ABQINDUSTRIAL CX2 Ultrasonic Material Thickness Gauge User Guide

June 27, 2024
ABQINDUSTRIAL

CX2 Ultrasonic Material Thickness Gauge

“`html

Product Information

Manufacturer: ABQ Industrial LP

Model: 8VHU*XLGHHQ

Contact: Tel: +1 281-516-9292 / (888)
275-5772 | eFax: +1 866-234-0451

Website: www.abqindustrial.net

Email: info@abqindustrial.net

Specifications

  • Product Model: 8VHU*XLGHHQ
  • Power Source: Electric
  • Features: XWLOLVDWLRQIU, XWLOLVDWLRQIU,
    *HEUDXFKVDQOHLWXQJGH

Product Usage Instructions

1. Initial Setup

– Unbox the product and check for any damages.

– Connect the power source following the provided manual.

2. Operating the Product

– Ensure the product is placed on a stable surface.

– Turn on the power and follow the specific instructions for
each feature.

3. Maintenance

– Regularly clean the product with a damp cloth.

– Keep the product away from water and extreme temperatures.

Frequently Asked Questions (FAQ)

Q: How do I contact customer support?

A: You can reach out to ABQ Industrial LP at Tel: +1 (281)
516-9292 / 888-275-5772 or email at info@abqindustrial.net.

Q: What should I do if the product malfunctions?

A: Refer to the troubleshooting section in the manual or contact
customer support for assistance.

Q: Can this product be used outdoors?

A: It is recommended to use this product indoors to avoid damage
from environmental factors.

“`

Distributed by: ABQ Industrial LP USA Tel: +1 281-516-9292 / 888-275-5772 eFax: +1 866-234-0451
Web: https://www.abqindustrial.net E-mail: info@abqindustrial.net
8VHUXLGHHQ
‘DNRWD&; &; 8OWUDVRQLF0DWHULDO7KLFNQHVV
DXJHV
XLGHG
XWLOLVDWLRQIU
‘DNRWD&; &; -DXJHVGHPHVXUHG
pSDLVVHXUGHPDWpULDX[SDUXOWUDVRQV
HEUDXFKVDQOHLWXQJGH
‘DNRWD&;XQG&; 8OWUDVFKDOO0DWHULDOGLFNHQPHVVJHU¦WH
XtDGHOXVXDULRHV
‘DNRWD&;&; 0HGLGRUHVGHHVSHVRUGHPDWHULDOHVSRUXOWUDVRQLGR
HEUXLNHUVKDQGOHLGLQJQO
‘DNRWD&; &; 8OWUDVRQLVFKHPDWHULDDOGLNWHPHWHUV
]K
‘DNRWD&; &;
MS
‘DNRWD&;&;
Y
Distributed by: ABQ Industrial LP USA Tel: +1 281-516-9292 / 888-275-5772 eFax: +1 866-234-0451
Web: https://www.abqindustrial.net E-mail: info@abqindustrial.net

Distributed by: ABQ Industrial LP USA Tel: +1 281-516-9292 / 888-275-5772 eFax: +1 866-234-0451
Web: https://www.abqindustrial.net E-mail: info@abqindustrial.net
8VHUXLGH
‘DNRWD&; &;
8OWUDVRQLF0DWHULDO7KLFNQHVV
DXJHV
Distributed by: ABQ Industrial LP USA Tel: +1 281-516-9292 / 888-275-5772 eFax: +1 866-234-0451
Web: https://www.abqindustrial.net E-mail: info@abqindustrial.net

&217(176
6HFWLRQ DXJH2YHUYLHZ %R[&RQWHQWV 8VLQJWKHDXJH HWWLQJ6WDUWHG 6HWWLQJWKH=HUR3RLQW &DOLEUDWLRQ0HWKRGV&; &DOLEUDWLQJ<RXUDXJH&; 7DNLQJD5HDGLQJ 0HQX6WUXFWXUH&; 0HQX6WUXFWXUH&; 8SJUDGLQJ<RXU*DXJH 6SDUHV $FFHVVRULHV 7HFKQLFDO6SHFLILFDWLRQ :DUUDQW6WDWHPHQW /HJDO1RWLFHV 5HJXODWRU,QIRUPDWLRQ $SSHQGL[3UHSDULQJ7KH7HVW6XUIDFH

3DJH HQ HQ HQ HQ HQ HQ HQ HQ HQ HQ HQ HQ HQ HQ HQ HQ

3E +J

)RUWKHDYRLGDQFHRIGRXEWSOHDVHUHIHUWRWKHRULJLQDO(QJOLVKODQJXDJHYHUVLRQ DXJH’LPHQVLRQV[[PP[[ZLWKRXWWUDQVGXFHU DXJH:HLJKWJR]LQFOXGLQJEDWWHULHVZLWKRXWWUDQVGXFHU 0DWHULDO6DIHW’DWD6KHHWVIRUWKHXOWUDVRQLFFRXSODQWVXSSOLHGZLWKWKH’DNRWD&; &;DQGDYDLODEOHDVDQ DFFHVVRUDUHDYDLODEOHWRGRZQORDGYLDRXUZHEVLWH 8OWUDVRQLF&RXSODQW0DWHULDO6DIHW’DWD6KHHW KWWSVGRZQORDGVGDNRWDQGWFRP06’6(OFRPHWHUB8OWUDVRQLFB&RXSODQWB%OXHSGI 8OWUDVRQLF&RXSODQW+LJK7HPSHUDWXUH0DWHULDO6DIHW’DWD6KHHW KWWSVGRZQORDGVGDNRWDQGWFRP06’6HOFRPHWHUBXOWUDVRQLFBFRXSODQWBKLBWHPSSGI

(OFRPHWHU/LPLWHG$OOULJKWVUHVHUYHG1RSDUWRIWKLVGRFXPHQWPDEHUHSURGXFHGWUDQVPLWWHGWUDQVFULEHGVWRUHG

LQDUHWULHYDOVVWHPRURWKHUZLVHRUWUDQVODWHGLQWRDQODQJXDJHLQDQIRUPRUEDQPHDQVHOHFWURQLFPHFKDQLFDO PDJQHWLFRSWLFDOPDQXDORURWKHUZLVHZLWKRXWWKHSULRUZULWWHQSHUPLVVLRQRI(OFRPHWHU/LPLWHG

HQ

ZZZGDNRWDQGWFRP

$8(29(59,(:

/(‘,QGLFDWRUV5HGOHIWUHHQULJKW /&”LVSOD 6RIWNHV 2Q2II.H =HUR’LVN 7UDQVGXFHU&RQQHFWLRQ3RLQW 86%’DWD2XWSXW6RFNHWEHORZFRYHU %DWWHU&RPSDUWPHQWóWXUQRSHQFORVH :ULVW6WUDS&RQQHFWLRQ
%2;&217(176 ‘DNRWD8OWUDVRQLF0DWHULDO7KLFNQHVV
DXJH 8OWUDVRQLF&RXSODQWPOIOR]%RWWOH [$$%DWWHULHV 3URWHFWLYH&DVH :ULVW+DUQHVV 6FUHHQ3URWHFWRU &DOLEUDWLRQ&HUWLILFDWH 8VHU*XLGH
ZZZGDNRWDQGWFRP

HQ

86,17+($8*(

D 3RZHU%DWWHULHVRU86%

D

LQFOXGLQJEDWWHUOLIHLQGLFDWRU

E 0HDVXUHPHQW0RGH3(3XOVHG(FKR
(((FKR(FKR7KUX3DLQW&;

E F

F &DOLEUDWLRQ0HWKRG&;

G

G &DOLEUDWLRQ6RXQG9HORFLW&; K

H

H 5HDGLQJ6WDELOLW,QGLFDWRU

I 0HDVXUHPHQW8QLWVPP,QFK

I

J 0HQX6RIWNH

J

K 5HDGLQJ9DOXH

(77,167$57(‘

),77,1*7+(%$77(5,(6 (DFKJDXJHLVVXSSOLHGZLWK[$$DONDOLQHEDWWHULHV

7RLQVHUWRUUHSODFHWKHEDWWHULHV /LIWWKHODWFKRQWKHEDWWHUFRPSDUWPHQW
FRYHUDQGURWDWHDQWLFORFNZLVHWRUHPRYH WKHFRYHU ,QVHUWEDWWHULHVWDNLQJFDUHWRHQVXUH FRUUHFWSRODULW 5HILWWKHFRYHUDQGURWDWHWKHODWFK FORFNZLVHWRFORVH

7KHEDWWHUFRQGLWLRQLVLQGLFDWHGEDVPEROLQWKHWRSULJKWRIWKH GLVSOD
)XOOVPEROJUHHQ EDWWHULHVDWIXOOFDSDFLW (PSWVPEROUHGIODVKLQJ EDWWHULHVDWORZHVWVXVWDLQDEOHOHYHO

1RWH%DWWHULHVPXVWEHGLVSRVHGRIFDUHIXOOWR DYRLGHQYLURQPHQWDOFRQWDPLQDWLRQ3OHDVH FRQVXOWRXUORFDO(QYLURQPHQWDO$XWKRULWIRU LQIRUPDWLRQRQGLVSRVDOLQRXUUHJLRQ’R QRWGLVSRVHRIDQEDWWHULHVLQILUH

&211(&7,1*$75$16’8&(5 $OLJQWKHUHGGRWRQWKH
WUDQVGXFHUSOXJZLWKWKHUHG GRWRQWKHEDVHRIWKHJDXJH 3XVKWKHWUDQVGXFHULQWRWKH JDXJHHQVXULQJWKDWWKH FRQQHFWRULVIXOOHQJDJHG
HQ

ZZZGDNRWDQGWFRP

(77,167$57(‘FRQWLQXHG
$OOGXDOHOHPHQWWUDQVGXFHUVZKLFKFDQEHFRQQHFWHGGLUHFWOWRWKH EDVHRID’DNRWD&;JDXJHVHH6HFWLRQµ7UDQVGXFHUV¶RQ SDJHHQDUHµLQWHOOLJHQW¶WUDQVGXFHUVDQGZLOOEHLGHQWLILHG DXWRPDWLFDOOEWKHJDXJH’HWDLOVRIWKHWUDQVGXFHUFRQQHFWHGFDQ EHYLHZHGDWDQWLPHYLD0HQX$ERXW7UDQVGXFHU,QIRUPDWLRQ
$WUDQVGXFHUDGDSWRULVDYDLODEOHZKLFKHQDEOHVRWKHU’DNRWD1’7 µQRQLQWHOOLJHQW¶GXDOHOHPHQWWUDQVGXFHUVDQGRWKHUPDQXIDFWXUHUV¶ WUDQVGXFHUVWREHXVHGZLWKWKH’DNRWD&;SURGXFWUDQJHVHH 6HFWLRQµ7UDQVGXFHU$GDSWRU¶RQSDJHHQ
6(/(&7,1<285/$18$( 3UHVVDQGKROGWKH212))EXWWRQXQWLOWKH’DNRWD1’7ORJR
LVGLVSODHG 3UHVV0HQX6HWXS/DQJXDJHDQGVHOHFWRXUODQJXDJHXVLQJ
WKHÏÐVRIWNHV )ROORZWKHRQVFUHHQPHQXV
7RDFFHVVWKHODQJXDJHPHQXZKHQLQDIRUHLJQODQJXDJH 6ZLWFKWKHJDXJH2)) 3UHVVDQGKROGWKHOHIWVRIWNHDQGVZLWFKWKHJDXJH21 6HOHFWRXUODQJXDJHXVLQJWKHÏÐVRIWNHV
6&5((16(77,1
6 $QXPEHURIVFUHHQVHWWLQJVFDQEHGHILQHGEWKHXVHUYLD 0HQX6HWXS6FUHHQ6HWWLQJVLQFOXGLQJ
y 6FUHHQ%ULJKWQHVV7KLVFDQEHVHWWRµ0DQXDO¶RUµ$XWR¶WKH EULJKWQHVVLVDGMXVWHGDXWRPDWLFDOOXVLQJWKHJDXJH¶VDPELHQW OLJKWVHQVRU y 6FUHHQ7LPHRXW7KHGLVSODZLOOGLPLILQDFWLYHIRUPRUHWKDQ VHFRQGVDQGZLOOJRµEODFN¶LILQDFWLYHIRUWKHSHULRGGHILQHG 3UHVVDQNHRUWDSWKHJDXJHWRDZDNHQLW7KHJDXJHFDQ DOVRE HVHWWRVZLWFKRIIDXWRPDWLFDOODIWHUDXVHUGHILQHG SHULRGRILQDFWLYLWYLD0HQX6HWXS*DXJH$XWR2II7KH GHIDXOWVHWWLQJLVPLQXWHV

ZZZGDNRWDQGWFRP

HQ

(77,1 67$57(‘FRQWLQXHG
6(/(&7,1* 7+( 0($685(0(17 02′(&; 7KH&;KDVRQHPHDVXUHPHQWPRGHµ3XOVHG(FKR¶7KH&; KDVWZRPHDVXUHPHQWPRGHVµ3XOVHG(FKR¶DQGµ(FKR(FKR 7KUX3DLQW¶)RUDQH[SODQDWLRQRIWKHGLIIHUHQWPRGHVVHH 7DEOH0HDVXUHPHQW0RGHV
7RVHOHFWWKHPHDVXUHPHQWPRGH&;SUHVV0HQX6HWXS 5HDGLQJ0HDVXUHPHQW0RGH

0HDVXUHPHQW 0RGH 3XOVHG(FKR 3(
(FKR(FKR 7KUX3DLQW ((

7$%/(0($685(0(17 02′(6
,FRQ ‘HVFULSWLRQ
7KHWRWDOWKLFNQHVVIURPWKHEDVHRIWKHWUDQVGXFHU WRWKHPDWHULDOGHQVLWERXQGDUWSLFDOOWKH EDFNZDOOLVPHDVXUHG6XLWDEOHIRUPHDVXUHPHQW RIPDWHULDOVEHWZHHQPPDQGPP WRDWKLFN
$FRDWLQJRIXSWRPPWKLFNLVLJQRUHG DQGWKHPDWHULDOWKLFNQHVVIURPWKHWRSVXUIDFHRI WKHPDWHULDOWRWKHPDWHULDOGHQVLWERXQGDU WSLFDOOWKHEDFNZDOOLVPHDVXUHG6XLWDEOHIRU PHDVXUHPHQWRIPDWHULDOVEHWZHHQPPDQG PPWRDWKLFN

1RWH7KHJDXJHVKRXOGEHUHFDOLEUDWHGZKHQWKHPHDVXUHPHQWPRGHLVFKDQJHG VHH6HFWLRQµ&DOLEUDWLQJRXU*DXJH¶RQSDJHHQ7KHFDOLEUDWLRQLFRQZLOO IODVKLQWHUPLWWHQWOWRLQGLFDWHWKDWUHFDOLEUDWLRQLVUHTXLUHG

6(/(&7,1* 7+( 0($685(0(17 81,76 7KHJDXJHVFDQGLVSODUHDGLQJVLQPPRU,QFK7RVHOHFWWKH PHDVXUHPHQWXQLWVSUHVV0HQX6HWXS8QLWV

D7KLFNQHVVUDQJHLVGHSHQGHQWRQWKHPDWHULDOEHLQJPHDVXUHGDQGWKHWUDQVGXFHUXVHG

HQ

ZZZGDNRWDQGWFRP

6(77,1* 7+( =(52 32,17
6HWWLQJWKH]HURSRLQWIRUWKHWUDQVGXFHULVLPSRUWDQW,IWKH]HUR SRLQWLVQRWVHWFRUUHFWODOOPHDVXUHPHQWVZLOOEHLQDFFXUDWH
7KHJDXJHZLOOUHPHPEHUWKHODVW]HURSRLQW,WLVJHQHUDOODJRRG LGHDKRZHYHUWRVHWWKH]HURSRLQWZKHQHYHUWKHJDXJHLVVZLWFKHG RQDQGZKHQDGLIIHUHQWWUDQVGXFHULVXVHG7KLVZLOOHQVXUHWKDW WKH]HURSRLQWLVFRUUHFW
7RVHWWKH]HURSRLQW 3OXJWKHWUDQVGXFHULQWRWKHJDXJH
HQVXULQJWKDWWKHFRQQHFWRULVIXOO HQJDJHG
7KHZHDUIDFHRIWKHWUDQVGXFHUVKRXOG EHFOHDQDQGIUHHRIDQGHEULV
3UHVVWKH2Q2IIEXWWRQWRVZLWFK WKHJDXJHRQ
3UHVV0HQX&DOLEUDWLRQ=HUR6HW DQGDSSOFRXSODQWWRWKH]HURGLVN
:KHQSURPSWHGSUHVVWKH WUDQVGXFHURQWRWKH]HURGLVN PDNLQJVXUHLWLVIODWDJDLQVWWKH VXUIDFH
7KHGLVSODZLOOVKRZDWKLFNQHVVYDOXH ZKLFKLVFRQVWDQWOXSGDWLQJ7KH VWDELOLWRIWKHUHDGLQJLVLQGLFDWHGRQWKH VWDELOLWEDUWRWKHULJKWRIWKHGLVSOD$ YDOLGUHDGLQJKDVDVWDELOLWRIRUPRUH
5HPRYHWKHWUDQVGXFHUIURPWKH ]HURGLVN7KHODVWUHDGLQJLVKHOG RQVFUHHQ,IQRWUHSUHVHQWDWLYH UHSHDW6WHS
([FHVVLYHXVHRIFRXSODQWFDQUHVXOW LQDGLVWRUWHGUHDGLQJZKHQWKH WUDQVGXFHULVUHPRYHGIURPWKH VXUIDFH
3UHVVµ=HUR¶WRVHWWKH]HURSRLQW

ZZZGDNRWDQGWFRP

HQ

&$/,%5$7,21 0(7+2’6&;
,QRUGHUIRUWKHJDXJHWRPDNHDFFXUDWHPHDVXUHPHQWVLWPXVWEH VHWWRWKHFRUUHFWVRXQGYHORFLWIRUWKHPDWHULDOEHLQJPHDVXUHG
‘LIIHUHQWWSHVRIPDWHULDOKDYHGLIIHUHQWVRXQGYHORFLWLHV)RU H[DPSOHWKHYHORFLWRIVRXQGWKURXJKVWHHOLVPV DSSUR[LPDWHOLQVDQGWKHYHORFLWRIVRXQGWKURXJK DOXPLQLXPLVPVDSSUR[LPDWHOLQV
6HWWLQJWKHFDOLEUDWLRQLVFUXFLDOIRUWKHJDXJHWRIXQFWLRQFRUUHFWO 7KHFDOLEUDWLRQSURFHGXUHVKRXOGEHSHUIRUPHGZKHQWKH PHDVXUHPHQWPRGHWUDQVGXFHUDQGRUPDWHULDOWSHLVFKDQJHG
7KH&;LVSUHFDOLEUDWHGIRUVWHHORQOWKHFDOLEUDWLRQFDQQRWEH DGMXVWHGEWKHXVHU7KH&;KDVDFKRLFHRIFDOLEUDWLRQPHWKRGV VHH7DEOH&DOLEUDWLRQ0HWKRGV
7RVHOHFWWKHFDOLEUDWLRQPHWKRG&;SUHVV0HQX&DOLEUDWLRQ&DO 0HWKRG

&DOLEUDWLRQ 0HWKRG 3RLQW
0DWHULDO )DFWRU &DOLEUDWLRQ

7$%/(&$/,%5$7,21 0(7+2’6
,FRQ ‘HVFULSWLRQ
7KLVLVWKHVLPSOHVWDQGPRVWFRPPRQOXVHG FDOLEUDWLRQSURFHGXUH$IWHUVHWWLQJWKH]HURSRLQW VHH6HFWLRQµ6HWWLQJWKH=HUR3RLQW¶RQSDJH HQDUHDGLQJLVWDNHQDQGDGMXVWHGRQDQ XQFRDWHGVDPSOHSLHFHRIWHVWPDWHULDORIDNQRZQ WKLFNQHVV2QFHWKHWKLFNQHVVKDVEHHQHQWHUHG DQGFRQILUPHGWKHGHULYHGVRXQGYHORFLWLV GLVSODHG
&DOLEUDWLRQXVLQJWKHVRXQGYHORFLWRIDPDWHULDO VHOHFWHGIURPDSUHGHILQHGOLVWRIPDWHULDOVVWRUHG LQWKHJDXJH
&DOLEUDWLRQXVLQJWKHGHIDXOWIDFWRUFDOLEUDWLRQRI WKHVWDQGDUGVRXQGYHORFLWIRUVWHHOPV DSSUR[LPDWHOLQV

HQ

ZZZGDNRWDQGWFRP

&$/,%5$7,1<285$8(&;
86,1
32,17&$/,%5$7,21 7KLVSURFHGXUHUHTXLUHVDQXQFRDWHGVDPSOHSLHFHRIWKHPDWHULDO EHLQJPHDVXUHGWKHH[DFWWKLFNQHVVRIZKLFKLVNQRZQIURPKDYLQJ EHHQPHDVXUHGEVRPHRWKHUPHDQVRUDFDOLEUDWLRQVWDQGDUGVHH 6HFWLRQµ&DOLEUDWLRQ6WDQGDUGV¶RQSDJHHQ
3OXJWKHWUDQVGXFHULQWRWKHJDXJHHQVXULQJWKDWWKHFRQQHFWRULV IXOOHQJDJHG
7KHZHDUIDFHRIWKHWUDQVGXFHUVKRXOGEHFOHDQDQGIUHHRIDQGHEULV
3UHVVWKH2Q2IIEXWWRQWRVZLWFKWKHJDXJHRQ 3UHVV0HQX&DOLEUDWLRQ&DO0HWKRGDQGVHOHFWµ3RLQW¶
,Iµ3RLQW¶LVDOUHDGVHOHFWHGWKHFDOLEUDWLRQPHWKRGFXUUHQWOVHOHFWHGLV LQGLFDWHGEWKHLFRQWRWKHULJKWRIWKHGLVSODVLPSOSUHVV 0HQX&DOLEUDWLRQ&DOLEUDWH
7KHXVHUZLOOEHSURPSWHGWRSHUIRUPDµ=HUR6HW¶WRVHWWKH]HUR SRLQWRIWKHWUDQVGXFHUZKLFKLVUHFRPPHQGHGEHIRUHFDOLEUDWLQJ WKHJDXJHVHH6HFWLRQµ6HWWLQJWKH=HUR3RLQW¶RQSDJHHQ
:KHQSURPSWHGDSSOFRXSODQWWRWKHXQFRDWHGVDPSOHRU FDOLEUDWLRQVWDQGDUG
3UHVVWKHWUDQVGXFHURQWRWKHXQFRDWHGVDPSOHRUFDOLEUDWLRQ VWDQGDUGPDNLQJVXUHLWLVIODWDJDLQVWWKHVXUIDFH
7KHGLVSODZLOOVKRZDWKLFNQHVVYDOXHZKLFKLVFRQVWDQWOXSGDWLQJ7KH VWDELOLWRIWKHUHDGLQJLVLQGLFDWHGRQWKHVWDELOLWEDUWRWKHULJKWRIWKH GLVSOD$YDOLGUHDGLQJKDVDVWDELOLWRIRUPRUH
5HPRYHWKHWUDQVGXFHUIURPWKHXQFRDWHGVDPSOHRUFDOLEUDWLRQ VWDQGDUG7KHODVWUHDGLQJLVKHOGRQVFUHHQ,IQRW UHSUHVHQWDWLYHUHSHDW6WHSV
([FHVVLYHXVHRIFRXSODQWFDQUHVXOWLQDGLVWRUWHGUHDGLQJZKHQWKH WUDQVGXFHULVUHPRYHGIURPWKHVXUIDFH
3UHVVµ$GMXVW¶DQGXVLQJWKHÏÐVRIWNHVDGMXVWWKHUHDGLQJWR WKHNQRZQWKLFNQHVVYDOXHIROORZHGEµ6HW¶WRVHWWKHYDOXH
3UHVVLQJµ(VFDSH¶DWDQWLPHZLOOH[LWWKHFDOLEUDWLRQSURFHGXUHZLWKRXW FDOLEUDWLQJWKHJDXJH
7KHGHULYHGVRXQGYHORFLWZLOOEHGLVSODHGWRWKHULJKWRIWKHGLVSOD
EHORZWKHFDOLEUDWLRQPHWKRGLFRQ
1RWH2QHSRLQWFDOLEUDWLRQPXVWEHSHUIRUPHGRQPDWHULDOZLWKWKHSDLQWRUFRDWLQJ UHPRYHG)DLOXUHWRUHPRYHWKHSDLQWRUFRDWLQJSULRUWRFDOLEUDWLRQZLOOUHVXOWLQ LQDFFXUDWHUHDGLQJV

ZZZGDNRWDQGWFRP

HQ

&$/,%5$7,1<285$8(&;FRQWLQXHG
86,1
0$7(5,$/&$/,%5$7,21 7KHJDXJHLVFDOLEUDWHGXVLQJWKHNQRZQVRXQGYHORFLWRIDPDWHULDO DVVHOHFWHGEWKHXVHUIURPDSUHGHILQHGOLVWVWRUHGLQWKHJDXJH 7KLVFDOLEUDWLRQPHWKRGLVXVHIXOLIXQFRDWHGVDPSOHWHVWSLHFHVRI NQRZQWKLFNQHVVHVDUHQRWDYDLODEOH
3UHVVWKH2Q2IIEXWWRQWRVZLWFKWKHJDXJHRQ 3UHVV0HQX&DOLEUDWLRQ&DO0HWKRGDQGVHOHFWµ0DWHULDO¶
,Iµ0DWHULDO¶LVDOUHDGVHOHFWHGWKHFDOLEUDWLRQPHWKRGFXUUHQWOVHOHFWHG LVLQGLFDWHGEWKHLFRQWRWKHULJKWRIWKHGLVSODVLPSOSUHVV 0HQX&DOLEUDWLRQ&DOLEUDWH
8VHWKHÏÐVRIWNHVWRKLJKOLJKWWKHUHTXLUHGPDWHULDOIROORZHG Eµ6HOHFW¶
3UHVVLQJµ(VFDSH¶DWDQWLPHZLOOH[LWWKHFDOLEUDWLRQSURFHGXUHZLWKRXW FDOLEUDWLQJWKHJDXJH
7KHVRXQGYHORFLWRIWKHPDWHULDOVHOHFWHGZLOOEHGLVSODHGWRWKHULJKW RIWKHGLVSODEHORZWKHFDOLEUDWLRQPHWKRGLFRQ
86,1)$&725<&$/,%5$7,21 3UHVV0HQX&DOLEUDWLRQ)DFWRU&DOLEUDWLRQWRUHVWRUHWKHGHIDXOW IDFWRUFDOLEUDWLRQVHWWLQJRIWKHVWDQGDUGVRXQGYHORFLWIRUVWHHO PVDSSUR[LPDWHOLQV
7$.,1
$5($’,1*
%()25(<2867$57 3UHVVWKH2Q2IIEXWWRQWRVZLWFKWKHJDXJHRQ &RQQHFWDWUDQVGXFHUWRWKHJDXJH
$OOGXDOHOHPHQWWUDQVGXFHUVZKLFKFDQEHFRQQHFWHGGLUHFWOWRWKHEDVH RID’DNRWD&;JDXJHVHH6HFWLRQµ7UDQVGXFHUV¶RQSDJHHQ DUHµLQWHOOLJHQW¶WUDQVGXFHUVDQGZLOOEHLGHQWLILHGDXWRPDWLFDOOEWKH JDXJH,IXVLQJRWKHU’DNRWD1’7µQRQLQWHOOLJHQW¶GXDOHOHPHQW WUDQVGXFHUVRURWKHUPDQXIDFWXUHUV¶WUDQVGXFHUVDWUDQVGXFHUDGDSWRULV UHTXLUHGVHH6HFWLRQµ7UDQVGXFHU$GDSWRU¶RQSDJHHQ
6HOHFWWKHPHDVXUHPHQWPRGH&;VHH6HFWLRQRQ SDJHHQ
6HWWKH]HURSRLQWRIWKHWUDQVGXFHUVHH6HFWLRQRQSDJH HQ
&DOLEUDWHWKHJDXJH&;VHH6HFWLRQRQSDJHHQ 3UHSDUHWKHWHVWVXUIDFHVHH$SSHQGL[RQSDJHHQ

HQ

ZZZGDNRWDQGWFRP

7$.,1$5($’,1FRQWLQXHG
7$.,1$5($’,1 $SSODVPDOODPRXQWRIFRXSODQWWRWKHWHVWVXUIDFH 3UHVVWKHWUDQVGXFHULQWRWKHFRXSODQWPDNLQJVXUHLWLVIODW
DJDLQVWWKHVXUIDFH
0RGHUDWHSUHVVXUHRQWKHWRSRIWKHWUDQVGXFHUXVLQJWKHWKXPERULQGH[ ILQJHULVVXIILFLHQWLWLVRQOQHFHVVDUWRNHHSWKHWUDQVGXFHUVWDWLRQDU DQGVHDWHGIODWDJDLQVWWKHVXUIDFHRIWKHPDWHULDO
7KHGLVSODZLOOVKRZDYDOXHZKLFKLVFRQVWDQWOXSGDWLQJ7KH JDXJHZLOOWDNHUHDGLQJVSHUVHFRQGZKHQWKHWUDQVGXFHULV LQFRQWDFWZLWKWKHVXUIDFHRIWKHPDWHULDO
7KHVWDELOLWRIWKHUHDGLQJLVLQGLFDWHGRQWKHVWDELOLWEDUWRWKHULJKWRI WKHGLVSOD$YDOLGUHDGLQJKDVDVWDELOLWRIRUPRUH,IWKHVWDELOLW LQGLFDWRUKDVIHZHUWKDQEDUVVKRZLQJRUWKHQXPEHUVRQWKHGLVSOD VHHPHUUDWLFPDNHVXUHWKHUHLVDQDGHTXDWHILOPRIFRXSODQWEHQHDWKWKH WUDQVGXFHUDQGWKDWWKHWUDQVGXFHULVVHDWHGIODWDJDLQVWWKHPDWHULDO,I WKHFRQGLWLRQSHUVLVWVLWPDEHQHFHVVDUWRVHOHFWDGLIIHUHQWWUDQVGXFHU VL]HRUIUHTXHQFIRUWKHPDWHULDOEHLQJPHDVXUHG
7KHODVWUHDGLQJLVKHOGRQVFUHHQZKHQWKHWUDQVGXFHULV UHPRYHGIURPWKHVXUIDFH
‘LVFODLPHU,QKHUHQWLQXOWUDVRQLFWKLFNQHVVPHDVXUHPHQWLVWKHSRVVLELOLWWKDW WKHLQVWUXPHQWZLOOXVHWKHVHFRQGHFKRUDWKHUWKDQWKHILUVWHFKR IURPWKHEDFNVXUIDFHRIWKHPDWHULDOEHLQJPHDVXUHGZKLOHLQ VWDQGDUGSXOVHGHFKRPRGH7KLVPDUHVXOWLQDWKLFNQHVVUHDGLQJ ZKLFKLV7:,&(ZKDWLWVKRXOGEH7KHUHVSRQVLELOLWIRUSURSHUXVH RIWKHLQVWUXPHQWDQGUHFRJQLWLRQRIWKHVHWSHVRISKHQRPHQRQ UHVWVVROHOZLWKWKHXVHURIWKHLQVWUXPHQW

0(186758&785(&;

0HQX &DOLEUDWLRQ 6HWXS $ERXW 5HVHW (PHUJHQF/LJKW

&DOLEUDWLRQ &DOLEUDWH &DO0HWKRG =HUR6HW )DFWRU&DOLEUDWLRQ

6HWXS

5HDGLQJ

8QLWV

/DQJXDJH

%HHS9ROXPH

6FUHHQ6HWWLQJV

*DXJH$XWR2II

{

$ERXW *DXJH,QIRUPDWLRQ 7UDQVGXFHU,QIRUPDWLRQ &RQWDFW /HJDO

ZZZGDNRWDQGWFRP

&DO0HWKRG

0DWHULDO

{

3RLQW

{

5HDGLQJ 0HDVXUHPHQW0RGH

8QLWV

PP

{

,QFK

{

6FUHHQ6HWWLQJV

6FUHHQ%ULJKWQHVV

6FUHHQ7LPHRXW

2SHQLQJ6FUHHQ

{

/HJDO /HJDO1RWLFHV 5HJXODWRU

0HDVXUHPHQW0RGH

3XOVHG(FKR3(

{

(FKR(FKR7KUX3DLQW(( {

HQ

0(186758&785(&;

0HQX &DOLEUDWLRQ 6HWXS $ERXW 5HVHW (PHUJHQF/LJKW

&DOLEUDWLRQ =HUR6HW

6HWXS

8QLWV

/DQJXDJH

%HHS9ROXPH

6FUHHQ6HWWLQJV

*DXJH$XWR2II

{

$ERXW *DXJH,QIRUPDWLRQ 7UDQVGXFHU,QIRUPDWLRQ &RQWDFW /HJDO

8QLWV

PP

{

,QFK

{

6FUHHQ6HWWLQJV

6FUHHQ%ULJKWQHVV

6FUHHQ7LPHRXW

2SHQLQJ6FUHHQ

{

/HJDO /HJDO1RWLFHV 5HJXODWRU

835$’,1<285$8(
*DXJHILUPZDUHFDQEHXSJUDGHGWRWKHODWHVWYHUVLRQEWKHXVHU YLD’DN0DVWHU70DVLWEHFRPHVDYDLODEOH’DN0DVWHU70ZLOOLQIRUP WKHXVHURIDQXSGDWHVZKHQWKHJDXJHLVFRQQHFWHGWRWKH3&ZLWK DQLQWHUQHWFRQQHFWLRQ
63$5(6 $&&(6625,(6 75$16’8&(56 7KHWUDQVGXFHUVOLVWHGEHORZDUHFRPSDWLEOHZLWKWKH’DNRWD&; SURGXFWUDQJHE7KHDUHSRWWHGWKHWUDQVGXFHUFDEOHLV SHUPDQHQWOIL[HGWRWKHWUDQVGXFHUKHDGULJKWDQJOHGXDOHOHPHQW µLQWHOOLJHQW¶WUDQVGXFHUVDQGZKHQFRQQHFWHGZLOOEHDXWRPDWLFDOO LGHQWLILHGEWKHJDXJH
:KHQFKRRVLQJDWUDQVGXFHUWKHIUHTXHQFGLDPHWHUDQGPDWHULDO XQGHUWHVWVKRXOGEHFRQVLGHUHG

E$VWKH&;LVSUHFDOLEUDWHGIRUVWHHORQOWKRVHWUDQVGXFHUVVXLWDEOHIRUPHDVXULQJRQVWHHOFDQEHXVHG ZLWKWKLVJDXJH

HQ

ZZZGDNRWDQGWFRP

63$5(6 $&&(6625,(6FRQWLQXHG

3DUW1XPEHU

6XLWDEOHIRU0HDVXULQJ )UHTXHQF ‘LDPHWHU
&, 3 73 ) 7 6 * $ 7

7;&0(3 0+]

99

9

7;&0&3 0+]

99

9

7;&0(3 0+]

99

9

7;&0(3 0+]

99

9

7;&0%3 0+]

9

99

7;&0(3 0+]

