i119 harness

Upload: ruben-rosales

Post on 13-Oct-2015

13 views

Category:

Documents


0 download

TRANSCRIPT

  • I119 Rev. B / MFP97200291 November 2012

  •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

    7DEOHGHV0DWLqUHV %XW ([LJHQFHV*pQpUDOHV$YHUWLVVHPHQWVHW/LPLWDWLRQV &RPSDWLELOLWpGX6\WqPH 3RUWGX+DUQDLV,QWpJUDO 8WLOLVDWLRQ$GpTXDWHGHV$QQHDX[HQ' &DOFXOGHOD'LVWDQFHGH'pJDJHPHQWGHOD&KXWH ,QVSHFWLRQHW(QWUHWLHQ 3UpYHQWLRQGXQ7UDXPDGH6XVSHQVLRQ &DWpJRULHVGH3URGXLWV)RQFWLRQQHOV ,GHQWLFDWLRQSDU)DPLOOH eWLTXHWWHVVXUOHV3URGXLWV 5HJLVWUH'LQVSHFWLRQHW'HQWUHWLHQ *DUDQWLH QGLFH 3URSyVLWR 5HTXLVLWRV*HQHUDOHV$GYHUWHQFLDV\/LPLWDFLRQHV &RPSDWLELOLGDGGHO6LVWHPD &yPR,OHYDU3XHVWRXQ$UQpVGH&XHUSR&RPSOHWR 8VR&RUUHFWRGH/RV$QLOORV' &iOFXORGHOD'LVWDQFLDGHO(VSDFLRGH&DtGD ,QVSHFFLyQ\0DQWHQLPLHQWR 3UHYLQLHQGRXQ7UDXPD3RU6XVSHQVLyQ &DWHJRUtDV)XQFLRQDOHVGHORV3URGXFWRV ,GHQWLFDFLyQGH)DPLOLDVGH3URGXFWRV (WLTXHWDVGHORV3URGXFWRV 5HJLVWURGH,QVSHFFLyQ\0DQWHQLPLHQWR *DUDQWtD

  • 8VHU ,QVWUXFW LRQV (QJO LVK

    3XUSRVH+RQH\ZHOO6DIHW\3URGXFWVRIIHUVDZLGHDUUD\RIIXOOERG\KDUQHVVHVIRUHYHU\DSSOLFDWLRQ:KLOHIXOOERG\KDUQHVVHVPD\EHXVHGIRUSRVLWLRQLQJWUDYHOUHVWUDLQWDQGUHVFXHWKH\DUHWKHRQO\DFFHSWDEOHIRUPRIERG\ZHDUIRUIDOODUUHVW+DUQHVVGHVLJQVRIIHUVXSHULRUVDIHW\DQGIXQFWLRQDOLW\ZLWKIHDWXUHVGHYHORSHGWRPHHWNH\XVHUQHHGVVXFKDVFRPIRUWWHDVHRIXVHVW\OHGXUDELOLW\FRPSOLDQFHH[LELOLW\DQGFRQYHQLHQFH

    7KLVXVHULQVWUXFWLRQPDQXDOFRYHUVDOO0LOOHUDQG7LWDQIXOOERG\KDUQHVVHVDVZHOODVERG\EHOWV

    4XHVWLRQV" &$//,WLVFUXFLDOWKDWWKHDXWKRUL]HGSHUVRQXVHURIWKLVHTXLSPHQWUHDGDQGXQGHUVWDQGWKHVHLQVWUXFWLRQV,QDGGLWLRQIHGHUDOODZUHTXLUHVHPSOR\HUVWRHQVXUHWKDWDOOXVHUVDUHWUDLQHGLQWKHSURSHULQVWDOODWLRQXVHLQVSHFWLRQDQGPDLQWHQDQFHRIIDOOSURWHFWLRQHTXLSPHQW)DOOSURWHFWLRQWUDLQLQJVKRXOGEHDQLQWHJUDOSDUWRIDFRPSUHKHQVLYHVDIHW\SURJUDP

    3URSHUXVHRIIDOODUUHVWV\VWHPVFDQVDYHOLYHVDQGUHGXFHWKHSRWHQWLDORIVHULRXVLQMXULHVIURPDIDOO7KHXVHUPXVWEHDZDUHWKDWIRUFHVH[SHULHQFHGGXULQJWKHDUUHVWRIDIDOORUSURORQJHGVXVSHQVLRQPD\FDXVHERGLO\LQMXU\&RQVXOWDSK\VLFLDQLIWKHUHLVDQ\TXHVWLRQDERXWWKHXVHUVDELOLW\WRXVHWKLVSURGXFW3UHJQDQWZRPHQDQGPLQRUFKLOGUHQPXVWQRWXVHWKLVSURGXFW

    7KDQN\RXIRU\RXUSXUFKDVHRI0LOOHUIDOOSURWHFWLRQHTXLSPHQWPDQXIDFWXUHGE\+RQH\ZHOO6DIHW\3URGXFWV0LOOHUEUDQGSURGXFWVDUHSURGXFHGWRPHHWWKHKLJKHVWVWDQGDUGVRITXDOLW\DWRXU,62FHUWLHGIDFLOLW\0LOOHUHTXLSPHQWZLOOSURYLGH\RXZLWK\HDUVRIXVHZKHQFDUHGIRUSURSHUO\

    7KDQN

  • 8VHU ,QVWUXFW LRQV (QJO LVK

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

    *HQHUDO5HTXLUHPHQWV:DUQLQJVDQG/LPLWDWLRQV*HQHUDO5HTXLUHPHQWV

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

    &$3$&,7$16,FDSDFLW\UDQJHLVOEVOEVNJNJ@

  • 8VHU ,QVWUXFW LRQV (QJO LVK

    7KUHHNH\FRPSRQHQWVRIWKH3HUVRQDO)DOO$UUHVW6\VWHP3)$6QHHGWREHLQSODFHDQGSURSHUO\XVHGWRSURYLGHPD[LPXPZRUNHUSURWHFWLRQ

    $1&+25$*($1&+25$*(&211(&7257KHUVWFRPSRQHQWLVWKHDQFKRUDJHDQFKRUDJHFRQQHFWRU7KHDQFKRUDJHDOVRUHIHUUHGWRDVWKHDQFKRUSRLQWRUWLHRIISRLQWLVDVHFXUHSRLQWRIDWWDFKPHQWIRUFRQQHFWLQJGHYLFHVDQGPXVWEHFDSDEOHRIVXSSRUWLQJOEVN1SHUZRUNHURUPHHW26+$UHTXLUHPHQWVIRUDVDIHW\IDFWRURIWZRVXFKDVDQ,EHDPRURWKHUVXSSRUWVWUXFWXUH$QDQFKRUDJHFRQQHFWRUVXFKDVWKHFURVVDUPVWUDS'EROWRUUHEDUKRRNDQFKRULVVRPHWLPHVQHFHVVDU\WRPDNHDFRPSDWLEOHFRQQHFWLRQEHWZHHQWKHFRQQHFWLQJGHYLFHDQGWKHDQFKRUDJH%2'

  • 8VHU ,QVWUXFW LRQV (QJO LVK

    &RPSRQHQW:DUQLQJVDQG/LPLWDWLRQV$1&+25$*(6$1&+25$*(&211(&7256$QFKRUDJHVPXVWEHFDSDEOHRIVXSSRUWLQJOEVN1SHUZRUNHURUPHHW26+$UHTXLUHPHQWVIRUDVDIHW\IDFWRURIWZR

    $QFKRUDJHUHTXLUHPHQWVEDVHGRQ$16,DUHDVIROORZV)RUIDOODUUHVWV\VWHPVDQFKRUDJHVPXVWZLWKVWDQGDVWDWLFORDGRIOEVN1IRUQRQFHUWLHGDQFKRUDJHVRUWZRWLPHVWKHPD[LPXPDUUHVWLQJIRUFHIRUFHUWLHGDQFKRUDJHV

    )RUSRVLWLRQLQJV\VWHPVDQFKRUDJHVPXVWZLWKVWDQGDVWDWLFORDGRIOEVN1IRUQRQFHUWLHGDQFKRUDJHVRUWZRWLPHVWKHIRUHVHHDEOHIRUFHIRUFHUWLHGDQFKRUDJHV

    )RUWUDYHOUHVWUDLQWDQFKRUDJHVPXVWZLWKVWDQGDVWDWLFORDGRIOEVN1IRUQRQFHUWLHGDQFKRUDJHVRUWZRWLPHVWKHIRUHVHHDEOHIRUFHIRUFHUWLHGDQFKRUDJHV

    )RUUHVFXHV\VWHPVDQFKRUDJHVPXVWZLWKVWDQGDVWDWLFORDGRIOEVN1IRUQRQFHUWLHGDQFKRUDJHVRUYHWLPHVWKHDSSOLHGORDGIRUFHUWLHGDQFKRUDJHV

    :KHQPRUHWKDQRQHSHUVRQDOIDOODUUHVWV\VWHPLVDWWDFKHGWRDQDQFKRUDJHWKHDERYHDQFKRUDJHVWUHQJWKVPXVWEHPXOWLSOLHGE\WKHQXPEHURISHUVRQDOIDOODUUHVWV\VWHPVDWWDFKHGWRWKHDQFKRUDJH

    $OZD\VZRUNGLUHFWO\XQGHUWKHDQFKRUSRLQWWRDYRLGDVZLQJIDOOLQMXU\:KHQVHOHFWLQJDQDQFKRUDJHSRLQWDOZD\VUHIHUWRWKHIDOOFOHDUDQFHFDOFXODWLRQLQIRUPDWLRQSURYLGHGZLWKWKHFRQQHFWLQJGHYLFHWRHQVXUHWKDWWKHDQFKRUDJHSRLQWLVDWDKHLJKWWKDWZLOOQRWDOORZDXVHUWRVWULNHDORZHUOHYHOVKRXOGDIDOORFFXU5HPHPEHUWKDWVKRFNDEVRUEHUVZLOOHORQJDWHZKHQVXEMHFWHGWRIDOODUUHVWIRUFHVUHIHUWRWKHODEHOVLQVWUXFWLRQVSURYLGHGZLWKWKHVKRFNDEVRUEHUIRUDGGLWLRQDOGHWDLOV

    $QFKRUDJHFRQQHFWRUPXVWEHFRPSDWLEOHZLWKVQDSKRRNRUFDUDELQHURIFRQQHFWLQJGHYLFHDQGPXVWQRWEHFDSDEOHRIFDXVLQJDORDGWREHDSSOLHGWRWKHJDWHNHHSHU%2'IWPPD[LPXP@

    $OZD\VYLVXDOO\FKHFNWKDWHDFKVQDSKRRNDQGFDUDELQHUIUHHO\HQJDJHVWKHKDUQHVV'ULQJRUDQFKRUSRLQWDQFKRUDJHFRQQHFWRUDQGWKDWLWVJDWHNHHSHULVFRPSOHWHO\FORVHGDQGORFNHG1HYHUGLVDEOHRUUHVWULFWORFNLQJNHHSHURUDOWHUFRQQHFWLQJGHYLFHLQDQ\ZD\

    0DNHVXUHVQDSKRRNFDUDELQHULVSRVLWLRQHGVRWKDWLWVJDWHLVQHYHUORDGEHDULQJ7KHXVHRIVKRFNDEVRUEHUVLVUHTXLUHGWRUHGXFHIDOODUUHVWIRUFHV$OO0LOOHUVKRFNDEVRUEHUVVKRFNDEVRUELQJODQ\DUGVDQGVHOIUHWUDFWLQJOLIHOLQHVOLPLWPD[LPXPIDOODUUHVWIRUFHVWROEIN1RUOHVV

    1HYHUDOORZDODQ\DUGOLIHOLQHWRSDVVXQGHURUHQWZLQHDURXQGWKHXVHUVDUPVOHJVQHFNRUDQ\RWKHUREVWDFOH

    'RQRWWLHNQRWVLQODQ\DUGVRUOLIHOLQHVRUZUDSDURXQGVKDUSURXJKHGJHVRUVPDOOGLDPHWHUVWUXFWXUDOPHPEHUV

    'RQRWDWWDFKPXOWLSOHODQ\DUGVWRJHWKHURUDWWDFKDODQ\DUGEDFNRQWRLWVHOIXQOHVVLWLVVSHFLFDOO\GHVLJQHGIRUWKDWSXUSRVH

  • 8VHU ,QVWUXFW LRQV (QJO LVK

    :HDULQJD)XOO%RG\+DUQHVV

    )XOOERG\KDUQHVVHVDUHWKHRQO\IRUPRIERG\ZHDUWREHXVHGIRUIDOOSURWHFWLRQIDOODUUHVW,WLVYHU\LPSRUWDQWWRKDYHDSURSHUWWLQJKDUQHVVWKURXJKRXWWKHHQWLUHFRXUVHRIDZRUNVKLIW'RQRWDOORZ\RXUKDUQHVVWREHFRPHORRVHRUVODFN7KHIROORZLQJSURFHGXUHZLOOGHVFULEHKRZWRSURSHUO\GRQSXWRQDKDUQHVV7KHORFDWLRQRIWKHFKHVWOHJDQGVXESHOYLFVWUDSVDUHFULWLFDOWRWKHRSWLPDOSHUIRUPDQFHRIDIXOOERG\KDUQHVVLQDIDOODUUHVW5HIHUWR3URSHU+DUQHVV)LWVHFWLRQ

    +ROGKDUQHVVE\EDFN'ULQJ6KDNHKDUQHVVWRDOORZDOOVWUDSVWRIDOOLQSODFH

    6OLSVWUDSVRYHUVKRXOGHUVVR'ULQJLVORFDWHGLQPLGGOHRIEDFNEHWZHHQVKRXOGHUEODGHV

    &RQQHFWFKHVWVWUDSDQGSRVLWLRQLQPLGFKHVWDUHDPPWRPPEHORZWKHWUDFKHDEXWQRWEHORZWKHVWHUQXP7LJKWHQWRNHHSVKRXOGHUVWUDSVWDXW

    ,IFKHVWZDLVWDQGRUOHJVWUDSVDUHEXFNOHGUHOHDVHVWUDSVDQGXQEXFNOHDWWKLVWLPH

    3XOOOHJVWUDSEHWZHHQOHJVDQGFRQQHFWWRRSSRVLWHHQG5HSHDWZLWKVHFRQGOHJVWUDS&RQQHFWZDLVWVWUDSLISUHVHQW:DLVWVWUDSVKRXOGEHWLJKWEXWQRWELQGLQJ

    $IWHUDOOVWUDSVKDYHEHHQEXFNOHGWLJKWHQDOOZHEELQJVRWKDWKDUQHVVWVVQXJEXWDOORZVIXOOUDQJHRIPRYHPHQW3DVVH[FHVVVWUDSWKURXJKORRSNHHSHUV

    7RUHPRYHKDUQHVVUHYHUVHSURFHGXUH +RQH\ZHOOUHFRPPHQGVKDQJLQJWKHKDUQHVVE\EDFN'ULQJWRKHOSLWNHHSLWVVKDSHZKHQQRWLQXVHDQGSURYLGHWKHZRUNHUZLWKDVWDUWLQJSRLQWZKHQQH[WDWWHPSWLQJWRGRQWKHKDUQHVV

    'RQQLQJD+DUQHVV

  • 8VHU ,QVWUXFW LRQV (QJO LVK

    ,WLVH[WUHPHO\LPSRUWDQWWKDW\RXUKDUQHVVWVDQGLVSURSHUO\DGMXVWHGGXULQJWKHHQWLUHGXUDWLRQRIWKHWLPHLWLVEHLQJZRUQ)DLOXUHWRGRVRFDQUHVXOWLQVHULRXVLQMXU\RUGHDWK3URSHUFRQQHFWLRQDQGDGMXVWPHQWRIZHEELQJVWUDSVLVHVVHQWLDOWRIDOOVDIHW\$IWHUGRQQLQJDKDUQHVVPDNHVXUHWRFKHFN

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

    'LVFRQQHFWWKHOHJVWUDSEXFNOHVLIWKH\DUHFRQQHFWHG+ROGWKHKDUQHVVE\WKHEDFN'ULQJ7XUQWKHKDUQHVVVRWKHIURQW'ULQJLVIDFLQJ\RXDQGWKH0LOOHUVWUDSLVDZD\IURP\RX

    *UDVSVKRXOGHUVWUDSVGLUHFWO\EHORZWKHIURQW'ULQJZLWKERWKKDQGV3ODFH\RXUKHDGWKURXJKWKHFHQWHURIWKHKDUQHVVEHWZHHQWKHIURQWDQGEDFN'ULQJV

    6SLQWKHKDUQHVVGHJUHHVVRWKDWWKHIURQW'ULQJLVSRVLWLRQHGLQWKHIURQW

    6OLGHRQHVWUDSGRZQRYHUHDFKDUPVRWKDWWKHIURQW'ULQJUHVWVLQWKHPLGFKHVWDUHDDQGVKRXOGHUVWUDSVUXQYHUWLFDOO\RYHUWKHFKHVW

    3XOOOHJVWUDSEHWZHHQOHJVDQGFRQQHFWWRRSSRVLWHHQG5HSHDWZLWKVHFRQGOHJVWUDS$GMXVWOHJVWUDSVXQWLOVQXJ

    0DNHDGMXVWPHQWVWRSRVLWLRQWKHIURQW'ULQJSURSHUO\E\IHHGLQJZHEELQJWKURXJKWKHIULFWLRQEXFNOHV$GMXVWVKRXOGHUVWUDSVXQWLOVQXJ3DVVH[FHVVVWUDSWKURXJKORRSNHHSHUV

    7RUHPRYH5HYHUVHSURFHGXUH+DQJKDUQHVVE\EDFN'ULQJ

    'RQQLQJD3XOORYHU)URQW'5LQJ+DUQHVV

    3URSHU+DUQHVV)LW

    +ROGKDUQHVVE\EDFN'ULQJ6KDNHKDUQHVVWRDOORZDOOVWUDSVWRIDOOLQSODFH,IFKHVWDQGOHJVWUDSVDUHEXFNOHGUHOHDVHVWUDSVDQGXQEXFNOHDWWKLVWLPH+ROGLQJKDUQHVVE\WKHVKRXOGHUVWUDSVVWHSWKURXJKWKHZDLVWVWUDSDQGVOLSVKRXOGHUVWUDSVRYHUVKRXOGHUVVRWKH'ULQJLVORFDWHGLQWKHPLGGOHRIWKHEDFNEHWZHHQVKRXOGHUEODGHV

    3XOOOHJVWUDSEHWZHHQOHJVDQGFRQQHFWWRRSSRVLWHHQG5HSHDWZLWKVHFRQGOHJVWUDS7LJKWHQZDLVWVWUDS:DLVWVWUDSVKRXOGEHWLJKWEXWQRWELQGLQJ

    &RQQHFWFKHVWVWUDSDQGSRVLWLRQLQPLGFKHVWDUHDPPWRPPEHORZWKHWUDFKHDEXWQRWEHORZWKHVWHUQXP7LJKWHQWRNHHSVKRXOGHUVWUDSVWDXW

    $IWHUDOOVWUDSVKDYHEHHQEXFNOHGWLJKWHQDOOZHEELQJVRWKDWKDUQHVVWVVQXJEXWDOORZVIXOOUDQJHRIPRYHPHQW3DVVH[FHVVVWUDSWKURXJKORRSNHHSHUV

    7RUHPRYHKDUQHVVUHYHUVHSURFHGXUH+DQJKDUQHVVE\EDFN'ULQJ

    'RQQLQJD0V0LOOHU+DUQHVV

  • 8VHU ,QVWUXFW LRQV (QJO LVK

    %XFNOH&RQQHFWLRQ$GMXVWPHQW,QVWUXFWLRQV

    (QVXUHVWUDSVDUHQRWWZLVWHG7KHORRVHHQGZHEELQJVWUDSLVIRUDGMXVWPHQWDQGPXVWDOZD\VEHORFDWHGRQWKHRXWVLGHDZD\IURPWKHXVHU

    3DVVWKHEXFNOHZLWKFHQWHUEDUXQGHUWKHVTXDUHOLQN7XUQFHQWHUEDUEXFNOHVRWKDWWKHHGJHVOLQHXSZLWKWKHVORWVLQWKHVTXDUHOLQN3XOOWKHFHQWHUEDUEXFNOHFRPSOHWHO\WKURXJKDQGDOORZLWWRIDOOLQWRSODFHRQWRSRIWKHVTXDUHOLQN

    3XOOORRVHHQGZHEELQJVWUDSWRWLJKWHQDGMXVWPHQWRIWKHKDUQHVV7KHQVOLGHULJLGNHHSHULIDSSOLFDEOHXSWREXFNOH7XFNH[FHVVZHEELQJLQWRHODVWLFNHHSHUV

    6/277('0$7,1*%8&./(

    7XFNH[FHVVZHEELQJLQWRHODVWLFNHHSHUV

    (QVXUHVWUDSVDUHQRWWZLVWHG,QVHUWZHEELQJVWUDSZLWKJURPPHWVWKURXJKWRQJXHEXFNOHIURPWKHXQGHUVLGH

    3XOOVWUDSWKURXJKXQWLOVQXJ3ODFHEXFNOHWRQJXHWKURXJKDSSURSULDWHJURPPHW

    721*8(%8&./(

    (QVXUHVWUDSVDUHQRWWZLVWHG7KHORRVHHQGRIZHEELQJLVIRUDGMXVWPHQWDQGPXVWDOZD\VEHORFDWHGRQWKHRXWVLGHDZD\IURPWKHXVHU

    3XVKERWKKDOYHVRIWKHEXFNOHWRJHWKHUXQWLO\RXKHDUDFOLFN7XJRQERWKKDOYHVRIWKHEXFNOHWRPDNHVXUHLWLVILUPO\FRQQHFWHG3XOOORRVHHQGRIVWUDSWRWLJKWHQDGMXVWPHQWRIWKHKDUQHVV7KHQVOLGHULJLGNHHSHULIDSSOLFDEOHXSWREXFNOH7XFNH[FHVVZHEELQJLQWRHODVWLFNHHSHUV

    48,&.&211(&7%8&./(

    7RGLVFRQQHFWSXVKIRUZDUGRQERWKUHOHDVHOHYHUVWKHQSXOOEXFNOHDSDUW

    )5,&7,21%8&./(

    *UDVSWKHORRVHHQGZHEELQJVWUDSDQGSXOOWRWLJKWHQ7XFNH[FHVVZHEELQJLQWRHODVWLFNHHSHUV

    7RORRVHQIOLSEXFNOHRYHUWRUHOHDVHIULFWLRQJULSDQGSXVKRXWZDUGWRDOORZZHEELQJWRSXOOWKURXJKEXFNOH

  • 8VHU ,QVWUXFW LRQV (QJO LVK

    6LGH'ULQJVDUHIRUSRVLWLRQLQJRQO\

    %DFN'ULQJVDUHIRUIDOODUUHVW

    RUUHWULHYDORQO\6KRXOGHU'ULQJVDUHIRUUHWULHYDORQO\

    )URQW'ULQJVDUHIRUSRVLWLRQLQJ1RWHIURQW'ULQJH[FHSWLRQEHORZ

    >1RWH([FHSWLRQ)URQW'ULQJVPD\EHXVHGIRUIDOODUUHVWRQO\LQDSSOLFDWLRQVZKHUHWKHSHUVRQDOIDOODUUHVWV\VWHPOLPLWVWKHPD[LPXPIUHHIDOOGLVWDQFHWRIWPDQGOLPLWVWKHPD[LPXPDUUHVWIRUFHWROEVN1@

    &DOFXODWLQJ)DOO&OHDUDQFH'LVWDQFH,WLVHVVHQWLDOWRXQGHUVWDQGKRZWRFDOFXODWHWKHIDOOFOHDUDQFHGLVWDQFHUHTXLUHGIRUHDFKZRUNDSSOLFDWLRQWRDYRLGFRQWDFWZLWKDORZHUOHYHO7KHIROORZLQJEDVLFFDOFXODWLRQVDUHXVHGWRGHWHUPLQH5HTXLUHG)DOO&OHDUDQFHZKHQXVLQJDVKRFNDEVRUELQJODQ\DUGRUVHOIUHWUDFWLQJOLIHOLQHLQDQRYHUKHDGDSSOLFDWLRQ$VPDQ\YDULDEOHVFDQDIIHFWIDOOFOHDUDQFHLWLVLPSHUDWLYHWKDWWKHXVHUUHIHUWRWKHLQVWUXFWLRQVSURYLGHGZLWKWKHFRQQHFWLQJGHYLFHIRUPRUHFRPSUHKHQVLYHLQIRUPDWLRQ

