢀ  
FRQVHUYH]ꢌOHꢀGDQVꢀOHꢀFDVLHUꢀꢎꢉꢏꢀSUpYXꢀ  
SRXUꢀOHꢀ7ꢀ',6&ꢀGHꢀ6HUYLFHꢀHWꢀOHꢀ0pꢌ  
PHQWRꢀDXꢀGRVꢀGHꢀO¶DSSDUHLOꢁ  
ꢈꢂꢁ  
ꢈꢆꢁꢀ5HSODFH]ꢀPDLQWHQDQWꢀOHꢀVXSSRUWꢀGHꢀODꢀ  
FDUWRXFKHꢀ¿OWUDQWHꢀꢎꢅFꢏꢀDYHFꢀODꢀFDUWRXFKHꢀ  
¿OWUDQWHꢀꢎꢅGꢏꢀGDQVꢀOHꢀUpVHUYRLUꢀG¶HDXꢀ  
YLGHꢀHWꢀUHPSOLVVH]ꢀOHꢀUpVHUYRLUꢀMXVTX¶DXꢀ  
UHSqUHꢀPD[ꢀDYHFꢀGHꢀO¶HDXꢀIUDvFKHꢁ  
ꢈꢆꢁ  
i5HPDUTXHꢀꢅ  
9RWUHꢀV\VWqPHꢀꢀ7$66,02ꢀHVWꢀGHꢀQRXYHDXꢀ  
SUrWꢀjꢀIRQFWLRQQHUꢁ  
5HF\FODJH  
A
9HXLOOH]ꢀYRXVꢀUHQVHLJQHUꢀDXSUqVꢀGHꢀYRWUHꢀ  
UHYHQGHXUꢀVXUꢀOHVꢀSURFpGXUHVꢀDFWXHOOHVꢀGHꢀ  
UHF\FODJHꢁ  
6RXVꢀUpVHUYHꢀGHꢀPRGL¿FDWLRQVꢁ  
ꢀꢀ ꢀ ,03257$17  
¬ꢀWLWUHꢀGHꢀIDEULFDQWꢀGHꢀODꢀPDFKLQHꢀ  
ꢀ7$66,02ꢐꢀ%RVFKꢀQHꢀSHXWꢀJDUDQWLUꢀODꢀ  
GLVSRQLELOLWpꢀGHVꢀ7ꢀ',6&Vꢀ7$66,02ꢁꢀ  
3RXUꢀWRXWHꢀTXHVWLRQꢀFRQFHUQDQWꢀOHVꢀ  
7ꢀ',6&VꢐꢀPHUFLꢀGHꢀFRQWDFWHUꢀOHꢀ6HUYLFHꢀ  
&OLHQWqOHꢀGHꢀ7$66,02ꢀRXꢀGHꢀ%RVFKꢀDXꢀ  
ꢈꢌꢋꢃꢃꢌ7',6&6ꢈꢀꢎSRXUꢀOHVꢀeꢌ8ꢀXQLTXHꢌ  
PHQWꢏꢀRXꢀVXUꢀOHꢀVLWHꢀZZZꢁWDVVLPRꢁFRPꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
IU  
ꢇꢈ  
&RQVHLOVꢀHQꢀFDVꢀGHꢀSDQQH  
/HꢀWDEOHDXꢀjꢀODꢀSDJHꢀVXLYDQWHꢀIRXUQLWꢀGHVꢀVROXWLRQVꢀDX[ꢀSUREOqPHVꢀpYHQWXHOVꢀSRXYDQWꢀ  
VXUYHQLUꢀORUVꢀGHꢀO¶XWLOLVDWLRQꢀGHꢀODꢀPDFKLQHꢀ7$66,02ꢁꢀ6LꢀYRXVꢀQHꢀWURXYH]ꢀSDVꢀODꢀVROXWLRQꢀjꢀ  
YRWUHꢀSUREOqPHꢀRXꢀVLꢀOHꢀSUREOqPHꢀSHUVLVWHꢐꢀDSSHOH]ꢀOHꢀ6HUYLFHꢀ&OLHQWqOHꢀ  
7$66,02ꢀDXꢀꢈꢒꢍꢌꢌꢒ7',6&6ꢈꢀꢏꢈꢒꢍꢌꢌꢒꢍꢆꢇꢒꢌꢂꢌꢈꢐꢁ  
i5HPDUTXHꢀꢅ  
6LꢀYRXVꢀDYH]ꢀSHUGXꢀXQHꢀFRXURQQHꢀGHꢀSHUoDJHꢀRXꢀXQꢀ7ꢀ',6&ꢀGHꢀ6HUYLFHꢐꢀYRXVꢀSRXYH]ꢀHQꢀ  
DFKHWHUꢀHQꢀFRQWDFWDQWꢀOHꢀ6HUYLFHꢀ&OLHQWqOHꢀGHꢀ7$66,02ꢀRXꢀGHꢀ%RVFKꢀDXꢀꢈꢌꢋꢃꢃꢌ7',6&6ꢈꢀ  
ꢎSRXUꢀOHVꢀeꢌ8ꢀXQLTXHPHQWꢏꢀRXꢀVXUꢀOHꢀVLWHꢀZZZꢁWDVVLPRꢁFRPꢁ  
3UREOqPH  
&DXVHꢀꢉꢀ,QVWUXFWLRQ  
6ROXWLRQ  
/¶DSSDUHLOꢀQHꢀIRQFWLRQQHꢀSDVꢁꢀ /¶DSSDUHLOꢀQ¶HVWꢀSHXWꢀrWUHꢀSDVꢀ 9pUL¿H]ꢀVLꢀO¶DSSDUHLOꢀHVWꢀELHQꢀEUDQFKpꢀ  
$XFXQꢀpOpPHQWꢀG¶DI¿FKDJHꢀ DOLPHQWpꢀHQꢀFRXUDQWꢁ  
QHꢀV¶DOOXPHꢁ  
VXUꢀXQHꢀSULVHꢀpOHFWULTXHꢁ  
/DꢀSHUFRODWLRQꢀDꢀELHQꢀOLHXꢀ  
/HꢀUpVHUYRLUꢀG¶HDXꢀQ¶HVWꢀSDVꢀ 9pUL¿H]ꢀVLꢀOHꢀUpVHUYRLUꢀG¶HDXꢀHVWꢀ  
PDLVꢀODꢀERLVVRQꢀQHꢀV¶pFRXOHꢀ FRUUHFWHPHQWꢀSRVLWLRQQpꢁ  
FRUUHFWHPHQWꢀSRVLWLRQQpꢁ  
/HꢀUpVHUYRLUꢀG¶HDXꢀDꢀpWpꢀUHꢌ /DQFH]ꢀXQꢀF\FOHꢀGHꢀULQoDJHꢀjꢀO¶DLGHꢀ  
WLUpꢀHQꢀFRXUVꢀGHꢀSHUFRODWLRQꢀ GXꢀ7ꢀ',6&ꢀGHꢀ6HUYLFHꢁ  
RXꢀELHQꢀOHꢀV\VWqPHꢀFRQWLHQWꢀ  
SDVꢁꢀ  
GHꢀO¶DLUꢁ  
/HꢀÀRWWHXUꢀGXꢀUpVHUYRLUꢀ  
G¶HDXꢀHVWꢀFRLQFpꢁ  
1HWWR\H]ꢀOHꢀUpVHUYRLUꢀHWꢀGpEORTXH]ꢀ  
OHꢀÀRWWHXUꢁ  
,OꢀVRUWꢀPRLQVꢀGHꢀERLVVRQꢀTXHꢀ /HꢀUpVHUYRLUꢀG¶HDXꢀFRQWLHQWꢀ $SUqVꢀODꢀSUpSDUDWLRQꢀGHꢀODꢀERLVVRQꢐꢀ  
G¶KDELWXGHꢁ  
WURSꢀSHXꢀG¶HDXꢁ  
UHPSOLVVH]ꢀOHꢀUpVHUYRLUꢀSXLVꢀDSSX\H]ꢀ  
VXUꢀOHꢀERXWRQꢀ'pPDUUDJHꢀꢑꢀ$UUrWꢁꢀ  
/DꢀSUpSDUDWLRQꢀGHꢀYRWUHꢀERLVVRQꢀ  
UHSUHQGꢁ  
/¶DSSDUHLOꢀGRLWꢀrWUHꢀGpWDUWUpꢁ 'pWDUWUH]ꢀO¶DSSDUHLOꢀFRPPHꢀGpFULWꢀDXꢀ  
FKDSLWUHꢀ©ꢀ'pWDUWUDJHꢀªꢁ  
/¶DSSDUHLOꢀSURGXLWꢀSOXVꢀGHꢀ  
YDSHXUꢀTXHꢀG¶KDELWXGHꢁ  
/¶DSSDUHLOꢀGRLWꢀrWUHꢀGpWDUWUpꢁ 'pWDUWUH]ꢀO¶DSSDUHLOꢀFRPPHꢀGpFULWꢀDXꢀ  
FKDSLWUHꢀ©ꢀ'pWDUWUDJHꢀªꢁ  
/¶DSSDUHLOꢀQHꢀUHFRQQDvWꢀSDVꢀ /¶DSSDUHLOꢀQ¶HVWꢀSDVꢀDOOXPpꢁ $VVXUH]ꢌYRXVꢀTXHꢀO¶DSSDUHLOꢀHVWꢀ  
OHꢀ7ꢀ',6&ꢀPLVꢀHQꢀSODFHꢀHWꢀ  
UHVWHꢀHQꢀYHLOOHꢀRXꢀOHꢀYR\DQWꢀ  
G¶pWDWꢀFꢀHVWꢀDOOXPpꢀHQꢀ  
URXJHꢁ  
DOOXPpꢀDYDQWꢀGHꢀPHWWUHꢀHQꢀSODFHꢀXQꢀ  
7ꢀ',6&ꢁ  
$XFXQꢀ7ꢀ',6&ꢀQ¶DꢀpWpꢀPLVꢀ 9pUL¿H]ꢀVLꢀXQꢀ7ꢀ',6&ꢀDꢀELHQꢀpWpꢀPLVꢀ  
HQꢀSODFHꢁ  
HQꢀSODFHꢁ  
/HꢀFRGHꢌEDUUHꢀQ¶HVWꢀSDVꢀ  
UHFRQQXꢁ  
1HWWR\H]ꢀODꢀIHQrWUHꢀGHꢀOHFWXUHꢀGXꢀ  
7ꢀ',6&ꢀHWꢀSRXVVH]ꢀOHꢀFRGHꢌEDUUHꢀ  
YHUVꢀOHꢀEDVꢀDYHFꢀOHꢀSRXFHꢁ  
8WLOLVH]ꢀXQꢀQRXYHDXꢀ7ꢀ',6&ꢁ  
6¶LOꢀHVWꢀLPSRVVLEOHꢀGHꢀUpJOHUꢀOHꢀ  
SUREOqPHꢐꢀFRQWDFWH]ꢀOꢀHꢀ6HUYLFHꢀ  
&OLHQWqOHꢀGHꢀ7$66,02  
/HꢀV\VWqPHꢀGHꢀSHUFRODWLRQꢀ 1HWWR\H]ꢀVRLJQHXVHPHQWꢀOHꢀV\VWqPHꢀ  
Q¶HVWꢀSDVꢀFRUUHFWHPHQWꢀ  
IHUPpꢁ  
GHꢀSHUFRODWLRQꢐꢀVXUWRXWꢀDXꢀQLYHDXꢀGHꢀ  
ODꢀIHUPHWXUHꢁ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢇꢂ  
IU  
3UREOqPH  
&DXVHꢀꢉꢀ,QVWUXFWLRQ  
6ROXWLRQ  
/DꢀFUqPHꢀHVWꢀPRLQVꢀ  
RQFWXHXVHꢁ  
/HꢀEHFꢀYHUVHXUꢀHVWꢀHQFUDVVpꢀ 5HWLUH]ꢀOHꢀEHFꢀYHUVHXUꢀGXꢀV\VWqPHꢀ  
RXꢀREVWUXpꢁ  
GHꢀSHUFRODWLRQꢀHWꢀHQOHYH]ꢀODꢀFRXꢌ  
URQQHꢀGHꢀSHUoDJHꢁꢀ7RXWꢀQHWWR\HUꢀ  
VRLJQHXVHPHQWꢐꢀUHPRQWHUꢀHWꢀUHꢌ  
PHWWUHꢀHQꢀSODFHꢁ  
1HWWR\H]ꢀOHꢀV\VWqPHꢀGHꢀSHUFRODWLRQꢀ  
jꢀO¶DLGHꢀGXꢀ7ꢀ',6&ꢀGHꢀ6HUYLFHꢁ  
'pWDUWUH]ꢀO¶DSSDUHLOꢀFRPPHꢀGpFULWꢀDXꢀ  
FKDSLWUHꢀ©ꢀ'pWDUWUDJHꢀªꢁ  
/¶DSSDUHLOꢀHVWꢀHQWDUWUpꢁ  
,PSRVVLEOHꢀGHꢀYHUURXLOOHUꢀOHꢀ /DꢀFRXURQQHꢀGHꢀSHUoDJHꢀ  
3RVLWLRQQH]ꢀFRUUHFWHPHQWꢀODꢀ  
V\VWqPHꢀGHꢀSHUFRODWLRQꢁ  
GXꢀ7ꢀ',6&ꢀRXꢀOHꢀVXSSRUWꢀGXꢀ FRXURQQHꢀGHꢀSHUoDJHꢀGXꢀ7ꢀ',6&ꢀꢀ  
7ꢀ',6&ꢀQHꢀVRQWꢀSDVꢀELHQꢀ  
SRVLWLRQQpVꢁ  
RXꢀOHꢀVXSSRUWꢀGXꢀ7ꢀ',6&ꢁ  
/Hꢀ7ꢀ',6&ꢀQ¶HVWꢀSDVꢀELHQꢀ  
SRVLWLRQQpꢁ  
3RVLWLRQQH]ꢀFRUUHFWHPHQWꢀOHꢀ7ꢀ',6&ꢀ  
HWꢀELHQꢀSRVLWLRQQHUꢀO¶HQFRFKHꢁ  
/HꢀV\VWqPHꢀGHꢀSHUFRODWLRQꢀ 3RXVVH]ꢀODꢀSRLJQpHꢀYHUVꢀO¶DSSDUHLOꢀ  
Q¶HVWꢀSDVꢀFRUUHFWHPHQWꢀ  
IHUPpꢁ  
MXVTX¶jꢀFHꢀTX¶HOOHꢀV¶HQFOHQFKHꢀGHꢀ  
PDQLqUHꢀDXGLEOHꢁ  
1HWWR\H]ꢀVRLJQHXVHPHQWꢀOHꢀV\VWqPHꢀ  
GHꢀSHUFRODWLRQꢐꢀVXUWRXWꢀDXꢀQLYHDXꢀGHꢀ  
ODꢀIHUPHWXUHꢁ  
,PSRVVLEOHꢀG¶RXYULUꢀOHꢀ  
ꢀV\VWqPHꢀGHꢀSHUFRODWLRQꢁ  
/HꢀYHUURXLOODJHꢀGXꢀV\VWqPHꢀ  
GHꢀSHUFRODWLRQꢀHVWꢀHQFRUHꢀ  
DFWLIꢁ  
$WWHQGH]ꢀTXHꢀOHꢀYR\DQWꢀG¶pWDWꢀFꢀꢎꢊFꢏꢀ  
DLWꢀFHVVpꢀGHꢀFOLJQRWHUꢀDYDQWꢀG¶RXYULUꢀ  
OHꢀV\VWqPHꢀGHꢀSHUFRODWLRQꢁ  
'HVꢀJRXWWHVꢀV¶pFKDSSHQWꢀGXꢀ /Hꢀ7ꢀ',6&ꢀHVWꢀHQGRPPDJpꢀ $UUrWH]ꢀODꢀSHUFRODWLRQꢐꢀDWWHQGH]ꢀ  
V\VWqPHꢀGHꢀSHUFRODWLRQꢁ  
RXꢀQ¶HVWꢀSDVꢀpWDQFKHꢁ  
TXHꢀO¶DSSDUHLOꢀVRLWꢀIURLGꢐꢀUHWLUH]ꢀOHꢀ  
7ꢀ',6&ꢀHWꢀQHWWR\H]ꢀOHꢀV\VWqPHꢀGHꢀ  
SHUFRODWLRQꢁ  
/DꢀFRXURQQHꢀGHꢀSHUoDJHꢀ  
3RVLWLRQQH]ꢀFRUUHFWHPHQWꢀODꢀ  
Q¶HVWꢀSDVꢀELHQꢀSRVLWLRQQpHꢁ ꢀFRXURQQHꢀGHꢀSHUoDJHꢁ  
,OꢀV¶DJLWꢀG¶HDXꢀGHꢀ ,OꢀSHXWꢀVHꢀSURGXLUHꢀXQHꢀFRQGHQVDWLRQꢀ  
3UpVHQFHꢀG¶HDXꢀVXUꢀODꢀVXUꢌ  
IDFHꢀVLWXpHꢀVRXVꢀOHꢀVXSSRUWꢀ FRQGHQVDWLRQꢁ  
GHꢀWDVVHꢁ  
HWꢀFHꢀQ¶HVWꢀSDVꢀXQꢀGpIDXWꢁꢀ(VVX\H]ꢀ  
DYHFꢀXQꢀFKLIIRQꢁ  
/Hꢀꢀ7ꢀ',6&ꢀGHꢀVHUYLFHꢀHVWꢀ /Hꢀ7ꢀ',6&ꢀGHꢀ6HUYLFHꢀHVWꢀ  
9pUL¿H]ꢀO¶pWDWꢀGXꢀFDVLHUꢀGXꢀ7ꢀ',6&ꢀ  
GHꢀ6HUYLFHꢀDXꢀGRVꢀGHꢀO¶DSSDUHLOꢁ  
9RXVꢀSRXYH]ꢀFRPPDQGHUꢀOHꢀ  
7ꢀ',6&ꢀGHꢀ6HUYLFHꢀDXSUqVꢀGXꢀ  
6HUYLFHꢀ&OLHQWqOHꢀGHꢀ7$66,02ꢀ  
DXꢀꢈꢌꢋꢃꢃꢌ7',6&6ꢈꢀꢎSRXUꢀOHVꢀeꢌ8ꢀ  
XQLTXHPHQWꢏꢀRXꢀVXUꢀOHꢀVLWHꢀꢀ  
ZZZꢁWDVVLPRꢁFRPꢁ  
HQGRPPDJpꢀRXꢀSHUGXꢁ  
QpFHVVDLUHꢀSRXUꢀOHꢀQHWꢌ  
WR\DJHꢀHWꢀOHꢀGpWDUWUDJHꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
IU  
ꢇꢆ  
3UREOqPH  
)XLWHꢀRXꢀpFODWHPHQWꢀGXꢀ  
7ꢀ',6&ꢁ  
&DXVHꢀꢉꢀ,QVWUXFWLRQ  
)LOWUHꢀREWXUpꢀGDQVꢀ7ꢀ',6&ꢀ  
HQꢀUDLVRQꢀGHꢀO¶XWLOLVDWLRQꢀ  
G¶HDXꢀFKLPLTXHPHQWꢀ  
DGRXFLHꢁ  
6ROXWLRQ  
9pUL¿HUꢀTXHꢀO¶HDXꢀQ¶DꢀSDVꢀpWpꢀWUDLWpHꢀ  
SDUꢀXQꢀDGRXFLVVDQWꢀjꢀEDVHꢀGHꢀ  
VRGLXPꢁꢀ6LꢀO¶HDXꢀDꢀpWpꢀDGRXFLHꢀFKLPLꢌ  
TXHPHQWꢐꢀYLGHUꢀOHꢀUpVHUYRLUꢐꢀULQFHUꢀ  
WURLVꢀIRLVꢀDYHFꢀGHꢀO¶HDXꢀQRQꢀDGRXFLHꢀ  
FKLPLTXHPHQWꢀHWꢀUHPSOLUꢀGHꢀQRXYHDXꢀ  
OHꢀUpVHUYRLUꢁꢀ'pPDUUHUꢀXQꢀF\FOHꢀGHꢀ  
ODYDJHꢀjꢀO¶DLGHꢀGXꢀGLVTXHꢀGHꢀVHUYLFHꢁ  
/HꢀÀRWWHXUꢀGXꢀUpVHUYRLUꢀ  
G¶HDXꢀHVWꢀFRLQFpꢁ  
1HWWR\H]ꢀOHꢀUpVHUYRLUꢀHWꢀGpEORTXH]ꢀ  
OHꢀÀRWWHXUꢁ  
Tꢀ©ꢀ5HPSOLUꢀOHꢀUpVHUYRLUꢀ  
G¶HDXꢀªꢀV¶DOOXPHꢀELHQꢀTX¶LOꢀ\ꢀ  
DLWꢀVXI¿VDPPHQWꢀG¶HDXꢀGDQVꢀ  
OHꢀUpVHUYRLUꢁ  
0rPHꢀO¶HDXꢀGpPLQpUDOLVpHꢀ 9HXLOOH]ꢀGpWDUWUHUꢀO¶DSSDUHLOꢁꢀꢀ  
FRQWLHQWꢀGHꢀIDLEOHVꢀTXDQWLWpVꢀ 9RXVꢀWURXYHUH]ꢀXQꢀSURGXLWꢀGHꢀ  
'ꢀ©ꢀ'pWDUWUHUꢀªꢀV¶DOOXPHꢀ  
ELHQꢀTXHꢀO¶RQꢀXWLOLVHꢀGHꢀO¶HDXꢀ  
GpPLQpUDOLVpHꢁꢀ  
GHꢀFDOFDLUHꢁꢀ  
ꢀGpWDUWUDJHꢀDGDSWpꢀSDUꢀOHꢀELDLVꢀGHꢀꢀ  
ZZZꢁWDVVLPRꢁFRPꢐꢀꢀDXSUqVꢀGXꢀ  
ꢀ6HUYLFHꢀ$SUqVꢌ9HQWHꢀ%RVFKꢀꢎ1RꢀGHꢀ  
UpIꢁꢀꢊꢈꢆꢄꢉꢃꢐꢀFRQWDFWꢀYRLUꢀSDJHꢀꢃꢈꢏꢀRXꢀ  
GDQVꢀOHVꢀFRPPHUFHVꢀVSpFLDOLVpVꢁ  
/LQGLFDWHXUꢀSRXUꢀOHꢀUHPꢌ  
3URFpGH]ꢀFRPPHꢀLQGLTXpꢀ 6LꢀO¶LQGLFDWHXUꢀGHꢀUHPSODFHPHQWꢀGHꢀ  
SODFHPHQWꢀGHꢀODꢀFDUWRXFKHꢀ SDJHꢀꢊꢆꢁ  
¿OWUDQWHꢀQHꢀIRQFWLRQQHꢀSOXVꢁ  
ODꢀFDUWRXFKHꢀ¿OWUDQWHꢀQHꢀIRQFWLRQQHꢀ  
WRXMRXUVꢀSDVꢐꢀPHUFLꢀGHꢀFRQWDFWHUꢀ  
OHꢀ6HUYLFHꢀ&OLHQWqOHꢀGHꢀ7$66,02ꢀ  
DXꢀꢈꢌꢋꢃꢃꢌ7',6&6ꢈꢀꢎSRXUꢀOHVꢀeꢌ8ꢀ  
XQLTXHPHQWꢏꢀRXꢀVXUꢀOHꢀVLWHꢀꢀ  
ZZZꢁWDVVLPRꢁFRPꢁ  
3RXUꢀSOXVꢀG¶LQIRUPDWLRQVꢀVXUꢀOHꢀ6HUYLFHꢀ&OLHQWqOHꢐꢀFRQVXOWH]ꢀHQꢀOLJQHꢀꢍꢀ  
ZZZꢁWDVVLPRꢁFRP  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢇꢇ  
IU  
'e&/$5$7,21ꢀ'(ꢀ*$5$17,(ꢀ/,0,7e(  
7DVVLPRꢀSDUꢀ%RVFK  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
2EMHWꢀHWꢀEpQp¿FLDLUHꢀGHꢀODꢀJDUDQWLHꢀꢅꢀ/DꢀJDUDQWLHꢀOLPLWHꢀRIIHUWHꢀSDUꢀ%6+ꢀ+RPHꢀ$SSOLDQFHVꢀ  
%RVFKꢀGDQVꢀOHVꢀSUpVHQWHVꢀQHꢀFRQFHUQHꢀTXHꢀOHꢀSURGXLWꢀ7DVVLPRꢀSDUꢀ%RVFKꢀꢎOHꢀ©ꢀ3URGXLWꢀªꢏꢀ  
YHQGXꢀDXꢀSUHPLHUꢀDFTXpUHXUꢀHWꢀXWLOLVDWHXUꢐꢀjꢀFRQGLWLRQꢀTX¶LOꢀDLWꢀpWpꢀDFKHWpꢀVHORQꢀOHVꢀFRQGLWLRQVꢀ  
VXLYDQWHVꢀꢍꢀꢈꢏꢀLOꢀpWDLWꢀGHVWLQpꢀjꢀXQHꢀXWLOLVDWLRQꢀGRPHVWLTXHꢀꢎQRQꢀFRPPHUFLDOHꢏꢀQRUPDOHꢐꢀHWꢀLOꢀ  
Q¶DꢀpWpꢀHQꢀIDLWꢀXWLOLVpꢀTX¶jꢀGHꢀWHOOHVꢀ¿QVꢀꢔꢀꢇꢏꢀLOꢀDꢀpWpꢀYHQGXꢀjꢀO¶pWDWꢀQHXIꢀSDUꢀXQꢀGpWDLOODQWꢀꢎHWꢀQRQꢀ  
jꢀWLWUHꢀGHꢀGpPRQVWUDWHXUꢐꢀHQꢀO¶pWDWꢀRXꢀHQꢀWDQWꢀTXHꢀPRGqOHꢀUHWRXUQpꢏꢐꢀHWꢀLOꢀQ¶pWDLWꢀSDVꢀGHVWLQpꢀjꢀ  