9

99

7;&0&3 0+]

9

99

7;&0&3 0+]

9

99

7;&0&3 0+]

9

99

7;&0%3 0+]

9

999

7;&0&3Á 0+]

9

999

7;&0&3 0+]

9

999

7;&0%3 0+]

9

99

7;&0&3 0+]

9

99

.H &, &DVW,URQ ) ODVV)LEUH ODVV

3 3ODVWLFV 7 7KLQODVV)LEUH $ $OXPLQLXP

73 7KLQ3ODVWLFV 6 6WHHO 7 7LWDQLXP

&RDWLQJWKLFNQHVVKLJKGDPSHGWUDQVGXFHUXWLOLVLQJ7KUX3DLQWWHFKQRORJ6XLWDEOHIRUXVHZLWK µ(FKR(FKR7KUX3DLQW¶PHDVXUHPHQWPRGHRQOVHH6HFWLRQµ6HOHFWLQJWKH0HDVXUHPHQW0RGH¶ RQSDJHHQ
+LJKWHPSHUDWXUHWUDQVGXFHUVXLWDEOHIRUPHDVXULQJKRWVXUIDFHVXSWR&) Á([WUDUHVROXWLRQWUDQVGXFHUZLWKLQFUHDVHQHDUVXUIDFHUHVROXWLRQLGHDOIRUXVHRQWKLQVXEVWUDWHV

2WKHUWUDQVGXFHUVDUHDYDLODEOHZKLFKFDQEHFRQQHFWHGWR ‘DNRWD&;JDXJHVXVLQJDWUDQVGXFHUDGDSWRUVHH6HFWLRQ µ7UDQVGXFHU$GDSWRU¶RQSDJHHQ)RUDFRPSOHWHOLVWRI WUDQVGXFHUVYLVLWGDNRWDQGWFRP

ZZZGDNRWDQGWFRP

HQ

63$5(6 $&&(6625,(6FRQWLQXHG
&$/,%5$7,2167$1’$5’6 $YDLODEOHDVDVHWRULQGLYLGXDOO DOORZLQJXVHUVWRVHOHFWWKHPRVW DSSURSULDWHWKLFNQHVVHVIRUWKHLU DSSOLFDWLRQ’DNRWD1’7FDOLEUDWLRQ VWDQGDUGVDUHPDQXIDFWXUHGIURP VWHHOFWRDWROHUDQFHRI RIWKHQRPLQDOWKLFNQHVV

&DOLEUDWLRQVWDQGDUGVHWVDQGLQGLYLGXDOVWDQGDUGVDUHVXSSOLHG FRPSOHWHZLWKFDOLEUDWLRQFHUWLILFDWH

‘HVFULSWLRQ

6DOHV3DUW1XPEHU

&DOLEUDWLRQ6WDQGDUG6HW

7&$/67’6(7

1RPLQDO7KLFNQHVVPPG
&RPSULVLQJRIQRPLQDOWKLFNQHVVHV PP

GFRPSOHWHZLWKKROGHU

DQGFDOLEUDWLRQFHUWLILFDWH

&DOLEUDWLRQ6WDQGDUG6HW

7&$/67’6(7

1RPLQDO7KLFNQHVVPPG

&RPSULVLQJRIQRPLQDOWKLFNQHVVHV PP

GFRPSOHWHZLWKKROGHU

DQGFDOLEUDWLRQFHUWLILFDWH

&DOLEUDWLRQ6WDQGDUG+ROGHU
IRUWKLFNQHVVHVXSWRPPG

7&$/67’+/’

1RWH’DNRWD1’7UHFRPPHQGVWKDW&DOLEUDWLRQ6WDQGDUGVDUHZUDSSHGLQDQWL FRUURVLRQILOPZKHQQRWLQXVH

F&DOLEUDWLRQVWDQGDUGVPDQXIDFWXUHGLQRWKHUPDWHULDOVDUHDYDLODEOHRQUHTXHVW&RQWDFW’DNRWD1’7IRU

IXUWKHULQIRUPDWLRQ G,PSHULDOYDOXHVIRULQIRUPDWLRQSXUSRVHVRQO&DOLEUDWLRQVWDQGDUGVDUHPDQXIDFWXUHGDQGPHDVXUHGLQ

PLOOLPHWUHV

HQ

ZZZGDNRWDQGWFRP

63$5(6 $&&(6625,(6FRQWLQXHG

,1′,9,’8$/&$/,%5$7,2167$1’$5’6

3DUW1XPEHU

1RPLQDO 7KLFNQHVV PP LQFKG

3DUW1XPEHU

1RPLQDO 7KLFNQHVV PP LQFKG

7&$/67′

7&$/67′

7&$/67′

7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′

1RWH’DNRWD1’7UHFRPPHQGVWKDW&DOLEUDWLRQ6WDQGDUGVDUHZUDSSHGLQDQWL FRUURVLRQILOPZKHQQRWLQXVH

8/75$621,&&283/$17 )RUWKHJDXJHWRZRUNFRUUHFWOWKHUHPXVWEHQRDLUJDSEHWZHHQWKH WUDQVGXFHUDQGWKHVXUIDFHRIWKHPDWHULDOEHLQJPHDVXUHG7KLVLV DFKLHYHGEXVLQJDFRXSODQW

$POIOR]ERWWOHRIFRXSODQWLVVXSSOLHGDVVWDQGDUGZLWKHDFK JDXJHRWKHUVL]HVDUHDYDLODEOHWRSXUFKDVHVHSDUDWHO

‘HVFULSWLRQ POIOR] POIOR]SDFNRI POIOR] POIOR] O86*DOORQ +LJK7HPSHUDWXUHPOIOR] +LJK7HPSHUDWXUHPOIOR]SDFNRI
)RUXVHZLWKKLJKWHPSHUDWXUHWUDQVGXFHUV VHH6HFWLRQµ7UDQVGXFHUV¶RQSDJHHQ

6DOHV3DUW1XPEHU 7 7 7 7 7 7 7

G,PSHULDOYDOXHVIRULQIRUPDWLRQSXUSRVHVRQO&DOLEUDWLRQVWDQGDUGVDUHPDQXIDFWXUHGDQGPHDVXUHGLQ PLOOLPHWUHV

ZZZGDNRWDQGWFRP

HQ

63$5(6 $&&(6625,(6FRQWLQXHG
75$16’8&(5 $’$3725 7KLVDGDSWRUDOORZVGXDOHOHPHQW µQRQLQWHOOLJHQW¶WUDQVGXFHUVIURP ‘DNRWD1’7VHH6HFWLRQ µ7UDQVGXFHUV¶RQSDJHHQDQGRWKHU PDQXIDFWXUHUV¶WUDQVGXFHUVZLWK/HPR FRQQHFWRUVWREHXVHGZLWKWKH ‘DNRWD&;SURGXFWUDQJH

6LPSOSOXJWKHDGDSWRULQWRWKHWUDQVGXFHUFRQQHFWLRQSRLQWDWWKH EDVHRIWKHJDXJHWRFRQQHFWDQµQRQLQWHOOLJHQW¶GXDOHOHPHQW WUDQVGXFHUDQGIROORZWKHRQVFUHHQLQVWUXFWLRQV

‘HVFULSWLRQ 7UDQVGXFHU$GDSWRU

6DOHV3DUW1XPEHU 7

7(&+1,&$/ 63(&,),&$7,21

0RGHO

7KLFNQHVV 5DQJHD

3XOVHG (FKR (FKR(FKR 7KUX3DLQW

$FFXUDF

3XOVHG (FKR (FKR(FKR 7KUX3DLQW

9HORFLW5DQJH

&;

&;

PP

PP

PPPPPP

PP

PVLQV

5HVROXWLRQ

PP

0HDVXUHPHQW5DWH

+]UHDGLQJVSHUVHFRQG

2SHUDWLQJ7HPSHUDWXUH

WR&WR)

3RZHU6XSSO

[$$EDWWHULHV

D7KLFNQHVVUDQJHLVGHSHQGHQWRQWKHPDWHULDOEHLQJPHDVXUHGDQGWKHWUDQVGXFHUXVHG

HQ

ZZZGDNRWDQGWFRP

7(&+1,&$/63(&,),&$7,21FRQWLQXHG

0RGHO

&;

&;

%DWWHU/LIHH

$SSUR[LPDWHOKRXUV

*DXJH:HLJKW

JR] LQFOXGLQJEDWWHULHVZLWKRXWWUDQVGXFHU

*DXJH’LPHQVLRQV

[[PP[[
ZLWKRXWWUDQVGXFHU

&DQEHXVHGLQDFFRUGDQFHZLWK$670((1(1

:$55$17<67$7(0(17 ‘DNRWD&;JDXJHVDUHVXSSOLHGZLWKDPRQWKZDUUDQWDJDLQVW PDQXIDFWXULQJGHIHFWVH[FOXGLQJFRQWDPLQDWLRQDQGZHDU
7UDQVGXFHUVDUHVXSSOLHGZLWKDGDZDUUDQW

H:KHQLQFRQWLQXRXVUHDGLQJPRGHDWDUHDGLQJUDWHRI+]XVLQJDONDOLQHEDWWHULHV/LWKLXPRU UHFKDUJHDEOHEDWWHULHVPDGLIIHU

ZZZGDNRWDQGWFRP

HQ

/($/127,&(6 5(8/$725<,1)250$7,21

‘HFODUDWLRQRI&RQIRUPLW&(

7KH’DNRWD&; &;FRPSOZLWKWKHUHTXLUHPHQWVRIWKHIROORZLQJ(8’LUHFWLYHV

(8 (0&’LUHFWLYH

(8 5HVWULFWLRQRIWKH8VHRI&HUWDLQ+D]DUGRXV6XEVWDQFHVLQ(OHFWULFDODQG

(OHFWURQLF(TXLSPHQW5R+6’LUHFWLYH

7KH&(‘HFODUDWLRQRI&RQIRUPLWLVDYDLODEOHWRGRZQORDGYLD

KWWSVGRZQORDGVGDNRWDQGWFRPGHFODUDWLRQBRIB&RQIRUPLW(QJOLVK’R&B&;B&;SGI

‘HFODUDWLRQRI&RQIRUPLW8.&$

6,1R (OHFWURPDJQHWLF&RPSDWLELOLW5HJXODWLRQV

6,1R 5HVWULFWLRQRIWKH8VHRI&HUWDLQ+D]DUGRXV6XEVWDQFHVLQ(OHFWULFDODQG(OHFWURQLF(TXLSPHQW

5R+65HJXODWLRQV

7KH8.&$’HFODUDWLRQRI&RQIRUPLWLVDYDLODEOHWRGRZQORDGYLD

KWWSVGRZQORDGVGDNRWDQGWFRPGHFODUDWLRQBRIB&RQIRUPLW(QJOLVK’R&B&;B&;B8.&$SGI

7KH86%LVIRUGDWDWUDQVIHURQODQGLVQRWWREHFRQQHFWHGWRWKHPDLQVYLDD86%PDLQVDGDSWHU

7KH$&0$FRPSOLDQFHPDUNFDQEHDFFHVVHGYLD0HQX$ERXW/HJDO5HJXODWRU

7KLVGHYLFHFRPSOLHVZLWK3DUWRIWKH)&&5XOHV2SHUDWLRQLVVXEMHFWWRWKHIROORZLQJWZRFRQGLWLRQVWKLVGHYLFHPD

QRWFDXVHKDUPIXOLQWHUIHUHQFHDQGWKLVGHYLFHPXVWDFFHSWDQLQWHUIHUHQFHUHFHLYHGLQFOXGLQJLQWHUIHUHQFHWKDWPD

FDXVHXQGHVLUHGRSHUDWLRQ

127(7KLVHTXLSPHQWKDVEHHQWHVWHGDQGIRXQGWRFRPSOZLWKWKHOLPLWVIRUD&ODVV%GLJLWDOGHYLFHSXUVXDQWWR3DUWRI

WKH)&&5XOHV7KHVHOLPLWVDUHGHVLJQHGWRSURYLGHUHDVRQDEOHSURWHFWLRQDJDLQVWKDUPIXOLQWHUIHUHQFHLQDUHVLGHQWLDO

LQVWDOODWLRQ7KLVHTXLSPHQWJHQHUDWHVXVHVDQGFDQUDGLDWHUDGLRIUHTXHQFHQHUJDQGLIQRWLQVWDOOHGDQGXVHGLQ

DFFRUGDQFHZLWKWKHLQVWUXFWLRQVPDFDXVHKDUPIXOLQWHUIHUHQFHWRUDGLRFRPPXQLFDWLRQV+RZHYHUWKHUHLVQRJXDUDQWHH

WKDWLQWHUIHUHQFHZLOOQRWRFFXULQDSDUWLFXODULQVWDOODWLRQ,IWKLVHTXLSPHQWGRHVFDXVHKDUPIXOLQWHUIHUHQFHWRUDGLRRU

WHOHYLVLRQUHFHSWLRQZKLFKFDQEHGHWHUPLQHGEWXUQLQJWKHHTXLSPHQWRIIDQGRQWKHXVHULVHQFRXUDJHGWRWUWRFRUUHFWWKH

LQWHUIHUHQFHERQHRUPRUHRIWKHIROORZLQJPHDVXUHV

5HRULHQWRUUHORFDWHWKHUHFHLYLQJDQWHQQD

,QFUHDVHWKHVHSDUDWLRQEHWZHHQWKHHTXLSPHQWDQGUHFHLYHU

&RQQHFWWKHHTXLSPHQWLQWRDQRXWOHWRQDFLUFXLWGLIIHUHQWIURPWKDWWRZKLFKWKHUHFHLYHULVFRQQHFWHG

&RQVXOWWKHGHDOHURUDQH[SHULHQFHGUDGLR79WHFKQLFLDQIRUKHOS

0RGLILFDWLRQVQRWH[SUHVVODSSURYHGE(OFRPHWHU/LPLWHGFRXOGYRLGWKHXVHU
VDXWKRULWWRRSHUDWHWKHHTXLSPHQWXQGHU

)&&UXOHV

7KLV&ODVV%GLJLWDODSSDUDWXVFRPSOLHVZLWK&$1,&(6%10%%

LVDUHJLVWHUHGWUDGHPDUNRI(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU

5

0%88QLWHG.LQJGRP

‘DN0DVWHU70 LVDWUDGHPDUNRI(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%88QLWHG.LQJGRP

$OORWKHUWUDGHPDUNVDFNQRZOHGJHG

‘DNRWD1’7LVDQ(OFRPHWHUFRPSDQ

7KLVSURGXFWLVSDFNHGLQDFDUGERDUGSDFNDJH3OHDVHHQVXUHWKDWDOOSDFNDJLQJLVGLVSRVHGRILQDQHQYLURQPHQWDOO VHQVLWLYHPDQQHU&RQVXOWRXUORFDO(QYLURQPHQWDO$XWKRULWIRUIXUWKHUJXLGDQFH

+HDG2IILFH(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%88QLWHG.LQJGRP

HQ

ZZZGDNRWDQGWFRP

$33(1’,;35(3$5,1*7+(7(67685)$&(
7KHVKDSHDQGURXJKQHVVRIWKHWHVWVXUIDFHDUHRISDUDPRXQW LPSRUWDQFHZKHQFDUULQJRXWXOWUDVRQLFWKLFNQHVVWHVWLQJ5RXJK XQHYHQVXUIDFHVPDOLPLWWKHSHQHWUDWLRQRIXOWUDVRXQGWKURXJKWKH PDWHULDODQGUHVXOWLQXQVWDEOHDQGWKHUHIRUHXQUHOLDEOH PHDVXUHPHQWV
7KHVXUIDFHEHLQJPHDVXUHGVKRXOGEHFOHDQDQGIUHHRIDQVPDOO SDUWLFOHVUXVWRUVFDOH7KHSUHVHQFHRIVXFKREVWUXFWLRQVZLOO SUHYHQWWKHWUDQVGXFHUIURPVHDWLQJSURSHUODJDLQVWWKHVXUIDFH
2IWHQDZLUHEUXVKRUVFUDSHUZLOOEHKHOSIXOLQFOHDQLQJVXUIDFHV,Q PRUHH[WUHPHFDVHVDURWDUVDQGHURUJULQGLQJZKHHOVPDEH XVHGWKRXJKFDUHPXVWEHWDNHQWRSUHYHQWVXUIDFHJRXJLQJZKLFK ZLOOLQKLELWSURSHUWUDQVGXFHUFRXSOLQJ
([WUHPHOURXJKVXUIDFHVVXFKDVWKHSHEEOHOLNHILQLVKRIVRPH FDVWLURQZLOOSURYHPRVWGLIILFXOWWRPHDVXUH7KHVHNLQGVRI VXUIDFHVDFWRQWKHVRXQGEHDPOLNHIURVWHGJODVVDFWVRQOLJKWWKH EHDPEHFRPHVGLIIXVHGDQGVFDWWHUHGLQDOOGLUHFWLRQV
,QDGGLWLRQWRSRVLQJREVWDFOHVWRPHDVXUHPHQWURXJKVXUIDFHV FRQWULEXWHWRH[FHVVLYHZHDURIWKHWUDQVGXFHUSDUWLFXODUOLQ VLWXDWLRQVZKHUHWKHWUDQVGXFHULVµVFUXEEHG¶DORQJWKHVXUIDFH

ZZZGDNRWDQGWFRP

HQ

70$,VVXH7H[WZLWKFRYHU

*XLGHG
XWLOLVDWLRQ
‘DNRWD&; &;
-DXJHVGHPHVXUHG
pSDLVVHXUGH PDWpULDX[SDUXOWUDVRQV
ZZZGDNRWDQGWFRP

6200$,5(
6HFWLRQ 3UpVHQWDWLRQGHODMDXJH &ROLVDJH 8WLOLVHUODMDXJH 3UHPLqUHVGpPDUUHU ‘pILQLUOHSRLQW]pUR 0pWKRGHVGHFDOLEUDWLRQ&; &DOLEUHUODMDXJH&; 3UHQGUHXQHPHVXUH 6WUXFWXUHGXPHQX&; 6WUXFWXUHGXPHQX&; $FWXDOLVHUYRWUHMDXJH 3LqFHVGpWDFKpHVHWDFFHVVRLUHV &DUDFWpULVWLTXHVWHFKQLTXHV ‘pFODUDWLRQGH*DUDQWLH 0HQWLRQVOpJDOHVHWGLVSRVLWLRQVUqJOHPHQWDLUHV $QQH[H3UpSDUHUODVXUIDFHjWHVWHU

3DJH IU IU IU IU IU IU IU IU IU IU IU IU IU IU IU IU

3E +J

(QFDVGHGRXWHPHUFLGHYRXVUpIpUHUjODYHUVLRQRULJLQDOHHQ$QJODLVGXSUpVHQWPDQXHO ‘LPHQVLRQVGHODMDXJH[[PP[[VDQVVRQGH 3RLGVGHODMDXJHJR]DYHFSLOHVVDQVVRQGH ‘HV )LFKHV7HFKQLTXHV GH 6pFXULWp GH 3URGXLW SRXU OH FRXSODQW XOWUDVRQLTXH YHQGX DYHF OHV ‘DNRWD &; &; HVW GLVSRQLEOHHQWpOpFKDUJHPHQWVXUQRWUHVLWH,QWHUQHWYLDOHOLHQVXLYDQW )LFKH7HFKQLTXHGH6pFXULWpGX&RXSODQW8OWUDVRQLTXH KWWSVGRZQORDGVGDNRWDQGWFRP06’6(OFRPHWHUB8OWUDVRQLFB&RXSODQWB%OXHSGI )LFKH7HFKQLTXHGH6pFXULWpGX&RXSODQW8OWUDVRQLTXH+DXWH7HPSpUDWXUH KWWSVGRZQORDGVGDNRWDQGWFRP06’606’6HOFRPHWHUBXOWUDVRQLFBFRXSODQWBKLBWHPSSGI

(OFRPHWHU/LPLWHG7RXVGURLWVUpVHUYpV$XFXQHSDUWLHGHFHGRFXPHQWQHSHXWrWUHUHSURGXLWHWUDQVPLVHWUDQVFULWH VWRFNpHGDQVXQVVWqPHGRFXPHQWDLUHRXDXWUHRXWUDGXLWHGDQVTXHOTXHODQJXHTXHFHVRLWVRXVTXHOTXHIRUPHTXHFH VRLWRXSDUQ
LPSRUWHTXHOPRHQpOHFWURQLTXHPpFDQLTXHPDJQpWLTXHRSWLTXHPDQXHORXDXWUHVDQVODSHUPLVVLRQpFULWH

SUpDODEOHG¶(OFRPHWHU/LPLWHG

IU

ZZZGDNRWDQGWFRP

35e6(17$7,21′(/$-$8*(

,QGLFDWHXUV/(‘5RXJHJDXFKH9HUWGURLWH (FUDQ/&’ 7RXFKHV 7RXFKH0DUFKH$UUrW ‘LVTXH]pUR 3RLQWGHFRQQH[LRQGHODVRQGH 6RUWLHGHGRQQpHV86%VRXVOHFDFKH &RPSDUWLPHQWSLOHVWRXUQH]óGHWRXUSRXURXYULUIHUPHU )L[DWLRQGUDJRQQH
&2/,6$(
‘DNRWD-DXJHGHPHVXUHG
pSDLVVHXUGHPDWpULDX[SDUXOWUDVRQV )ODFRQGHJHOGHFRXSODJHXOWUDVRQLTXH [SLOHV$$ (WXLGHSURWHFWLRQ ‘UDJRQQH 3URWHFWLRQG
pFUDQ &HUWLILFDWGHFDOLEUDWLRQ
XLGHG
XWLOLVDWLRQ

ZZZGDNRWDQGWFRP

IU

87,/,6(5/$-$8*(

D $XWRQRPLH3LOHVRX86%

D

,QGLFDWHXUGHGXUpHGHYLHGHVSLOHV

E 0RGHGHPHVXUH3(eFKR3XOVp

((eFKReFKR7KUXSDLQW&;

E

F eFKReFKR7KUXSDLQW&;

F G

G

&DOLEUDWLRQ9LWHVVHGHSURSDJDWLRQ GXVRQ&;

K

H

H 7pPRLQGHVWDELOLWpGHODPHVXUH

I

I 8QLWpVGHPHVXUHPP,QFK

J

J 8QLWpVGHPHVXUH

K 9DOHXUOXH

35(0,Ê5(6’e0$55(5

0,6((13/$&(‘(63,/(6 &KDTXHMDXJHHVWOLYUpHDYHFSLOHV$OFDOLQH$$

3RXULQVpUHURXUHPSODFHUOHVSLOHV 6RXOHYH]OHYHUURXGXFRPSDUWLPHQWSLOHVHW
WRXUQH]OHGDQVOHVHQVLQYHUVHGHVDLJXLOOHV G
XQHPRQWUHSRXUUHWLUHUOHFRXYHUFOH ,QVpUH]OHVGHX[SLOHVHQUHVSHFWDQWODSRODULWp 5HSODFH]OHFRXYHUFOHHWWRXUQH]OHYHUURX GDQVOHVHQVGHVDLJXLOOHVG
XQHPRQWUHSRXU OHIHUPHU

/HQLYHDXGHYLHGHVSLOHVHVWLQGLTXpSDUXQVPEROHGDQVOHFRLQHQ KDXWjGURLWHGHO
pFUDQ
6PEROHSOHLQYHUWHFDSDFLWpGHVSLOHVRSWLPDOH 6PEROHYLGHURXJHFOLJQRWDQW QLYHDXGHVSLOHVLQVXIILVDQW

1RWHOHVSLOHVGRLYHQWrWUHpOLPLQpHVDYHFSUpFDXWLRQSRXUQHSDVQXLUHj O
HQYLURQQHPHQW3RXUFRQQDLWUHOHVFRQVLJQHVFRQWDFWH]ODGpFKHWWHULHGH YRWUHORFDOLWp1HMHWH]SDVOHVSLOHVDXIHX

&211(&7(581(621′( 75$16’8&7(85
$OLJQH]OHSRLQWURXJHVLWXpVXUOH FRQQHFWHXUGHODVRQGHDYHFFHOXL VLWXpVXUODEDVHGHODMDXJH
,QVpUH]ODVRQGHGDQVODMDXJH HQSRXVVDQWYpULILH]TXHOH FRQQHFWHXUHVWHQWLqUHPHQW HQJDJp
IU

ZZZGDNRWDQGWFRP

35(0,Ê5(6’e0$55(5VXLWH
7RXWHVOHVVRQGHVELFRPSRVDQWVTXHYRXVSRXYH]EUDQFKHU GLUHFWHPHQWVXUYRWUHMDXJH’DNRWD&;YRLU6HFWLRQ
6RQGHV
HQSDJHIUVRQW
LQWHOOLJHQWV
ODMDXJHOHVUHFRQQDLW DXWRPDWLTXHPHQW9RXVSRXYH]YpULILHUjWRXWPRPHQWOHWSHGH VRQGHFRQQHFWpHGDQV0HQX$X6XMHW’H,QIRUPDWLRQVRQGH
/HVDGDSWHXUVSRXUWUDQVGXFWHXUVSHUPHWWHQWG
XWLOLVHUG
DXWUHVWSHV GHVRQGHV
QRQLQWHOOLJHQWHV
GHVWUDQVGXFWHXUVELFRPSRVDQWVRX GHVVRQGHVG
XQDXWUHIDEULFDQWDYHFOHVMDXJHV’DNRWD&;YRLU 6HFWLRQ
$GDSWDWHXUVSRXUWUDQVGXFWHXUV
HQSDJHIU
6(/(&7,21′(/$/$18( $SSXH]HWPDLQWHQH]ODWRXFKH0$5&+($55(7MXVTX
jFH
TXHOHORJR’DNRWD1’7DSSDUDLVVH $SSXH]VXU0HQX,QLWLDOLVHU/DQJXHSXLVVpOHFWLRQQH]OD
ODQJXHGHYRWUHFKRL[jO
DLGHGHVWRXFKHVÏÐ 6XLYH]OHVPHQXVjO
pFUDQ
3RXUFKDQJHUGHODQJXHORUVTXHO
DSSDUHLOHVWFRQILJXUpGDQVXQH ODQJXHpWUDQJqUH (WHLJQH]ODMDXJH $SSXH]HWPDLQWHQH]ODWRXFKHGHJDXFKHSXLVDOOXPH]ODMDXJH 6pOHFWLRQQH]ODODQJXHGHYRWUHFKRL[jO
DLGHGHVWRXFKHVÏÐ
&21),
85(5/
(&5$1 9RXVSRXYH]GpILQLUXQFHUWDLQQRPEUHGHSDUDPqWUHVGDQV 0HQX,QLWLDOLVHU5pJODJHVpFUDQHWQRWDPPHQW
y %ULOODQFHGHO
pFUDQLOH[LVWHXQUpJODJH
0DQXHO
RX
$XWR
ODOXPLQRVLWpHVWJpUpHDXWRPDWLTXHPHQWSDUOHFDSWHXUGH OXPLqUHDPELDQWHLQWpJUpjODMDXJH y 7HPSVpFUDQGpSDVVpO
LQWHQVLWpGHO
pFUDQGLPLQXHV
LOQ
HVW SDVXWLOLVpSHQGDQWVHFRQGHVHWGHYLHQW
QRLU
DXERXWGHOD SpULRGHGpWHUPLQpH3RXU
UpYHLOOHU
O
pFUDQDSSXH]VXU Q
LPSRUWHTXHOOHWRXFKHRXWDSRWH]GRXFHPHQWO
LQVWUXPHQW / DMDXJHSHXWDXVVLrWUHSDUDPpWUpHSRXUV¶pWHLQGUH DXWRPDWLTXHPHQWDSUqVPLQXWHVG¶LQDFWLYLWpGDQV 0HQX,QLWLDOLVHU([WLQFWLRQDXWR-DXJH

ZZZGDNRWDQGWFRP

IU

35(0,Ê5(6 ‘e0$55(5VXLWH
6(/(&7,211(5 /( 02′( ‘( 0(685(&; /DMDXJH&;SRVVqGHXQPRGHGHPHVXUHXQLTXH
eFKR3XOVp
/HPRGqOH&;LQWqJUHGHX[PRGHVGHPHVXUHV
eFKR3XOVp
HW µeFKReFKR7KUXSDLQW¶3RXUSOXVGHGpWDLOVVXUOHVGLIIpUHQWV PRGHVGHPHVXUHYRLU7DEOHDX0RGHVGHPHVXUH
3RXUVpOHFWLRQQHUOHPRGHGHPHVXUH&;DSSXH]VXU 0HQX,QLWLDOLVHU0HVXUH0RGHGHPHVXUH

0RGHGH PHVXUH eFKR3XOVp 3(
eFKReFKR 7KUXSDLQW ((

7$%/($802′(6 ‘( 0(685(
,F{QH ‘HVFULSWLRQ
3HUPHWGHPHVXUHUO
pSDLVVHXUWRWDOHGXPDWpULDX GHODEDVHGHODVRQGHiO
H[WUpPLWpGHODSDURL RSSRVpHDXWUHIDFHGXPDWpULDX$GDSWpjOD PHVXUHG
pSDLVVHXUGHPDWpULDX[HQWUHPP HWPPWRE
3HUPHWGHIDLUHDEVWUDFWLRQG
XQUHYrWHPHQWGH PP

PD[LPXPHWGHPHVXUHU XQLTXHPHQWO
pSDLVVHXUGXPDWpULDXGHODVXUIDFH YLVLEOHjODIDFHRSSRVpH$GDSWpjODPHVXUH G
pSDLVVHXUGHPDWpULDX[HQWUHPPHW PPHWD

1RWHLOHVWQpFHVVDLUHGHUHFDOLEUHUODMDXJHjFKDTXHIRLVTXHYRXVFKDQJH]GHPRGH GHPHVXUHYRLU6HFWLRQ
&DOLEUHUODMDXJH
HQSDJHIU/HVPE{OH
&DOLEUDWLRQ
FOLJQRWHSpULRGLTXHPHQWSRXUVLJQDOHUTX
LOIDXWUHFDOLEUHUODMDXJH

6(/(&7,211(5/
81,7( ‘( 0(685( /DMDXJHDIILFKHOHVPHVXUHVHQPPRX,QFK3RXUVpOHFWLRQQHU O
XQLWpGHPHVXUHDSSXH]VXU0HQX,QLWLDOLVHU8QLWpV

D/DSODJHG
pSDLVVHXUGpSHQGGXPDWpULDXPHVXUpHWGHODVRQGHXWLOLVpH

IU

ZZZGDNRWDQGWFRP

‘e),1,5/(32,17=e52
,OHVWHVVHQWLHOGHGpILQLUOHSRLQW]pURGHODVRQGH6LOHSRLQW]pUR Q
HVWSDVFRUUHFWHPHQWGpILQLWRXWHVOHVPHVXUHVVHURQWLPSUpFLVHV
/DMDXJHPpPRULVHOHGHUQLHUSRLQW]pUR,OHVWFHSHQGDQW UHFRPPDQGpGHUHIDLUHOH]pURjFKDTXHPLVHHQPDUFKHGHOD MDXJHHWjFKDTXHFKDQJHPHQWGHVRQGH&HODSHUPHWGHJDUDQWLU TXHOHSRLQW]pURHVWFRUUHFW
3RXUGpILQLUOHSRLQW]pUR %UDQFKH]ODVRQGHVXUODMDXJHHW
YpULILH]TX
HOOHHVWFRUUHFWHPHQW FRQQHFWpH
(QOHYH]OHVGpEULVpYHQWXHOVGHOD VXUIDFHGHODVRQGHHWYpULILH]VD SURSUHWp
$OOXPH]ODMDXJHjO
DLGHGXERXWRQ 0DUFKH$UUrW
$SSXH]VXU0HQX&DOLEUDWLRQ0LVH j]pURHWDSSOLTXH]GXJHOGH FRXSODJHVXUOHGLVTXH]pUR
/RUVTXHO
LQVWUXPHQWYRXVOH GHPDQGHSRVH]ODVRQGHGH PDQLqUHVWDEOHHWIHUPHVXUOH GLVTXH]pUR
/
pFUDQDIILFKHXQHYDOHXUG
pSDLVVHXU TXLFKDQJHFRQVWDPPHQW/DVWDELOLWpGH ODPHVXUHHVWLQGLTXpHSDUOHWpPRLQGH VWDELOLWpVLWXpjGURLWHGHO
pFUDQ/D PHVXUHHVWFRQVLGpUpHVWDEOHjSDUWLUGH EDUUHVRXSOXV
5HWLUH]ODVRQGHGXGLVTXH]pUR/D GHUQLqUHYDOHXUUHVWHjO
pFUDQ6L HOOHQ
HVWSDVUHSUpVHQWDWLYH UpSpWH]O
pWDSH
8QHTXDQWLWpH[FHVVLYHGHFRXSODQW SHXWHQWUDLQHUXQHPHVXUHHUURQpH ORUVTXHYRXVUHWLUH]ODVRQGHGHOD VXUIDFH
$SSXH]VXU
=pUR
SRXUIL[HUOHSRLQW]pUR

ZZZGDNRWDQGWFRP

IU

0e7+2′(6 ‘( &$/,%5$7,21&;
3RXUJDUDQWLUGHVPHVXUHVFRUUHFWHVLOIDXWGpILQLUODYLWHVVHGH SURSDJDWLRQGXVRQDGDSWpHDXPDWpULDXjPHVXUHU
&KDTXHWSHGHPDWpULDXDXQHYLWHVVHGHSURSDJDWLRQGXVRQTXL OXLHVWSURSUH3DUH[HPSOHODYLWHVVHGHSURSDJDWLRQGXVRQGDQV O
DFLHUHVWGHPVHQYLURQLQVHWFHOOHGHO
DOXPLQLXP GHPVHQYLURQLQV
,OHVWHVVHQWLHOGHFDOLEUHUODMDXJHSRXUHQJDUDQWLUOHERQ IRQFWLRQQHPHQW/DSURFpGXUHGHFDOLEUDWLRQGRLWrWUHUpDOLVpHj FKDTXHFKDQJHPHQWGHPRGHGHPHVXUHGHVRQGHHWRXGH PDWpULDX
/DMDXJH&;HVWSUpFDOLEUpHVXUDFLHUODFDOLEUDWLRQQHSHXWSDV rWUHPRGLILpHSDUO
XWLOLVDWHXU/HPRGqOH&;RIIUHXQFKRL[GH PpWKRGHVGHFDOLEUDWLRQYRLU7DEOHDX0pWKRGHVGHFDOLEUDWLRQ
3RXUVpOHFWLRQQHUODPpWKRGHGHFDOLEUDWLRQ&;DSSXH]VXU 0HQX&DOLEUDWLRQ0pWKRGH&DO

7$%/($80(7+2′(6 ‘( &$/,%5$7,21

0pWKRGHGH FDOLEUDWLRQ

,F{QH ‘HVFULSWLRQ

3RLQW

&
HVWODPpWKRGHGHFDOLEUDWLRQODSOXVVLPSOHHWOD SOXVFRXUDPPHQWXWLOLVpH$SUqVDYRLUGpILQLOH SRLQW]pURYRLU6HFWLRQ
‘pILQLUOHSRLQW]pUR
HQ SDJHIULOIDXWSUHQGUHHWDMXVWHUODPHVXUHVXU XQpFKDQWLOORQGXPDWpULDXQRQUHYrWXHW G
pSDLVVHXUFRQQXH8QHIRLVO
pSDLVVHXUHQWUpHHW FRQILUPpHODYLWHVVHGHSURSDJDWLRQVRQRUH DVVRFLpHV
DIILFKH