    ,03257$17127(7KHVKRFNDEVRUELQJODQ\DUGFDOFXODWLRQGHWHUPLQHVUHTXLUHGIDOOFOHDUDQFHIURPWKHFRQQHFWLRQSRLQWRIWKHODQ\DUGWRWKHDQFKRUDJHFRQQHFWRURUDQFKRUDJHWRWKHQH[WORZHUOHYHORUREVWUXFWLRQEHORZWKHZRUNVXUIDFH7KHVHOIUHWUDFWLQJOLIHOLQHFDOFXODWLRQGHWHUPLQHVUHTXLUHGIDOOFOHDUDQFHIURPWKHZRUNOHYHOWRWKHQH[WORZHUOHYHORUREVWUXFWLRQ

    *UDVSWKHORRVHHQGZHEELQJVWUDSDQGSXOOWRWLJKWHQ7XFNH[FHVVZHEELQJLQWRHODVWLFNHHSHUV8VHZHEILQLDOVWRVHFXUHZHEELQJVWUDSLIDSSOLFDEOH

    7RORRVHQSUHVVULGJHGVLGHRIFDPWRUHOHDVHJULSDQGSXVKEXFNOHRXWZDUGWRDOORZZHEELQJWRSXOOWKURXJK

    &$0%8&./(

    3URSHU8VHRI'5LQJV

    :$51,1*$OZD\VHQVXUHWKDWWKHFRQQHFWLQJGHYLFHVQDSKRRNRURWKHUFRQQHFWRULVFRPSDWLEOHZLWKWKHKDUQHVV'ULQJ

    LVSURSHUO\HQJDJHGDQGLVFORVHGDQGORFNHG1RWH$QLPSURSHURULQFRPSOHWHHQJDJHPHQWLVSRVVLEOHZKHQWKHLQVLGHGLDPHWHURIWKH'ULQJLVYHU\FORVHWRWKHZLGWKRIWKHVQDSKRRN$VDUHVXOWZKHQDWWHPSWLQJWRHQJDJHWKHVQDSKRRNRIDFRQQHFWLQJGHYLFHZLWKD'ULQJDWWKHEDFNRIDKDUQHVVWKHXVHUH[SHULHQFHVDIHHOLQJRISURSHUHQJDJHPHQWZKLOHLQIDFWWKHVQDSKRRNVLWVRQO\LQVLGHWKH'ULQJ7KLVLPSURSHURULQFRPSOHWHHQJDJHPHQWLVXQVDIHDQGLVOLNHO\WRFRPHDSDUWGXULQJDIDOODUUHVW

  • 8VHU ,QVWUXFW LRQV (QJO LVK

    ,IWKHUHLVDQ\TXHVWLRQDERXWFDOFXODWLQJIDOOFOHDUDQFHGLVWDQFHSOHDVHFRQWDFW+RQH\ZHOO7HFKQLFDO6HUYLFH

    SUHVV

    6HOI5HWUDFWLQJ/LIHOLQH)DOO&OHDUDQFH&DOFXODWLRQ>&DOFXODWLRQWDNHQIURPZRUNOHYHO@

    0D[LPXP$UUHVW'LVWDQFH1RQ6WDQGLQJ:RUN3RVLWLRQ)DFWRU6ZLQJ)DOO)DFWRUIWP6DIHW\6WUHWFK)DFWRU 5HTXLUHG)DOO&OHDUDQFH

    6KRFN$EVRUELQJ/DQ\DUG)DOO&OHDUDQFH&DOFXODWLRQ>&DOFXODWLRQWDNHQIURPFRQQHFWLRQSRLQWRIODQ\DUGWRDQFKRUDJHFRQQHFWRURUDQFKRUDJH@

    /HQJWKRI/DQ\DUG0D[LPXP(ORQJDWLRQ'HFHOHUDWLRQ'LVWDQFH+HLJKWWR:RUNHUV%DFN'5LQJIWP6DIHW\6WUHWFK)DFWRU 5HTXLUHG)DOO&OHDUDQFH

    7KHVHOIUHWUDFWLQJOLIHOLQHIDOOFOHDUDQFHFDOFXODWLRQDVVXPHVWKHXVHULVVWDQGLQJDQGSHUIRUPLQJZRUNGLUHFWO\EHORZWKHDQFKRUSRLQWRWKHUZLVHDGGLWLRQDOIDOOFOHDUDQFHLVUHTXLUHG5HIHUWR,0LOOHU6HOI5HWUDFWLQJ/LIHOLQHV8VHU,QVWUXFWLRQ0DQXDOIRUPRUHLQIRUPDWLRQUHJDUGLQJWKHQRQVWDQGLQJZRUNSRVLWLRQIDFWRUDQGWKHVZLQJIDOOIDFWRU

    6DIHW\6WUHWFK)DFWRU

    6DIHW\6WUHWFK)DFWRU

  • 8VHU ,QVWUXFW LRQV (QJO LVK

    ,QVSHFWLRQDQG0DLQWHQDQFH0LOOHUKDUQHVVHVDQGERG\EHOWVDUHGHVLJQHGIRUWRGD\VUXJJHGZRUNHQYLURQPHQWV7RPDLQWDLQWKHLUVHUYLFHOLIHDQGKLJKSHUIRUPDQFHKDUQHVVHVDQGERG\EHOWVVKRXOGEHLQVSHFWHGIUHTXHQWO\8VHUVPXVWWKRURXJKO\LQVSHFWHTXLSPHQWEHIRUHHDFKXVH,QDGGLWLRQDFRPSHWHQWSHUVRQPXVWLQVSHFWHTXLSPHQWDWUHJXODULQWHUYDOVDWOHDVWDQQXDOO\5HSODFHWKHHTXLSPHQWLIDQ\RIWKHGHIHFWLYHFRQGLWLRQVH[SODLQHGLQWKLVPDQXDODUHIRXQG

    :HEELQJ6WLWFKHV*UDVSWKHZHEELQJZLWK\RXUKDQGVLQFKHVPPWRLQFKHVPPDSDUW%HQGWKHZHEELQJLQDQLQYHUWHG8DVVKRZQ7KHVXUIDFHWHQVLRQUHVXOWLQJPDNHVGDPDJHGILEHUVRUFXWVHDVLHUWRGHWHFW)ROORZWKLVSURFHGXUHWKHHQWLUHOHQJWKRIWKHZHEELQJLQVSHFWLQJERWKVLGHVRIHDFKVWUDS:DWFKIRUIUD\HGHGJHVEURNHQILEHUVSXOOHGVWLWFKHVFXWVEXUQVDQGFKHPLFDOGDPDJH

    '5LQJV3DGV&KHFN'ULQJVIRUGLVWRUWLRQFUDFNVEUHDNVDQGURXJKRUVKDUSHGJHV7KH'ULQJVKRXOGSLYRWIUHHO\,QVSHFWIRUDQ\XQXVXDOZHDUIUD\HGRUFXWEHUVRUEURNHQVWLWFKLQJRIWKH'ULQJDWWDFKPHQWV3DGVVKRXOGDOVREHLQVSHFWHGIRUFUDFNVH[FHVVLYHZHDURURWKHUVLJQVRIGDPDJH

    3HUIRUPWKHIROORZLQJSURFHGXUHV

    $OO%XFNOHV&KHFNDOOEXFNOHVIRUGDPDJHGLVWRUWLRQFUDFNVEUHDNVDQGURXJKRUVKDUSHGJHV,QVSHFWIRUDQ\XQXVXDOZHDUIUD\HGRUFXWEHUVRUEURNHQVWLWFKLQJRIWKHEXFNOHDWWDFKPHQWV0DNHVXUHEXFNOHVSURSHUO\HQJDJH

    7RQJXH%XFNOHV*URPPHWV%XFNOHWRQJXHVVKRXOGEHIUHHRIGLVWRUWLRQLQVKDSHDQGPRWLRQ7KH\VKRXOGRYHUODSWKHEXFNOHIUDPHDQGPRYHIUHHO\EDFNDQGIRUWKLQWKHLUVRFNHW5ROOHUVKRXOGWXUQIUHHO\RQIUDPH,QVSHFWIRUORRVHGLVWRUWHGRUEURNHQJURPPHWV:HEELQJVKRXOGQRWKDYHDGGLWLRQDOSXQFKHGKROHV

    )ULFWLRQDQG6ORWWHG0DWLQJ%XFNOHV7KHRXWHUEDUVDQGFHQWHUEDUVPXVWEHVWUDLJKW3D\VSHFLDODWWHQWLRQWRFRUQHUVDQGDWWDFKPHQWSRLQWVDWWKHFHQWHUEDU

    4XLFN&RQQHFW%XFNOHV0DNHVXUHGXDOWDEUHOHDVHPHFKDQLVPLVIUHHRIGHEULVDQGHQJDJHVSURSHUO\'RXEOHFKHFNWKHEXFNOHORFNLQJPHFKDQLVPE\WXJJLQJRQERWKKDOYHVRIWKHEXFNOHWRPDNHVXUHLWLVUPO\FRQQHFWHGDQGZLOOQRWGLVHQJDJHZLWKRXWWKHXVHRIWKHUHOHDVHOHYHUV

    +DUQHVVDQG%RG\%HOW,QVSHFWLRQ

  • 8VHU ,QVWUXFW LRQV (QJO LVK

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

    +DUQHVV)DOO$UUHVW,QGLFDWRUV,QVSHFWIDOODUUHVWLQGLFDWRUVORFDWHGRQWKHEDFN'ULQJSDGIRUVLJQVRIDFWLYDWLRQ5HPRYHIURPVHUYLFHLIEURNHQRUVWUHWFKHGEHWZHHQDQ\RIWKHSDLUVRIDUURZV

    +($7 &+(0,&$/02/7(10(7$/25)/$0(

    3$,176$1'62/9(176

    3DLQWZKLFKSHQHWUDWHVDQGGULHVUHVWULFWVPRYHPHQWRIEHUV'U\LQJDJHQWVDQGVROYHQWVLQVRPHSDLQWVZLOODSSHDUDVFKHPLFDOGDPDJH

    ,QH[FHVVLYHKHDWURSHZHEELQJEHFRPHVEULWWOHDQGKDVDVKULYHOHGEURZQLVKDSSHDUDQFH)LEHUVZLOOEUHDNZKHQH[HG6KRXOGQRWEHXVHGDERYH)

    &KDQJHLQFRORUXVXDOO\DSSHDULQJDVDEURZQLVKVPHDURUVPXGJH7UDQVYHUVHFUDFNVZKHQURSHZHEELQJLVEHQWRYHUDPDQGUHO/RVVRIHODVWLFLW\LQURSHZHEELQJ

    5RSHZHEELQJVWUDQGVIXVHWRJHWKHU+DUGVKLQ\VSRWV+DUGDQGEULWWOHIHHO

    &RQWDFW+RQH\ZHOO7HFKQLFDO6HUYLFHDWSUHVVLI\RXKDYHDQ\TXHVWLRQVDERXWWKHDERYHFKDUW

    7\SHVRI0DWHULDO'DPDJH

    &OHDQLQJDQG6WRUDJH

    $)7(5)$//

    %URNHQ6WUHWFKHG

    &DP%XFNOHV0DNHVXUHWKHFDPPHFKDQLVPLVIUHHRIGHEULVDQGHQJDJHVWKHZHEELQJSURSHUO\

    3URGXFWVWKDWGRQRWSDVVLQVSHFWLRQRUKDYHEHHQVXEMHFWHGWRIDOODUUHVWIRUFHV

    PXVWEHUHPRYHGIURPVHUYLFH

    /DEHOV,QVSHFWODEHOVIRUSUHVHQFHDQGOHJLELOLW\

  • 8VHU ,QVWUXFW LRQV (QJO LVK

    3UHYHQWLQJ6XVSHQVLRQ7UDXPD26+$VWDWHVWKDWSRWHQWLDOO\IDWDOVXVSHQVLRQWUDXPDFDQRFFXUZLWKLQPLQXWHVZKLOHZDLWLQJIRUUHVFXHDIWHUDIDOO$YHUDJHIDOOUHVFXHWLPHLVPLQXWHV:KHQXVHGWKH0LOOHU5HOLHI6WHS6DIHW\'HYLFHSURYLGHVVXSSRUWDQGHQKDQFHVEORRGFLUFXODWLRQXQWLOUHVFXHSHUPLWWLQJWKHDELOLW\WRPRYHDQGIOH[OHJPXVFOHV6PDOODQGOLJKWZHLJKWWKH5HOLHI6WHS6DIHW\'HYLFHDWWDFKHVWRDQ\EUDQGIXOOERG\KDUQHVV&RQWDFW\RXU0LOOHUGLVWULEXWRUWRSXUFKDVHWKH5HOLHI6WHS

    3XOOWDEWRGHSOR\

    ,QVHUWIRRWLQWRORRSVWHSDQGDGMXVW

    7KH5HOLHI6WHSSURYLGHVWKHDELOLW\WRVWDQGDOORZLQJLPSURYHGFLUFXODWLRQ

    7ZR5HOLHI6WHSVSURYLGHDGGHGVXSSRUWEDODQFHDQGFRPIRUW

    0RXQWWRXSSHUUHDUZHEVWUDSE\FKRNLQJWKURXJKORRS%HVXUHORRSLVSDVWPHWDODGMXVWPHQWV

    $WWDFKSXOOWDEEXWWRQORRSWRWKHIURQWOHJVWUDSDERYHEXFNOH

    ,WLVWKHSRVLWLRQRI+RQH\ZHOO6DIHW\3URGXFWVWRXVHD\HDUOLIHH[SHFWDQF\IURPGDWHRIILUVWXVHDVDJXLGHOLQHRQDOOKDUQHVVHV+RQH\ZHOOSURYLGHVWKLVUHFRPPHQGDWLRQDVDJHQHUDOJXLGHOLQHDQGLVQRWWREHXVHGLQOLHXRIWKHKDUQHVVLQVSHFWLRQVHFWLRQRIWKLVPDQXDO7KLVJXLGHOLQHRQO\DSSOLHVWRSURGXFWH[KLELWLQJQRYLVXDOGDPDJHDQGWKDWKDVQRWEHHQH[SRVHGWRFKHPLFDOVDEQRUPDOKHDWRUH[FHVVLYHXOWUDYLROHWOLJKW,WLVSRVVLEOHWKDWWKHHTXLSPHQWZLOOODVWORQJHUGHSHQGLQJRQWKHFDUHDQGXVHWKHHTXLSPHQWPD\VHH)ROORZLQJWKHVHLQVWUXFWLRQVPD\VWLOOQHFHVVLWDWHUHPRYLQJWKHKDUQHVVIURPVHUYLFHSULRUWRWKHH[SLUDWLRQRIWKH\HDUOLIHH[SHFWDQF\JXLGHOLQH/LNHZLVHSURSHUDGKHUHQFHWRWKHLQVSHFWLRQDQGPDLQWHQDQFHFULWHULDPD\H[WHQGWKHXVHIXOOLIHEH\RQGILYH\HDUV8OWLPDWHO\LWLVWKHUHVSRQVLELOLW\RIWKHHQGXVHUWRGHWHUPLQHZKHQWKHKDUQHVVLVXQILWIRUXVHDQGVKRXOGEHUHPRYHGIURPVHUYLFH3URGXFWVUHPRYHGIURPVHUYLFHVKRXOGEHGLVSRVHGRILQDPDQQHUWKDWSUHYHQWVLQDGYHUWHQWIXUWKHUXVH

    /LIH([SHFWDQF\RI0LOOHU%UDQG+DUQHVVHV

  • 8VHU ,QVWUXFW LRQV (QJO LVK

    )XQFWLRQDO3URGXFW&DWHJRULHV)DOOSURWHFWLRQSURGXFWVPD\EHEURNHQGRZQLQWRYHIXQFWLRQDOFDWHJRULHV)DOO$UUHVW/DGGHU&OLPELQJ3RVLWLRQLQJ6XVSHQVLRQDQG5HWULHYDO

    )$//$55(67$IDOODUUHVWV\VWHPLVUHTXLUHGLIDQ\ULVNH[LVWVWKDWDZRUNHUPD\IDOOIURPDQHOHYDWHGSRVLWLRQ$VDJHQHUDOUXOH+RQH\ZHOO6DIHW\3URGXFWV

    UHFRPPHQGVWKDWDIDOODUUHVWV\VWHPEHXVHGDQ\WLPHDZRUNLQJKHLJKWRIVL[IHHWRUPRUHLVUHDFKHG:RUNLQJKHLJKWLVGHQHGDVWKHGLVWDQFHIURPWKHZDONLQJZRUNLQJVXUIDFHWRDJUDGHRUORZHUOHYHO$IDOODUUHVWV\VWHPLVGHVLJQHGWREHSDVVLYHDQGZLOORQO\FRPHLQWRVHUYLFHVKRXOGDIDOORFFXU7KHIROORZLQJLVDQH[DPSOHRISURGXFWVUHFRPPHQGHGE\+RQH\ZHOODVSDUWRIDIDOODUUHVWV\VWHP

    3HUVRQDO3URWHFWLYH*HDU)XOO%RG\+DUQHVV&RQQHFWLQJ'HYLFH6HOI5HWUDFWLQJ/LIHOLQHRU6KRFN

    $EVRUELQJ/DQ\DUG$QFKRU3RLQW$QFKRUDJH&RQQHFWRU6XSSRUW%HDP

    &URVV$UP6WUDS

    /$''(5&/,0%,1*7KHODGGHUFOLPELQJV\VWHPLVDIDOODUUHVWV\VWHPW\SLFDOO\PRXQWHGRQRUDGMDFHQWWRODGGHUVRUWRZHUVDQGDOORZVDZRUNHUWRFOLPEXSDQGGRZQLQWKHZRUNHQYLURQPHQWZKLOH

    UHFHLYLQJFRQWLQXRXVIDOOSURWHFWLRQ7KHIROORZLQJLVDQH[DPSOHRIDODGGHUFOLPELQJV\VWHP

    3HUVRQDO3URWHFWLYH*HDU)XOO%RG\+DUQHVV&RQQHFWLQJ'HYLFH5RSH*UDERURWKHU)DOO$UUHVWHU$QFKRUDJH&RQQHFWRU$QFKRU3RLQW9HUWLFDO/LIHOLQH/DGGHU

    326,7,21,1*7KHSHUVRQDOSRVLWLRQLQJV\VWHPKROGVDZRUNHULQSODFHZKLOHDOORZLQJDKDQGVIUHHZRUNHQYLURQPHQW:KHQHYHUDZRUNHUOHDQVEDFNWKHV\VWHPLVDFWLYDWHGPDNLQJWKLVDQDFWLYH

    V\VWHP7KHIROORZLQJLVDQH[DPSOHRIDZLGHO\XVHGSRVLWLRQLQJV\VWHP

    3HUVRQDO3URWHFWLYH*HDU)XOO%RG\+DUQHVV&RQQHFWLQJ'HYLFH5HEDU&KDLQ$VVHPEO\$QFKRU3RLQW6\PRQV)RUP

    1RWHWKDWDIDOODUUHVWV\VWHPPXVWEHXVHGLQFRQMXQFWLRQZLWKWKHSHUVRQDOSRVLWLRQLQJV\VWHP7KHXVHRIVXFKDFRPELQDWLRQV\VWHPLVQHFHVVDU\EHFDXVHDSHUVRQDOSRVLWLRQLQJV\VWHPLVQRWGHVLJQHGIRUIDOODUUHVWSXUSRVHV%\XVLQJWKLVFRPELQDWLRQV\VWHPWKHIDOODUUHVWFRPSRQHQWVZLOOEHDFWLYDWHGVKRXOGWKHZRUNHUVXIIHUDIDOOZKLOHZRUNLQJRUFKDQJLQJZRUNSRVLWLRQV

  • 8VHU ,QVWUXFW LRQV (QJO LVK

    6863(16,217KHSHUVRQDOVXVSHQVLRQV\VWHPZLGHO\XVHGLQWKHZLQGRZZDVKLQJDQGSDLQWLQJLQGXVWULHVLVGHVLJQHGWRORZHUDQGVXSSRUWDZRUNHUZKLOHDOORZLQJDKDQGV

    IUHHZRUNHQYLURQPHQW7KHIROORZLQJDUHFRPSRQHQWVW\SLFDORIDVXVSHQVLRQV\VWHP

    3HUVRQDO3URWHFWLYH*HDU%RVQ&KDLU&RQQHFWLQJ'HYLFH:RUNOLQH/LIHOLQH$QFKRUDJH&RQQHFWRU&URVV$UP6WUDS&DUDELQHU

    %HFDXVHWKHVXVSHQVLRQV\VWHPFRPSRQHQWVDUHQRWGHVLJQHGWRDUUHVWDIUHHIDOODEDFNXSIDOODUUHVWV\VWHPPXVWEHXVHGLQFRQMXQFWLRQZLWKWKHSHUVRQDOVXVSHQVLRQV\VWHP7KLVIDOODUUHVWV\VWHPZLOORQO\DFWLYDWHVKRXOGWKHZRUNHUH[SHULHQFHDIDOO

    5(75,(9$/7KHQDOFDWHJRU\LVPRVWRIWHQXVHGLQFRQQHGVSDFHDSSOLFDWLRQVDQGLVNQRZQDVDSHUVRQDOUHWULHYDOIDOODUUHVW

    V\VWHP7KLVV\VWHPLVSULPDULO\XVHGZKHUHZRUNHUVPXVWEHORZHUHGLQWRWDQNVPDQKROHVHWFDQGPD\UHTXLUHUHWULHYDOIURPDERYHVKRXOGDQHPHUJHQF\RFFXU7KHIROORZLQJVKRZVDW\SLFDOSHUVRQDOUHWULHYDOV\VWHP

    3HUVRQDO3URWHFWLYH*HDU)XOO%RG\+DUQHVV&RQQHFWLQJ'HYLFH5HWUDFWDEOH/LIHOLQH

    5HVFXH8QLW$QFKRUDJH&RQQHFWRU7ULSRG

  • ,QVWUXFW LRQV'XW L O LVDW LRQ )UDQoDLV

    'HV4XHVWLRQV" $33(/(=,OHVWHVVHQWLHOTXHODSHUVRQQHDXWRULVpHjXWLOLVHUFHWpTXLSHPHQWGHSURWHFWLRQFRQWUHOHVFKXWHVOLVHHWFRPSUHQQHFHVLQVWUXFWLRQV'HSOXVODORLIpGpUDOHREOLJHOHVHPSOR\HXUVjVDVVXUHUTXHWRXVOHVXWLOLVDWHXUVRQWUHoXXQHIRUPDWLRQVXUODPDQLqUHDSSURSULpHGLQVWDOOHUGXWLOLVHUGLQVSHFWHUHWGHQWUHWHQLUOHVpTXLSHPHQWVDQWLFKXWH/DIRUPDWLRQVXUODSURWHFWLRQFRQWUHOHVFKXWHVGHYUDLWIDLUHSDUWLHLQWpJUDQWHGXQSURJUDPPHJOREDOGHVpFXULWp/XWLOLVDWLRQDGpTXDWHGHV\VWqPHVGDUUrWGHFKXWHSHXWpSDUJQHUGHVYLHVHWUpGXLUHOHULVTXHGHEOHVVXUHVJUDYHVFRQVpFXWLYHVjXQHFKXWH/XWLOLVDWHXUGRLWrWUHVHQVLELOLVpDXIDLWTXHOHVIRUFHVVXELHVORUVGXQDUUrWGHFKXWHRXGXQHVXVSHQVLRQSURORQJpHSHXYHQWFDXVHUGHVEOHVVXUHVFRUSRUHOOHV'DQVOLQFHUWLWXGHVXUODFDSDFLWpGHODSHUVRQQHjXWLOLVHUFHSURGXLWFRQVXOWHUXQPpGHFLQ/HVIHPPHVHQFHLQWHVHWOHVPLQHXUVQHGRLYHQWSDVXWLOLVHUFHSURGXLW