ODꢀUHYHQWHꢀRXꢀjꢀXQHꢀXWLOLVDWLRQꢀFRPPHUFLDOHꢀꢔꢀꢊꢏꢀLOꢀDꢀpWpꢀYHQGXꢀDXꢀ&DQDGDꢀRXꢀDX[ꢀeWDWVꢌ8QLVꢀ  
HWꢀQ¶DꢀMDPDLVꢀpWpꢀVRUWLꢀGXꢀSD\VꢀRꢀLOꢀDꢀpWpꢀDFKHWpꢁꢀ/DꢀJDUDQWLHꢀQHꢀV¶DSSOLTXHꢀTX¶DXꢀSUHPLHUꢀ  
DFTXpUHXUꢀHWꢀQ¶HVWꢀGRQFꢀSDVꢀFHVVLEOHꢁ  
1¶RPHWWH]ꢀSDVꢀGHꢀQRXVꢀUHQYR\HUꢀODꢀFDUWHꢀG¶HQUHJLVWUHPHQWꢁꢀ0rPHꢀVLꢀFHꢀQ¶HVWꢀSDVꢀREOLJDWRLUHꢀ  
SRXUꢀEpQp¿FLHUꢀGHꢀODꢀJDUDQWLHꢐꢀF¶HVWꢀOHꢀPHLOOHXUꢀPR\HQꢀSRXUꢀ%RVFKꢀGHꢀYRXVꢀDYLVHUꢀGDQVꢀOHꢀ  
FDVꢀSHXꢀSUREDEOHꢀRꢀOHꢀ3URGXLWꢀIHUDLWꢀO¶REMHWꢀG¶XQꢀDYLVꢀGHꢀVpFXULWpꢀRXꢀG¶XQꢀUDSSHOꢁ  
'XUpHꢀGHꢀODꢀJDUDQWLHꢀꢅꢀ%RVFKꢀJDUDQWLWꢀTXHꢀOHꢀ3URGXLWꢀHVWꢀH[HPSWꢀGHꢀWRXWꢀYLFHꢀGHꢀPDWpULDXꢀ  
RXꢀGHꢀIDEULFDWLRQꢀSHQGDQWꢀXQHꢀSpULRGHꢀGHꢀWURLVꢀFHQWꢀVRL[DQWHꢌFLQTꢀꢎꢊꢉꢅꢏꢀMRXUVꢀjꢀFRPSWHUꢀGHꢀ  
ODꢀGDWHꢀG¶DFKDWꢁꢀ&HWWHꢀSpULRGHꢀFRPPHQFHꢀjꢀODꢀGDWHꢀGHꢀO¶DFKDWꢐꢀHWꢀHOOHꢀQ¶HVWꢀQLꢀUHSRUWpHꢐꢀQLꢀ  
SURURJpHꢐꢀQLꢀVXVSHQGXHꢀSRXUꢀDXFXQꢀPRWLIꢁꢀ  
5pSDUDWLRQꢀRXꢀUHPSODFHPHQWꢀ±ꢀYRWUHꢀVHXOꢀUHFRXUVꢀꢅꢀ3HQGDQWꢀODꢀGXUpHꢀGHꢀYDOLGLWpꢀGHꢀODꢀ  
JDUDQWLHꢐꢀ%RVFKꢀRXꢀO¶XQꢀGHꢀVHVꢀIRXUQLVVHXUVꢀGHꢀVHUYLFHꢀDXWRULVpVꢀUpSDUHꢀYRWUHꢀ3URGXLWꢀVDQVꢀ  
YRXVꢀLPSXWHUꢀGHꢀIUDLVꢀꢎVRXVꢀUpVHUYHꢀGHꢀFHUWDLQHVꢀOLPLWHVꢀpQRQFpHVꢀGDQVꢀOHVꢀSUpVHQWHVꢏꢀVLꢀ  
YRWUHꢀ3URGXLWꢀV¶DYqUHꢀFRPSRUWHUꢀGHVꢀYLFHVꢀGHꢀPDWpULDXꢀRXꢀGHꢀIDEULFDWLRQꢁꢀ6LꢀGHVꢀWHQWDWLYHVꢀ  
UDLVRQQDEOHVꢀGHꢀUpSDUHUꢀOHꢀ3URGXLWꢀQ¶RQWꢀGRQQpꢀDXFXQꢀUpVXOWDWꢐꢀ%RVFKꢀOHꢀUHPSODFHꢀꢎRXꢀYRXVꢀ  
IRXUQLWꢐꢀjꢀVRQꢀJUpꢀHWꢀjꢀIUDLVꢀHQꢀVXVꢐꢀXQꢀPRGqOHꢀGHꢀPHLOOHXUHꢀTXDOLWpꢏꢁꢀ/HVꢀSLqFHVꢀHWꢀFRPSRVDQWHVꢀ  
UHWLUpHVꢀ GHYLHQQHQWꢀ ODꢀ SURSULpWpꢀ GHꢀ %RVFKꢀ jꢀ VRQꢀ VHXOꢀ JUpꢁꢀ /HVꢀ SLqFHVꢀ UHPSODFpHVꢀ RXꢀ  
UpSDUpHVꢀGHYLHQQHQWꢀGHVꢀSLqFHVꢀG¶RULJLQHꢀDX[ꢀ¿QVꢀGHꢀODꢀJDUDQWLHꢐꢀHWꢀODꢀJDUDQWLHꢀQ¶HVWꢀSDVꢀ  
SURORQJpHꢀjꢀOHXUꢀpJDUGꢁꢀ/DꢀUHVSRQVDELOLWpꢀGHꢀ%RVFKꢀHQꢀYHUWXꢀGHꢀODꢀJDUDQWLHꢀFRQVLVWHꢀjꢀIDLUHꢀ  
UpSDUHUꢀOHꢀ3URGXLWꢀFRPSRUWDQWꢀXQꢀYLFHꢀGHꢀIDEULFDWLRQꢀSDUꢀXQꢀIRXUQLVVHXUꢀGHꢀVHUYLFHVꢀDJUppꢀ  
HWꢀSHQGDQWꢀGHVꢀKHXUHVꢀGHꢀWUDYDLOꢀQRUPDOHVꢁꢀ3RXUꢀpYLWHUꢀOHVꢀDWWHLQWHVꢀjꢀODꢀVpFXULWpꢀRXꢀOHVꢀ  
GRPPDJHVꢀPDWpULHOVꢐꢀ%RVFKꢀYRXVꢀUHFRPPDQGHꢀLQVWDPPHQWꢀGHꢀQHꢀSDVꢀUpSDUHUꢀYRXVꢌPrPHꢀ  
OHꢀ3URGXLWꢀHWꢀGHꢀQHꢀSDVꢀIDLUHꢀDIIDLUHꢀjꢀXQꢀIRXUQLVVHXUꢀGHꢀVHUYLFHVꢀTXLꢀQ¶HVWꢀSDVꢀDJUppꢁꢀ%RVFKꢀ  
Q¶DVVXPHꢀDXFXQHꢀUHVSRQVDELOLWpꢀjꢀO¶pJDUGꢀGHꢀUpSDUDWLRQVꢀRXꢀG¶LQWHUYHQWLRQVꢀTXLꢀVRQWꢀOHꢀIDLWꢀ  
G¶XQꢀIRXUQLVVHXUꢀGHꢀVHUYLFHVꢀQRQꢀDJUppꢁꢀ  
6LꢀYRXVꢀGpFLGH]ꢀGHꢀFRQ¿HUꢀOHꢀ3URGXLWꢀjꢀXQꢀIRXUQLVVHXUꢀGHꢀVHUYLFHVꢀTXLꢀQ¶HVWꢀSDVꢀDJUppꢐꢀODꢀ  
*$5$17,(ꢀ '(9,(17ꢀ $8720$7,48(0(17ꢀ &$'848(ꢁꢀ /HVꢀ IRXUQLVVHXUVꢀ GHꢀ VHUYLFHVꢀ  
DJUppVꢀ VRQWꢀ OHVꢀ SHUVRQQHVꢀ RXꢀ HQWUHSULVHVꢀ TXLꢀ RQWꢀ UHoXꢀ XQHꢀ IRUPDWLRQꢀ VSpFLDOHꢀ VXUꢀ OHVꢀ  
SURGXLWVꢀGHꢀ%RVFKꢀHWꢀTXLꢀSRVVqGHQWꢐꢀGHꢀO¶DYLVꢀGHꢀ%RVFKꢐꢀODꢀUpSXWDWLRQꢀG¶RIIULUꢀXQꢀVHUYLFHꢀGHꢀ  
TXDOLWpꢀVXSpULHXUHꢀHWꢀGHꢀSRVVpGHUꢀO¶DSWLWXGHꢀWHFKQLTXHꢀQpFHVVDLUHꢁꢀꢎ&HVꢀIRXUQLVVHXUVꢀVRQWꢀ  
WRXWHIRLVꢀGHVꢀHQWLWpVꢀLQGpSHQGDQWHVꢀHWꢀQRQꢀGHVꢀDJHQWVꢐꢀSDUWHQDLUHVꢐꢀDI¿OLpVꢀRXꢀUHSUpVHQWDQWVꢀ  
GHꢀ%RVFKꢁꢏꢀ(QꢀGpSLWꢀGHꢀFHꢀTXLꢀSUpFqGHꢐꢀ%RVFKꢀQ¶DVVXPHꢀDXFXQHꢀUHVSRQVDELOLWpꢀjꢀO¶pJDUGꢀ  
G¶XQꢀ3URGXLWꢀTXLꢀVHꢀWURXYHꢀjꢀXQꢀHQGURLWꢀLVROpꢀꢎjꢀSOXVꢀGHꢀꢈꢉꢆꢀNPꢀG¶XQꢀIRXUQLVVHXUꢀGHꢀVHUYLFHVꢀ  
DJUppꢏꢀ RXꢀ jꢀ XQꢀ HQGURLWꢀ RXꢀ GDQVꢀ XQꢀ PLOLHXꢀ UDLVRQQDEOHPHQWꢀ LQDFFHVVLEOHꢐꢀ GDQJHUHX[ꢐꢀ  
PHQDoDQWꢀRXꢀSpULOOHX[ꢐꢀDXTXHOꢀFDVꢐꢀjꢀYRWUHꢀGHPDQGHꢐꢀ%RVFKꢀUqJOHꢀOHVꢀIUDLVꢀGHꢀPDLQꢌG¶°XYUHꢀ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
IU  
ꢇꢊ  
HWꢀGHꢀSLqFHVꢀHWꢀHQYRLHꢀOHVꢀSLqFHVꢀDXꢀIRXUQLVVHXUꢀGHꢀVHUYLFHVꢀDJUppꢀOHꢀSOXVꢀSURFKHꢁꢀ9RXVꢀrWHVꢀ  
WRXWHIRLVꢀHQWLqUHPHQWꢀUHVSRQVDEOHꢀGHVꢀGpSODFHPHQWVꢀRXꢀDXWUHVꢀIUDLVꢀVSpFLDX[ꢀSHUoXVꢀSDUꢀOHꢀ  
IRXUQLVVHXUꢀGHꢀVHUYLFHVꢀV¶LOꢀDFFHSWHꢀGHꢀVHꢀUHQGUHꢀjꢀYRWUHꢀGRPLFLOHꢁ  
([SLUDWLRQꢀGHꢀODꢀJDUDQWLHꢀꢅꢀ%RVFKꢀQ¶HVWꢀSDVꢀWHQXHꢐꢀOpJDOHPHQWꢀRXꢀDXWUHPHQWꢐꢀGHꢀYRXVꢀRIIULUꢀ  
GHVꢀFRQFHVVLRQVꢀWHOOHVꢀTXHꢀGHVꢀUpSDUDWLRQVꢐꢀGHVꢀGHYLVꢀRXꢀGHVꢀSURGXLWVꢀGHꢀUHFKDQJHꢀDSUqVꢀ  
TXHꢀODꢀJDUDQWLHꢀVRLWꢀDUULYpHꢀjꢀH[SLUDWLRQꢁ  
([FOXVLRQVꢀꢅꢀ/DꢀJDUDQWLHꢀpQRQFpHꢀGDQVꢀOHVꢀSUpVHQWHVꢀH[FOXWꢀOHVꢀGpIDXWVꢀRXꢀGpJkWVꢀTXLꢀQHꢀ  
VRQWꢀSDVꢀFDXVpVꢀSDUꢀXQHꢀGpIDLOODQFHꢀGHꢀ%RVFKꢐꢀ\ꢀFRPSULVꢐꢀVDQVꢀOLPLWDWLRQꢐꢀO¶XQꢀRXꢀO¶DXWUHꢀGHVꢀ  
pOpPHQWVꢀVXLYDQWVꢀꢍꢀꢈꢏꢀO¶XWLOLVDWLRQꢀGXꢀ3URGXLWꢀjꢀXQHꢀ¿QꢀGLIIpUHQWHꢀGHꢀFHOOHꢀTXLꢀHVWꢀQRUPDOHꢐꢀ  
KDELWXHOOHꢀ HWꢀ SUpYXHꢀ ꢎ\ꢀ FRPSULVꢐꢀ VDQVꢀ OLPLWDWLRQꢐꢀ WRXWHꢀ IRUPHꢀ G¶XWLOLVDWLRQꢀ FRPPHUFLDOHꢐꢀ  
G¶HPSORLꢀRXꢀG¶HQWUHSRVDJHꢀjꢀO¶H[WpULHXUꢀG¶XQꢀSURGXLWꢀFHQVpꢀGHPHXUHUꢀjꢀO¶LQWpULHXUꢐꢀO¶XWLOLVDWLRQꢀ  
GXꢀ 3URGXLWꢀ GDQVꢀ XQꢀ DpURQHIꢀ RXꢀ XQꢀ EDWHDXꢏꢀꢔꢀ ꢇꢏꢀ O¶LQFRQGXLWHꢐꢀ ODꢀ QpJOLJHQFHꢐꢀ ODꢀ PDXYDLVHꢀ  
XWLOLVDWLRQꢐꢀ OHꢀ PpVXVDJHꢐꢀ OHVꢀ DFFLGHQWVꢐꢀ ODꢀ QpJOLJHQFHꢐꢀ OHꢀ IRQFWLRQQHPHQWꢀ LQFRUUHFWꢐꢀ OHꢀ  
PDQTXHꢀ G¶HQWUHWLHQꢐꢀ O¶LQVWDOODWLRQꢀ LQFRUUHFWHꢀ RXꢀ QpJOLJHQWHꢐꢀ OHꢀ QRQꢌUHVSHFWꢀ GHꢀ ODꢀ QRWLFHꢀ  
G¶HPSORLꢐꢀODꢀPDXYDLVHꢀPDQLSXODWLRQꢐꢀOHꢀVHUYLFHꢀQRQꢀDXWRULVpꢀꢎ\ꢀFRPSULVꢀOHꢀGpSDQQDJHꢀRXꢀ  
O¶H[SORUDWLRQꢀGHVꢀRUJDQHVꢀLQWHUQHVꢀGHꢀO¶DSSDUHLOꢏꢀꢔꢀꢊꢏꢀXQꢀUpJODJHꢀRXꢀXQHꢀPRGL¿FDWLRQꢀGHꢀWRXWꢀ  
JHQUHꢀꢔꢀꢂꢏꢀOHꢀQRQꢌUHVSHFWꢀGHVꢀFRGHVꢀGHꢀSORPEHULHꢀRXꢀGXꢀEkWLPHQWꢐꢀGHVꢀUqJOHPHQWVꢀRXꢀGHVꢀ  
ORLVꢀ DSSOLFDEOHVꢀ GHꢀ ODꢀ PXQLFLSDOLWpꢐꢀ GHꢀ ODꢀ SURYLQFHꢐꢀ GXꢀ WHUULWRLUHꢀ RXꢀ GXꢀ SD\Vꢐꢀ QRWDPPHQWꢀ  
OHꢀGpIDXWꢀG¶LQVWDOOHUꢀOHꢀ3URGXLWꢀHQꢀVWULFWHꢀFRQIRUPLWpꢀDYHFꢀOHVꢀFRGHVꢀHWꢀUqJOHPHQWVꢀORFDX[ꢀ  
FRQFHUQDQWꢀOHVꢀLQFHQGLHVꢀHWꢀODꢀFRQVWUXFWLRQꢀꢔꢀꢅꢏꢀO¶XVXUHꢀQRUPDOHꢐꢀO¶LQ¿OWUDWLRQꢀG¶DOLPHQWVꢀRXꢀGHꢀ  
OLTXLGHVꢐꢀO¶DFFXPXODWLRQꢀGHꢀJUDLVVHꢀRXꢀG¶DXWUHVꢀVXEVWDQFHVꢀSRXYDQWꢀDXWRXUꢀRXꢀjꢀO¶LQWpULHXUꢀGXꢀ  
3URGXLWꢀꢔꢀꢉꢏꢀOHVꢀIDFWHXUVꢀRXꢀIRUFHVꢀH[WHUQHVꢐꢀFOLPDWLTXHVꢀHWꢑRXꢀHQYLURQQHPHQWDX[ꢐꢀ\ꢀFRPSULVꢀ  
VDQVꢀOLPLWDWLRQꢀODꢀSOXLHꢐꢀOHꢀYHQWꢐꢀOHVꢀLQRQGDWLRQVꢐꢀOHVꢀLQFHQGLHVꢐꢀOHVꢀJOLVVHPHQWVꢀGHꢀWHUUDLQꢐꢀ  
OHꢀJHOꢐꢀO¶KXPLGLWpꢀH[FHVVLYHꢀRXꢀO¶H[SRVLWLRQꢀSURORQJpHꢀjꢀO¶KXPLGLWpꢐꢀODꢀIRXGUHꢐꢀOHVꢀVDXWHVꢀGHꢀ  
SXLVVDQFHꢐꢀOHVꢀGpIDXWVꢀVWUXFWXUHOVꢀDXWRXUꢀGHꢀO¶DSSDUHLOꢀHWꢀOHVꢀGpVDVWUHVꢀQDWXUHOVꢁꢀ%RVFKꢀQHꢀ  
VDXUDLWꢀHQꢀDXFXQꢀFDVꢀrWUHꢀWHQXHꢀUHVSRQVDEOHꢀGHVꢀGRPPDJHVꢀDX[ꢀELHQVꢀHQYLURQQDQWVꢐꢀ\ꢀ  
FRPSULVꢀOHVꢀSODFDUGVꢐꢀSRUWHVꢐꢀSODIRQGVꢀHWꢀDXWUHVꢀVWUXFWXUHVꢀRXꢀREMHWVꢀDXWRXUꢀGXꢀ3URGXLWꢁꢀ/Dꢀ  
JDUDQWLHꢀQHꢀFRXYUHꢀSDVꢀQRQꢀSOXVꢀOHVꢀpJUDWLJQXUHVꢐꢀUD\XUHVꢐꢀSHWLWHVꢀHQWDLOOHVꢀHWꢀGRPPDJHVꢀ  
HVWKpWLTXHVꢀDX[ꢀVXUIDFHVꢀH[WHUQHVꢀHWꢀDX[ꢀSLqFHVꢀH[SRVpHVꢐꢀOHVꢀ3URGXLWVꢀGRQWꢀOHꢀQXPpURꢀ  
GHꢀVpULHꢀDꢀpWpꢀPRGL¿pꢐꢀHIIDFpꢀRXꢀ{WpꢐꢀOHVꢀYLVLWHVꢀGHꢀWHFKQLFLHQVꢀYLVDQWꢀjꢀYRXVꢀHQVHLJQHUꢀjꢀ  
XWLOLVHUꢀOHꢀ3URGXLWꢐꢀOHVꢀYLVLWHVꢀGHꢀWHFKQLFLHQVꢀTXLꢀQHꢀUpYqOHQWꢀDXFXQHꢀGpIHFWXRVLWpꢀGXꢀ3URGXLWꢐꢀ  
ODꢀ UHFWL¿FDWLRQꢀ GHꢀ SUREOqPHVꢀ G¶LQVWDOODWLRQꢀ ꢎYRXVꢀ rWHVꢀ HQWLqUHPHQWꢀ UHVSRQVDEOHꢀ GHꢀ ODꢀ  
VWUXFWXUHꢀHWꢀGHꢀO¶LQVWDOODWLRQꢀGXꢀ3URGXLWꢐꢀDLQVLꢀTXHꢀGHVꢀFRQQH[LRQVꢀpOHFWULTXHVꢐꢀGHꢀSORPEHULHꢀ  
RXꢀDXWUHVꢐꢀGHꢀODꢀVXI¿VDQFHꢀGHꢀODꢀEDVHꢀRXꢀGXꢀSODQFKHUꢀHWꢀGHꢀWRXWHꢀPRGL¿FDWLRQꢐꢀ\ꢀFRPSULVꢀ  
VDQVꢀOLPLWDWLRQꢀOHVꢀSODFDUGVꢐꢀPXUVꢐꢀSODQFKHUVꢐꢀpWDJqUHVꢐꢀHWFꢁꢏꢐꢀDLQVLꢀTXHꢀOHꢀUpDUPHPHQWꢀGHVꢀ  
GLVMRQFWHXUVꢀRXꢀGHVꢀIXVLEOHVꢁ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢇꢋ  
IU  
'DQVꢀ ODꢀ OLPLWHꢀ Rꢀ ODꢀ ORLꢀ OHꢀ SHUPHWꢄꢀ FHWWHꢀ JDUDQWLHꢀ pQRQFHꢀ YRVꢀ UHFRXUVꢀ H[FOXVLIVꢀ jꢀ  
O¶pJDUGꢀ GXꢀ 3URGXLWꢄꢀ TXHꢀ ODꢀ UpFODPDWLRQꢀ H[LVWHꢀ HQꢀ GURLWꢀ FRQWUDFWXHOꢀ RXꢀ GpOLFWXHOꢀ ꢏ\ꢀ  
FRPSULVꢀ ODꢀ UHVSRQVDELOLWpꢀ VWULFWHꢀ RXꢀ ODꢀ QpJOLJHQFHꢐꢀ RXꢀ DXWUHPHQWꢁꢀ /Dꢀ SUpVHQWHꢀ  
JDUDQWLHꢀVHꢀVXEVWLWXHꢀjꢀWRXWHꢀDXWUHꢀJDUDQWLHꢀH[SOLFLWHꢀRXꢀLPSOLFLWHꢁꢀ7RXWHꢀJDUDQWLHꢀ  
OpJDOHꢀLPSOLFLWHꢀGHꢀYDOHXUꢀPDUFKDQGHꢀRXꢀG¶DSWLWXGHꢀjꢀXQHꢀ¿QꢀSDUWLFXOLqUHꢀRXꢀDXWUHꢀ  
Q¶HVWꢀHQꢀYLJXHXUꢀTXHꢀSHQGDQWꢀODꢀSpULRGHꢀGHꢀYDOLGLWpꢀGHꢀODꢀJDUDQWLHꢀOLPLWpHꢁꢀ/HꢀIDEULFDQWꢀ  
Q¶HVWꢀ DXFXQHPHQWꢀ UHVSRQVDEOHꢀ GHVꢀ GRPPDJHVꢄꢀ SHUWHVꢀ RXꢀ IUDLVꢀ FRQVpFXWLIVꢄꢀ  
VSpFLDX[ꢄꢀ LQGLUHFWVꢄꢀ GHꢀ SHUWHꢀ GHꢀ EpQp¿FHVꢀ RXꢀ SXQLWLIVꢄꢀ \ꢀ FRPSULVꢀ VDQVꢀ OLPLWDWLRQꢀ  
OHVꢀDEVHQFHVꢀGXꢀWUDYDLOꢄꢀO¶KpEHUJHPHQWꢀHWꢀOHVꢀUHSDVꢀRXꢀOHVꢀIUDLVꢀGHꢀUHPLVHꢀHQꢀpWDWꢀ  
TXLꢀGpSDVVHQWꢀOHꢀPRQWDQWꢀGHVꢀGRPPDJHVꢀGLUHFWVꢀGp¿QLWLYHPHQWꢀHWꢀH[FOXVLYHPHQWꢀ  
FDXVpVꢀSDUꢀ%RVFKꢀRXꢀDXWUHPHQWꢁꢀ&HUWDLQVꢀWHUULWRLUHVꢀGHꢀFRPSpWHQFHꢀQ¶DXWRULVHQWꢀSDVꢀ  
O¶H[FOXVLRQꢀRXꢀODꢀOLPLWDWLRQꢀGHVꢀGRPPDJHVꢀLQGLUHFWVꢀRXꢀFRQVpFXWLIVꢀRXꢀODꢀOLPLWDWLRQꢀ  
GHꢀODꢀGXUpHꢀGHꢀODꢀJDUDQWLHꢄꢀHWꢀOHVꢀUHVWULFWLRQVꢀFLꢒGHVVXVꢀQHꢀV¶DSSOLTXHURQWꢀGRQFꢀSHXWꢒ  
rWUHꢀSDVꢀGDQVꢀYRWUHꢀFDVꢁꢀ/DꢀSUpVHQWHꢀJDUDQWLHꢀYRXVꢀFRQIqUHꢀGHVꢀGURLWVꢀVSpFL¿TXHVꢄꢀ  
PDLVꢀYRXVꢀSRXYH]ꢀpJDOHPHQWꢀDYRLUꢀG¶DXWUHVꢀGURLWVꢀVHORQꢀO¶HQGURLWꢀRꢀYRXVꢀUpVLGH]ꢁꢀ  
$XFXQHꢀPRGL¿FDWLRQꢀGHꢀODꢀSUpVHQWHꢀJDUDQWLHꢀQ¶HVWꢀYDODEOHꢀjꢀPRLQVꢀG¶DYRLUꢀpWpꢀDXWRULVpHꢀSDUꢀ  
pFULWꢀSDUꢀXQꢀGLULJHDQWꢀGHꢀ%6+ꢁ  