0DWpULDX
&DOLEUDWLRQ XVLQH

0pWKRGHGHFDOLEUDWLRQEDVpHVXUODYLWHVVHGH SURSDJDWLRQGXVRQGDQVOHPDWpULDX/DYLWHVVH HVWVpOHFWLRQQpHGDQVXQHOLVWHSUppWDEOLH PpPRULVpHGDQVODMDXJH
3DUDPqWUHVGHFDOLEUDWLRQSDUGpIDXWGpILQLVHQ XVLQHHWEDVpVVXUODYLWHVVHGHSURSDJDWLRQGX VRQGDQVO
DFLHUPVHQYLURQLQV

IU

ZZZGDNRWDQGWFRP

&$/,%5(5/$-$8*(&;
5($/,6(581(&$/,%5$7,21(132,17 3RXUFHWWHSURFpGXUHYRXVDYH]EHVRLQG¶XQpFKDQWLOORQGXPDWpULDXj PHVXUHUGRQWYRXVFRQQDLVVH]O¶pSDLVVHXUH[DFWHSRXUO¶DYRLU PHVXUpHjO¶DLGHG¶XQHDXWUHPpWKRGHRXG
XQHFDOHpWDORQYRLU 6HFWLRQ
&DOHVpWDORQ
HQSDJHIU
%UDQFKH]ODVRQGHVXUODMDXJHHWYpULILH]TX
HOOHHVW FRUUHFWHPHQWFRQQHFWpH
( QOHYH]OHVGpEULVpYHQWXHOVGHODVXUIDFHGHODVRQGHHWYpULILH]VDSURSUHWp
$OOXPH]ODMDXJHjO
DLGHGXERXWRQ0DUFKH$UUrW $SSXH]VXU0HQX&DOLEUDWLRQ0pWKRGH&DOHWVpOHFWLRQQH]

3RLQW

6LODPpWKRGH
3RLQW
HVWGpMjVpOHFWLRQQpHODPpWKRGHGHFDOLEUDWLRQ HQFRXUVHVWLQGLTXpHSDUOHVPE{OHjGURLWHGHO
pFUDQGDQVFHFDV DSSXH]VLPSOHPHQWVXU0HQX&DOLEUDWLRQ&DOLEUHU
/
LQVWUXPHQWYRXVGHPDQGHGH
0LVHj]pUR
DYDQWGH FRPPHQFHUODSURFpGXUHGHFDOLEUDWLRQYRLU6HFWLRQ
‘pILQLUOH SRLQW]pUR
HQSDJHIU
/RUVTXHO
LQVWUXPHQWYRXVOHGHPDQGHDSSOLTXH]GXFRXSODQWVXU O
pFKDQWLOORQQRQUHYrWXRXODFDOHpWDORQ
3ODFH]ODVRQGHVXUO¶pFKDQWLOORQRXODFDOHHQYRXVDVVXUDQW TX
HOOHUHSRVHELHQjSODWVXUODVXUIDFH
/
pFUDQDIILFKHXQHYDOHXUG
pSDLVVHXUTXLFKDQJHFRQVWDPPHQW/D VWDELOLWpGHODPHVXUHHVWLQGLTXpHSDUOHWpPRLQGHVWDELOLWpVLWXpjGURLWH GHO
pFUDQ/DPHVXUHHVWFRQVLGpUpHVWDEOHjSDUWLUGHEDUUHVRXSOXV
5HWLUH]ODVRQGHGHO
pFKDQWLOORQRXGHODFDOHpWDORQ/D GHUQLqUHYDOHXUUHVWHjO
pFUDQ6LHOOHQ
HVWSDVUHSUpVHQWDWLYH UpSpWH]OHVpWDSHV
8QHTXDQWLWpH[FHVVLYHGHFRXSODQWSHXWHQWUDLQHUXQHPHVXUHHUURQpH ORUVTXHYRXVUHWLUH]ODVRQGHGHODVXUIDFH
$SSXH]VXU
$MXVWHU
HWUpJOH]ODYDOHXUVXUO
pSDLVVHXUFRQQXHj O
DLGHGHVWRXFKHVÏÐSXLVDSSXH]VXUµ)L[HU¶SRXUFRQILUPHUOD YDOHXU
9RXVSRXYH]DQQXOHUHWTXLWWHUODSURFpGXUHGHFDOLEUDWLRQjWRXWPRPHQW HQDSSXDQWVXUODWRXFKH
(FKDS

/DYLWHVVHGHSURSDJDWLRQVRQRUHDVVRFLpHV
DIILFKHjGURLWHGHO
pFUDQ
VRXVOHVPE{OHFRUUHVSRQGDQWjODPpWKRGHGHFDOLEUDWLRQ
1RWHSRXUFDOLEUHUHQXQSRLQWLOHVWQpFHVVDLUHGHUHWLUHUOHUHYrWHPHQWRXODSHLQWXUH GHO
pFKDQWLOORQFKRLVL6LFHODQ
HVWSDVFRUUHFWHPHQWUpDOLVpDYDQWGHFDOLEUHUOD MDXJHOHVPHVXUHVVHURQWLPSUpFLVHV

ZZZGDNRWDQGWFRP

IU

&$/,%5(5/$-$8*(&;VXLWH
5($/,6(581(&$/,%5$7,21$3$57,5’8
0$7(5,$8

&HWWHPpWKRGHGHFDOLEUDWLRQHVWEDVpHVXUXQHYLWHVVHGH SURSDJDWLRQGXVRQGDQVOHPDWpULDXFRQQXHHWVpOHFWLRQQpHGDQV XQHOLVWHSUppWDEOLHPpPRULVpHGDQVODMDXJH&HWWHPpWKRGHGH FDOLEUDWLRQHVWSDUWLFXOLqUHPHQWXWLOHTXDQGLOHVWLPSRVVLEOHGHVH SURFXUHUXQpFKDQWLOORQGXPDWpULDXQRQUHYrWX
$OOXPH]ODMDXJHjO
DLGHGXERXWRQ0DUFKH$UUrW $SSXH]VXU0HQX&DOLEUDWLRQ0pWKRGH&DOHWVpOHFWLRQQH]

0DWpULDX

6LODPpWKRGH
0DWpULDX
HVWGpMjVpOHFWLRQQpHODPpWKRGHGHFDOLEUDWLRQ HQFRXUVHVWLQGLTXpHSDUOHVPE{OHjGURLWHGHO
pFUDQGDQVFHFDV DSSXH]VLPSOHPHQWVXU0HQX&DOLEUDWLRQ&DOLEUHU
6pOHFWLRQQH]OHPDWpULDXDSSURSULpjO
DLGHGHVWRXFKHVÏÐ SXLVDSSXH]VXUµ6pOHFW¶SRXUFRQILUPHU
9RXVSRXYH]DQQXOHUHWTXLWWHUODSURFpGXUHGHFDOLEUDWLRQjWRXW PRPHQWHQDSSXDQWVXUODWRXFKH
(FKDS

/DYLWHVVHGHSURSDJDWLRQVRQRUHDVVRFLpHV
DIILFKHjGURLWHGHO
pFUDQ VRXVOHVPE{OHFRUUHVSRQGDQWjODPpWKRGHGHFDOLEUDWLRQ
87,/,6(5/$&$/,%5$7,2186,1( $SSXH]VXU0HQX&DOLEUDWLRQ&DOLEUDWLRQXVLQHSRXUUHVWDXUHUOHV SDUDPqWUHVGHFDOLEUDWLRQSDUGpIDXWEDVpVVXUODYLWHVVHGH SURSDJDWLRQGXVRQGDQVO
DFLHUPVHQYLURQLQV

35(1’5(81(0(685(

$9$17′(&200(1&(5 $OOXPH]ODMDXJHjO
DLGHGXERXWRQ0DUFKH$UUrW %UDQFKH]ODVRQGHVXUODMDXJH
7RXWHVOHVVRQGHVELFRPSRVDQWVTXHYRXVSRXYH]EUDQFKHUGLUHFWHPHQW VXUYRWUHMDXJH&;YRLU6HFWLRQ
6RQGHV
HQSDJHIUVRQW
LQWHOOLJHQWHV
ODMDXJHOHVUHFRQQDLWDXWRPDWLTXHPHQW6LYRXVXWLOLVH] G
DXWUHVWSHVGHVRQGHVELFRPSRVDQWV
QRQLQWHOOLJHQWHV
RXGHV WUDQVGXFWHXUVG
XQDXWUHIDEULFDQWYRXVGHYH]XWLOLVHUXQDGDSWDWHXUYRLU 6HFWLRQ
$GDSWDWHXUVSRXUVRQGHV
HQSDJHIU
6pOHFWLRQQH]OHPRGHGHPHVXUH&;XQLTXHPHQWYRLU 6HFWLRQHQSDJHIU
‘pILQLVVH]OHSRLQW]pURGHODVRQGHYRLU6HFWLRQHQSDJHIU &DOLEUH]ODMDXJH&;XQLTXHPHQWYRLU6HFWLRQHQSDJHIU 3UpSDUH]ODVXUIDFHjWHVWHUYRLU$QQH[HHQSDJHIU

IU

ZZZGDNRWDQGWFRP

35(1’5(81(0(685(VXLWH
35(1’5(81(0(685( $SSOLTXH]XQHSHWLWHTXDQWLWpGHFRXSODQWVXUODVXUIDFHjWHVWHU 3ODFH]ODVRQGHVXUO¶pFKDQWLOORQHQYRXVDVVXUDQWTX
HOOH
UHSRVHELHQjSODWVXUODVXUIDFH
$SSXH]OpJqUHPHQWVXUOHGHVVXVGHODVRQGHDYHFOHSRXFHRXO
LQGH[ VLPSOHPHQWSRXUOHPDLQWHQLUHQSRVLWLRQVWDEOHVXUODVXUIDFH
/
pFUDQDIILFKHXQHYDOHXUTXLFKDQJHFRQVWDPPHQW/RUVTXHOD VRQGHHVWHQFRQWDFWDYHFOHPDWpULDXODMDXJHSUHQG PHVXUHVSDUVHFRQGH
/DVWDELOLWpGHODPHVXUHHVWLQGLTXpHSDUOHWpPRLQGHVWDELOLWpDIILFKpj O
pFUDQ3RXUTXHODPHVXUHVRLWYDODEOHOHWpPRLQGRLWDIILFKHUDXPRLQV EDUUHV6LOHWpPRLQDIILFKHPRLQVGHEDUUHVRXVLODYDOHXUjO
pFUDQHVW LQFRQVWDQWHYpULILH]TXHODTXDQWLWpGHFRXSODQWDSSOLTXpHHVWVXIILVDQWH HWTXHODVRQGHUHSRVHGHPDQLqUHVWDEOHVXUOHPDWpULDX6LOHSUREOqPH SHUVLVWHLOSHXWrWUHQpFHVVDLUHGHFKRLVLUXQHDXWUHVRQGHWDLOOHRX IUpTXHQFHDGDSWpHPDWpULDXjPHVXUHU
/RUVTXHYRXVUHWLUH]ODVRQGHGHODVXUIDFHODGHUQLqUHPHVXUH SULVHUHVWHjO
pFUDQ
$YHUWLVVHPHQW /DSRVVLELOLWpTXHO
LQVWUXPHQWXWLOLVHOHVHFRQGpFKRSOXW{WTXHOHSUHPLHUpFKR GHODVXUIDFHDUULqUHGXPDWpULDXjPHVXUHUHVWLQKpUHQWjODPHVXUHG
pSDLVVHXU SDUXOWUDVRQVHQPRGH(FKR3XOVHVWDQGDUG&HODSHXWUpVXOWHUHQXQHPHVXUH G
pSDLVVHXUTXLHVW'(8;IRLVGHTX
HOOHGHYUDLWrWUH/DUHVSRQVDELOLWpGH O
XWLOLVDWLRQFRUUHFWHGHO
LQVWUXPHQWHWGHO
LGHQWLILFDWLRQGHFHSKpQRPqQH LQFRPEHHQWLqUHPHQWjO
XWLOLVDWHXUGHO
LQVWUXPHQW

6758&785(’80(18&;

0HQX &DOLEUDWLRQ ,QLWLDOLVHU $X6XMHW’H 5p,QLWLDOLVHU (FODLUDJHG
XUJHQFH

&DOLEUDWLRQ &DOLEUHU 0pWKRGH&DO 0LVHj]pUR &DOLEUDWLRQXVLQH

,QLWLDOLVHU

/HFWXUH

8QLWpV

/DQJXH

9ROXPHELS

5pJODJHVpFUDQ

([WLQFWLRQDXWRMDXJH

{

$X6XMHW’H ,QIRUPDWLRQ-DXJH ,QIRUPDWLRQVRQGH &RQWDFW /pJDO

ZZZGDNRWDQGWFRP

0pWKRGH&DO

0DWpULDX

{

3RLQW

{

/HFWXUH 0RGHGHPHVXUH

8QLWpV

PP

{

,QFK

{

5pJODJHVpFUDQ

%ULOODQFHGHO
pFUDQ

7HPSVpFUDQGpSDVVp

2XYHUWXUHGHO
pFUDQ

{

/pJDO ,QIRUPDWLRQV/pJDOHV 5qJOHPHQWDWLRQ

0RGHGHPHVXUH

eFKR3XOVp3(

{

eFKReFKR7KUXSDLQW(( {

IU

6758&785(’80(18&;

0HQX &DOLEUDWLRQ ,QLWLDOLVHU $X6XMHW’H 5p,QLWLDOLVHU (FODLUDJHG
XUJHQFH

&DOLEUDWLRQ 0LVHj]pUR

,QLWLDOLVHU

8QLWpV

/DQJXH

9ROXPHELS

5pJODJHVpFUDQ

([WLQFWLRQDXWRMDXJH

{

$X6XMHW’H ,QIRUPDWLRQ-DXJH ,QIRUPDWLRQVRQGH &RQWDFW /pJDO

8QLWpV

PP

{

,QFK

{

5pJODJHVpFUDQ

%ULOODQFHGHO
pFUDQ

7HPSVpFUDQGpSDVVp

2XYHUWXUHGHO
pFUDQ

{

/pJDO ,QIRUPDWLRQV/pJDOHV 5qJOHPHQWDWLRQ

$&78$/,6(59275(-$8*(
9RXVSRXYH]DFWXDOLVHUOHORJLFLHOLQWHUQHGHYRWUHMDXJHDYHFOD GHUQLqUHYHUVLRQGLVSRQLEOHYLD’DN0DVWHU70’DN0DVWHU70YRXV LQIRUPHGqVTX
XQHPLVHjMRXUHVWGLVSRQLEOHORUVTXHYRWUHMDXJH HVWFRQQHFWpHjXQ3&pTXLSpG
XQHFRQQH[LRQ,QWHUQHW
3,Ê&(6’e7$&+e(6(7$&&(662,5(6 621′(6 /HVVRQGHVPHQWLRQQpHVGDQVODOLVWHFLGHVVRXVVRQWFRPSDWLEOHV DYHFOHVMDXJHVGHODJDPPH’DNRWD&;(OOHVVRQWPRXOpVOH FkEOHHVWIL[pGHIDoRQSHUPDQHQWHjODVRQGHjDQJOHGURLWEL FRPSRVDQWVHW
LQWHOOLJHQWHV
LOVVRQWDXWRPDWLTXHPHQWUHFRQQXV XQHIRLVFRQQHFWpHVjODMDXJH
3RXUFKRLVLUODVRQGHDSSURSULpHYRXVGHYH]WHQLUFRPSWHGHOD IUpTXHQFHGXGLDPqWUHHWGXPDWpULDXjWHVWHU

E/DMDXJH&;HVWSUpFDOLEUpHSRXUO
DFLHUVHXOVOHVVRQGHVDGDSWpHVjODPHVXUHVXUDFLHUSHXYHQWrWUH XWLOLVpHVDYHFFHWLQVWUXPHQW

IU

ZZZGDNRWDQGWFRP

3,Ê&(6’e7$&+e(6(7$&&(662,5(6VXLWH

&RGHDUWLFOH

$GDSWpjODPHVXUHGH )UpTXHQFH ‘LDPqWUH
&, 3 73 ) 7 6 * $ 7

7;&0(3 0+]

99

9

7;&0&3 0+]

99

9

7;&0(3 0+]

99

9

7;&0(3 0+]

99

9

7;&0%3 0+]

9

99

7;&0(3 0+]

9

99

7;&0&3 0+]

9

99

7;&0&3 0+]

9

99

7;&0&3 0+]

9

99

7;&0%3 0+]

9

999

7;&0&3Á 0+]

9

999

7;&0&3 0+]

9

999

7;&0%3 0+]

9

99

7;&0&3 0+]

9

99

/pJHQGH &, )RQWH ) )LEUHGHYHUUH 9HUUH

3 3ODVWLTXHV 7* )LEUHGHYHUUH¿QH $ $OXPLQLXP

73 3ODVWLTXHV¿QV 6 $FLHU 7 7LWDQH

6RQGHVGHPHVXUHG
pSDLVVHXUjDPRUWLVVHPHQWpOHYpXWLOLVDQWODWHFKQRORJLHGHPHVXUH7KUX3DLQW $GDSWpVXQLTXHPHQWDXPRGHGHPHVXUHµeFKReFKR7KUXSDLQW¶YRLU6HFWLRQµ6pOHFWLRQQHUOHPRGH GHPHVXUH¶HQSDJHIU
6RQGHVKDXWHWHPSpUDWXUHDGDSWpHVjODPHVXUHGHVXUIDFHVFKDXGHVMXVTX
j&) Á6RQGHVXOWUDKDXWHUpVROXWLRQSRXUXQHSUpFLVLRQRSWLPDOHVXUOHVVXEVWUDWVILQV

,OH[LVWHG
DXWUHVXWLOLVDEOHVDYHFOHVMDXJHV’DNRWD&;YLDXQ DGDSWDWHXUYRLU6HFWLRQ
$GDSWDWHXUSRXUVRQGHV
HQSDJHIU 3RXUODOLVWHFRPSOqWHGHVVRQGHVGLVSRQLEOHVYLVLWH]QRWUHVLWH GDNRWDQGWFRP

ZZZGDNRWDQGWFRP

IU

3,Ê&(6’e7$&+e(6(7$&&(662,5(6VXLWH
&$/(6(7$/21 ‘LVSRQLEOHVHQMHXRXLQGLYLGXHOOHPHQW HOOHVSHUPHWWHQWjO
XWLOLVDWHXUGHFKRLVLU O
pSDLVVHXUDGDSWpHjVRQDSSOLFDWLRQ /HVFDOHVpWDORQVRQWIDEULTXpHVHQDFLHU FDYHFXQHWROpUDQFHGHSDU UDSSRUWjO
pSDLVVHXUQRPLQDOH

/HVMHX[GHFDOHVpWDORQHWOHVFDOHVLQGLYLGXHOOHVVRQWOLYUpV FRPSOHWVDYHFFHUWLILFDWGHFDOLEUDWLRQ

‘HVFULSWLRQ

&RGHDUWLFOH

-HXGHFDOHVpWDORQVWDQGDUG

7&$/67’6(7

(SDLVVHXUQRPLQDOHPPG
&RPSUHQDQWOHVpSDLVVHXUVQRPLQDOHV PP

GFRPSOHW

DYHFVXSSRUWHWFHUWLILFDWGHFDOLEUDWLRQ

-HXGHFDOHVpWDORQVWDQGDUG

7&$/67’6(7

(SDLVVHXUQRPLQDOHPPG

&RPSUHQDQWOHVpSDLVVHXUVQRPLQDOHV PP

GFRPSOHW

DYHFVXSSRUWHWFHUWLILFDWGHFDOLEUDWLRQ

6XSSRUWGHFDOHpWDORQ
SRXUOHVpSDLVVHXUVMXVTX
jPPG

7&$/67’+/’

1RWH’DNRWD1’7UHFRPPDQGHTX
HQGHKRUVGHOHXUXWLOLVDWLRQOHVFDOHVpWDORQV VRLHQWHQYHORSSpHVGDQVXQILOPDQWLFRUURVLRQ

F’
DXWUHVFDOHVpWDORQIDEULTXpHVGDQVXQPDWpULDXGLIIpUHQWVRQWGLVSRQLEOHVVXUGHPDQGH&RQWDFWH] ‘DNRWD1’7SRXUSOXVG
LQIRUPDWLRQV
G /HVYDOHXUVLPSpULDOHVVRQWGRQQpHVjWLWUHLQGLFDWLIXQLTXHPHQW/HVFDOHVpWDORQVRQWIDEULTXpHVHW PHVXUpHVHQPLOOLPqWUHV

IU

ZZZGDNRWDQGWFRP

3,Ê&(6’e7$&+e(6(7$&&(662,5(6VXLWH

&RGHDUWLFOH

&$/(6(7$/21,1′,9,’8(//(6

(SDLVVHXU QRPLQDOH PP LQFKG

&RGHDUWLFOH

(SDLVVHXU QRPLQDOH PP LQFKG

7&$/67′

7&$/67′

7&$/67′

7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′ 7&$/67′ 7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67’
1RWH’DNRWD1’7UHFRPPDQGHTX
HQGHKRUVGHOHXUXWLOLVDWLRQOHVFDOHVpWDORQV VRLHQWHQYHORSSpHVGDQVXQILOPDQWLFRUURVLRQ
(/'(&283/$(32858/75$6216 3RXUJDUDQWLUOHERQIRQFWLRQQHPHQWGHODMDXJHLOQHGRLWSDV DYRLUG
DLUHQWUHODVRQGHHWODVXUIDFHGXPDWpULDXjPHVXUHU3RXU FHODXWLOLVH]GXJHOGHFRXSODJH

8QIODFRQGHPOIOR]GHFRXSODQWHVWOLYUpHQVWDQGDUGDYHF FKDTXHMDXJHG
DXWUHVFRQWHQDQFHVVRQWGLVSRQLEOHVHQRSWLRQ

‘HVFULSWLRQ POIOR] POIOR]/RWGH POIOR] POIOR] O86*DOORQ +DXWHWHPSpUDWXUHPOIOR] +DXWHWHPSpUDWXUHPOIOR]/RWGH
$XWLOLVHUDYHFOHVVRQGHVKDXWHWHPSpUDWXUH YRLU6HFWLRQµ6RQGHV
HQSDJHIU

&RGHDUWLFOH 7 7 7 7 7 7 7

G/HVYDOHXUVLPSpULDOHVVRQWGRQQpHVjWLWUHLQGLFDWLIXQLTXHPHQW/HVFDOHVpWDORQVRQWIDEULTXpHVHW PHVXUpHVHQPLOOLPqWUHV

ZZZGDNRWDQGWFRP

IU

3,Ê&(6 ‘e7$&+e(6 (7 $&&(662,5(6VXLWH
$’$37$7(85 3285 621′(6 &HWDGDSWDWHXUSHUPHWG
XWLOLVHUOHV VRQGHVELFRPSRVDQWV
QRQ LQWHOOLJHQWHV
‘DNRWD1’7YRLU6HFWLRQ
6RQGHV
HQSDJHIUHWFHOOHV G
DXWUHVIDEULFDQWVpTXLSpHVGH FRQQHFWHXUV/HPRDYHFOHVSURGXLWVGH ODJDPPH’DNRWD&;

%UDQFKH]O
DGDSWDWHXUVXUODSULVHGHODVRQGHjODEDVHGHODMDXJH SRXUFRQQHFWHUVRQGHVELFRPSRVDQWV
QRQLQWHOOLJHQWHV
HWVXLYH] OHVLQVWUXFWLRQVjO
pFUDQ

‘HVFULSWLRQ $GDSWDWHXUSRXUVRQGHV

&RGHDUWLFOH 7

&$5$&7e5,67,48(6 7(&+1,48(6

0RGqOH

&;

&;

3ODJH G
pSDLVVHXUD

eFKR3XOVp eFKReFKR 7KUX3DLQW

3UpFLVLRQ

eFKR3XOVp eFKReFKR 7KUX3DLQW

3ODJHGHYpORFLWp

5pVROXWLRQ

)UpTXHQFHGHPHVXUH

7HPSpUDWXUHG
XWLOLVDWLRQ

$OLPHQWDWLRQ

PP

PP

PPPPPP

PP

PVLQV PP
+]PHVXUHVSDUVHFRQGH j&j) [SLOHV$$

D/DSODJHG
pSDLVVHXUGpSHQGGXPDWpULDXPHVXUpHWGHODVRQGHXWLOLVpH

IU

ZZZGDNRWDQGWFRP

&$5$&7e5,67,48(67(&+1,48(6VXLWH

0RGqOH

&;

&;

$XWRQRPLHGHVSLOHVH

(QYLURQKHXUHV

3RLGVGHODMDXJH

JR] DYHFSLOHVVDQVVRQGH

‘LPHQVLRQVGHODMDXJH

[[PP[[
VDQVVRQGH

3HXWrWUHXWLOLVpFRQIRUPpPHQWj$670((1(1

‘e&/$5$7,21′(*$5$17,( /HVMDXJHV’DNRWD&;EpQpILFLHQWG
XQHJDUDQWLHGHPRLVFRQWUH WRXWGpIDXWGHIDEULFDWLRQKRUVFRQWDPLQDWLRQHWXVXUH
/HVVRQGHVVRQWJDUDQWLHVMRXUV

H(QPRGHPHVXUHFRQWLQXjXQHFDGHQFHGH+]DYHFGHVSLOHVDOFDOLQHV/DGXUpHSHXWYDULHUDYHFGHV SLOHV/LWKLXPRXUHFKDUJHDEOHV

ZZZGDNRWDQGWFRP

IU

0(17,216/e$/(6(7’,6326,7,2165Ê/(0(17$,5(6
‘pFODUDWLRQGH&RQIRUPLWp /D’DNRWD&;HW&;UpSRQGHVDX[H[LJHQFHVGHV’LUHFWLYHV8(VXLYDQWHV (8 ‘LUHFWLYHFRPSDWLELOLWppOHFWURPDJQpWLTXHV (8 ‘LUHFWLYHUHODWLYHjODOLPLWDWLRQGHO
XWLOLVDWLRQGHFHUWDLQHVVXEVWDQFHVGDQJHUHXVHVGDQVOHV
pTXLSHPHQWVpOHFWULTXHVHWpOHFWURQLTXHV5R+6 9RXVSRXYH]WpOpFKDUJHUOD’pFODUDWLRQGH&RQIRUPLWpVXU KWWSVGRZQORDGVGDNRWDQGWFRP’HFODUDWLRQBRIBFRQIRUPLW)UHQFK’R&B&;B&;SGI /DSULVH86%HVWXQLTXHPHQWGHVWLQpHDXWUDQVIHUWGHVGRQQpHVHWQHGRLWSDVrWUHEUDQFKpHVXUOHVHFWHXUYLDXQ DGDSWDWHXU86%6HFWHXU /DPDUTXHGHFRQIRUPLWp$&0$HVWDFFHVVLEOHGDQV0HQX$X6XMHW’H/pJDO5pJOHPHQWDWLRQ &HWDSSDUHLOHVWFRQIRUPHDODSDUWLHGHVQRUPHV)&&6RQXWLOLVDWLRQHVWVXMHWWHDX[GHX[FRQGLWLRQVVXLYDQWHV &HWDSSDUHLOQHGRLWSDVJpQpUHUG
LQWHUIpUHQFHVHWFHWDSSDUHLOGRLWDFFHSWHUWRXWHLQWHUIpUHQFHUHoXHGRQWOHV LQWHUIpUHQFHVTXLSRXUUDLHQWFDXVHUXQIRQFWLRQQHPHQWLQGpVLUp 127(FHWDSSDUHLODpWpWHVWpHWDpWpGpFODUpFRQIRUPHDX[OLPLWHVLPSRVpHVSRXUXQDSSDUHLOQXPpULTXHGH&ODVVH% FRQIRUPpPHQWjOD3DUWLHGHVUqJOHPHQWVGHOD)&&&HVOLPLWHVVRQWFRQoXHVSRXUIRXUQLUXQHSURWHFWLRQUDLVRQQDEOH FRQWUHOHVLQWHUIpUHQFHVQXLVLEOHVGDQVXQHLQVWDOODWLRQUpVLGHQWLHOOH&HWpTXLSHPHQWJpQqUHXWLOLVHHWSHXWpPHWWUHGHV IUpTXHQFHVUDGLRHWV
LOQ
HVWSDVLQVWDOOpHWXWLOLVpFRQIRUPpPHQWDX[LQVWUXFWLRQVSHXWFDXVHUGHVLQWHUIpUHQFHVQXLVLEOHV DX[FRPPXQLFDWLRQVUDGLR&HSHQGDQWLOQ
H[LVWHDXFXQHJDUDQWLHTXHGHVLQWHUIpUHQFHVQHVHSURGXLURQWSDVGDQVXQH LQVWDOODWLRQGRQQpH6LFHWpTXLSHPHQWSURYRTXHGHVLQWHUIpUHQFHVQXLVLEOHVjODUpFHSWLRQUDGLRRXGHWpOpYLVLRQFHTXL SHXWrWUHGpWHUPLQpHQPHWWDQWO
pTXLSHPHQWKRUVWHQVLRQO
XWLOLVDWHXUHVWHQFRXUDJpjHVVDHUGHFRUULJHUO
LQWHUIpUHQFHSDU XQHRXSOXVLHXUVGHVPHVXUHVVXLYDQWHV
5pRULHQWH]RXGpSODFH]O
DQWHQQHUpFHSWULFH $XJPHQWH]ODGLVWDQFHHQWUHO
DSSDUHLOHWOHUpFHSWHXU %UDQFKH]O
DSSDUHLOGDQVXQHSULVHVXUXQFLUFXLWGLIIpUHQWGHFHOXLDXTXHOOHUpFHSWHXUHVWFRQQHFWp &RQVXOWH]YRWUHUHYHQGHXURXXQWHFKQLFLHQUDGLR79H[SpULPHQWp /HVPRGLILFDWLRQVQRQH[SUHVVpPHQWDSSURXYpHVSDU(OFRPHWHU/LPLWHGSHXYHQWDQQXOHUO
DXWRULVDWLRQGHO
XWLOLVDWHXU G
XWLOLVHUFHWDSSDUHLOVHORQOHVUqJOHVGHOD)&& &HWDSSDUHLOQXPpULTXHGHFODVVH%HVWFRQIRUPHDX&$1,&(6%10%% 5 HVWXQHPDUTXHGpSRVpHG
(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%85RDXPH8QL ‘DN0DVWHU70 HVWXQHPDUTXHGpSRVpHGH(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%85RDXPH8QL 7RXWHVOHVDXWUHVPDUTXHVVRQWUHFRQQXHV
‘DNRWD1’7HVWXQHPDUTXHG¶(OFRPHWHU
&HSURGXLWHVWOLYUpGDQVXQHPEDOODJHHQFDUWRQ0HUFLG
pOLPLQHUWRXVOHVHPEDOODJHVGHPDQLqUHpFRORJLTXH &RQWDFWH]ODGpFKqWHULHGHYRWUHORFDOLWpSRXUSOXVG
LQIRUPDWLRQVVXUOHUHFFODJH
6LqJH6RFLDO(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%85RDXPH8QL

IU

ZZZGDNRWDQGWFRP

$11(;(35e3$5(5/$685)$&(¬7(67(5
/DIRUPHHWODUXJRVLWpGHODVXUIDFHRQWXQHLPSRUWDQFH SUpSRQGpUDQWHHQPDWLqUHGHPHVXUHG
pSDLVVHXUSDUXOWUDVRQV/HV VXUIDFHVUXJXHXVHVHWLUUpJXOLqUHVSHXYHQWSDUIRLVJrQHUOD SpQpWUDWLRQGHVXOWUDVRQVGDQVOHPDWpULDXHWSURYRTXHUGHV PHVXUHVLQVWDEOHVHWQRQILDEOHV
/DVXUIDFHjPHVXUHUGRLWrWUHQHWWRpHHWGpEDUUDVVpHGHVSHWLWHV SDUWLFXOHVGHURXLOOHHWGHFDODPLQH/DSUpVHQFHGHWHOVGpEULV HPSrFKHODVRQGHGHUHSRVHUGHPDQLqUHVWDEOHVXUODVXUIDFHGH WHVW
‘DQVODSOXSDUWGHVFDVXQHEURVVHPpWDOOLTXHVRXXQHUDFOHWWH VXIILVHQWjQHWWRHUODVXUIDFH’DQVGHVFDVSOXVH[WUrPHVLOSHXW rWUHQpFHVVDLUHG
XWLOLVHUXQHSRQoHXVHURWDWLYHRXGHVPHXOHV DEUDVLYHVLOIDXWDORUVIDLUHDWWHQWLRQjQHSDVFUHXVHUODVXUIDFH SRXUQHSDVJrQHUOHSRVLWLRQQHPHQWGHODVRQGH
/HVVXUIDFHVWUqVUXJXHXVHVDYHFXQHILQLWLRQJUDQXOHXVHFRPPHOD IRQWHVRQWOHVSOXVGLIILFLOHVjPHVXUHU&HVVXUIDFHVDJLVVHQWVXUOH UDRQVRQRUHFRPPHXQHYLWUHHQYHUUHGpSROLVXUXQUDRQ OXPLQHX[HOOHVOHGLIIXVHQWHWOHGLVSHUVHQWGDQVWRXWHVOHV GLUHFWLRQV
(QSOXVG
rWUHXQREVWDFOHjODPHVXUHOHVVXUIDFHVUXJXHXVHV XVHQWpQRUPpPHQWODVXUIDFHGHVVRQGHVQRWDPPHQWORUVTXH FHOOHFLHVWµIURWWpH
VXUODVXUIDFH

ZZZGDNRWDQGWFRP

IU

70$1XPpUR7H[WHDYHFFRXYHUWXUH1

*HEUDXFKVDQOHLWXQJ
‘DNRWD&;XQG&;
8OWUDVFKDOO0DWHULDOGLFNHQPHVVJHUlWH
ZZZGDNRWDQGWFRP

,1+$/7
$EVFKQLWW HUlWHEHUEOLFN 3DFNXQJVLQKDOW 9HUZHQGXQJGHV0HVVJHUlWV (UVWH6FKULWWH 1XOOSXQNWHLQVWHOOHQ .DOLEULHUPHWKRGHQ&; .DOLEULHUHQ,KUHV0HVVJHUlWV&; (UIDVVHQHLQHV0HVVZHUWV 0HQVWUXNWXU&; 0HQVWUXNWXU&; 8SJUDGH,KUHV0HVVJHUlWV (UVDW]WHLOHXQG=XEHK|U 7HFKQLVFKH’DWHQ DUDQWLH 5HFKWOLFKH+LQZHLVHXQGEHK|UGOLFKH,QIRUPDWLRQHQ $QKDQJ9RUEHUHLWHQGHU3UIIOlFKH

6HLWH GH GH GH GH GH GH GH GH GH GH GH GH GH GH GH GH

3E +J

%H]LHKHQ6LHVLFKLP=ZHLIHOVIDOOELWWHDXIGLHHQJOLVFKVSUDFKLJH9HUVLRQ HUlWHDEPHVVXQJHQ[[PP[[RKQH0HVVNRSI HUlWHJHZLFKWJR]PLW%DWWHULHQRKQH0HVVNRSI ‘DV6LFKHUKHLWVGDWHQEODWWIUGDV8OWUDVFKDOONRSSHOPLWWHOZHOFKHVPLWGHQ’DNRWD&;XQG&;8OWUDVFKDOOPHVVJHUlWHQ PLWJHOLHIHUWZLUGNDQQYRQXQVHUHU,QWHUQHWVHLWHKHUXQWHUJHODGHQZHUGHQ 6LFKHUKHLWVGDWHQEODWW8OWUDVFKDOONRSSHOPLWWHO KWWSVGRZQORDGVGDNRWDQGWFRP06’6(OFRPHWHUB8OWUDVRQLFB&RXSODQWB%OXHSGI 6LFKHUKHLWVGDWHQEODWW+RFKWHPSHUDWXU8OWUDVFKDOONRSSHOPLWWHO KWWSVGRZQORDGVGDNRWDQGWFRP06’6HOFRPHWHUBXOWUDVRQLFBFRXSODQWBKLBWHPSSGI

(OFRPHWHU/LPLWHG6lPWOLFKH5HFKWHYRUEHKDOWHQ.HLQ7HLOGLHVHV’RNXPHQWVGDUIRKQHGLHYRUKHULJHVFKULIWOLFKH *HQHKPLJXQJ GHU (OFRPHWHU /LPLWHG LQ MHGZHGHU )RUP RGHU DXI MHGZHGH $UW UHSURGX]LHUW EHUWUDJHQ WUDQVNULELHUW JHVSHLFKHUW LQ HLQHP $EUXIVVWHP RGHU DXI VRQVWLJH :HLVH RGHU LQ MHGZHGH 6SUDFKH HOHNWURQLVFK PHFKDQLVFK

PDJQHWLVFKRSWLVFKPDQXHOORGHUDXIVRQVWLJH:HLVHEHUVHW]WZHUGHQ

GH

ZZZGDNRWDQGWFRP

*(5b7(h%(5%/,&.