    1RXVYRXVUHPHUFLRQVGDYRLUDFKHWpOHVpTXLSHPHQWVDQWLFKXWH0LOOHUIDEULTXpVSDU+RQH\ZHOO6DIHW\3URGXFWV/HVSURGXLWVGHPDUTXH0LOOHUVRQWIDEULTXpVVHORQGHVQRUPHVGHTXDOLWpGHVSOXVULJRXUHXVHVGDQVQRWUHXVLQHFHUWLpH,62%LHQHQWUHWHQXXQpTXLSHPHQW0LOOHUVXWLOLVHGHVDQQpHVGXUDQW

    0HUFL

    7RXWHVOHVSHUVRQQHVTXLXWLOLVHQWFHWpTXLSHPHQWGRLYHQWOLUHFRPSUHQGUHHWVXLYUH WRXWHV OHV LQVWUXFWLRQV7RXWPDQTXHPHQWjFHWWH UqJOHSHXWDYRLUSRXUFRQVpTXHQFHGHVEOHVVXUHVJUDYHVRXODPRUW1HSDVXWLOLVHUFHWpTXLSHPHQWjPRLQVGDYRLUUHoXXQHIRUPDWLRQDGpTXDWH

    $9(57,66(0(17

    %XW+RQH\ZHOO6DIHW\3URGXFWVRIIUHXQYDVWHpYHQWDLOGHKDUQDLVFRPSOHWVSRXUFKDTXHDSSOLFDWLRQ,OVSHXYHQWrWUHXWLOLVpVSRXUOHSRVLWLRQQHPHQWOHVPRXYHPHQWVUHVWUHLQWVHWOHVDXYHWDJHPDLVOHVKDUQDLVFRPSOHWVFRQVWLWXHQWODVHXOHIRUPHDFFHSWDEOHGHPDWpULHOFRUSRUHODQWLFKXWHV*UkFHjOHXUFRQFHSWLRQOHVKDUQDLVRIIUHQWXQHVpFXULWpHWXQHIRQFWLRQQDOLWpVXSpULHXUHVHWSUpVHQWHQWGHVFDUDFWpULVWLTXHVYLVDQWjVDWLVIDLUHOHVEHVRLQVFOpVGHVXWLOLVDWHXUVFRPPHOHFRQIRUWODMXVWHPHQWODIDFLOLWpGXVDJHOHVW\OHODGXUDELOLWpODFRQIRUPLWpODVRXSOHVVHGHPSORLHWODFRPPRGLWp

    /HSUpVHQWPRGHGHPSORLjOLQWHQWLRQGHOXWLOLVDWHXUFRXYUHWRXVOHVKDUQDLVFRPSOHWVDLQVLTXHOHVFHLQWXUHVGHVpFXULWp0LOOHUHW7LWDQ

    OHWVDLQVLTXHOHVFHLQWXUHV

    +DUQDLVFRPSOHW 7RXMRXUVXWLOLVHUSRXUODUUrWGHFKXWHV

    &HLQWXUHGHVpFXULWp 8WLOLVHUXQLTXHPHQWSRXUOHSRVLWLRQQHPHQWRXOHVPRXYHPHQWVUHVWUHLQWV

  • ,QVWUXFW LRQV'XW L O LVDW LRQ )UDQoDLV

    1HMDPDLVXWLOLVHUXQpTXLSHPHQWGHSURWHFWLRQFRQWUHOHVFKXWHVGDQVXQEXWDXWUHTXHFHOXLSRXUOHTXHOLODpWpSUpYX1HMDPDLVXWLOLVHUXQWHOpTXLSHPHQWSRXUUHPRUTXHURXOHYHUXQHFKDUJH/HVPDWpULDX[V\QWKpWLTXHVGRLYHQWrWUHSURWpJpVFRQWUHOHODLWLHUGHVRXGXUHOHVpWLQFHOOHVFKDXGHVOHVDPPHVQXHVRXDXWUHVVRXUFHVGHFKDOHXU'DQVGHWHOVFDVRQUHFRPPDQGHGXWLOLVHUGHVPDWpULDX[UpVLVWDQWjODFKDOHXU'DQVODVpOHFWLRQGpTXLSHPHQWGHSURWHFWLRQFRQWUHOHVFKXWHVRQGRLWWHQLUFRPSWHGHVULVTXHVHQYLURQQHPHQWDX[/HVpTXLSHPHQWVQHGRLYHQWSDVrWUHH[SRVpVDX[GDQJHUVHQYLURQQHPHQWDX[QLDX[SURGXLWVFKLPLTXHVTXLSHXYHQWSURGXLUHXQHIIHWQRFLI8WLOLVHUGXSRO\HVWHUHQSUpVHQFHGHFHUWDLQVSURGXLWVFKLPLTXHVRXGXQHDWPRVSKqUHDFLGHeYLWHUWRXWFRQWDFWHQWUHXQpTXLSHPHQWHWXQREMHWVXVFHSWLEOHGHOHQGRPPDJHULQFOXDQWQRWDPPHQWVDQVTXHODOLVWHVRLWH[KDXVWLYHGHVDUrWHVYLYHVXQHVXUIDFHDEUDVLYHUXJXHXVHRXjKDXWHWHPSpUDWXUHGXPDWpULHOGHVRXGDJHXQHVRXUFHGHFKDOHXUXQDSSDUHLOpOHFWULTXHSUpVHQWDQWXQGDQJHURXXQHPDFKLQHPRELOH1HSDVH[SRVHUOHVpTXLSHPHQWVDX[GDQJHUVSRXUOHVTXHOVLOVQRQWSDVpWpFRQoXV(QFDVGHGRXWHFRQVXOWHUOHIDEULFDQW7RXMRXUVYpULHUTXLOQ\DSDVGREVWDFOHVHQGHVVRXVGHOD]RQHGHWUDYDLOHWTXHOHWUDMHWHQFDVGHFKXWHHVWGpJDJp3UpYRLUXQHGLVWDQFHGHGpJDJHPHQWVXIVDQWHHQGHVVRXVGHODVXUIDFHGHWUDYDLO1HMDPDLV{WHUXQHpWLTXHWWHDSSRVpHVXUXQSURGXLWGHVLQIRUPDWLRQVHWDYHUWLVVHPHQWVLPSRUWDQWV\VRQWHQHIIHWLQVFULWVjOLQWHQWLRQGHODSHUVRQQHGHOXWLOLVDWHXUDXWRULVp

    $YHUWLVVHPHQWVHW/LPLWDWLRQV

    /HVDYHUWLVVHPHQWVHWLQVWUXFWLRQVGHYURQWrWUHPLVjODGLVSRVLWLRQGHVSHUVRQQHVXWLOLVDWHXUVDXWRULVpV/HVSHUVRQQHVXWLOLVDWHXUVDXWRULVpVGRLYHQWVHUHSRUWHUjODUpJOHPHQWDWLRQDSSOLFDEOHHQPDWLqUHGHVpFXULWpHQPLOLHXGHWUDYDLODLQVLTXDX[QRUPHV$16,RX&6$SHUWLQHQWHV9HXLOOH]YRXVUHSRUWHUDX[pWLTXHWWHVDSSRVpHVVXUOHVSURGXLWVSRXUGHVLQIRUPDWLRQVSOXVGpWDLOOpHVVXUOHVUqJOHPHQWV26+$DLQVLTXHOHVQRUPHV$16,HW&6$DX[TXHOOHVFHVSURGXLWVVRQWFRQIRUPHV7RXWHVOHVSHUVRQQHVTXLXWLOLVHQWFHWpTXLSHPHQWGRLYHQWrWUHIRUPpHVDXPRGHGHPSORLDGpTXDWGDQVOHVHVSDFHVFORV'HVSUpFDXWLRQVGRLYHQWrWUHSULVHVDQGpOLPLQHUGHOD]RQHGHWUDYDLOOHVREVWDFOHVGpEULVPDWpULDX[RXDXWUHVpOpPHQWVSUpVHQWDQWXQGDQJHUHWTXLSRXUUDLHQWFDXVHUGHVEOHVVXUHVRXQXLUHDXERQIRQFWLRQQHPHQWGXV\VWqPH/pTXLSHPHQWGRLWrWUHLQVSHFWpDYDQWFKDTXHXWLOLVDWLRQVHORQOHVGLUHFWLYHVGXIDEULFDQW/pTXLSHPHQWGRLWrWUHUpJXOLqUHPHQWLQVSHFWpSDUXQHSHUVRQQHTXDOLpH3RXUPLQLPLVHUOHULVTXHGHGpFURFKDJHDFFLGHQWHOXQHSHUVRQQHFRPSpWHQWHGRLWVDVVXUHUGHODFRPSDWLELOLWpGXV\VWqPH,OHVWLQWHUGLWGHPRGLHUOpTXLSHPHQWGHTXHOTXHIDoRQTXHFHVRLW/HVUpSDUDWLRQVGRLYHQWrWUHHIIHFWXpHVXQLTXHPHQWSDUOHIDEULFDQWGHOpTXLSHPHQWRXSDUGHVSHUVRQQHVRXHQWLWpVDXWRULVpHVSDUpFULWSDUOHIDEULFDQW7RXWSURGXLWGpIRUPpDQRUPDOHPHQWXVpRXGpWpULRUpGRLWrWUHLPPpGLDWHPHQWPLVDXUHEXW7RXWpTXLSHPHQWVRXPLVjXQHFKXWHGRLWrWUHPLVKRUVVHUYLFH/XWLOLVDWHXUGRLWSRVVpGHUXQSODQGHVDXYHWDJHHWDYRLUOHVPR\HQVGHOHPHWWUHHQXYUHORUVTXLOXWLOLVHFHWpTXLSHPHQW

    ([LJHQFHV*pQpUDOHV([LJHQFHV0LVHVHQ*DUGHHW5HVWULFWLRQV*pQpUDOHV

    6LOHV\VWqPHHVWXWLOLVpSDUXQHPSOR\pD\DQWXQSRLGVWRWDODYHFVHVRXWLOVVHVLWXDQWHQWUHOENJHWOENJOHPSOR\HXUGRLWDORUVPRGLHUOHVFULWqUHVHWSURWRFROHVDQGDVVXUHUXQHSURWHFWLRQDGpTXDWHSRXUGHWHOOHVFKDUJHVSOXVORXUGHVVLQRQOHV\VWqPHQHVHUDSDVFRQVLGpUpFRPPHFRQIRUPHDX[H[LJHQFHVGHO26+$G

    &$3$&,7e/DFDSDFLWpPD[LPDOH\FRPSULVOHSRLGVFRUSRUHOOHVYrWHPHQWVHWOHVRXWLOVHVWGHOENJ

  • ,QVWUXFW LRQV'XW L O LVDW LRQ )UDQoDLV

    $

    %

    &

    &RPSDWLELOLWpGX6\VWqPH/HVKDUQDLVFRPSOHWVHWOHVFHLQWXUHVGHVpFXULWp0LOOHUVRQWFRQoXVSRXUrWUHXWLOLVpVXQLTXHPHQWDYHFOHVFRPSRVDQWVDSSURXYpVSDU+RQH\ZHOO/HVVXEVWLWXWLRQVRXOHVUHPSODFHPHQWVSDUGHVFRPELQDLVRQVGHFRPSRVDQWVRXGHVRXVV\VWqPHVQRQDSSURXYpVSHXYHQWQXLUHjOHXUVpFXULWpGHIRQFWLRQQHPHQWUpFLSURTXHHWDLQVLUHPHWWUHHQFDXVHODFRPSDWLELOLWpGHVpOpPHQWVGXV\VWqPH&HWWHLQFRPSDWLELOLWpSHXWQXLUHjODVpFXULWpHWjODDELOLWpGHOHQVHPEOHGXV\VWqPH

    &RPSRVDQWVGXV\VWqPHDQWLFKXWHSHUVRQQHO8QHSURWHFWLRQPD[LPDOHGXWUDYDLOOHXUSDVVHSDUODPLVHHQSODFHHWOXWLOLVDWLRQDGpTXDWHGHWURLVFRPSRVDQWVFOpVGXV\VWqPHDQWLFKXWHSHUVRQQHO$$1&5$*(&211(&7(85'$1&5$*(/HSUHPLHUFRPSRVDQWHVWODQFUDJHOHFRQQHFWHXUGDQFUDJH/DQFUDJHpJDOHPHQWDSSHOpSRLQWGDQFUDJHRXSRLQWGHUDFFRUGHPHQWHVWXQSRLQWVROLGHGDWWDFKHSRXUOHUDFFRUGHPHQWGHVpTXLSHPHQWVHWLOGRLWSRXYRLUVXSSRUWHUOEN1SDUWUDYDLOOHXURXVDWLVIDLUHOHVH[LJHQFHV26+$SRXUXQIDFWHXUGHVpFXULWpGHGHX[WHOTXXQHSRXWUHHQ,RXDXWUHVWUXFWXUHGHVXSSRUW8QFRQQHFWHXUGDQFUDJHWHOTXHODVDQJOHWUDQVYHUVDOHOHERXORQHQ'RXODQFUDJHGHFURFKHWGHWLJHGDUPDWXUHHVWSDUIRLVQpFHVVDLUHSRXUXQUDFFRUGHPHQWFRPSDWLEOHHQWUHOHGLVSRVLWLIGHUDFFRUGHWODQFUDJH

    %e48,3(0(17'(3527(&7,21,1',9,'8(//(/HGHX[LqPHFRPSRVDQWGXV\VWqPHHVWOpTXLSHPHQWGHSURWHFWLRQSHUVRQQHOOHTXHSRUWHOHWUDYDLOOHXUGXUDQWOH[pFXWLRQGXWUDYDLO/DVHXOHIRUPHGHVXUYrWHPHQWDFFHSWDEOHSRXUODSURWHFWLRQFRQWUHOHVFKXWHVHVWOHKDUQDLVFRPSOHW/HVKDUQDLVFRPSOHWVVRQWFRQoXVGHPDQLqUHjIDFLOLWHUODUUrWGXQHFKXWHOLEUHHWLOVGRLYHQWrWUHSRUWpVFKDTXHIRLVTXHOHVWUDYDLOOHXUVVRQWH[SRVpVjXQULVTXHGHFKXWHOLEUH

    &',6326,7,)'(&211(;,21/HWURLVLqPHFRPSRVDQWGXV\VWqPHHVWOHGLVSRVLWLIGHFRQQH[LRQOHOLHQFULWLTXHTXLMRLQWOHVXUYrWHPHQWjODQFUDJHDXFRQQHFWHXUGDQFUDJH/DFDUDFWpULVWLTXHODSOXVLPSRUWDQWHGXGLVSRVLWLIGHFRQQH[LRQHVWODEVRUEHXUGpQHUJLHLQFRUSRUp4XHOHGLVSRVLWLIVRLWXQHFRUGHGDPDUUDJHjDEVRUEHXUGpQHUJLHRXXQFRUGDJHGHVpFXULWpjUpWUDFWLRQDXWRPDWLTXHLODpWpFRQoXSRXUUpGXLUHVXEVWDQWLHOOHPHQWOHVIRUFHVPLVHVHQMHXORUVGHODUUrWGXQHFKXWH8QHFRUGHGDPDUUDJHFRQVWLWXpHSDUXQHFRUGHXQHVDQJOHRXXQFkEOHHWVHUYDQWGHGLVSRVLWLIDQWLFKXWH'2,775(XWLOLVpHQPrPHWHPSVTXXQDEVRUEHXUGpQHUJLHSDUH[HPSOHHQYHORSSHFRPSDFWH6RI6WRSGH0LOOHU

    $XFXQGHFHVFRPSRVDQWVQHSHXWDVVXUHUjOXLVHXOXQHSURWHFWLRQFRQWUHOHVFKXWHV&HSHQGDQWORUVTXLOHVWXWLOLVpFRUUHFWHPHQWHWHQFRQMRQFWLRQDYHFODXWUHLOVIRUPHQWXQV\VWqPHDQWLFKXWHSHUVRQQHOTXLGHYLHQWXQHLPSRUWDQFHYLWDOHSRXUODVpFXULWpVXUOHFKDQWLHU

  • ,QVWUXFW LRQV'XW L O LVDW LRQ )UDQoDLV

    ,QVWUXFWLRQVHW$YHUWLVVHPHQWVVH5DSSRUWDQWDX[&RPSRVDQWV$1&5$*(6&211(&7(856'$1&5$*(/HVDQFUDJHVGRLYHQWSRXYRLUVXSSRUWHUXQHFKDUJHGHOLYUHVN1RXVDWLVIDLUHDX[H[LJHQFHVGHO26+$DYHFXQHPDUJHGHVpFXULWpGH/HVH[LJHQFHV$16,TXLVDSSOLTXHQWDX[DQFUDJHVVRQWOHVVXLYDQWHV/DQFUDJHQRQFHUWLpGXQGLVSRVLWLIDQWLFKXWHGRLWVXSSRUWHUXQHFKDUJHVWDWLTXHGHOEN1WDQGLVTXXQDQFUDJHFHUWLpGRLWVXSSRUWHUGHX[IRLVODIRUFHPD[LPDOHPLVHHQMHXORUVGHODUUrWGXQHFKXWH'DQVOHFDVGXQGLVSRVLWLIGHPDLQWLHQODQFUDJHQRQFHUWLpGRLWVXSSRUWHUXQHFKDUJHVWDWLTXHGHOEN1WDQGLVTXXQDQFUDJHFHUWLpGRLWVXSSRUWHUGHX[IRLVODIRUFHSUpYLVLEOH'DQVOHFDVGXQHOLPLWDWLRQGHGpSODFHPHQWODQFUDJHQRQFHUWLpGRLWVXSSRUWHUXQHFKDUJHVWDWLTXHGHOEN1WDQGLVTXXQDQFUDJHFHUWLpGRLWVXSSRUWHUGHX[IRLVODIRUFHSUpYLVLEOH/DQFUDJHXWLOLVpGDQVXQV\VWqPHVHUYDQWDXVDXYHWDJHGRLWVXSSRUWHUXQHFKDUJHVWDWLTXHGHOEN1VLOQHVWSDVFHUWLpRXGHFLQTIRLVODFKDUJHDSSOLTXpHVLOHVWFHUWLp/RUVTXHSOXVGXQV\VWqPHHVW[pjXQDQFUDJHOHVUpVLVWDQFHVGDQFUDJHFLGHVVXVGRLYHQWrWUHPXOWLSOLpHVSDUOHQRPEUHGHV\VWqPHVUDWWDFKpVjODQFUDJH

    7RXMRXUVWUDYDLOOHUGLUHFWHPHQWVRXVOHSRLQWGDQFUDJHSRXUpYLWHUWRXWHEOHVVXUHSDUFKXWHDYHFGpSODFHPHQWODWpUDO/RUVGHODVpOHFWLRQGXQSRLQWGDQFUDJHLOIDXWWRXMRXUVVHUHSRUWHUDX[LQIRUPDWLRQVGHFDOFXOGHOD]RQHGHGpJDJHPHQWGHFKXWHIRXUQLHVDYHFOHGLVSRVLWLIGHFRQQH[LRQSRXUVDVVXUHUTXHOHSRLQWGDQFUDJHHVWjXQHKDXWHXUTXLQHSHUPHWSDVjXQXWLOLVDWHXUGHIUDSSHUXQSRLQWSOXVEDVHQFDVGHFKXWH,OQHIDXWSDVRXEOLHUTXHOHVDEVRUEHXUVGpQHUJLHVDOORQJHQWORUVTXLOVVRQWVRXPLVDX[IRUFHVGDUUrWGHFKXWHSRXUGHSOXVDPSOHVUHQVHLJQHPHQWVSULqUHGHVHUHSRUWHUDX[pWLTXHWWHVLQVWUXFWLRQVIRXUQLHVDYHFODEVRUEHXUGpQHUJLH8QFRQQHFWHXUGDQFUDJHGRLWrWUHFRPSDWLEOHDYHFOHFURFKHWPRXVTXHWRQRXOHPRXVTXHWRQHWQHGRLWHQDXFXQFDVIDLUHVXSSRUWHUXQHFKDUJHDXV\VWqPHGRXYHUWXUHe48,3(0(17'(3527(&7,21,1',9,'8(//(/DVHXOHIRUPHGHVXUYrWHPHQWDFFHSWDEOHSRXUODSURWHFWLRQFRQWUHOHVFKXWHVHVWOHKDUQDLVFRPSOHW,OHVWHVVHQWLHOTXHOHKDUQDLVVRLWSRUWpDGpTXDWHPHQW9pULHUOHVERXFOHVYLVXHOOHPHQWDQGDVVXUHUGHVFRQQH[LRQVDGpTXDWHVHWVUHVDYDQWFKDTXHXWLOLVDWLRQ/HVVDQJOHVGRLYHQWrWUHFRQQHFWpHVHWUpJOpHVSRXUXQDMXVWHPHQWVHUUp/HVGLVSRVLWLIVGHFRQQH[LRQDQWLFKXWHGRLYHQWrWUH[pVjODQQHDXHQ'VLWXpjODUULqUHGXQKDUQDLVGHVpFXULWpFRPSOHW8QpOpPHQWGH[DWLRQDYDQWjDQQHDXHQ'VXWLOLVHFRPPHGLVSRVLWLIDQWLFKXWHXQLTXHPHQWHQFDVGHVDXYHWDJHGHPDLQWLHQDXWUDYDLOGDFFqVVXUFRUGHHWSRXUWRXWHDSSOLFDWLRQUHFRQQXHVHORQ$16,=HWGDQVODTXHOOHOHGLVSRVLWLIDQWLFKXWHLQGLYLGXHOOLPLWHODGLVWDQFHGHFKXWHOLEUHjSLPHWODIRUFHGDUUrWjOEN1/HVDQQHDX[HQ'VLWXpVVXUOHF{WpHWjODYDQWGRLYHQWVHUYLUXQLTXHPHQWDXPDLQWLHQHQSODFH5HPDUTXHUOH[FHSWLRQFLGHVVXVFRQFHUQDQWODQQHDXHQ'8QDQQHDXHQ'DXQLYHDXGHOpSDXOHGRLWVHUYLUXQLTXHPHQWjODIRQFWLRQGHVDXYHWDJH1HMDPDLV[HUXQFURFKHWPRXVTXHWRQVDQVYHUURXLOODJHjXQDQQHDXHQ'1HMDPDLV[HUXQFURFKHWSpOLFDQjXQDQQHDXHQ'GHKDUQDLV/HVFHLQWXUHVGHVpFXULWpGRLYHQWrWUHXWLOLVpHVXQLTXHPHQWSRXUOHSRVLWLRQQHPHQWHWOHVPRXYHPHQWVUHVWUHLQWV',6326,7,)6'(&211(;,211HUpDOLVHUTXHGHVFRQQH[LRQVFRPSDWLEOHV8WLOLVHUXQLTXHPHQWGHVGLVSRVLWLIVGHFRQQH[LRQGHVpFXULWpPXQLVGHFURFKHWVPRXVTXHWRQVjYHUURXLOODJHRXGHPRXVTXHWRQVjYHUURXLOODJHDXWRPDWLTXH&RQQHFWHUOHVGLVSRVLWLIVGHIDoRQjOLPLWHUODFKXWHOLEUHjODGLVWDQFHODSOXVFRXUWHSRVVLEOH>SLPDXPD[LPXP@7RXMRXUVYpULHUYLVXHOOHPHQWTXHFKDTXHPRXVTXHWRQHQJDJHOLEUHPHQWODPDUUDJHPpWDOOLTXHRXXQSRLQWGDQFUDJHFRQQHFWHXUGDQFUDJHGXKDUQDLVHWTXHVRQGRLJWGRXYHUWXUHHVWELHQIHUPpHWYHUURXLOOp1HMDPDLVLQDFWLYHURXUHVWUHLQGUHOHGRLJWGRXYHUWXUHYHUURXLOODEOHQLPRGLHUOHGLVSRVLWLIGHFRQQH[LRQGHTXHOTXHPDQLqUHTXHFHVRLW6DVVXUHUTXXQFURFKHWPRXVTXHWRQPRXVTXHWRQVRLWSRVLWLRQQpGHWHOOHVRUWHTXHVRQV\VWqPHGRXYHUWXUHQHVXSSRUWHMDPDLVGHFKDUJH/XWLOLVDWLRQGDEVRUEHXUVGpQHUJLHHVWQpFHVVDLUHSRXUUpGXLUHOHVIRUFHVGDUUrWGHODFKXWH7RXVOHVDEVRUEHXUVGpQHUJLHORQJHVGDEVRUSWLRQGpQHUJLHHWOLJQHVGHYLHDXWRUpWUDFWDEOHV0LOOHUOLPLWHQWOHVIRUFHVGDUUrWGHFKXWHPD[LPDOHVjOEN1RXPRLQV1HMDPDLVODLVVHUXQHORQJHOLJQHGHYLHSDVVHUVRXVOHVEUDVOHVMDPEHVRXOHFRXGHOXWLOLVDWHXURXVRXVWRXWDXWUHREVWDFOHQLVHPPrOHUDYHFFHX[FL1HSDVIDLUHGHQXGGDQVXQHFRUGHGDPDUUDJHRXXQFRUGDJHGHVpFXULWpRXOHQURXOHUDXWRXUGDUrWHVEUXWHVRXFRXSDQWHVRXHQFRUHGpOpPHQWVGHVWUXFWXUHGHSHWLWGLDPqWUH1HMDPDLV[HUSOXVLHXUVFRUGHVGDPDUUDJHOHVXQHVDX[DXWUHVRX[HUXQHFRUGHGDPDUUDJHVXUHOOHPrPHjPRLQVTXHOOHDLWpWpVSpFLDOHPHQWFRQoXHjFHWHIIHW