6HUYLFHꢀGHꢀODꢀJDUDQWLHꢀꢅꢀ3RXUꢀIDLUHꢀUpSDUHUꢀOHꢀ3URGXLWꢀHQꢀYHUWXꢀGHꢀODꢀJDUDQWLHꢐꢀFRPPXQLTXH]ꢀ  
DYHFꢀOHꢀFHQWUHꢀGHꢀVHUYLFHꢀDJUppꢀGHꢀ%RVFKꢀVHꢀWURXYDQWꢀOHꢀSOXVꢀSUqVꢀGHꢀFKH]ꢀYRXVꢁ  
%6+ꢀ+RPHꢀ$SSOLDQFHV  
ꢈꢄꢆꢈꢀ0DLQꢀ6WUHHWꢐꢀ,UYLQHꢐꢀ&$ꢀꢄꢇꢉꢈꢂꢀꢑꢀꢋꢆꢆꢌꢄꢂꢂꢌꢇꢄꢆꢂꢀ  
.XQGHQGLHQVWꢒ=HQWUHQꢀ ꢀꢀ&HQWUDOꢒ6HUYLFHꢒ'HSRWVꢀ ꢀꢀ6HUYLFHꢀ DSUqVꢀ YHQWHꢀ ꢀꢀ6HUYL]LRꢀ $VVLVWHQ]Dꢀ ꢀꢀ&HQWUDOHꢀ  
6HUYLFHVWDWLRQꢀꢀꢀ$VLVWHQFLDꢀWpFQLFDꢀꢀꢀ6HUYLFHYDHUNWHUꢀꢀꢀ$SSDUDWVHUYLFHꢀꢀꢀ+XROWR  
86ꢀ8QLWHGꢀ6WDWHVꢀRIꢀ$PHULFD  
%6+ꢀ+RPHꢀ$SSOLDQFHVꢀ&RUSRUDWLRQ  
ꢈꢄꢆꢈꢀ0DLQꢀ6WUHHW  
,UYLQHꢄꢀ&$ꢀꢎꢂꢋꢈꢇ  
7pOpSKRQHꢀꢍꢀꢋꢆꢆꢀꢄꢂꢂꢌꢇꢄꢆꢂ  
7pOpFRSLHXUꢀꢍꢀꢃꢈꢂꢀꢄꢆꢈꢌꢅꢊꢉꢆ  
PDLOWRꢀꢍ+7%ꢌ4XHVWLRQV#EVKJꢁFRP  
ZZZꢁERVFKDSSOLDQFHVꢁFRP  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
HV  
ꢇꢌ  
¡ꢀ 0HGLGDVꢀGHꢀVHJXULGDGꢀLPSRUWDQWHV  
(OꢀXVRꢀGHꢀGLVSRVLWLYRVꢀHOpFWULFRVꢀH[LJHꢀ  
ODꢀDGRSFLyQꢀGHꢀPHGLGDVꢀEiVLFDVꢀGHꢀ  
VHJXULGDGꢄꢀLQFOXLGDVꢀODVꢀVLJXLHQWHVꢅꢀ  
ꢈꢁꢀ /HDꢀWRGDVꢀODVꢀLQVWUXFFLRQHVꢀDQWHVꢀGHꢀ  
XWLOL]DUꢀODꢀPiTXLQDꢀPXOWLEHELGDꢁꢀ  
ꢇꢁꢀ 1RꢀWRTXHꢀODVꢀVXSHU¿FLHVꢀFDOLHQWHVꢁꢀ8WLOLꢌ  
FHꢀDJDUUDGHUDVꢁꢀ  
ꢈꢇꢁꢀꢀ1RꢀSHUPLWDꢀTXHꢀHOꢀFDEOHꢀFXHOJXHꢀGHOꢀ  
ERUGHꢀGHꢀXQDꢀPHVDꢀRꢀUHSLVDꢐꢀQLꢀTXHꢀ  
HVWpꢀHQꢀFRQWDFWRꢀFRQꢀVXSHU¿FLHVꢀ  
FDOLHQWHVꢁꢀ  
ꢊꢁꢀ 6XSHUYLVHꢀDWHQWDPHQWHꢀODꢀPiTXLQDꢀ  
FXDQGRꢀKD\DꢀQLxRVꢀFHUFDꢁꢀ  
ꢂꢁꢀ 1RꢀXWLOLFHꢀODꢀPiTXLQDꢀVLQꢀYLJLODQFLDꢁ  
ꢅꢁꢀ 1RꢀXWLOLFHꢀODꢀPiTXLQDꢀPXOWLEHELGDꢀSDUDꢀ  
XVRVꢀGLVWLQWRVꢀDꢀORVꢀSUHYLVWRVꢁꢀ  
ꢈꢊꢁꢀ1RꢀVLW~HꢀODꢀFDUFDVDꢐꢀHOꢀGHSyVLWRꢀGHꢀ  
DJXDꢀQLꢀODꢀEDQGHMDꢀGHꢀOtTXLGRꢀVREUDQWHꢀ  
ꢎDSR\DꢀWD]DꢏꢀVREUHꢀRꢀFHUFDꢀGHꢀXQꢀFDꢌ  
OHQWDGRUꢀHOpFWULFRꢀRꢀGHꢀJDVꢐꢀRꢀVREUHꢀXQꢀ  
KRUQRꢀFDOLHQWHꢁꢀ  
ꢉꢁꢀ 3DUDꢀGHVFRQHFWDUꢐꢀSXOVHꢀHOꢀLQWHUUXSWRUꢀ  
©RIIªꢀ\ꢀH[WUDLJDꢀHOꢀHQFKXIHꢀGHꢀODꢀWRPDꢀ  
GHꢀFRUULHQWHꢁꢀ  
ꢈꢂꢁꢀ/DꢀDSHUWXUDꢀGHOꢀXQLGDGꢀGHꢀHODERUDFLyQꢀ  
GHꢀEHELGDVꢀGXUDQWHꢀORVꢀFLFORVꢀGHꢀSUHSDꢌ  
UDFLyQꢀSXHGHꢀRFDVLRQDUꢀTXHPDGXUDVꢁꢀ  
ꢃꢁꢀ 'HVHQFKXIHꢀODꢀPiTXLQDꢀGHꢀODꢀWRPDꢀGHꢀ  
FRUULHQWHꢀFXDQGRꢀQRꢀODꢀHVWpꢀXWLOL]DQGRꢀ  
\ꢀDQWHVꢀGHꢀOLPSLDUODꢁꢀ'HMHꢀHQIULDUꢀODꢀ  
PiTXLQDꢀDQWHVꢀGHꢀUHHPSOD]DUꢀRꢀH[WUDHUꢀ  
FRPSRQHQWHVꢀ\ꢀDQWHVꢀGHꢀOLPSLDUODꢁꢀ  
ꢋꢁꢀ 1RꢀXWLOLFHꢀODꢀPiTXLQDꢀVLꢀHVWiꢀGDxDGDꢁꢀ  
1RꢀXWLOLFHꢀODꢀPiTXLQDꢀFRQꢀXQꢀFDEOHꢀRꢀ  
i£&RQVHUYHꢀHVWDVꢀLQVWUXFFLRQHVꢃ  
/DꢀPiTXLQDꢀVHꢀVXPLQLVWUDꢀFRQꢀXQꢀFDEOHꢀ  
HOpFWULFRꢀFRUWRꢀSDUDꢀUHGXFLUꢀHOꢀULHVJRꢀ  
HQFKXIHꢀGDxDGRꢐꢀHQꢀFDVRꢀGHꢀPDOꢀIXQFLRꢌ GHULYDGRꢀGHꢀXQꢀHQUHGRꢀRꢀWURSLH]RꢀFRQꢀXQꢀ  
QDPLHQWRꢀRꢀVLꢀVHꢀKDꢀFDtGRꢀRꢀGDxDGRꢀGHꢀ FDEOHꢀODUJRꢁ  
DOJXQDꢀIRUPDꢁꢀ/OHYHꢀODꢀPiTXLQDꢀPXOWLEHꢌ ([LVWHQꢀFDEOHVꢀGHꢀH[WHQVLyQꢐꢀTXHꢀVHꢀ  
ELGDꢀDOꢀVHUYLFLRꢀWpFQLFRꢀDXWRUL]DGRꢀPiVꢀ SXHGHQꢀXWLOL]DUꢀDSOLFDQGRꢀODVꢀPHGLGDVꢀGHꢀ  
FHUFDQRꢀSDUDꢀVXꢀH[DPHQꢐꢀUHSDUDFLyQꢀRꢀ  
DMXVWHꢀPHFiQLFRꢁ  
SUHFDXFLyQꢀQHFHVDULDVꢁꢀ  
ꢄꢁꢀ 3DUDꢀHYLWDUꢀLQFHQGLRVꢐꢀGHVFDUJDVꢀHOpFꢌ  
WULFDVꢀRꢀGDxRVꢀDꢀSHUVRQDVꢐꢀQRꢀVXPHUMDꢀ  
HOꢀFDEOHꢐꢀORVꢀHQFKXIHVꢐꢀQLꢀHOꢀFXHUSRꢀGHꢀ  
ODꢀPiTXLQDꢀPXOWLEHELGDꢀHQꢀDJXDꢀQLꢀHQꢀ  
QLQJ~QꢀRWURꢀOtTXLGRꢁꢀꢀ  
6LꢀVHꢀXWLOL]DꢀXQꢀFDEOHꢀGHꢀH[WHQVLyQꢍ  
ꢈꢁꢀ (OꢀYROWDMHꢀGHOꢀMXHJRꢀGHꢀFDEOHVꢀRꢀGHOꢀ  
FDEOHꢀGHꢀH[WHQVLyQꢀGHEHꢀVHUꢀDOꢀPHQRVꢀ  
HTXLYDOHQWHꢀDOꢀYROWDMHꢀGHOꢀGLVSRVLWLYRꢀ  
HOHFWUyQLFRꢁ  
&RQVXOWHꢀODVꢀLQVWUXFFLRQHVꢀGHꢀOLPSLH]Dꢁ  
ꢈꢆꢁꢀꢀ(OꢀXVRꢀGHꢀDFFHVRULRVꢀQRꢀHVꢀUHFRPHQꢌ  
GDGRꢀSRUꢀHOꢀIDEULFDQWHꢀGHꢀODꢀPiTXLQDꢀ  
PXOWLEHELGDVꢀ\ꢀSRGUtDꢀFDXVDUꢀLQFHQꢌ  
GLRVꢐꢀGHVFDUJDVꢀHOpFWULFDVꢀRꢀGDxRVꢀDꢀ  
SHUVRQDVꢁꢀ  
ꢇꢁꢀ (OꢀFDEOHꢀPDVꢀODUJRꢀGHEHꢀDFRPRGDUVVHꢀ  
GHꢀWDOꢀPRGRꢀTXHꢀQRꢀFXHOJXHꢀGHꢀODꢀ  
PHVDꢀRꢀUHSLVDꢀSDUDꢀHYLWDUꢀTXHꢀORVꢀQLxRVꢀ  
SXHGDQꢀWLUDUꢀGHOꢀPLVPRꢀRꢀTXHꢀDOJXLHQꢀ  
WURSLHFHꢁꢀ  
ꢊꢁꢀ (VWHꢀGLVSRVLWLYRꢀHVꢀGHꢀFRQH[LyQꢀDꢀWLHUUDꢁꢀ  
(OꢀFDEOHꢀGHꢀH[WHQVLyQꢀGHEHꢀFRQVWDUꢀGHꢀ  
WUHVꢀFDEOHVꢀGHꢀFRQH[LyQꢀDꢀWLHUUDꢁ  
ꢈꢈꢁꢀꢀ1RꢀXWLOLFHꢀODꢀPiTXLQDꢀHQꢀH[WHULRUHVꢀRꢀ  
]RQDVꢀK~PHGDVꢁꢀ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢇꢍ  
HV  
ꢀꢀ ꢀ ,03257$17(  
±ꢀ (VWHꢀGLVSRVLWLYRꢀHVWiꢀGLVHxDGRꢀSDUDꢀXQꢀ  
ꢀ $'9(57(1&,$  
¡
3DUDꢀUHGXFLUꢀHOꢀULHVJRꢀGHꢀLQFHQGLRꢀRꢀ  
GHVFDUJDꢀHOpFWULFDꢅ  
XVRꢀGRPpVWLFRꢐꢀQRꢀFRPHUFLDOꢁ  
±ꢀ &RQHFWHꢀ\ꢀXVHꢀHOꢀGLVSRVLWLYRꢀVLJXLHQGRꢀ  
~QLFDPHQWHꢀODVꢀHVSHFL¿FDFLRQHVꢀGHꢀODꢀ  
HWLTXHWDꢀGHꢀYDORUHVꢀQRPLQDOHVꢁ  
±ꢀ 1RꢀXWLOLFHꢀODꢀPiTXLQDꢀ7$66,02ꢀVLꢀ  
HOꢀFDEOHꢀHOpFWULFRꢀRꢀHOꢀDSDUDWRꢀHVWiQꢀ  
GDxDGRVꢁꢀ  
±ꢀ 1RꢀUHWLUHꢀODVꢀFXELHUWDVꢀODWHUDOHVꢁꢀ  
1LQJXQDꢀGHꢀODVꢀSLH]DVꢀLQWHULRUHVꢀ  
SXHGHꢀVHUꢀUHSDUDGDꢀSRUꢀHOꢀXVXDULRꢁꢀ  
±ꢀ /DVꢀUHSDUDFLRQHVꢀGHEHQꢀVHUꢀUHDOL]DGDVꢀ  
H[FOXVLYDPHQWHꢀSRUꢀSHUVRQDOꢀ  
DXWRUL]DGRꢁꢀ  
±ꢀ 8WLOLFHꢀODꢀPiTXLQDꢀVyORꢀGHQWURꢀGHꢀFDVDꢀ  
\ꢀDꢀWHPSHUDWXUDꢀDPELHQWHꢁꢀ1RꢀODꢀXWLOLFHꢀ  
SRUꢀHQFLPDꢀGHꢀORVꢀꢉꢅꢉꢆꢀIWꢀꢑꢀꢇꢆꢆꢆꢀPꢁꢀ  
±ꢀ 1RꢀSHUPLWDꢀTXHꢀQLxRVꢀQLꢀSHUVRQDVꢀFRQꢀ  
FDSDFLGDGHVꢀPHQWDOHVꢀRꢀVHQVLWLYDVꢀ  
GLVPLQXLGDVꢀRꢀFRQꢀFRQRFLPLHQWRVꢀ\ꢀH[ꢌ  
SHULHQFLDꢀOLPLWDGRVꢀXWLOLFHQꢀODꢀPiTXLQDꢐꢀ  
DꢀPHQRVꢀTXHꢀVHDꢀEDMRꢀVXSHUYLVLyQꢀGHꢀ  
XQDꢀSHUVRQDꢀDꢀFDUJRꢀGHꢀVXꢀVHJXULGDGꢀ  
RꢀTXHꢀKD\DQꢀVLGRꢀLQVWUXLGRVꢀHQꢀVXꢀXVRꢁꢀ  
±ꢀ 9LJLOHꢀDꢀORVꢀQLxRVꢀSDUDꢀHYLWDUꢀTXHꢀMXHꢌ  
JXHQꢀFRQꢀODꢀPiTXLQDꢁꢀ  
±ꢀ (QꢀFDVRꢀGHꢀPDOꢀIXQFLRQDPLHQWRꢐꢀGHVꢌ  
HQFKXIHꢀODꢀPiTXLQDꢀLQPHGLDWDPHQWHꢁꢀ  
±ꢀ 3DUDꢀHYLWDUꢀSRVLEOHVꢀSHOLJURVꢐꢀODVꢀUHꢌ  
SDUDFLRQHVꢐꢀFRPRꢀODꢀVXVWLWXFLyQꢀGHꢀ  
XQꢀFDEOHꢀGDxDGRꢐꢀGHEHUiQꢀVHUꢀUHDOLꢌ  
]DGDVꢀVyORꢀSRUꢀSHUVRQDOꢀGHꢀVHUYLFLRꢀ  
DXWRUL]DGRꢁ  
±ꢀ 1XQFDꢀVXPHUMDꢀODꢀPiTXLQDꢀEDMRꢀ  
QLQJ~QꢀOtTXLGRꢁ  
ꢀ
$7(1&,Ï1  
¡
3DUDꢀHYLWDUꢀHOꢀULHVJRꢀGHꢀTXHPDGXUDVꢅ  
±ꢀ 1RꢀDEUDꢀQXQFDꢀODꢀXQLGDGꢀGHꢀHODERUDꢌ  
FLyQꢀGXUDQWHꢀODꢀSUHSDUDFLyQꢀGHꢀEHELꢌ  
GDVꢀQLꢀGXUDQWHꢀODꢀOLPSLH]DꢀRꢀGHVFDOFL¿ꢌ  
FDFLyQꢀGHꢀODꢀPiTXLQDꢁꢀ'HꢀORꢀFRQWUDULRꢀ  
ODꢀPiTXLQDꢀSRGUtDꢀGDxDUVHꢀ\ꢀDGHPiVꢀ  
KDEUtDꢀSHOLJURꢀGHꢀTXHPDGXUDVꢁ  
±ꢀ $QWHVꢀGHꢀDEULUꢀODꢀXQLGDGꢀGHꢀHODERUDꢌ  
FLyQꢀHVSHUHꢀVLHPSUHꢀKDVWDꢀTXHꢀ/('ꢀ  
GHꢀHVWDGRꢀFꢀꢎꢊFꢏꢀGHMHꢀGHꢀSDUSDGHDUꢁ  
±ꢀ 7HQJDꢀHQꢀFXHQWDꢀTXHꢀODVꢀEHELGDVꢀHVꢌ  
WiQꢀPX\ꢀFDOLHQWHVꢀFXDQGRꢀVHꢀVLUYHQꢁ  
±ꢀ 7HQJDꢀFXLGDGRꢀDOꢀDEULUꢀODꢀDEUD]DGHUDꢀ  
GHOꢀXQLGDGꢀGHꢀHODERUDFLyQꢀGHꢀEHELGDVꢀ  
\ꢀDOꢀPDQLSXODUꢀORVꢀ7ꢀ',6&Vꢀ\DꢀTXHꢀVHꢀ  
SXHGHꢀOLEHUDUꢀSUHVLyQꢀ\ꢀORVꢀ7ꢀ',6&Vꢀ  
SXHGHQꢀHVWDUꢀFDOLHQWHVꢀDOꢀWDFWRꢁ  
±ꢀ /HDꢀHVWHꢀPDQXDOꢀ\ꢀODVꢀEUHYHVꢀLQVWUXFꢌ  
FLRQHVꢀGHOꢀSURJUDPDꢀGHꢀOLPSLH]DꢀꢑꢀGHVꢌ  
FDOFL¿FDFLyQꢀFRQꢀDWHQFLyQꢀ\ꢀFRQVpUYHꢌ  
ODVꢀSDUDꢀIXWXUDVꢀFRQVXOWDVꢁꢀ  
±ꢀ (VWHꢀPDQXDOꢀGHVFULEHꢀYDULRVꢀPRGHORVꢁ  
±ꢀ £1RꢀXWLOL]DUꢀDJXDꢀDEODQGDGDꢀTXtPLFDꢌ  
PHQWHꢒꢀ'HꢀORꢀFRQWUDULRꢀSRGUtDꢀSURGXꢌ  
FLUVHꢀXQDꢀSUHVLyQꢀH[FHVLYDꢀ\ꢀHOꢀ7ꢀ',6&ꢀ  
SRGUtDꢀGDxDUVHꢐꢀORꢀTXHꢀDꢀVXꢀYH]ꢀSRGUtDꢀ  
FDXVDUꢀKHULGDVꢀVLꢀODꢀXQLGDGꢀGHꢀHODERꢌ  
UDFLyQꢀVHꢀDEUHꢀDQWHVꢀGHꢀTXHꢀHOꢀ/('ꢀGHꢀ  
HVWDGRꢀFꢀꢎꢊFꢏꢀGHMHꢀGHꢀSDUSDGHDUꢁ  
±ꢀ 1RꢀUHXWLOLFHꢀORVꢀ7ꢀ',6&Vꢁ  
±ꢀ 1RꢀXWLOLFHꢀ7ꢀ',6&VꢀGDxDGRVꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
HV  
ꢇꢎ  
*UDFLDVꢀSRUꢀHOHJLUꢀHOꢀVLVWHPDꢀGHꢀ  
HODERUDFLyQꢀGHꢀEHELGDVꢀFDOLHQWHVꢀ  
ꢀ7$66,02ꢁꢀ  
'HVFULSFLyQꢀJHQHUDOꢀGHꢀODꢀ  
PiTXLQDꢀꢀ7$66,02  
&RQꢀꢀ7$66,02ꢐꢀSRGUiꢀGLVIUXWDUꢀGHꢀVXꢀ  
EHELGDꢀIDYRULWDꢀDꢀFXDOTXLHUꢀKRUDꢁꢀ&DIpVꢀ  
SUHPLXPꢐꢀFDIpꢀH[SUHVRꢐꢀXQꢀFUHPRVRꢀ  
FDSSXFFLQRꢐꢀODWWHꢀPDFFKLDWRꢀRꢀLQFOXVRꢀXQDꢀ  
WD]DꢀGHꢀWpꢀRꢀGHꢀFKRFRODWHꢀFDOLHQWHꢁꢀ  
$QWHVꢀGHꢀVHJXLUꢀOH\HQGRꢐꢀDEUDꢀODꢀSiJLQDꢀ  
GHVSOHJDEOHꢀVLWXDGDꢀDOꢀSULQFLSLRꢀGHOꢀPDQXDOꢀ  
ꢎSDUWHꢀL]TXLHUGDꢏꢀTXHꢀFRQWLHQHꢀHOꢀGLDJUDPDꢁ  
ꢀ ꢈꢀ ,QWHUUXSWRUꢀRQꢀꢉꢀRII  
/DꢀPiTXLQDꢀ7ꢀ $66,02ꢀIXQFLRQDꢀH[FOXꢌ  
VLYDPHQWHꢀFRQꢀGLVFRVꢀHVSHFt¿FDPHQWHꢀ  
GHVDUUROODGRVꢀ\ꢀFRQRFLGRVꢀFRPRꢀ',6&26ꢀ  
ꢀ ꢂꢀ %RWyQꢀ6WDUWꢀꢉꢀ6WRS  
ꢀ
ꢀ
ꢀ Dꢀ7HFODꢀGHꢀFDQWLGDGꢀGHꢀEHELGDꢀꢓꢀá  
ꢀ Eꢀ7HFODꢀGHꢀFDQWLGDGꢀGHꢀEHELGDꢀꢌꢀà  
ꢀ7$66,02ꢀꢎ7ꢀ',6&Vꢏꢁꢀ$OꢀLQVHUWDUꢀHOꢀ7ꢀ',6&ꢐꢀ ꢀ ꢆꢀ ,QGLFDGRUHVꢀOXPLQRVRV  
ODꢀPiTXLQDꢀOHHꢀDXWRPiWLFDPHQWHꢀHOꢀFyGLJRꢀ  
GHꢀEDUUDVꢀLPSUHVRꢀHQꢀODꢀHWLTXHWDꢐꢀTXHꢀFRQꢌ  
WLHQHꢀGHWDOOHVꢀH[DFWRVꢀVREUHꢀODꢀFDQWLGDGꢀGHꢀ  
DJXDꢀQHFHVDULDꢐꢀDVtꢀFRPRꢀHOꢀWLHPSRꢀ\ꢀODꢀ  
WHPSHUDWXUDꢀGHꢀSUHSDUDFLyQꢀGHꢀODꢀEHELGDꢀ  
HOHJLGDꢁꢀ/RVꢀ7ꢀ',6&VꢀHVWiQꢀHVSHFt¿FDPHQꢌ  
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ Dꢀ ꢀ/('  
ꢓ
ꢀ Eꢀ ꢀ/('  
í
ꢀ Fꢀ/('ꢀGHꢀHVWDGRꢀF  
ꢀ Gꢀ/OHQDUꢀUHFLSLHQWHꢀGHꢀDJXDꢀT  
ꢀ Hꢀ'HVFDOFL¿FDUꢀ'  
ꢀ Iꢀ ,QGLFDGRUꢀGHꢀPHPRULDꢀꢀ0$9($  
WHꢀGLVHxDGRVꢀSDUDꢀVXꢀXVRꢀFRQꢀHOꢀVLVWHPDꢀGHꢀ ꢀ ꢇꢀ 8QLGDGꢀGHꢀHODERUDFLyQ  
HODERUDFLyQꢀGHꢀEHELGDVꢀꢀ7$66,02ꢀ\ꢀRIUHꢌ  
FHQꢀXQDꢀH[SHULHQFLDꢀSHUIHFWDꢀHQꢀFDGDꢀWD]Dꢁꢀ  
3DUDꢀJDUDQWL]DUꢀHOꢀGHOHLWHꢀDꢀODUJRꢀSOD]Rꢐꢀ  
XWLOLFHꢀVyORꢀORVꢀ7ꢀ',6&VꢀGHVDUUROODGRVꢀHVꢌ  
SHFt¿FDPHQWHꢀSDUDꢀODꢀPiTXLQDꢀꢀ7$66,02ꢁ  
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ Dꢀ&XELHUWD  
ꢀ Eꢀ6RSRUWHꢀSDUDꢀ7ꢀ',6&  
ꢀ Fꢀ8QLGDGꢀGHꢀSHUIRUDFLyQꢀGHOꢀ7ꢀ',6&ꢀ  
ꢀ Gꢀ&RQGXFWRꢀGHꢀVDOLGDꢀGHꢀODꢀEHELGD  
ꢀ Eꢀꢀ/HFWRUꢀGHꢀFyGLJRꢀGHꢀEDUUDVꢀGHOꢀ  
7ꢀ',6&  
ꢀ ꢊꢀ 5HFLSLHQWHꢀGHꢀDJXDꢀH[WUDtEOH  
ꢀ
ꢀ