/(‘$Q]HLJHQ5RWOLQNVUQUHFKWV /&”LVSOD 6RIWWDVWHQ (LQ$XV7DVWH 1XOOVFKHLEH 0HVVNRSIDQVFKOXVV 86%’DWHQDXVJDQJVEXFKVHXQWHU$EGHFNXQJ %DWWHULHIDFKó’UHKXQJ]XPgIIQHQ6FKOLHHQ $XIQDKPHIU+DQGVFKODXIH
3$&.81
6,1+$/7 ‘DNRWD8OWUDVFKDOO0DWHULDOGLFNHQPHVVJHUlW 8OWUDVFKDOO.RSSHOPLWWHOPOIOR])ODVFKH $$%DWWHULHQ 6FKXW]HWXL +DQGVFKODXIH %LOGVFKLUPVFKXW] .DOLEULHU]HUWLILNDW *HEUDXFKVDQOHLWXQJ
ZZZGDNRWDQGWFRP

GH

9(5:(1’81'(60(66(5b76

D (QHUJLHYHUVRUJXQJ%DWWHULHQRGHU86%

D

PLW/DGH]XVWDQGDQ]HLJH

E 0HVVPRGXV3(,PSXOV(FKR

(((FKR(FKR7KUX3DLQW&;

E

F .DOLEULHUPHWKRGH&;

F G

G

.DOLEULHUXQJ6FKDOOJHVFKZLQGLJNHLW
&;

K

H

H 0HVVZHUWVWDELOLWlWVDQ]HLJH

I

I 0DHLQKHLWHQPP,QFK=ROO

J

J 0HQ6RIWWDVWH

K 0HVVZHUW

(567(6&+5,77(

(,1/(*(1′(5%$77(5,(1 -HGHV0HVVJHUlWZLUGPLW$$$ONDOLEDWWHULHQJHOLHIHUW

/HJHQ6LHGLH%DWWHULHQZLHIROJWHLQ ‘LH9HUULHJHOXQJDP%DWWHULHIDFKGHFNHO
DQKHEHQXQG]XP$EQHKPHQGHV’HFNHOV HQWJHJHQGHP8KU]HLJHUVLQQGUHKHQ /HJHQ6LH%DWWHULHQHLQXQGDFKWHQ6LH GDEHLDXIGLHULFKWLJH3RODULWlW %ULQJHQ6LHGHQ’HFNHOZLHGHUDQXQGGUHKHQ 6LHGLH9HUULHJHOXQJ]XP9HUVFKOLHHQLP 8KU]HLJHUVLQQ

‘HU%DWWHULH]XVWDQGZLUGGXUFKHLQ6PEROREHQUHFKWVLP ‘LVSODDQJH]HLJW
9ROO6PEROJUQ %DWWHULHQYROOVWlQGLJJHODGHQ /HHU6PEROURWEOLQNHQG PLQLPDOHU/DGH]XVWDQGIU
)XQNWLRQVIlKLJNHLW

+LQZHLV%DWWHULHQPVVHQ]XU9HUPHLGXQJHLQHU8PZHOWYHUVFKPXW]XQJVRUJIlOWLJHQWVRUJW ZHUGHQ%LWWHODVVHQ6LHVLFKYRQ,KUHU|UWOLFKHQ8PZHOWEHK|UGHEHUGLH(QWVRUJXQJ LQ,KUHU5HJLRQEHUDWHQ(QWVRUJHQ6LH%DWWHULHQ QLFKWLP)HXHU

$16&+/,(66(1(,1(60(66.23)6 5LFKWHQ6LHGHQURWHQ3XQNWGHV
0HVVNRSIVWHFNHUVDPURWHQ3XQNW GHV0HVVJHUlWHVDXV 6WHFNHQ6LHGHQ0HVVNRSILQGDV 0HVVJHUlWHLQXQGYHUJHZLVVHUQ 6LHVLFKGDVVGHU$QVFKOXVV YROOVWlQGLJHLQJHIKUWLVW
GH

ZZZGDNRWDQGWFRP

(567(6&+5,77()RUWVHW]XQJ
$OOH=ZHLHOHPHQW0HVVN|SIHGLHGLUHNWXQWHQDQHLQHP ‘DNRWD&;0HVVJHUlWDQJHVFKORVVHQZHUGHQN|QQHQVLHKH $EVFKQLWW
0HVVN|SIH
DXI6HLWHGHVLQG
LQWHOOLJHQWH
0HVVN|SIHGLHDXWRPDWLVFKYRP0HVVJHUlWHUNDQQWZHUGHQ’HWDLOV GHVDQJHVFKORVVHQHQ0HVVNRSIVN|QQHQMHGHU]HLWPLW 0HQ,QIRV6RQGHQ,QIRUPDWLRQDQJH]HLJWZHUGHQ
(VLVWHLQ0HVVNRSIDGDSWHUHUKlOWOLFKGHUGLH9HUZHQGXQJYRQ
QLFKW LQWHOOLJHQWHQ
‘DNRWD1’7=ZHLHOHPHQW0HVVN|SIHQXQGYRQ 0HVVN|SIHQDQGHUHU+HUVWHOOHUPLWGHU’DNRWD&;3URGXNWUHLKH HUP|JOLFKWVLHKH$EVFKQLWW
0HVVNRSIDGDSWHU
DXI6HLWHGH
$86:$+/,+5(5635$&+( +DOWHQ6LHGLH(,1$867DVWHJHGUFNWELVGDV’DNRWD1’7
/RJRDQJH]HLJWZLUG ‘UFNHQ6LH0HQ(LQVWHOOXQJHQ6SUDFKHXQGZlKOHQ6LH,KUH
6SUDFKHPLWKLOIHGHU6RIWWDVWHQÏÐDXV )ROJHQ6LHGHQ%LOGVFKLUPPHQV
=XJULIIDXIGDV6SUDFKPHQEHL9HUZHQGXQJHLQHU)UHPGVSUDFKH 6FKDOWHQ6LHGDV0HVVJHUlW$86 +DOWHQ6LHGLHOLQNH6RIWWDVWHJHGUFNWXQGVFKDOWHQ6LHGDV
0HVVJHUlW(,1 :lKOHQ6LH,KUH6SUDFKHPLWKLOIHGHU6RIWWDVWHQÏÐDXV

%,/’6&+,50(,167(//81*(1 8QWHUDQGHUHPVLQGGLHIROJHQGHQ%LOGVFKLUPHLQVWHOOXQJHQYRP %HQXW]HUEHU0HQ(LQVWHOOXQJHQ%LOGVFKLUPHLQVWHOOXQJHQHLQVWHOOEDU

y %LOGVFKLUPKHOOLJNHLW’LHVH2SWLRQLVWHLQVWHOOEDUDXI
0DQXHOO
RGHU
$XWR
GLH+HOOLJNHLWZLUGDXWRPDWLVFKXQWHU9HUZHQGXQJ GHV8PJHEXQJVOLFKWVHQVRUVGHV0HVVJHUlWVDQJHSDVVW y %LOGVFKLUPDEVFKDOWDXWRPDWLN’LH$Q]HLJHZLUGQDFKPHKU DOV6HNXQGHQ,QDNWLYLWlWYHUGXQNHOWXQGQDFKGHU IHVWJHOHJWHQ,QDNWLYLWlWVGDXHU
VFKZDU] ‘UFNHQ6LH]XP (LQVFKDOWHQGHV*HUlWVHLQHEHOLHELJH7DVWHRGHUWLSSHQ6LHHV DQ’DV0HVVJHUlWNDQQEHU0HQ(LQVWHOOXQJHQ$XWRPDW $EVFKDOWXQJDXFKVRHLQJHVWHOOWZHUGHQGDVVHVQDFKHLQHU EHQXW]HUGHILQLHUWHQ=HLWGDXHUGHU,QDNWLYLWlWDEVFKDOWHW’LH 6WDQGDUGHLQVWHOOXQJLVW0LQXWHQ

ZZZGDNRWDQGWFRP

GH

(567( 6&+5,77()RUWVHW]XQJ
$86:$+/ ‘(6 0(6602’86&; ‘DV&;ELHWHWHLQHQ0HVVPRGXV
,PSXOV(FKR
‘DV&;ELHWHW ]ZHL0HVVPRGL
,PSXOV(FKR
XQG
(FKR(FKR7KUX3DLQW
‘LH XQWHUVFKLHGOLFKHQ0HVVPRGLZHUGHQLQ7DEHOOHHUOlXWHUW 0HVVPRGL
‘UFNHQ6LH]XU$XVZDKOGHV0HVVPRGXV&; 0HQ(LQVWHOOXQJHQ0HVVPRGXV

7$%(//(0(6602’,

0HVVPRGXV 6PERO %HVFKUHLEXQJ

,PSXOV(FKR 3(
(FKR(FKR 7KUX3DLQW ((

(VZLUGGLHHVDPWGLFNHYRQGHU%DVLVGHV 0HVVNRSIVELV]XU0DWHULDOGLFKWHQJUHQ]IOlFKHLQ GHU5HJHOGLH5FNZDQGJHPHVVHQHHLJQHWIU GLH0HVVXQJYRQ0DWHULDOLHQPLWHLQHU’LFNH ]ZLVFKHQPPXQGPPELV D
(LQHELV]XPPGLFNH%HVFKLFKWXQJ ZLUGLJQRULHUWXQGHVZLUGGLH0DWHULDOGLFNHYRQGHU REHUHQ2EHUIOlFKHGHV0DWHULDOVELV]XU 0DWHULDOGLFKWHQJUHQ]IOlFKHLQGHU5HJHOGLH 5FNZDQGJHPHVVHQ*HHLJQHWIUGLH0HVVXQJ YRQ0DWHULDOLHQPLWHLQHU’LFNH]ZLVFKHQPP XQGPPELVD

+LQZHLV’DV*HUlWVROOWHEHLPbQGHUQGHV0HVVPRGXVQHXNDOLEULHUWZHUGHQVLHKH $EVFKQLWW
.DOLEULHUHQ,KUHV0HVVJHUlWV
DXI6HLWHGH’DV.DOLEULHUVPERO EOLQNWXPDQ]X]HLJHQGDVVHLQH1HXNDOLEULHUXQJHUIRUGHUOLFKLVW

$86:$+/ ‘(5 0$66(,1+(,7(1 ‘LH0HVVJHUlWHN|QQHQGLH0HVVZHUWHLQPPRGHU=ROODQ]HLJHQ

‘UFNHQ6LH]XU$XVZDKOGHU0DHLQKHLWHQ 0HQ(LQVWHOOXQJHQ(LQKHLWHQ

D’HU’LFNHQEHUHLFKLVWDEKlQJLJYRPJHPHVVHQHQ0DWHULDOXQGGHPYHUZHQGHWHQ0HVVNRSI

GH

ZZZGDNRWDQGWFRP

18//381.7(,167(//(1
(VLVWZLFKWLJGHQ1XOOSXQNWIUGHQ0HVVNRSIHLQ]XVWHOOHQ:HQQ GHU1XOOSXQNWQLFKWRUGQXQJVJHPlHLQJHVWHOOWLVWVLQGDOOH 0HVVZHUWHXQJHQDX

‘DV0HVVJHUlWKlOWGHQOHW]WHQ1XOOSXQNWIHVW(VLVWMHGRFKJHQHUHOO HPSIHKOHQVZHUWGHQ1XOOSXQNWEHLMHGHP(LQVFKDOWHQGHV 0HVVJHUlWVXQGEHL9HUZHQGXQJHLQHVDQGHUHQ0HVVNRSIV HLQ]XVWHOOHQ’DPLWZLUGJHZlKUOHLVWHWGDVVGHUNRUUHNWH1XOOSXQNW YHUZHQGHWZLUG

(LQVWHOOHQGHV1XOOSXQNWV 6WHFNHQ6LHGHQ0HVVNRSILQGDV
0HVVJHUlWHLQXQGYHUJHZLVVHUQ 6LHVLFKGDVVGHU$QVFKOXVV YROOVWlQGLJHLQJHIKUWLVW
‘LH.RQWDNWIOlFKHGHV0HVVNRSIVVROOWH VDXEHUXQGIUHLYRQ5FNVWlQGHQVHLQ
‘UFNHQ6LHGLH(,1$867DVWH XPGDV0HVVJHUlWHLQ]XVFKDOWHQ
‘UFNHQ6LH0HQ.DOLEULHUXQJ 1XOOXQJXQGWUDJHQ6LH.RSSHOPLWWHO DXIGLH1XOOVFKHLEHDXI
‘UFNHQ6LHGHQ0HVVNRSIDXIGLH 1XOOVFKHLEHZHQQ6LHGD]X DXIJHIRUGHUWZHUGHQXQG YHUJHZLVVHUQ6LHVLFKGDVVHUIODFK DXIOLHJW
‘DV’LVSOD]HLJWHLQHQ’LFNHQZHUWGHU NRQWLQXLHUOLFKDNWXDOLVLHUWZLUG’LH 6WDELOLWlWGHV0HVVZHUWVZLUGUHFKWVLP ‘LVSODYRP6WDELOLWlWVEDONHQDQJH]HLJW (LQJOWLJHU0HVVZHUWKDWHLQH6WDELOLWlW YRQPLQGHVWHQV
1HKPHQ6LHGHQ0HVVNRSIYRQGHU 1XOOVFKHLEHDE’HUOHW]WH0HVVZHUW ZLUGDXIGHP%LOGVFKLUPJHKDOWHQ :LHGHUKROHQ6LH6FKULWWZHQQHU QLFKWUHSUlVHQWDWLYLVW
=XYLHO.RSSHOPLWWHONDQQEHLP$EKHEHQGHV0HVVNRSIVYRQGHU 2EHUIOlFKHHLQH6W|UXQJGHU0HVVXQJEHZLUNHQ
‘UFNHQ6LH
1XOO
XPGHQ1XOOSXQNWHLQ]XVWHOOHQ
ZZZGDNRWDQGWFRP

GH

.$/,%5,(50(7+2′(1&;
‘DV0HVVJHUlWPXVV]XUJHQDXHQ0HVVXQJDXIGLHNRUUHNWH 6FKDOOJHVFKZLQGLJNHLWIUGDVJHPHVVHQH0DWHULDOHLQJHVWHOOWZHUGHQ

8QWHUVFKLHGOLFKH0DWHULDOVRUWHQZHLVHQXQWHUVFKLHGOLFKH 6FKDOOJHVFKZLQGLJNHLWHQDXI%HLVSLHOVZHLVHEHWUlJWGLH 6FKDOOJHVFKZLQGLJNHLWLQ6WDKOPVFD=ROOVXQGLQ $OXPLQLXPPVFD=ROOV

‘LHULFKWLJH.DOLEULHUXQJLVWDXVVFKODJJHEHQGIUGLH RUGQXQJVJHPlH)XQNWLRQGHV0HVVJHUlWV’LH.DOLEULHUXQJVROOWH EHLPbQGHUQGHV0HVVPRGXVGHV0HVVNRSIVXQGRGHUGHU 0DWHULDOVRUWHYRUJHQRPPHQZHUGHQ

‘DV&;LVWQXUIU6WDKOYRUNDOLEULHUWGLH.DOLEULHUXQJLVWQLFKW GXUFK%HQXW]HUDQSDVVEDU’DV&;ELHWHWHLQH$XVZDKOYRQ .DOLEULHUPHWKRGHQVLHKH7DEHOOH.DOLEULHUPHWKRGHQ

‘UFNHQ6LH]XU$XVZDKOGHU.DOLEULHUPHWKRGH&; 0HQ.DOLEULHUXQJ.DOLEULHUPHWKRGH

7$%(//(.$/,%5,(50(7+2′(1

.DOLEULHU PHWKRGH

6PERO %HVFKUHLEXQJ

3XQNW .DOLEULHUXQJ

‘LHVLVWGDVHLQIDFKVWHXQGDPKlXILJVWHQ YHUZHQGHWH.DOLEULHUYHUIDKUHQ1DFKGHP (LQVWHOOHQGHV1XOOSXQNWVVLHKH$EVFKQLWW
1XOOSXQNWHLQVWHOOHQ
DXI6HLWHGHZLUGDXI HLQHUXQEHVFKLFKWHWHQ0DWHULDOSUREHPLW EHNDQQWHU’LFNHHLQ0HVVZHUWHUIDVVWXQG DQJHSDVVW1DFKGHPGLH’LFNHHLQJHJHEHQ XQGEHVWlWLJWZXUGHZLUGGLHDEJHOHLWHWH 6FKDOOJHVFKZLQGLJNHLWDQJH]HLJW

0DWHULDO
:HUNV NDOLEULHUXQJ

=XP.DOLEULHUHQZLUGGLH6FKDOOJHVFKZLQGLJNHLW HLQHV0DWHULDOVYHUZHQGHWGDVDXVHLQHU YRUGHILQLHUWHQLP0HVVJHUlWJHVSHLFKHUWHQ /LVWHYRQ0DWHULDOLHQJHZlKOWZLUG
=XP.DOLEULHUHQZLUGGLHZHUNVHLWLJH 6WDQGDUGNDOLEULHUXQJGHU 6WDQGDUGVFKDOOJHVFKZLQGLJNHLWIU6WDKOYRQ PVFD=ROOVYHUZHQGHW

GH

ZZZGDNRWDQGWFRP

.$/,%5,(5(1,+5(60(66(5b76&; 9(5:(1’81'(5381.7.$/,%5,(581* ‘LHVH9HUIDKUHQVZHLVHHUIRUGHUWGLH0HVVXQJHLQHUXQEHVFKLFKWHWHQ 0DWHULDOSUREHGHUHQJHQDXH’LFNHEHNDQQWLVWDQKDQGHLQHUDQGHUHQ 0HVVPHWKRGHHUPLWWHOWRGHUHLQHV.DOLEULHUVWDQGDUGVVLHKH $EVFKQLWW
.DOLEULHUVWDQGDUGV
DXI6HLWHGH

6WHFNHQ6LHGHQ0HVVNRSILQGDV0HVVJHUlWHLQXQGYHUJHZLVVHUQ 6LHVLFKGDVVGHU$QVFKOXVVYROOVWlQGLJHLQJHIKUWLVW
‘LH.RQWDNWIOlFKHGHV0HVVNRSIVVROOWHVDXEHUXQGIUHLYRQ5FNVWlQGHQVHLQ
‘UFNHQ6LHGLH(,1$867DVWHXPGDV0HVVJHUlW HLQ]XVFKDOWHQ
‘UFNHQ6LH0HQ.DOLEULHUXQJ.DOLEULHUPHWKRGHXQGZlKOHQ6LH µ3XQNW.DOLEULHUXQJ¶
:HQQµ3XQNW.DOLEULHUXQJ¶EHUHLWVJHZlKOWLVWGLHJHJHQZlUWLJJHZlKOWH .DOLEULHUPHWKRGHZLUGGXUFKHLQ6PEROUHFKWVLP’LVSODDQJH]HLJW GUFNHQ6LHHLQIDFK0HQ.DOLEULHUXQJ.DOLEULHUHQ
6LHZHUGHQDXIJHIRUGHUWHLQH1XOOXQJ]XP)HVWOHJHQGHV 1XOOSXQNWVGHV0HVVNRSIVGXUFK]XIKUHQZDVYRUGHP .DOLEULHUHQGHV0HVVJHUlWVHPSIRKOHQLVWVLHKH$EVFKQLWW
1XOOSXQNWHLQVWHOOHQ
DXI6HLWHGH
7UDJHQ6LH.RSSHOPLWWHODXIGLHXQEHVFKLFKWHWH0DWHULDOSUREHE]Z GHQ.DOLEULHUVWDQGDUGDXIZHQQ6LHGD]XDXIJHIRUGHUWZHUGHQ
‘UFNHQ6LHGHQ0HVVNRSIDXIGLHXQEHVFKLFKWHWH0DWHULDOSUREHE]Z GHQ.DOLEULHUVWDQGDUGXQGDFKWHQ6LHGDUDXIGDVVHUIODFKDXIOLHJW
‘DV’LVSOD]HLJWHLQHQ’LFNHQZHUWGHUNRQWLQXLHUOLFKDNWXDOLVLHUWZLUG ‘LH6WDELOLWlWGHV0HVVZHUWVZLUGUHFKWVLP’LVSODYRP6WDELOLWlWVEDONHQ DQJH]HLJW(LQJOWLJHU0HVVZHUWKDWHLQH6WDELOLWlWYRQPLQGHVWHQV
1HKPHQ6LHGHQ0HVVNRSIYRQGHUXQEHVFKLFKWHWHQ 0DWHULDOSUREHE]ZYRP.DOLEULHUVWDQGDUGDE’HUOHW]WH 0HVVZHUWZLUGDXIGHP%LOGVFKLUPJHKDOWHQ:LHGHUKROHQ6LHGLH 6FKULWWHZHQQHUQLFKWUHSUlVHQWDWLYLVW
=XYLHO.RSSHOPLWWHONDQQEHLP$EKHEHQGHV0HVVNRSIVYRQGHU 2EHUIOlFKHHLQH6W|UXQJGHU0HVVXQJEHZLUNHQ
‘UFNHQ6LHµ:HLWHU¶VWHOOHQ6LHGHQ0HVVZHUWPLWKLOIHGHU 6RIWWDVWHQÏÐDXIGLHEHNDQQWH’LFNHHLQXQGGUFNHQ6LHGDQQ µ:HLWHU¶XPGHQ:HUW]XEHUQHKPHQ
‘XUFK’UFNHQYRQµ(VFDSH¶NDQQGHU.DOLEULHUYRUJDQJMHGHU]HLW DEJHEURFKHQZHUGHQRKQHGDV0HVVJHUlW]XNDOLEULHUHQ
‘LHDEJHOHLWHWH6FKDOOJHVFKZLQGLJNHLWZLUGUHFKWVLP’LVSODXQWHUGHP
6PEROIUGLH.DOLEULHUPHWKRGHDQJH]HLJW

+LQZHLV’LH3XQNW.DOLEULHUXQJPXVVDXI0DWHULDOGXUFKJHIKUWZHUGHQYRQGHP GHU)DUEDQVWULFKE]ZGLH%HVFKLFKWXQJHQWIHUQWZXUGH:HQQGHU )DUEDQVWULFKE]ZGLH%HVFKLFKWXQJYRUGHP.DOLEULHUHQQLFKWHQWIHUQWZLUG UHVXOWLHUWGLHVLQXQJHQDXHQ0HVVZHUWHQ

ZZZGDNRWDQGWFRP

GH

.$/,%5,(5(1,+5(60(66(5b76&;)RUWVHW]XQJ
9(5:(1’81
'(50$7(5,$/.$/,%5,(581 ‘DV0HVVJHUlWZLUGXQWHU9HUZHQGXQJGHUEHNDQQWHQ 6FKDOOJHVFKZLQGLJNHLWHLQHVYRP%HQXW]HUJHZlKOWHQ0DWHULDOV NDOLEULHUW’LH0DWHULDOLHQVLQGLPHUlWPLWLKUHQ 6FKDOOJHVFKZLQGLJNHLWHQKLQWHUOHJW’LHVH.DOLEULHUPHWKRGHLVWKLOIUHLFK ZHQQNHLQH0DWHULDOSUREHQPLWEHNDQQWHU’LFNHYHUIJEDUVLQG

‘UFNHQ6LHGLH(,1$867DVWHXPGDV0HVVJHUlW HLQ]XVFKDOWHQ
‘UFNHQ6LH0HQ.DOLEULHUXQJ.DOLEULHUPHWKRGHXQGZlKOHQ6LH µ0DWHULDO¶
:HQQµ0DWHULDO¶EHUHLWVJHZlKOWLVWGLHJHJHQZlUWLJJHZlKOWH .DOLEULHUPHWKRGHZLUGGXUFKHLQ6PEROUHFKWVLP’LVSODDQJH]HLJW GUFNHQ6LHHLQIDFK0HQ.DOLEULHUXQJ.DOLEULHUHQ
0DUNLHUHQ6LHGDVEHQ|WLJWH0DWHULDOPLWKLOIHGHU6RIWWDVWHQÏÐ XQGGUFNHQ6LHGDQQµ:lKOHQ¶
‘XUFK’UFNHQYRQµ(VFDSH¶NDQQGHU.DOLEULHUYRUJDQJMHGHU]HLW DEJHEURFKHQZHUGHQRKQHGDV0HVVJHUlW]XNDOLEULHUHQ
‘LH6FKDOOJHVFKZLQGLJNHLWGHVJHZlKOWHQ0DWHULDOVZLUGUHFKWVLP ‘LVSODXQWHUGHP6PEROIUGLH.DOLEULHUPHWKRGHDQJH]HLJW

9(5:(1’81'(5:(5.6.$/,%5,(581 ‘UFNHQ6LH0HQ.DOLEULHUXQJ:HUNVNDOLEULHUXQJXPGLHZHUNVHLWLJH 6WDQGDUGNDOLEULHUHLQVWHOOXQJGHU6WDQGDUGVFKDOOJHVFKZLQGLJNHLWIU 6WDKOYRQPVFD=ROOVZLHGHUKHU]XVWHOOHQ

(5)$66(1(,1(60(66:(576

%(9256,(%(*,11(1 ‘UFNHQ6LHGLH(,1$867DVWHXPGDV0HVVJHUlWHLQ]XVFKDOWHQ 6FKOLHHQ6LHHLQHQ0HVVNRSIDP0HVVJHUlWDQ
$OOH=ZHLHOHPHQW0HVVN|SIHGLHGLUHNWXQWHQDQHLQHP’DNRWD&;0HVVJHUlW DQJHVFKORVVHQZHUGHQN|QQHQVLHKH$EVFKQLWW
0HVVN|SIH
DXI6HLWH GHVLQG
LQWHOOLJHQWH
0HVVN|SIHGLHDXWRPDWLVFKYRP0HVVJHUlWHUNDQQW ZHUGHQ=XU9HUZHQGXQJYRQ
QLFKWLQWHOOLJHQWHQ
‘DNRWD1’7=ZHLHOHPHQW 0HVVN|SIHQRGHU0HVVN|SIHQDQGHUHU+HUVWHOOHULVWHLQ0HVVNRSIDGDSWHU HUIRUGHUOLFKVLHKH$EVFKQLWW
0HVVNRSIDGDSWHU
DXI6HLWHGH
:lKOHQ6LHGLH0HVVPHWKRGH&;VLHKH$EVFKQLWWDXI 6HLWHGH
6WHOOHQ6LHGHQ1XOOSXQNWGHV0HVVJHUlWVHLQ±VLHKH $EVFKQLWWDXI6HLWHGH
.DOLEULHUHQ6LHGDV0HVVJHUlW&;VLHKH$EVFKQLWWDXI 6HLWHGH
%HUHLWHQ6LHGLH3UIIOlFKHYRUVLHKH$QKDQJDXI6HLWHGH

GH

ZZZGDNRWDQGWFRP

(5)$66(1(,1(60(66:(576)RUWVHW]XQJ
(5)$66(1(,1(60(66:(576 7UDJHQ6LHHLQHJHULQJH0HQJH.RSSHOPLWWHODXIGLH3UIIOlFKHDXI ‘UFNHQ6LHGHQ0HVVNRSILQGDV.RSSHOPLWWHOXQGDFKWHQ6LH
GDUDXIGDVVHUIODFKDXIOLHJW
(LQPlLJHUPLWGHP’DXPHQRGHU=HLJHILQJHUREHQDXIGHQ0HVVNRSI DXVJHEWHU’UXFNLVWDXVUHLFKHQG(VLVWOHGLJOLFKHUIRUGHUOLFKGHQ 0HVVNRSIIODFKLQ3RVLWLRQDXIGHU0DWHULDOREHUIOlFKH]XKDOWHQ
‘DV’LVSOD]HLJWHLQHQ:HUWGHUNRQWLQXLHUOLFKDNWXDOLVLHUW ZLUG:HQQGHU0HVVNRSIPLWGHU0DWHULDOREHUIOlFKHLQ.RQWDNW LVWQLPPWGDV0HVVJHUlWYLHU0HVVXQJHQSUR6HNXQGHYRU
‘LH6WDELOLWlWGHV0HVVZHUWVZLUGUHFKWVLP’LVSODYRP6WDELOLWlWVEDONHQ DQJH]HLJW(LQJOWLJHU0HVVZHUWKDWHLQH6WDELOLWlWYRQPLQGHVWHQV :HQQZHQLJHUDOVIQI%DONHQDQJH]HLJWZHUGHQRGHUGLH=DKOHQZHUWHDXI GHP’LVSODIHKOHUKDIWHUVFKHLQHQYHUJHZLVVHUQ6LHVLFKGDVVHLQ DXVUHLFKHQGHU.RSSHOPLWWHOILOPXQWHUGHP0HVVNRSIYRUKDQGHQLVWXQGGHU 0HVVNRSIIODFKDP0DWHULDODQOLHJW)DOOVGLHVHU=XVWDQGDQGDXHUWPXVV XQWHU8PVWlQGHQHLQDQGHUHU0HVVNRSIU|HRGHU)UHTXHQ]IUGDV]X PHVVHQGH0DWHULDOJHZlKOWZHUGHQ
‘HUOHW]WH0HVVZHUWEOHLEWEHLP$EKHEHQGHV0HVVNRSIVYRQ GHU2EHUIOlFKHDXIGHP%LOGVFKLUP
+DIWXQJVDXVVFKOXVV 6VWHPLPPDQHQWEHVWHKWEHL8OWUDVFKDOOGLFNHQPHVVXQJHQGLH0|JOLFKNHLWGDVV GDV
HUlWLP6WDQGDUG,PSXOV(FKR0RGXVVWDWWGHPHUVWHQ5FNZDQGHFKRGHV JHPHVVHQHQ0DWHULDOVGDV]ZHLWH(FKRYHUZHQGHW’LHVNDQQLQHLQHU ‘LFNHQPHVVXQJUHVXOWLHUHQZHOFKH’233(/7VRKRFKLVWDOVVLHVHLQVROOWH’LH 9HUDQWZRUWXQJIUGLHNRUUHNWH%HGLHQXQJGHVHUlWHVXQGIUGLH(UNHQQXQJ GLHVHU$UWYRQ3KlQRPHQOLHJWDXVVFKOLHOLFKEHLP$QZHQGHUGHVHUlWHV
0(1h6758.785&;

0HQ .DOLEULHUXQJ (LQVWHOOXQJHQ ,QIRV 5HVHW 1RWOHXFKWH

.DOLEULHUXQJ .DOLEULHUHQ .DOLEULHUPHWKRGH 1XOOXQJ :HUNVNDOLEULHUXQJ

(LQVWHOOXQJHQ

0HVVZHUW

(LQKHLWHQ

6SUDFKH

3LHSVHUODXWVWlUNH

%LOGVFKLUPHLQVWHOOXQJHQ

$XWRPDW$EVFKDOWXQJ

{

,QIRV *HUlWH,QIRUPDWLRQ 6RQGHQ,QIRUPDWLRQ .RQWDNW 5HFKWOLFKHV

ZZZGDNRWDQGWFRP

.DOLEULHUPHWKRGH

0DWHULDO

{

3XQNW.DOLEULHUXQJ

{

0HVVZHUW 0HVVPRGXV

(LQKHLWHQ

PP

{

,QFK

{

%LOGVFKLUPHLQVWHOOXQJHQ

%LOGVFKLUPKHOOLJNHLW

$XWRPDW$EVFKDOWXQJ

%HJUXQJVDQ]HLJH

{

5HFKWOLFKHV *HVHW]OLFKH+LQZHLVH 3UI]HLFKHQ

0HVVPRGXV

,PSXOV(FKR3(

{

(FKR(FKR7KUX3DLQW(( {

GH

0(1h6758.785&;

0HQ .DOLEULHUXQJ (LQVWHOOXQJHQ ,QIRV 5HVHW 1RWOHXFKWH

.DOLEULHUXQJ 1XOOXQJ

(LQVWHOOXQJHQ

(LQKHLWHQ

6SUDFKH

3LHSVHUODXWVWlUNH

%LOGVFKLUPHLQVWHOOXQJHQ

$XWRPDW$EVFKDOWXQJ

{

,QIRV *HUlWH,QIRUPDWLRQ 6RQGHQ,QIRUPDWLRQ .RQWDNW 5HFKWOLFKHV

(LQKHLWHQ

PP

{

,QFK

{

%LOGVFKLUPHLQVWHOOXQJHQ

%LOGVFKLUPKHOOLJNHLW

$XWRPDW$EVFKDOWXQJ

%HJUXQJVDQ]HLJH

{

5HFKWOLFKHV *HVHW]OLFKH+LQZHLVH 3UI]HLFKHQ

835$'(,+5(60(66(5b76
‘LH0HVVJHUlW)LUPZDUHNDQQPLW’DN0DVWHU70DXIGLHMHZHLOV QHXHVWH9HUVLRQDNWXDOLVLHUWZHUGHQVREDOGVLHYHUIJEDUZLUG :HQQGDV0HVVJHUlWEHUHLQHQ3&PLWGHP,QWHUQHWYHUEXQGHQ ZLUGLQIRUPLHUW6LH’DN0DVWHU70EHUHWZDLJHYHUIJEDUH8SGDWHV
(56$7=7(,/(81’=8%(+g5 0(66.g3)( ‘LHXQWHQDXIJHOLVWHWHQ0HVVN|SIHVLQGPLWGHU’DNRWD&; 3URGXNWUHLKHNRPSDWLEHOE(VKDQGHOWVLFKXP
LQWHOOLJHQWH
DQJHZLQNHOWH=ZHLHOHPHQW0HVVN|SIHPLW7RSIJHKlXVHXQG SHUPDQHQWDQJHVFKORVVHQHP0HVVNRSINDEHOGLHEHLP$QVFKOXVV DXWRPDWLVFKYRP0HVVJHUlWHUNDQQWZHUGHQ
%HLGHU$XVZDKOHLQHV0HVVNRSIVVROOWHQGLH)UHTXHQ]GHU ‘XUFKPHVVHUXQGGDV]XSUIHQGH0DWHULDOLQ%HWUDFKWJH]RJHQ ZHUGHQ