  • ,QVWUXFW LRQV'XW L O LVDW LRQ )UDQoDLV

    3RUWGX+DUQDLV,QWpJUDO

    7HQH]OHKDUQDLVSDUODQQHDXGRUVDOHQ'HWVHFRXH]OHDQTXHWRXWHVOHVVDQJOHVWRPEHQWHQSODFH

    3DVVH]OHVEUHWHOOHVVXUOHVpSDXOHVDQTXHODQQHDXGRUVDOHQ'VHSODFHDXPLOLHXGXGRVHQWUHOHVRPRSODWHV

    5DFFRUGH]ODVDQJOHSHFWRUDOHHWSRVLWLRQQH]ODDXFHQWUHGHODSRLWULQH>GHPPjPPVRXVODWUDFKpHPDLVSDVSOXVEDVTXHOHVWHUQXP@5HVVHUUH]DQGHPDLQWHQLUOHVEUHWHOOHVWHQGXHV

    6LOHVVDQJOHVGHSRLWULQHGHWDLOOHRXFXLVVDUGHVVRQWERXFOpHVFHVWjFHWWHpWDSHTXLOIDXWOHVGpERXFOHU

    7LUH]OHVVDQJOHVFXLVVDUGHVHQWUHOHVMDPEHVHWUDFFRUGH]OHVjOH[WUpPLWpRSSRVpHSRXUFKDFXQHGHVMDPEHV6LOHKDUQDLVHVWpTXLSpGXQHFHLQWXUHUDFFRUGH]OHDSUqVDYRLUUDFFRUGpOHVFXLVVDUGHV

    /RUVTXHWRXWHVOHVVDQJOHVVRQWERXFOpHVUHVVHUUH]WRXWHVOHVERXFOHVDQTXHOHKDUQDLVVRLWFRQIRUWDEOHPHQWDMXVWpWRXWHQDVVXUDQWXQHSOHLQHOLEHUWpGHPRXYHPHQW5DQJH]OH[FpGHQWGHVFRXUURLHVGDQVOHVDQQHDX[GHUHWHQXH

    3RXUUHWLUHUOHKDUQDLVLQYHUVH]OHVRSpUDWLRQV

    +RQH\ZHOOUHFRPPDQGHGHVXVSHQGUHOHKDUQDLVSDUODQQHDXGRUVDOHQ'DQGHJDUGHUVDIRUPHTXDQGLOQHVWSDVXWLOLVpHWSURFXUHUDXWUDYDLOOHXUXQSRLQWGHGpSDUWTXDQGLOOHUHPHWWUDjQRXYHDX

    &RPPHQW(QOHUOH+DUQDLV/HVKDUQDLVLQWpJUDX[FRQVWLWXHQWODVHXOHIRUPHGHGLVSRVLWLIGHVWLQpjSURWpJHUOHWUDYDLOOHXUFRQWUHOHVFKXWHVHWSRXUOLPPRELOLVHUHQFDVGHFKXWH,OHVWHVVHQWLHOGHSRUWHUXQKDUQDLVELHQDMXVWpSHQGDQWWRXWHODGXUpHGHVRQTXDUWGHWUDYDLO$VVXUH]YRXVTXHYRWUHKDUQDLVQHVHGHVVHUUHSDV2QLQGLTXHFLDSUqVFRPPHQWHQOHUPHWWUHOHKDUQDLV,OHVWSULPRUGLDOGHSODFHUFRUUHFWHPHQWOHVVDQJOHVSHFWRUDOHVOHVFXLVVDUGVHWOHVVDQJOHVVRXVSHOYLHQQHVSRXUDVVXUHUXQHHIFDFLWpRSWLPDOHGXKDUQDLVLQWpJUDOGDQVXQHVLWXDWLRQGDUUrWGHFKXWH&RQVXOWH]ODVHFWLRQ$MXVWHPHQWDGpTXDWGXKDUQDLV

  • ,QVWUXFW LRQV'XW L O LVDW LRQ )UDQoDLV

    ,OHVWH[WUrPHPHQWLPSRUWDQWTXHYRWUHKDUQDLVYRXVIDVVHHWVRLWWRXMRXUVELHQDMXVWpSHQGDQWTXHYRXVOHSRUWH]6LYRXVQpJOLJH]GDJLUDLQVLYRXVULVTXH]GHEOHVVXUHVJUDYHVYRLUHODPRUW/HERQUDFFRUGHPHQWGHVGHX[W\SHVGHVDQJOHVHVWHVVHQWLHOjODVpFXULWpFRQWUHOHVFKXWHV$SUqVDYRLUHQOpOHKDUQDLVDVVXUH]YRXVGHYpULILHUOHVDVSHFWVVXLYDQWV6$1*/(3(&725$/(/DVDQJOHGRLWrWUHSODFpHDXFHQWUHGHYRWUHSRLWULQH>GHPPjPPVRXVODWUDFKpHPDLVSDVSOXVEDVTXHOHVWHUQXP@6LODVDQJOHHVWSODFpHWURSKDXWFHOOHFLULVTXHGHVHGpSODFHUYHUVOHKDXWHWGHYRXVpWUDQJOHUGXUDQWXQDUUrWGHFKXWH6LODVDQJOHHVWWURSEDVVHRXVLHOOHQHVWSDVGXWRXWDWWDFKpHYRXVSRXUULH]SHUGUHYRWUHKDUQDLVGXUDQWXQHFKXWH&8,66$5'6/DMXVWHPHQWDGpTXDWGHVFXLVVDUGVHVWSULPRUGLDOSRXUDVVXUHUODVpFXULWp/HVFXLVVDUGVGRLYHQWrWUHVHUUpVPDLVSDVDXSRLQWGREVWUXHUODFLUFXODWLRQVDQJXLQHQRUPDOHGDQVOHVMDPEHV6LYRXVQHSRUWH]SDVGHFXLVVDUGVOHKDUQDLVQHSRXUUDLPPRELOLVHUYRWUHFRUSVGXUDQWXQHFKXWHFHTXLSHXWHQWUDvQHUGHVEOHVVXUHVJUDYHVYRLUHODPRUW6$1*/(62863(/9,(11(3URFXUHOHVXSSRUWHQFDVGHFKXWHHWDXVVLORUVTXHOOHHVWXWLOLVpHSRXUOHSRVLWLRQQHPHQW(QSRVLWLRQDVVLVHODVDQJOHVRXVSHOYLHQQHGHYUDLWFRQIRUWDEOHPHQWDVVXUHUXQVLqJHSRXUOHVIHVVHV(QFDVGHFKXWHLOVXIWGHOHYHUOHVMDPEHVDQGHWUDQVIpUHUOHSRLGVjODVDQJOHVRXVSHOYLHQQH

    'pWDFKH]OHVERXFOHVGHVFXLVVDUGVVLHOOHVVRQWDWWDFKpHV7HQH]OHKDUQDLVSDUODQQHDXGDUULPDJHDUULqUH7RXUQH]OHKDUQDLVGHPDQLqUHjFHTXHODQQHDXGDUULPDJHIURQWDOVRLWGHYDQWYRXVHWTXHODVDQJOH0LOOHUVRLWpORLJQpHGHYRXV

    6DLVLVVH]GHVGHX[PDLQVOHVVDQJOHVpSDXOLqUHVGLUHFWHPHQWVRXVODQQHDXGDUULPDJHIURQWDO0HWWH]YRWUHWrWHDXFHQWUHGXKDUQDLVHQWUHODQQHDXGDUULPDJHIURQWDOHWODQQHDXGDUULPDJHDUULqUH

    7RXUQH]OHKDUQDLVGHGHJUpVGHPDQLqUHjFHTXHODQQHDXGDUULPDJHIURQWDOVHWURXYHjODYDQW

    *OLVVH]XQHVDQJOHVXUFKDTXHEUDVGHIDoRQjFHTXHODQQHDXGDUULPDJHUHSRVHDXFHQWUHGHODSRLWULQHHWTXHODVDQJOHpSDXOLqUHUHSRVHjODYHUWLFDOHHWGpSDVVHODSRLWULQH

    6DLVLVVH]OHFXLVVDUGGURLWVLWXpjOHQWUHMDPEHHWDWWDFKH]OH5HIDLWHVODPrPHRSpUDWLRQDYHFOHFXLVVDUGJDXFKH$MXVWH]OHVFXLVVDUGVGHPDQLqUHjFHTXLOVVRLHQWVHUUpV

    (IIHFWXH]OHVDMXVWHPHQWVSRXUSODFHUODQQHDXGDUULPDJHIURQWDO3RXUFHIDLUHDFKHPLQH]ODVDQJOHGDQVOHVERXFOHVGHIULFWLRQ$MXVWH]OHVVDQJOHVpSDXOLqUHVGHPDQLqUHjFHTXHOOHVVRLHQWVHUUpHV5DQJH]OH[FpGHQWGHVFRXUURLHVGDQVOHVDQQHDX[GHUHWHQXH

    3RXUUHWLUHUOHKDUQDLVLQYHUVH]OHVRSpUDWLRQV6XVSHQGH]OHKDUQDLVSDUODQQHDXGRUVDOHQ'

    &RPPHQW(QOHUOH+DUQDLVj$QQHDX'$UULPDJH)URQWDO

    $MXVWHPHQW$GpTXDWGX+DUQDLV

    7HQH]OHKDUQDLVSDUODQQHDXGRUVDOHQ'HWVHFRXH]OHDQTXHWRXWHVOHVVDQJOHVWRPEHQWHQSODFH

    6LOHVVDQJOHVSHFWRUDOHVHWOHVFXLVVDUGVVRQWERXFOpVGpJDJH]OHVVDQJOHVHWGpERXFOH]OHVjFHWWHpWDSHFL

    (QWHQDQWOHKDUQDLVSDUOHVEUHWHOOHVSDVVH]OHVMDPEHVGDQVOHVVDQJOHVGH[DWLRQjODWDLOOHHWSODFH]OHVEUHWHOOHVVXUOHVpSDXOHVGHIDoRQTXHODQQHDXHQ'VHWURXYHDXPLOLHXGXGRVHQWUHOHVRPRSODWHV

    7LUH]OHVVDQJOHVFXLVVDUGHVHQWUHOHVMDPEHVHWUDFFRUGH]OHVjOH[WUpPLWpRSSRVpHSRXUFKDFXQHGHVMDPEHV6HUUH]ODVDQJOHjODWDLOOH/DVDQJOHGRLWrWUHVHUUpHPDLVQRQFRLQFpH

    5DFFRUGH]ODVDQJOHSHFWRUDOHHWSRVLWLRQQH]ODDXFHQWUHGHODSRLWULQH5HVVHUUH]DQGHPDLQWHQLUOHVEUHWHOOHVWHQGXHV

    /RUVTXHWRXWHVOHVVDQJOHVVRQWERXFOpHVUHVVHUUH]WRXWHVOHVERXFOHVDQTXHOHKDUQDLVVRLWFRQIRUWDEOHPHQWDMXVWpWRXWHQDVVXUDQWXQHSOHLQHOLEHUWpGHPRXYHPHQW5DQJH]OH[FpGHQWGHVFRXUURLHVGDQVOHVDQQHDX[GHUHWHQXH

    3RXUUHWLUHUOHKDUQDLVLQYHUVH]OHVRSpUDWLRQV6XVSHQGH]OHKDUQDLVSDUODQQHDXGRUVDOHQ'

    &RPPHQW(QOHUOH+DUQDLV0V0LOOHU

  • ,QVWUXFW LRQV'XW L O LVDW LRQ )UDQoDLV

    ,QVWUXFWLRQVGH5DFFRUGHPHQWHW'DMXVWHPHQWGH%RXFOHV

    $VVXUH]YRXVTXHOHVVDQJOHVQHVRQWSDVWRUGXHV/H[WUpPLWpOLEUHGHODVDQJOHSHUPHWODMXVWHPHQWHWGRLWWRXMRXUVVHWURXYHUjOH[WpULHXUpORLJQpHGHOXWLOLVDWHXU

    /DERXFOHjEDUUHWWHFHQWUDOHGRLWSDVVHUVRXVODQQHDXFDUUp7RXUQH]ODERXFOHjEDUUHWWHFHQWUDOHGHIDoRQTXHOHF{WppWURLWSXLVVHSDVVHUVRXVODQQHDXFDUUpHW\SpQpWUHU7LUH]FRPSOqWHPHQWODERXFOHjEDUUHWWHFHQWUDOHjWUDYHUVODQQHDXFDUUp/DLVVH]ODERXFOHjEDUUHWWHFHQWUDOHVHPHWWUHHQSODFHVXUOHGHVVXVGHODQQHDXFDUUp

    7LUHUOH[WUpPLWpOkFKHGHODVDQJOHSRXUVHUUHUODMXVWHPHQWGXKDUQDLV)DLUHHQVXLWHJOLVVHUOHGLVSRVLWLIGHEORFDJHULJLGHOHFDVpFKpDQWYHUVOHKDXWMXVTXjODERXFOH5HQWUH]HQVXLWHOH[FqVGHVDQJOHGDQVOHVFURFKHWVpODVWLTXHV

    %28&/(&5e1(/e((0%27(0(17

    5HQWUH]HQVXLWHOH[FqVGHVDQJOHGDQVOHVFURFKHWVpODVWLTXHV

    6DVVXUHUTXHOHVFRXUURLHVQHVRQWSDVWRUGXHV,QVpUHUODVDQJOHDYHFOHVDQQHDX[jWUDYHUVODERXFOHjODQJXHWWHGHSXLVOHGHVVRXV

    7LUHUODVDQJOHDXWUDYHUVMXVTXjFHTXHOOHVRLWDMXVWpH3ODFHUODODQJXHWWHGHODERXFOHjWUDYHUVODQQHDXDSSURSULp

    %28&/($5',//21

    $VVXUH]YRXVTXHOHVVDQJOHVQHVRQWSDVWRUGXHV/H[WUpPLWpOLEUHGHODVDQJOHSHUPHWODMXVWHPHQWHWGRLWWRXMRXUVVHWURXYHUjOH[WpULHXUpORLJQpHGHOXWLOLVDWHXU

    (QFOHQFKH]HQVHPEOHOHVGHX[PRLWLpVGHODERXFOHGHPDQLqUHjHQWHQGUHXQFOLF7LUH]VXUOHVGHX[PRLWLpVGHODERXFOHSRXUYRXVDVVXUHUTXHOOHVVRQWELHQMRLQWHV7LUH]VXUOH[WUpPLWpOLEUHGHODVDQJOHSRXUVHUUHUOHKDUQDLV)DLUHHQVXLWHJOLVVHUOHGLVSRVLWLIGHEORFDJHULJLGHOHFDVpFKpDQWYHUVOHKDXWMXVTXjODERXFOH5HQWUH]HQVXLWHOH[FqVGHVDQJOHGDQVOHVFURFKHWVpODVWLTXHV

    %28&/(5$&&25'5$3,'(

    3RXUGpWDFKHUODERXFOHSRXVVH]VXUOHVGHX[OHYLHUVGHGpJDJHPHQWSXLVGpJDJH]ODERXFOH

    %28&/()5,&7,21

    6DLVLUOH[WUpPLWpOkFKHGHODVDQJOHHWWLUHUSRXUVHUUHU5HQWUH]HQVXLWHOH[FqVGHVDQJOHGDQVOHVFURFKHWVpODVWLTXHV

    3RXUGHVVHUUHUUHWRXUQHUODERXFOHSRXUOLEpUHUODSULVHGHIULFWLRQHWSRXVVHUYHUVOH[WpULHXUSRXUSHUPHWWUHGHWLUHUODVDQJOHjWUDYHUVODERXFOH

  • ,QVWUXFW LRQV'XW L O LVDW LRQ )UDQoDLV

    &DOFXOGHOD'LVWDQFHGH'pJDJHPHQWGHOD&KXWH,OHVWHVVHQWLHOGHFRPSUHQGUHODPDQLqUHGHFDOFXOHUODGLVWDQFHGHGpJDJHPHQWGHODFKXWHQpFHVVDLUHSRXUFKDTXHDSSOLFDWLRQGHWUDYDLODQGpYLWHUOHFRQWDFWDYHFXQQLYHDXLQIpULHXU/HVFDOFXOVGHEDVHVXLYDQWVVRQWXWLOLVpVSRXUGpWHUPLQHUOHGpJDJHPHQWGHFKXWHQpFHVVDLUHORUVGHOXWLOLVDWLRQGXQHORQJHDYHFDEVRUEHXUGpQHUJLHRXGXQHOLJQHGHYLHDXWRUpWUDFWDEOHGDQVXQHDSSOLFDWLRQDpULHQQHeWDQWGRQQpTXHGHQRPEUHX[IDFWHXUVSHXYHQWLQXHUVXUOHGpJDJHPHQWGHODFKXWHLOHVWHVVHQWLHOTXHOXWLOLVDWHXUVHUHSRUWHDX[LQVWUXFWLRQVIRXUQLHVDYHFOHGLVSRVLWLIGHUDFFRUGHPHQWTXLFRQWLHQQHQWGHVUHQVHLJQHPHQWVSOXVFRPSOHWV5(0$548(,03257$17(/HFDOFXOGHODORQJHDYHFDEVRUEHXUGpQHUJLHGpWHUPLQHOHGpJDJHPHQWGHFKXWHQpFHVVDLUHGHSXLVOHSRLQWGHUDFFRUGHPHQWGHODORQJHMXVTXDXFRQQHFWHXUGDQFUDJHRXMXVTXjODQFUDJHDXQLYHDXLQIpULHXUVXLYDQWRXjOREVWDFOHVRXVODVXUIDFHGHWUDYDLO/HFDOFXOGHODOLJQHGHYLHDXWRUpWUDFWDEOHGpWHUPLQHOHGpJDJHPHQWGHFKXWHUHTXLVGHSXLVOHQLYHDXGHWUDYDLOMXVTXDXQLYHDXLQIpULHXURXMXVTXjOREVWDFOH

    6DLVLUOH[WUpPLWpOkFKHGHODVDQJOHHWWLUHUSRXUVHUUHU5HQWUHUOH[FpGHQWGHVDQJOHGDQVOHVGLVSRVLWLIVGHEORFDJHpODVWLTXHV8WLOLVHUOHVERXWVGHVDQJOHSRXUIL[HUODVDQJOHOHFDVpFKpDQW

    3RXUGHVVHUUHUDSSX\HUVXUOHF{WpQHUYXUpGHODFDPHSRXUUHOkFKHUODSULVHHWSRXVVHUODERXFOHYHUVOH[WpULHXUSRXUSHUPHWWUHGHWLUHUODVDQJOHDXWUDYHUV

    %28&/(&$0(

    8WLOLVDWLRQ$GpTXDWHGHV$QQHDX[HQ'

    5HPDUTXHLOSHXWVHSURGXLUHXQHQJDJHPHQWLQDSSURSULpRXLQFRPSOHWORUVTXHOHGLDPqWUHLQWpULHXUGHODPDUUDJHHVWWUqVSUqVGHODODUJHXUGXPRXVTXHWRQ3DUFRQVpTXHQWORUVTXLOWHQWHGHQJDJHUOHPRXVTXHWRQGXQGLVSRVLWLIGHUDFFRUGHPHQWDYHFXQDPDUUDJHGHUULqUHXQKDUQDLVOXWLOLVDWHXUDOHVHQWLPHQWTXHOHQJDJHPHQWHVWELHQIDLWDORUVTXHQUpDOLWpOHPRXVTXHWRQUHSRVHXQLTXHPHQWjOLQWpULHXUGHODPDUUDJH&HWHQJDJHPHQWLQDSSURSULpRXLQFRPSOHWQHVWSDVVpFXULWDLUHHWLOSRXUUDLWVHGpWDFKHUGXUDQWXQDUUrWGHFKXWH

    $9(57,66(0(177RXMRXUVVDVVXUHUTXHOHPRXVTXHWRQRXDXWUHFRQQHFWHXUGXGLVSRVLWLIGHUDFFRUGHPHQWHVWFRPSDWLEOHDYHF

    ODPDUUDJHGXKDUQDLVHQJDJpDGpTXDWHPHQWHWIHUPpHWYHUURXLOOp

    /HVDQQHDX[ODWpUDX[HQ'VHUYHQWXQLTXHPHQWDX

    SRVLWLRQQHPHQW/HVDQQHDX[GRUVDX[HQ'VHUYHQWXQLTXHPHQWjODUUrWGHFKXWHRXjODUpFXSpUDWLRQ

    /HVDQQHDX[HQ'jOpSDXOHVHUYHQWXQLTXHPHQWjODUpFXSpUDWLRQ

    /HVDQQHDX[IURQWDX[HQ'VHUYHQWDX

    SRVLWLRQQHPHQWQRWHUOH[FHSWLRQFLDSUqV

    >([FHSWLRQ/HVDQQHDX[IURQWDX[HQ'SHXYHQWVHUYLUjODUUrWGHFKXWHXQLTXHPHQWGDQVOHVDSSOLFDWLRQVROHV\VWqPHDQWLFKXWHLQGLYLGXHOOLPLWHODGLVWDQFHPD[LPDOHGHFKXWHOLEUHjSLPHWODIRUFHGDUUrWPD[LPDOHjOEN1@

  • ,QVWUXFW LRQV'XW L O LVDW LRQ )UDQoDLV

    3RXUWRXWHTXHVWLRQVXUOHFDOFXOGHODGLVWDQFHGHOD]RQHGHGpJDJHPHQWHQFDVGHFKXWHYHXLOOH]FRPPXQLTXHUDYHFOHV6HUYLFHVWHFKQLTXHV+RQH\ZHOO

    DSSX\H]VXUOH

    &DOFXOGHOD]RQHGHGpJDJHPHQWHQFDVGHFKXWHSRXUODOLJQHGHYLHDXWRUpWUDFWDEOH>&DOFXOHIIHFWXpGHSXLVODKDXWHXURHVWHIIHFWXpOHWUDYDLO@

    'LVWDQFHGDUUrWPD[LPXP)DFWHXUGHSRVLWLRQGHWUDYDLOQRQGHERXW)DFWHXUGHFKXWHHQEDODQFHPHQWSLPIDFWHXUGHVpFXULWpGpWLUHPHQW =RQHGHGpJDJHPHQWUHTXLVHHQFDVGHFKXWH