ꢀ Dꢀ)ORWDGRUꢀGHOꢀQLYHOꢀGHꢀDJXD  
ꢀ Eꢀꢀ0DUFDꢀGHꢀOOHQDGRꢀVROXFLyQꢀGHꢀ  
GHVFDOFL¿FDFLyQ  
ꢀ
ꢀ
ꢀ Fꢀ3RUWDFDUWXFKRV  
ꢀ Gꢀ&DUWXFKRꢀGHꢀ¿OWURꢀꢀ0$9($ꢀ0ꢀ $;75$  
ꢀ ꢋꢀ &RPSDUWLPLHQWRꢀ  
ꢀ
ꢀ
ꢀ Dꢀ7ꢀ',6&ꢀGHꢀVHUYLFLR  
ꢀ Eꢀꢀ%UHYHVꢀLQVWUXFFLRQHVꢀ  
VREUHꢀHOꢀSURJUDPDꢀGHꢀ  
OLPSLH]DꢀꢑꢀGHVFDOFL¿FDFLyQ  
ꢀ ꢌꢀ 6RSRUWHꢀSDUDꢀWD]DVꢀGHVPRQWDEOH  
ꢀ
ꢀ
ꢀ Dꢀ%DQGHMDꢀGHꢀOtTXLGRꢀVREUDQWH  
ꢀ Eꢀꢀ$MXVWHꢀGHꢀDOWXUDꢀFRQꢀEDVHꢀSDUDꢀ  
DSR\DUꢀODꢀWD]D  
i1RWDꢅ  
5HFRPHQGDPRVꢀTXHꢀJXDUGHꢀHOꢀ7ꢀ',6&ꢀ  
GHꢀVHUYLFLRꢀ\ꢀODVꢀLQVWUXFFLRQHVꢀHQꢀHOꢀ  
FRPSDUWLPLHQWRꢀꢎꢉꢏꢀVLWXDGRꢀHQꢀODꢀSDUWHꢀ  
WUDVHUDꢀGHꢀODꢀPiTXLQDꢁ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢊꢓ  
HV  
3ULPHUꢀXVRꢀGHꢀODꢀPiTXLQDꢀꢀ7$66,02  
Źꢀ (QFKXIHꢀHOꢀFDEOHꢀHOpFWULFRꢀDꢀODꢀWRPDꢀGHꢀ  
FRUULHQWHꢁ  
Źꢀ 5HWLUHꢀ\ꢀHQMXDJXHꢀFRPSOHWDPHQWHꢀFRQꢀ  
DJXDꢀFRUULHQWHꢀHOꢀUHFLSLHQWHꢀGHꢀDJXDꢀ\ꢀ  
SRUWDFDUWXFKRVꢀꢎꢅFꢏꢐꢀ\ꢀOOpQHORꢀFRQꢀDJXDꢀ  
DꢀWHPSHUDWXUDꢀDPELHQWHꢀKDVWDꢀODꢀPDUFDꢀ  
PD[ꢁ  
Źꢀ &RORTXHꢀHOꢀUHFLSLHQWHꢀGHꢀDJXDꢀLQFOLQDGRꢀ  
\ꢀDFpUTXHORꢀDꢀODꢀPiTXLQDꢀKDVWDꢀTXHꢀVHꢀ  
RLJDꢀFyPRꢀHQFDMDꢁ  
Źꢀ 5HWLUHꢀHOꢀ7ꢀ',6&ꢀGHꢀVHUYLFLRꢀꢎꢉDꢏꢀGHOꢀ  
FRPSDUWLPLHQWRꢀꢎꢉꢏꢀVLWXDGRꢀHQꢀODꢀSDUWHꢀ  
WUDVHUDꢀGHꢀODꢀPiTXLQDꢁ  
Źꢀ (QFLHQGDꢀODꢀPiTXLQDꢀꢀ7$66,02ꢀFRQꢀHOꢀ  
LQWHUUXSWRUꢀRQꢀꢑꢀRIIꢀꢎꢈꢏꢁꢀꢀ  
/RVꢀLQGLFDGRUHVꢀYLVXDOHVꢀVHꢀHQFLHQGHQꢀ  
SRUꢀXQꢀPRPHQWRꢁ  
Źꢀ (OLMDꢀXQꢀUHFLSLHQWHꢀDGHFXDGRꢀꢎDOꢀPHQRVꢀ  
GHꢀꢋꢀR]ꢁꢀꢑꢀꢇꢆꢆꢀPOꢏꢀ\ꢀFROyTXHORꢀHQꢀHOꢀ  
VRSRUWHꢀSDUDꢀWD]DVꢀꢎꢃꢏꢁ  
PtQꢁꢀꢋꢀR]ꢁꢀꢑꢀ  
ꢇꢆꢆꢀPO  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
HV  
ꢊꢈ  
ꢈꢁꢀ $EUDꢀODꢀXQLGDGꢀGHꢀHODERUDFLyQꢀGHꢀ  
ꢈꢁ  
ꢂꢁ  
ꢇꢁ  
ꢋꢁ  
EHELGDVꢀOHYDQWDQGRꢀODꢀFXELHUWDꢀꢎꢂDꢏꢀ\ꢀ  
FRQGXFLHQGRꢀODꢀXQLGDGꢀGHꢀHODERUDFLyQꢀ  
GHꢀEHELGDVꢀKDFLDꢀDUULEDꢁ  
ꢂꢁꢀ &RORTXHꢀHOꢀ7ꢀ',6&ꢀGHꢀVHUYLFLRꢀꢎꢉDꢏꢀFRQꢀ  
HOꢀFyGLJRꢀGHꢀEDUUDVꢀKDFLDꢀDEDMRꢀHQꢀHOꢀ  
VRSRUWHꢀSDUDꢀ7ꢀ',6&VꢀꢎꢂEꢏꢁꢀꢀ  
$VHJ~UHVHꢀGHꢀTXHꢀODꢀOHQJHWDꢀGHOꢀ  
7ꢀ',6&ꢀHQFDMDꢀHQꢀODꢀUDQXUDꢀGHODQWHUDꢀ  
FHQWUDOꢁ  
ꢆꢁꢀ &LHUUHꢀODꢀXQLGDGꢀGHꢀHODERUDFLyQꢀ  
EDMiQGRODꢁꢀ  
ꢇꢁꢀ 3UHVLRQHꢀODꢀFXELHUWDꢀꢎꢂDꢏꢀFRQWUDꢀODꢀ  
PiTXLQDꢐꢀKDVWDꢀTXHꢀRLJDꢀFyPRꢀHQFDMDꢁ  
ꢆꢁ  
ꢊꢁ  
ꢊꢁꢀ ,QLFLHꢀHOꢀSURFHVRꢀGHꢀOLPSLH]DꢀSXOVDGRꢀHOꢀ  
ERWyQꢀ6WDUWꢀꢑꢀ6WRSꢀꢎꢇꢏꢁ  
ꢋꢁꢀ 8QDꢀYH]ꢀFRQFOXLGRꢀHOꢀSURFHVRꢀGHꢀ  
OLPSLH]DꢐꢀYDFtHꢀHOꢀUHFLSLHQWHꢀ\ꢀYXHOYDꢀDꢀ  
FRORFDUORꢀGHEDMRꢀGHOꢀFRQGXFWRꢀGHꢀVDOLGDꢀ  
GHꢀODꢀEHELGDꢁ  
ꢀꢀ ꢀ ,03257$17(  
5HSLWDꢀFXDWURꢀYHFHVꢀORVꢀSDVRVꢀꢊꢀ\ꢀꢋꢀ  
SDUDꢀDVHJXUDUVHꢀGHꢀTXHꢀODꢀPiTXLQDꢀ  
HVWiꢀOLPSLDꢀ\ꢀSUHSDUDGDꢀSDUDꢀORVꢀ  
ꢀVLJXLHQWHVꢀSDVRVꢁ  
ꢇꢀ[  
ꢌꢁꢀ $EUDꢀODꢀXQLGDGꢀGHꢀHODERUDFLyQꢀGHꢀ  
EHELGDVꢐꢀUHWLUHꢀHOꢀ7ꢀ',6&ꢀGHꢀVHUYLFLRꢀ  
\ꢀJXiUGHORꢀHQꢀHOꢀFRPSDUWLPHQWRꢀ  
ꢎꢉꢏꢀVLWXDGRꢀꢀHQꢀODꢀSDUWHꢀWUDVHUDꢀGHOꢀ  
UHFLSLHQWHꢀGHꢀDJXDꢁ  
ꢌꢁ  
Źꢀ $FWLYHꢀDKRUDꢀHOꢀVLVWHPDꢀGHꢀ¿OWUDGRꢀ  
GHꢀDJXDꢀꢀ0$9($ꢀꢀ0$;75$ꢀLQFOXLGRꢀ  
HQꢀHOꢀVXPLQLVWURꢁꢀ6LJDꢀSDUDꢀHOORꢀODVꢀ  
LQVWUXFFLRQHVꢀGHꢀODVꢀVLJXLHQWHVꢀSiJLQDVꢁ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢊꢂ  
HV  
6LVWHPDꢀGHꢀ¿OWUDGRꢀGHꢀDJXDꢀꢀ0$9($ꢀꢀ0$;75$  
(QꢀODVꢀPiTXLQDVꢀꢀ7$66,02ꢀVyORꢀVHꢀ  
ꢈꢁ  
SXHGHQꢀXWLOL]DUꢀFDUWXFKRVꢀGHOꢀVLVWHPDꢀ  
GHꢀ¿OWUDGRꢀGHꢀDJXDꢀꢀ0$9($ꢀꢀ0$;75$ꢁꢀ  
/RVꢀFDUWXFKRVꢀ0$9($ꢀ0$;75$ꢀVHꢀ  
ꢀFRPHUFLDOL]DQꢀDꢀWUDYpVꢀGHꢀGLIHUHQWHVꢀGLVWULꢌ  
EXLGRUHVꢀRꢀGHOꢀ6HUYLFLRꢀGHꢀDWHQFLyQꢀDOꢀ  
FOLHQWHꢀGHꢀ7$66,02ꢀHQꢀꢓꢈꢌꢋꢃꢃꢌ7',6&6ꢈꢀ  
ꢎVRORꢀHQꢀ((ꢁꢀ88ꢁꢏꢐꢀRꢀHQꢀZZZꢁWDVVLPRꢁFRPꢁ  
6LJDꢀHOꢀSURFHGLPLHQWRꢀTXHꢀVHꢀGHWDOODꢀDꢀFRQꢌ  
WLQXDFLyQꢀDOꢀXWLOL]DUꢀXQꢀQXHYRꢀFDUWXFKRꢀGHꢀ  
¿OWURꢀꢎꢅGꢏꢀHQꢀODꢀPiTXLQDꢍ  
ꢂꢁ  
ꢆꢁ  
ꢇꢁ  
3UHSDUDFLyQꢀHꢀLQVHUFLyQꢀGHOꢀFDUWXFKRꢀGHꢀ  
¿OWURꢀ0ꢀ $9($ꢀꢀ0$;75$  
ꢈꢁꢀ 5HWLUHꢀHOꢀFDUWXFKRꢀGHꢀ¿OWURꢀGHOꢀHQYROWRULRꢀ  
GHꢀVHJXULGDGꢀꢎꢅGꢏꢁꢀ  
ꢂꢁꢀ 6XPHUMDꢀHOꢀFDUWXFKRꢀGHꢀ¿OWURꢀꢎꢅGꢏꢀ  
HQꢀDJXDꢀIUtDꢀFRUULHQWHꢀ\ꢀDJtWHORꢀ  
VXDYHPHQWHꢀSDUDꢀHOLPLQDUꢀODVꢀEXUEXMDVꢀ  
GHꢀDLUHꢀꢎDSUR[ꢁꢀꢅꢀVꢏꢁ  
ꢆꢁꢀ 5HWLUHꢀHOꢀSRUWDFDUWXFKRVꢀꢎꢅFꢏꢀGHOꢀ  
UHFLSLHQWHꢀGHꢀDJXDꢀHꢀLQVHUWHꢀHOꢀFDUWXFKRꢀ  
GHꢀ¿OWURꢀꢎꢅGꢏꢀHQꢀHOꢀFRPSDUWLPLHQWRꢀ  
FRUUHVSRQGLHQWHꢀGHOꢀSRUWDFDUWXFKRVꢀꢎꢅFꢏꢀ  
KDVWDꢀTXHꢀRLJDꢀFyPRꢀHQFDMDꢁꢀ  
ꢇꢁꢀ (QꢀHOꢀIUHJDGHURꢐꢀOOHQHꢀHOꢀSRUWDFDUWXFKRVꢀ  
ꢎꢅFꢏꢀFRQꢀDJXDꢀIUtDꢀ\ꢀGHMHꢀTXHꢀHOꢀDJXDꢀVHꢀ  
¿OWUHꢀSRUꢀHOꢀFDUWXFKRꢀꢎꢅGꢏꢁꢀꢀ  
5HSLWDꢀHVWHꢀSURFHGLPLHQWRꢀWUHVꢀYHFHVꢁ  
ꢆꢀ[  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
HV  
ꢊꢆ  
ꢊꢁꢀ 9XHOYDꢀDꢀFRORFDUꢀDKRUDꢀHOꢀSRUWDFDUWXFKRVꢀ  
ꢎꢅFꢏꢀFRQꢀHOꢀFDUWXFKRꢀGHꢀ¿OWURꢀꢎꢅGꢏꢀHQꢀHOꢀ  
GHSyVLWRꢀGHꢀDJXDꢀYDFtRꢀ\ꢀOOpQHORꢀKDVWDꢀODꢀ  
PDUFDꢀPD[ꢀFRQꢀDJXDꢀOLPSLDꢁ  
ꢊꢁ  
ꢀꢀ ꢀ ,03257$17(  
$QWHVꢀGHꢀGHVFDOFL¿FDUꢀODꢀPiTXLQDꢐꢀUHWLUHꢀ  
HOꢀSRUWDFDUWXFKRVꢀꢎꢅFꢏꢀFRQꢀHOꢀFDUWXFKRꢀ  
GHꢀ¿OWURꢀꢎꢅGꢏꢁ  
$FWLYDFLyQꢀGHOꢀLQGLFDGRUꢀGHꢀPHPRULDꢀ  
ꢀ0$9($  
3DUDꢀREWHQHUꢀHOꢀPi[LPRꢀUHQGLPLHQWRꢀGHOꢀ¿OWURꢀ $ꢀSDUWLUꢀGHꢀHVWHꢀPRPHQWRꢀGHVDSDUHFHUiꢀ  
\ꢀODꢀPHMRUꢀSURWHFFLyQꢀFRQWUDꢀODꢀFDOFL¿FDFLyQꢐꢀ  
HOꢀFDUWXFKRꢀGHꢀ¿OWURꢀꢀ0$9($ꢀꢀ0$;75$ꢀꢎꢅGꢏꢀ  
GHEHꢀVXVWLWXLUVHꢀFDGDꢀꢋꢀVHPDQDVꢁꢀ  
/DꢀSDUWHꢀVXSHULRUꢀGHꢀODꢀPiTXLQDꢀLQFRUSRUD  
XQꢀLQGLFDGRUꢀGHꢀPHPRULDꢀꢀ0$9($ꢀꢎꢊIꢏꢀTXHꢀ  
PXHVWUDꢀPHGLDQWHꢀXQꢀVLVWHPDꢀYLVXDOꢀGH  
XQDꢀEDUUDꢀFDGDꢀGRVꢀVHPDQDVꢁꢀ6LꢀODVꢀEDUUDVꢀ  
GHMDQꢀGHꢀYHUVHꢀDꢀODVꢀRFKRꢀVHPDQDVꢀ\ꢀODꢀ  
ÀHFKDꢀSDUSDGHDꢐꢀFDPELHꢀHOꢀFDUWXFKRꢀGHꢀ  
¿OWURꢀꢎꢅGꢏꢁ  
3DUDꢀUHWLUDUꢀHOꢀFDUWXFKRꢀGHꢀ¿OWURꢀꢎꢅGꢏꢀWLUHꢀGHꢀ  
pOꢀKDFLDꢀDUULEDꢀFRQꢀD\XGDꢀGHOꢀWLUDGRUꢁꢀ3DUDꢀ  
EDUUDVꢀFXiQGRꢀGHEHꢀUHHPSOD]DUVHꢀHOꢀFDUWXꢌ LQVHUWDUꢀXQꢀQXHYRꢀFDUWXFKRꢀGHꢀ¿OWURꢀꢎꢅGꢏꢀ  
FKRꢀGHOꢀ¿OWURꢀꢎꢅGꢏꢁ  
SURFHGDꢀFRPRꢀVHꢀGHVFULEHꢀHQꢀHOꢀDSDUWDGRꢀ  
©3UHSDUDFLyQꢀHꢀLQVHUFLyQꢀGHOꢀFDUWXFKRꢀ  
GHꢀ¿OWURꢀꢀ0$9($ꢀꢀ0$;75$ªꢀ\ꢀUHLQLFLHꢀ  
HOꢀLQGLFDGRUꢀGHꢀPHPRULDꢀꢀ0$9($ꢀꢎꢊIꢏꢀ  
SXOVDQGRꢀ\ꢀPDQWHQLHQGRꢀSXOVDGRꢀHOꢀERWyQꢀ  
6WDUWꢁ  
3DUDꢀDFWLYDUꢀHOꢀLQGLFDGRUꢀGHꢀPHPRULDꢀ  
ꢀ0$9($ꢀꢎꢊIꢏꢐꢀSXOVHꢀ\ꢀPDQWHQJDꢀSXOVDGRꢀHOꢀ  
ERWyQꢀ6WDUWꢀKDVWDꢀTXHꢀODVꢀFXDWURꢀEDUUDVꢀVHꢀ  
LOXPLQHQꢀGRVꢀYHFHVꢀHQꢀHOꢀLQGLFDGRUꢁ  
6HꢀPRVWUDUiꢀXQꢀSXQWRꢀLQWHUPLWHQWHꢀHQꢀODꢀ  
HVTXLQDꢀLQIHULRUꢀGHUHFKDꢀFXDQGRꢀHOꢀGLVꢌ  
SRVLWLYRꢀGHꢀPHPRULDꢀꢎꢊIꢏꢀHVWpꢀDFWLYDGRꢁꢀ  
ꢀ'HEHUtDQꢀYLVXDOL]DUVHꢀFXDWURꢀEDUUDVꢀHQꢀHOꢀ  
LQGLFDGRUꢁ  
i1RWDꢅ  
/DꢀPiTXLQDꢀ7ꢀ $66,02ꢀHVWiꢀOLVWDꢀSDUDꢀVXꢀ  
XVRꢁ  
i1RWDꢅ  
3LGDꢀXQꢀQXHYRꢀFDUWXFKRꢀGHꢀ¿OWURꢀꢎꢅGꢏꢀFXDQꢌ  
GRꢀHOꢀLQGLFDGRUꢀPXHVWUHꢀVyORꢀXQDꢀEDUUDꢁꢀ/RVꢀ  
FDUWXFKRVꢀ0$9($ꢀ0$;75$ꢀVHꢀFRPHUFLDꢌ  
OL]DQꢀDꢀWUDYpVꢀGHꢀGLIHUHQWHVꢀGLVWULEXLGRUHVꢀ  
RꢀGHOꢀ6HUYLFLRꢀGHꢀDWHQFLyQꢀDOꢀFOLHQWHꢀGHꢀ  
7$66,02ꢀHQꢀꢓꢈꢌꢋꢃꢃꢌ7',6&6ꢈꢀꢎVRORꢀHQꢀ  
((ꢁꢀ88ꢁꢏꢐꢀRꢀHQꢀZZZꢁWDVVLPRꢁFRPꢁ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢊꢇ  
HV  
&RQWUROHVꢀHꢀLQGLFDGRUHVꢀYLVXDOHV  
ꢎYpDVHꢀODꢀLPDJHQꢀGHꢀFRQMXQWRꢀDOꢀSULQFLSLRꢀ  
GHꢀODVꢀLQVWUXFFLRQHVꢏ  
/('ꢀGHꢀHVWDGRꢀFꢀꢏꢆFꢐ  
(OꢀLQGLFDGRUꢀGHꢀHVWDGRꢀPXHVWUDꢀFXDWURꢀWLSRVꢀ  
GHꢀHVWDGRꢀGHꢀODꢀPiTXLQDꢀGLVWLQWRVꢍ  
±ꢀ /X]ꢀQDUDQMDꢀSHUPDQHQWHꢍꢀ  
,QWHUUXSWRUꢀRQꢀꢉꢀRIIꢀꢏꢈꢐ  
(OꢀLQWHUUXSWRUꢀOXPLQRVRꢀRQꢀꢑꢀRIIꢀHVꢀHOꢀ  
HOꢀDSDUDWRꢀHVWiꢀOLVWRꢀSDUDꢀVHUꢀXWLOL]DGR  
LQWHUUXSWRUꢀSULQFLSDOꢀGHꢀODꢀPiTXLQDꢁꢀ3HUPLWHꢀ ±ꢀ /X]ꢀQDUDQMDꢀLQWHUPLWHQWHꢍ  
SRQHUꢀHQꢀVHUYLFLRꢀODꢀPiTXLQDꢀꢀ7$66,02ꢀRꢀ  
DSDJDUODꢁ  
ODꢀPiTXLQDꢀVHꢀHQFXHQWUDꢀHQꢀ  
PRGRꢀSUHSDUDFLyQꢐꢀOLPSLH]Dꢀ  
RꢀꢑꢀGHVFDOFL¿FDFLyQꢀ  
i1RWDꢅ  
±ꢀ /X]ꢀURMDꢀSHUPDQHQWHꢍꢀꢀ  
HUURUꢀꢎSꢁꢀHMꢁꢀQRꢀVHꢀKDꢀUHFRQRFLGRꢀHOꢀ  
FyGLJRꢀGHꢀEDUUDVꢏ  
±ꢀ /X]ꢀQDUDQMDꢀDWHQXDGDꢍ  
PRGRꢀDKRUURꢀGHꢀHQHUJtD  
3DUDꢀDKRUUDUꢀHQHUJtDꢐꢀOHꢀUHFRPHQGDPRVꢀ  
DSDJDUꢀODꢀPiTXLQDꢀꢀ7$66,02ꢀGHVSXpVꢀGHꢀ  
FDGDꢀXVRꢁ  
%RWyQꢀ6WDUWꢀꢉꢀ6WRSꢀꢏꢂꢐ  
ꢀ
$7(1&,Ï1  
3XOVDQGRꢀHOꢀERWyQꢀ6WDUWꢀꢑꢀ6WRSꢀVHꢀLQLFLDQꢀ  
RꢀVHꢀGHWLHQHQꢀHOꢀSURFHVRꢀGHꢀHODERUDFLyQꢀ  
GHꢀEHELGDVꢐꢀHOꢀSURFHVRꢀGHꢀOLPSLH]Dꢀ\ꢀHOꢀGHꢀ  
GHVFDOFL¿FDFLyQꢁ  
¡
$QWHVꢀGHꢀDEULUꢀODꢀXQLGDGꢀGHꢀHODERUDFLyQꢀ  
HVSHUHꢀKDVWDꢀTXHꢀHOꢀ/('ꢀGHꢀHVWDGRꢀFꢀ  
ꢎꢊFꢏꢀGHMHꢀGHꢀSDUSDGHDUꢁ  
7HFODꢀGHꢀFDQWLGDGꢀGHꢀEHELGDꢀꢑꢀáꢀꢏꢂDꢐꢀ\ꢀ  
WHFODꢀGHꢀFDQWLGDGꢀGHꢀEHELGDꢀꢒꢀàꢀꢏꢂEꢐ  
/DVꢀWHFODVꢀGHꢀFDQWLGDGꢀGHꢀEHELGDꢀVLUYHQꢀ  
SDUDꢀSRGHUꢀSUHSDUDUꢀODVꢀEHELGDVꢀGHꢀIRUPDꢀ  
LQGLYLGXDOꢁꢀ&RQꢀHOODVꢀSXHGHꢀPRGL¿FDUꢀODꢀ  
FDQWLGDGꢀGHꢀEHELGDꢍ  
/OHQDUꢀUHFLSLHQWHꢀDJXDꢀTꢀꢏꢆGꢐ  
(OꢀLQGLFDGRUꢀVHꢀHQFLHQGHꢀFXDQGRꢀHOꢀ  
UHFLSLHQWHꢀGHꢀDJXDꢀH[WUDtEOHꢀGHEHꢀYROYHUꢀDꢀ  
OOHQDUVHꢀGHꢀDJXDꢀRꢀQRꢀHVWiꢀLQVHUWDGRꢁ  
ꢂDꢀ ꢀ0D\RUꢀFDQWLGDGꢀGHꢀEHELGDꢀꢀ  
SDUDꢀXQꢀVDERUꢀPiVꢀVXDYH  
ꢂEꢀꢀ0HQRUꢀFDQWLGDGꢀGHꢀEHELGDꢀꢀ  
SDUDꢀXQꢀVDERUꢀPiVꢀLQWHQVR  
'HVFDOFL¿FDUꢀQꢀꢏꢆHꢐ  
(OꢀLQGLFDGRUꢀVHꢀHQFLHQGHꢀRꢀSDUSDGHDꢀ  
FXDQGRꢀODꢀPiTXLQDꢀꢀ7$66,02ꢀGHEHꢀVHUꢀ  
GHVFDOFL¿FDGDꢁ  
/(' ꢀꢏꢆDꢐꢀ\ꢀ/('ꢀ ꢀꢏꢆEꢐ  
(VWRVꢀ/('VꢀVHꢀHQFLHQGHQꢀDOꢀGHWHFWDUꢀHOꢀ  
i1RWDꢅ  
ꢀꢑ  
í
'HVFDOFL¿TXHꢀODꢀPiTXLQDꢀ7ꢀ $66,02ꢀ  
VLJXLHQGRꢀODVꢀLQVWUXFFLRQHVꢀGHOꢀDSDUWDGRꢀ  
©'HVFDOFL¿FDFLyQªꢀHQꢀODꢀSiJLQDꢀꢉꢆꢁ  
7ꢀ',6&ꢁꢀ/RVꢀ/('ꢀ ꢀRꢀ ꢀVHꢀHQFLHQGHQꢀ  
ꢑ í  
GHꢀIRUPDꢀLQGLYLGXDOꢀVHJ~QꢀVHꢀKD\Dꢀ  
VHOHFFLRQDGRꢀXQDꢀFDQWLGDGꢀGHꢀEHELGDꢀ  