E’DGDV&;IU6WDKOYRUNDOLEULHUWLVWN|QQHQPLWGLHVHP0HVVJHUlWQXU]XU0HVVXQJDXI6WDKOJHHLJQHWH 0HVVN|SIHYHUZHQGHWZHUGHQ

GH

ZZZGDNRWDQGWFRP

(56$7=7(,/(81’=8%(+g5)RUWVHW]XQJ

%HVWHOOQXPPHU )UHTXHQ] 7;&0(3 0+] 7;&0&3 0+] 7;&0(3 0+] 7;&0(3 0+] 7;&0%3 0+] 7;&0(3 0+] 7;&0&3 0+] 7;&0&3 0+] 7;&0&3 0+] 7;&0%3 0+] 7;&0&3Á 0+] 7;&0&3 0+] 7;&0%3 0+] 7;&0&3 0+]

‘XUFK

*HHLJQHW]XU0HVVXQJYRQ

PHVVHU &, 3 73 ) 7 6 * $ 7

9 9

9

9 9

9

9 9

9

9 9

9

9

99

9

99

9

99

9

99

9

99

9

999

9

999

9

999

9

99

9

99

6FKOVVHO &, XVVHLVHQ ) ODVIDVHU *ODV

3 .XQVWVWRH 7 ‘QQHODVIDVHU $ $OXPLQLXP

73 ‘QQH.XQVWVWRH 6 6WDKO 7 7LWDQ

%HVFKLFKWXQJVGLFNHKRFKJHGlPSIWHU0HVVNRSIPLW7KUX3DLQW7HFKQRORJLH1XUIUGLH9HUZHQGXQJLP
(FKR(FKR7KUX3DLQW
0HVVPRGXVVLHKH$EVFKQLWW
$XVZDKOGHV0HVVPRGXV
DXI6HLWHGH
+RFKWHPSHUDWXU0HVVNRSIJHHLJQHWIUKHLH2EHUIOlFKHQELV]X&) Á0HVVNRSIPLWK|KHUHU$XIO|VXQJLQ2EHUIOlFKHQQlKHLGHDOIUGQQH6XEVWUDWHJHHLJQHW

:HLWHUH0HVVN|SIHIUGHQ$QVFKOXVVDQ’DNRWD&;0HVVJHUlWH PLWKLOIHHLQHV0HVVNRSIDGDSWHUVVLQGHUKlOWOLFKVLHKH$EVFKQLWW
0HVVNRSIDGDSWHU
DXI6HLWHGH(LQYROOVWlQGLJHV 9HU]HLFKQLVYRQ0HVVN|SIHQILQGHQ6LHDXIZZZGDNRWDQGWFRP

ZZZGDNRWDQGWFRP

GH

(56$7=7(,/(81’=8%(+g5)RUWVHW]XQJ
.$/,%5,(567$1’$5’6 ‘LHPLWHLQHU7ROHUDQ]YRQGHU 1HQQGLFNHDXV6WDKOFJHIHUWLJWHQ ‘DNRWD1’7.DOLEULHUVWDQGDUGVVLQG HLQ]HOQRGHULP6HWHUKlOWOLFKXQG HUP|JOLFKHQGHP%HQXW]HUGLH$XVZDKO GHUDPEHVWHQIUVHLQHMHZHLOLJH $QZHQGXQJJHHLJQHWHQ’LFNHQ

.DOLEULHUVWDQGDUGVHWVXQGHLQ]HOQH6WDQGDUGVZHUGHQPLW .DOLEULHU]HUWLILNDWJHOLHIHUW

%HVFKUHLEXQJ

%HVWHOOQXPPHU

.DOLEULHUVWDQGDUGVHW

7&$/67’6(7

1HQQGLFNHPPG
0LWGHQ1HQQGLFNHQYRQ PP

GHLQVFKOLHOLFK

+DOWHUXQJXQG.DOLEULHU]HUWLILNDW

.DOLEULHUVWDQGDUGVHW

7&$/67’6(7

1HQQGLFNHPPG

0LWGHQ1HQQGLFNHQYRQ PP

GHLQVFKOLHOLFK

+DOWHUXQJXQG.DOLEULHU]HUWLILNDW

.DOLEULHUVWDQGDUGKDOWHUXQJ
*HHLJQHWIU’LFNHQELV]XPPG

7&$/67’+/’

+LQZHLV’DNRWD1’7HPSILHKOW.DOLEULHUVWDQGDUGVLQ$QWL.RUURVLRQV)ROLH HLQ]XZLFNHOQZlKUHQGVLHQLFKWEHQXW]WZHUGHQ

F$XVDQGHUHQ0DWHULDOLHQJHIHUWLJWH.DOLEULHUVWDQGDUGVVLQGDXI$QIUDJHHUKlOWOLFK%LWWHNRQWDNWLHUHQ6LH ‘DNRWD1’7IUZHLWHUH,QIRUPDWLRQHQ
G ,PSHULDOH:HUWHGLHQHQQXU]X,QIRUPDWLRQV]ZHFNHQ.DOLEULHUVWDQGDUGVZHUGHQPHWULVFKJHIHUWLJWXQG JHPHVVHQ

GH

ZZZGDNRWDQGWFRP

(56$7=7(,/(81’=8%(+g5)RUWVHW]XQJ (,1=(/1(.$/,%5,(567$1’$5’6

%HVWHOOQXPPHU

1HQQGLFNHQ %HVWHOOQXPPHU
PP =ROOG

1HQQGLFNHQ PP =ROOG

7&$/67′

7&$/67′

7&$/67′

7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′
+LQZHLV’DNRWD1’7HPSILHKOW.DOLEULHUVWDQGDUGVLQ$QWL.RUURVLRQV)ROLH HLQ]XZLFNHOQZlKUHQGVLHQLFKWEHQXW]WZHUGHQ

8/75$6&+$//.233(/0,77(/ =XU*HZlKUOHLVWXQJGHUNRUUHNWHQ)XQNWLRQGHV0HVVJHUlWVPXVV VLFKHUJHVWHOOWZHUGHQGDVV]ZLVFKHQGHP0HVVNRSIXQGGHP]X PHVVHQGHQ0DWHULDONHLQ/XIWVSDOWYRUKDQGHQLVW’LHVZLUGGXUFK GLH9HUZHQGXQJYRQ.RSSHOPLWWHOHU]LHOW

(LQH)ODVFKHPLWPOIOR].RSSHOPLWWHOZLUGDOV 6WDQGDUG]XEHK|UPLWMHGHP0HVVJHUlWJHOLHIHUW$QGHUH*U|HQ VLQGH[WUD]XEHVWHOOHQ

%HVFKUHLEXQJ POIOR] POIOR]6WFN POIOR] POIOR] O86*DOORQ +RFKWHPSHUDWXUPOIOR] +RFKWHPSHUDWXUPOIOR]6WFN
=XU9HUZHQGXQJPLW+RFKWHPSHUDWXU0HVVN|SIHQ VLHKH$EVFKQLWWµ0HVVN|SIH¶DXI6HLWHGH

%HVWHOOQXPPHU 7 7 7 7 7 7 7

G,PSHULDOH:HUWHGLHQHQQXU]X,QIRUPDWLRQV]ZHFNHQ.DOLEULHUVWDQGDUGVZHUGHQPHWULVFKJHIHUWLJWXQG JHPHVVHQ

ZZZGDNRWDQGWFRP

GH

(56$7=7(,/( 81’ =8%(+g5)RUWVHW]XQJ
0(66.23)$’$37(5 ‘LHVHU$GDSWHUHUP|JOLFKWGLH 9HUZHQGXQJYRQ
QLFKWLQWHOOLJHQWHQ
=ZHLHOHPHQW0HVVN|SIHQYRQ ‘DNRWD1’7VLHKH$EVFKQLWW
0HVVN|SIH
DXI6HLWHGHXQGYRQ 0HVVN|SIHQPLW/HPR$QVFKOVVHQ DQGHUHU+HUVWHOOHULQ9HUELQGXQJPLWGHU ‘DNRWD&;3URGXNWUHLKH

6WHFNHQ6LH]XP$QVFKOLHHQHLQHVEHOLHELJHQ
QLFKWLQWHOOLJHQWHQ
=ZHLHOHPHQW0HVVNRSIVGHQ$GDSWHUHLQIDFKXQWHQDQGHU 0HVVNRSIDXIQDKPHGHV0HVVJHUlWVDQXQGIROJHQ6LHGHQ $QOHLWXQJHQDXIGHP%LOGVFKLUP

%HVFKUHLEXQJ 0HVVNRSIDGDSWHU

%HVWHOOQXPPHU 7

7(&+1,6&+( ‘$7(1

0RGHOO

&;

&;

‘LFNHQ EHUHLFKD

,PSXOV(FKR (FKR(FKR 7KUX3DLQW

*HQDXLJNHLW

,PSXOV(FKR (FKR(FKR 7KUX3DLQW

6FKDOOJHVFKZLQGLJNHLW

$XÀ|VXQJ

0HVVUDWH

%HWULHEVWHPSHUDWXU

(QHUJLHYHUVRUJXQJ

PP

PP

PPPPPP

PP

PV=ROOV PP
+]0HVVXQJHQSUR6HNXQGH EL]]X&EL]]X)
$$%DWWHULHQ

D’HU’LFNHQEHUHLFKLVWDEKlQJLJYRPJHPHVVHQHQ0DWHULDOXQGGHPYHUZHQGHWHQ0HVVNRSI

GH

ZZZGDNRWDQGWFRP

7(&+1,6&+(‘$7(1)RUWVHW]XQJ

0RGHOO

&;

&;

%DWWHULHJHEUDXFKVGDXHUH

&D6WXQGHQ

*HUlWHJHZLFKW

JR] PLW%DWWHULHQRKQH0HVVNRSI

*HUlWHDEPHVVXQJHQ

[[PP[[
RKQH0HVVNRSI

9HUZHQGEDUJHPl$670((1(1

$5$17,( ‘DNRWD&;’/0HVVJHUlWHVLQGGXUFKHLQHPRQDWLJHDUDQWLH JHJHQ)HUWLJXQJVIHKOHUJHVFKW]WGLH.RQWDPLQDWLRQXQG9HUVFKOHL DXVVFKOLHW
0HVVN|SIHVLQGGXUFKHLQHWlJLJH*DUDQWLHJHVFKW]W

H,PNRQWLQXLHUOLFKHQ0HVVEHWULHEPLWHLQHU0HVVUDWHYRQ+]EHL9HUZHQGXQJYRQ$ONDOLEDWWHULHQ/LWKLXP RGHUZLHGHUDXIODGEDUH%DWWHULHQN|QQHQDEZHLFKHQ

ZZZGDNRWDQGWFRP

GH

5(&+7/,&+(+,1:(,6(81’%(+g5’/,&+(,1)250$7,21(1

.RQIRUPLWlWVHUNOlUXQJ

‘LH’DNRWD&; &;HQWVSUHFKHQGHQ$QIRUGHUXQJHQGHUIROJHQGHQ(85LFKWOLQLHQ

(8 (OHNWURPDJQHWLVFKH9HUWUlJOLFKNHLW5LFKWOLQLH

(8 %HVFKUlQNXQJGHU9HUZHQGXQJEHVWLPPWHUJHIlKUOLFKHU6WRIIHLQ(OHNWURXQG(OHNWURQLNJHUlWHQ5R+6

‘LH.RQIRUPLWlWVHUNOlUXQJVWHKWXQWHUGHUIROJHQGHQ$GUHVVH]XP’RZQORDGEHUHLW

KWWSVGRZQORDGVGDNRWDQGWFRP’HFODUDWLRQBRIB&RQIRUPLW*HUPDQ’R&B&;B&;SGI

‘HU86%$QVFKOXVVGLHQWQXU]XU’DWHQEHUWUDJXQJXQGGDUIQLFKWEHUHLQHQ86%1HW]DGDSWHUDP1HW]VWURP

DQJHVFKORVVHQZHUGHQ

‘HU=XJULIIDXIGDV$&0$.RQIRUPLWlWV]HLFKHQHUIROJWEHU0HQ,QIRV5HFKWOLFKHV3UI]HLFKHQ

‘LHVHV*HUlWLVWPLW7HLOGHU)&&5LFKWOLQLHQNRPSDWLEHO6HLQ%HWULHELVWYRUEHKDOWOLFKGHUEHLGHQIROJHQGHQ

%HGLQJXQJHQ]XOlVVLJ’LHVHVHUlWGDUINHLQHVFKlGOLFKHQ,QWHUIHUHQ]HQYHUXUVDFKHQXQGGLHVHVHUlWPXVV

MHJOLFKHHPSIDQJHQH,QWHUIHUHQ]HQDQQHKPHQHLQVFKOLHOLFK,QWHUIHUHQ]HQGLHHLQHQXQHUZQVFKWHQ%HWULHE

YHUXUVDFKHQN|QQHQ

+,1:(,6’LHVHVHUlWZXUGHJHWHVWHWXQGDOVNRQIRUPPLWGHQUHQ]ZHUWHQIUHLQGLJLWDOHV*HUlWGHU.ODVVH%

JHPl7HLOGHU)&&5LFKWOLQLHQEHIXQGHQ’LHVH*UHQ]ZHUWHVLQGIUGLH%HUHLWVWHOOXQJHLQHVDQJHPHVVHQHQ

6FKXW]HVJHJHQVFKlGOLFKH,QWHUIHUHQ]HQLQKlXVOLFKHQ(LQULFKWXQJHQDXVJHOHJW’LHVHV*HUlWHU]HXJWXQGYHUZHQGHW

)XQNIUHTXHQ]HQHUJLHXQGNDQQGLHVHDXVVWUDKOHQ%HLVHLQHUQLFKWGHQ$QOHLWXQJHQHQWVSUHFKHQGHQ,QVWDOODWLRQXQG

9HUZHQGXQJNDQQHVVFKlGOLFKH,QWHUIHUHQ]HQGHU)XQNNRPPXQLNDWLRQYHUXUVDFKHQ(VNDQQMHGRFKQLFKWJDUDQWLHUW

ZHUGHQGDVVLQHLQHUEHVWLPPWHQ(LQULFKWXQJNHLQH,QWHUIHUHQ]HQDXIWUHWHQZHUGHQ)DOOVGLHVHV*HUlWVFKlGOLFKH

,QWHUIHUHQ]HQGHV5XQGIXQNRGHU)HUQVHKHPSIDQJVYHUXUVDFKWZDVGXUFK$XVXQG(LQVFKDOWHQGHV*HUlWVHUPLWWHOW

ZHUGHQNDQQLVWGHU%HQXW]HUJHKDOWHQ]XYHUVXFKHQGLH,QWHUIHUHQ]HQDQKDQGHLQHURGHUPHKUHUHUGHUIROJHQGHQ

0DQDKPHQ]XEHKHEHQ

(PSIDQJVDQWHQQHQHXDXVULFKWHQRGHUDQHLQHPDQGHUHQ2UWDXIVWHOOHQ

‘LVWDQ]]ZLVFKHQ*HUlWXQG(PSIlQJHUYHUJU|HUQ

*HUlWDQHLQH6WHFNGRVHLQHLQHPDQGHUHQ6WURPNUHLVDQVFKOLHHQDOVGHPYRP(PSIlQJHUYHUZHQGHWHQ

‘HQ5DWGHV+lQGOHUVRGHUHLQHVHUIDKUHQHQ5XQGIXQN)HUQVHKWHFKQLNHUVHLQKROHQ

1LFKWDXVGUFNOLFKYRQ(OFRPHWHU/LPLWHGJHQHKPLJWHbQGHUXQJHQN|QQWHQLP(UO|VFKHQGHU%HWULHEVHUODXEQLVGHV

*HUlWVJHPl)&&5LFKWOLQLHQUHVXOWLHUHQ

‘LHVHVGLJLWDOH*HUlWGHU.ODVVH%HQWVSULFKWGHU1RUP&$1,&(6%10%%

5 LVWHLQHLQJHWUDJHQHV:DUHQ]HLFKHQGHU(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%8

*UREULWDQQLHQXQG1RUGLUODQG

‘DN0DVWHU70 LVWHLQ0DUNHQ]HLFKHQGHU(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%8*UREULWDQQLHQXQG

1RUGLUODQG

$OOHDQGHUHQ0DUNHQ]HLFKHQZHUGHQDQHUNDQQW

‘DNRWD1’7JHK|UW]XU(OFRPHWHU*UXSSH

‘LHVHV3URGXNWLVWLQHLQHP.DUWRQYHUSDFNW6WHOOHQ6LHELWWHVLFKHUGDVVDOOH9HUSDFNXQJDXIXPZHOWYHUWUlJOLFKH :HLVHHQWVRUJWZLUG/DVVHQ6LHVLFKYRQ,KUHU|UWOLFKHQ8PZHOWEHK|UGHZHLWHUEHUDWHQ

+DXSWQLHGHUODVVXQJ(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%8*UREULWDQQLHQXQG1RUGLUODQG

GH

ZZZGDNRWDQGWFRP

$1+$1925%(5(,7(1′(535h))/b&+(
%HLGHU8OWUDVFKDOO’LFNHQSUIXQJVLQGGLH)RUPXQG5DXKHLWGHU 3UIIOlFKHYRQJUXQGOHJHQGHU%HGHXWXQJ5DXHXQHEHQH)OlFKHQ N|QQWHQGLH’XUFKGULQJXQJGHV0DWHULDOVGXUFKGHQ8OWUDVFKDOO HLQVFKUlQNHQXQGLQLQVWDELOHQXQGGHVKDOEXQ]XYHUOlVVLJHQ 0HVVZHUWHQUHVXOWLHUHQ
‘LH]XPHVVHQGH)OlFKHVROOWHVDXEHUXQGIUHLYRQNOHLQHQ7HLOFKHQ 5RVWRGHU6FKXSSHQVHLQ’DV9RUKDQGHQVHLQGHUDUWLJHU +LQGHUQLVVHYHUKLQGHUWGDVRUGQXQJVJHPlH$XIVHW]HQGHV 0HVVNRSIVDXIGLH2EHUIOlFKH
+lXILJODVVHQVLFK2EHUIOlFKHQPLWHLQHU’UDKWEUVWHRGHUHLQHP 6FKDEHUUHLQLJHQ,QH[WUHPHUHQ)lOOHQNDQQHLQ([]HQWHURGHU :LQNHOVFKOHLIHUYHUZHQGHWZHUGHQ(VLVWMHGRFKGDUDXI]XDFKWHQ NHLQH)XUFKHQLQGLH2EHUIOlFKH]XVFKOHLIHQGDGLHVHLQH RUGQXQJVJHPlH.RSSHOXQJGHV0HVVNRSIVYHUKLQGHUW
([WUHPUDXH)OlFKHQZLH]XP%HLVSLHOEXFNHOLJH
XVVHLVHQREHUIOlFKHQVLQGDPVFKZLHULJVWHQ]XPHVVHQ’HUDUWLJH 2EHUIOlFKHQZLUNHQVLFKDXIGHQ6FKDOOVWUDKOZLH0LOFKJODVDXI/LFKW DXV’HU6WUDKOZLUGGLIIXVXQGLQDOOH5LFKWXQJHQJHVWUHXW
1HEHQGHU%HHLQWUlFKWLJXQJGHU0HVVXQJWUDJHQUDXH2EHUIOlFKHQ DXFK]XPEHUPlLJHQ9HUVFKOHLGHV0HVVNRSIVEHL LQVEHVRQGHUHZHQQGHU0HVVNRSIEHUGLH2EHUIOlFKH
JHVFKUXSSW
ZLUG

ZZZGDNRWDQGWFRP

GH

70$$XVJDEH7H[WPLW8PVFKODJ1U

*XtDGHOXVXDULR
‘DNRWD&;&;
0HGLGRUHVGHHVSHVRUGH PDWHULDOHVSRUXOWUDVRQLGR
ZZZGDNRWDQGWFRP

&217(1,’2
6HFFLyQ ‘HVFULSFLyQJHQHUDOGHOPHGLGRU &RQWHQLGRGHODFDMD 8WLOL]DFLyQGHOPHGLGRU ,QWURGXFFLyQ (VSHFLILFDFLyQGHOSXQWRFHUR 0pWRGRVGHFDOLEUDFLyQ&; &DOLEUDFLyQGHOPHGLGRU&; 7RPDGHXQDOHFWXUD (VWUXFWXUDGHPHQ~V&; (VWUXFWXUDGHPHQ~V&; $FWXDOL]DFLyQGHOPHGLGRU 5HSXHVWRVDFFHVRULRV (VSHFLILFDFLRQHVWpFQLFDV ‘HFODUDFLyQGHJDUDQWLD $YLVRVOHJDOHVHLQIRUPDFLyQVREUHODQRUPDWLYD $SpQGLFH3UHSDUDFLyQGHODVXSHUILFLHGHSUXHED

3iJLQD HV HV HV HV HV HV HV HV HV HV HV HV HV HV HV HV

3E +J

3DUDGHVSHMDUFXDOTXLHUGXGDFRQVXOWHODYHUVLyQRULJLQDOHQLQJOpV ‘LPHQVLRQHVGHOPHGLGRU[[PP[[SXOJDGDVVLQWUDQVGXFWRU 3HVRGHOPHGLGRUJRQ]DVLQFOXLGDVSLODVVLQWUDQVGXFWRU /DVKRMDVGHGDWRVGHVHJXULGDGGHOPDWHULDOSDUDHODFRSOHXOWUDVyQLFRVXPLQLVWUDGRFRQ’DNRWD&;&; GLVSRQLEOH FRPRDFFHVRULRVHSXHGHQGHVFDUJDUDWUDYpVGHQXHVWUDSiJLQDZHE +RMDGHGDWRVGHVHJXULGDGGHOPDWHULDOSDUDHODFRSOHXOWUDVyQLFR KWWSVGRZQORDGVGDNRWDQGWFRP06’6(OFRPHWHUB8OWUDVRQLFB&RXSODQWB%OXHSGI +RMDGHGDWRVGHVHJXULGDGGHOPDWHULDOSDUDHODFRSOHXOWUDVyQLFRGHDOWDWHPSHUDWXUD KWWSVGRZQORDGVGDNRWDQGWFRP06’6HOFRPHWHUBXOWUDVRQLFBFRXSODQWBKLBWHPSSGI

(OFRPHWHU /LPLWHG 7RGRV ORV GHUHFKRV UHVHUYDGRV (VWH GRFXPHQWR QL QLQJ~Q IUDJPHQWR GHO PLVPR SXHGHQ UHSURGXFLUVHWUDQVPLWLUVHWUDQVFULELUVHDOPDFHQDUVHHQXQVLVWHPDGHUHFXSHUDFLyQRGHRWURWLSRQLWUDGXFLUVHDQLQJ~Q LGLRPDHQQLQJ~QIRUPDWRQLSRUQLQJ~QPHGLRDVHDHOHFWUyQLFRPHFiQLFRPDJQpWLFRySWLFRPDQXDORGHRWURWLSRVLQ SHUPLVRSUHYLRSRUHVFULWRGH(OFRPHWHU/LPLWHG

HV

ZZZGDNRWDQGWFRP

‘(6&5,3&,Ï1*(1(5$/'(/0(‘,’25

,QGLFDGRUHV/(‘5RMRL]TXLHUGR9HUGHGHUHFKR 3DQWDOOD/&’ 7HFODVSURJUDPDGDV 7HFODGHHQFHQGLGRDSDJDGR ‘LVFRFHUR 3XQWRGHFRQH[LyQGHOWUDQVGXFWRU &RQHFWRUGHVDOLGDGHGDWRV86%EDMRODFXELHUWD &RPSDUWLPHQWRGHSLODVDSHUWXUDFLHUUHPHGLDQWHXQóGHYXHOWD &RQH[LyQGHFRUUHDSDUDFROJDUGHODPXxHFD
&217(1,’2′(/$&$-$
0HGLGRUGHHVSHVRUGHPDWHULDOHVSRUXOWUDVRQLGR’DNRWD HOXOWUDVyQLFRPOERWHOODGHRQ]DVGHIOXLGR SLODV$$ &XELHUWDSURWHFWRUD $UQpVSDUDPXxHFD 3URWHFWRUGHSDQWDOOD &HUWLILFDGRGHFDOLEUDFLyQ XtDGHOXVXDULR

ZZZGDNRWDQGWFRP

HV

87,/,=$&,Ï1′(/0(‘,’25

D $OLPHQWDFLyQ3LODVR86%

D

LQFOXLGRLQGLFDGRUGHGXUDFLyQGHSLODV

E 0RGRGHPHGLFLyQ3(3XOVR(FR
(((FR(FR7KUX3DLQW&;

E F

F 0pWRGRGHFDOLEUDFLyQ&;

K

G

G &DOLEUDFLyQ9HORFLGDGGHOVRQLGR&;

H

H ,QGLFDGRUGHHVWDELOLGDGGHODOHFWXUD

I 8QLGDGHVGHPHGLGDPP,QFKSXOJDGD

I

J 7HFODSURJUDPDGD0HQ~

J

K 9DORUGHOHFWXUD

,1752’8&&,Ï1

,167$/$&,Ï1′(/$63,/$6 &DGDPHGLGRUVHVXPLQLVWUDFRQSLODV$$DOFDOLQDV

3DUDLQWURGXFLURVXVWLWXLUODVSLODV /HYDQWHHOSHVWLOORGHODWDSDGHO
FRPSDUWLPHQWRGHODVSLODVJtUHORHQ VHQWLGRDQWLKRUDULRSDUDUHWLUDUODWDSD ,QWURGX]FDSLODVDVHJXUiQGRVHGHTXHOD SRODULGDGVHDFRUUHFWD 9XHOYDDFRORFDUODWDSDJLUHHOSHVWLOORHQ VHQWLGRKRUDULRSDUDFHUUDUOR

(OHVWDGRGHODVSLODVVHLQGLFDPHGLDQWHXQVtPERORVLWXDGRHQOD SDUWHVXSHULRUGHUHFKDGHODSDQWDOOD
6tPERORGHSLODOOHQDYHUGH SLODVWRWDOPHQWHFDUJDGDV 6tPERORGHSLODYDFtDURMRLQWHUPLWHQWH SLODVFRQHOPtQLPR
QLYHOVRVWHQLEOH

1RWD/DVEDWHUtDVGHEHQGHVHFKDUVHFRQFXLGDGRSDUDHYLWDUODFRQWDPLQDFLyQGHO PHGLRDPELHQWH&RQVXOWHDODVDXWRULGDGHVORFDOHVHQPDWHULDGHPHGLR DPELHQWHSDUDREWHQHULQIRUPDFLyQVREUHFyPRGHVKDFHUVHGHHOODVHQVX UHJLyQ1RDUURMHODVSLODVDOIXHJR

&21(;,Ï1′(8175$16’8&725 $OLQHHHOSXQWRURMRGHOFRQHFWRUGHO
WUDQVGXFWRUFRQHOSXQWRURMRGHOD EDVHGHOPHGLGRU (PSXMHHOWUDQVGXFWRUKDFLDHOLQWHULRU GHOPHGLGRUDVHJXUiQGRVHGHTXH TXHGHWRWDOPHQWHHQFDMDGR

HV

ZZZGDNRWDQGWFRP

,1752’8&&,Ï1FRQWLQXDFLyQ 7RGRVORVWUDQVGXFWRUHVGHHOHPHQWRGXDOTXHSXHGHQFRQHFWDUVH GLUHFWDPHQWHDODEDVHGHXQPHGLGRU’DNRWD&;FRQVXOWHOD 6HFFLyQ³7UDQVGXFWRUHV´HQODSiJLQDHVVRQWUDQVGXFWRUHV ³LQWHOLJHQWHV´VRQLGHQWLILFDGRVDXWRPiWLFDPHQWHSRUHOPHGLGRU/RV GDWRVGHOWUDQVGXFWRUFRQHFWDGRSXHGHQYHUVHHQFXDOTXLHUPRPHQWR DWUDYpVGH0HQ~$FHUFDGH,QIRUPDFLyQGHOWUDQVGXFWRU
+DGLVSRQLEOHXQDGDSWDGRUGHWUDQVGXFWRUTXHSHUPLWHXWLOL]DURWURV WUDQVGXFWRUHVGHHOHPHQWRGXDOQRLQWHOLJHQWHVGH’DNRWD1’7 WUDQVGXFWRUHVGHRWURVIDEULFDQWHVFRQODJDPDGHSURGXFWRV&;GH ‘DNRWDFRQVXOWHOD6HFFLyQ³$GDSWDGRUGHWUDQVGXFWRU´HQOD SiJLQDHV
6(/(&&,Ï1′(/,’,20$ 0DQWHQJDSXOVDGRHOERWyQGHHQFHQGLGRDSDJDGRKDVWDTXH
DSDUH]FDHOORJRWLSRGH’DNRWD1’7 3XOVH0HQ~$MXVWH,GLRPDVHOHFFLRQHVXLGLRPDHPSOHDQGRODV
WHFODVSURJUDPDGDVÏÐ 6LJDORVPHQ~VGHODSDQWDOOD
3DUDDFFHGHUDOPHQ~GHLGLRPDVHQRWURLGLRPD $SDJXHHOPHGLGRU 0DQWHQJDSXOVDGDODWHFODSURJUDPDGDL]TXLHUGDHQFLHQGDHO
PHGLGRU 6HOHFFLRQHVXLGLRPDHPSOHDQGRODVWHFODVSURJUDPDGDVÏÐ
$-867(6′(3$17$//$ (OXVXDULRSXHGHGHILQLUGLYHUVDVFRQILJXUDFLRQHVGHSDQWDOODPHGLDQWH 0HQ~$MXVWH$MXVWHVGHSDQWDOODTXHVRQ
y %ULOORGHSDQWDOODSXHGHFRQILJXUDUVHFRPR³0DQXDO´R ³$XWR´HOEULOORVHDMXVWDDXWRPiWLFDPHQWHHPSOHDQGRHO VHQVRUGHOX]DPELHQWDOGHOPHGLGRU y 7LHPSRGHHVSHUDGHSDQWDOODODSDQWDOODVHDWHQ~DVL SHUPDQHFHLQDFWLYDPiVGHVHJXQGRVVHDSDJDVLHVWi LQDFWLYDHOSHULRGRGHILQLGR3XOVHFXDOTXLHUWHFODRWRTXHHO PHGLGRUSDUDUHDFWLYDUOR(OPHGLGRUWDPELpQSXHGHDSDJDUVH DXWRPiWLFDPHQWHGHVSXpVGHXQSHULRGRGHLQDFWLYLGDG GHILQLGRSRUHOXVXDULRDWUDYpVGH0HQ~$MXVWH$XWRDSDJDGR (ODMXVWHSUHGHWHUPLQDGRHVPLQXWRV

ZZZGDNRWDQGWFRP

HV

,1752’8&&,Ï1FRQWLQXDFLyQ
6(/(&&,Ï1 ‘(/ 02’2 ‘( 0(‘,&,Ï1&; (O&;GLVSRQHGHXQPRGRGHPHGLFLyQµ3XOVR(FR¶(O&; GLVSRQHGHGRVPRGRVGHPHGLFLyQµ3XOVR(FR¶µ(FR(FR 7KUX3DLQW¶3DUDREWHQHUXQDH[SOLFDFLyQGHORVGLIHUHQWHVPRGRV FRQVXOWHOD7DEOD0RGRVGHPHGLFLyQ
3DUDVHOHFFLRQDUHOPRGRGHPHGLFLyQ&;SXOVH 0HQ~$MXVWH/HFWXUD0RGRGHPHGLGD

0RGRGH PHGLFLyQ 3XOVR(FR3(
(FR(FR 7KUX3DLQW ((

7$%/$02’26 ‘( 0(‘,&,Ï1
,FRQR ‘HVFULSFLyQ
6HPLGHHOHVSHVRUWRWDOGHVGHODEDVHGHO WUDQVGXFWRUKDVWDHOOtPLWHGHGHQVLGDGGHOPDWHULDO QRUPDOPHQWHODSDUHGSRVWHULRU$GHFXDGRSDUD ODPHGLFLyQGHPDWHULDOHVGHHQWUHPP PPSXOJDSXOJDGHHVSHVRU
6HRPLWHXQUHYHVWLPLHQWRGHKDVWDPP SXOJGHHVSHVRUVHPLGHHOHVSHVRUGHOPDWHULDO GHVGHODVXSHUILFLHVXSHULRUGHOPDWHULDOKDVWDHO OtPLWHGHGHQVLGDGGHOPDWHULDOQRUPDOPHQWHOD SDUHGSRVWHULRU$GHFXDGRSDUDODPHGLFLyQGH PDWHULDOHVGHHQWUHPPPPSXOJ DSXOJDGHHVSHVRU

1RWD(OPHGLGRUGHEHUtDUHFDOLEUDUVHDOFDPELDUHOPRGRGHPHGLFLyQFRQVXOWHOD 6HFFLyQ³&DOLEUDFLyQGHOPHGLGRU´HQODSiJLQDHV(OLFRQRGHFDOLEUDFLyQ SDUSDGHDUiLQWHUPLWHQWHPHQWHSDUDLQGLFDUTXHHVQHFHVDULDODUHFDOLEUDFLyQ

6(/(&&,Ï1 ‘( /$ 81,’$’ ‘( 0(‘,’$ /RVPHGLGRUHVSXHGHQPRVWUDUODVOHFWXUDVHQPPRSXOJDGDV 3DUDVHOHFFLRQDUODXQLGDGGHPHGLGDSXOVH0HQ~$MXVWH 8QLGDGHV