    &DOFXOGXGpJDJHPHQWGHFKXWHSRXUODORQJHDYHFDEVRUEHXUGpQHUJLH>&DOFXOHIIHFWXpGHSXLVOHSRLQWGHUDFFRUGHPHQWGHODORQJHMXVTXDXFRQQHFWHXU

    GDQFUDJHRXMXVTXjODQFUDJH@/RQJXHXUGHODORQJHeORQJDWLRQPD[LPDOHGLVWDQFHGHGpFpOpUDWLRQ+DXWHXUMXVTXjODQQHDXHQ'GRUVDOGHORXYULHUSLPIDFWHXUGHVpFXULWpGpWLUHPHQW =RQHGHGpJDJHPHQWUHTXLVHHQFDVGHFKXWH

    /HFDOFXOGXGpJDJHPHQWGHFKXWHGHODOLJQHGHYLHDXWRUpWUDFWDEOHSUpVXPHTXHOXWLOLVDWHXUHVWGHERXWHWH[pFXWHXQWUDYDLOGLUHFWHPHQWVRXVOHSRLQWGDQFUDJHVLFHQHVWSDVOHFDVXQGpJDJHPHQWGHFKXWHVXSSOpPHQWDLUHHVWUHTXLV3ULqUHGHVHUHSRUWHUDXPRGHGHPSORLGHVOLJQHVGHYLHDXWRUpWUDFWDEOHV,0LOOHUGHVWLQpjOXWLOLVDWHXUSRXUREWHQLUGHSOXVDPSOHVUHQVHLJQHPHQWVFRQFHUQDQWOHIDFWHXUGHSRVLWLRQGHWUDYDLOQRQGHERXWHWOHIDFWHXUGHIIHWSHQGXODLUH

    )DFWHXUGHVpFXULWpGpWLUHPHQW

    )DFWHXUGHVpFXULWpGpWLUHPHQW

  • ,QVWUXFW LRQV'XW L O LVDW LRQ )UDQoDLV

    6DQJOH%ULQV3UHQH]ODVDQJOHHQWUHYRVPDLQVSODFpHVjjSRGpFDUW&RXUEH]ODVDQJOHGHIDoRQjIRUPHUXQ8LQYHUVpFRPPHUHSUpVHQWp/DWHQVLRQVXSHUFLHOOHUpVXOWDQWHUHQGOHQGRPPDJHPHQWGHVEUHVRXOHVUXSWXUHVSOXVIDFLOHVjYRLU5pSpWHUFHSURFpGpVXUWRXWHODORQJXHXUGHODVDQJOHHQLQVSHFWDQWOHVGHX[F{WpVGHFKDTXHVDQJOH5HFKHUFKH]OHVERUGVHIORFKpVEUHVURPSXHVOVWLUpVFRXSXUHVEUOXUHVHWGRPPDJHV$QQHDX[GDUULPDJH&RXVVLQHWV9pULH]VLOHVDQQHDX[GDUULPDJHSUpVHQWHQWXQHGpIRUPDWLRQGHVVVXUHVGHVEULVXUHVRXGHVERUGVUXJXHX[RXFRXSDQWV/DQQHDXGDUULPDJHGRLWSLYRWHUOLEUHPHQW9pULH]VLOVSUpVHQWHQWXQHXVXUHLQKDELWXHOOHGHVEUHVpUDLOOpHVRXFRXSpHVRXGHVEULQVVHFWLRQQpVVXUOHV[DWLRQVGHVDQQHDX[GDUULPDJH2QGRLWDXVVLYpULHUVLOHVFRXVVLQHWVSUpVHQWHQWGHVVVXUHVRXDXWUHVVLJQHVGHGpWpULRUDWLRQ

    %RXFOHVjDUGLOORQV&UDQV6DVVXUHUTXHOHVDUGLOORQVQHSUpVHQWHQWDXFXQHGpIRUPDWLRQHWTXLOVSHXYHQWERXJHUOLEUHPHQWGHODYDQWjODUULqUH/HF\OLQGUHGRLWVHPRXYRLUOLEUHPHQW9pULH]VLO\DGHVFUDQVOkFKHVGpIRUPpVRXEULVpV2QQHGRLWDMRXWHUDXFXQFUDQVXSSOpPHQWDLUHjODVDQJOH

    %RXFOHVjHPERvWHPHQWjIULFWLRQHWFUpQHOpHV/HVEDUUHVH[WpULHXUHVHWOHVEDUUHVFHQWUDOHVGRLYHQWrWUHGURLWHV3RUWH]XQHDWWHQWLRQSDUWLFXOLqUHDX[FRLQVHWDX[SRLQWVGH[DWLRQjODEDUUHFHQWUDOH

    %RXFOHVjUDFFRUGUDSLGH6DVVXUHUTXHOHPpFDQLVPHGHGpJDJHPHQWjGRXEOHODQJXHWWHHVWH[HPSWGHGpEULVHWVHQJDJHDGpTXDWHPHQW5HYpULHUOHPpFDQLVPHGHYHUURXLOODJHGHERXFOHHQWLUDQWVXUOHVGHX[PRLWLpVGHODERXFOHSRXUVDVVXUHUTXHOOHHVWUDFFRUGpHIHUPHPHQWHWTXHOOHQHVHGpJDJHSDVVDQVOXWLOLVDWLRQGHOHYLHUVGHGpJDJHPHQW

    ,QVSHFWLRQHW(QWUHWLHQ/HVKDUQDLVHWFHLQWXUHVGHVpFXULWpVRQWFRQoXVSRXUOHVHQYLURQQHPHQWVGHWUDYDLOULJRXUHX[GDXMRXUGKXL3RXUFRQVHUYHUOHXUGXUpHGHVHUYLFHHWOHXUJUDQGHHIILFDFLWpRQGRLWYpULILHUIUpTXHPPHQWOHVKDUQDLVHWOHVFHLQWXUHVGHVpFXULWp/HVXWLOLVDWHXUVGRLYHQWLQVSHFWHUVRLJQHXVHPHQWOpTXLSHPHQWDYDQWFKDTXHXWLOLVDWLRQ8QHSHUVRQQHFRPSpWHQWHGRLWpJDOHPHQWLQVSHFWHUOpTXLSHPHQWjLQWHUYDOOHVUpJXOLHUVDXPRLQVXQHIRLVSDUDQ6LORQGpWHFWHOXQHRXODXWUHGHVFRQGLWLRQVPHQWLRQQpHVGDQVOHSUpVHQWPDQXHORQGRLWUHPSODFHUOpTXLSHPHQW

    9RLFLFRPPHQWSURFpGHU

    7RXWHVOHVERXFOHV9pULILHUWRXWHVOHVERXFOHVjODUHFKHUFKHGpYHQWXHOVGRPPDJHVGLVWRUVLRQVILVVXUHVEULVHWERUGVUXGHVRXSRLQWXV9pULILHUODSUpVHQFHGXVXUHLQKDELWXHOOHGHILEUHVHIILORFKpHVRXFRXSpHVRXGHFRXWXUHEULVpHVXUOHVIL[DWLRQVGHERXFOH6DVVXUHUTXHOHVERXFOHVVHQJDJHQWDGpTXDWHPHQW

    ,QVSHFWLRQGHV+DUQDLVHWGHV&HLQWXUHVGH6pFXULWp

    K

    WW

    W

  • ,QVWUXFW LRQV'XW L O LVDW LRQ )UDQoDLV

    ,QGLFDWHXUVGDUUrWGHFKXWHVXUOHKDUQDLV,QVSHFWHUOHVLQGLFDWHXUVGDUUrWGHFKXWHVLWXpVVXUOHFRXVVLQHWGHODQQHDXGRUVDOjODUHFKHUFKHGHVLJQHVGDFWLYDWLRQ5HWLUHUGXVHUYLFHHQFDVGHILVVXUDWLRQRXGpWLUHPHQWHQWUHOHVSDLUHVGHIOqFKHV

    $35681(&+87(

    %ULVeWLUHPHQW

    %RXFOHVjFDPH6DVVXUHUTXHOHPpFDQLVPHGHFDPHHVWH[HPSWGHGpEULVHWHQJDJHODVDQJOHDGpTXDWHPHQW

    /HVSURGXLWVTXLQHVRQWSDVDFFHSWpVjOLQVSHFWLRQRXTXLRQWpWpVRXPLVjGHVIRUFHVGDUUrWGHFKXWHGRLYHQWrWUHUHWLUpVGXVHUYLFH

    eWLTXHWWHV6DVVXUHUTXHOHVpWLTXHWWHVVRQWSUpVHQWHVHWOLVLEOHV

    7\SHVGH'RPPDJHV0DWpULHOV&+$/(85

    352'8,76&+,0,48(6

    0e7$/)21'828)/$00(

    3(,1785(6(762/9$176

    /DSHLQWXUHTXLGXUFLWDSUqVDYRLUSpQpWUpQXLWDXERQGpSODFHPHQWGHVEUHV/HVDJHQWVGHVpFKDJHHWOHVVROYDQWVFRQWHQXVGDQVFHUWDLQHVSHLQWXUHVSURGXLVHQWGHVGRPPDJHVVHPEODEOHVjFHX[GXVjGHVSURGXLWVFKLPLTXHV

    ([SRVpHjXQHFKDOHXUH[FHVVLYHXQHFRUGHXQHVDQJOHGHYLHQWFDVVDQWHFRPPHGXYHUUHVHUDWDWLQHHWSUHQGXQHFRXOHXUEUXQkWUH/HVEUHVVHFDVVHQWORUVTXRQOHVpFKLW1HSDVXWLOLVHUjXQHWHPSpUDWXUHVXSpULHXUHj)&

    /HFKDQJHPHQWGHFRXOHXUVHSUpVHQWHKDELWXHOOHPHQWVRXVODIRUPHGXQHPDFXODWLRQRXGXQHHPSUHLQWHEUXQkWUH)LVVXUHVWUDQVYHUVDOHVORUVTXRQSOLHOHFRUGDJHODVDQJOHVXUXQPDQGULQ3HUWHGpODVWLFLWpGDQVOHFRUGDJHODVDQJOH

    /HVOVGHFRUGDJHVDQJOHIXVLRQQHQW3RLQWVGXUVEULOODQWV'XUHWFDVVDQWDXWRXFKHU

    3RXUWRXWHTXHVWLRQVXUOHWDEOHDXFLGHVVXVFRQWDFWH]OHV6HUYLFHVWHFKQLTXHV+RQH\ZHOODXDSSX\H]VXUOH

    1HWWR\DJHHW(QWUHSRVDJH*UkFHjXQHQWUHWLHQGHEDVHRQSURORQJHODGXUpHGHYLHGHVpTXLSHPHQWVDQWLFKXWHHWRQOHXUSHUPHWGHPLHX[UHPSOLUOHXUIRQFWLRQGHVpFXULWpYLWDOH8QHQWUHSRVDJHHWXQHQWUHWLHQDGpTXDWVDSUqVXWLOLVDWLRQRQWDXWDQWGLPSRUWDQFHTXHOHQHWWR\DJHGHVpTXLSHPHQWVSRXUHQ{WHUODVDOHWpOHVSURGXLWVFRUURVLIVRXOHVFRQWDPLQDQWV/HQGURLWUpVHUYpjOHQWUHSRVDJHGRLWrWUHSURSUHVHFHWH[HPSWGHIXPpHVRXGHVXEVWDQFHVFRUURVLYHVWHUODVDOHWpHQVXUIDFHDYHFXQHpSRQJHLPELEpHGHDX6pFKHUOpSRQJHHQODFRPSULPDQW7UHPSHUOpSRQJHGDQVXQHVROXWLRQGRXFHGHDXHWGHVDYRQRXGpWHUJHQWGXFRPPHUFH7UDYDLOOHUDYHFXQHEURVVHpSDLVVHHQXQPRXYHPHQWGHYDHWYLHQWYLJRXUHX[6pFKHUHQVXLWHHQHVVX\DQWDYHFXQFKLIIRQSURSUH6XVSHQGUHSRXUOHVpFKDJHPDLVjODEULGHODFKDOHXUH[FHVVLYHGHODYDSHXURXGHODOXPLqUHVRODLUHpYLWHUXQHH[SRVLWLRQSURORQJpH

  • ,QVWUXFW LRQV'XW L O LVDW LRQ )UDQoDLV

    /DSRVLWLRQGH+RQH\ZHOO6DIHW\3URGXFWVHVWGXWLOLVHUFRPPHOLJQHGLUHFWULFHXQHGXUpHGHYLHGHFLQTDQVVXUWRXVOHVKDUQDLVHWORQJHVjSDUWLUGHODGDWHGHODSUHPLqUHXWLOLVDWLRQ+RQH\ZHOOpPHWFHWWHUHFRPPDQGDWLRQFRPPHOLJQHGLUHFWULFHJpQpUDOHHWQHGRLWSDVUHPSODFHUOHVFULWqUHVGLQVSHFWLRQHWGHQWUHWLHQGpFULWVGDQVOHVGLUHFWLYHVMRLQWHVjFKDTXHpTXLSHPHQW&HWWHOLJQHGLUHFWULFHQHVDSSOLTXHTXDXSURGXLWTXLQHSUpVHQWHDXFXQGRPPDJHHWTXLQDSDVpWpH[SRVpDX[SURGXLWVFKLPLTXHVjXQHFKDOHXUDQRUPDOHRXjXQHOXPLqUHjXOWUDYLROHWH[FHVVLYH,OHVWSRVVLEOHTXHOpTXLSHPHQWGXUHSOXVORQJWHPSVVHORQOHQWUHWLHQHWOXWLOLVDWLRQGHFHOXLFL0rPHVLYRXVVXLYH]OHVGLUHFWLYHVLOSHXWWRXWGHPrPHrWUHQpFHVVDLUHGHFHVVHUOXWLOLVDWLRQGXKDUQDLVRXGHODORQJHDYDQWODQGHODGXUpHGHYLHGHFLQTDQVGHODOLJQHGLUHFWULFH'HPrPHOHUHVSHFWGHVFULWqUHVGLQVSHFWLRQHWGHQWUHWLHQSHUPHWOHSURORQJHPHQWGHODGXUpHGHYLHDXGHOjGHFLQTDQV)LQDOHPHQWLOLQFRPEHjOXWLOLVDWHXUGHGpWHUPLQHUVLXQKDUQDLVRXXQHORQJHVRQWLQDSWHVjOXWLOLVDWLRQHWGRLYHQWFHVVHUGrWUHXWLOLVpV/HVSURGXLWVTXLRQWFHVVpGrWUHXWLOLVpVGRLYHQWrWUHpOLPLQpVGHIDoRQjpYLWHUWRXWHXWLOLVDWLRQDFFLGHQWHOOHXOWpULHXUH

    'XUpHGH9LHGHV+DUQDLVHW/RQJHV0LOOHU

    3UpYHQWLRQGXQ7UDXPDGH6XVSHQVLRQ26+$pQRQFHTXXQWUDXPDGHVXVSHQVLRQSRWHQWLHOOHPHQWPRUWHOSHXWVHSURGXLUH HQTXHOTXHVPLQXWHVGXUDQWODWWHQWHGHOpTXLSHGHVDXYHWDJHDSUqVXQHFKXWH/HGpODLPR\HQGHOpTXLSHGHVDXYHWDJHGHFKXWHVHVWGHPLQXWHV/RUVTXLOHVWXWLOLVpOHGLVSRVLWLIGHVpFXULWpDYHFPDUFKHGDVVLVWDQFHSURFXUH XQVRXWLHQHWIDYRULVHODFLUFXODWLRQVDQJXLQHMXVTXjODUULYpHGHOpTXLSHGHVDXYHWDJH HWSHUPHWGHERXJHUHWGHpFKLUOHVMDPEHV3HWLWHWOpJHU/HGLVSRVLWLIGHVpFXULWpDYHFPDUFKHGDVVLVWDQFHVDWWDFKH DXEDXGULHUFRPSOHWGHWRXWHPDUTXH&RPPXQLTXH]DYHFYRWUHGLVWULEXWHXU0LOOHUSRXUDFKHWHUXQHPDUFKHGDVVLVWDQFH

    0RQWH]jODFRXUURLHDUULqUHVXSpULHXUHGHQFKDvQHPHQWSDUOREVWUXFWLRQSDUODERXFOH6R\H]VUTXHODERXFOHHVWDSUqVGHVDMXVWHPHQWVHQPpWDO

    %RXFOHGHERXWRQGpWLTXHWWHGHWUDFWLRQGDWWDFKjODFRXUURLHDYDQWGHMDPEHDXGHVVXVGHODERXFOH

    7LUH]VXUODODQJXHWWHSRXUGpSOR\HUOHGLVSRVLWLI

    ,QVpUH]XQSLHGGDQVODERXFOHGHPDUFKHHWDMXVWH]

    /DPDUFKHGDVVLVWDQFHSHUPHWGHVHWHQLUGHERXWFHTXLDPpOLRUHODFLUFXODWLRQ

    /HVGHX[PDUFKHVGDVVLVWDQFHSURFXUHQWXQVRXWLHQXQpTXLOLEUHHWXQFRQIRUWDFFUXV

  • ,QVWUXFW LRQV'XW L O LVDW LRQ )UDQoDLV

    &DWpJRULHVGH3URGXLWV)RQFWLRQQHOV/HVSURGXLWVGHSURWHFWLRQDQWLFKXWHSHXYHQWVHUpSDUWLUHQFLQTFDWpJRULHVIRQFWLRQQHOOHVDUUrWGHFKXWHPRQWpHjOpFKHOOHSRVLWLRQQHPHQWVXVSHQVLRQHWUpFXSpUDWLRQ

    $557'(&+87(8QV\VWqPHGDUUrWGHFKXWHHVWQpFHVVDLUHVLOH[LVWHXQULVTXHGHFKXWHGXQHFHUWDLQHKDXWHXUSRXUXQWUDYDLOOHXU

    (QUqJOHJpQpUDOH0LOOHU)DOO3URWHFWLRQUHFRPPDQGHTXXQWHOV\VWqPHVRLWXWLOLVpFKDTXHIRLVTXXQHKDXWHXUGHWUDYDLODWWHLQWVL[SLHGVRXSOXV/DKDXWHXUGHWUDYDLOHVWGpQLHFRPPHODGLVWDQFHHQWUHODVXUIDFHGHPDUFKHWUDYDLOHWOHVRORXXQQLYHDXLQIpULHXU8QV\VWqPHGDUUrWGHFKXWHHVWFRQoXSRXUrWUHSDVVLIHWQHQWUHUDHQIRQFWLRQTXHVLXQHFKXWHVHSURGXLW/HVSURGXLWVVXLYDQWVVRQWFHX[UHFRPPDQGpVSDU0LOOHU)DOO3URWHFWLRQFRPPHSDUWLHGXQV\VWqPHGDUUrWGHFKXWH

    eTXLSHPHQWGH3URWHFWLRQ,QGLYLGXHOOH+DUQDLV,QWpJUDO'LVSRVLWLIGH5DFFRUGHPHQW&kEOHGHVpFXULWp

    DXWRUpWUDFWDEOHRXORQJHDPRUWLVVHXUGHFKRFV3RLQW'DQFUDJH&RQQHFWHXU'DQFUDJH3RXWUHGH6XSSRUW

    &RXUURLHHQ&URLVLOORQ

    0217e(/e&+(//(/HV\VWqPHGHPRQWpHjOpFKHOOHHVWXQV\VWqPHGDUUrWGHFKXWHKDELWXHOOHPHQWLQVWDOOpVXUGHVpFKHOOHVRXGHVWRXUVRXDGMDFHQWjFHOOHVFLHWSHUPHWDXWUDYDLOOHXUGHPRQWHU

    HWGHGHVFHQGUHGDQVVRQPLOLHXGHWUDYDLOWRXWHQpWDQWFRQVWDPPHQWSURWpJpFRQWUHOHVFKXWHV9RLFLGHVH[HPSOHVGHV\VWqPHGHPRQWpHjOpFKHOOH

    eTXLSHPHQWGH3URWHFWLRQ,QGLYLGXHOOH+DUQDLV,QWpJUDO'LVSRVLWLIGH5DFFRUGHPHQW&RXOLVVHDXGH6pFXULWpRX$XWUH

    3URGXLW'DUUrWGH&KXWH&RQQHFWHXU'DQFUDJH3RLQW'DQFUDJH&kEOHGH6pFXULWp9HUWLFDO

    eFKHOOH

    326,7,211(0(17/HV\VWqPHGHSRVLWLRQQHPHQWLQGLYLGXHOPDLQWLHQWOHWUDYDLOOHXUHQSODFHHQOXLSURFXUDQWXQHQYLURQQHPHQWGHWUDYDLOPDLQVOLEUHV&KDTXHIRLVTXLOVHSHQFKHHQDUULqUHOHV\VWqPHHQWUH

    HQIRQFWLRQHWGHYLHQWDFWLI9RLFLXQH[HPSOHGHV\VWqPHGHSRVLWLRQQHPHQWODUJHPHQWXWLOLVp

    eTXLSHPHQWGH3URWHFWLRQ,QGLYLGXHOOH+DUQDLV,QWpJUDO'LVSRVLWLIGH5DFFRUGHPHQW$VVHPEODJH&KDvQH5HEDU3RLQW'DQFUDJH6\PRQV)RUP

    QRWHUTXXQV\VWqPHGDUUrWGHFKXWHGRLWrWUHXWLOLVpHQFRQMRQFWLRQDYHFOHV\VWqPHGHSRVLWLRQQHPHQWLQGLYLGXHO/XWLOLVDWLRQGXQWHOV\VWqPHPL[WHHVWQpFHVVDLUHSDUFHTXXQV\VWqPHGHSRVLWLRQQHPHQWLQGLYLGXHOQHVWSDVFRQoXSRXUDUUrWHUOHVFKXWHV(QXWLOLVDQWFHV\VWqPHPL[WHOHVFRPSRVDQWVGDUUrWGHFKXWHVHURQWDFWLYpVVLMDPDLVOHWUDYDLOOHXUIDLWXQHFKXWHHQWUDYDLOODQWRXHQFKDQJHDQWGHSRVLWLRQGHWUDYDLO

  • ,QVWUXFW LRQV'XW L O LVDW LRQ )UDQoDLV

    6863(16,21/HV\VWqPHGHVXVSHQVLRQLQGLYLGXHOODUJHPHQWXWLOLVpGDQVOHVLQGXVWULHVGHODYDJHGHIHQrWUHVHWGHSHLQWXUDJHHVWFRQoXSRXUIDLUHGHVFHQGUHHWVRXWHQLU

    OHWUDYDLOOHXUWRXWHQOXLSURFXUDQWXQHQYLURQQHPHQWGHWUDYDLOPDLQVOLEUHV/HVpOpPHQWVGXQV\VWqPHGHVXVSHQVLRQW\SLTXHVRQW

    eTXLSHPHQWGH3URWHFWLRQ,QGLYLGXHOOH6HOOHWWH'LVSRVLWLIGH5DFFRUGHPHQW)LOLQ&RXUURLHGH5HWHQXH&RQQHFWHXU'DQFUDJH%RXORQ'DQFUDJH0RXVTXHWRQ

    /HVpOpPHQWVGXV\VWqPHGHVXVSHQVLRQQpWDQWSDVFRQoXVSRXUDUUrWHUXQHFKXWHOLEUHXQV\VWqPHGDUUrWGHFKXWHGHYUDLWrWUHXWLOLVpFRQMRLQWHPHQWDYHFOHV\VWqPHGHVXVSHQVLRQSHUVRQQHO&HV\VWqPHQHQWUHHQDFWLRQTXHVLXQHFKXWHOLEUHVHSURGXLW