PD\RUꢀRꢀPHQRUꢀ\ꢀSDUSDGHDQꢀGXUDQWHꢀODꢀ  
HODERUDFLyQꢀGHꢀODꢀEHELGDꢁ  
,QGLFDGRUꢀGHꢀPHPRULDꢀꢀ0$9($ꢀꢏꢆIꢐ  
(OꢀLQGLFDGRUꢀUHFXHUGDꢀTXHꢀHOꢀFDUWXFKRꢀ  
GHꢀ¿OWURꢀꢀ0$9($ꢀ0ꢀ $;75$ꢀꢎꢅGꢏꢀVHꢀGHEHꢀ  
UHHPSOD]DUꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
HV  
ꢊꢊ  
7DPDxRꢀGHꢀODꢀWD]D  
(OꢀVRSRUWHꢀSDUDꢀWD]DVꢀGHꢀODꢀPiTXLQDꢀ  
ꢀ7$66,02ꢀSHUPLWHꢀXWLOL]DUꢀGLIHUHQWHVꢀ  
WDPDxRVꢀGHꢀWD]DꢀHQꢀIXQFLyQꢀGHꢀODꢀEHELGDꢀ  
GHVHDGDꢁ  
/DꢀDOWXUDꢀGHOꢀVRSRUWHꢀSDUDꢀWD]DVꢀVHꢀSXHGHꢀ  
DMXVWDUꢁꢀ'HVSODFHꢀSDUDꢀHOORꢀODꢀOHQJHWDꢀꢎꢃEꢏꢀ  
GHꢀL]TXLHUGDꢀDꢀGHUHFKDꢀKDVWDꢀTXHꢀRLJDꢀ  
FyPRꢀHQFDMDꢁ  
5HWLUHꢀHOꢀVRSRUWHꢀSDUDꢀWD]DVꢀSDUDꢀSRGHUꢀ  
XWLOL]DUꢀUHFLSLHQWHVꢀPX\ꢀDOWRVꢐꢀOHYDQWiQGRORꢀ  
SRUꢀODꢀSDUWHꢀGHODQWHUDꢀHꢀLQFOLQiQGRORꢀXQꢀ  
SRFRꢀKDFLDꢀDWUiVꢁ  
i1RWDꢅ  
±ꢀ 3DUDꢀJDUDQWL]DUꢀODꢀPHMRUꢀFDOLGDGꢀSRVLEOHꢀ  
GHꢀODVꢀEHELGDVꢀ\ꢀHYLWDUꢀVDOSLFDGXUDVꢀLQꢌ  
QHFHVDULDVꢐꢀXWLOLFHꢀVLHPSUHꢀHOꢀDMXVWHꢀPiVꢀ  
DOWRꢀSRVLEOHꢀGHOꢀVRSRUWHꢀSDUDꢀWD]DVꢁ  
±ꢀ 3DUDꢀHYLWDUꢀTXHꢀODꢀEHELGDꢀUHERVHꢐꢀVHꢌ  
OHFFLRQHꢀXQDꢀWD]DꢀGHꢀWDPDxRꢀDGHFXDGRꢀ  
SDUDꢀFDGDꢀWLSRꢀGHꢀEHELGDꢁꢀ(QꢀHOꢀHQYROWRꢌ  
ULRꢀRULJLQDOꢀGHꢀ7ꢀ',6&ꢀVHꢀLQGLFDꢀHOꢀWDPDꢌ  
xRꢀGHꢀWD]DꢀUHFRPHQGDGRꢁ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢊꢋ  
HV  
&yPRꢀXWLOL]DUꢀODꢀPiTXLQDꢀꢀ7$66,02  
i1RWDꢅ  
ꢀꢀ ꢀ ,03257$17(  
5HOOHQHꢀGLDULDPHQWHꢀHOꢀUHFLSLHQWHꢀGHꢀ  
DJXDꢀVyORꢀFRQꢀDJXDꢀOLPSLDꢀ\ꢀGHOꢀWLHPSRꢀ  
ꢎQLꢀDJXDꢀPLQHUDOꢀFRQꢀJDVꢀQLꢀDJXDꢀ  
GHVFDOFL¿FDGDꢀTXtPLFDPHQWHꢏꢁ  
$VHJ~UHVHꢀGHꢀTXHꢀODꢀPiTXLQDꢀꢀ7$66,02ꢀ  
HVWiꢀOLVWDꢀSDUDꢀVXꢀXVRꢀDQWHVꢀGHꢀSUHSDUDUꢀODꢀ  
SULPHUDꢀEHELGDꢐꢀVLJXLHQGRꢀODVꢀLQGLFDFLRQHVꢀ  
GHꢀODꢀSiJLQDꢀꢅꢆꢀGHOꢀDSDUWDGRꢀ©3ULPHUꢀXVRꢀGHꢀ  
ODꢀPiTXLQDꢀꢀ7$66,02ªꢁ  
3URFHGDꢀGHOꢀVLJXLHQWHꢀPRGRꢀSDUDꢀSUHSDUDUꢀ  
VXꢀEHELGDꢀIDYRULWDꢍ  
ꢀ
$7(1&,Ï1  
Źꢀ (QFLHQGDꢀODꢀPiTXLQDꢀꢀ7$66,02ꢀFRQꢀHOꢀ  
LQWHUUXSWRUꢀRQꢀꢑꢀRIIꢀꢎꢈꢏꢁꢀ  
¡
3DUDꢀHYLWDUꢀHOꢀULHVJRꢀGHꢀTXHPDGXUDꢅ  
±ꢀ £1RꢀXWLOL]DUꢀDJXDꢀDEODQGDGDꢀTXtꢌ  
PLFDPHQWHꢒꢀ'HꢀORꢀFRQWUDULRꢀSRGUtDꢀ  
SURGXFLUVHꢀXQDꢀSUHVLyQꢀH[FHVLYDꢀ\ꢀ  
HOꢀ7ꢀ',6&ꢀSRGUtDꢀGDxDUVHꢐꢀORꢀTXHꢀDꢀ  
VXꢀYH]ꢀSRGUtDꢀFDXVDUꢀKHULGDVꢀVLꢀODꢀ  
XQLGDGꢀGHꢀHODERUDFLyQꢀVHꢀDEUHꢀDQWHVꢀ  
GHꢀHOꢀ/('ꢀGHꢀHVWDGRꢀFꢀꢎꢊFꢏꢀGHMHꢀGHꢀ  
SDUSDGHDUꢁ  
Źꢀ &RORTXHꢀSULPHURꢀXQDꢀWD]DꢀFRQꢀXQꢀ  
WDPDxRꢀDGHFXDGRꢀHQꢀHOꢀVRSRUWHꢀSDUDꢀ  
WD]DVꢀꢎꢃꢏꢀVHJ~QꢀHOꢀWLSRꢀGHꢀEHELGDꢀ  
GHVHDGRꢁꢀ3XHGHꢀDGDSWDUꢀODꢀDOWXUDꢀGHOꢀ  
VRSRUWHꢀSDUDꢀWD]DVꢀDOꢀWDPDxRꢀGHꢀODꢀWD]Dꢀ  
RꢀH[WUDHUORꢀHQꢀHOꢀFDVRꢀGHꢀWD]DVꢀꢑYDVRVꢀ  
JUDQGHVꢁ  
Źꢀ 8WLOLFHꢀVLHPSUHꢀODꢀSRVLFLyQꢀPiVꢀHOHYDGDꢀ  
SRVLEOHꢀGHOꢀVRSRUWHꢀSDUDꢀWD]DVꢁ  
±ꢀ $QWHVꢀGHꢀDEULUꢀODꢀXQLGDGꢀGHꢀHODERUDꢌ  
FLyQꢀHVSHUHꢀVLHPSUHꢀKDVWDꢀTXHꢀ/('ꢀ  
GHꢀHVWDGRꢀFꢀꢎꢊFꢏꢀGHMHꢀGHꢀSDUSDGHDUꢁ  
ꢈꢁꢀ $EUDꢀODꢀXQLGDGꢀGHꢀHODERUDFLyQꢀGHꢀ  
EHELGDVꢀOHYDQWDQGRꢀODꢀFXELHUWDꢀꢎꢂDꢏꢀ\ꢀ  
FRQGXFLHQGRꢀODꢀXQLGDGꢀGHꢀHODERUDFLyQꢀ  
GHꢀEHELGDVꢀKDFLDꢀDUULEDꢁ  
ꢈꢁ  
ꢂꢁꢀ 6HOHFFLRQHꢀXQꢀ7ꢀ',6&ꢀHꢀLQVpUWHORꢀHQꢀHOꢀ  
VRSRUWHꢀSDUDꢀ7ꢀ',6&VꢀꢎꢂEꢏꢀFRQꢀODꢀFDUDꢀ  
LPSUHVDꢀKDFLDꢀDEDMRꢁꢀꢀ  
ꢂꢁ  
ꢆꢁ  
$VHJ~UHVHꢀGHꢀTXHꢀODꢀOHQJHWDꢀGHOꢀ  
7ꢀ',6&ꢀHQFDMDꢀHQꢀODꢀUDQXUDꢀGHODQWHUDꢀ  
FHQWUDOꢁ  
ꢆꢁꢀ &LHUUHꢀODꢀXQLGDGꢀGHꢀHODERUDFLyQꢀ  
EDMiQGRODꢀ\ꢀSUHVLRQDQGRꢀDꢀFRQWLQXDFLyQꢀ  
ODꢀFXELHUWDꢀꢎꢂDꢏꢀFRQWUDꢀODꢀPiTXLQDꢁ  
Źꢀ 6LꢀVHꢀKDꢀGHWHFWDGRꢀHOꢀ7ꢀ',6&ꢐꢀVHꢀ  
HQFLHQGHQꢀORVꢀ/('Vꢀ ꢀꢑꢀ ꢁ  
ꢑ í  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
HV  
ꢊꢌ  
Źꢀ 3DUDꢀREWHQHUꢀXQDꢀPD\RUꢀFDQWLGDGꢀGHꢀ  
$KRUDꢀODꢀPiTXLQDꢀHVWiꢀOLVWDꢀSDUDꢀSUHSDUDUꢀ  
VXꢀEHELGDꢁ  
EHELGDꢀMXVWRꢀGHVSXpVꢀGHꢀVXꢀHODERUDꢌ  
FLyQꢐꢀSXOVHꢀ\ꢀPDQWHQJDꢀSUHVLRQDGDꢀODꢀ  
WHFODꢀ6WDUWꢀꢑꢀ6WRSꢀꢎꢇꢏꢀRꢀODVꢀWHFODꢀGHꢀFDQWLꢌ  
GDGꢀGHꢀEHELGDꢀꢓꢀáꢀꢎꢇDꢏꢁ  
ꢀ
$7(1&,Ï1  
¡
3DUDꢀHYLWDUꢀHOꢀULHVJRꢀGHꢀTXHPDGXUDꢅ  
±ꢀ $QWHVꢀGHꢀDEULUꢀODꢀXQLGDGꢀGHꢀHODERUDꢌ  
FLyQꢀHVSHUHꢀVLHPSUHꢀKDVWDꢀTXHꢀ/('ꢀ  
GHꢀHVWDGRꢀFꢀꢎꢊFꢏꢀGHMHꢀGHꢀSDUSDGHDUꢁ  
±ꢀ 1RꢀLQWHQWHꢀQXQFDꢀDEULUꢀODꢀXQLGDGꢀGHꢀ  
HODERUDFLyQꢀGHꢀEHELGDVꢀPLHQWUDVꢀHVWiꢀ  
HQꢀIXQFLRQDPLHQWRꢁ  
ꢋꢁꢀ 7UDVꢀ¿QDOL]DUꢀODꢀHODERUDFLyQꢐꢀHOꢀ/('ꢀ  
GHꢀHVWDGRꢀFꢀꢎꢊFꢏꢀGHMDꢀGHꢀSDUSDGHDUꢁꢀ  
$KRUDꢀVHꢀSXHGHꢀYROYHUꢀDꢀDEULUꢀODꢀXQLGDGꢀ  
GHꢀHODERUDFLyQꢁꢀ6XꢀEHELGDꢀHVWiꢀOLVWDꢁꢀ  
3XHGHꢀUHWLUDUODꢀ\ꢀSUHSDUDUꢀRWUDꢀVLꢀORꢀ  
GHVHDꢁ  
±ꢀ (QꢀHOꢀFDVRꢀGHꢀEHELGDVꢀFRQꢀXQDꢀ  
SUHVLyQꢀGHꢀHODERUDFLyQꢀPD\RUꢀVHꢀ  
EORTXHDꢀODꢀXQLGDGꢀGHꢀHODERUDFLyQꢀ  
DXWRPiWLFDPHQWHꢁ  
i1RWDꢅ  
3XHGHQꢀSURGXFLUVHꢀSDXVDVꢀFRUWDVꢀGXUDQWHꢀ  
HOꢀSURFHVRꢀGHꢀHODERUDFLyQꢁꢀ(OꢀREMHWLYRꢀHVꢀ  
RSWLPL]DUꢀHOꢀVDERUꢀGHꢀODꢀEHELGDꢁ  
±ꢀ 1RꢀWRTXHꢀODꢀXQLGDGꢀGHꢀSHUIRUDFLyQꢀ  
LQPHGLDWDPHQWHꢀGHVSXpVꢀGHꢀSUHSDUDUꢀ  
XQDꢀEHELGDꢁ  
±ꢀ 7HQJDꢀHQꢀFXHQWDꢀTXHꢀODVꢀEHELGDVꢀUHꢌ  
FLpQꢀSUHSDUDGDVꢀHVWiQꢀPX\ꢀFDOLHQWHVꢁ  
±ꢀ (Oꢀ7ꢀ',6&ꢀSXHGHꢀHVWDUꢀFDOLHQWHꢀ  
GHVSXpVꢀGHꢀSUHSDUDUꢀODꢀEHELGDꢁꢀ6Hꢀ  
DFRQVHMDꢀPDQLSXODUꢀFRQꢀFXLGDGRꢁ  
6LꢀQRꢀSUHSDUDꢀPiVꢀEHELGDVꢐꢀODꢀPiTXLQDꢀ  
SDVDꢀDXWRPiWLFDPHQWHꢀDOꢀPRGRꢀGHꢀDKRUURꢀ  
GHꢀHQHUJtDꢁꢀ  
3DUDꢀUHGXFLUꢀD~QꢀPiVꢀHOꢀFRQVXPRꢀGHꢀ  
HOHFWULFLGDGꢐꢀOHꢀUHFRPHQGDPRVꢀDSDJDUꢀODꢀ  
PiTXLQDꢀ7ꢀ $66,02ꢀWUDVꢀFDGDꢀXVRꢀFRQꢀHOꢀ  
LQWHUUXSWRUꢀRQꢀꢑꢀRIIꢀꢎꢈꢏꢁ  
ꢇꢁꢀ 3URFHGDꢀFRPRꢀVHꢀGHVFULEHꢀDꢀ  
FRQWLQXDFLyQꢀSDUDꢀSUHSDUDUꢀVXꢀEHELGDꢀ  
VHJ~QꢀHOꢀDMXVWHꢀEiVLFRꢀFRQWHQLGRꢀHQꢀHOꢀ  
FyGLJRꢀGHꢀEDUUDVꢀGHOꢀ7ꢀ',6&ꢁ  
3URYHHGRUHVꢀGHꢀ7ꢀ',6&  
/DꢀPiTXLQDꢀ7$66,02ꢀIXQFLRQDꢀH[FOXVLYDꢌ  
PHQWHꢀFRQꢀFiSVXODVꢀHVSHFLDOHVꢐꢀORVꢀOODPDꢌ  
GRVꢀ7ꢀ',6&VꢀGHꢀ7$66,02ꢐꢀTXHꢀVHꢀSXHGHQꢀ  
DGTXLULUꢀHQꢀGHWHUPLQDGRVꢀHVWDEOHFLPLHQWRVꢀ  
Źꢀ $GHPiVꢐꢀHVꢀSRVLEOHꢀDGDSWDUꢀ  
LQGLYLGXDOPHQWHꢀODꢀFDQWLGDGꢀGHꢀEHELGDꢀ GHꢀYHQWDꢀ\ꢀSRUꢀ,QWHUQHWꢀHQꢀODꢀSiJLQDꢀZHEꢀ  
FRQꢀODVꢀWHFODVꢀGHꢀFDQWLGDGꢀGHꢀEHELGDꢍꢀꢀ  
ZZZꢁWDVVLPRꢁFRPꢁ  
7HFODꢀGHꢀFDQWLGDGꢀGHꢀEHELGDꢀꢑꢀáꢎꢇDꢏꢅ  
ꢀ
0D\RUꢀFDQWLGDGꢀGHꢀEHELGDꢀ  
$OPDFHQDPLHQWRꢀGHꢀ7ꢀ',6&V  
SDUDꢀXQꢀVDERUꢀPiVꢀVXDYHꢀꢀ  
/RVꢀ7ꢀ',6&VꢀVHꢀSXHGHQꢀJXDUGDUꢀHQꢀVXꢀ  
7HFODꢀGHꢀFDQWLGDGꢀGHꢀEHELGDꢀ±ꢀàꢎꢇEꢏꢅ SURSLRꢀHQYROWRULRꢀRꢀHQꢀRWURVꢀHQYDVHVꢀGHꢀVXꢀ  
ꢀ
0HQRUꢀFDQWLGDGꢀGHꢀEHELGDꢀ  
SDUDꢀXQꢀVDERUꢀPiVꢀLQWHQVRꢀ  
HOHFFLyQꢁꢀ'HEHQꢀDOPDFHQDUVHꢀHQꢀXQꢀOXJDUꢀ  
IUHVFRꢀ\ꢀVHFRꢁꢀ1RꢀJXDUGHꢀORVꢀ7ꢀ',6&VꢀHQꢀODꢀ  
QHYHUDꢀRꢀHQꢀHOꢀFRQJHODGRUꢁꢀ6LHPSUHꢀTXHꢀHOꢀ  
HQYROWRULRꢀH[WHULRUꢀHVWpꢀLQWDFWRꢐꢀORVꢀ7ꢀ',6&Vꢀ  
VHꢀSXHGHQꢀXWLOL]DUꢀKDVWDꢀODꢀIHFKDꢀGHꢀFDGXFLꢌ  
GDGꢀLPSUHVDꢀHQꢀHOꢀHQYROWRULRꢁ  
6LꢀKDꢀDMXVWDGRꢀODꢀFDQWLGDGꢀGHꢀEHELGDꢐꢀ  
HOꢀ/('ꢀ ꢀRꢀHOꢀ/('ꢀ ꢀSHUPDQHFHQꢀ  
ꢑ
í
HQFHQGLGRVꢀKDVWDꢀTXHꢀVHꢀLQLFLDꢀHOꢀ  
SURFHVRꢀGHꢀHODERUDFLyQꢁ  
ꢊꢁꢀ ,QLFLHꢀHOꢀSURFHVRꢀGHꢀHODERUDFLyQꢀ  
SXOVDQGRꢀHOꢀERWyQꢀ6WDUWꢀꢑꢀ6WRSꢀꢎꢇꢏꢁꢀ  
Źꢀ 'XUDQWHꢀODꢀHODERUDFLyQꢀSDUSDGHDQꢀORVꢀ  
/('VꢀGHꢀHVWDGRꢀ/('ꢀFꢀꢎꢊFꢏꢀ\ꢀORVꢀ/('Vꢀ  
8QDꢀYH]ꢀDELHUWRꢀHOꢀHQYROWRULRꢀH[WHULRUꢐꢀORVꢀ  
7ꢀ',6&VꢀGHEHQꢀFRQVXPLUVHꢀHQꢀHOꢀHVSDFLRꢀ  
GHꢀꢉꢀVHPDQDVꢁ  
ꢀRꢀ ꢀꢎHQꢀFDVRꢀGHꢀKDEHUODVꢀVHOHFFLRQDꢌ  
ꢑ í  
GRꢀSUHYLDPHQWHꢏꢁ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢊꢍ  
HV  
0DQWHQLPLHQWRꢀ\ꢀFXLGDGRꢀGLDULR  
/LPSLHꢀODꢀPiTXLQDꢀꢀ7$66,02ꢀFRQꢀUHJXODꢌ  
ꢀ $'9(57(1&,$  
ULGDGꢀSDUDꢀJDUDQWL]DUꢀODꢀySWLPDꢀFDOLGDGꢀGHꢀ  
ODVꢀEHELGDVꢁꢀ6LꢀKDꢀGHMDGRꢀGHꢀXWLOL]DUꢀODꢀPiꢌ  
TXLQDꢀGXUDQWHꢀXQꢀODUJRꢀSHULRGRꢀGHꢀWLHPSRꢐꢀ  
OOHYHꢀDꢀFDERꢀVLHPSUHꢀDOJXQRVꢀSURFHVRVꢀGHꢀ  
OLPSLH]DꢀFRQꢀHOꢀ7ꢀ',6&ꢀGHꢀVHUYLFLRꢀSDUDꢀ  
JDUDQWL]DUꢀODꢀFDOLGDGꢀGHꢀODVꢀEHELGDVꢀꢎYpDVHꢀ  
HOꢀDSDUWDGRꢀ©3ULPHUꢀXVRꢀGHꢀODꢀPiTXLQDꢀ  
ꢀ7$66,02ªꢏꢁꢀ  
¡
£3HOLJURꢀGHꢀGHVFDUJDVꢀHOpFWULFDVꢃ  
±ꢀ $SDJXHꢀODꢀPiTXLQDꢀ\ꢀGHVHQFK~IHODꢀ  
GHꢀODꢀUHGꢀDQWHVꢀGHꢀHPSH]DUꢀDꢀ  
OLPSLDUODꢁꢀ  
±ꢀ 1RꢀVXPHUMDꢀQXQFDꢀODꢀPiTXLQDꢀHQꢀ  
DJXDꢁ  
±ꢀ 1RꢀXWLOLFHꢀOLPSLDGRUHVꢀDꢀYDSRUꢁ  
1RꢀXWLOLFHꢀQXQFDꢀYLQDJUHꢀRꢀSURGXFWRVꢀ  
TXHꢀFRQWHQJDQꢀYLQDJUHꢐꢀSURGXFWRVꢀGHꢀ  
OLPSLH]DꢀDEUDVLYRVꢀRꢀDJXDꢀGHVFDOFL¿FDGDꢀ  
TXtPLFDPHQWHꢁꢀ  
ꢈꢁꢀ /LPSLHꢀSHULyGLFDPHQWHꢀODꢀXQLGDGꢀGHꢀ  
HODERUDFLyQꢀGHꢀEHELGDVꢐꢀHVSHFLDOPHQWHꢀ  
HOꢀOHFWRUꢀGHꢀFyGLJRVꢀGHꢀEDUUDVꢀGHOꢀ  
ꢈꢁ  
ꢂꢁ  
7ꢀ',6&ꢀꢎꢂHꢏꢀDVtꢀFRPRꢀODꢀ]RQDꢀGHOꢀFLHUUHꢀ  
FRQꢀXQꢀSDxRꢀVXDYHꢀ\ꢀK~PHGRꢐꢀSDUDꢀ  
JDUDQWL]DUꢀTXHꢀORVꢀFyGLJRVꢀGHꢀEDUUDVꢀGHOꢀ  
7ꢀ',6&ꢀVHꢀOHDQꢀFRUUHFWDPHQWHꢁ  
ꢂꢁꢀ /LPSLHꢀODꢀSDUWHꢀH[WHULRUꢀGHꢀODꢀPiTXLQDꢀ  
FRQꢀXQꢀSDxRꢀK~PHGRꢁ  
ꢆꢁꢀ (QMXDJXHꢀHOꢀUHFLSLHQWHꢀGHꢀDJXDꢀꢎꢅꢏꢀ\ꢀHOꢀ  
SRUWDFDUWXFKRVꢀꢎꢅFꢏꢀVyORꢀFRQꢀDJXDꢁꢀ1Rꢀ  
XWLOLFHꢀHOꢀODYDYDMLOODVꢀSDUDꢀODYDUORVꢁ  
ꢆꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
HV  
ꢊꢎ  
ꢇꢁꢀ 7RGDVꢀODVꢀSDUWHVꢀFRPSRQHQWHVꢀGHOꢀ  
ꢇꢁ  
VRSRUWHꢀSDUDꢀWD]DVꢀꢎꢃꢏꢀVHꢀSXHGHQꢀODYDUꢀ  
FyPRGDPHQWHꢀHQꢀHOꢀODYDYDMLOODVꢁꢀ  
ꢊꢁꢀ ([WUDLJDꢀHOꢀVRSRUWHꢀSDUDꢀ7ꢀ',6&VꢀꢎꢂEꢏꢀ  
\ꢀODꢀXQLGDGꢀGHꢀSHUIRUDFLyQꢀꢎꢂFꢏꢁꢀ5HWLUHꢀ  
WDPELpQꢀHOꢀFRQGXFWRꢀGHꢀVDOLGDꢀGHꢀODꢀ  
EHELGDꢀꢎꢂGꢏꢀSUHVLRQiQGRORꢀKDFLDꢀDUULEDꢁꢀ  
/LPSLHꢀELHQꢀHVWDVꢀSLH]DVꢐꢀ\DꢀTXHꢀGHꢀORꢀ  
FRQWUDULRꢀHOꢀFRQGXFWRꢀGHꢀVDOLGDꢀGHꢀODꢀ  
EHELGDꢀVHꢀSRGUtDꢀDWDVFDUꢀ\ꢀVHꢀSRGUtDꢀ  
YHUꢀUHGXFLGDꢀODꢀFDQWLGDGꢀGHꢀEHELGDꢀRꢀODꢀ  
VDOLGDꢀGHꢀOtTXLGRꢁꢀ  
ꢊꢁ  