D(OUDQJRGHHVSHVRUGHSHQGHGHOPDWHULDOTXHVHHVWpPLGLHQGRGHOWUDQVGXFWRUXWLOL]DGR

HV

ZZZGDNRWDQGWFRP

(63(&,),&$&,Ï1′(/38172&(52
(VLPSRUWDQWHDMXVWDUHOSXQWRFHURSDUDHOWUDQVGXFWRU6LQRVH DMXVWDHOSXQWRFHURFRUUHFWDPHQWHWRGDVODVPHGLFLRQHVVHUiQ LQFRUUHFWDV
(OPHGLGRUUHFRUGDUiHO~OWLPRSXQWRFHUR1RREVWDQWHHV FRQYHQLHQWHDMXVWDUHOSXQWRFHURVLHPSUHTXHVHHQFLHQGDHO PHGLGRUFXDQGRVHKDDXWLOL]DGRXQWUDQVGXFWRUGLIHUHQWH(OOR JDUDQWL]DUiTXHHOSXQWRFHURVHDFRUUHFWR
3DUDDMXVWDUHOSXQWRFHUR &RQHFWHHOWUDQVGXFWRUDOPHGLGRU
DVHJXUiQGRVHGHTXHTXHGH WRWDOPHQWHHQFDMDGR
/DSODFDZHDUIDFHGHOWUDQVGXFWRUGHEH HVWDUOLPSLDQRSUHVHQWDUUHVLGXRV
3XOVHHOERWyQGHHQFHQGLGR DSDJDGRSDUDHQFHQGHUHOPHGLGRU
3XOVH0HQ~&DOLEUDFLyQ$MXVWHGH FHURDSOLTXHJHODOGLVFRFHUR
&XDQGRVHOHLQGLTXHSUHVLRQHHO WUDQVGXFWRUVREUHHOGLVFRFHUR DVHJXUiQGRVHGHTXHHVWpSODQR FRQWUDODVXSHUILFLH
/DSDQWDOODPRVWUDUiXQYDORUGHHVSHVRU TXHVHDFWXDOL]DFRQVWDQWHPHQWH/D HVWDELOLGDGGHODOHFWXUDVHPXHVWUDHQOD EDUUDGHHVWDELOLGDGGHODSDUWHGHUHFKD GHODSDQWDOOD8QDOHFWXUDYiOLGDWLHQH XQDHVWDELOLGDGGHRVXSHULRU
5HWLUHHOWUDQVGXFWRUGHOGLVFRFHUR /D~OWLPDOHFWXUDVHPDQWLHQHHQOD SDQWDOOD6LQRHVUHSUHVHQWDWLYD UHSLWDHOSDVR
(OXVRH[FHVLYRGHJHOSXHGH RFDVLRQDUXQDOHFWXUDGLVWRUVLRQDGD FXDQGRHOWUDQVGXFWRUVHUHWLUDGHOD VXSHUILFLH
3XOVH³&HUR´SDUDDMXVWDUHOSXQWRFHUR

ZZZGDNRWDQGWFRP

HV

0e72’26 ‘( &$/,%5$&,Ï1&;
3DUDTXHHOPHGLGRUUHDOLFHPHGLFLRQHVSUHFLVDVGHEHDMXVWDUVH FRQODYHORFLGDGGHVRQLGRFRUUHFWDSDUDHOPDWHULDOTXHVHHVWi PLGLHQGR
&DGDPDWHULDOWLHQHXQDYHORFLGDGGHVRQLGRGLIHUHQWH3RUHMHPSOR ODYHORFLGDGGHOVRQLGRDWUDYpVGHODFHURHVGHPV DSUR[LPDGDPHQWHSXOJVODYHORFLGDGGHOVRQLGRDWUDYpV GHODOXPLQLRHVGHPVDSUR[LPDGDPHQWHSXOJV
$MXVWDUODFDOLEUDFLyQHVFUXFLDOSDUDTXHHOPHGLGRUIXQFLRQH FRUUHFWDPHQWH(OSURFHGLPLHQWRGHFDOLEUDFLyQGHEHUHDOL]DUVH FXDQGRVHFDPELDHOPRGRGHPHGLFLyQHOWUDQVGXFWRURHOWLSRGH PDWHULDO
(O&;HVWiSUHFDOLEUDGRSDUDDFHUR~QLFDPHQWHHOXVXDULRQR SXHGHDMXVWDUODFDOLEUDFLyQ(O&;GLVSRQHGHGLVWLQWRVPpWRGRV GHFDOLEUDFLyQFRQVXOWHOD7DEOD0pWRGRVGHFDOLEUDFLyQ

3DUDVHOHFFLRQDUHOPpWRGRGHFDOLEUDFLyQ&;SXOVH 0HQ~&DOLEUDFLyQ0pWRGR&DO

0pWRGRGH FDOLEUDFLyQ 3XQWR

7$%/$0e72’26 ‘( &$/,%5$&,Ï1
,FRQR ‘HVFULSFLyQ
(VWHHVHOSURFHGLPLHQWRGHFDOLEUDFLyQPiV VHQFLOORHOPiVXWLOL]DGR7UDVDMXVWDUHOSXQWRFHUR FRQVXOWHOD6HFFLyQ³(VSHFLILFDFLyQGHOSXQWR FHUR´HQODSiJLQDHVVHWRPDDMXVWDXQD OHFWXUDHQXQDSLH]DGHPXHVWUDVLQUHYHVWLPLHQWR GHOPDWHULDODFRPSUREDUGHXQHVSHVRUFRQRFLGR 8QDYH]LQWURGXFLGRFRQILUPDGRHOHVSHVRUVH PXHVWUDODYHORFLGDGGHVRQLGRGHULYDGD

0DWHULDO

&DOLEUDFLyQPHGLDQWHODYHORFLGDGGHOVRQLGRHQ XQPDWHULDOVHOHFFLRQDGDGHXQDOLVWDSUHGHILQLGD GHPDWHULDOHVDOPDFHQDGDHQHOPHGLGRU

&DOLEUDFLyQ’H )iEULFD

&DOLEUDFLyQPHGLDQWHODFDOLEUDFLyQ SUHGHWHUPLQDGDHQIiEULFDGHODYHORFLGDGGHO VRQLGRHVWiQGDUGHODFHURPV DSUR[LPDGDPHQWHSXOJV

HV

ZZZGDNRWDQGWFRP

&$/,%5$&,Ï1′(/0(‘,’25&;
87,/,=$&,Ï1′(/$&$/,%5$&,Ï138172 (VWHSURFHGLPLHQWRUHTXLHUHXQDSLH]DGHPXHVWUDVLQUHYHVWLPLHQWR GHOPDWHULDODFRPSUREDUFXRHVSHVRUH[DFWRVHFRQRFHKDELHQGR VLGRPHGLGRSRURWURPHGLRRXQSDWUyQGHFDOLEUDFLyQFRQVXOWHOD 6HFFLyQ³SDWUyQHVGHFDOLEUDFLyQ´HQODSiJLQDHV
&RQHFWHHOWUDQVGXFWRUDOPHGLGRUDVHJXUiQGRVHGHTXHTXHGH WRWDOPHQWHHQFDMDGR
/DSODFDZHDUIDFHGHOWUDQVGXFWRUGHEHHVWDUOLPSLDQRSUHVHQWDU UHVLGXRV
3XOVHHOERWyQGHHQFHQGLGRDSDJDGRSDUDHQFHQGHUHOPHGLGRU 3XOVH0HQ~&DOLEUDFLyQ0pWRGR&DOVHOHFFLRQH³3XQWR´
6LDVHKDVHOHFFLRQDGR³3XQWR´HOPpWRGRGHFDOLEUDFLyQDFWXDOPHQWH VHOHFFLRQDGRVHLQGLFDPHGLDQWHHOLFRQRGHODSDUWHGHUHFKDGHOD SDQWDOODVHQFLOODPHQWHSXOVH0HQ~&DOLEUDFLyQ&DOLEUDU
6HLQGLFDUiDOXVXDULRTXHUHDOLFHXQ³$MXVWHGHFHUR´SDUD DMXVWDUHOYDORUFHURGHOWUDQVGXFWRUDOJRTXHUHFRPHQGDPRV KDFHUDQWHVGHFDOLEUDUHOPHGLGRUFRQVXOWHOD6HFFLyQ ³(VSHFLILFDFLyQGHOSXQWRFHUR´HQODSiJLQDHV
&XDQGRVHOHLQGLTXHDSOLTXHHOJHODODPXHVWUDVLQ UHYHVWLPLHQWRRDOSDWUyQGHFDOLEUDFLyQ
3UHVLRQHHOWUDQVGXFWRUVREUHODPXHVWUDVLQUHYHVWLPLHQWRRHOSDWUyQ GHFDOLEUDFLyQDVHJXUiQGRVHGHTXHHVWiSODQRFRQWUDODVXSHUILFLH
/DSDQWDOODPRVWUDUiXQYDORUGHHVSHVRUTXHVHDFWXDOL]D FRQVWDQWHPHQWH/DHVWDELOLGDGGHODOHFWXUDVHPXHVWUDHQODEDUUDGH HVWDELOLGDGGHODSDUWHGHUHFKDGHODSDQWDOOD8QDOHFWXUDYiOLGDWLHQHXQD HVWDELOLGDGGHRVXSHULRU
5HWLUHHOWUDQVGXFWRUGHODPXHVWUDVLQUHYHVWLPLHQWRRHOSDWUyQ GHFDOLEUDFLyQ/D~OWLPDOHFWXUDVHPDQWLHQHHQODSDQWDOOD6LQR HVUHSUHVHQWDWLYDUHSLWDORVSDVRV
(OXVRH[FHVLYRGHJHOSXHGHRFDVLRQDUXQDOHFWXUDGLVWRUVLRQDGDFXDQGR HOWUDQVGXFWRUVHUHWLUDGHODVXSHUILFLH
3XOVH³$MXVWDU´XWLOLFHODVWHFODVSURJUDPDGDVÏÐDMXVWHOD OHFWXUDFRQHOYDORUGHHVSHVRUFRQRFLGRVHJXLGRGH³$MXVWDU´ SDUDDMXVWDUHOYDORU
3XOVDQGR³(VFDSH´HQFXDOTXLHUPRPHQWRVHDEDQGRQDHOSURFHGLPLHQWR GHFDOLEUDFLyQVLQFDOLEUDUHOPHGLGRU
6HPRVWUDUiODYHORFLGDGGHOVRQLGRGHULYDGDHQODSDUWHGHUHFKDGHOD
SDQWDOODGHEDMRGHOLFRQRGHOPpWRGRGHFDOLEUDFLyQ
1RWD/DFDOLEUDFLyQHQXQSXQWRGHEHUHDOL]DUVHVREUHHOPDWHULDOXQDYH]ODSLQWXUDR HOUHYHVWLPLHQWRKDQVLGRTXLWDGRV6LQRVHTXLWDODSLQWXUDRHOUHYHVWLPLHQWR DQWHVGHODFDOLEUDFLyQODVOHFWXUDVVHUiQLQFRUUHFWDV

ZZZGDNRWDQGWFRP

HV

&$/,%5$&,Ï1′(/0(‘,’25&;FRQWLQXDFLyQ
87,/,=$&,Ï1′(/$&$/,%5$&,Ï10$7(5,$/ (OPHGLGRUVHFDOLEUDHPSOHDQGRODYHORFLGDGGHOVRQLGRFRQRFLGD GHXQPDWHULDOFRQIRUPHDORVHOHFFLRQDGRSRUHOXVXDULRGHXQD OLVWDSUHGHILQLGDDOPDFHQDGDHQHOPHGLGRU(VWHPpWRGRGH FDOLEUDFLyQUHVXOWD~WLOFXDQGRQRKDGLVSRQLEOHVSLH]DVGHSUXHED VLQUHYHVWLPLHQWRFRQHVSHVRUHVFRQRFLGRV

3XOVHHOERWyQGHHQFHQGLGRDSDJDGRSDUDHQFHQGHUHOPHGLGRU
3XOVH0HQ~&DOLEUDFLyQ0pWRGR&DOVHOHFFLRQH³0DWHULDO´
6LDVHKDVHOHFFLRQDGR³0DWHULDO´HOPpWRGRGHFDOLEUDFLyQ DFWXDOPHQWHVHOHFFLRQDGRVHLQGLFDPHGLDQWHHOLFRQRGHODSDUWHGHUHFKD GHODSDQWDOODVHQFLOODPHQWHSXOVH0HQ~&DOLEUDFLyQ&DOLEUDU
8WLOLFHODVWHFODVSURJUDPDGDVÏÐSDUDUHVDOWDUHOPDWHULDO UHTXHULGRVHJXLGRGH³6HOHFF´
3XOVDQGR³(VFDSH´HQFXDOTXLHUPRPHQWRVHDEDQGRQDHO SURFHGLPLHQWRGHFDOLEUDFLyQVLQFDOLEUDUHOPHGLGRU
6HPRVWUDUiODYHORFLGDGGHOVRQLGRGHOPDWHULDOVHOHFFLRQDGRHQOD SDUWHGHUHFKDGHODSDQWDOODGHEDMRGHOLFRQRGHOPpWRGRGHFDOLEUDFLyQ

87,/,=$&,Ï1′(&$/,%5$&,Ï1′()È%5,&$ 3XOVH0HQ~&DOLEUDFLyQ&DOLEUDFLyQ’H)iEULFDSDUDUHVWDXUDUHODMXVWH GHFDOLEUDFLyQSUHGHWHUPLQDGRHQIiEULFDGHODYHORFLGDGGHOVRQLGR HVWiQGDUGHODFHURPVDSUR[LPDGDPHQWHSXOJV

720$'(81$/(&785$

$17(6′(&20(1=$5

3XOVHHOERWyQGHHQFHQGLGRDSDJDGRSDUDHQFHQGHUHOPHGLGRU

&RQHFWHXQWUDQVGXFWRUDOPHGLGRU

7RGRVORVWUDQVGXFWRUHVGHHOHPHQWRGXDOTXHSXHGHQFRQHFWDUVH

GLUHFWDPHQWHDODEDVHGHXQPHGLGRU’DNRWD&;FRQVXOWHOD6HFFLyQ

³7UDQVGXFWRUHV´HQODSiJLQDHVVRQWUDQVGXFWRUHV³LQWHOLJHQWHV´

VRQLGHQWLILFDGRVDXWRPiWLFDPHQWHSRUHOPHGLGRU6LXWLOL]DRWURV

WUDQVGXFWRUHVGHHOHPHQWRGXDOµQRLQWHOLJHQWHV¶GH’DNRWD1’7R

WUDQVGXFWRUHVGHRWURVIDEULFDQWHVVHUiQHFHVDULRXQDGDSWDGRUGH

WUDQVGXFWRUFRQVXOWHOD6HFFLyQ³$GDSWDGRUGHWUDQVGXFWRU´HQOD

SiJLQDHV

6HOHFFLRQHHOPRGRGHPHGLFLyQ&;FRQVXOWHOD6HFFLyQHQ

ODSiJLQDHV

6HOHFFLRQHHOSXQWRFHURGHOWUDQVGXFWRUFRQVXOWHOD6HFFLyQHQ

ODSiJLQDHV

&DOLEUHHOPHGLGRU&;FRQVXOWHOD6HFFLyQHQODSiJLQDHV

3UHSDUHODVXSHUILFLHGHSUXHEDFRQVXOWHHO$SpQGLFHHQOD

SiJLQDHV

HV

ZZZGDNRWDQGWFRP

720$'(81$/(&785$FRQWLQXDFLyQ
720$'(81$/(&785$ $SOLTXHXQDSHTXHxDFDQWLGDGGHJHODODVXSHUILFLHGHOD
SUXHED 3UHVLRQHHOWUDQVGXFWRUVREUHHOJHODVHJXUiQGRVHGHTXHHVWi
SODQRFRQWUDODVXSHUILFLH
0RGHUHODSUHVLyQHQODSDUWHVXSHULRUGHOWUDQVGXFWRUEDVWDFRQXWLOL]DUHO SXOJDURHOtQGLFHVRORHVQHFHVDULRPDQWHQHUHOWUDQVGXFWRUTXLHWR DVHQWDGRHQSRVLFLyQSODQDFRQWUDODVXSHUILFLHGHOPDWHULDO
/DSDQWDOODPRVWUDUiXQYDORUTXHVHDFWXDOL]DFRQVWDQWHPHQWH (OPHGLGRUWRPDUiOHFWXUDVSRUVHJXQGRFXDQGRHO WUDQVGXFWRUHVWpHQFRQWDFWRFRQODVXSHUILFLHGHOPDWHULDO
/DHVWDELOLGDGGHODOHFWXUDVHPXHVWUDHQODEDUUDGHHVWDELOLGDGGHOD SDUWHGHUHFKDGHODSDQWDOOD8QDOHFWXUDYiOLGDWLHQHXQDHVWDELOLGDGGH RVXSHULRU6LHOLQGLFDGRUGHHVWDELOLGDGWLHQHPHQRVGHEDUUDVRHO Q~PHURTXHDSDUHFHHQSDQWDOODSDUHFHHUUyQHRDVHJ~UHVHGHTXHKDD XQDSHOtFXODDGHFXDGDGHJHOGHEDMRGHOWUDQVGXFWRUTXHHOWUDQVGXFWRU HVWpSODQRFRQWUDHOPDWHULDO6LHVWDVLWXDFLyQFRQWLQ~DSXHGHVHU QHFHVDULRVHOHFFLRQDUXQWUDQVGXFWRUGLIHUHQWHWDPDxRRIUHFXHQFLD GLIHUHQWHVSDUDHOPDWHULDOVRPHWLGRDSUXHED
/D~OWLPDOHFWXUDVHPDQWLHQHHQSDQWDOODFXDQGRHOWUDQVGXFWRU VHUHWLUDGHODVXSHUILFLH

$YLVROHJDO /DVPHGLGDVXOWUDVyQLFDVGHJURVRUOOHYDQGHIRUPDLQKHUHQWHODSRVLELOLGDGGH TXHHOLQVWUXPHQWRXVHHOVHJXQGRHFRHQOXJDUGHOSULPHURJHQHUDGRHQOD VXSHUILFLHWUDVHUDGHOPDWHULDOTXHVHHVWiPLGLHQGRGXUDQWHHOPRGRHVWDQGDU 3XOVRD(FR(VWRSXHGHUHVXOWDUHQXQDOHFWXUDGHJURVRUTXHHV’2%/(GHOD TXHGHEHUtDVHU/DUHVSRQVDELOLGDGGHOXVRDGHFXDGRGHOLQVWUXPHQWRGH PHGLGDHOUHFRQRFLPLHQWRGHHVWHWLSRGHIHQyPHQRVUHVLGHWRWDOPHQWHHQHO XVXDULRGHOLQVWUXPHQWR

(6758&785$'(0(1Ò6&;

0HQ~ &DOLEUDFLyQ $MXVWH $FHUFDGH 5HLQLFLR /X]GHHPHUJHQFLD

&DOLEUDFLyQ &DOLEUDU 0pWRGR&DO $MXVWHGHFHUR &DOLEUDFLyQ’H)iEULFD

$MXVWH

/HFWXUD

8QLGDGHV

,GLRPD

9ROXPHQGHOSLWLGR

$MXVWHVGHSDQWDOOD

$XWRDSDJDGR

{

$FHUFDGH ,QIRUPDFLyQGHOHTXLSR ,QIRUPDFLyQGHOWUDQVGXFWRU &RQWDFWR /HJDO

0pWRGR&DO

0DWHULDO

{

3XQWR

{

/HFWXUD 0RGRGHPHGLFLyQ

8QLGDGHV

PP

{

,QFK3XOJDGD

{

$MXVWHVGHSDQWDOOD

%ULOORGHSDQWDOOD

7LHPSRGHHVSHUDGHSDQWDOOD

3DQWDOODLQLFLR

{

0RGRGHPHGLGD

3XOVR(FR3(

{

(FR(FR7KUX3DLQW(( {

ZZZGDNRWDQGWFRP

/HJDO $YLVRVOHJDOHV 5HJXODFLRQHV

HV

(6758&785$'(0(1Ò6&;

0HQ~ &DOLEUDFLyQ $MXVWH $FHUFDGH 5HLQLFLR /X]GHHPHUJHQFLD

&DOLEUDFLyQ $MXVWHGHFHUR

$MXVWH

8QLGDGHV

,GLRPD

9ROXPHQGHOSLWLGR

$MXVWHVGHSDQWDOOD

$XWRDSDJDGR

{

$FHUFDGH ,QIRUPDFLyQGHOHTXLSR ,QIRUPDFLyQGHOWUDQVGXFWRU &RQWDFWR /HJDO

8QLGDGHV

PP

{

,QFK3XOJDGD

{

$MXVWHVGHSDQWDOOD

%ULOORGHSDQWDOOD

7LHPSRGHHVSHUDGHSDQWDOOD

3DQWDOODLQLFLR

{

/HJDO $YLVRVOHJDOHV 5HJXODFLRQHV

$&78$/,=$&,Ï1′(/0(‘,’25
(OXVXDULRSXHGHDFWXDOL]DUPHGLDQWH’DN0DVWHU70HOILUPZDUHDOD YHUVLyQPiVUHFLHQWHFXDQGRHVWpGLVSRQLEOH’DN0DVWHU70LQIRUPDUi DOXVXDULRGHODH[LVWHQFLDGHFXDOTXLHUDFWXDOL]DFLyQFXDQGRHO PHGLGRUVHFRQHFWHDXQ3&FRQFRQH[LyQD,QWHUQHW
5(38(6726<$&&(625,26 75$16’8&725(6 /RVWUDQVGXFWRUHVHQXPHUDGRVDFRQWLQXDFLyQVRQFRPSDWLEOHVFRQ ODJDPDGHSURGXFWRV’DNRWD&;6RQWUDQVGXFWRUHVGHHOHPHQWR GXDO³LQWHOLJHQWHV´HQFDSVXODGRVHOFDEOHGHOWUDQVGXFWRUHVWiILMR HQHOFDEH]DOGHOWUDQVGXFWRUHQiQJXORUHFWRTXHHOPHGLGRU LGHQWLILFDDXWRPiWLFDPHQWHDOVHUFRQHFWDGRV
$OHOHJLUXQWUDQVGXFWRUGHEHQWHQHUVHHQFXHQWDODIUHFXHQFLDHO GLiPHWURHOPDWHULDOVRPHWLGRDSUXHED

E’DGRTXHHO&;VHVXPLQLVWUDFDOLEUDGRSDUDDFHURVRORSXHGHQXWLOL]DUVHFRQHVWHPHGLGRU WUDQVGXFWRUHVDGHFXDGRVSDUDPHGLUHQDFHUR

HV

ZZZGDNRWDQGWFRP

5(38(6726<$&&(625,26FRQWLQXDFLyQ

5HIHUHQFLD

$SWRSDUDPHGLU )UHFXHQFLD ‘LiPHWUR
&, 3 73 ) 7 6 * $ 7

7;&0(3 0+]

9 9

9

7;&0&3 0+]

99

9

7;&0(3 0+]

9 9

9

7;&0(3 0+]

9 9

9

7;&0%3 0+]

9

99

7;&0(3 0+]

9

99

7;&0&3 0+]

9

99

7;&0&3 0+]

9

99

7;&0&3 0+]

9

99

7;&0%3 0+]

9

999

7;&0&3Á 0+]

9

999

7;&0&3 0+]

9

999

7;&0%3 0+]

9

99

7;&0&3 0+]

9

99

&ODYH &, +LHUURGH)XQGLFLyQ ) )LEUDGH9LGULR 9LGULR

3 3OiVWLFRV

73 3OiVWLFRV’HOJDGRV

7* )LEUDGH9LGULR’HOJDGD 6 $FHUR

$ $OXPLQLR

7 7LWDQLR

(VSHVRUGHUHYHVWLPLHQWRWUDQVGXFWRUDPRUWLJXDGRTXHXWLOL]DWHFQRORJtD7KUX3DLQW$SWRSDUDXVRFRQ HOPRGRGHPHGLFLyQµ(FKR(FKR7KUX3DLQW¶H[FOXVLYDPHQWHFRQVXOWHOD6HFFLyQ³6HOHFFLyQGHO PRGRGHPHGLFLyQ´HQODSiJLQDHV
7UDQVGXFWRUGHDOWDWHPSHUDWXUDDSWRSDUDPHGLUVXSHUILFLHVFDOLHQWHVGHKDVWD&) Á7UDQVGXFWRUGHDOWDUHVROXFLyQFRQDXPHQWRGHUHVROXFLyQGHVXSHUILFLHSUy[LPDLGyQHRSDUDXVRFRQ
VXVWUDWRVGHOJDGRV

+DGLVSRQLEOHVRWURVWUDQVGXFWRUHVTXHSXHGHQFRQHFWDUVHDORV PHGLGRUHV’DNRWD&;HPSOHDQGRXQDGDSWDGRUGHWUDQVGXFWRU FRQVXOWHOD6HFFLyQ³$GDSWDGRUGHWUDQVGXFWRU´HQODSiJLQD HV3DUDREWHQHUXQDOLVWDFRPSOHWDGHWUDQVGXFWRUHVYLVLWH GDNRWDQGWFRP

ZZZGDNRWDQGWFRP

HV

5(38(6726<$&&(625,26FRQWLQXDFLyQ
3$75Ï1(6′(&$/,%5$&,Ï1 /RVSDWUyQHVGHFDOLEUDFLyQGH ‘DNRWD1’7GLVSRQLEOHVFRPRXQMXHJR RLQGLYLGXDOPHQWHORTXHSHUPLWHDORV XVXDULRVVHOHFFLRQDUORVHVSHVRUHVPiV DGHFXDGRVSDUDVXDSOLFDFLyQVHIDEULFDQ FRQDFHURFFRQXQDWROHUDQFLDGH GHOHVSHVRUQRPLQDO

/RVMXHJRVGHSDWUyQHVORVSDWUyQHVLQGLYLGXDOHVGHFDOLEUDFLyQVH VXPLQLVWUDQFRQFHUWLILFDGRGHFDOLEUDFLyQ

‘HVFULSFLyQ

5HIHUHQFLD

-XHJRGHSDWUyQHVGHFDOLEUDFLyQ

7&$/67’6(7

(VSHVRUQRPLQDOPPSXOJG
&RQVWDGHHVSHVRUHVQRPLQDOHV PP

SXOJGFRQVRSRUWH

FHUWLILFDGRGHFDOLEUDFLyQ

-XHJRGHSDWUyQHVGHFDOLEUDFLyQ

7&$/67’6(7

(VSHVRUQRPLQDOPPSXOJG

&RQVWDGHHVSHVRUHVQRPLQDOHV PP

SXOJGFRQVRSRUWH

FHUWLILFDGRGHFDOLEUDFLyQ

6RSRUWHGHSDWUyQHVGHFDOLEUDFLyQ
SDUDHVSHVRUHVGHKDVWDPPSXOJG

7&$/67’+/’

1RWD’DNRWD1’7UHFRPLHQGDTXHORVSDWURQHVGHFDOLEUDFLyQFXDQGRQRHVWpQHQ XVRVHHQYXHOYDQFRQSHOtFXODDQWLFRUURVLyQ

F6HHQFXHQWUDQGLVSRQLEOHVDSHWLFLyQSDWURQHVGHFDOLEUDFLyQHQRWURVPDWHULDOHV3yQJDVHHQFRQWDFWR FRQ’DNRWD1’7SDUDREWHQHUPiVLQIRUPDFLyQ
G /RVYDORUHVGHPHGLGDHQHOVLVWHPDEULWiQLFRVHIDFLOLWDQH[FOXVLYDPHQWHDWtWXORLQIRUPDWLYR/RV SDWURQHVGHFDOLEUDFLyQVHIDEULFDQPLGHQHQPLOtPHWURV

HV

ZZZGDNRWDQGWFRP

5(38(6726<$&&(625,26FRQWLQXDFLyQ

3$75Ï1(6′(&$/,%5$&,Ï1,1′,9,’8$/(6

5HIHUHQFLD

(VSHVRU QRPLQDO 5HIHUHQFLD PP SXOJG

(VSHVRU QRPLQDO PP SXOJG

7&$/67′

7&$/67′

7&$/67′

7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′

1RWD’DNRWD1’7UHFRPLHQGDTXHORVSDWUyQHVGHFDOLEUDFLyQFXDQGRQRHVWpQHQ XVRVHHQYXHOYDQFRQSHOtFXODDQWLFRUURVLyQ

*(/8/75$6Ï1,&2 3DUDTXHHOPHGLGRUIXQFLRQHFRUUHFWDPHQWHQRGHEHKDEHUQLQJ~Q KXHFRGHDLUHHQWUHHOWUDQVGXFWRUODVXSHUILFLHVRPHWLGDDSUXHED (VWRVHFRQVLJXHPHGLDQWHHOXVRGHJHO

&RQFDGDPHGLGRUVHVXPLQLVWUDGHVHULHXQERWHGHJHOGHPO RQ]DVGHIOXLGRSXHGHQDGTXLULUVHSRUVHSDUDGRRWURVWDPDxRV

‘HVFULSFLyQ

5HIHUHQFLD

PORQ]DVGHIOXLGR

7

PORQ]DVGHIOXLGRSDTXHWHGH

7

PORQ]DVGHIOXLGR

7

PORQ]DVGHIOXLGR

7

OJDOyQGH((88

7

$OWDWHPSHUDWXUDPORQ]DVGHIOXLGR

7

$OWDWHPSHUDWXUDPORQ]DVGHIOXLGR

7

SDTXHWHGH

3DUDXVRFRQWUDQVGXFWRUHVGHDOWDWHPSHUDWXUDFRQVXOWHOD6HFFLyQµ7UDQVGXFWRUHV¶

HQODSiJLQDHV

G/RVYDORUHVGHPHGLGDHQHOVLVWHPDEULWiQLFRVHIDFLOLWDQH[FOXVLYDPHQWHDWtWXORLQIRUPDWLYR/RV SDWURQHVGHFDOLEUDFLyQVHIDEULFDQPLGHQHQPLOtPHWURV

ZZZGDNRWDQGWFRP

HV

5(38(6726<$&&(625,26FRQWLQXDFLyQ
$’$37$’25 ‘( 75$16’8&725 (VWHDGDSWDGRUSHUPLWHXWLOL]DU WUDQVGXFWRUHVGHHOHPHQWRGXDO³QR LQWHOLJHQWHV´GH’DNRWD1’7FRQVXOWH OD6HFFLyQ³7UDQVGXFWRUHV´HQOD SiJLQDHVWUDQVGXFWRUHVGHRWURV IDEULFDQWHVFRQFRQHFWRUHV/HPRFRQOD JDPDGHSURGXFWRV’DNRWD&;

6LPSOHPHQWHFRQHFWHHODGDSWDGRUDOSXQWRGHFRQH[LyQGHO WUDQVGXFWRUVLWXDGRHQODEDVHGHOPHGLGRUSDUDFRQHFWDUFXDOTXLHU WUDQVGXFWRUGHHOHPHQWRGXDO³QRLQWHOLJHQWH´VLJDODVLQVWUXFFLRQHV GHODSDQWDOOD

‘HVFULSFLyQ $GDSWDGRUGH7UDQVGXFWRU

5HIHUHQFLD 7

(63(&,),&$&,21(6 7e&1,&$6

0RGHOR

&;

&;

5DQJRGH HVSHVRUD

3XOVR(FR (FR(FR 7KUX3DLQW

3UHFLVLyQ

3XOVR(FR (FR(FR 7KUX3DLQW

5DQJRGHYHORFLGDG

5HVROXFLyQ

9HORFLGDGGHPHGLFLyQ

7HPSHUDWXUDVGHWUDEDMR

)XHQWHGHDOLPHQWDFLyQ

PPSXOJ

PP SXOJ

PPPPPP SXOJSXOJ SXOJ

PPSXOJ

PVSXOJV PPSXOJ
+]OHFWXUDVSRUVHJXQGR ‘HD&’HD)
SLODV$$

D(OUDQJRGHHVSHVRUGHSHQGHGHOPDWHULDOTXHVHHVWpPLGLHQGRGHOWUDQVGXFWRUXWLOL]DGR

HV

ZZZGDNRWDQGWFRP

(63(&,),&$&,21(67e&1,&$6FRQWLQXDFLyQ

0RGHOR

&;

&;

‘XUDFLyQGHODVSLODVH

$SUR[LPDGDPHQWHKRUDV

3HVRGHOPHGLGRU

JRQ]DV
LQFOXLGDVSLODVVLQWUDQVGXFWRU

‘LPHQVLRQHVGHOPHGLGRU

[[PP[[SXOJDGDV
VLQWUDQVGXFWRU

&XPSOHODVVLJXLHQWHVQRUPDV$670((1(1

‘(&/$5$&,Ï1′(*$5$17Ë$ /RVPHGLGRUHV’DNRWD&;VHVXPLQLVWUDQFRQXQDJDUDQWtDGH PHVHVSDUDGHIHFWRVGHIDEULFDFLyQTXHH[FOXHFRQWDPLQDFLyQ GHVJDVWH
/RVWUDQVGXFWRUHVVHVXPLQLVWUDQFRQXQDJDUDQWtDGHGtDV

H(QPRGRGHOHFWXUDFRQWLQXDFRQXQDYHORFLGDGGHOHFWXUDGH+]HPSOHDQGRSLODVDOFDOLQDV3XHGH GLIHULUFRQSLODVGHOLWLRRUHFDUJDEOHV

ZZZGDNRWDQGWFRP

HV

$9,626/(*$/(6(,1)250$&,Ï162%5(/$1250$7,9$

‘HFODUDFLyQGHFRQIRUPLGDG

‘DNRWD&;&;FXPSOHORVUHTXLVLWRVGHODVVLJXLHQWHV’LUHFWLYDVGHOD8(

(8 ‘LUHFWLYDGHFRPSDWLELOLGDGHOHFWURPDJQpWLFD

(8 ‘LUHFWLYD6REUH5HVWULFFLRQHVGHO8VRGH’HWHUPLQDGDV6XVWDQFLDV3HOLJURVDVHQ(TXLSRV(OpFWULFRV

(OHFWUyQLFRV5R+6

/D’HFODUDFLyQGHFRQIRUPLGDGSXHGHGHVFDUJDUVHGH

KWWSVGRZQORDGVGDNRWDQGWFRP’HFODUDWLRQBRIB&RQIRUPLW6SDQLVK’R&B&;B&;SGI

(O86%HVSDUDWUDQVIHUHQFLDGHGDWRVVRODPHQWHQRGHEHFRQHFWDUVHDODUHGHOpFWULFDPHGLDQWHXQDGDSWDGRUGH

86%UHGHOpFWULFD

3XHGHDFFHGHUVHDODPDUFDGHFRQIRUPLGDG$&0$DWUDYpVGH0HQ~$FHUFDGH/HJDO5HJXODFLRQHV

(VWHGLVSRVLWLYRFXPSOHORVUHTXLVLWRVGHODSDUWHGHODVQRUPDVGHOD)&&6XXWLOL]DFLyQHVWiVXMHWDDODV

VLJXLHQWHVGRVFRQGLFLRQHV(VWHHTXLSRQRSXHGHSURYRFDULQWHUIHUHQFLDVQRFLYDVHVWHHTXLSRGHEHDFHSWDU

FXDOTXLHULQWHUIHUHQFLDUHFLELGDLQFOXLGDVODVLQWHUIHUHQFLDVTXHSXHGDQSURYRFDUXQIXQFLRQDPLHQWRQRGHVHDGR

127$(VWHHTXLSRKDVLGRVRPHWLGRDSUXHEDVTXHFRQILUPDQVXFXPSOLPLHQWRGHORVOtPLWHVSDUDGLVSRVLWLYRVGLJLWDOHVGH

FODVH%FRQIRUPHDODSDUWHGHODVQRUPDVGHOD)&&(VWRVOtPLWHVHVWiQGLVHxDGRVSDUDSURSRUFLRQDUXQDSURWHFFLyQ

UD]RQDEOHIUHQWHDLQWHUIHUHQFLDVGDxLQDVHQLQVWDODFLRQHVGRPpVWLFDV(VWHHTXLSRJHQHUDXWLOL]DSXHGHLUUDGLDUHQHUJtD

GHUDGLRIUHFXHQFLDSRUORTXHVLQRVHLQVWDODXWLOL]DFRQIRUPHDODVLQVWUXFFLRQHVSXHGHSURYRFDULQWHUIHUHQFLDVGDxLQDV

HQFRPXQLFDFLRQHVGHUDGLR1RREVWDQWHQRH[LVWHJDUDQWtDDOJXQDGHTXHQRVHSURGX]FDQLQWHUIHUHQFLDVHQ

LQVWDODFLRQHVFRQFUHWDV(QHOFDVRGHTXHHVWHHTXLSRSURYRTXHLQWHUIHUHQFLDVGDxLQDVHQODUHFHSFLyQGHUDGLRR

WHOHYLVLyQORTXHSXHGHGHWHUPLQDUVHHQFHQGLHQGRDSDJDQGRHOHTXLSRHOXVXDULRGHEHUiLQWHQWDUFRUUHJLUGLFKDV

LQWHUIHUHQFLDVDGRSWDQGRXQDRYDULDVGHODVVLJXLHQWHVPHGLGDV

5HRULHQWHRFDPELHGHOXJDUODDQWHQDUHFHSWRUD

$XPHQWHODGLVWDQFLDHQWUHHOHTXLSRHOUHFHSWRU

&RQHFWHHOHTXLSRDXQDWRPDGHXQFLUFXLWRGLVWLQWRDOGHOUHFHSWRU

&RQVXOWHDVXSURYHHGRURDXQWpFQLFRFRQH[SHULHQFLDHQUDGLR79SDUDREWHQHUDXGD

/DVPRGLILFDFLRQHVUHDOL]DGDVVLQDSUREDFLyQH[SUHVDGH(OFRPHWHU/LPLWHGSRGUtDQDQXODUODDXWRUL]DFLyQFRQFHGLGDDO

XVXDULRSDUDXWLOL]DUHOHTXLSRFRQIRUPHDODVQRUPDVGHOD)&&

(VWHDSDUDWRGLJLWDOGH&ODVH%FXPSOHODQRUPD&$1,&(6%10%%

5 HVXQDPDUFDFRPHUFLDOUHJLVWUDGDGH(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%85HLQR

8QLGR

‘DN0DVWHU70 HVXQDPDUFDFRPHUFLDOGH(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%85HLQR8QLGR

6HUHFRQRFHQHOUHVWRGHPDUFDVFRPHUFLDOHV

‘DNRWD1’7HVXQD(PSUHVDGH(OFRPHWHU

(VWHSURGXFWRVHVXPLQLVWUDHQXQSDTXHWHGHFDUWyQ$VHJ~UHVHGHTXHHVWHHPEDODMHVHGHVHFKDGHIRUPD UHVSHWXRVDFRQHOPHGLRDPELHQWH&RQVXOWHDODVDXWRULGDGHVORFDOHVHQPDWHULDPHGLRDPELHQWDOSDUDREWHQHU LQIRUPDFLyQ