    5e&83e5$7,21/DGHUQLqUHFDWpJRULHHVWOHSOXVVRXYHQWXWLOLVpHGDQVGHVHVSDFHVUHVWUHLQWVHWHVWFRQQXHVRXVOHQRP

    GHV\VWqPHGHUpFXSpUDWLRQLQGLYLGXHOGDUUrWGHFKXWH&HV\VWqPHHVWHVVHQWLHOOHPHQWXWLOLVpTXDQGGHVWUDYDLOOHXUVGRLYHQWrWUHGHVFHQGXVGDQVGHVUpVHUYRLUVWURXVGKRPPHVHWFHWSHXYHQWGHYRLUrWUHUHPRQWpVHQFDVGXUJHQFH9RLFLXQV\VWqPHGHUpFXSpUDWLRQSHUVRQQHOW\SLTXH

    eTXLSHPHQWGH3URWHFWLRQ,QGLYLGXHOOH+DUQDLV,QWpJUDO

    'LVSRVLWLIGH5DFFRUGHPHQW&RXUURLHGH5HWHQXH5pWUDFWDEOH8QLWpGH6HFRXUV

    &RQQHFWHXU'DQFUDJH7UpSLHG

  • ,QVWUXFFLRQHVSDUD(O 8VXDU LR (VSDxRO

    3URSyVLWR+RQH\ZHOO6DIHW\3URGXFWVRIUHFHXQDDPSOLDJDPDGHDUQHVHVGHFXHUSRFRPSOHWRSDUDWRGDVODVDSOLFDFLRQHV6LELHQORVDUQHVHVGHFXHUSRFRPSOHWRSXHGHQXVDUVHSDUDSRVLFLRQDPLHQWRUHVWULFFLyQHQODWUD\HFWRULD\UHVFDWHHOORVVRQOD~QLFDIRUPDGHDWDYtRDFHSWDEOHSDUDHOFXHUSRSDUDGHWHQHUXQDFDtGD/RVGLVHxRVGHDUQpVRIUHFHQVHJXULGDG\IXQFLRQDOLGDGVXSHULRUFRQFDUDFWHUtVWLFDVGLVHxDGDVSDUDFXPSOLUQHFHVLGDGHVFODYHVGHOXVXDULRWDOHVFRPRFRPRGLGDGDMXVWHIDFLOLGDGGHXVRHVWLORGXUDELOLGDGFXPSOLPLHQWRFRQODVQRUPDVH[LELOLGDG\FRQYHQLHQFLD

    PDQXDOGHLQVWUXFFLRQHVSDUDHOXVXDULRFXEUHWRGRVORVDUQHVHVGHFXHUSRFRPSOHWR\FLQWXURQHVSDUDHOFXHUSR0LOOHU\7LWDQ

    FLQWXURQHVSDUDHOFXHUSR

    $UQpVGHFXHUSRFRPSOHWR 6HXVDQVLHPSUHSDUDGHWHQHUXQDFDtGD

    &LQWXUyQSDUDHOFXHUSR 6HXVDVyORSDUDSRVLFLRQDPLHQWRRUHVWULFFLyQ

    &RQVXOWDV" //$0$5$/(VIXQGDPHQWDOTXHODSHUVRQDRXVXDULRDXWRUL]DGRGHHVWHHTXLSRDQWLFDtGDVOHD\FRPSUHQGDODVSUHVHQWHVLQVWUXFFLRQHV$GHPiVODOH\IHGHUDOUHTXLHUHTXHORVHPSOHDGRUHVVHDVHJXUHQGHTXHWRGRVORVXVXDULRVUHFLEDQFDSDFLWDFLyQHQLQVWDODFLyQXVRLQVSHFFLyQ\PDQWHQLPLHQWRDSURSLDGRVSDUDHOHTXLSRGHSURWHFFLyQFRQWUDFDtGDV/DFDSDFLWDFLyQDQWLFDtGDVGHEHVHUSDUWHLQWHJUDOGHXQSURJUDPDFRPSOHWRGHVHJXULGDG/DXWLOL]DFLyQFRUUHFWDGHORVVLVWHPDVGHGHWHQFLyQGHFDtGDVSXHGHVDOYDUYLGDV\GLVPLQXLUODVSRVLELOLGDGHVGHOHVLRQHVJUDYHVHQFDVRGHXQDFDtGD/RVXVXDULRVGHEHQHVWDUFRQVFLHQWHVGHTXHODVIXHU]DVHMHUFLGDVSDUDGHWHQHUXQDFDtGDRGXUDQWHXQDVXVSHQVLyQSURORQJDGDSXHGHQFDXVDUOHVLRQHV&RQVXOWHDXQ PpGLFRHQFDVRGHGXGDVREUHODFDSDFLGDGGHOXVXDULRSDUDHPSOHDUHVWHSURGXFWR/DVPXMHUHVHPEDUD]DGDV\ORVQLxRVQRGHEHQXVDUHVWHSURGXFWR

    *UDFLDVSRUFRPSUDUHOHTXLSRGHSURWHFFLyQFRQWUDFDtGDV0LOOHUIDEULFDGRSRU+RQH\ZHOO6DIHW\3URGXFWV/RVSURGXFWRVGHODPDUFD0LOOHUVRQPDQXIDFWXUDGRVSDUDFXPSOLUFRQODVPiVDOWDVQRUPDVGHFDOLGDGHQQXHVWUDIiEULFDODFXDOSRVHHODFHUWLFDFLyQ,62&XLGDGRVFRPRHVGHELGRORVHTXLSRVDQWLFDtGDV0LOOHUOHVHUYLUiQPXFKRVDxRV

    *UDFLDV

    7RGDSHUVRQDTXHXVHHVWHHTXLSRGHEHOHHUFRPSUHQGHU\VHJXLUFDEDOPHQWHWRGDVODVLQVWUXFFLRQHV1RKDFHUORSRGUtDWHQHUFRPRFRQVHFXHQFLDOHVLRQHVJUDYHVRPRUWDOHV1RXVHHVWHHTXLSRVLQRKDVLGRGHELGDPHQWHHQWUHQDGR

    $'9(57(1&,$

  • ,QVWUXFFLRQHVSDUD(O 8VXDU LR (VSDxRO

    5HTXLVLWRV*HQHUDOHV$GYHUWHQFLDV\/LPLWDFLRQHV'HEHQVXPLQLVWUDUVHDODVSHUVRQDV\XVXDULRVDXWRUL]DGRVWRGDVODVDGYHUWHQFLDVHLQVWUXFFLRQHV7RGDVODVSHUVRQDV\XVXDULRVDXWRUL]DGRVGHEHQFRQVXOWDUORVUHJODPHQWRVGHVHJXULGDGODERUDO\ODVQRUPDV$16,R&6$TXHFRUUHVSRQGDQ/DVHWLTXHWDVGHOSURGXFWRFRQWLHQHQLQIRUPDFLyQVREUHORVUHJODPHQWRV26+$\ODVQRUPDV$16,\&6$TXHFXPSOHHOSURGXFWR7RGDVODVSHUVRQDVRXVXDULRVDXWRUL]DGRVGHHVWHHTXLSRGHEHQVHUHQWUHQDGRVHQORVGHELGRVSURFHGLPLHQWRVHQHVSDFLRVFRQQDGRV6LHPSUHGHEHQWRPDUVHODVGHELGDVSUHFDXFLRQHVDOUHWLUDUGHOiUHDGHWUDEDMRREVWUXFFLRQHVEDVXUDPDWHULDO\RWURVSHOLJURVUHFRQRFLGRVTXHSXGLHUDQFDXVDUOHVLRQHVRLQWHUIHULUHQHOIXQFLRQDPLHQWRGHOVLVWHPD7RGRHOHTXLSRGHEHVHULQVSHFFLRQDGRYLVXDOPHQWHDQWHVGHFDGDXVRGHFRQIRUPLGDGFRQODVLQVWUXFFLRQHVGHOIDEULFDQWH7RGRHOHTXLSRGHEHVHULQVSHFFLRQDGRFRQUHJXODULGDGSRUXQDSHUVRQDFDOLFDGD$QGHUHGXFLUDOPtQLPRODVSRVLELOLGDGHVGHXQGHVHQJDQFKHDFFLGHQWDOXQDSHUVRQDFRPSHWHQWHGHEHJDUDQWL]DUODFRPSDWLELOLGDGGHOVLVWHPD(OHTXLSRQRGHEHVHUDOWHUDGRGHQLQJXQDIRUPD/DVUHSDUDFLRQHVGHEHQVHUHIHFWXDGDVH[FOXVLYDPHQWHSRUHOIDEULFDQWHGHOHTXLSRRELHQSRUSHUVRQDVRHQWLGDGHVDXWRUL]DGDVSRUHVFULWRSRUHOIDEULFDQWH7RGRSURGXFWRFRQGHIRUPLGDGHVGHVJDVWHDQRUPDORGHWHULRURGHEHVHUGHVHFKDGRGHLQPHGLDWR7RGRHTXLSRVRPHWLGRDXQDFDtGDGHEHVHUSXHVWRIXHUDGHVHUYLFLR

    5HTXLVLWRV*HQHUDOHV(OXVXDULRGHEHFRQWDUFRQXQSODQ\PHGLRVGHUHVFDWHDPDQRSDUDSRGHUDSOLFDUORVDOXVDUHVWHHTXLSR-DPiVORXWLOLFHSDUDQHVGLVWLQWRVDOSUR\HFWDGR1RXVHMDPiVHOHTXLSRSDUDUHPROFDURL]DUREMHWRV'HEHSURWHJHUVHWRGRHOPDWHULDOVLQWpWLFRFRQHOREMHWRGHPDQWHQHUORDOHMDGRGHHVFRULDVFKLVSDVFDOLHQWHVOODPDV\RWUDVIXHQWHVGHFDORU3DUDWDOHVXVRVVHUHFRPLHQGDHOXVRGHPDWHULDOHVUHVLVWHQWHVDOFDORU$OVHOHFFLRQDUHTXLSRDQWLFDtGDVGHEHQWRPDUVHHQFXHQWDORVULHVJRVPHGLRDPELHQWDOHV(OHTXLSRQRGHEHVHUH[SXHVWRDORVSHOLJURVDPELHQWDOHV\TXtPLFRVTXHSXHGHQSURGXFLUXQHIHFWRGDxLQR(QFLHUWRVDPELHQWHVFRQSUHVHQFLDGHGHWHUPLQDGRVDJHQWHVTXtPLFRVRiFLGRVVHGHEHXVDUSROLpVWHU1RSHUPLWDTXHODFXHUGDRHOWHMLGRHQWUHQHQFRQWDFWRFRQFXDOTXLHUFRVDTXHSXHGDGDxDUORVFRPRVXSHUFLHVDODGDVDEUDVLYDViVSHUDVRDDOWDWHPSHUDWXUDVROGDGXUDIXHQWHVGHFDORUSHOLJURVHOpFWULFRVRPDTXLQDULDHQPRYLPLHQWR1RH[SRQJDHOHTXLSRDQLQJ~QGDxRTXHHOHTXLSRQRHVWpGLVHxDGRSDUDVRSRUWDU&RQVXOWHDOIDEULFDQWHHQFDVRGHGXGDV6LHPSUHUHYLVHSDUDYHUVLKD\REVWUXFFLRQHVDEDMRGHOiUHDGHWUDEDMRFRQHOQGHDVHJXUDUVHGHTXHHVWpGHVSHMDGDODWUD\HFWRULDGHXQDSRVLEOHFDtGD'HMHXQDGLVWDQFLDVHJXUDGHFDtGDDGHFXDGDDEDMRGHODVXSHUFLHGHWUDEDMR1XQFDGHVSUHQGDHWLTXHWDVGHORVSURGXFWRVODVFXDOHVSXHGHQLQFOXLULPSRUWDQWHVDGYHUWHQFLDVHLQIRUPDFLyQSDUDODSHUVRQDRXVXDULRDXWRUL]DGR

    $GYHUWHQFLDV\/LPLWDFLRQHV

    6LHOVLVWHPDHVXWLOL]DGRSRUXQWUDEDMDGRUFRQXQSHVRWRWDOFXHUSR\KHUUDPLHQWDVHQWUHOENJ\OENJHQWRQFHVHOHPSOHDGRUGHEHPRGLFDUFRPRFRUUHVSRQGDORVFULWHULRV\SURWRFRORVDQGHSURSRUFLRQDUODGHELGDSURWHFFLyQSDUDWDOHVSHVRVPiVSHVDGRVRHOVLVWHPDQRVHFRQVLGHUDUiHVWDUHQFXPSOLPLHQWRGHORVUHTXLVLWRVGHODQRUPD26+$G

    &$3$&,'$'/DFDSDFLGDGPi[LPDLQFOX\HQGRHOSHVRGHOFXHUSRODURSD\ODVKHUUDPLHQWDVHVGHOENJ

  • ,QVWUXFFLRQHVSDUD(O 8VXDU LR (VSDxRO

    $

    %

    &

    &RPSDWLELOLGDGGHO6LVWHPD/RVDUQHVHVGHFXHUSRFRPSOHWR\ORVFLQWXURQHVSDUDHOFXHUSR0LOOHUHVWiQGLVHxDGRVSDUDXVDUVHFRQFRPSRQHQWHVDSUREDGRVSRU+RQH\ZHOOVRODPHQWH/DVXVWLWXFLyQRUHHPSOD]RGHGLFKRVFRPSRQHQWHVFRQFRPELQDFLRQHVQRDSUREDGDVGHFRPSRQHQWHVRVXEVLVWHPDVSXHGHDIHFWDURLQWHUIHULUHQHOIXQFLRQDPLHQWRVHJXURGHFDGDFRPSRQHQWH\SRQHUHQSHOLJURODFRPSDWLELOLGDGGHQWURGHOVLVWHPD(VWDLQFRPSDWLELOLGDGSXHGHDIHFWDUODDELOLGDG\VHJXULGDGGHOVLVWHPDWRWDO

    &RPSRQHQWHVGHOVLVWHPDSHUVRQDOGHIUHQDGRGHFDtGDV7UHVFRPSRQHQWHVSULQFLSDOHVGHOVLVWHPDSHUVRQDOGHIUHQDGRGHFDtGDVGHEHQHVWDUHQVXOXJDU\XVDUVHGHELGDPHQWHSDUDTXHSXHGDQSURSRUFLRQDUODPi[LPDSURWHFFLyQDOWUDEDMDGRU$$1&/$-(&21(&725('($1&/$-((OSULPHUFRPSRQHQWHHVHODQFODMHFRQHFWRUGHDQFODMH(ODQFODMHWDPELpQFRQRFLGRFRPRHOSXQWRGHDQFODMHRSXQWRGHDPDUUHHVXQSXQWRGHDMXVWHVHJXURSDUDGLVSRVLWLYRVGHFRQH[LyQ\GHEHVHUFDSD]GHDJXDQWDUOEVN1SRUWUDEDMDGRURFXPSOLUFRQORVUHTXLVLWRV26+$SDUDXQRRGRVIDFWRUHVGHVHJXULGDGFRPRYLJDV/XRWUDHVWUXFWXUDGHDSR\R$YHFHVXQFRQHFWRUGHDQFODMHWDOFRPRODFRUUHDGHVXMHFLyQSHUQRHQIRUPDGH'RDQFODMHGHJDQFKRSDUDEDUUDGHUHIXHU]RHVQHFHVDULRSDUDUHDOL]DUXQDFRQH[LyQFRPSDWLEOHHQWUHHOGLVSRVLWLYRGHFRQH[LyQ\HODQFODMH

    %$3$5(-2(OVHJXQGRVLVWHPDGHFRPSRQHQWHVHVHOHTXLSRGHSURWHFFLyQSHUVRQDOXVDGRSRUHOWUDEDMDGRUPLHQWUDVUHDOL]DHOWUDEDMR/D~QLFDIRUPDGHSUHQGDFRUSRUDODFHSWDEOHSDUDHOIUHQDGRGHFDtGDVHVHODUQpVGHFXHUSRFRPSOHWR/RVDUQHVHVGHFXHUSRFRPSOHWRHVWiQGLVHxDGRVSDUDD\XGDUDIUHQDUFDtGDVOLEUHV\GHEHXVDUVHHQVLWXDFLRQHVGRQGHORVWUDEDMDGRUHVHVWpQH[SXHVWRVDXQDSRVLEOHFDtGDOLEUH

    &',6326,7,92'(&21(;,1(OWHUFHUFRPSRQHQWHGHOVLVWHPDHVHOGLVSRVLWLYRGHFRQH[LyQHOHQODFHFUtWLFRTXHXQHODSUHQGDFRUSRUDODODQFODMHFRQHFWRUGHDQFODMH/DFDUDFWHUtVWLFDPiVLPSRUWDQWHGHOGLVSRVLWLYRGHFRQH[LyQHVHODPRUWLJXDGRULQFRUSRUDGR,QGHSHQGLHQWHPHQWHGHTXHGLFKRGLVSRVLWLYRVHDXQDFXHUGDGHVHJXULGDGFRQDPRUWLJXDGRUGHLPSDFWRRXQDFXHUGDVDOYDYLGDVUHWUiFWLODPEDVHVWiQGLVHxDGDVSDUDUHGXFLUGHPDQHUDLPSUHVLRQDQWHODVIXHU]DVHMHUFLGDVSDUDGHWHQHUODFDtGD/DVFXHUGDVGHVHJXULGDGGHEUDWHMLGDVRGHDODPEUHXVDGDVSDUDODGHWHQFLyQGHFDtGDV'(%(1XVDUVHFRQMXQWDPHQWHFRQXQDPRUWLJXDGRUGHLPSDFWRSRUHMHPSORHOSDTXHWH0LOOHU6RI6WRS'HPDQHUDLQGLYLGXDOQLQJXQRGHHVWRVFRPSRQHQWHVRIUHFHSURWHFFLyQFRQWUDXQDFDtGD6LQHPEDUJRFXDQGRVHXVDFRUUHFWDPHQWH\HQFRQMXQFLyQFRQRWURVIRUPDQXQVLVWHPDSHUVRQDOGHIUHQDGRGHFDtGDVTXHVHFRQYLHUWHHQYLWDOSDUDODVHJXULGDGHQHOOXJDUGHWUDEDMR

  • ,QVWUXFFLRQHVSDUD(O 8VXDU LR (VSDxRO

    $GYHUWHQFLDV\/LPLWDFLRQHVFRQ5HVSHFWRDORV&RPSRQHQWHV$1&/$-(6&21(&725(6'($1&/$-(/RVDQFODMHVGHEHQVHUFDSDFHVGHVRSRUWDUOLEUDVN1RFXPSOLUORVUHTXLVLWRVGHODQRUPD26+$FRQXQIDFWRUGHVHJXULGDGGHGRV/RVUHTXLVLWRVSDUDHODQFODMHEDVDGRVHQODVQRUPDV$16,VRQFRPRVLJXH3DUDORVVLVWHPDVGHGHWHQFLyQGHFDtGDVORVDQFODMHVGHEHQSRGHUVRSRUWDUXQDFDUJDHVWiWLFDGHOEN1HQHOFDVRDQFODMHVQRFHUWLFDGRVRGRVYHFHVODIXHU]DGHGHWHQFLyQPi[LPDHQHOFDVRGHDQFODMHVFHUWLFDGRV3DUDORVVLVWHPDVGHGHWHQFLyQGHSRVLFLRQDPLHQWRORVDQFODMHVGHEHQSRGHUVRSRUWDUXQDFDUJDHVWiWLFDGHOEN1HQHOFDVRDQFODMHVQRFHUWLFDGRVRGRVYHFHVODIXHU]DSUHYLVLEOHHQHOFDVRGHDQFODMHVFHUWLFDGRV3DUDOLPLWDFLyQGHGHVSOD]DPLHQWRORVDQFODMHVGHEHQSRGHUVRSRUWDUXQDFDUJDHVWiWLFDGHOEN1HQHOFDVRDQFODMHVQRFHUWLFDGRVRGRVYHFHVODIXHU]DSUHYLVLEOHHQHOFDVRGHDQFODMHVFHUWLFDGRV3DUDORVVLVWHPDVGHUHVFDWHORVDQFODMHVGHEHQSRGHUVRSRUWDUXQDFDUJDHVWiWLFDGHOEN1HQHOFDVRDQFODMHVQRFHUWLFDGRVRFLQFRYHFHVODFDUJDDSOLFDGDHQHOFDVRGHDQFODMHVFHUWLFDGRV&XDQGRVHMDPiVGHXQVLVWHPDDXQDQFODMHVHGHEHQPXOWLSOLFDUODVIXHU]DVGHDQFODMHLQGLFDGDVDUULEDSRUHOQ~PHURGHVLVWHPDVMDGRVDGLFKRDQFODMH

    6LHPSUHWUDEDMHGLUHFWDPHQWHEDMRHOSXQWRGHDQFODMHSDUDHYLWDUXQDOHVLyQSRUFDtGDFROXPSLDGD&XDQGRVHOHFFLRQHXQSXQWRGHDQFODMHVLHPSUHFRQVXOWHODLQIRUPDFLyQGHFiOFXORGHOPDUJHQGHFDtGDEULQGDGDFRQHOGLVSRVLWLYRGHFRQH[LyQSDUDDVHJXUDUVHGHTXHHOSXQWRGHDQFODMHHVWpDXQDDOWXUDTXHQRSHUPLWLUiTXHHOXVXDULRJROSHHXQQLYHOLQIHULRUVLRFXUUHXQDFDtGD5HFXHUGHTXHORVDPRUWLJXDGRUHVVHDODUJDUiQFXDQGRHVWpQVXMHWRVDIXHU]DVGHIUHQDGRGHFDtGDVFRQVXOWHODVHWLTXHWDVLQVWUXFFLRQHVEULQGDGDVFRQHODPRUWLJXDGRUSDUDFRQRFHUGHWDOOHVDGLFLRQDOHV(OFRQHFWRUGHDQFODMHGHEHVHUFRPSDWLEOHFRQHOJDQFKRGHUHVRUWHRPRVTXHWyQ\QRGHEHDSOLFDUQLQJXQDFDUJDHQHOOLQJXHWH$3$5(-2/D~QLFDIRUPDGHSUHQGDFRUSRUDODFHSWDEOHSDUDHOIUHQDGRGHFDtGDVHVHODUQpVGHFXHUSRFRPSOHWR(VLPSHUDWLYRTXHHODUQpVVHDXVDGRDSURSLDGDPHQWH&DGDYH]DQWHVGHXVDUHOHTXLSRUHYLVHYLVXDOPHQWHWRGDVODVKHELOODVSDUDDVHJXUDUVHGHTXHODVFRQH[LRQHVVHDKD\DQUHDOL]DGRFRUUHFWDPHQWH\VHDQVHJXUDV7RGDVODVFRUUHDVGHEHQHVWDUFRQHFWDGDV\DMXVWDGDVSDUDTXHRIUH]FDQXQDMXVWHDSUHWDGR/RVGLVSRVLWLYRVGHFRQH[LyQSDUDSURWHFFLyQDQWLFDtGDVGHEHQHVWDUFRQHFWDGRVDODQLOOR'SRVWHULRUGHODUQpVGHFXHUSRHQWHUR8QHOHPHQWRGHMDFLyQGHDQLOOR'IURQWDOSXHGHXVDUVHSDUDGHWHQFLyQGHFDtGDVVyORHQUHVFDWHVSRVLFLRQDPLHQWRGHWUDEDMRDFFHVRFRQFXHUGD\RWURVXVRVUHFRQRFLGRVHQODQRUPD$16,=HQORVFXDOHVHOVLVWHPDSHUVRQDOGHGHWHQFLyQGHFDtGDVOLPLWDODGLVWDQFLDPi[LPDGHFDtGDOLEUHDSLHVP\OLPLWDODIXHU]DPi[LPDGHGHWHQFLyQDOEN1/RVDQLOORV'ODWHUDOHV\IURQWDOHVVyORGHEHQXVDUVHSDUDSRVLFLRQDPLHQWR/HDODH[FHSFLyQFRQUHVSHFWRDODQLOOR'VHxDODGDDUULED/RVDQLOORV'SDUDORVKRPEURVGHEHQXVDUVHH[FOXVLYDPHQWHSDUDUHVFDWH-DPiVFRQHFWHJDQFKRVDVHJXUDGRUHVVLQWUDEDDXQDQLOOR'GHXQDUQpV-DPiVFRQHFWHXQJDQFKRSHOtFDQRGHEDUUDDXQDQLOOR'GHXQDUQpV/RVFLQWXURQHVSDUDHOFXHUSRGHEHQVHUXVDGRVVRODPHQWHSDUDSRVLFLRQDPLHQWR\UHVWULFFLyQ',6326,7,926'(&21(;,16yORFRQHFWHHOHPHQWRVFRPSDWLEOHV8VHH[FOXVLYDPHQWHGLVSRVLWLYRVGHFRQH[LyQFRQJDQFKRVGHUHVRUWHRPRVTXHWRQHVGHDXWRDVHJXUDPLHQWR&RQHFWHORVFRPSRQHQWHVGHPDQHUDWDOTXHODFDtGDOLEUHVHOLPLWHDODPHQRUGLVWDQFLDSRVLEOH>SLHVPPi[LPR@6LHPSUHUHYLVHYLVXDOPHQWHTXHFDGDJDQFKRGHFLHUUHLQVWDQWiQHR\PRVTXHWyQVHHQJDQFKHOLEUHPHQWHFRQHODQLOORHQIRUPDGH'RSXQWRGHDQFODMHFRQHFWRUGHDQFODMH\TXHVXDSHUWXUDJDQFKRSHTXHxRHVWpFRPSOHWDPHQWHFHUUDGD\DVHJXUDGD1XQFDLQKDELOLWHQLUHVWULQMDHOJDQFKRSHTXHxRGHVHJXULGDGQLDOWHUHHOGLVSRVLWLYRGHFRQH[LyQGHQLQJXQDIRUPD$VHJ~UHVHGHTXHHOJDQFKRGHUHVRUWHRHOPRVTXHWyQHVWpQFRORFDGRVGHWDOPDQHUDTXHQRVRPHWDQDFDUJDVHOOLQJXHWH6HUHTXLHUHHOXVRGHDPRUWLJXDGRUHVSDUDUHGXFLUODVIXHU]DVGHIUHQDGRGHFDtGDV7RGRVORVDPRUWLJXDGRUHV0LOOHUORVFRUGRQHVDPRUWLJXDGRUHV\ODVFXHUGDVGHVHJXULGDGDXWRUUHWUiFWLOHVOLPLWDQODIXHU]DGHIUHQDGRGHFDtGDVPi[LPDDOEVN1RPHQRV1XQFDSHUPLWDTXHHOFRUGyQODFXHUGDGHVHJXULGDGSDVHGHEDMRRVHHQUHGHHQORVEUD]RVSLHUQDVRFXHOORGHOXVXDULRRFXDOTXLHURWURREVWiFXOR1RKDJDQXGRVHQODVODVFXHUGDVGHVHJXULGDGQLHQODVFXHUGDVVDOYDYLGDVQLODVHQUROOHDOUHGHGRUGHERUGHVDODGRVRiVSHURVRGHPLHPEURVHVWUXFWXUDOHVGHOJDGRV1RFRQHFWHYDULDVFXHUGDVGHVHJXULGDGHQWUHVtQLFRQHFWHXQDFXHUGDGHVHJXULGDGDVtPLVPDVDOYRTXHHVWpHVSHFtFDPHQWHGLVHxDGDSDUDWDOQ