Źꢀ (VWDVꢀSLH]DVꢀVHꢀSXHGHQꢀODYDUꢀHQꢀHOꢀ  
ODYDYDMLOODVꢁꢀ  
Źꢀ &XDQGRꢀSUHSDUHꢀYDULDVꢀEHELGDVꢀXQDꢀ  
WUDVꢀRWUDꢐꢀSXHGHꢀOLPSLDUꢀODꢀXQLGDGꢀGHꢀ  
SHUIRUDFLyQꢀUiSLGDꢀ\ꢀIiFLOPHQWHꢀDꢀPDQRꢀ  
FRORFiQGRODꢀGHEDMRꢀGHOꢀJULIRꢁ  
i1RWDꢅ  
ꢀ
$7(1&,Ï1  
/HꢀUHFRPHQGDPRVꢀTXHꢀOLPSLHꢀFRQꢀ  
IUHFXHQFLDꢀODꢀXQLGDGꢀGHꢀHODERUDFLyQꢀꢎVREUHꢀ  
WRGRꢀVLꢀSUHSDUDꢀEHELGDVꢀTXHꢀFRQWLHQHQꢀ  
OHFKHꢀRꢀFDFDRꢏꢀFRQꢀHOꢀ7ꢀ',6&ꢀGHꢀVHUYLFLRꢀ  
FRPRꢀVHꢀGHVFULEHꢀHQꢀHOꢀDSDUWDGRꢀ©3ULPHUꢀ  
XVRꢀGHꢀODꢀPiTXLQDꢀ7ꢀ $66,02ªꢁ  
¡
3DUDꢀHYLWDUꢀHOꢀULHVJRꢀGHꢀTXHPDGXUDVꢅ  
1RꢀWRTXHꢀODꢀXQLGDGꢀGHꢀSHUIRUDFLyQꢀ\ꢀHOꢀ  
FRQGXFWRꢀGHꢀVDOLGDꢀGHꢀODꢀEHELGDꢀLQPHGLDꢌ  
WDPHQWHꢀGHVSXpVꢀGHꢀSUHSDUDUꢀXQDꢀEHELꢌ  
GDꢐꢀ\DꢀTXHꢀSXHGHꢀHVWDUꢀPX\ꢀFDOLHQWHꢁ  
ꢀꢀ ꢀ ,03257$17(  
±ꢀ 7UDVꢀXVDUꢀHOꢀ7ꢀ',6&ꢀGHꢀ6HUYLFLRꢐꢀOHꢀ  
UHFRPHQGDPRVꢀTXHꢀORꢀJXDUGHꢀHQꢀVXꢀ  
FRPSDUWLPHQWRꢀVLWXDGRꢀHQꢀODꢀSDUWHꢀ  
WUDVHUDꢀGHꢀODꢀPiTXLQDꢀꢎꢉꢏꢁ  
±ꢀ 9XHOYDꢀDꢀFRORFDUꢀHOꢀFRQGXFWRꢀGHꢀ  
VDOLGDꢀGHꢀODꢀEHELGDꢀꢎꢂGꢏꢀXQDꢀYH]ꢀ  
OLPSLRꢁ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢋꢓ  
HV  
'HVFDOFL¿FDFLyQ  
/DꢀPiTXLQDꢀ7ꢀ $66,02ꢀVHꢀGHEHꢀ  
ꢀꢀ ꢀ ,03257$17(  
GHVFDOFL¿FDUꢀFRQꢀUHJXODULGDGꢐꢀ\DꢀTXHꢀDOꢀ  
FDOHQWDUꢀDJXDꢀVHꢀIRUPDꢀFDOꢀTXHꢀSXHGHꢀLUVHꢀ  
DFXPXODQGRꢀHQꢀODꢀPiTXLQDꢁꢀ(VWRꢀVHꢀVHxDODꢀ  
PHGLDQWHꢀHOꢀ/('ꢀ©'HVFDOFL¿FDUªꢀQꢀꢎꢊHꢏꢁꢀ  
&XDQGRꢀVHꢀHQFLHQGHꢐꢀODꢀPiTXLQDꢀVHꢀGHEHꢌ  
UtDꢀGHVFDOFL¿FDUꢀLQPHGLDWDPHQWHꢐꢀ\DꢀTXHꢀGHꢀ  
ORꢀFRQWUDULRꢀSRGUtDꢀUHVXOWDUꢀGDxDGDꢀRꢀSRGUtDꢀ  
YHUVHꢀDIHFWDGDꢀODꢀFDOLGDGꢀGHꢀODVꢀEHELGDVꢁ  
±ꢀ 6LꢀVHꢀXWLOL]DꢀDJXDꢀPX\ꢀGXUDꢐꢀVHꢀLQFUHꢌ  
PHQWDꢀODꢀIRUPDFLyQꢀGHꢀYDSRUꢀRꢀODꢀFDQꢌ  
WLGDGꢀGHꢀEHELGDꢀHVꢀGLIHUHQWHꢐꢀGHVFDOFLꢌ  
¿TXHꢀODꢀPiTXLQDꢀDQWHVꢀGHꢀORꢀSUHYLVWRꢁ  
±ꢀ (OꢀVLVWHPDꢀGHꢀ¿OWUDGRꢀꢀ0$9($ꢀ  
ꢀ0$;75$ꢀVXPLQLVWUDGRꢀUHGXFHꢀFRQꢌ  
VLGHUDEOHPHQWHꢀHOꢀSRUFHQWDMHꢀGHꢀFDOꢀ  
HQꢀHOꢀDJXDꢐꢀSHURꢀQRꢀVXVWLWX\HꢀORVꢀSURꢌ  
FHVRVꢀGHꢀGHVFDOFL¿FDFLyQꢀUHJXODUHVꢀ  
QHFHVDULRVꢁ  
(OꢀLQGLFDGRUꢀHPSLH]DꢀDꢀSDUSDGHDUꢀVLꢀQRꢀKDꢀ  
GHVFDOFL¿FDGRꢀODꢀPiTXLQDꢀWUDVꢀHOꢀXVRꢀGHꢀ  
RWURVꢀꢇꢆꢀ7ꢀ',6&Vꢁ  
/RVꢀDJHQWHVꢀGHꢀGHVFDOFL¿FDFLyQꢀ  
ꢀ
$7(1&,Ï1  
DGHFXDGRVꢀVHꢀSXHGHQꢀDGTXLULUꢀDꢀWUDYpVꢀ  
GHꢀODꢀSiJLQDꢀZHEꢀZZZꢁWDVVLPRꢁFRPꢄꢀHOꢀ  
VHUYLFLRꢀGHꢀDVLVWHQFLDꢀWpFQLFDꢀGHꢀ%RVFKꢀ  
ꢏQ~PHURꢀGHꢀDUWtFXORꢀꢊꢌꢆꢍꢂꢍꢄꢀYpDVHꢀODꢀ  
SiJLQDꢀꢌꢈꢀSDUDꢀORVꢀGDWRVꢀGHꢀFRQWDFWRꢐꢀꢀ  
RꢀHQꢀHVWDEOHFLPLHQWRVꢀGHꢀYHQWDꢁ  
¡
±ꢀ /RVꢀOtTXLGRVꢀQRꢀGHEHUiQꢀEHEHUVHꢀHQꢀ  
QLQJ~QꢀFDVRꢁ  
±ꢀ 1RꢀXWLOLFHꢀQXQFDꢀYLQDJUHꢀRꢀSURGXFWRVꢀ  
TXHꢀFRQWHQJDQꢀYLQDJUHꢁ  
±ꢀ 1RꢀLQWHUUXPSDꢀQXQFDꢀHOꢀSURJUDPDꢀGHꢀ  
GHVFDOFL¿FDFLyQꢁ  
(MHFXFLyQꢀGHOꢀSURJUDPDꢀGHꢀ  
GHVFDOFL¿FDFLyQ  
ꢈꢁ  
ꢈꢁꢀ 5HWLUHꢀHOꢀUHFLSLHQWHꢀGHꢀDJXDꢀGHꢀODꢀ  
PiTXLQDꢀꢀ7$66,02ꢀ\ꢀH[WUDLJDꢀHOꢀ  
SRUWDFDUWXFKRVꢀꢎꢅFꢏꢀFRQꢀHOꢀFDUWXFKRꢀGHꢀ  
¿OWURꢀꢎꢅGꢏꢁ  
ꢂꢁꢀ 5HWLUHꢀHOꢀ7ꢀ',6&ꢀGHꢀVHUYLFLRꢀGHOꢀ  
FRPSDUWLPLHQWRꢀꢎꢉꢏꢀVLWXDGRꢀHQꢀODꢀSDUWHꢀ  
WUDVHUDꢀGHꢀODꢀPiTXLQDꢁ  
ꢂꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
HV  
ꢋꢈ  
ꢆꢁꢀ /OHQHꢀHOꢀUHFLSLHQWHꢀGHꢀDJXDꢀKDVWDꢀODꢀ  
ꢆꢁ  
ꢇꢁ  
PDUFDꢀGHꢀGHVFDOFL¿FDFLyQꢀꢎꢆꢐꢅꢀ,ꢏꢀ\ꢀ  
DJUHJXHꢀDJHQWHVꢀGHꢀGHVFDOFL¿FDFLyQꢀ  
VLJXLHQGRꢀODVꢀLQGLFDFLRQHVꢀGHOꢀ  
IDEULFDQWHꢁ  
i1RWDꢅ  
6LꢀHOꢀDJXDꢀHVꢀGXUDꢐꢀDxDGDꢀPiVꢀ  
GHVFDOFL¿FDGRUꢁ  
ꢇꢁꢀ &RORTXHꢀHOꢀUHFLSLHQWHꢀGHꢀDJXDꢀLQFOLQDGRꢀ  
\ꢀDFpUTXHORꢀDꢀODꢀPiTXLQDꢀKDVWDꢀTXHꢀVHꢀ  
RLJDꢀFyPRꢀHQFDMDꢁ  
ꢊꢁꢀ &RORTXHꢀXQꢀFRQWHQHGRUꢀDGHFXDGRꢀꢎPtQꢁꢀ  
ꢈꢃꢀR]ꢁꢀꢑꢀꢅꢆꢆꢀPOꢀGHꢀFDSDFLGDGꢏꢀGHEDMRꢀGHOꢀ  
FRQGXFWRꢀGHꢀVDOLGDꢀGHꢀODꢀEHELGDꢁ  
ꢊꢁ  
ꢋꢁ  
PtQꢁꢀ  
ꢈꢃꢀR]ꢁꢀꢑ  
ꢅꢆꢆꢀPO  
ꢋꢁꢀ $EUDꢀODꢀXQLGDGꢀGHꢀHODERUDFLyQꢀGHꢀ  
ꢀEHELGDVꢀOHYDQWDQGRꢀODꢀFXELHUWDꢀꢎꢂDꢏꢀ\ꢀ  
FRQGXFLHQGRꢀODꢀXQLGDGꢀGHꢀHODERUDFLyQꢀ  
GHꢀEHELGDVꢀKDFLDꢀDUULEDꢁꢀ&RORTXHꢀHOꢀ  
7ꢀ',6&ꢀGHꢀVHUYLFLRꢀFRQꢀHOꢀFyGLJRꢀGHꢀ  
EDUUDVꢀKDFLDꢀDEDMRꢀHQꢀHOꢀVRSRUWHꢀSDUDꢀ  
7ꢀ',6&VꢀꢎꢂEꢏꢁꢀ$VHJ~UHVHꢀGHꢀTXHꢀODꢀOHQꢌ  
JHWDꢀGHOꢀ7ꢀ',6&ꢀHQFDMDꢀHQꢀODꢀUDQXUDꢀ  
GHODQWHUDꢀFHQWUDOꢁ  
Źꢀ &LHUUHꢀODꢀXQLGDGꢀGHꢀHODERUDFLyQꢀ  
EDMiQGRODꢀ\ꢀSUHVLRQDQGRꢀDꢀFRQWLQXDFLyQꢀ  
ODꢀFXELHUWDꢀꢎꢂDꢏꢀFRQWUDꢀODꢀPiTXLQDꢐꢀKDVWDꢀ  
TXHꢀRLJDꢀFyPRꢀHQFDMDꢁ  
ꢌꢁꢀ ,QLFLHꢀHOꢀSURFHVRꢀGHꢀOLPSLH]DꢀPDQWHꢌ  
QLHQGRꢀHOꢀERWyQꢀ6WDUWꢀꢑꢀ6WRSꢀꢎꢇꢏꢀSXOVDGRꢀ  
GXUDQWHꢀFRPRꢀPtQLPRꢀꢊꢀVHJXQGRVꢁ  
Źꢀ 7UDQVFXUULGRVꢀꢅꢀVHJXQGRVꢐꢀVXHOWHꢀODꢀ  
WHFODꢀ6WDUWꢀꢑꢀ6WRSꢔꢀODꢀPiTXLQDꢀLQLFLDꢀHOꢀ  
SURFHVRꢀGHꢀGHVFDOFL¿FDFLyQꢀGHꢀIRUPDꢀ  
DXWRPiWLFDꢁꢀ/RꢀSRGUiꢀUHFRQRFHUꢀSRUTXHꢀ  
HOꢀ/('ꢀGHꢀHVWDGRꢀFꢀSDUSDGHDꢀ\ꢀSRUTXHꢀ  
VHꢀPXHVWUDꢀHOꢀ/('ꢀ'ꢀ©'HVFDOFL¿FDUªꢁ  
ꢌꢁ  
ꢅꢀVHJꢁ  
ꢂꢓꢀPLQ  
i1RWDꢅ  
ꢀꢀ ꢀ ,03257$17(  
(OꢀSURJUDPDꢀGHꢀGHVFDOFL¿FDFLyQꢀGXUDꢀ  
/DꢀVROXFLyQꢀGHꢀGHVFDOFL¿FDFLyQꢀVHꢀERPEHDꢀ  
DꢀWUDYpVꢀGHꢀODꢀPiTXLQDꢀDꢀLQWHUYDORVꢀ\ꢀVHꢀ  
YLHUWHꢀHQꢀHOꢀFRQWHQHGRUꢀKDVWDꢀTXHꢀHOꢀUHFLꢌ  
SLHQWHꢀGHꢀDJXDꢀHVWiꢀSUiFWLFDPHQWHꢀYDFtRꢁꢀ  
6LHPSUHꢀTXHGDꢀXQꢀSRFRꢀGHꢀOtTXLGRꢀHQꢀHOꢀ  
UHFLSLHQWHꢁ  
DSUR[ꢁꢀꢂꢓꢀPLQXWRVꢁ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢋꢂ  
HV  
ꢍꢁꢀ &XDQGRꢀHOꢀ/('ꢀGHꢀHVWDGRꢀFꢀ\ꢀHOꢀ/('ꢀ  
'ꢀ©'HVFDOFL¿FDUªꢀGHMDQꢀGHꢀSDUSDGHDUꢐꢀ  
HOꢀSURFHVRꢀGHꢀGHVFDOFL¿FDFLyQꢀKDꢀ  
WHUPLQDGRꢁꢀ9DFtHꢀHOꢀFRQWHQHGRUꢀ\ꢀYXHOYDꢀ  
DꢀFRORFDUORꢀGHEDMRꢀGHOꢀFRQGXFWRꢀGHꢀ  
VDOLGDꢀGHꢀODꢀEHELGDꢁ  
ꢍꢁ  
Źꢀ (QMXDJXHꢀ\ꢀODYHꢀHOꢀUHFLSLHQWHꢀGHꢀDJXDꢀDꢀ  
IRQGRꢀ\ꢀOOpQHORꢀKDVWDꢀODꢀPDUFDꢀPD[ꢀFRQꢀ  
DJXDꢀOLPSLDꢁ  
Źꢀ $ꢀFRQWLQXDFLyQꢐꢀYXHOYDꢀDꢀFRORFDUꢀHOꢀ  
UHFLSLHQWHꢀGHꢀDJXDꢀHQꢀODꢀPiTXLQDꢀ  
ꢀ7$66,02ꢁ  
ꢎꢁꢀ $EUDꢀ\ꢀFLHUUHꢀODꢀXQLGDGꢀGHꢀHODERUDFLyQꢀ  
GHꢀEHELGDVꢀꢎHOꢀ7ꢀ',6&ꢀGHꢀVHUYLFLRꢀSHUꢌ  
PDQHFHꢀHQꢀHOꢀVRSRUWHꢀSDUDꢀ7ꢀ',6&Vꢏꢁ  
ꢎꢁ  
ꢈꢓꢁꢀ3XOVHꢀHOꢀERWyQꢀ6WDUWꢀꢑꢀ6WRSꢀꢎꢇꢏꢀEUHYHꢌ  
PHQWHꢀSDUDꢀHMHFXWDUꢀHOꢀSURFHVRꢀGHꢀ  
OLPSLH]Dꢁ  
ꢈꢓꢁ  
ꢈꢈꢁ  
ꢈꢈꢁꢀ8QDꢀYH]ꢀFRQFOXLGRꢀHOꢀSURFHVRꢀGHꢀOLPꢌ  
SLH]DꢐꢀYDFtHꢀHOꢀUHFLSLHQWHꢀ\ꢀYXHOYDꢀDꢀ  
FRORFDUORꢀGHEDMRꢀGHOꢀFRQGXFWRꢀGHꢀVDOLGDꢀ  
GHꢀODꢀEHELGDꢁ  
ꢀꢀ ꢀ ,03257$17(  
5HSLWDꢀFXDWURꢀYHFHVꢀORVꢀSDVRVꢀꢈꢓꢀ\ꢀꢈꢈꢁ  
ꢇꢀ[  
/DꢀPiTXLQDꢀ7ꢀ $66,02ꢀVHꢀKDꢀOLPSLDGRꢀ\ꢀ  
GHVFDOFL¿FDGRꢀFRUUHFWDPHQWHꢁ  
ꢈꢂꢁ  
ꢈꢂꢁꢀ$EUDꢀODꢀXQLGDGꢀGHꢀHODERUDFLyQꢀGHꢀ  
EHELGDVꢐꢀUHWLUHꢀHOꢀ7ꢀ',6&ꢀGHꢀVHUYLFLRꢀ  
\ꢀJXiUGHORꢀHQꢀHOꢀFRPSDUWLPHQWRꢀ  
ꢎꢉꢏꢀVLWXDGRꢀHQꢀODꢀSDUWHꢀWUDVHUDꢀGHOꢀ  
UHFLSLHQWHꢀꢀGHꢀDJXDꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
HV  
ꢋꢆ  
ꢈꢆꢁꢀ9XHOYDꢀDꢀFRORFDUꢀDKRUDꢀHOꢀSRUWDFDUWXꢌ  
ꢈꢆꢁ  
FKRVꢀꢎꢅFꢏꢀFRQꢀHOꢀFDUWXFKRꢀGHꢀ¿OWURꢀꢎꢅGꢏꢀ  
HQꢀHOꢀGHSyVLWRꢀGHꢀDJXDꢀYDFtRꢀ\ꢀOOpQHORꢀ  
KDVWDꢀODꢀPDUFDꢀPD[ꢀFRQꢀDJXDꢀOLPSLDꢁ  
i1RWDꢅ  
/DꢀPiTXLQDꢀ7ꢀ $66,02ꢀYXHOYHꢀDꢀHVWDUꢀOLVWDꢀ  
SDUDꢀVXꢀXVRꢁ  
(OLPLQDFLyQ  
A
,QIyUPHVHꢀVREUHꢀODVꢀYtDVꢀGHꢀHOLPLQDFLyQꢀ  
DFWXDOHVꢀHQꢀVXꢀGLVWULEXLGRUꢁ  
7RGRVꢀORVꢀGHUHFKRVꢀUHVHUYDGRVꢁ  
ꢀꢀ ꢀ ,03257$17(  
%RVFKꢀVyORꢀIDEULFDꢀODꢀPiTXLQDꢀGHꢀ  
HODERUDFLyQꢀGHꢀEHELGDVꢀ7$66,02ꢁꢀ3RUꢀ  
WDQWRꢐꢀQRꢀJDUDQWL]DꢀODꢀGLVSRQLELOLGDGꢀGHꢀ  
ORVꢀ7ꢀ',6&Vꢁꢀ3DUDꢀFRQVXOWDVꢀVREUHꢀORVꢀ  
7ꢀ',6&VꢐꢀGLUtMDVHꢀDOꢀ6HUYLFLRꢀGHꢀDWHQFLyQꢀ  
DOꢀFOLHQWHꢀGHꢀ7$66,02ꢀRꢀ%RVFKꢀHQꢀ  
ꢓꢈꢌꢋꢃꢃꢌ7',6&6ꢈꢀꢎVRORꢀHQꢀ((ꢁꢀ88ꢁꢏꢐꢀRꢀHQꢀ  
ZZZꢁWDVVLPRꢁFRPꢁ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢋꢇ  
HV  
5HVROXFLyQꢀGHꢀSUREOHPDV  
/DꢀVLJXLHQWHꢀWDEODꢀUHFRJHꢀODVꢀVROXFLRQHVꢀDꢀSUREOHPDVꢀ\ꢀHUURUHVꢀTXHꢀSXHGDQꢀVXUJLUꢀDOꢀ  
XVDUꢀODꢀPiTXLQDꢀ7$66,02ꢁꢀ6LꢀQRꢀHQFXHQWUDꢀXQDꢀVROXFLyQꢀDꢀVXꢀSUREOHPDꢀSDUWLFXODUꢀRꢀ  
HOꢀSUREOHPDꢀSHUVLVWHꢀGHVSXpVꢀGHꢀKDEHUꢀDSOLFDGRꢀODVꢀVROXFLRQHVꢀVXJHULGDVꢐꢀGLUtMDVHꢀ  
DOꢀ6HUYLFLRꢀGHꢀDWHQFLyQꢀDOꢀFOLHQWHꢀGHꢀ7$66,02ꢀRꢀ%RVFKꢀDOꢀꢑꢈꢒꢍꢌꢌꢒ7',6&6ꢈꢀ  
ꢏꢑꢈꢒꢍꢌꢌꢒꢍꢆꢇꢒꢌꢂꢌꢈꢐ  
i1RWDꢅ  
6LꢀVHꢀSLHUGHꢀODꢀXQLGDGꢀGHꢀSHUIRUDFLyQꢐꢀSXHGHꢀDGTXLULUODꢀGLULJLpQGRVHꢀDOꢀ6HUYLFLRꢀGHꢀ  
DWHQFLyQꢀDOꢀFOLHQWHꢀGHꢀ7$66,02ꢀRꢀ%RVFKꢀHQꢀꢓꢈꢌꢋꢃꢃꢌ7',6&6ꢈꢀꢎVRORꢀHQꢀ((ꢁꢀ88ꢁꢏꢐꢀRꢀHQꢀ  
ZZZꢁWDVVLPRꢁFRPꢁ  
3UREOHPD  
3RVLEOHꢀFDXVD  
6ROXFLyQ  
(OꢀDSDUDWRꢀQRꢀIXQFLRQDꢐꢀ (OꢀFDEOHꢀGHꢀDOLPHQWDFLyQꢀHVWiꢀ &RPSUXHEHꢀTXHꢀHOꢀDSDUDWRꢀHVWiꢀ  
QRꢀVHꢀHQFLHQGHꢀQLQJ~Qꢀ GHVFRQHFWDGRꢁ  
LQGLFDGRUꢀYLVXDOꢁ  
FRUUHFWDPHQWHꢀHQFKXIDGRꢀDꢀODꢀ  
WRPDꢀGHꢀFRUULHQWHꢁ  
/DꢀPiTXLQDꢀIXQFLRQDꢐꢀ  
SHURꢀQRꢀVLUYHꢀEHELGDVꢁꢀ  
(OꢀUHFLSLHQWHꢀGHꢀDJXDꢀQRꢀHVWiꢀ $VHJ~UHVHꢀGHꢀTXHꢀHOꢀUHFLSLHQWHꢀGHꢀ  
FRORFDGRꢀFRUUHFWDPHQWHꢁ DJXDꢀHVWiꢀFRORFDGRꢀFRUUHFWDPHQWHꢁ  
(OꢀUHFLSLHQWHꢀGHꢀDJXDꢀKDꢀVLGRꢀ ,QLFLHꢀXQꢀSURFHVRꢀGHꢀOLPSLH]DꢀFRQꢀ  
UHWLUDGRꢀGXUDQWHꢀHOꢀSURFHVRꢀGHꢀ HOꢀ7ꢀ',6&ꢀGHꢀVHUYLFLRꢁ  
HODERUDFLyQꢀRꢀKD\ꢀDLUHꢀHQꢀHOꢀ  
VLVWHPDꢁ  
(OꢀÀRWDGRUꢀGHꢀQLYHOꢀGHOꢀ  
UHFLSLHQWHꢀGHꢀDJXDꢀHVWiꢀ  
HVWDQFDGRꢁ  
/LPSLHꢀHOꢀUHFLSLHQWHꢀGHꢀDJXDꢀ\ꢀ  
DVHJ~UHVHꢀGHꢀTXHꢀHOꢀÀRWDGRUꢀGHꢀ  
QLYHOꢀVHꢀPXHYHꢁ  
/DꢀFDQWLGDGꢀGHꢀEHELGDꢀ  
1RꢀKD\ꢀVX¿FLHQWHꢀDJXDꢀHQꢀHOꢀ 'HVSXpVꢀGHꢀHODERUDUꢀODꢀEHELGDꢀ  
TXHꢀVHꢀREWLHQHꢀHVꢀꢀLQIHULRUꢀ UHFLSLHQWHꢀGHꢀDJXDꢁ  
DꢀODꢀKDELWXDOꢁ  
OOHQHꢀHOꢀUHFLSLHQWHꢁꢀ3XOVHꢀHOꢀERWyQꢀ  
6WDUWꢀꢑꢀ6WRSꢀSDUDꢀWHUPLQDUꢀGHꢀSUHSDꢌ  
UDUꢀODꢀEHELGDꢁ  
6HꢀGHEHꢀGHVFDOFL¿FDUꢀODꢀ  
PiTXLQDꢁ  
'HVFDOFL¿TXHꢀODꢀPiTXLQDꢀVLJXLHQꢌ  