6HGHFHQWUDO(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%85HLQR8QLGR

HV

ZZZGDNRWDQGWFRP

$3e1’,&(35(3$5$&,Ï1′(/$683(5),&,(‘(358(%$
/DIRUPDODUXJRVLGDGGHODVXSHUILFLHVRPHWLGDDSUXHEDHVGH LPSRUWDQFLDFUXFLDODOUHDOL]DUSUXHEDVGHHVSHVRUXOWUDVyQLFDV/DV VXSHUILFLHVUXJRVDVGHVLJXDOHVSXHGHQOLPLWDUODSHQHWUDFLyQGHO XOWUDVRQLGRHQHOPDWHULDOGDUOXJDUDPHGLFLRQHVLQHVWDEOHVR LQFOXVRSRFRILDEOHV
/DVXSHUILFLHVRPHWLGDDSUXHEDGHEHHVWDUOLPSLDQRSUHVHQWDU SHTXHxDVSDUWtFXODVy[LGRQLFDO/DSUHVHQFLDGHGLFKRV REVWiFXORVLPSLGHTXHHOWUDQVGXFWRUVHDVLHQWHFRUUHFWDPHQWH FRQWUDODVXSHUILFLH
8QFHSLOORGHDODPEUHRXQUDVSDGRUVXHOHQVHUGHJUDQDXGDSDUD OLPSLDUODVVXSHUILFLHV(QFDVRVPiVH[WUHPRVSXHGHQXWLOL]DUVH XQDOLMDJLUDWRULDRXQDPXHODDXQTXHGHEHWHQHUVHFXLGDGRSDUD HYLWDUTXHVHUDVSHODVXSHUILFLHORTXHLPSHGLUtDXQDFRSODPLHQWR DGHFXDGRGHOWUDQVGXFWRU
/DVVXSHUILFLHVH[WUHPDGDPHQWHUXJRVDVFRPRODVGHDFDEDGRWLSR JXLMDUURGHDOJXQRVKLHUURVIXQGLGRVVRQODVPiVGLItFLOHVGHPHGLU (VWRVWLSRVGHVXSHUILFLHVDFW~DQVREUHHOKD]GHVRQLGRFRPRHO FULVWDOHVPHULODGRVREUHODOX]HOKD]TXHGDGLIXVRVHGLVSHUVDHQ WRGDVGLUHFFLRQHV
$GHPiVGHVXSRQHUXQREVWiFXORSDUDODPHGLFLyQODVVXSHUILFLHV UXJRVDVFRQWULEXHQDXQGHVJDVWHH[FHVLYRGHOWUDQVGXFWRU SDUWLFXODUPHQWHHQVLWXDFLRQHVHQODVTXHHOWUDQVGXFWRUVHµIURWD¶ SRUODVXSHUILFLH

ZZZGDNRWDQGWFRP

HV

70$HPLVLyQ7H[WRFRQ&XELHUWD

*HEUXLNHUVKDQGOHLGLQJ
‘DNRWD&; &;
8OWUDVRQLVFKHPDWHULDDOGLNWHPHWHUV
ZZZGDNRWDQGWFRP

,1+28’623$9(
6HFWLH 2YHU]LFKWPHWHU ‘RRVLQKRXG ‘HPHWHUJHEUXLNHQ $DQGHVODJ 1XOSXQWLQVWHOOHQ .DOLEUDWLHPHWKRGHQ&; ‘HPHWHUNDOLEUHUHQ&; (HQPHWLQJYHUULFKWHQ 0HQXVWUXFWXXU&; 0HQXVWUXFWXXU&; ‘HPHWHUXSJUDGHQ 5HVHUYHRQGHUGHOHQ DFFHVVRLUHV 7HFKQLVFKHVSHFLILFDWLHV
DUDQWLHYHUNODULQJ -XULGLVFKHNHQQLVJHYLQJHQ ZHWWHOLMNHLQIRUPDWLH $SSHQGL[+HWWHVWRSSHUYODNYRRUEHUHLGHQ

3DJLQD QO QO QO QO QO QO QO QO QO QO QO QO QO QO QO QO

3E +J

5DDGSOHHJGHRULJLQHOH(QJHOVHYHUVLHRPWZLMIHOXLWWHVOXLWHQ $IPHWLQJHQPHWHU[[PP[[±]RQGHUWUDQVGXFHU *HZLFKWPHWHUJR]±LQFOXVLHIEDWWHULMHQ]RQGHUWUDQVGXFHU 9HLOLJKHLGVLQIRUPDWLHEODGHQYRRUKHWXOWUDVRQLVFKHNRSSHOPLGGHOJHOHYHUGPHWGH’DNRWD&; &;HQEHVFKLNEDDUDOV DFFHVVRLUHNXQQHQZRUGHQJHGRZQORDGYDQRQ]HZHEVLWH 8OWUDVRQLVFKNRSSHOPLGGHOYHLOLJKHLGVLQIRUPDWLHEODG KWWSVGRZQORDGVGDNRWDQGWFRP06’6(OFRPHWHUB8OWUDVRQLFB&RXSODQWB%OXHSGI 8OWUDVRQLVFKNRSSHOPLGGHOKRJHWHPSHUDWXXUYHLOLJKHLGVLQIRUPDWLHEODG KWWSVGRZQORDGVGDNRWDQGWFRP06’6HOFRPHWHUBXOWUDVRQLFBFRXSODQWBKLBWHPSSGI

(OFRPHWHU /LPLWHG $OOH UHFKWHQ YRRUEHKRXGHQ 1LHWV YDQ GLW GRFXPHQW PDJ ZRUGHQ JHUHSURGXFHHUG RYHUJHGUDJHQJHWUDQVFULEHHUGRSJHVODJHQLQHHQUHWULHYDOVVWHHPRIDQGHUV]LQVRIYHUWDDOGLQHQLJHWDDOLQHQLJH YRUP RI GRRU HQLJ PLGGHO HOHNWURQLVFK PHFKDQLVFK PDJQHWLVFK RSWLVFK KDQGPDWLJ RI DQGHUV]LQV ]RQGHU GH YRRUDIJDDQGHVFKULIWHOLMNHWRHVWHPPLQJYDQ(OFRPHWHU/LPLWHG

QO

ZZZGDNRWDQGWFRP

29(5=,&+70(7(5

,QGLFDWRUVPHWOHGOLFKW±URRGOLQNVJURHQUHFKWV /FGVFKHUP 6RIWNHV $DQXLWNQRS 1XOVFKLMI $DQVOXLWSXQWWUDQVGXFHU 86%JHJHYHQVXLWJDQJRQGHUNDSMH %DWWHULMYDNóGUDDLRSHQVOXLWHQ 9HUELQGLQJVSXQWYRRUSROVEDQG
‘226,1+28’
‘DNRWDXOWUDVRQLVFKHPDWHULDDOGLNWHPHWHU 8OWUDVRRQNRSSHOPLGGHOPOIOR]IOHV [$$EDWWHULMHQ %HVFKHUPHQGHGUDDJWDV 3ROVEDQG 6FKHUPEHVFKHUPHU .DOLEUDWLHFHUWLILFDDW *HEUXLNHUVKDQGOHLGLQJ

ZZZGDNRWDQGWFRP

QO

‘(0(7(5*(%58,.(1

D 9RHGLQJ%DWWHULMHQRI86%

D

LQFOXVLHILQGLFDWRUYRRUEDWWHULMOHYHQVGXXU

E 0HHWPRGXV3(3XOVH(FKR(((FKR
(FKR7KUXSDLQW&;

E F

F .DOLEUDWLHPHWKRGH&;

G

G .DOLEUDWLH*HOXLGVVQHOKHLG&; K

H

H 6WDELOLWHLWVLQGLFDWRUYRRUPHWLQJ

I (HQKHLGPP,QFK

I

J 6RIWNHHQX

J

K 0HHWZDDUGH

$$1′(6/$*

%$77(5,-(13/$$76(1 ‘HPHWHUVZRUGHQJHOHYHUGPHW[$$DONDOLQHEDWWHULMHQ

2PEDWWHULMHQWHSODDWVHQRIWHYHUYDQJHQ JDDWXDOVYROJWWHZHUN 7UHNGHYHUJUHQGHOLQJYDQKHW
EDWWHULMYDNGHNVHORPKRRJHQGUDDLGH]HWHJHQ GHNORNLQRPKHWGHNVHOWHYHUZLMGHUHQ 3ODDWVEDWWHULMHQHQOHWGDDUELMRSGH SRODULWHLW 3ODDWVKHWGHNVHOWHUXJHQGUDDLGH YHUJUHQGHOLQJPHWGHNORNPHHRPKHW GHNVHODIWHVOXLWHQ

‘HVWDDWYDQGHEDWWHULMHQZRUGWDDQJHJHYHQPHWKHWEDWWHULMSLFWRJUDP UHFKWVERYHQLQKHWZHHUJDYHVFKHUP
9ROVPERROJURHQ EDWWHULMHQYRO /HHJVPERROURRGNQLSSHUHQGEDWWHULMHQRSODDJVW
PRJHOLMNHQLYHDX

2SPHUNLQJ8GLHQWEDWWHULMHQYRRU]LFKWLJDIWHYRHUHQRPPLOLHXYHURQWUHLQLJLQJWH YRRUNRPHQ1HHPFRQWDFWRSPHWGHPLOLHXDIGHOLQJYDQXZJHPHHQWH YRRULQIRUPDWLHRYHUKHWLQOHYHUHQ *RRLEDWWHULMHQQRRLWLQYXXU

((175$16’8&(5$$16/8,7(1 ‘UDDLGHURGHVWLSRSGHWUDQVGXFHUSOXJJHOLMN
PHWGHURGHVWLSRSKHWKXLVYDQGHPHWHU ‘UXNGHWUDQVGXFHUSOXJLQGHPHWHUHQ
]RUJGDWGH]HYROOHGLJKHHIW YDVWJHJUHSHQ
QO

ZZZGDNRWDQGWFRP

$$1′(6/$YHUYROJ
$OOHGXEEHOYRXGLJHWUDQVGXFHUVGLHXGLUHFWRSKHWKXLVYDQHHQ ‘DNRWD&;PHWHUNXQWDDQVOXLWHQ]LH6HFWLH
7UDQVGXFHUV
RS SDJLQDQO]LMQ
LQWHOOLJHQWH
WUDQVGXFHUVGLHGHPHWHUDXWRPDWLVFK KHUNHQW
HJHYHQVRYHUGHDDQJHVORWHQWUDQVGXFHUNXQWXZDQQHHU XPDDUZLOWUDDGSOHJHQYLD0HQX,QIR7UDQVGXFHU,QIRUPDWLH
9RRU
QLHWLQWHOOLJHQWH
GXEEHOYRXGLJHWUDQVGXFHUVHQWUDQVGXFHUV YDQDQGHUHIDEULNDQWHQLVHUHHQWUDQVGXFHUDGDSWHUYHUNULMJEDDUGLH GH]HWUDQVGXFHUVJHVFKLNWPDDNWYRRUGHSURGXFWHQXLWKHW ‘DNRWD&;DVVRUWLPHQW±]LHVHFWLH
7UDQVGXFHUDGDSWHU
RS SDJLQDQO
((17$$/6(/(&7(5(1 +RXGGH$$18,7NQRSLQJHGUXNWWRWGDWKHW’DNRWD1’7ORJR
ZRUGWJHWRRQG ‘UXNRS0HQX6HWXS7DDOHQNLHVXZWDDOPHWEHKXOSYDQGH
VRIWNHVÏÐ 9ROJGHPHQX
VRSKHWVFKHUP
,QKHWWDDOPHQXNRPHQDOVGHPHWHUVWDDWLQJHVWHOGRSHHQYUHHPGHWDDO 6FKDNHOGHPHWHU8,7 +RXGGHOLQNHUVRIWNHLQJHGUXNWHQVFKDNHOGHPHWHU,1 .LHVXZWDDOPHWEHKXOSYDQGHVRIWNHÏÐ
6&+(50,167(//,1*(1 8NXQWHHQDDQWDOVFKHUPLQVWHOOLQJHQRSJHYHQYLD0HQX6HWXS/&’ ,QVWHOOLQJHQZDDURQGHU
y 6FKHUPKHOGHUKHLGVWHOKHWVFKHUPLQRS
+DQGP
RI
$XWR
± GHKHOGHUKHLGZRUGWDXWRPDWLVFKDDQJHSDVWPHWEHKXOSYDQGH RPJHYLQJVOLFKWVHQVRUYDQGHPHWHU y 6FKHUPWLPHRXWKHWZHHUJDYHYHQVWHUGLPWQDPHHUGDQ VHFRQGHQDDQLQDFWLYLWHLWHQVFKDNHOWXLWQDHHQRSJHJHYHQ SHULRGHDDQLQDFWLYLWHLW’UXNRSHHQZLOOHNHXULJHNQRSRIWLNRS GHPHWHURPGH]HWHDFWLYHUHQ8NXQWGHPHWHURRNLQVWHOOHQ RPDXWRPDWLVFKXLWWHVFKDNHOHQQDHHQEHSDDOGHLQDFWLHYH SHULRGH’LWGRHWXYLD0HQX6HWXS0HWHU$XWR8LW’H VWDQGDDUGLQVWHOOLQJLVPLQXWHQ

ZZZGDNRWDQGWFRP

QO

$$1 ‘( 6/$*YHUYROJ
‘( 0((702’86 .,(=(1&; ‘H&;KHHIWppQPHHWPRGXVµ3XOVH(FKR¶’H&;KHHIWWZHH PHHWPRGLµ3XOVH(FKR¶HQµ(FKR(FKR7KUXSDLQW¶=LH7DEHO YRRUXLWOHJRYHUGHYHUVFKLOOHQGHPRGL0HHWPRGL

‘UXNRS0HQX6HWXS0HWLQJ0HHWPRGXVRPGHPHHWPRGXVWH NLH]HQ&;

7$%(/0((702’,

0HHWPRGXV

,FRRQ %HVFKULMYLQJ

3XOVH(FKR 3(
(FKR(FKR 7KUXSDLQW ((

0HHWGHWRWDOHGLNWHYDQDIGHEDVLVYDQGH WUDQVGXFHUVRQGHWRWKHWGLFKWKHLGVJUHQVYODNYDQ KHWPDWHULDDOGRRUJDDQVGHDFKWHUZDQG HVFKLNWYRRUPHWLQJHQYDQPDWHULDOHQPHWHHQ GLNWHWXVVHQGHHQPPWRW D
1HJHHUWFRDWLQJVYDQPD[LPDDOPP 0HHWGHPDWHULDDOGLNWHYDQGHERYHQNDQWYDQKHW RSSHUYODNWRWKHWGLFKWKHLGVJUHQVYODNYDQKHW PDWHULDDOGRRUJDDQVGHDFKWHUZDQG
HVFKLNW YRRUPHWLQJHQYDQPDWHULDOHQPHWHHQGLNWH WXVVHQGHHQPPWRWD

2SPHUNLQJ8GLHQWGHPHWHURSQLHXZWHNDOLEUHUHQDOVXGHPHHWPRGXVZLM]LJW±]LH VHFWLH
‘HPHWHUNDOLEUHUHQ
RSSDJLQDQO+HWNDOLEUDWLHSLFWRJUDP NQLSSHUWRPDDQWHJHYHQGDWXGHPHWHURSQLHXZPRHWNDOLEUHUHQ

((1 ((1+(,’ .,(=(1 ‘HPHWHUVNXQQHQGHPHWLQJHQWRQHQLQPPRILQFK’UXNRS 0HQX6HWXS(HQKHGHQRPHHQHHQKHLGWHNLH]HQ

D+HWGLNWHEHUHLNLVDIKDQNHOLMNYDQKHWWHPHWHQPDWHULDDOHQGHJHEUXLNWHWUDQVGXFHU

QO

ZZZGDNRWDQGWFRP

18/3817,167(//(1
+HWLVEHODQJULMNRPKHWQXOSXQWLQWHVWHOOHQYRRUGHWUDQVGXFHU$OV KHWQXOSXQWQLHWFRUUHFWLVLQJHVWHOG]LMQDOOHPHWLQJHQRQMXLVW
‘HPHWHURQWKRXGWKHWODDWVWHQXOSXQW+HWLVHFKWHUHHQJRHGH JHZRRQWHRPKHWQXOSXQWLQWHVWHOOHQDOVXGHPHWHUDDQ]HWHQDOVX YDQWUDQVGXFHUZLVVHOW+LHUPHHEHQWXYHU]HNHUGYDQHHQFRUUHFW QXOSXQW
+HWQXOSXQWLQVWHOOHQ 6OXLWGHWUDQVGXFHUDDQRSGHPHWHU
HQ]RUJGDWGHFRQQHFWRUYROOHGLJ KHHIWYDVWJHJUHSHQ
‘HNRSYDQGHWUDQVGXFHUGLHQWVFKRRQ WH]LMQHQYULMYDQYXLO
‘UXNRSGH$$18,7NQRSRPGH PHWHUDDQWH]HWWHQ
‘UXNRS0HQX.DOLEUDWLH1XO ,QVWHOOHQHQEUHQJNRSSHOPLGGHODDQ RSGHQXOVFKLMI
:DQQHHUKLHURPZRUGWJHYUDDJG GUXNWXGHWUDQVGXFHURSGH QXOVFKLMIHQ]RUJWXHUYRRUGDWGH]H SODWWHJHQKHWRSSHUYODNOLJW
+HWZHHUJDYHVFKHUPWRRQWHHQ GLNWHZDDUGHGLHFRQVWDQWZRUGWELMJHZHUNW ‘HVWDELOLWHLWYDQGHPHWLQJZRUGW DDQJHJHYHQPHWGHVWDELOLWHLWVEDONDDQGH UHFKWHUNDQWYDQKHWYHQVWHU(HQJHOGLJH PHWLQJKHHIWHHQVWDELOLWHLWYDQRIKRJHU
9HUZLMGHUGHWUDQVGXFHUYDQGH QXOVFKLMI’HODDWVWHPHWLQJEOLMIWRS KHWVFKHUPVWDDQ$OVGHZDDUGH QLHWUHSUHVHQWDWLHILVKHUKDDOWX VWDS
2YHUYORHGLJJHEUXLNYDQNRSSHOPLGGHO NDQUHVXOWHUHQLQHHQYHUWHNHQGH PHHWZDDUGHDOVXGHWUDQVGXFHUYDQ KHWRSSHUYODNKDDOW
‘UXNRS
1XO
RPKHWQXOSXQWLQWHVWHOOHQ

ZZZGDNRWDQGWFRP

QO

.$/,%5$7,(0(7+2′(1&;
2PGHPHWHUQDXZNHXULJHPHWLQJHQWHNXQQHQODWHQYHUULFKWHQ GLHQWXGH]HLQWHVWHOOHQRSGHMXLVWHJHOXLGVVQHOKHLGYRRUKHWWH PHWHQPDWHULDDO
9HUVFKLOOHQGHWSHQPDWHULDDOKHEEHQYHUVFKLOOHQGH JHOXLGVVQHOKHGHQ’HJHOXLGVVQHOKHLGLQVWDDOLVELMYRRUEHHOG PVRQJHYHHULQVHQGHJHOXLGVVQHOKHLGLQDOXPLQLXP LVPVRQJHYHHULQV
.DOLEUDWLHLVYDQFUXFLDDOEHODQJRPGHPHWHUFRUUHFWWHNXQQHQODWHQ IXQFWLRQHUHQ8GLHQWGHNDOLEUDWLHSURFHGXUHXLWWHYRHUHQDOVXGH PHHWPRGXVWUDQVGXFHUHQRIKHWPDWHULDDOWSHZLM]LJW
‘H&;LVYRRUJHNDOLEUHHUGYRRUVWDDO8NXQWGHNDOLEUDWLHQLHW DDQSDVVHQ’H&;KHHIWHHQUHHNVNDOLEUDWLHPHWKRGHQ]LH 7DEHO.DOLEUDWLHPHWKRGHQ
‘UXNRS0HQX.DOLEUDWLH.DOLEUDWLH0HWKRGHRPGHNDOLEUDWLHPHWKRGH WHNLH]HQ&;

.DOLEUDWLH PHWKRGH 3XQWV
0DWHULDDO
)DEULHNV NDOLEUDWLH

7$%(/.$/,%5$7,(0(7+2′(1
,FRRQ %HVFKULMYLQJ
‘LWLVGHHHQYRXGLJVWHHQPHHVWJHEUXLNWH NDOLEUDWLHSURFHGXUH1DGDWXKHWQXOSXQWKHEW LQJHVWHOG]LHVHFWLH
1XOSXQWLQVWHOOHQ
RS SDJLQDQOZRUGWHHQPHWLQJYHUULFKWHQ DIJHVWHOGRSHHQRQJHFRDWPRQVWHUYDQKHW WHVWPDWHULDDOZDDUYDQGHGLNWHDOEHNHQGLV
.DOLEUDWLHGRRUPLGGHOYDQGHJHOXLGVVQHOKHLGYDQ HHQPDWHULDDOJHNR]HQXLWHHQYRRUDI JHGHILQLHHUGHOLMVWPHWPDWHULDOHQGLHLV RSJHVODJHQLQGHPHWHU
.DOLEUDWLHPHWEHKXOSYDQGHVWDQGDDUG IDEULHNVNDOLEUDWLHYDQGHVWDQGDDUG JHOXLGVVQHOKHLGYRRUVWDDOPVRQJHYHHU LQV

QO

ZZZGDNRWDQGWFRP

‘(0(7(5.$/,%5(5(1&;
38176.$/,%5$7,(*(%58,.(1 9RRUGH]HSURFHGXUHKHHIWXHHQRQJHFRDWPRQVWHUQRGLJYDQKHWWH PHWHQPDWHULDDOZDDUYDQGHGLNWHDOEHNHQGLVRSHHQDQGHUHZLM]H JHPHWHQRIHHQNDOLEUDWLHVWDQGDDUG±]LHVHFWLH
.DOLEUDWLHVWDQGDDUGHQ
RSSDJLQDQO
6OXLWGHWUDQVGXFHUDDQRSGHPHWHUHQ]RUJGDWGHFRQQHFWRU YROOHGLJKHHIWYDVWJHJUHSHQ
‘HNRSYDQGHWUDQVGXFHUGLHQWVFKRRQWH]LMQHQYULMYDQYXLO
‘UXNRSGH$$18,7NQRSRPGHPHWHUDDQWH]HWWHQ ‘UXNRS0HQX.DOLEUDWLH.DOLEUDWLH0HWKRGHHQNLHVµ3XQW¶
$OVµ3XQW¶DOLVJHVHOHFWHHUGGHKXLGLJHNDOLEUDWLHPHWKRGHZRUGW DDQJHJHYHQGRRUKHWSLFWRJUDPDDQGHUHFKWHUNDQWYDQKHWYHQVWHUGUXNW XHHQYRXGLJZHJRS0HQX.DOLEUDWLH.DOLEUHUHQ
8ZRUGWJHYUDDJGRPHHQ
1XOSXQWLQWHVWHOOHQ
YRRUGH WUDQVGXFHU’LWLVDDQWHUDGHQYRRUGDWXGHPHWHUNDOLEUHHUW±]LH VHFWLH
1XOSXQWLQVWHOOHQ
RSSDJLQDQO
:DQQHHUKLHURPZRUGWJHYUDDJGEUHQJWXNRSSHOPLGGHODDQRS KHWRQJHFRDWHPRQVWHURIGHNDOLEUDWLHVWDQGDDUG
‘UXNGHWUDQVGXFHURSKHWRQJHFRDWHPRQVWHURIGH NDOLEUDWLHVWDQGDDUGHQ]RUJHUYRRUGDWGH]HSODWWHJHQKHW RSSHUYODNOLJW
+HWZHHUJDYHVFKHUPWRRQWHHQGLNWHZDDUGHGLHFRQVWDQWZRUGW ELMJHZHUNW’HVWDELOLWHLWYDQGHPHWLQJZRUGWDDQJHJHYHQPHWGH VWDELOLWHLWVEDONDDQGHUHFKWHUNDQWYDQKHWYHQVWHU(HQJHOGLJHPHWLQJ KHHIWHHQVWDELOLWHLWYDQRIKRJHU
+DDOGHWUDQVGXFHUYDQKHWRQJHFRDWHPRQVWHURIYDQGH NDOLEUDWLHVWDQGDDUG’HODDWVWHPHWLQJEOLMIWRSKHWVFKHUPVWDDQ $OVGHZDDUGHQLHWUHSUHVHQWDWLHILVKHUKDDOWXVWDS
2YHUYORHGLJJHEUXLNYDQNRSSHOPLGGHONDQUHVXOWHUHQLQHHQYHUWHNHQGH PHHWZDDUGHDOVXGHWUDQVGXFHUYDQKHWRSSHUYODNKDDOW
‘UXNRSµ3DV$DQ¶HQSDVGHPHWLQJDDQRSGHDOEHNHQGHGLNWH PHWGHVRIWNHVÏÐJHYROJGGRRUµ,QVWHO¶RPGHZDDUGHLQWH VWHOOHQ
8NXQWRSHONJHZHQVWPRPHQWRS
7HUXJ
GUXNNHQ+LHUPHHVWRSWXGH NDOLEUDWLHSURFHGXUH]RQGHUGHPHWHUWHNDOLEUHUHQ
‘HDIJHOHLGHJHOXLGVVQHOKHLGZRUGWJHWRRQGDDQGHUHFKWHUNDQWYDQKHW
YHQVWHURQGHUKHWSLFWRJUDPYDQGHNDOLEUDWLHPHWKRGH
2SPHUNLQJ(pQSXQWVNDOLEUDWLHVPRHWXXLWYRHUHQRSPDWHULDDO]RQGHUYHUIRIFRDWLQJ $OVXGHYHUIRIFRDWLQJQLHWYHUZLMGHUWYRRUDIJDDQGDDQGHNDOLEUDWLHNDQ GDWUHVXOWHUHQLQRQQDXZNHXULJHPHWLQJHQ

ZZZGDNRWDQGWFRP

QO

‘(0(7(5.$/,%5(5(1&;YHUYROJ
0$7(5,$$/.$/,%5$7,((%58,.(1 ‘HPHWHUZRUGWJHNDOLEUHHUGGRRUPLGGHOYDQGHDOEHNHQGH JHOXLGVVQHOKHLGYDQHHQPDWHULDDOJHNR]HQXLWHHQYRRUDI JHGHILQLHHUGHOLMVWPHWPDWHULDOHQGLHLVRSJHVODJHQLQGHPHWHU ‘H]HNDOLEUDWLHPHWKRGHLVQXWWLJDOVXJHHQRQJHFRDWHPRQVWHUV KHEWZDDUYDQGHGLNWHDOEHNHQGLV
‘UXNRSGH$$18,7NQRSRPGHPHWHUDDQWH]HWWHQ ‘UXNRS0HQX.DOLEUDWLH.DOLEUDWLH0HWKRGHHQNLHVµ0DWHULDDO¶
$OVµ0DWHULDDO¶DOLVJHVHOHFWHHUGGHKXLGLJHNDOLEUDWLHPHWKRGHZRUGW DDQJHJHYHQGRRUKHWSLFWRJUDPDDQGHUHFKWHUNDQWYDQKHWYHQVWHUGUXNW XHHQYRXGLJZHJRS0HQX.DOLEUDWLH.DOLEUHUHQ
HEUXLNGHVRIWNHVÏÐRPKHWJHZHQVWHPDWHULDDOWH VHOHFWHUHQHQGUXNRSµ6HOHFW¶
8NXQWRSHONJHZHQVWPRPHQWRS
7HUXJ
GUXNNHQ+LHUPHHVWRSWXGH NDOLEUDWLHSURFHGXUH]RQGHUGHPHWHUWHNDOLEUHUHQ
‘HJHOXLGVVQHOKHLGYDQKHWJHNR]HQPDWHULDDOZRUGWJHWRRQGDDQGH UHFKWHUNDQWYDQKHWYHQVWHURQGHUKHWSLFWRJUDPYDQGHNDOLEUDWLHPHWKRGH
‘()$%5,(.6.$/,%5$7,((%58,.(1 ‘UXNRS0HQX.DOLEUDWLH)DEULHNV.DOLEUDWLHRPGHPHWHUWHUXJWH ]HWWHQQDDUGHVWDQGDDUGIDEULHNVNDOLEUDWLHYDQGHVWDQGDDUG JHOXLGVVQHOKHLGYRRUVWDDOPVRQJHYHHULQV
((10(7,1
9(55,&+7(1
9225’$78%(*,17 ‘UXNRSGH$$18,7NQRSRPGHPHWHUDDQWH]HWWHQ 6OXLWHHQWUDQVGXFHUDDQRSGHPHWHU
$OOHGXEEHOYRXGLJHWUDQVGXFHUVGLHXGLUHFWRSKHWKXLVYDQHHQ’DNRWD &;PHWHUNXQWDDQVOXLWHQ]LH6HFWLH
7UDQVGXFHUV
RSSDJLQDQO ]LMQ
LQWHOOLJHQWH
WUDQVGXFHUVGLHGHPHWHUDXWRPDWLVFKKHUNHQW$OVX
QLHW LQWHOOLJHQWH
GXEEHOYRXGLJHWUDQVGXFHUVJHEUXLNWYDQ’DNRWD1’7RI WUDQVGXFHUVYDQDQGHUHIDEULNDQWHQKHEWXHHQWUDQVGXFHUDGDSWHUQRGLJ± ]LHVHFWLH
7UDQVGXFHUDGDSWHU
RSSDJLQDQO
.LHVGHPHHWPRGXV&;]LHVHFWLHRSSDJLQDQO 6WHOKHWQXOSXQWLQYDQGHWUDQVGXFHU±]LHVHFWLHRSSDJLQDQO .DOLEUHHUGHPHWHU&;]LHVHFWLHRSSDJLQDQO %HUHLGKHWWHVWRSSHUYODNYRRU±]LHDSSHQGL[RSSDJLQDQO

QO

ZZZGDNRWDQGWFRP

((10(7,19(55,&+7(1YHUYROJ
((10(7,1
9(55,&+7(1 %UHQJHHQNOHLQHKRHYHHOKHLGNRSSHOPLGGHODDQRSKHWRSSHUYODN ‘UXNGHWUDQVGXFHULQKHWNRSSHOPLGGHOHQ]RUJHUYRRUGDW
GH]HSODWWHJHQKHWRSSHUYODNOLJW
+HWLVYROGRHQGHRPPHWXZGXLPHQZLMVYLQJHUJHPDWLJGHGUXNXLWWH RHIHQHQRSGHWRSYDQGHWUDQVGXFHU+HWJDDWHURPGDWGHWUDQVGXFHURS ]LMQSOHNEOLMIWHQSODWRSKHWRSSHUYODNYDQKHWPDWHULDDOOLJW
+HWZHHUJDYHVFKHUPWRRQWHHQZDDUGHGLHFRQVWDQWZRUGW ELMJHZHUNW’HPHWHUYHUULFKWPHWLQJHQSHUVHFRQGHDOVGH WUDQVGXFHULQFRQWDFWNRPWPHWKHWRSSHUYODNYDQKHW PDWHULDDO
‘HVWDELOLWHLWYDQGHPHWLQJZRUGWDDQJHJHYHQPHWGHVWDELOLWHLWVEDONDDQGH UHFKWHUNDQWYDQKHWYHQVWHU(HQJHOGLJHPHWLQJKHHIWHHQVWDELOLWHLWYDQRI KRJHU$OVGHVWDELOLWHLWVLQGLFDWRUPLQGHUGDQVWDDIMHVWRRQWRIDOVGHJHWDOOHQ LQKHWVFKHUPRQUHJHOPDWLJOLMNHQPRHWXHUYRRU]RUJHQGDWHUYROGRHQGH NRSSHOPLGGHORQGHUGHWUDQVGXFHUDDQZH]LJLVHQGDWGHWUDQVGXFHUSODWWHJHQ KHWPDWHULDDOOLJW$OVGH]HWRHVWDQGEOLMIWEHVWDDQGLHQWXZHOOLFKWHHQDQGHUH WUDQVGXFHUWHNLH]HQJURRWWHRIIUHTXHQWLHYRRUKHWWHPHWHQPDWHULDDO
‘HODDWVWHPHWLQJEOLMIWRSKHWVFKHUPVWDDQDOVGHWUDQVGXFHU ORVNRPWYDQKHWRSSHUYODN
9ULMZDULQJVFODXVXOH ,QKHUHQWDDQXOWUDVRQHGLNWHPHWLQJHQLVGHPRJHOLMNKHLGGDWKHWLQVWUXPHQWGH WZHHGHHFKRJHEUXLNWLQSODDWVYDQGHHHUVWHHFKRYDQGHDFKWHUNDQWYDQKHW PDWHULDDOGDWJHPHWHQZRUGWWHUZLMOLQVWDQGDDUGSXOVHFKRPRGXV’LWNDQ UHVXOWHUHQLQHHQGLNWHPHWLQJZHONH7:((NHHUGHGLNWHLVGLHKHW]RXPRHWHQ ]LMQ’HYHUDQWZRRUGHOLMNKHLGYRRUKHWFRUUHFWHJHEUXLNYDQKHWLQVWUXPHQWHQKHW KHUNHQQHQYDQGLWIHQRPHHQUXVWXLWVOXLWHQGELMGHJHEUXLNHUYDQKHWLQVWUXPHQW
0(186758&7885&;