  • ,QVWUXFFLRQHVSDUD(O 8VXDU LR (VSDxRO

    &yPROOHYDU3XHVWRXQ$UQpVGH&XHUSR&RPSOHWR

    6RVWHQJDHODUQpVSRUHODQLOOR'GHODHVSDOGD6DFXGDHODUQpVSDUDSHUPLWLUTXHWRGDVODVFLQWDVFDLJDQHQVXOXJDU

    3DVHODVFLQWDVSRUHQFLPDGHORVKRPEURVGHPDQHUDTXHHODQLOOD'TXHGHDODPLWDGGHODHVSDOGDHQWUHORVRPySODWRV

    &RQHFWHODFLQWDSHFWRUDO\DFRPyGHODHQHOiUHDPHGLDGHOSHFKR>GHPPDPPDEDMRGHODWUiTXHDSHURQRDEDMRGHOHVWHUQyQ@$SULpWHODSDUDPDQWHQHUDMXVWDGDVODVFLQWDVGHORVKRPEURV

    6LODFRUUHDGHSHFKRSLHUQDV\RFLQWXUDVRQGHKHELOODVXpOWHODVGHVDEUyFKHODVHQHVWHPRPHQWR

    7LUHXQDGHODVFLQWDVSDUDODVSLHUQDVSDViQGRODHQWUHpVWDV\FRQpFWHODDOH[WUHPRRSXHVWR5HSLWDODRSHUDFLyQFRQODRWUDFLQWDSDUDODVSLHUQDV6LHODUQpVWLHQHFLQWXUyQFRQpFWHORDKRUDGHVSXpVGHODVFLQWDVSDUDODVSLHUQDV

    8QDYH]DEURFKDGDVWRGDVODVFLQWDVDM~VWHODVGHPDQHUDTXHHODUQpVTXHDSUHWDGRSHURSHUPLWDXQDDPSOLWXGGHPRYLPLHQWRFRPSOHWD3DVHODSDUWHVREUDQWHGHODVFLQWDVDWUDYpVGHORVVXMHWDGRUHVGHWLSRSUHVLOODGHHOiVWLFR

    3DUDVDFDUVHHODUQpVLQYLHUWDHOSURFHGLPLHQWR +RQH\ZHOOUHFRPLHQGDTXHVHFXHOJXHHODUQpVXWLOL]DQGRHODQLOODHQ'SRVWHULRUSDUDPDQWHQHU

    VXIRUPDFXDQGRQRHVWiHQXVR\TXHRIUH]FDDOWUDEDMDGRUXQSXQWRGHSDUWLGDODSUy[LPDYH]TXHORYD\DDXVDU

    )RUPDGH3RQHUVHXQ$UQpV(ODUQpVGHFXHUSRFRPSOHWRHVOD~QLFDIRUPDGHDSDUHMRDFHSWDEOHSDUDODSURWHFFLyQFRQWUDFDtGDV\GHWHQFLyQGHODVPLVPDV(VPX\LPSRUWDQWHGLVSRQHUGHXQDUQpVFRQXQDMXVWHDGHFXDGRDWUDYpVGHWRGRHOWXUQRGHWUDEDMR1RSHUPLWDTXHVHDRMHRSRQJDKROJDGRHODUQpV$FRQWLQXDFLyQVHGHVFULEHHOSURFHGLPLHQWRFRUUHFWRSDUDSRQHUVHHODUQpV/DXELFDFLyQGHODVFRUUHDVSDUDHOSHFKRSLHUQDV\VXESpOYLFDVHVGHLPSRUWDQFLDFUtWLFDSDUDHOGHVHPSHxRySWLPRGHODUQpVGHFXHUSRHQWHURHQODGHWHQFLyQGHXQDFDtGD&RQVXOWHHODSDUWDGR$MXVWHFRUUHFWRGHODUQpV

  • ,QVWUXFFLRQHVSDUD(O 8VXDU LR (VSDxRO

    (VH[WUHPDGDPHQWHLPSRUWDQWHTXHVXDUQpVVHDMXVWHDOFXHUSR\TXHHVWpDMXVWDGRDGHFXDGDPHQWHGXUDQWHWRGRHOWLHPSRTXHVHHVWpXVDQGR)DOODUDHVWDVLQGLFDFLRQHVSXHGHGDUOXJDUDVHULDVOHVLRQHVRODPXHUWH\ODFRQH[LyQDSURSLDGDGHDPERVWLSRVGHFRUUHDVHVHVHQFLDOSDUDVXVHJXULGDGFRQWUDFDtGDV'HVSXpVGHSRQHUXQDUQpVDVHJ~UHVHGHUHYLVDU&255($'(/3(&+2'HEHHVWDUFRORFDGRHQHOFHQWURGHVXSHFKR>GHPPDPPDEDMRGHODWUiTXHDSHURQRDEDMRGHOHVWHUQyQ@6LODFRUUHDGHSHFKRHVWDFRORFDGDPX\DUULEDHQWRQFHVGXUDQWHODFDtGDODFRUUHDVHSXHGHPRYHUKDFLDDUULEDFDXVDQGRULHVJRGHHVWUDQJXODPLHQWR6LODFRUUHDHVWDFRORFDGDPX\DEDMRRGHVFRQHFWDGDSRUFRPSOHWRXVWHGSXHGHVROWDUVHGHODUQpVGXUDQWHODFDtGD&255($'(3,(51$6(ODMXVWHDGHFXDGRGHODFRUUHDGHSLHUQDVHVFUtWLFRSDUDVXVHJXULGDG/DFRUUHDGHEHHVWDUDSUHWDGDDODSLHUQDSHURQRWDQDSUHWDGDTXHLPSLGDODFLUFXODFLyQQRUPDOGHODVDQJUHHQODVSLHUQDV/DIDOWDGHXVRGHODFRUUHDHQODSLHUQDQRDVHJXUDUiVXFXHUSRDODUQpVGXUDQWHODFDtGD\SXHGHRFDVLRQDUOHOHVLRQHVVHULDVRODPXHUWH&255($68%3e/9,&$%ULQGDVRSRUWHHQFDVRGHXQDFDtGD\WDPELpQFXDQGRVHXVDSDUDSRVLFLRQDPLHQWR(QSRVLFLyQVHQWDGDODFRUUHDVXESpOYLFDGHEHSURSRUFLRQDUGHPDQHUDFyPRGDXQDVLHQWRSDUDHOWUDVHUR(QFDVRGHXQDFDtGDVLPSOHPHQWHOHYDQWHODVSLHUQDVFRQORFXDOVHWUDQVHUHHOSHVRDODFRUUHDVXESpOYLFD

    'HVFRQHFWHODVKHELOODVGHODFRUUHDGHODVSLHUQDVVLHVWiQFRQHFWDGDV6RVWHQJDHODUQpVSRUHODQLOOR'WUDVHUR9ROWHHHODUQpVGHIRUPDTXHHODQLOOR'HVWHDSXQWDQGRKDFLDXVWHG\ODFRUUHDFRQHOORJRWLSRGH0LOOHUVHHQFXHQWUHKDFLDDWUiV

    7RPHODVFRUUHDVGHORVKRPEURVGLUHFWDPHQWHGHEDMRGHODQLOOR'FRQDPEDVPDQRV3DVHVXFDEH]DDWUDYpVGHOFHQWURGHODUQpVHQWUHHODQLOOR'IURQWDO\WUDVHUR

    'HXQJLURDODUQpVGHJUDGRVGHWDOIRUPDTXHHODQLOOR'HVWHSRVLFLRQDGRDOIUHQWH

    'HVOLFHXQDFRUUHDGHEDMRGHFDGDEUD]RGHWDOIRUPDTXHHODQLOOR'GHVFDQVHHQHOPHGLRSHFKR\FDGDFRUUHDGHKRPEURVHSRVLFLRQHYHUWLFDOPHQWHVREUHHOSHFKR

    7LUHXQDGHODVFLQWDVSDUDODVSLHUQDVSDViQGRODHQWUHpVWDV\FRQpFWHODDOH[WUHPRRSXHVWR5HSLWDODRSHUDFLyQFRQODRWUDFLQWDSDUDODVSLHUQDV

    +DJDORVDMXVWHVSDUDSRVLFLRQDUHODQLOOR'HQVDPEODQGRODFRUUHDDWUDYpVGHODVKHELOODV$MXVWHODFRUUHDGHORVKRPEURVKDVWDTXHHVWHFyPRGR3DVHODSDUWHVREUDQWHGHODVFLQWDVDWUDYpVGHORVVXMHWDGRUHVGHWLSRSUHVLOODGHHOiVWLFR

    3DUDVDFDUVHHODUQpVLQYLHUWDHOSURFHGLPLHQWR&XHOJXHHODUQpVGHODQLOOR'SRVWHULRU

    8VDQGRXQ$UQpV&RQHO$QLOOR')URQWDO

    $MXVWH$GHFXDGRGHO$UQpV

    6RVWHQJDHODUQpVSRUHODQLOOR'GHODHVSDOGD6DFXGDHODUQpVSDUDSHUPLWLUTXHWRGDVODVFLQWDVFDLJDQHQVXOXJDU

    6LODVFRUUHDVGHOSHFKR\GHODVSLHUQDVVRQGHKHELOODVXpOWHODV\GHVDEUyFKHODVHQHVWHPRPHQWR

    6RVWHQJDHODUQpVSRUODVFRUUHDVGHORVKRPEURVSDVHDWUDYpVGHODFRUUHDGHODFLQWXUD\SiVHVHODVFRUUHDVGHORVKRPEURVSRUHQFLPDGHpVWRVGHPDQHUDTXHHODQLOOR'TXHGHDODPLWDGGHODHVSDOGDHQWUHORVRPySODWRV

    7LUHXQDGHODVFLQWDVSDUDODVSLHUQDVSDViQGRODHQWUHpVWDV\FRQpFWHODDOH[WUHPRRSXHVWR5HSLWDODRSHUDFLyQFRQODRWUDFLQWDSDUDODVSLHUQDV$SULHWHODFRUUHDGHODFLQWXUD/DFRUUHDGHODFLQWXUDGHEHTXHGDUDSUHWDGDSHURQRH[FHVLYDPHQWH

    &RQHFWHODFLQWDSHFWRUDO\DFRPyGHODHQHOiUHDPHGLDGHOSHFKR$SULpWHODSDUDPDQWHQHUDMXVWDGDVODVFLQWDVGHORVKRPEURV

    8QDYH]DEURFKDGDVWRGDVODVFLQWDVDM~VWHODVGHPDQHUDTXHHODUQpVTXHDSUHWDGRSHURSHUPLWDXQDDPSOLWXGGHPRYLPLHQWRFRPSOHWD3DVHODSDUWHVREUDQWHGHODVFLQWDVDWUDYpVGHORVVXMHWDGRUHVGHWLSRSUHVLOODGHHOiVWLFR

    3DUDVDFDUVHHODUQpVLQYLHUWDHOSURFHGLPLHQWR&XHOJXHHODUQpVGHODQLOOR'SRVWHULRU

    )RUPDGH3RQHUVHHO$UQpV0LOOHU3DUD'DPDV

  • ,QVWUXFFLRQHVSDUD(O 8VXDU LR (VSDxRO

    &RQH[LyQGHOD+HELOODH,QVWUXFFLRQHVSDUDHO$MXVWH

    5HYLVHTXHODVFRUUHDVQRHVWpQWRUFLGDV(OH[WUHPRVXHOWRGHPDWHULDOHVXVDGRSDUDDMXVWDU\GHEHUiHVWDUORFDOL]DGRHQHOH[WHULRUKDFLDDIXHUDGHOXVXDULR

    /DKHELOODTXHWLHQHODEDUUDFHQWUDOGHEHSDVDUEDMRODDUJROODFXDGUDGD*LUHODKHELOODTXHWLHQHODEDUUDFHQWUDOGHPDQHUDTXHHOODGRDQJRVWRSXHGDSDVDUGHEDMR\DWUDYpVGHODDUJROODFXDGUDGD3DVHODKHELOODGHODEDUUDFHQWUDOFRPSOHWDPHQWHDWUDYpVGHODDUJROODFXDGUDGD'HMHTXHODKHELOODFRQODEDUUDFHQWUDOVHSRVLFLRQHHQVXOXJDUVREUHODDUJROODFXDGUDGD

    7LUHGHOH[WUHPRGHODFRUUHDWHMLGDSDUDDSUHWDUHODMXVWHGHODUQpV/XHJRGHVOLFHHOVXMHWDGRUUtJLGRVLDSOLFDKDVWDODKHELOOD3RUXOWLPRLQWURGX]FDHOH[FHVRGHFRUUHDVREUHHOFXEUHPDWHULDOGHHOiVWLFR

    +(%,//$0$&+,+(0%5$'$5$185$'$

    $FRPRGHHOH[FHVRGHFLQWDDWUDYpVGHORVVXMHWDGRUHVHOiVWLFRV

    $VHJ~UHVHGHTXHODVFLQWDVQRHVWpQGREODGDV,QVHUWHODFLQWDWHMLGDFRQORVRMDOHVDWUDYpVGHODKHELOODFRQOHQJHWDGHVGHODSDUWHGHDEDMR

    +DOHODFLQWDKDVWDTXHHVWpDMXVWDGD3DVHODOHQJHWDGHODKHELOODDWUDYpVGHORMDODGHFXDGR

    +(%,//$'(/(1*h(7$

    5HYLVHTXHODVFRUUHDVQRHVWpQWRUFLGDV(OH[WUHPRVXHOWRGHPDWHULDOHVXVDGRSDUDDMXVWDU\GHEHUiHVWDUORFDOL]DGRHQHOH[WHULRUKDFLDDIXHUDGHOXVXDULR

    (QVDPEOHODVGRVSLH]DVGHODKHELOODKDVWDTXHRLJDXQFOLFN3DUDDVHJXUDUVHTXHODVKHELOODVHVWiQILUPHPHQWHHQVDPEODGDVVRORMDOHGHODVKHELOODV-DOHHOH[WUHPRVXHOWRGHODFRUUHDSDUDDMXVWDUORDODUQpV/XHJRGHVOLFHHOVXMHWDGRUUtJLGRVLDSOLFDKDVWDODKHELOOD3RUXOWLPRLQWURGX]FDHOH[FHVRGHFRUUHDVREUHHOFXEUHPDWHULDOGHHOiVWLFR

    +(%,//$'(&21(;,153,'$

    3DUDTXLWDUSUHVLRQHKDFLDDGHODQWHSDUDOLEHUDUODVSDODQFDVOXHJRMDOHODKHELOODVHSDUiQGROD

    +(%,//$'()5,&&,1

    $JDUUHHOH[WUHPRIORMRGHODFLQWDWHMLGD\KiOHODSDUDDSUHWDU$FRPRGHHOH[FHVRGHFLQWDDWUDYpVGHORVVXMHWDGRUHVHOiVWLFRVPDWHULDOGHHOiVWLFR

    3DUDDIORMDUGpYXHOWDDODKHELOODSDUDOLEHUDUHODJDUUHGHIULFFLyQ\HPSXMHKDFLDIXHUDSDUDSHUPLWLUTXHODFLQWDSDVHDWUDYpVGHODKHELOOD

  • ,QVWUXFFLRQHVSDUD(O 8VXDU LR (VSDxRO

    &iOFXORGHOD'LVWDQFLDGHO(VSDFLRGH&DtGD(VHVHQFLDOHQWHQGHUFyPRFDOFXODUODGLVWDQFLDGHOHVSDFLRGHFDtGDUHTXHULGRSDUDFDGDDSOLFDFLyQGHWUDEDMRSDUDHYLWDUHOFRQWDFWRFRQXQQLYHOLQIHULRU/RVVLJXLHQWHVFiOFXORVEiVLFRVVHXVDQSDUDGHWHUPLQDUHOHVSDFLRUHTXHULGRSDUDODFDtGDFXDQGRVHXVDXQDOtQHDFRQDPRUWLJXDFLyQRXQDFXHUGDGHUHVFDWHDXWRUHWUDFWDEOHHQXQDDSOLFDFLyQVREUHODFDEH]D&RPRHOHVSDFLRSDUDODFDtGDSXHGHVHUDIHFWDGRSRUPXFKDVYDULDEOHVHVIXQGDPHQWDOTXHHOXVXDULRVHUHHUDDODVLQVWUXFFLRQHVSURYLVWDVFRQHOGLVSRVLWLYRGHFRQH[LyQSDUDREWHQHULQIRUPDFLyQPiVFRPSOHWD

    127$,03257$17((OFiOFXORGHODOtQHDFRQDPRUWLJXDFLyQGHWHUPLQDHOHVSDFLRUHTXHULGRSDUDXQDFDtGDGHVGHHOSXQWRGHFRQH[LyQGHODOtQHDFRQHOFRQHFWRURSXQWRGHDQFODMHKDVWDHOQLYHOVLJXLHQWHPiVEDMRXREVWUXFFLyQSRUGHEDMRGHODVXSHUFLHGHWUDEDMR(OFiOFXORGHODFXHUGDROtQHDDXWRUHWUDFWDEOHGHWHUPLQDHOHVSDFLRUHTXHULGRSDUDXQDFDtGDGHVGHHOQLYHOGHWUDEDMRKDVWDHOVLJXLHQWHQLYHOPiVEDMRXREVWUXFFLyQ

    $JDUUHHOH[WUHPRIORMRGHODFLQWDWHMLGD\KiOHODSDUDDSUHWDU$FRPRGHHOH[FHVRGHFLQWDDWUDYpVGHORVVXMHWDGRUHVHOiVWLFRV8VHORVH[WUHPRVGHODFLQWDSDUDDVHJXUDUODVLDSOLFD

    3DUDDIORMDUSUHVLRQHHOODGRUXJRVRGHOURGLOORH[FpQWULFRSDUDOLEHUDUHODJDUUH\HPSXMHKDFLDDIXHUDSDUDSHUPLWLUTXHODFLQWDSDVHDWUDYpVGHODKHELOOD

    +(%,//$'(52',//2(;&e175,&2

    8VR&RUUHFWRGH/RV$QLOORV'

    1RWD(VSRVLEOHTXHRFXUUDXQDVXMHFLyQLQDGHFXDGDRLQFRPSOHWDFXDQGRHOGLiPHWURLQWHUQRGHODQLOOR'HVWiGHPDVLDGRFHUFDGHODSDUWHDQFKDGHOJDQFKRGHVXMHFLyQ&RPRUHVXOWDGRFXDQGRLQWHQWDHQJDQFKDUHOJDQFKRGHVXMHFLyQGHXQGLVSRVLWLYRGHFRQH[LyQDWUDYpVGHXQDQLOOR'HQODSDUWHWUDVHUDGHODUQpVHOXVXDULRVLHQWHODVHQVDFLyQGHXQEXHQHQJDQFKHPLHQWUDVTXHHQUHDOLGDGHOJDQFKRGHVXMHFLyQVHHQFXHQWUDVRODPHQWHGHQWURGHODQLOOR'(VWDFRQH[LyQLQDGHFXDGDRLQFRPSOHWDQRHVVHJXUD\WLHQHODSRVLELOLGDGGHGHVKDFHUVHGXUDQWHODGHWHQFLyQGHXQDFDtGD

    /RVDQLOORV'ODWHUDOHVVyORVRQSDUDSRVLFLRQDPLHQWR

    /RVDQLOORV'SRVWHULRUHVVyORVRQSDUDGHWHQFLyQGHFDtGDV\UHFRJLGD

    /RVDQLOORV'SDUDORVKRPEURV

    VyORVRQSDUDUHVFDWH

    /RVDQLOORV'IURQWDOHVVRQSDUDSRVLFLRQDU/HDODQRWDVHxDODGDDEDMR

    VREUHODH[FHSFLyQFRQUHVSHFWRDORVDQLOORV'IURQWDOHV

    >([FHSFLyQ/RVDQLOORV'IURQWDOHVSXHGHQXVDUVHSDUDGHWHQFLyQGHFDtGDVVyORHQDSOLFDFLRQHVHQODVFXDOHVHOVLVWHPDSHUVRQDOGHGHWHQFLyQGHFDtGDVOLPLWDODGLVWDQFLDPi[LPDGHFDtGDOLEUHDSLHVP\OLPLWDODIXHU]DPi[LPDGHGHWHQFLyQDOEN1@

    $'9(57(1&,$$VHJ~UHVHVLHPSUHGHTXHHOJDQFKRGHVXMHFLyQXRWURFRQHFWRUGHOGLVSRVLWLYRGHFRQH[LyQVHDFRPSDWLEOHFRQHODQLOOR'GHODUQpV

    TXHHVWpFRUUHFWDPHQWHHQJDQFKDGR\TXHHVWpFHUUDGR\DVHJXUDGR

  • ,QVWUXFFLRQHVSDUD(O 8VXDU LR (VSDxRO

    6LWLHQHDOJXQDSUHJXQWDVREUHHOFiOFXORGHODGLVWDQFLDGHOHVSDFLRGHFDtGDSRUIDYRUFRQWDFWHDORV6HUYLFLRV7pFQLFRVGH+RQH\ZHOO

    SUHVLRQH

    &iOFXORGHOPDUJHQGHFDtGDGHODVFXHUGDVGHVHJXULGDGDXWRUUHWUiFWLOHV>&iOFXORVWRPDGRVGHOQLYHOGHWUDEDMR@

    'LVWDQFLDGHIUHQDGRPi[LPD)DFWRUGHSRVLFLyQGHWUDEDMRTXHQRHVGHSLH)DFWRUGHFDtGDFRQEDODQFHR8QIDFWRUGHVHJXULGDG\GHHVWLUDPLHQWRGHSLHVP 0DUJHQGHFDtGDUHTXHULGR