GRꢀODVꢀLQGLFDFLRQHVꢀGHOꢀFDStWXORꢀ  
©'HVFDOFL¿FDFLyQªꢁ  
/DꢀFDQWLGDGꢀGHꢀYDSRUꢀ  
TXHꢀVDOHꢀGHꢀODꢀPiTXLQDꢀ PiTXLQDꢁ  
HVꢀPD\RUꢀDꢀODꢀKDELWXDOꢁ  
6HꢀGHEHꢀGHVFDOFL¿FDUꢀODꢀ  
'HVFDOFL¿TXHꢀODꢀPiTXLQDꢀVLJXLHQꢌ  
GRꢀODVꢀLQGLFDFLRQHVꢀGHOꢀFDStWXORꢀ  
©'HVFDOFL¿FDFLyQªꢁ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
HV  
ꢋꢊ  
3UREOHPD  
3RVLEOHꢀFDXVD  
6ROXFLyQ  
/DꢀPiTXLQDꢀQRꢀUHFRQRFHꢀ (OꢀDSDUDWRꢀQRꢀHVWiꢀHQFHQGLGRꢁ &HUFLyUHVHꢀGHꢀTXHꢀHOꢀDSDUDWRꢀHVWpꢀ  
HOꢀ7ꢀ',6&ꢀLQVHUWDGRꢀ\ꢀ  
SHUPDQHFHꢀHQꢀHOꢀPRGRꢀ  
/LVWDꢀRꢀHOꢀ/('ꢀGHꢀHVWDGRꢀ  
FꢀSHUPDQHFHꢀGHꢀFRORUꢀ  
URMRꢁ  
HQFHQGLGRꢀDQWHVꢀGHꢀLQVHUWDUꢀXQꢀ  
7ꢀ',6&ꢁ  
1RꢀVHꢀKDꢀLQVHUWDGRꢀHOꢀ7ꢀ',6&ꢁ &RPSUXHEHꢀTXHꢀKD\DꢀLQVHUWDGRꢀXQꢀ  
7ꢀ',6&ꢁ  
1RꢀVHꢀKDꢀSRGLGRꢀGHWHFWDUꢀHOꢀ  
FyGLJRꢀGHꢀEDUUDVꢁ  
/LPSLHꢀHOꢀOHFWRUꢀGHꢀFyGLJRꢀGHꢀ  
EDUUDVꢀGHOꢀ7ꢀ',6&ꢀ\ꢀYXHOYDꢀDꢀLQWHQꢌ  
WDUORꢀRꢀDOLVHꢀHOꢀFyGLJRꢀGHꢀEDUUDVꢀHQꢀ  
HOꢀ7ꢀ',6&ꢀFRQꢀHOꢀGHGRꢀSXOJDUꢁ  
8VHꢀRWURꢀ7ꢀ',6&ꢁ  
6LꢀSHUVLVWHQꢀORVꢀSUREOHPDVꢀGLUtMDVHꢀ  
DOꢀ6HUYLFLRꢀGHꢀDWHQFLyQꢀDOꢀFOLHQWHꢀ  
GHꢀ7$66,02  
/DꢀXQLGDGꢀGHꢀHODERUDFLyQꢀQRꢀ /LPSLHꢀPHWLFXORVDPHQWHꢀODꢀXQLGDGꢀ  
HVWiꢀFHUUDGDꢀFRUUHFWDPHQWHꢁ  
GHꢀHODERUDFLyQꢐꢀDQWHꢀWRGRꢀODꢀ]RQDꢀ  
GHOꢀFLHUUHꢁ  
/DꢀFUHPDꢀHQFLPDꢀGHOꢀ  
(OꢀFRQGXFWRꢀGHꢀVDOLGDꢀGHꢀODꢀ  
5HWLUHꢀHOꢀFRQGXFWRꢀGHꢀODꢀXQLGDGꢀGHꢀ  
FDIpꢀHVꢀGHꢀPHQRUꢀꢀFDOLGDGꢀ EHELGDꢀHVWiꢀDWDVFDGRꢀRꢀVXFLRꢁ HODERUDFLyQꢀGHꢀEHELGDVꢀ\ꢀH[WUDLJDꢀ  
TXHꢀORꢀXVXDOꢁ  
ODꢀXQLGDGꢀGHꢀSHUIRUDFLyQꢁꢀ/LPSLHꢀ  
ELHQꢀWRGDVꢀODVꢀSLH]DVꢐꢀUHHQViPꢌ  
EOHODVꢀ\ꢀYXHOYDꢀDꢀFRORFDUODVꢀHQꢀODꢀ  
PiTXLQDꢁ  
/LPSLHꢀODꢀXQLGDGꢀGHꢀHODERUDFLyQꢀGHꢀ  
EHELGDVꢀFRQꢀHOꢀ7ꢀ',6&ꢀGHꢀVHUYLFLRꢁ  
/DꢀPiTXLQDꢀWLHQHꢀFDOꢁ  
'HVFDOFL¿TXHꢀODꢀPiTXLQDꢀVLJXLHQꢌ  
GRꢀODVꢀLQGLFDFLRQHVꢀGHOꢀFDStWXORꢀ  
©'HVFDOFL¿FDFLyQªꢁ  
/DꢀXQLGDGꢀGHꢀHODERUDFLyQꢀ /DꢀXQLGDGꢀGHꢀSHUIRUDFLyQꢀ  
GHꢀEHELGDVꢀQRꢀVHꢀSXHGHꢀ GHOꢀ7ꢀ',6&ꢀRꢀHOꢀVRSRUWHꢀ  
FHUUDUꢀGHꢀIRUPDꢀVHJXUDꢁ SDUDꢀ7ꢀ',6&VꢀQRꢀHVWiQꢀELHQꢀ  
FRORFDGRVꢁ  
&RORTXHꢀFRUUHFWDPHQWHꢀODꢀXQLGDGꢀ  
GHꢀSHUIRUDFLyQꢀGHOꢀ7ꢀ',6&ꢀRꢀHOꢀ  
VRSRUWHꢀSDUDꢀ7ꢀ',6&Vꢁ  
,QVHUWHꢀFRUUHFWDPHQWHꢀHOꢀ  
9XHOYDꢀDꢀLQVHUWDUꢀHOꢀ7ꢀ',6&ꢀ\ꢀDVHꢌ  
VRSRUWHꢀGHꢀ7ꢀ',6&ꢀ\ꢀODꢀXQLGDGꢀ J~UHVHꢀGHꢀTXHꢀHVWiꢀFRUUHFWDPHQWHꢀ  
GHꢀSHUIRUDFLyQꢁ FRORFDGRꢁ  
/DꢀXQLGDGꢀGHꢀHODERUDFLyQꢀQRꢀ 3UHVLRQHꢀODꢀFXELHUWDꢀFRQWUDꢀHOꢀꢀ  
HVWiꢀFHUUDGDꢀFRUUHFWDPHQWHꢁ  
DSDUDWRꢐꢀKDVWDꢀTXHꢀRLJDꢀXQꢀFOLFꢁ  
/LPSLHꢀPHWLFXORVDPHQWHꢀODꢀXQLGDGꢀ  
GHꢀHODERUDFLyQꢐꢀDQWHꢀWRGRꢀODꢀ]RQDꢀ  
GHOꢀFLHUUHꢁ  
/DꢀXQLGDGꢀGHꢀꢀHODERUDFLyQꢀ (Oꢀ7ꢀ',6&ꢀHVWiꢀGDxDGRꢀRꢀ  
'HWHQJDꢀHOꢀSURFHVRꢀGHꢀHODERUDꢌ  
FLyQꢐꢀHVSHUHꢀKDVWDꢀTXHꢀODꢀPiTXLQDꢀ  
VHꢀKD\DꢀHQIULDGRꢐꢀUHWLUHꢀHOꢀ7ꢀ',6&ꢀ\ꢀ  
OLPSLHꢀODꢀXQLGDGꢀGHꢀHODERUDFLyQꢁ  
JRWHDꢀDJXDꢁ  
DJXMHUHDGRꢁ  
/DꢀXQLGDGꢀGHꢀSHUIRUDFLyQꢀQRꢀ $VHJ~UHVHꢀGHꢀTXHꢀODꢀXQLGDGꢀGHꢀ  
KDꢀVLGRꢀLQVHUWDGDꢀRꢀQRꢀVHꢀKDꢀ SHUIRUDFLyQꢀHVWiꢀFRUUHFWDꢀPHQWHꢀ  
KHFKRꢀFRUUHFWDPHQWHꢁ  
LQVHUWDGDꢁ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢋꢋ  
HV  
3UREOHPD  
3RVLEOHꢀFDXVD  
6ROXFLyQ  
/DꢀXQLGDGꢀGHꢀꢀHODERUDFLyQꢀ (OꢀEORTXHRꢀGHꢀODꢀXQLGDGꢀGHꢀ  
$QWHVꢀGHꢀDEULUꢀODꢀXQLGDGꢀGHꢀHODERꢌ  
UDFLyQꢀHVSHUHꢀVLHPSUHꢀKDVWDꢀTXHꢀ  
/('ꢀGHꢀHVWDGRꢀFꢀꢎꢊFꢏꢀGHMHꢀGHꢀ  
SDUSDGHDUꢁ  
QRꢀVHꢀꢀSXHGHꢀDEULUꢁ  
HODERUDFLyQꢀWRGDYtDꢀHVWiꢀ  
DFWLYRꢁ  
$SDUHFHꢀDJXDꢀHQꢀODꢀ  
VXSHU¿FLHꢀVLWXDGDꢀEDMRꢀHOꢀ FRQGHQVDFLyQꢁ  
VRSRUWHꢀGHꢀODꢀWD]Dꢁ  
$JXDꢀSRUꢀHOꢀHIHFWRꢀGHꢀODꢀ  
6HꢀSXHGHꢀSURGXFLUꢀFRQGHQVDFLyQꢁꢀ  
1RꢀHVꢀXQꢀIDOORꢁꢀ(OLPtQHODꢀSDVDQGRꢀ  
XQꢀSDxRꢁ  
(Oꢀꢀ7ꢀ',6&ꢀGHꢀOLPSLH]Dꢀ 6HꢀQHFHVLWDꢀHOꢀ7ꢀ',6&ꢀGHꢀ  
0LUHꢀHQꢀHOꢀFRPSDUWLPHQWRꢀSDUDꢀHOꢀ  
HVWiꢀGDxDGRꢀRꢀVHꢀKDꢀ  
SHUGLGRꢁ  
VHUYLFLRꢀSDUDꢀORVꢀSURFHVRVꢀGHꢀ 7ꢀ',6&ꢀGHꢀVHUYLFLRꢀVLWXDGRꢀHQꢀODꢀ  
OLPSLH]Dꢀ\ꢀGHVFDOFL¿FDFLyQꢁ  
SDUWHꢀWUDVHUDꢀGHꢀODꢀPiTXLQDꢁ  
(Oꢀ7ꢀ',6&ꢀGHꢀVHUYLFLRꢀSXHGHꢀ  
DGTXLULUVHꢀDꢀWUDYpVꢀGHOꢀ6HUYLFLRꢀGHꢀ  
DWHQFLyQꢀDOꢀFOLHQWHꢀGHꢀ7$66,02ꢀ  
HQꢀꢓꢈꢌꢋꢃꢃꢌ7',6&6ꢈꢀꢎVRORꢀHQꢀ  
((ꢁꢀ88ꢁꢏꢐꢀRꢀHQꢀZZZꢁWDVVLPRꢁFRPꢁ  
(Oꢀ7ꢀ',6&ꢀJRWHDꢀRꢀHVWiꢀ )LOWURꢀEORTXHDGRꢀHQꢀ7ꢀ',6&ꢀ  
&RPSUREDUꢀTXHꢀHOꢀDJXDꢀQRꢀKD\Dꢀ  
VLGRꢀWUDWDGDꢀFRQꢀXQꢀDEODQGDGRUꢀ  
EDVDGRꢀHQꢀVRGLRꢁꢀ6LꢀHOꢀDJXDꢀKDꢀ  
VLGRꢀDEODQGDGDꢀTXtPLFDPHQWHꢐꢀ  
UHWLUDUꢀHOꢀDJXDꢀGHOꢀGHSyVLWRꢐꢀ  
DFODUDUORꢀWUHVꢀYHFHVꢀFRQꢀDJXDꢀ  
QRꢀDEODQGDGDꢀTXtPLFDPHQWHꢀ\ꢀ  
UHOOHQDUORꢁꢀ,QLFLDUꢀXQꢀSURFHVRꢀ  
GHꢀOLPSLH]DꢀFRQꢀHOꢀ7ꢀ',6&ꢀGHꢀ  
VHUYLFLRꢁ  
URWRꢁ  
SRUꢀODꢀXWLOL]DFLyQꢀGHꢀDJXDꢀ  
DEODQGDGDꢀTXtPLFDPHQWHꢁ  
(OꢀÀRWDGRUꢀGHꢀQLYHOꢀGHOꢀ  
UHFLSLHQWHꢀGHꢀDJXDꢀHVWiꢀ  
HVWDQFDGRꢁ  
/LPSLHꢀHOꢀUHFLSLHQWHꢀGHꢀDJXDꢀ\ꢀ  
DVHJ~UHVHꢀGHꢀTXHꢀHOꢀÀRWDGRUꢀGHꢀ  
QLYHOꢀVHꢀPXHYHꢁ  
(OꢀLQGLFDGRUꢀOXPLQRVRꢀTꢀ  
©/OHQDUꢀUHFLSLHQWHªꢀVHꢀ  
HQFLHQGHꢀDXQTXHꢀKD\ꢀ  
VX¿FLHQWHꢀDJXDꢀHQꢀHOꢀ  
UHFLSLHQWHꢁ  
,QFOXVRꢀHOꢀDJXDꢀ¿OWUDGDꢀSXHGHꢀ 'HVFDOFL¿TXHꢀODꢀPiTXLQDꢁꢀ/RVꢀ  
(OꢀLQGLFDGRUꢀOXPLQRVRꢀ'ꢀ  
©'HVFDOFL¿FDUªꢀVHꢀHQꢌ  
FLHQGHꢐꢀDXQTXHꢀVHꢀHVWiꢀ  
XWLOL]DQGRꢀDJXDꢀ¿OWUDGDꢁꢀ  
FRQWHQHUꢀSHTXHxDVꢀFDQWLGDꢌ  
GHVꢀGHꢀFDOꢀGLVXHOWDꢁꢀ  
DJHQWHVꢀGHꢀGHVFDOFL¿FDFLyQꢀDGHꢌ  
FXDGRVꢀVHꢀSXHGHQꢀDGTXLULUꢀDꢀWUDYpVꢀ  
GHꢀODꢀSiJLQDꢀZHEꢀ  
ZZZꢁWDVVLPRꢁFRPꢐꢀHOꢀVHUYLFLRꢀGHꢀ  
DVLVWHQFLDꢀWpFQLFDꢀGHꢀ%RVFKꢀꢎQ~ꢌ  
PHURꢀGHꢀDUWtFXORꢀꢅꢃꢊꢋꢇꢋꢐꢀYpDVHꢀODꢀ  
SiJLQDꢀꢃꢈꢀSDUDꢀORVꢀGDWRVꢀGHꢀFRQWDFꢌ  
WRꢏꢀRꢀHQꢀHVWDEOHFLPLHQWRVꢀGHꢀYHQWDꢁ  
(OꢀLQGLFDGRUꢀGHꢀPHPRULDꢀ 6LJDꢀODVꢀLQGLFDFLRQHVꢀGHꢀODꢀ  
HQꢀODꢀWDSDꢀGHOꢀGHSyVLWRꢀ SiJLQDꢀꢅꢊꢁ  
GHꢀDJXDꢀQRꢀIXQFLRQDꢁ  
6LꢀHOꢀLQGLFDGRUꢀGHꢀPHPRULDꢀWRGDYtDꢀ  
QRꢀIXQFLRQDꢐꢀGLUtMDVHꢀDOꢀ6HUYLFLRꢀGHꢀ  
DWHQFLyQꢀDOꢀFOLHQWHꢀGHꢀ7$66,02ꢀ  
HQꢀꢓꢈꢌꢋꢃꢃꢌ7',6&6ꢈꢀꢎVRORꢀHQꢀ  
((ꢁꢀ88ꢁꢏꢐꢀRꢀHQꢀZZZꢁWDVVLPRꢁFRPꢁ  
0iVꢀLQIRUPDFLyQꢀVREUHꢀ6HUYLFLRꢀDOꢀ&RQVXPLGRUꢀSXHGHꢀHQFRQWUDUVHꢀꢀ  
RQOLQHꢀHQꢀZZZꢁWDVVLPRꢁFRP  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
HV  
ꢋꢌ  
'(&/$5$&,Ï1ꢀ'(ꢀ*$5$17Ë$ꢀ/,0,7$'$ꢀ'(/ꢀ352'8&72  
7DVVLPRꢀE\ꢀ%RVFK  
/RꢀTXHꢀFXEUHꢀHVWDꢀJDUDQWtDꢀ\ꢀDꢀTXLpQꢀVHꢀDSOLFDꢅꢀꢀ  
/DꢀJDUDQWtDꢀOLPLWDGDꢀSURSRUFLRQDGDꢀSRUꢀ%6+ꢀ+RPHꢀ$SSOLDQFHVꢀ%RVFKꢀHQꢀHVWDꢀGHFODUDFLyQꢀ  
GHꢀJDUDQWtDꢀOLPLWDGDꢀGHOꢀSURGXFWRꢀVyORꢀVHꢀDSOLFDꢀDꢀODꢀPiTXLQDꢀ7DVVLPRꢀGHꢀ%RVFKꢀꢎ©3URGXFꢌ  
WRªꢏꢀTXHꢀVHꢀOHꢀYHQGLyꢀDꢀXVWHGꢐꢀHOꢀSULPHUꢀFRPSUDGRUꢀXVXDULRꢐꢀVLHPSUHꢀ\ꢀFXDQGRꢀHOꢀ3URGXFWRꢀ  
KD\DꢀVLGRꢀFRPSUDGRꢍꢀꢎꢈꢏꢀSDUDꢀVXꢀXVRꢀQRUPDOꢀ\ꢀGRPpVWLFRꢀꢎQRꢀFRPHUFLDOꢏꢀ\ꢀKDꢀVLGRꢀXVDGRꢀGHꢀ  
KHFKRꢀSDUDꢀSURSyVLWRVꢀGHꢀXVRꢀGRPpVWLFRꢀQRUPDOꢀHQꢀWRGRꢀPRPHQWRꢔꢀꢎꢇꢏꢀQXHYRꢀHQꢀODꢀWLHQGDꢀ  
GHꢀYHQWDꢀDOꢀSRUꢀPHQRUꢀꢎTXHꢀQRꢀKD\DꢀHVWDGRꢀHQꢀH[KLELFLyQꢐꢀ©WDOꢀFRPRꢀHVWiªꢐꢀRꢀTXHꢀVHDꢀXQꢀ  
PRGHORꢀGHYXHOWRꢀDQWHULRUPHQWHꢏꢐꢀ\ꢀQRꢀSDUDꢀUHYHQWDꢀRꢀXVRꢀFRPHUFLDOꢔꢀ\ꢀꢎꢊꢏꢀGHQWURꢀGHꢀORVꢀ  
(VWDGRVꢀ8QLGRVꢀRꢀ&DQDGiꢐꢀ\ꢀTXHꢀKD\DꢀSHUPDQHFLGRꢀHQꢀWRGRꢀPRPHQWRꢀGHQWURꢀGHOꢀSDtVꢀGHꢀ  
ODꢀFRPSUDꢀRULJLQDOꢁꢀ/DVꢀJDUDQWtDVꢀLQGLFDGDVꢀHQꢀHVWHꢀGRFXPHQWRꢀVHꢀDSOLFDQꢀVyORꢀDOꢀSULPHUꢀ  
FRPSUDGRUꢀGHOꢀ3URGXFWRꢀ\ꢀQRꢀVRQꢀWUDQVIHULEOHVꢁꢀ  
(QYtHꢀODꢀWDUMHWDꢀGHꢀUHJLVWURꢔꢀTXHꢀDXQTXHꢀQRꢀHVꢀQHFHVDULDꢀSDUDꢀHIHFWXDUꢀODꢀFREHUWXUDꢀGHꢀODꢀ  
JDUDQWtDꢐꢀHVꢀODꢀPHMRUꢀIRUPDꢀSDUDꢀTXHꢀ%RVFKꢀOHꢀQRWL¿TXHꢀHQꢀHOꢀFDVRꢀSRFRꢀSUREDEOHꢀGHꢀXQꢀ  
DYLVRꢀGHꢀVHJXULGDGꢀRꢀUHWLURꢀGHOꢀSURGXFWRꢁꢀ  
&XiQWRꢀWLHPSRꢀGXUDꢀHVWDꢀJDUDQWtDꢅꢀ%RVFKꢀJDUDQWL]DꢀTXHꢀHOꢀ3URGXFWRꢀQRꢀWLHQHꢀGHIHFWRVꢀHQꢀ  
ORVꢀPDWHULDOHVꢀQLꢀHQꢀODꢀIDEULFDFLyQꢀGXUDQWHꢀXQꢀSHUtRGRꢀGHꢀWUHVFLHQWRVꢀVHVHQWDꢀ\ꢀFLQFRꢀꢎꢊꢉꢅꢏꢀ  
GtDVꢀDꢀSDUWLUꢀGHꢀODꢀIHFKDꢀGHꢀFRPSUDꢁꢀ(OꢀSOD]RꢀPHQFLRQDGRꢀDQWHULRUPHQWHꢀFRPLHQ]DꢀHQꢀODꢀ  
IHFKDꢀGHꢀODꢀFRPSUDꢀ\ꢀQRꢀVHꢀUHWUDVDUiꢐꢀHOLPLQDUiꢐꢀH[WHQGHUiꢀQLꢀVXVSHQGHUiꢀSRUꢀQLQJ~QꢀPRWLYRꢀ  
FXDOTXLHUDꢀTXHꢀpVWHꢀIXHUHꢁꢀ  
5HSDUDFLyQꢀRꢀUHHPSOD]RꢀFRPRꢀVXꢀVROXFLyQꢀH[FOXVLYDꢍꢀ'XUDQWHꢀHVWHꢀSHUtRGRꢀGHꢀJDUDQWtDꢐꢀ  
%RVFKꢀRꢀXQRꢀGHꢀVXVꢀSURYHHGRUHVꢀGHꢀVHUYLFLRꢀDXWRUL]DGRVꢀUHSDUDUiQꢀVXꢀ3URGXFWRꢀVLQꢀFDUJRꢀ  
SDUDꢀXVWHGꢀꢎVXMHWRꢀDꢀFLHUWDVꢀOLPLWDFLRQHVꢀLQGLFDGDVꢀHQꢀHVWHꢀGRFXPHQWRꢏꢀVLꢀVHꢀSUXHEDꢀTXHꢀVXꢀ  
3URGXFWRꢀKDꢀVLGRꢀIDEULFDGRꢀFRQꢀGHIHFWRVꢀHQꢀORVꢀPDWHULDOHVꢀRꢀHQꢀODꢀIDEULFDFLyQꢁꢀ  
6LꢀVHꢀKDQꢀKHFKRꢀLQWHQWRVꢀUD]RQDEOHVꢀSDUDꢀUHSDUDUꢀHOꢀ3URGXFWRꢀVLQꢀWHQHUꢀp[LWRꢐꢀHQWRQFHVꢀ  
%RVFKꢀUHHPSOD]DUiꢀVXꢀ3URGXFWRꢀꢎHVꢀSRVLEOHꢀTXHꢀKD\DꢀPRGHORVꢀDFWXDOL]DGRVꢀGLVSRQLEOHVꢀ  
SDUDꢀXVWHGꢐꢀVHJ~QꢀHOꢀFULWHULRꢀGHꢀ%RVFKꢐꢀSRUꢀXQꢀFRVWRꢀDGLFLRQDOꢏꢁꢀ7RGDVꢀODVꢀSDUWHVꢀ\ꢀORVꢀFRPꢌ  
SRQHQWHVꢀUHWLUDGRVꢀVHUiQꢀSURSLHGDGꢀGHꢀ%RVFKꢀDꢀVXꢀH[FOXVLYDꢀHOHFFLyQꢁꢀ7RGDVꢀODVꢀSDUWHVꢀ  
UHHPSOD]DGDVꢀRꢀUHSDUDGDVꢀDVXPLUiQꢀODꢀLGHQWLGDGꢀGHꢀODꢀSDUWHꢀRULJLQDOꢀSDUDꢀORVꢀSURSyVLWRVꢀGHꢀ  
HVWDꢀJDUDQWtDꢀ\ꢀHVWDꢀJDUDQWtDꢀQRꢀVHꢀH[WHQGHUiꢀFRQꢀUHVSHFWRꢀDꢀGLFKDVꢀSDUWHVꢁꢀ/DꢀUHVSRQVDꢌ  
ELOLGDGꢀH[FOXVLYDꢀGHꢀ%RVFKꢀVHJ~QꢀHOꢀSUHVHQWHꢀGRFXPHQWRꢀHVꢀUHSDUDUꢀVyORꢀORVꢀSURGXFWRVꢀGHꢌ  
IHFWXRVRVꢀGHꢀIiEULFDꢐꢀXWLOL]DQGRꢀXQꢀSURYHHGRUꢀGHꢀVHUYLFLRꢀDXWRUL]DGRꢀGXUDQWHꢀHOꢀKRUDULRꢀGHꢀ  
DWHQFLyQꢀQRUPDOꢁꢀ3DUDꢀODVꢀLQTXLHWXGHVꢀVREUHꢀVHJXULGDGꢀRꢀVREUHꢀGDxRꢀDꢀODꢀSURSLHGDGꢐꢀ%RVFKꢀ  