0HQX .DOLEUDWLH 6HWXS ,QIR 5HVHW 1RRGYHUOLFKWLQJ

.DOLEUDWLH .DOLEUHUHQ .DOLEUDWLH0HWKRGH 1XO,QVWHOOHQ )DEULHNV.DOLEUDWLH

6HWXS

0HWLQJ

(HQKHGHQ

7DDO

*HOXLGVQLYHDX

/&’,QVWHOOLQJHQ

0HWHU$XWR8LW

{

,QIR 0HWHU,QIRUPDWLH 7UDQVGXFHU,QIRUPDWLH &RQWDFW -XULGLVFK

ZZZGDNRWDQGWFRP

.DOLEUDWLH0HWKRGH

0DWHULDDO

{

3XQW

{

0HWLQJ 0HHWPRGXV

(HQKHGHQ

PP

{

,QFK

{

/&’,QVWHOOLQJHQ

6FKHUPKHOGHUKHLG

6FKHUPWLPHRXW

:HONRPVVFKHUP

{

-XULGLVFK -XULGLVFKH$DQWHNHQLQJHQ 5HJHOJHYLQJ

0HHWPRGXV

3XOVH(FKR3(

{

(FKR(FKR7KUXSDLQW(( {

QO

0(186758&7885&;

0HQX .DOLEUDWLH 6HWXS ,QIR 5HVHW 1RRGYHUOLFKWLQJ

.DOLEUDWLH 1XO,QVWHOOHQ

6HWXS

(HQKHGHQ

7DDO

*HOXLGVQLYHDX

/&’,QVWHOOLQJHQ

0HWHU$XWR8LW

{

,QIR 0HWHU,QIRUPDWLH 7UDQVGXFHU,QIRUPDWLH &RQWDFW -XULGLVFK

(HQKHGHQ

PP

{

,QFK

{

/&’,QVWHOOLQJHQ

6FKHUPKHOGHUKHLG

6FKHUPWLPHRXW

:HONRPVVFKHUP

{

-XULGLVFK -XULGLVFKH$DQWHNHQLQJHQ 5HJHOJHYLQJ

‘(0(7(583*5$'(1
9LD’DN0DVWHU70NXQWXGHILUPZDUHYDQGHPHWHUELMZHUNHQQDDUGH PHHVWUHFHQWHYHUVLH]RGUDGH]HEHVFKLNEDDULV’DN0DVWHU70 LQIRUPHHUWXRYHUXSGDWHVDOVGHPHWHULVDDQJHVORWHQRSHHQSF PHWLQWHUQHWWRHJDQJ
5(6(59(21′(5′(/(1 $&&(662,5(6 75$16’8&(56 ‘HKLHURQGHUZHHUJHJHYHQWUDQVGXFHUV]LMQFRPSDWLEHOPHWGH SURGXFWHQXLWKHW’DNRWD&;DVVRUWLPHQWE’H]HWUDQVGXFHUV]LMQ GXEEHOYRXGLJH
LQWHOOLJHQWH
WUDQVGXFHUVGLHGHPHWHU DXWRPDWLVFKKHUNHQWDOVX]HDDQVOXLW’HNDEHOYDQGHWUDQVGXFHU ]LWYDVWJHJRWHQDDQGHWUDQVGXFHUNRS
%LMGHNHX]HYDQHHQWUDQVGXFHUGLHQWXGHIUHTXHQWLHGLDPHWHUHQ KHWWHVWPDWHULDDOLQDDQPHUNLQJWHQHPHQ

E$DQJH]LHQGH&;YRRUJHNDOLEUHHUGLVYRRUVWDDONXQWXYRRUGH]HPHWHUDOOHHQWUDQVGXFHUVJHEUXLNHQ GLHJHVFKLNW]LMQYRRUKHWPHWHQYDQVWDDO

QO

ZZZGDNRWDQGWFRP

5(6(59(21′(5′(/(1 $&&(662,5(6YHUYROJ

2QGHUGHHO QXPPHU

HVFKLNWYRRUKHWPHWHQYDQ )UHTXHQWLH ‘LDPHWHU
&, 3 73
) 7 6 $ 7

7;&0(3 0+]

9 9

9

7;&0&3 0+]

99

9

7;&0(3 0+]

9 9

9

7;&0(3 0+]

9 9

9

7;&0%3 0+]

9

99

7;&0(3 0+]

9

99

7;&0&3 0+]

9

99

7;&0&3 0+]

9

99

7;&0&3 0+]

9

99

7;&0%3 0+]

9

999

7;&0&3Á 0+]

9

999

7;&0&3 0+]

9

999

7;&0%3 0+]

9

99

7;&0&3 0+]

9

99

/HJHQGD &, LHWLM]HU ) ODVYH]HO *ODV

3 3ODVWLF 7* ‘XQJODVYH]HO $ $OXPLQLXP

73 ‘XQSODVWLF 6 6WDDO 7 7LWDQLXP

/DDJGLNWHVWHUNJHwVROHHUGHWUDQVGXFHUYRRU7KUX3DLQWWHFKQRORJLH$OOHHQJHVFKLNWYRRUJHEUXLNLQ µ(FKR(FKR7KUX3DLQW¶PRGXV±]LHVHFWLH
‘HPHHWPRGXVNLH]HQ
RSSDJLQDQO
7UDQVGXFHUVYRRUKRJHWHPSHUDWXUHQJHVFKLNWYRRUKHWPHWHQYDQRSSHUYODNNHQYDQPD[LPDDO &)
Á7UDQVGXFHUPHWYHUEHWHUGHUHVROXWLHQDELMKHWRSSHUYODNLGHDDOYRRUJHEUXLNPHWGXQQHVXEVWUDWHQ

(U]LMQQRJDQGHUHWUDQVGXFHUVEHVFKLNEDDUGLHXRS’DNRWD&; PHWHUVNXQWDDQVOXLWHQPHWHHQWUDQVGXFHUDGDSWHU±]LHVHFWLH
7UDQVGXFHUDGDSWHU
RSSDJLQDQO*DQDDUGDNRWDQGWFRPYRRU HHQFRPSOHWHOLMVWPHWWUDQVGXFHUV

ZZZGDNRWDQGWFRP

QO

5(6(59(21′(5′(/(1 $&&(662,5(6YHUYROJ
.$/,%5$7,(67$1’$$5′(1 9HUNULMJEDDUDOVVHWRIDOVLQGLYLGXHOH VWDQGDDUGHQ0HWGH]HVWDQGDDUGHQNXQWX GHPHHVWWRHSDVVHOLMNHGLNWHYRRUXZ WRHSDVVLQJNLH]HQ’HNDOLEUDWLHVWDQGDDUGHQ YDQ’DNRWD1’7]LMQYHUYDDUGLJGXLW VWDDOFPHWHHQWROHUDQWLHYDQYDQGH QRPLQDOHGLNWH

.DOLEUDWLHVWDQGDDUGVHWVHQLQGLYLGXHOHVWDQGDDUGHQZRUGHQJHOHYHUG PHWNDOLEUDWLHFHUWLILFDDW

%HVFKULMYLQJ

2QGHUGHHOQXPPHU

6HWNDOLEUDWLHVWDQGDDUGHQ

7&$/67’6(7

1RPLQDOHGLNWHPPG
%HVWDDQGHXLWGHYROJHQGHQRPLQDOHGLNWHV PP

GZRUGWJHOHYHUGPHWKRXGHUHQ

NDOLEUDWLHFHUWLILFDDW

6HWNDOLEUDWLHVWDQGDDUGHQ

7&$/67’6(7

1RPLQDOHGLNWHPPG

%HVWDDQGHXLWGHYROJHQGHQRPLQDOHGLNWHV PP

GZRUGWJHOHYHUGPHWKRXGHUHQ

NDOLEUDWLHFHUWLILFDDW

+RXGHUYRRUNDOLEUDWLHVWDQGDDUGHQ
YRRUGLNWHVWRWPPG

7&$/67’+/’

2SPHUNLQJ’DNRWD1’7DGYLVHHUWRP.DOLEUDWLH6WDQGDDUGHQ±GLHQLHWZRUGHQ JHEUXLNWLQDQWLFRUURVLHILOPWHYHUSDNNHQ

F.DOLEUDWLHVWDQGDDUGHQYHUYDDUGLJGXLWDQGHUHPDWHULDOHQ]LMQYHUNULMJEDDURSDDQYUDDJ1HHPFRQWDFWRS PHW’DNRWD1’7YRRUPHHULQIRUPDWLH
G (QJHOVHPDWHQDOOHHQWHULQIRUPDWLH.DOLEUDWLHVWDQGDDUGHQZRUGHQYHUYDDUGLJGHQXLWJHOH]HQLQ PLOOLPHWHU

QO

ZZZGDNRWDQGWFRP

5(6(59(21′(5′(/(1 $&&(662,5(6YHUYROJ

,1′,9,’8(/(.$/,%5$7,(67$1’$$5′(1

2QGHUGHHO QXPPHU

1RPLQDOH GLNWH
PP LQFKG

2QGHUGHHO QXPPHU

1RPLQDOH GLNWH
PP LQFKG

7&$/67′

7&$/67′

7&$/67′

7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′

2SPHUNLQJ’DNRWD1’7DGYLVHHUWRP.DOLEUDWLH6WDQGDDUGHQ±GLHQLHWZRUGHQ JHEUXLNWLQDQWLFRUURVLHILOPWHYHUSDNNHQ
8/75$621,6&+.233(/0,”(/ (UPDJJHHQOXFKW]LWWHQWXVVHQGHWUDQVGXFHUHQKHWRSSHUYODNYDQ KHWWHPHWHQPDWHULDDO’LWEHUHLNWXGRRUHHQNRSSHOPLGGHOWH JHEUXLNHQ
%LMHONHPHWHUZRUGWHHQIOHVMHNRSSHOPLGGHOPHHJHOHYHUGYDQPO IOR]$QGHUHPDWHQNXQWXORVDDQVFKDIIHQ

%HVFKULMYLQJ POIOR] POIOR]YHUSDNNLQJYDQVWXNV POIOR] POIOR] O86JDOORQ YRRUKRJHWHPSHUDWXUHQPOIOR] YRRUKRJHWHPSHUDWXUHQPOIOR] YHUSDNNLQJYDQVWXNV
9RRUJHEUXLNPHWWUDQVGXFHUVYRRUKRJHWHPSHUDWXUHQ± ]LHVHFWLHµ7UDQVGXFHUV¶RSEODG]LMGH

2QGHUGHHOQXPPHU 7 7 7 7 7 7 7

G (QJHOVHPDWHQDOOHHQWHULQIRUPDWLH.DOLEUDWLHVWDQGDDUGHQZRUGHQYHUYDDUGLJGHQXLWJHOH]HQLQ PLOOLPHWHU

ZZZGDNRWDQGWFRP

QO

5(6(59(21′(5′(/(1 $&&(662,5(6YHUYROJ
75$16’8&(5$’$37(5 ‘DQN]LMGH]HDGDSWHUNXQWX GXEEHOYRXGLJH
QLHWLQWHOOLJHQWH
WUDQVGXFHUVYDQ’DNRWD1’7]LH VHFWLHµ7UDQVGXFHUV¶RSSDJLQD QOHQWUDQVGXFHUVYDQDQGHUH IDEULNDQWHQPHW/HPRFRQQHFWRUV JHEUXLNHQPHWSURGXFWHQXLWKHW ‘DNRWD&;DVVRUWLPHQW

2P
QLHWLQWHOOLJHQWH
WUDQVGXFHUVPHWGXEEHOYRXGLJHHOHPHQWHQDDQ WHNXQQHQVOXLWHQVOXLWXGHDGDSWHUVLPSHOZHJDDQRSKHW DDQVOXLWSXQWYDQGHWUDQVGXFHULQKHWKXLVYDQGHPHWHUHQYROJWX GHLQVWUXFWLHVRSKHWVFKHUP

%HVFKULMYLQJ 7UDQVGXFHUDGDSWHU

2QGHUGHHOQXPPHU 7

7(&+1,6&+( 63(&,),&$7,(6

0RGHO

&;

&;

‘LNWHEHUHLND

3XOVH(FKR (FKR(FKR 7KUX3DLQW

1DXZ NHXULJKHLG

3XOVH(FKR (FKR(FKR 7KUX3DLQW

PP

PP

PPPPPP

PP

*HOXLGVVQHOKHLGVEHUHLN

PVLQV

5HVROXWLH

PP

0HHWVQHOKHLG

+]PHWLQJHQSHUVHFRQGH

%HGULMIVWHPSHUDWXXU

WRW&WRW)

9RHGLQJ

[$$EDWWHULMHQ

D+HWGLNWHEHUHLNLVDIKDQNHOLMNYDQKHWWHPHWHQPDWHULDDOHQGHJHEUXLNWHWUDQVGXFHU

QO

ZZZGDNRWDQGWFRP

7(&+1,6&+(63(&,),&$7,(6YHUYROJ

0RGHO

&;

&;

/HYHQVGXXUEDWWHULMH

2QJHYHHUXXU

*HZLFKWPHWHU

JR] LQFOXVLHIEDWWHULMHQ]RQGHUWUDQVGXFHU

$IPHWLQJHQPHWHU

[[PP[[
]RQGHUWUDQVGXFHU

.DQZRUGHQJHEUXLNWLQRYHUHHQVWHPPLQJPHW $670((1(1

$5$17,(9(5./$5,1
9RRU’DNRWD1’7PHWHUVJHOGWHHQJDUDQWLHWHUPLMQYDQPDDQGHQ YRRUIDEULFDJHIRXWHQPHWXLW]RQGHULQJYDQYHURQWUHLQLJLQJHQVOLMWDJH

9RRUWUDQVGXFHUVJHOGWHHQJDUDQWLHWHUPLMQYDQGDJHQ

H,QGRRUORSHQGHPHHWPRGXVELMHHQPHHWVQHOKHLGYDQ+]PHWDONDOLQHEDWWHULMHQ%LMOLWKLXPRI RSODDGEDUHEDWWHULMHQNDQGH]HZDDUGHDIZLMNHQ
ZZZGDNRWDQGWFRP

QO

-85,’,6&+(.(11,6(9,1(1 :(77(/,-.(,1)250$7,(

&RQIRUPLWHLWVYHUNODULQJ

‘DNRWD&; &;YROGRHQDDQGHYHUHLVWHQYDQGHYROJHQGH(85LFKWOLMQ

(8 (OHNWURPDJQHWLVFKH9HUHQLJEDDUKHLGEHOHLGVULFKWOLMQ

(8 5HVWULFWLHYRRUKHWJHEUXLNYDQEHSDDOGHJHYDDUOLMNHVXEVWDQWLHVLQHOHNWULVFKHHQHOHNWURQLVFKH

LQVWUXPHQWHQ5R+6ULFKWOLMQ

‘HFRQIRUPLWHLWVYHUNODULQJNXQWXGRZQORDGHQYLD

KWWSVGRZQORDGVGDNRWDQGWFRP’HFODUDWLRQBRIB&RQIRUPLW’XWFK’R&B&;B&;SGI

+HW$&0$NHXUPHUNNXQWXYLQGHQLQ0HQX,QIR-XULGLVFK5HJHOJHYLQJ

‘LWDSSDUDDWYROGRHWDDQ’HHOYDQGH)&&UHJHOV’HZHUNLQJLVRQGHUKHYLJDDQGHYROJHQGHWZHHYRRUZDDUGHQ’LW

DSSDUDDWPDJJHHQNZDOLMNHVWRULQJHQYHURRU]DNHQHQGLWDSSDUDDWPRHWVWRULQJHQTXDRQWYDQJVWNXQQHQYHUZHUNHQ

LQFOXVLHIVWRULQJHQGLH]RXGHQNXQQHQUHVXOWHUHQLQKHWQLHWEHKRRUOLMNIXQFWLRQHUHQYDQKHWDSSDUDDW

230(5.,1*’LWDSSDUDDWLVJHWHVWHQYROGRHWDDQGHOLPLHWHQYRRUHHQ.ODVVH%GLJLWDDODSSDUDDWFRQIRUP’HHO

YDQGH)&&5HJHOV’H]HOLPLHWHQ]LMQRQWZRUSHQRPHHQUHGHOLMNHEHVFKHUPLQJWHELHGHQWHJHQNZDOLMNHVWRULQJLQHHQ

KXLVLQVWDOODWLH’LWDSSDUDDWJHQHUHHUWHQJHEUXLNWUDGLRIUHTXHQWHHQHUJLHHQNDQGLHXLWVWUDOHQ(QDOVKHWDSSDUDDWQLHW

ZRUGWJHwQVWDOOHHUGHQJHEUXLNWYROJHQVGHJHEUXLNVDDQZLM]LQJNDQKHWNZDOLMNHVWRULQJDDQUDGLRFRPPXQLFDWLH

YHURRU]DNHQ+HWLVHFKWHUJHHQJDUDQWLHGDWHULQEHSDDOGHLQVWDOODWLHVJHHQVWRULQJNDQYRRUNRPHQ$OVGLWDSSDUDDW

NZDOLMNHVWRULQJYHURRU]DDNWDDQUDGLRRIWHOHYLVLHRQWYDQJVWZDWXNXQWYDVWVWHOOHQGRRUKHWDSSDUDDWLQHQXLWWH

VFKDNHOHQZRUGWXDDQJHUDGHQRPWHSUREHUHQRPGHVWRULQJWHYHUKHOSHQGPYHHQRIPHHUGHUHYDQGHYROJHQGH

PDDWUHJHOHQ

+HUVFKLNNHQRIYHUSODDWVHQYDQGHRQWYDQJVWDQWHQQH

‘HDIVWDQGWXVVHQKHWDSSDUDDWHQGHRQWYDQJHUYHUJURWHQ

+HWDSSDUDDWDDQVOXLWHQRSHHQDQGHUHHOHNWULFLWHLWVJURHSGDQGLHZDDURSGHRQWYDQJHULVDDQJHVORWHQ

‘HYHUNRSHURIHHQHUYDUHQUDGLRWYPRQWHXUUDDGSOHJHQYRRUDVVLVWHQWLH

‘RRUPRGLILFDWLHVXLWWHYRHUHQGLHQLHWXLWGUXNNHOLMN]LMQJRHGJHNHXUGGRRU(OFRPHWHU/LPLWHGNDQJHEUXLNYDQKHW

DSSDUDDWEXLWHQGH)&&UHJOHPHQWHQYDOOHQ

‘LW.ODVVH%JHFODVVLILFHHUGHGLJLWDOHDSSDUDDWYROGRHWDDQGH&$1,&(6%10%%QRUPHQ

5 ]LMQJHGHSRQHHUGHKDQGHOVPHUNHQYDQ(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%8

9HUHQLJG.RQLQNULMN

‘DN0DVWHU70 LVHHQKDQGHOVPHUNYDQ(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%89HUHQLJG.RQLQNULMN

$OOHDQGHUHKDQGHOVPHUNHQ]LMQKHWHLJHQGRPYDQKXQUHVSHFWLHYHOLMNHHLJHQDDUV

‘DNRWD1’7LVHHQ(OFRPHWHURQGHUQHPLQJ

‘LWSURGXFWLVYHUSDNWLQNDUWRQ=RUJHUYRRUGDWDOOHYHUSDNNLQJPLOLHXYULHQGHOLMNZRUGWDIJHYRHUG1HHPFRQWDFWRS PHWGHPLOLHXDIGHOLQJYDQXZJHPHHQWHYRRUDGYLHV

+RRIGNDQWRRU(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%89HUHQLJG.RQLQNULMN

QO

ZZZGDNRWDQGWFRP

$33(1’,;+(77(67233(59/$.9225%(5(,'(1
‘HYRUPHQUXZKHLGYDQKHWWHVWRSSHUYODN]LMQYDQFUXFLDDOEHODQJ ELMGHXLWYRHULQJYDQXOWUDVRQHGLNWHWHVWV(HQJURIRQJHOLMN RSSHUYODNEHJUHQVWGHSHQHWUDWLHYDQXOWUDVRRQJHOXLGLQKHW PDWHULDDO(HQPHWLQJRSHHQGHUJHOLMNRSSHUYODNLVRQVWDELHOHQGXV RQEHWURXZEDDU
+HWWHPHWHQRSSHUYODNGLHQWVFKRRQWH]LMQHQRQWGDDQYDQNOHLQH GHHOWMHVURHVWHQDDQVODJ’RRUGHDDQZH]LJKHLGYDQ]XONH REVWDNHOVNXQWXGHWUDQVGXFHUQLHWFRUUHFWWHJHQKHWRSSHUYODN SODDWVHQ
8NXQWHHQVWDDOERUVWHORIVFKUDDSPHVJHEUXLNHQYRRUKHWUHLQLJHQ YDQHHQRSSHUYODN,QH[WUHPHJHYDOOHQNXQWXHHQH[FHQWULVFKH VFKXXUPDFKLQHRIVOLMSVFKLMIJHEUXLNHQ/HWGDDUELMRSGDWXJHHQ JURHYHQPDDNWLQKHWRSSHUYODNGLHHHQJRHGHNRSSHOLQJPHWGH WUDQVGXFHUNXQQHQYHUKLQGHUHQ
=HHUUXZHRSSHUYODNNHQ]RDOVGHNLH]HODFKWLJHDIZHUNLQJYDQ VRPPLJHJLHWLM]HUHQSURGXFWHQ]LMQKHWPRHLOLMNVWWHPHWHQ’H XOWUDVRQLVFKHVWUDDOUHDJHHUWRSGLWVRRUWRSSHUYODNNHQ]RDOVOLFKWRS PDWJODVHQUDDNWLQDOOHULFKWLQJHQYHUVWURRLG
(HQJURIRSSHUYODNLVQLHWDOOHHQYDQLQYORHGRSGHPHWLQJPDDU GUDDJWRRNELMDDQRYHUPDWLJHVOLMWDJHYDQGHWUDQVGXFHUPHWQDPH LQVLWXDWLHVZDDULQGHWUDQVGXFHURYHUKHWRSSHUYODNZRUGWEHZRJHQ

ZZZGDNRWDQGWFRP

QO

70$8LWJDYH7H[WPHWYRRUEODG1R

‘DNRWD&; &;

ZZZGDNRWDQGWFRP

&; &; &; &;

]K ]K ]K ]K ]K ]K ]K ]K ]K ]K ]K ]K ]K ]K
]K ]K

3E +J

[[PP[[ JR] &;&; KWWSVGRZQORDGVGDNRWDQGWFRP06’6(OFRPHWHUB8OWUDVRQLFB&RXSODQWB%OXHSGI KWWSVGRZQORDGVGDNRWDQGWFRP06’6HOFRPHWHUBXOWUDVRQLFBFRXSODQWBKLBWHPSSGI

+RIUSKZKX2OSOZKJ

(OFRPHWHU /LPLWHG

]K

ZZZGDNRWDQGWFRP

/(‘ 86% } ‘DNRWD POIOR] [$$
ZZZGDNRWDQGWFRP

]K

D 86%

D

E 3(!((

7KUX3DLQW&;

E

F &;

F G

G &;

K

H

H

I PP,QFK

I

J

J

K

[$$

å å

]K

ZZZGDNRWDQGWFRP

‘DNRWD&; ]K

‘DNRWD1’7 ‘DNRWD&; ]K
‘DNRWD1’7 ÏÐ
ÏÐ

y y y

ZZZGDNRWDQGWFRP

]K

&; &;&; 7KUX3DLQW

&;

3(

PP PPD

7KUX3DLQW ((

PP
PPPP D

]K

PP,QFK

D
]K

ZZZGDNRWDQGWFRP

ZZZGDNRWDQGWFRP

]K

&;
PVLQVPVLQV

&;&;
&;

]K

PV LQV

]K

ZZZGDNRWDQGWFRP

&;
]K

]K

ÏÐ

ZZZGDNRWDQGWFRP

]K

&;

ÏÐ

PV LQV

‘DNRWD&;]K

‘DNRWD1’7 ]K
&;]K ]K &;]K ]K

]K

ZZZGDNRWDQGWFRP

!

&;

{

{

3(

{

7KUX3DLQW(( {

PP

{

{

,QFK

{

{

ZZZGDNRWDQGWFRP

]K

&;

{

PP

{

,QFK

{

{

‘DN0DVWHU70 ‘DN0DVWHU70

‘DNRWD&;E

E&;

]K

ZZZGDNRWDQGWFRP

7;&0(3 0+] 7;&0&3 0+] 7;&0(3 0+] 7;&0(3 0+] 7;&0%3 0+] 7;&0(3 0+] 7;&0&3 0+] 7;&0&3 0+] 7;&0&3 0+] 7;&0%3 0+] 7;&0&3Á 0+] 7;&0&3 0+] 7;&0%3 0+] 7;&0&3 0+]

&, 3 73 ) 7 6 * $ 7

99

9

99

9

99

9

99

9

9

99

9

99

9

99

9

99

9

99

9

999

9

999

9

999

9

99

9

99

&, )

3 7* $

73 6 7

7KUX3DLQW7KUX3DLQW]K
r) Á

]K ZZZGDNRWDQGWFRP

ZZZGDNRWDQGWFRP

]K

F s

7&$/67’6(7

PPG

! PP G

7&$/67’6(7

PPG

! PP

G

PPG

7&$/67’+/’

F’DNRWD1’7 G

]K

ZZZGDNRWDQGWFRP

PP LQFKG

7&$/67′

7&$/67′

7&$/67′

7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′

PP LQFKG

POIOR]

POIOR] POIOR] POIOR] POIOR] O86*DOORQ POIOR] POIOR] ]K

7 7 7 7 7 7 7

G
ZZZGDNRWDQGWFRP

]K

‘DNRWD1’7 ]K ‘DNRWD&;

7

D

7KUX3DLQW

7KUX3DLQW

&;

&;

PP

PP

PPPPPP

PP

PVLQwV PP
+] r&r)
[$$

D
]K

ZZZGDNRWDQGWFRP

&;

&;

H

JR] [[PP[[

$670((1(1

‘DNRWD&;

ZZZGDNRWDQGWFRP

]K

‘DNRWD&;&; (8 +; 5R+6 KWWSVGRZQORDGVGDNRWDQGWFRP’HFODUDWLRQBRIB&RQIRUPLW&KLQHVH’R&B&;B&;SGI 86%86% $&0$ %
)&&(OFRPHWHU %&$1,&(6%10%%
5 (OFRPHWHU(GJH/DQH0%8 ‘DN0DVWHU70 (OFRPHWHU(GJH/DQH0%8
‘DNRWD1’7(OFRPHWHU

(OFRPHWHU(GJH/DQH0%8
H+]

]K

ZZZGDNRWDQGWFRP

ZZZGDNRWDQGWFRP

]K

70$

‘DNRWD&;&;
Y
ZZZGDNRWDQGWFRP

&; &; &; &;

MS MS MS MS MS MS MS MS MS MS MS MS MS MS MS MS

3E +J

aYb
[[PPc[[ Jca &;&;a’DNRWD1’7b Y
KWWSVGRZQORDGVGDNRWDQGWFRP06’6(OFRPHWHUB8OWUDVRQLFB&RXSODQWB%OXHSGI Y

KWWSVGRZQORDGVGDNRWDQGWFRP06’6HOFRPHWHUBXOWUDVRQLFBFRXSODQWBKLBWHPSSGI

(OFRPHWHU/LPLWHGóåå$OOULJKWVUHVHUYHGa(OFRPHWHU/LPLWHG acaaaaZaaac Zab

MS

ZZZGDNRWDQGWFRP

/(‘cac 86%c

‘DNRWDY aPOc $$

ZZZGDNRWDQGWFRP

MS

D 86%

D

E 3(cca

E

((cSS7KUX3DLQW &;

F

F &;

G H

G &;

K

H

I

I PP,QFK

J

J K

a$$b

ab
ba cYb
a b

ac b
b b

abZa YbYb

aY
b Yb Y Yb MS

ZZZGDNRWDQGWFRP

c
‘DNRWD&;cMS w
xw xbYYbYY aYoe¹¹ ab

‘DNRWD1’7Y ‘DNRWD&;b aMSwx Yb

a’DNRWD1’7Y
b ¹¹aÏÐ
b Yb

Ya b ab
ÏÐ

a¹b b

y Yllb laYa YYb y zZa ba ba a Yb a¹ ¹ ba b

ZZZGDNRWDQGWFRP

MS

c &;
&;acb&; acc7KUX3DLQW Zba b

c&;aYoe¹¹¹ b

1&

SS
7KUX3DLQW ((

a ca bYjPP cjD b
PPcYZa ca bY jPPcjD b

aYba MSwxYba b
YaPPZb aYoe¹¹b

Dab
MS

ZZZGDNRWDQGWFRP

bY ab
YaYba YaZa aYb
Yb
a Yb
Ya b
Yoe¹¹a b
Ya Yzb
YYb aZZb a b a zb
b Y ba b
a b
la b

ZZZGDNRWDQGWFRP

MS

&; a b
aba Pca Pcb

Yab aaaY Yb
&;ab zb&;a b

wxYb c&;aYoe¹¹b

ab

cKQw

xaY

bYaY

Yb

YY azb
zb aPc b

MS

ZZZGDNRWDQGWFRP

&; ab aYzc YbacMS wxb
Yb
aYb
Yab Yoe¹¹alb
la YbaYoe¹¹Yb
Ya cMSwx b
aa b
aYzb
YYbaZZ bab a zb
bY bab
ab
laÏÐa Yzbalb
(VFDSHlabY Yzb
Ya
Yb
aZaYa Ybab

ZZZGDNRWDQGWFRP

MS

&;c YaY baa Yba b

Yab
Yoe¹¹alb
la
YbaYoe¹¹Yb
ÏÐa lb
(VFDSHlabY Yzb
a Yb

Yoe¹¹aY baPc b

Yab Yb
‘DNRWD&;cMS w
xw xbYYb’DNRWD1’7 Ya cMSw xb
&;cMS b
cMSb Y&;cMSb cMSwxb

MS

ZZZHOFRPHWHUFRP

c b aYzb
Ya Ybzb
YbaZ Zba Yb
ab az baa Ya YzYb ac Yb
bY b
`Yac bb ab
&;

Yoe

{

{

{

PP

{

{

{

å
í3(î

{

SS7KUX3DLQW(( {

ZZZGDNRWDQGWFRP

MS

&;

Yoe

{

PP

{

{

{

‘DN0DVWHU70 3& ‘DN0DVWHU70
(OFRPHWHU’DNRWD&; E/

E&;&;

MS

ZZZGDNRWDQGWFRP

c

&, 3 73 ) 7 6 * $ 7

7;&0(3

0+] 9 9

9

7;&0&3 0+] 9 9

9

7;&0(3 0+] 9 9

9

7;&0(3

0+] 9 9

9

7;&0%3

0+]

9

99

7;&0(3

0+]

9

99

7;&0&3

0+]

9

99

7;&0&3 0+]

9

99

7;&0&3 0+]

9

99

7;&0%3

0+]

9

999

7;&0&3Á 0+]

9

999

7;&0&3 0+]

9

999

7;&0%3 0+]

9

99

7;&0&3 0+]

9

99

&, )

3

73

7* 6

$

7

7KUX3DLQWYabc 7KUX3DLQWcMSwxb
b&c) Ább

&;ba cMSwx Yb’DNRWD1’7a ZZZGDNRWDQGWFRPYb

ZZZGRNRWDQGWFRP

MS

c
‘DNRWD1’7a Da bYYa b

ab

7&$/67’6(7

YjPP j
G

hYaaaaaaPP

aaaaaa
Ga

ab

7&$/67’6(7

YjPP j
G

hYaaaaaaPP

aaaaaa
Ga

ab

YPP
G

7&$/67’+/’

a b

Fba’DNRWD1’7zYb GabcYb

MS

ZZZGDNRWDQGWFRP

c

Y
PP G

Y PP G

7&$/67′

7&$/67′

7&$/67′

7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′

7&$/67′ 7&$/67′
a b

Ya ba b

YaPOc b

aPOc 7

aPOc 7

aPOc 7

aPOc 7

aOc

7

aPOc 7

aPOc 7

cMSw
x

b

GabcYb

ZZZGDNRWDQGWFRP

MS

c a’DNRWD1’7 Y cMSw
x /HPRa ‘DNRWD&; b

Ya YYb

Y D

c
c 7KUX3DLQW

c
c 7KUX3DLQW

7

&;

&;

jPPj

jPP j

jPPPPjPP j j

PP

jP j

PP +] j&j) $$

Eab

MS

ZZZGDNRWDQGWFRP

c

&;

&;

H

J
a

[[PP[[

$670((1(1

c %BLPUB$9 aa b
a

ZZZGDNRWDQGWFRP

MS

‘DNRWD&; &;a(8b (8 (8 cc5R+6 ab

KWWSVGRZQORDGVGDNRWDQGWFRP’HFODUDWLRQBRIB&RQIRUPLW-DSDQHVH’R&B&;B&;SGI 86%aa86%Yb

$&0$aYoe¹¹¹Yb

a)&&babc Ybca b

a)&&Ya%aY baYb aaabaa ba zbaa YbaYb

b

cb

(OFRPHWHU/LPLWHGa)&& b

%Ya&$1,&(6%10%%b

5 a(OFRPHWHU/LPLWHGb(GJH/DQH0DQFKHVWHU0%88QLWHG.LQJGRP

‘DN0DVWHU a(OFRPHWHU/LPLWHG
(GJH/DQH0DQFKHVWHU0%88QLWHG.LQJGRP

aYb

%BLPUB/%5&MDPNFUFS aYbaYba
zYb

(OFRPHWHU/LPLWHG(GJH/DQH0DQFKHVWHU0%88QLWHG.LQJGRP

Ha+]’ba b

MS

ZZZGDNRWDQGWFRP

Distributed by: ABQ Industrial LP USA Tel: +1 281-516-9292 / 888-275-5772 eFax: +1 866-234-0451
Web: https://www.abqindustrial.net E-mail: info@abqindustrial.net

Distributed by: ABQ Industrial LP USA Tel: +1 281-516-9292 / 888-275-5772 eFax: +1 866-234-0451
Web: https://www.abqindustrial.net E-mail: info@abqindustrial.net

Read User Manual Online (PDF format)

Read User Manual Online (PDF format)  >>

Download This Manual (PDF format)

Download this manual  >>

ABQINDUSTRIAL User Manuals

Related Manuals