    &iOFXORGHOHVSDFLRSDUDODFDtGDXVDQGRXQDOtQHDFRQDPRUWLJXDFLyQ>(VWHFiOFXORHVWRPDGRGHVGHHOSXQWRGHFRQH[LyQGHODOtQHDKDVWDHOFRQHFWRURSXQWRGHDQFODMH@

    /RQJLWXGGHODOtQHD'LVWDQFLDPi[LPDGHHVWLUDPLHQWRRGHVDFHOHUDFLyQ$OWXUDKDVWDHODQLOOR'WUDVHURGHOWUDEDMDGRU8QIDFWRUGHVHJXULGDG\GHHVWLUDPLHQWRGHSLHVP (VSDFLRUHTXHULGRSDUDODFDtGD

    (OFiOFXORSDUDHOHVSDFLRSDUDODFDtGDXVDQGRXQDOtQHDRFXHUGDGHUHVFDWHDXWRUHWUDFWDEOHDVXPHTXHHOXVXDULRHVWiSDUDGR\UHDOL]DQGRVXWDUHDGLUHFWDPHQWHGHEDMRGHOSXQWRGHDQFODMHGHRWURPRGRVHUHTXLHUHXQHVSDFLRDGLFLRQDOSDUDODFDtGD5HpUDVHDO0DQXDOGHLQVWUXFFLRQHVSDUDHOXVXDULRGHFXHUGDVGHUHVFDWHDXWRUHWUDFWDEOHV0LOOHU,SDUDPiVLQIRUPDFLyQUHODFLRQDGDDOIDFWRUGHGLIHUHQWHVSRVLFLRQHVGHWUDEDMR\DOIDFWRUGHFDtGDGHRVFLODFLyQFROJDQWH

    6DIHW\6WUHWFK)DFWRU

    8QIDFWRUGHVHJXULGDG\GHHVWLUDPLHQWR

    6 I 66DIHW6DIHW666666DDD6DD6DIHW666666D6DDD HW\6WU\\\\\\6WU\6\6WU\\\\\\\\6WU\6WUWU\\\\\\\\\\ HWFK)DFWRU

    8QIDFWRUGHVHJXULGDG\GHHVWLUDPLHQWR

  • ,QVWUXFFLRQHVSDUD(O 8VXDU LR (VSDxRO

    /RVDUQHVHV0LOOHU\ORVFLQWXURQHVHVWiQGLVHxDGRVSDUDORVUXGRVDPELHQWHVGHWUDEDMRGHKR\HQGtD3DUDPDQWHQHUODYLGD~WLO\HOGHVHPSHxRGHORVDUQHVHV\FLQWXURQHVGHEHQLQVSHFFLRQDUVHFRQIUHFXHQFLD(OXVXDULRGHEHLQVSHFFLRQDUORVHTXLSRVHQVXWRWDOLGDGDQWHVGHXVDUORV$GHPiVXQDSHUVRQDFDOLILFDGDGHEHLQVSHFFLRQDUHOHTXLSRHQLQWHUYDORVUHJXODUHVSRUORPHQRVDQXDOPHQWH5HHPSODFHHOHTXLSRVLHQFXHQWUDHQHOPLVPRDOJXQDGHODVFRQGLFLRQHVGHIHFWXRVDVH[SOLFDGDVHQHVWHPDQXDO

    7HMLGR&RVWXUDV6XMHWHODFLQFKDFRQVXVPDQRVFRORFDGDVGHDSXOJDGDVGHVHSDUDFLyQ&XUYHODFLQFKDIRUPDQGRXQD8LQYHUWLGDFRPRVHPXHVWUD/DWHQVLyQVXSHUFLDOUHVXOWDQWHSHUPLWHTXHODVEUDVGDxDGDVRORVFRUWHVVHDQYLVLEOHVFRQPD\RUIDFLOLGDG&RQWLQ~HHVWHSURFHGLPLHQWRFRQWRGRHOODUJRGHODFLQFKDLQVSHFFLRQDQGRDPERVODGRVGHFDGDFRUUHD9HULTXHVLKD\ERUGHVGHVKLODFKDGRVEUDVURWDVSXQWDGDVWLUDGDVFRUWHVTXHPDGXUDV\GDxRTXtPLFR$QLOORV'$OPRKDGLOODV5HYLVHORVDQLOORV'SDUDYHUVLWLHQHQGLVWRUVLRQHVJULHWDVURWXUDV\ERUGHViVSHURVRORVRV(ODQLOOR'GHEHGHJLUDUOLEUHPHQWH,QVSHFFLyQHORVSDUDYHUVLKD\XQGHVJDVWHDQRUPDOEUDVGHVJDUUDGDVRFRUWDGDVRFRVWXUDVURWDVHQODVXQLRQHVGHORVDQLOORV'7DPELpQODVDOPRKDGLOODVGHEHQLQVSHFFLRQDUVHSDUDYHUVLKD\DJULHWDPLHQWRGHVJDVWHH[FHVLYRXRWUDVVHxDOHVGHGDxRV

    ,QVSHFFLyQ\0DQWHQLPLHQWR

    (IHFW~HORVVLJXLHQWHVSURFHGLPLHQWRV

    7RGDVODVKHELOODV9HULILTXHTXHODVKHELOODVQRWHQJDQGDxRVGLVWRUVLRQHVUDMDGXUDVURWXUDV\ERUGHVUXJRVRVRILORVRV,QVSHFFLRQHVLH[LVWHGHVJDVWHLQXVXDOILEUDVVXHOWDVRFRUWDGDVRFRVWXUDVURWDVHQORVSXQWRVGHVXMHFLyQFRQODKHELOOD$VHJ~UHVHGHTXHODVKHELOODVVHHQJDQFKHQDGHFXDGDPHQWH

    +HELOODVGHOHQJHWD2MLOORV/DVOHQJHWDVGHODVKHELOODVGHEHQFDUHFHUGHGLVWRUVLRQHVWDQWRHQODIRUPDFRPRHQHOPRYLPLHQWR'HEHQWUDVODSDUODDUPD]yQGHODKHELOOD\PRYHUVHOLEUHPHQWHGHDWUiVSDUDDGHODQWHHQVXDORMDPLHQWR(OURGLOORGHEHJLUDUOLEUHPHQWHHQODDUPD]yQ,QVSHFFLRQHORVRMLOORVSDUDYHUVLHVWiQVXHOWRVGLVWRUVLRQDGRVRURWRV(OWHMLGRRFLQWXURQHVQRGHEHQWHQHUDJXMHURVSHUIRUDGRVDGLFLRQDOHV)ULFFLyQ\KHELOODVPDFKLKHPEUDGDVUDQXUDGDV,QVSHFFLRQHODKHELOODSDUDYHUVLWLHQHGLVWRUVLRQHV/DVEDUUDVH[WHULRUHV\FHQWUDOHVGHEHQHVWDUUHFWDV3UHVWHDWHQFLyQHQSDUWLFXODUDODVHVTXLQDV\SXQWRVGHXQLyQFRQODEDUUDFHQWUDO+HELOODVGHFRQH[LyQUiSLGD$VHJ~UHVHGHTXHHOPHFDQLVPRGHOLEHUDFLyQGHODVGRVOHQJHWDVHVWpOLEUHGHPXJUH\GHTXHVHHQJDQFKHDGHFXDGDPHQWH9HULTXHGHQXHYRHOPHFDQLVPRGHFLHUUHGHODKHELOODKDODQGRHQDPERVH[WUHPRVGHODKHELOODSDUDDVHJXUDUVHGHTXHHVWiFRQHFWDGDUPHPHQWH\GHTXHQRVHGHVHQJDQFKHVLQHOXVRGHODVSDODQFDVGHOLEHUDFLyQ

    ,QVSHFFLyQGHO$UQpV\GHO&LQWXUyQ

  • ,QVWUXFFLRQHVSDUD(O 8VXDU LR (VSDxRO

    &RQXQFXLGDGREiVLFRGHWRGRHOHTXLSRGHSURWHFFLyQFRQWUDFDtGDVVHSURORQJDODYLGDGHVHUYLFLRGHODXQLGDG\VHFRQWULEX\HDOFRUUHFWRGHVHPSHxRGHVXYLWDOIXQFLyQGHVHJXULGDG8QFRUUHFWRDOPDFHQDPLHQWR\PDQWHQLPLHQWRGHVSXpVGHXVDUVHHOHTXLSRVRQWDQLPSRUWDQWHVFRPRODGHELGDOLPSLH]DGHOPLVPRFRQUHVSHFWRDODVXFLHGDGFRUURVLYRV\FRQWDPLQDQWHV/DViUHDVGHDOPDFHQDPLHQWRGHEHQHVWDUOLPSLDVVHFDV\FDUHQWHVGHH[SRVLFLyQDHPDQDFLRQHV\DJHQWHVFRUURVLYRV(OLPLQHWRGDODVXFLHGDGGHODVXSHUILFLHFRQXQDHVSRQMDKXPHGHFLGDVyORFRQDJXD(VWUXMHODHVSRQMDSDUDGHMDUODVHFD6XPHUMDODHVSRQMDHQXQDVROXFLyQVXDYHGHDJXD\MDEyQRGHWHUJHQWHFRPHUFLDO)RUPHXQDFDSDHVSHVDGHHVSXPDFRQXQPRYLPLHQWRHQpUJLFRGHYDLYpQ/XHJRVHTXHFRQXQSDxROLPSLR'HMHFROJDQGROLEUHPHQWHODSLH]DSDUDVHFDUODOHMRVGHXQFDORURYDSRUH[FHVLYRV\VLQGHMDUODH[SXHVWDDODOX]VRODUSRUSHUtRGRVGHWLHPSRSURORQJDGRV

    ,QGLFDGRUHVGHGHWHQFLyQGHFDtGDGHODUQpV,QVSHFFLRQHORVLQGLFDGRUHVGHGHWHQFLyQGHFDtGDGHODUQpVXELFDGRVHQODDOPRKDGLOODGHODQLOOR'WUDVHUREXVFDQGRVHxDOHVGHDFWLYDFLyQ6iTXHORVGHVHUYLFLRVLHVWiQURWRVRHVWLUDGRVHQWUHFXDOTXLHUDGHORVSDUHVGHIOHFKDV

    7LSRVGH'DxRVGHO0DWHULDO

    /LPSLH]D\$OPDFHQDPLHQWR

    '(638e6'(81$&$'$

    5RWR(VWLUDGR

    +HELOODVGHURGLOORH[FpQWULFR$VHJ~UHVHGHTXHHOURGLOORH[FpQWULFRHVWpOLEUHGHPXJUH\TXHVHHQJDQFKHFRUUHFWDPHQWHFRQODFLQWD

    /RVSURGXFWRVTXHQRSDVHQODLQVSHFFLyQRKD\DQVLGRVRPHWLGRVDIXHU]DVGHGHWHQFLyQGHFDtGDGHEHQUHWLUDUVHGHOVHUYLFLR

    (WLTXHWDV,QVSHFFLRQHTXHODVHWLTXHWDVHVWpQSUHVHQWHV\VHDQOHJLEOHV

    &$/256867$1&,$6480,&$6

    0(7$/)81','22//$0$

    3,1785$6

  • ,QVWUXFFLRQHVSDUD(O 8VXDU LR (VSDxRO

    /DSRVLFLyQGH+RQH\ZHOO6DIHW\3URGXFWVHVHVSHUDUXQDYLGDGHVHUYLFLRGHFLQFRDxRVDSDUWLUGHODIHFKDGHXVRLQLFLDOGHWRGRVORVDUQHVHV+RQH\ZHOOSUHVHQWDHVWDUHFRPHQGDFLyQFRPRSDXWDJHQHUDO\QRGHEHWRPDUVHFRPRVXVWLWXWRGHODVLQVWUXFFLRQHVLQGLFDGDVHQODVHFFLyQVREUHLQVSHFFLyQGHDUQHVHVGHHVWHPDQXDO(VWDSDXWDVyORVHDSOLFDDSURGXFWRVVLQVHxDOHVYLVLEOHVGHGDxRV\VLQH[SRVLFLyQDVXVWDQFLDVTXtPLFDVDXQJUDGRDQRUPDOGHFDORURDXQDFDQWLGDGH[FHVLYDGHOX]XOWUDYLROHWD(VSRVLEOHTXHHOHTXLSRGXUHPiVVHJ~QHOFXLGDGR\XVRGDGRVDOHTXLSR$GHPiVGHVHJXLUVHHVWDVLQVWUXFFLRQHVSXHGHVHUQHFHVDULRUHWLUDUGHOVHUYLFLRHODUQpVDQWHVGHOYHQFLPLHQWRGHORVFLQFRDxRVGHYLGDGHVHUYLFLRHVSHUDGD'HODPLVPDPDQHUDHOGHELGRFXPSOLPLHQWRGHODVSDXWDVGHLQVSHFFLyQ\PDQWHQLPLHQWRSXHGHSURORQJDUODYLGD~WLOGHOHTXLSRPiVDOOiGHORVFLQFRDxRV(Q~OWLPRWpUPLQRHVUHVSRQVDELOLGDGGHOXVXDULRGHWHUPLQDUFXDQGRHODUQpV\DQRHVDSWRSDUDXVDUVH\GHEDUHWLUDUVHGHOVHUYLFLR/RVSURGXFWRVUHWLUDGRVGHOVHUYLFLRGHEHQGHVHFKDUVHGHWDOPDQHUDTXHVHSUHYHQJDVXSRVWHULRUXVRSRUDFFLGHQWH

    9LGDGH6HUYLFLR(VSHUDGDGHORV$UQHVHVGHOD0DUFD0LOOHU

    3UHYLQLHQGRXQ7UDXPD3RU6XVSHQVLyQ 26+$HVWDEOHFHTXHHOWUDXPDIDWDOSRUVXVSHQVLyQSXHGHRFXUULUHQPLQXWRV PLHQWUDVVHHVSHUDVHUUHVFDWDGRGHVSXpVGHXQDFDtGD (OWLHPSRGHUHVFDWHSURPHGLRGHXQDFDtGDHVGHPLQXWRV &XDQGRHVXVDGRHODFFHVRULRFRQRFLGRFRPR5HOLHI6WHSSURYHHVRSRUWH\ PHMRUDODFLUFXODFLyQGHODVDQJUHPLHQWUDVHVUHVFDWDGRKDFLHQGRSRVLEOH PRYHU\H[LRQDUORVP~VFXORVGHODVSLHUQDV 3HTXHxR\OLJHUR(ODFFHVRULR5HOLHI6WHSSXHGHVHUHQVDPEODGRDFXDOTXLHU DUQpVGHFXHUSRFRPSOHWRVLQLPSRUWDUODPDUFD &RQWDFWHVXGLVWULEXLGRU0LOOHUSDUDFRPSUDUHO5HOLHI6WHS

    -DOHODOHQJHWDSDUDGHVSOHJDU

    ,QVHUWHHOSLHGHQWURGHORULFLR\DMXVWH

    (O5HOLHI6WHSSURYHHODFDSDFLGDGGHHVWDUSDUDGRSHUPLWLHQGRXQDPHMRUFLUFXODFLyQGHOD

    VDQJUH

    'RV5HOLHI6WHSSURYHHQXQPHMRUVRSRUWHEDODQFH\FRPRGLGDG

    0RQWHDODFRUUHDSRVWHULRUVXSHULRUGHODWHODHVWUDQJXODQGRDWUDYpVGHOD]RVHDVHJXURTXHHOOD]RHVWiPiVDOOiGHDMXVWHVGHOPHWDO

    'HODOD]RGHOERWyQOHQJHWDGHOWLUyQGHDWWDFKDODFRUUHDGHODQWHUDGHODSLHUQDVREUHKHELOOD

  • ,QVWUXFFLRQHVSDUD(O 8VXDU LR (VSDxRO

    &DWHJRUtDV)XQFLRQDOHVGHORV3URGXFWRV/RVSURGXFWRVDQWLFDtGDVSXHGHQFODVLFDUVHHQFLQFRFDWHJRUtDVIXQFLRQDOHV'HWHQFLyQGHFDtGDVVXELUHVFDOHUDVSRVLFLRQDPLHQWRVXVSHQVLyQ\UHVFDWH

    '(7(1&,1'(&$'$68QVLVWHPDGHGHWHQFLyQGHFDtGDVHVQHFHVDULRVLH[LVWHFXDOTXLHUULHVJRGHTXHXQWUDEDMDGRUSXHGDFDHUVHGHVGHXQDSRVLFLyQHOHYDGD

    &RPRUHJODJHQHUDO0LOOHU)DOO3URWHFWLRQUHFRPLHQGDTXHVHXWLOLFHXQVLVWHPDGHGHWHQFLyQGHFDtGDVVLHPSUHTXHVHWUDEDMHDXQDDOWXUDGHVHLVSLHVRPiV/DDOWXUDGHWUDEDMRVHGHQHFRPRODGLVWDQFLDGHVGHODVXSHUFLHGHWUDEDMRPDUFKDKDVWDHOVXHORRXQQLYHOLQIHULRU8QVLVWHPDGHGHWHQFLyQGHFDtGDHVGLVHxDGRSDUDVHUSDVLYR\VRODPHQWHHQWUDHQVHUYLFLRVLHVTXHVHSURGXFHXQDFDtGD$FRQWLQXDFLyQVHLQGLFDQORVSURGXFWRVUHFRPHQGDGRVSRU0LOOHU)DOO3URWHFWLRQFRPRSDUWHGHOVLVWHPDGHGHWHQFLyQGHFDtGDV

    (TXLSRGH3URWHFFLyQ3HUVRQDO$UQpVGH&XHUSR&RPSOHWR'LVSRVLWLYRGH&RQH[LyQ&XHUGD6DOYDYLGDV5HWUiFWLOR

    &XHUGDGH6HJXULGDGFRQ$PRUWLJXDFLyQGH,PSDFWR3XQWRGH$QFODMH&RQHFWRUGH$QFODMH&RUUHDSDUD7UDYLHVD

    9LJDGH6RSRUWH

    68%,5(6&$/(5$6(OVLVWHPDSDUDVXELUHVFDOHUDVHVXQVLVWHPDSDUDGHWHQFLyQGHFDtGDVQRUPDOPHQWHPRQWDGRHQHVFDOHUDVRWRUUHVRDG\DFHQWHDpVWDVHOFXDOSHUPLWHDOWUDEDMDGRU

    VXELU\EDMDUHQHOOXJDUGHWUDEDMRFRQWDQGRDOPLVPRWLHPSRFRQSURWHFFLyQFRQWUDFDtGDVFRQWLQXD$FRQWLQXDFLyQVHSUHVHQWDXQHMHPSORGHXQVLVWHPDSDUDVXELUHVFDOHUDV

    (TXLSRGH3URWHFFLyQ3HUVRQDO$UQpVGH&XHUSR&RPSOHWR'LVSRVLWLYRGH&RQH[LyQ6XMHWDFXHUGDVX2WUR'LVSRVLWLYRSDUD

    'HWHQFLyQGH&DtGDV&RQHFWRUGH$QFODMH3XQWRGH$QFODMH&XHUGDV6DOYDYLGDV

    9HUWLFDO(VFDOHUD

    326,&,21$0,(172(OVLVWHPDGHSRVLFLRQDPLHQWRSHUVRQDOPDQWLHQHDOWUDEDMDGRUHQVXOXJDU\OHSHUPLWHWUDEDMDUFRQODVPDQRVOLEUHV6LHPSUHTXHXQWUDEDMDGRUVHHFKDKDFLDDWUiVHOVLVWHPDVHDFWLYD

    WUDQVIRUPiQGRORHQXQVLVWHPDDFWLYR$FRQWLQXDFLyQVHSURSRUFLRQDXQHMHPSORGHXQVLVWHPDGHSRVLFLRQDPLHQWRPX\XVDGR

    (TXLSRGH3URWHFFLyQ3HUVRQDO$UQpVGH&XHUSR&RPSOHWR'LVSRVLWLYRGH&RQH[LyQ&RQMXQWRGH&DGHQD5HEDU3XQWRGH$QFODMH6\PRQV

    7HQJDHQFXHQWDTXHHOVLVWHPDSDUDGHWHQFLyQGHFDtGDVGHEHXVDUVHHQFRQMXQWRFRQHOVLVWHPDSHUVRQDOSDUDSRVLFLRQDPLHQWR(VWHVLVWHPDFRPELQDGRHVQHFHVDULR\DTXHXQVLVWHPDSHUVRQDOSDUDSRVLFLRQDPLHQWRQRHVSDUDGHWHQFLyQGHFDtGDV0HGLDQWHODXWLOL]DFLyQGHXQVLVWHPDFRPELQDGRORVFRPSRQHQWHVSDUDGHWHQFLyQGHFDtGDVVHDFWLYDQVLHOWUDEDMDGRUVXIUHXQDFDtGDDOHVWDUUHDOL]DQGRVXWUDEDMRRDOFDPELDUGHSRVLFLyQGHWUDEDMR

  • ,QVWUXFFLRQHVSDUD(O 8VXDU LR (VSDxRO

    6863(16,1/RVVLVWHPDVGHVXVSHQVLyQSHUVRQDOHVORVFXDOHVVHXVDQDPSOLDPHQWHHQORVUDPRVGHODYDGRGHYHQWDQDV\SLQWXUDVLUYHQSDUDEDMDU\EULQGDUDSR\RDOWUDEDMDGRU

    DOPLVPRWLHPSRTXHOHSHUPLWHQWUDEDMDUFRQODVPDQRVOLEUHV(VWRVVLVWHPDVVRQXVDGRVDPSOLDPHQWHHQODVLQGXVWULDVGHOLPSLH]DGHYHQWDQDV\SLQWXUD\HVWiQGLVHxDGRVSDUDEDMDU\DSR\DUDXQWUDEDMDGRUDODYH]TXHOHGHMDODVPDQRVOLEUHVSDUDWUDEDMDU/RVFRPSRQHQWHVGHXQVLVWHPDGHVXVSHQVLyQWtSLFDVRQ

    (TXLSRGH3URWHFFLyQ3HUVRQDO6LOOHWD'LVSRVLWLYRGH&RQH[LyQ&XHUGDGH7UDEDMR&XHUGD6DOYDYLGDV3XQWRGH$QFODMH3HUQRGH$QFODMH0RVTXHWyQ

    'HELGRDTXHORVFRPSRQHQWHVGHOVLVWHPDGHVXVSHQVLyQQRHVWiQGLVHxDGRVSDUDGHWHQHUXQDFDtGDOLEUHVHGHEHXVDUXQVLVWHPDGHDSR\RGHGHWHQFLyQGHFDtGDFRQMXQWDPHQWHFRQHOVLVWHPDGHVXVSHQVLyQSHUVRQDO(VWHVLVWHPDGHGHWHQFLyQGHFDtGDVRODPHQWHVHDFWLYDUiVLHOWUDEDMDGRUVXIUHXQDFDtGDOLEUH

    5(6&$7(/DFDWHJRUtDQDOVHXVDFRQPD\RUIUHFXHQFLDHQHVSDFLRVFRQQDGRV\VHFRQRFHFRPRVLVWHPDSHUVRQDO

    SDUDUHVFDWH\GHWHQFLyQGHFDtGDV(VWHVLVWHPDHVSULPRUGLDOPHQWHXVDGRGRQGHORVWUDEDMDGRUHVGHEHQVHUEDMDGRVKDFLDGHSyVLWRVSR]RVGHLQVSHFFLyQHWF\SXHGHQUHTXHULUVHUWUDtGRVDODVXSHUFLHGHVGHDUULEDHQFDVRGHXQDHPHUJHQFLD$FRQWLQXDFLyQVHLQGLFDHOVLVWHPDGHUHVFDWHSHUVRQDOWtSLFR

    (TXLSRGH3URWHFFLyQ3HUVRQDO$UQpVGH&XHUSR&RPSOHWR

    'LVSRVLWLYRGH&RQH[LyQ&XHUGD6DOYDYLGDV5HFWUiFWLO8QLGDGG