UHFRPLHQGDꢀHQFDUHFLGDPHQWHꢀTXHꢀQRꢀLQWHQWHꢀUHSDUDUꢀXVWHGꢀPLVPRꢀHOꢀ3URGXFWRꢀQLꢀTXHꢀXWLOLFHꢀ  
XQꢀSURYHHGRUꢀGHꢀVHUYLFLRꢀQRꢀDXWRUL]DGRꢔꢀ%RVFKꢀQRꢀVHUiꢀUHVSRQVDEOHꢀSRUꢀUHSDUDFLRQHVꢀRꢀ  
WUDEDMRVꢀUHDOL]DGRVꢀSRUꢀXQꢀSURYHHGRUꢀGHꢀVHUYLFLRꢀQRꢀDXWRUL]DGRꢁꢀ6LꢀHOLMHꢀTXHꢀRWUDꢀSHUVRQDꢀ  
TXHꢀQRꢀVHDꢀXQꢀSURYHHGRUꢀGHꢀVHUYLFLRꢀDXWRUL]DGRꢀWUDEDMHꢀHQꢀVXꢀ3URGXFWRꢐꢀ(67$ꢀ*$5$17Ë$ꢀ  
48('$5Èꢀ18/$ꢀ<ꢀ6,1ꢀ()(&72ꢁꢀ/RVꢀSURYHHGRUHVꢀGHꢀVHUYLFLRꢀDXWRUL]DGRVꢀVRQꢀDTXHOODVꢀ  
SHUVRQDVꢀRꢀHPSUHVDVꢀTXHꢀKDQꢀVLGRꢀHVSHFLDOPHQWHꢀFDSDFLWDGDVꢀHQꢀORVꢀSURGXFWRVꢀ%RVFKꢀ\ꢀ  
TXHꢀSRVHHQꢐꢀDꢀMXLFLRꢀGHꢀ%RVFKꢐꢀXQDꢀUHSXWDFLyQꢀVXSHULRUꢀSRUꢀVHUYLFLRꢀDOꢀFOLHQWHꢀ\ꢀFDSDFLGDGꢀ  
WpFQLFDꢀꢎWHQJDꢀSUHVHQWHꢀTXHꢀVRQꢀHQWLGDGHVꢀLQGHSHQGLHQWHVꢀ\ꢀQRꢀVRQꢀDJHQWHVꢐꢀVRFLRVꢐꢀ¿OLDꢌ  
OHVꢀQLꢀUHSUHVHQWDQWHVꢀGHꢀ%RVFKꢏꢁꢀ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢋꢍ  
HV  
6LQꢀSHUMXLFLRꢀGHꢀORꢀDQWHULRUꢐꢀ%RVFKꢀQRꢀWHQGUiꢀUHVSRQVDELOLGDGꢀSRUꢀHOꢀ3URGXFWRꢀVLꢀpVWHꢀVHꢀ  
XELFDꢀHQꢀXQꢀiUHDꢀUHPRWDꢀꢎPiVꢀGHꢀꢈꢆꢆꢀPLOODVꢀGHOꢀSURYHHGRUꢀGHꢀVHUYLFLRꢀDXWRUL]DGRꢏꢀRꢀHVWiꢀ  
HQꢀXQꢀiUHDꢀRꢀHQWRUQRꢀUD]RQDEOHPHQWHꢀLQDFFHVLEOHꢐꢀSHOLJURVRꢀRꢀDPHQD]DQWHꢔꢀHQꢀWDOꢀFDVRꢐꢀVLꢀ  
XVWHGꢀORꢀVROLFLWDꢐꢀ%RVFKꢀD~QꢀSDJDUtDꢀSRUꢀHOꢀWUDEDMRꢀ\ꢀODVꢀSDUWHVꢀ\ꢀODVꢀHQYLDUtDꢀDOꢀSURYHHGRUꢀ  
GHꢀVHUYLFLRꢀDXWRUL]DGRꢀPiVꢀFHUFDQRꢐꢀSHURꢀXVWHGꢀD~QꢀVHUtDꢀWRWDOPHQWHꢀUHVSRQVDEOHꢀSRUꢀFXDOꢌ  
TXLHUꢀWLHPSRꢀGHꢀYLDMHꢀXꢀRWURVꢀFDUJRVꢀHVSHFLDOHVꢀSRUꢀODꢀHPSUHVDꢀGHꢀVHUYLFLRVꢐꢀDVXPLHQGRꢀ  
TXHꢀHOORVꢀDFHSWDQꢀUHDOL]DUꢀODꢀOODPDGDꢀGHꢀVHUYLFLRꢁꢀ  
3URGXFWRꢀIXHUDꢀGHꢀJDUDQWtDꢅꢀ%RVFKꢀQRꢀWLHQHꢀODꢀREOLJDFLyQꢐꢀSRUꢀOH\ꢀRꢀGHꢀRWUDꢀIRUPDꢐꢀGHꢀ  
SURSRUFLRQDUOHꢀQLQJXQDꢀFRQFHVLyQꢐꢀLQFOXLGDVꢀODVꢀUHSDUDFLRQHVꢐꢀODVꢀSURUUDWDVꢀRꢀHOꢀUHHPSOD]Rꢀ  
GHOꢀ3URGXFWRꢐꢀXQDꢀYH]ꢀTXHꢀHVWDꢀJDUDQWtDꢀKD\DꢀYHQFLGRꢁ  
([FOXVLRQHVꢀ GHꢀ ODꢀ JDUDQWtDꢅꢀ /Dꢀ FREHUWXUDꢀ GHꢀ ODꢀ JDUDQWtDꢀ GHVFULWDꢀ HQꢀ HVWHꢀ GRFXPHQWRꢀ  
H[FOX\Hꢀ WRGRVꢀ ORVꢀ GHIHFWRVꢀ Rꢀ GDxRVꢀ TXHꢀ QRꢀ VRQꢀ IDOODꢀ GLUHFWDꢀ GHꢀ %RVFKꢐꢀ LQFOXLGRVꢀ HQWUHꢀ  
RWURVꢐꢀORVꢀVLJXLHQWHVꢍꢀꢎꢈꢏꢀ8VRꢀGHOꢀ3URGXFWRꢀGHꢀFXDOTXLHUꢀRWUDꢀPDQHUDꢀTXHꢀQRꢀVHDꢀODꢀQRUPDOꢐꢀ  
KDELWXDOꢀRꢀGHꢀODꢀPDQHUDꢀSDUDꢀODꢀFXDOꢀHVWiꢀGLVHxDGRꢀꢎTXHꢀLQFOX\HꢐꢀHQWUHꢀRWURVꢐꢀFXDOTXLHUꢀ  
IRUPDꢀ GHꢀ XVRꢀ FRPHUFLDOꢐꢀ XVRꢀ Rꢀ DOPDFHQDPLHQWRꢀ GHꢀ XQꢀ SURGXFWRꢀ SDUDꢀ LQWHULRUꢀ HQꢀ HOꢀ H[ꢌ  
WHULRUꢐꢀ XVRꢀ GHOꢀ 3URGXFWRꢀ HQꢀ FRQMXQWRꢀ FRQꢀ QDYHVꢀ SURSXOVDGDVꢀ SRUꢀ DLUHꢀ Rꢀ DJXDꢏꢔꢀ ꢎꢇꢏꢀ FXDOꢌ  
TXLHUꢀ FRQGXFWDꢀ LQGHELGDꢐꢀ QHJOLJHQFLDꢐꢀ PDOꢀ XVRꢐꢀ DEXVRꢐꢀ DFFLGHQWHVꢐꢀ GHVFXLGRꢐꢀ RSHUDFLyQꢀ  
LQGHELGDꢐꢀIDOWDꢀGHꢀPDQWHQLPLHQWRꢐꢀLQVWDODFLyQꢀLQDGHFXDGDꢀRꢀQHJOLJHQWHꢐꢀPDQLSXODFLyQꢐꢀQRꢀ  
VHJXLUꢀODVꢀLQVWUXFFLRQHVꢀGHꢀRSHUDFLyQꢐꢀPDOWUDWRꢐꢀVHUYLFLRꢀQRꢀDXWRUL]DGRꢀLQWHQFLRQDOꢀGHꢀODꢀ  
SHUVRQDꢀꢎLQFOXLGDVꢀODVꢀ©UHSDUDFLRQHVªꢀRꢀH[SORUDFLRQHVꢀGHꢀORVꢀPHFDQLVPRVꢀLQWHUQRVꢀGHOꢀ  
DUWHIDFWRꢀKHFKDVꢀSRUꢀXVWHGꢀPLVPRꢏꢔꢀꢎꢂꢏꢀDMXVWHꢐꢀDOWHUDFLyQꢀRꢀPRGL¿FDFLyQꢀGHꢀFXDOTXLHUꢀWLSRꢔꢀ  
ꢎꢅꢏꢀHOꢀQRꢀFXPSOLPLHQWRꢀGHꢀFXDOTXLHUꢀFyGLJRꢐꢀUHJODPHQWRꢀRꢀOH\ꢀGHꢀHOHFWULFLGDGꢐꢀLQVWDODFLRꢌ  
QHVꢀVDQLWDULDVꢀRꢀFRQVWUXFFLyQꢀHVWDWDOꢐꢀORFDOꢐꢀGHꢀODꢀFLXGDGꢀRꢀGHOꢀFRQGDGRꢀDSOLFDEOHꢐꢀLQFOXLꢌ  
GRꢀLQVWDODUꢀHOꢀSURGXFWRꢀVLQꢀFXPSOLUꢀHVWULFWDPHQWHꢀORVꢀFyGLJRVꢀ\ꢀUHJODPHQWRVꢀGHꢀLQFHQGLRVꢀ  
\ꢀFRQVWUXFFLRQHVꢔꢀꢎꢉꢏꢀGHVJDVWHꢀFRP~QꢐꢀGHUUDPHVꢀGHꢀDOLPHQWRVꢐꢀOtTXLGRVꢐꢀDFXPXODFLRQHVꢀ  
GHꢀJUDVDꢐꢀXꢀRWUDVꢀVXVWDQFLDVꢀTXHꢀVHꢀDFXPXODQꢀVREUHꢐꢀHQꢐꢀRꢀDOUHGHGRUꢀGHOꢀ3URGXFWRꢔꢀ\ꢀꢎꢃꢏꢀ  
FXDOTXLHUꢀ IXHU]Dꢀ Rꢀ IDFWRUꢀ GHꢀ ODꢀ QDWXUDOH]Dꢀ Rꢀ GHOꢀ DPELHQWHꢐꢀ LQFOXLGRVꢐꢀ HQWUHꢀ RWURVꢐꢀ OOXYLDꢐꢀ  
YLHQWRꢐꢀDUHQDꢐꢀLQXQGDFLRQHVꢐꢀLQFHQGLRVꢐꢀGHVOL]DPLHQWRVꢀGHꢀEDUURꢐꢀWHPSHUDWXUDVꢀPX\ꢀEDMDVꢐꢀ  
H[FHVLYDꢀKXPHGDGꢀRꢀH[SRVLFLyQꢀSURORQJDGDꢀDꢀODꢀKXPHGDGꢐꢀOX]ꢐꢀVXELGDꢀGHꢀYROWDMHꢀGHꢀODꢀ  
HOHFWULFLGDGꢐꢀODVꢀIDOODVꢀHVWUXFWXUDOHVꢀTXHꢀURGHDQꢀDOꢀDUWHIDFWRꢀ\ꢀFDVRVꢀIRUWXLWRVꢁꢀ(QꢀQLQJ~Qꢀ  
FDVRꢀ%RVFKꢀVHUiꢀUHVSRQVDEOHꢀGHꢀQDGDꢀHQꢀORꢀDEVROXWRꢀSRUꢀGDxRꢀDꢀODꢀSURSLHGDGꢀFLUFXQGDQꢌ  
WHꢐꢀ LQFOXLGRVꢀ ORVꢀ PXHEOHVꢐꢀ SLVRVꢐꢀ WHFKRꢀ \ꢀ RWUDVꢀ HVWUXFWXUDVꢀ Xꢀ REMHWRVꢀ DOUHGHGRUꢀ GHOꢀ 3URꢌ  
GXFWRꢁꢀ7DPELpQꢀVHꢀH[FOX\HQꢀGHꢀHVWDꢀJDUDQWtDꢀORVꢀUD\RQHVꢐꢀODVꢀKHQGLGXUDVꢐꢀORVꢀDEROORQHVꢀ  
PHQRUHVꢀ\ꢀORVꢀGDxRVꢀFRVPpWLFRVꢀHQꢀODVꢀVXSHU¿FLHVꢀH[WHUQDVꢀ\ꢀHQꢀODVꢀSDUWHVꢀH[SXHVWDVꢔꢀ  
3URGXFWRVꢀHQꢀORVꢀTXHꢀVHꢀKDꢀDOWHUDGRꢐꢀPXWLODGRꢀRꢀHOLPLQDGRꢀHOꢀQ~PHURꢀGHꢀVHULHꢔꢀYLVLWDVꢀGHꢀ  
VHUYLFLRꢀSDUDꢀHQVHxDUOHꢀFyPRꢀXVDUꢀHOꢀ3URGXFWRꢀRꢀYLVLWDVꢀHQꢀODVꢀTXHꢀVHꢀGHWHUPLQDꢀTXHꢀQRꢀKD\ꢀ  
QLQJ~QꢀSUREOHPDꢀFRQꢀHOꢀ3URGXFWRꢔꢀFRUUHFFLyQꢀGHꢀSUREOHPDVꢀGHꢀLQVWDODFLyQꢀꢎXVWHGꢀHVꢀHOꢀ~QLꢌ  
FRꢀUHVSRQVDEOHꢀSRUꢀFXDOTXLHUꢀHVWUXFWXUDꢀHꢀLQVWDODFLyQꢀSDUDꢀHOꢀ3URGXFWRꢐꢀLQFOXLGDVꢀWRGDVꢀODVꢀ  
LQVWDODFLRQHVꢀHOpFWULFDVꢐꢀVDQLWDULDVꢀ\ꢀRWUDVꢀFRQH[LRQHVꢀSDUDꢀORVꢀFLPLHQWRVꢀRꢀSLVRVꢀDGHFXDꢌ  
GRVꢐꢀ\ꢀSRUꢀFXDOTXLHUꢀDOWHUDFLyQꢀLQFOXLGDVꢐꢀHQWUHꢀRWUDVꢐꢀGHꢀPXHEOHVꢐꢀPXURVꢐꢀSLVRVꢐꢀHVWDQWHVꢐꢀ  
HWFꢁꢏꢔꢀ\ꢀUHVWDEOHFLPLHQWRꢀGHꢀLQWHUUXSWRUHVꢀDXWRPiWLFRVꢀRꢀIXVLEOHVꢁꢀ  
%RVFKꢀ+RPHꢀ$SSOLDQFHV  
HV  
ꢋꢎ  
6(*Ò1ꢀ/2ꢀ3(50,7,'2ꢀ325ꢀ/$ꢀ/(<ꢐꢀ(67$ꢀ*$5$17Ë$ꢀ(67$%/(&(ꢀ686ꢀ62/8&,2ꢌ  
1(6ꢀ (;&/86,9$6ꢀ &21ꢀ 5(63(&72ꢀ $/ꢀ 352'8&72ꢐꢀ <$ꢀ 6($ꢀ 48(ꢀ (/ꢀ 5(&/$02ꢀ  
685-$ꢀ 325ꢀ 027,926ꢀ '(/ꢀ &2175$72ꢐꢀ $&726ꢀ ,/Ë&,726ꢀ ꢎ,1&/86,9(ꢀ 5(6321ꢌ  
6$%,/,'$'ꢀ 2%-(7,9$ꢀ 2ꢀ 1(*/,*(1&,$ꢏꢀ 8ꢀ 27526ꢁꢀ (67$ꢀ *$5$17Ë$ꢀ 5((03/$=$ꢀ  
$ꢀ72'$6ꢀ/$6ꢀ'(0È6ꢀ*$5$17Ë$6ꢐꢀ6($1ꢀ(;35(6$6ꢀ2ꢀ,03/Ë&,7$6ꢁꢀ&8$/48,(5ꢀ  
*$5$17Ë$ꢀ,03/Ë&,7$ꢀ325ꢀ/(<ꢐꢀ<$ꢀ6($ꢀ325ꢀ&20(5&,$%,/,'$'ꢀ2ꢀ$'(&8$&,Ï1ꢀ  
3$5$ꢀ81ꢀ3523Ï6,72ꢀ(1ꢀ3$57,&8/$5ꢐꢀ8ꢀ27526ꢐꢀ6Ï/2ꢀ6(5Èꢀ()(&7,9$ꢀ'85$1ꢌ  
7(ꢀ(/ꢀ3(5Ë2'2ꢀ(1ꢀ48(ꢀ(67$ꢀ*$5$17Ë$ꢀ/,0,7$'$ꢀ(;35(6$ꢀ(67eꢀ(1ꢀ9,*(1&,$ꢁꢀ  
(1ꢀ1,1*Ò1ꢀ&$62ꢀ(/ꢀ)$%5,&$17(ꢀ6(5Èꢀ5(63216$%/(ꢀ325ꢀ/$ꢀ©3e5','$ꢀ&2ꢌ  
0(5&,$/ªꢀ(0(5*(17(ꢐꢀ(63(&,$/ꢐꢀ,1&,'(17$/ꢀ2ꢀ,1',5(&7$ꢐꢀ<ꢑ2ꢀ325ꢀ'$f26ꢐꢀ  
3e5','$6ꢀ2ꢀ*$6726ꢀ381,7,926ꢐꢀ,1&/8,'26ꢐꢀ(175(ꢀ27526ꢐꢀ(/ꢀ7,(032ꢀ)8(5$ꢀ  
'(/ꢀ75$%$-2ꢐꢀ+27(/(6ꢀ<ꢀ&20,'$6ꢀ(1ꢀ5(67$85$17(6ꢐꢀ/26ꢀ*$6726ꢀ(1ꢀ(;&(ꢌ  
62ꢀ325ꢀ5(02'(/$&,Ï1ꢀ'(ꢀ'$f26ꢀ',5(&726ꢀ48(ꢀ621ꢀ&$86$'26ꢀ'(),1,7,ꢌ  
9$ꢀ<ꢀ(;&/86,9$0(17(ꢀ325ꢀ%RVFKꢐꢀ8ꢀ2752ꢁꢀ$/*8126ꢀ(67$'26ꢀ12ꢀ3(50,7(1ꢀ  
/$6ꢀ5(675,&&,21(6ꢀ2ꢀ/$ꢀ(;&/86,Ï1ꢀ'(ꢀ'$f26ꢀ,1',5(&726ꢀ2ꢀ',5(&726ꢐꢀ<ꢀ  
$/*8126ꢀ(67$'26ꢀ12ꢀ3(50,7(1ꢀ/Ë0,7(6ꢀ62%5(ꢀ/$ꢀ'85$&,Ï1ꢀ'(ꢀ/$ꢀ*$5$1ꢌ  
7Ë$ꢀ,03/Ë&,7$ꢐꢀ325ꢀ/2ꢀ48(ꢀ(6ꢀ326,%/(ꢀ48(ꢀ/2ꢀ$17(5,25ꢀ12ꢀ6(ꢀ$3/,48(ꢀ$ꢀ68ꢀ  
&$62ꢁꢀ(67$ꢀ*$5$17Ë$ꢀ/(ꢀ%5,1'$ꢀ'(5(&+26ꢀ/(*$/(6ꢀ(63(&Ë),&26ꢐꢀ<ꢀ867('ꢀ  
7$0%,e1ꢀ38('(ꢀ7(1(5ꢀ27526ꢀ'(5(&+26ꢐꢀ48(ꢀ9$5Ë$1ꢀ6(*Ò1ꢀ(/ꢀ(67$'2ꢁꢀ1LQꢌ  
J~QꢀLQWHQWRꢀGHꢀDOWHUDUꢐꢀPRGL¿FDUꢀRꢀHQPHQGDUꢀHVWDꢀJDUDQWtDꢀVHUiꢀHIHFWLYRꢀDꢀPHQRVꢀTXHꢀHVWpꢀ  
DXWRUL]DGRꢀSRUꢀHVFULWRꢀSRUꢀXQꢀIXQFLRQDULRꢀGHꢀ%+6ꢁ  
&yPRꢀ REWHQHUꢀ HOꢀ VHUYLFLRꢀ GHꢀ JDUDQWtDꢅꢀ 3DUDꢀ REWHQHUꢀ HOꢀ VHUYLFLRꢀ GHꢀ JDUDQWtDꢀ SDUDꢀ VXꢀ  
3URGXFWRꢐꢀGHEHꢀFRPXQLFDUVHꢀFRQꢀHOꢀFHQWURꢀGHꢀVHUYLFLRꢀDXWRUL]DGRꢀGHꢀ%RVFKꢀPiVꢀFHUFDQRꢁ  
%6+ꢀ+RPHꢀ$SSOLDQFHV  
ꢈꢄꢆꢈꢀ0DLQꢀ6WUHHWꢐꢀ,UYLQHꢐꢀ&$ꢀꢄꢇꢉꢈꢂꢀꢑꢀꢋꢆꢆꢌꢄꢂꢂꢌꢇꢄꢆꢂꢀ  
ꢈꢇꢑꢇꢆꢈꢈ  
ꢌꢈ  
.XQGHQGLHQVWꢒ=HQWUHQ t &HQWUDOꢒ6HUYLFHꢒ'HSRWV t 6HUYLFHꢀDSUqVꢀYHQWH t 6HUYL]LRꢀ$VVLVWHQ]D t  
&HQWUDOHꢀ6HUYLFHVWDWLRQꢀt ꢀ$VLVWHQFLDꢀWpFQLFDꢀt ꢀ6HUYLFHYDHUNWHUꢀt ꢀ$SSDUDWVHUYLFHꢀt ꢀ+XROWR  
*HQHUDOꢀ5HTXHVWVꢀDQGꢀ6SDUHꢀ3DUWꢀ6DOHVꢀ86$ꢀ  
ꢀ
%6+ꢀ+RPHꢀ$SSOLDQFHVꢀ  
ꢈꢄꢆꢈꢀ0DLQꢀ6WUHHW  
,UYLQHꢐꢀ&$ꢀꢄꢇꢉꢈꢂꢀ  
ꢋꢆꢆꢌꢄꢂꢂꢌꢇꢄꢆꢂꢀ  
ZZZꢁERVFKDSSOLDQFHVꢁFRPꢀ  
ꢀ
6SDUHꢀ3DUWꢀ6DOHVꢀIRUꢀ&DQDGDꢅ  
ꢀ
'LVWULEXWHXUVꢀGHꢀSLqFHVꢀDXWRULVpVꢀDXꢀ&DQDGDꢀꢅꢀ  
:HVWHUQꢀ&DQDGLDQꢀ$XWKRUL]HGꢀ3DUWVꢀ'LVWULEXWRUꢍꢀꢀ  
5HOLDEOHꢀ3DUWVꢀ/WGꢁꢀꢀ  
ꢋꢅꢀ1ꢁꢀ%HQGꢀ6WUHHWꢀꢀ  
&RTXLWODPꢐꢀ%&ꢀ&DQDGDꢀꢀ  
9ꢊ.ꢀꢉ1ꢈꢀꢀ  
ꢎꢋꢆꢆꢏꢀꢉꢉꢊꢌꢉꢆꢉꢆꢀꢀ  
ꢀ
(DVWHUQꢀ&DQDGLDQꢀ$XWKRUL]HGꢀ3DUWVꢀ'LVWULEXWRUꢍꢀꢀ  
$ꢀ3ꢀ:DJQHUꢀ/WGꢁꢀꢀ  
ꢈꢆꢊꢅꢀ4XHHQVꢀ:D\ꢀ$YHꢁꢀꢀ8QLWꢀ(ꢀꢀ  
0LVVLVVDXJDꢐꢀ21ꢀꢐꢀ&DQDGDꢀꢀ  
/ꢂ<ꢀꢂ&ꢈꢀꢀ  
ꢎꢋꢆꢆꢏꢀꢇꢉꢋꢌꢃꢅꢈꢊꢀꢀ  
ꢀ
ꢈꢇꢑꢇꢆꢈꢈ  
86$ꢀ7$66,02ꢀ&XVWRPHUꢀ6HUYLFH  
)RUꢀLQIRUPDWLRQꢀDQGꢀTXHVWLRQVꢀSOHDVHꢀFRQWDFWꢀ7$66,02ꢍ  
,QWHUQHWꢍꢀZZZꢁWDVVLPRꢁFRPꢀ  
3KRQHꢍꢀꢈꢒꢍꢌꢌꢒ7',6&6ꢈꢀꢏꢈꢒꢍꢌꢌꢒꢍꢆꢇꢒꢌꢀꢂꢌꢈꢐ  
0DLOꢍꢀFXVWRPHUBVHUYLFH#7DVVLPR86ꢁFRP  
6HUYLFHꢀjꢀODꢀFOLHQWqOHꢀ7$66,02ꢀDXꢀ&DQDGD  
)RUꢀLQIRUPDWLRQꢀDQGꢀTXHVWLRQVꢀSOHDVHꢀFRQWDFWꢀ7$66,02ꢍ  
,QWHUQHWꢍꢀZZZꢁWDVVLPRꢁFRPꢀ  
3KRQHꢍꢀꢈꢒꢍꢌꢌꢒ7',6&6ꢈꢀꢏꢈꢒꢍꢌꢌꢒꢍꢆꢇꢒꢌꢂꢌꢈꢐ  
0DLOꢍꢀFXVWRPHUVHUYLFHFD#P\WDVVLPRꢁFRP  
3RXUꢀWRXWHꢀTXHVWLRQꢀRXꢀLQIRUPDWLRQꢐꢀFRPPXQLTXHUꢀDYHFꢀ7$66,02ꢀꢍ  
,QWHUQHWꢀꢍꢀZZZꢁWDVVLPRꢁFRPꢀ  
6DQVꢀIUDLVꢀꢍꢀꢈꢒꢍꢌꢌꢒ7',6&6ꢈꢀꢏꢈꢒꢍꢌꢌꢒꢍꢆꢇꢒꢌꢂꢌꢈꢐ  
&RXUULHOꢀꢍꢀFXVWRPHUVHUYLFHFD#P\WDVVLPRꢁFRP  
ZZZꢁWDVVLPRꢁFRP  
ꢄꢆꢆꢆꢃꢆꢉꢃꢉꢈ  

Motorola W230a User Manual
Motorola Nextel i836 User Manual
Melissa 245044 User Manual
LG Electronics 5000 User Manual
LG Electronics 1500 User Manual
LaCie Petit User Manual
Insignia NS CLW01 User Manual
Freedom9 freeStor 400 User Manual
Casio DQ 747 User Manual
Avanti SHP1701B User Manual