$FH006 )OXLG+HDGDQG7ULSRG 0DQXDO +($' PPLQ PPLQ PPLQ NJOE NJOE && PP LQ %RZO PPLQ 3DQ%DU PPLQ 3DQ%DU PPLQ 75,32' NJOE NJOE 3KRWR)RRW 0,1PPLQ 0$;PPLQ NJPD[ OE µ¶ µ¶ µ&/,&.¶ µ&/,&.¶ µ&/,&.¶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lKOHQ6LHGLH)HSDVVHQGIUGLHMHZHLOLJH $QZHQGXQJ D9HUZHQGHQ6LHEHL$XIQDKPHQLQ,QQHQUlXPHQ PLWIHVWHP%RGHQGLH*XPPLIH'UHKHQ6LHDOOH *XPPLIHYROOVWlQGLJELV]XP$QVFKODJJHJHQGHQ 8KU]HLJHUVLQQ 9256,&+7'LH*XPPLIHPVVHQYHUZHQGHW ZHUGHQXP%HVFKlGLJXQJHQDP%RGHQ]X YHUPHLGHQ'DV6WDWLYNDQQDXIIHVWHP%RGHQ UXWVFKHQZHQQGLH*XPPLIHQLFKWIHVWVLW]HQ E9HUZHQGHQ6LHEHL$XIQDKPHQLP)UHLHQGLH 6SLNHV'UHKHQ6LHDOOH*XPPLIHYROOVWlQGLJLP 8KU]HLJHUVLQQELV]XU(QGSRVLWLRQ 6WHOOHQ6LHGLH3RVLWLRQGHV6FKZHQNDUPVHLQ/|VHQ 6LHGLH.OHPPVFKUDXEHXQGVWHOOHQ6LHGHQ:LQNHO GHV6FKZHQNDUPJULIIVHLQ=LHKHQ6LHGLH .OHPPVFKUDXEHIHVW gIIQHQ6LHGDV6WDWLY +DOWHQ6LHGHQ)OXLGNRSIPLWHLQHU+DQGIHVW/|VHQ 6LHGHQ.OHPPJULIIDQGHUXQWHUHQ6WXIHXQG]LHKHQ 6LHGLH%HLQHGHV6WDWLYVLQGLHJHZQVFKWH+|KH =LHKHQ6LHGLH.OHPPJULIIHDQ 3DVVHQ6LHGLH6WHOOIOlFKHGHV6WDWLYVDQGLH MHZHLOLJH8PJHEXQJDQ/|VHQ6LHGLH.OHPPXQJ GHU6SLQQHXQGSDVVHQ6LHGLH/lQJHDQ=LHKHQ6LH GLH.OHPPJULIIHZLHGHUIHVW /|VHQ6LHGLH.OHPPJULIIHDQGHUREHUHQ6WXIHXQG ]LHKHQ6LHGLH%HLQHGHV6WDWLYVLQGLHJHZQVFKWH +|KH=LHKHQ6LHGLH.OHPPJULIIHDQ +,1:(,6%ULQJHQ6LHEHLP$UEHLWHQLQZLQGLJHQ 8PJHEXQJHQHLQ*HZLFKWPD[NJDP6WDWLYDQ XPHV]XVWDELOLVLHUHQ $8)%$8'(6)/8,'.23)(6 1LYHOOLHUXQJ /|VHQ6LHGLH.OHPPVFKDOH1LYHOOLHUHQ6LHGHQ )OXLGNRSIPLWGHU1LYHOOLHUOLEHOOH=LHKHQ6LHGLH .OHPPVFKDOHZLHGHUIHVW 0RQWLHUHQGHU.DPHUD 6FKOLHHQ6LHGLHKRUL]RQWDOHXQGYHUWLNDOH%UHPVHQ gIIQHQ6LHGLH.OHPPXQJGHU.DPHUDSODWWH'UFNHQ 6LHGHQURWHQ9HUULHJHOXQJVKHEHOXQG]LHKHQ6LH JOHLFK]HLWLJGLH.DPHUDSODWWHQDFKKLQWHQDXVGHU .DPHUDSODWWIRUP %HIHVWLJHQ6LHGLH.DPHUDSODWWHDQGHU.DPHUD (UVDW].DPHUDVFKUDXEHQN|QQHQXQWHUGHU3ODWWIRUP DXIEHZDKUWZHUGHQ +DOWHQ6LHGLH.DPHUDPLWHLQHU+DQG6FKLHEHQ6LH GLH.DPHUDSODWWHLQGLH.DPHUDSODWWIRUP%LWWH EHDFKWHQ6LHGLHDQJHJHEHQH3IHLOULFKWXQJ 6FKLHEHQ6LHVLHQDFKYRUQELVGLH6SHUUWDVWHGLH .DPHUDSODWWHDXIGHU3ODWWIRUPVLFKHUW .OHPPHQ6LHGLH.DPHUDSODWWHQDFKGHP(LQVWHOOHQ GHU.DPHUDEDODQFHIHVW'HU6FKZHUSXQNWGHU .DPHUDPXVVJHQDXEHUGHP'UHKSXQNWGHV )OXLGNRSIHV]HQWULHUWZHUGHQ (LQVWHOOHQGHV*HZLFKWVDXVJOHLFKV 9256,&+7+DOWHQ6LHGHQ6FKZHQNDUPIHVWXP]X YHUKLQGHUQGDVVGLH.DPHUDXQNRQWUROOLHUWQDFK YRUQHIlOOW 6FKOLHHQ6LHGLH9HUWLNDOEUHPVH6WHOOHQ6LHGLH YHUWLNDOH'lPSIXQJXQGGHQ*HZLFKWVDXVJOHLFKDXI gIIQHQ6LHGLH9HUWLNDOEUHPVH+DOWHQ6LHGHQ 6FKZHQNDUPIHVWXQGVWHOOHQ6LHGHQ *HZLFKWVDXVJOHLFKDXIGLH6WXIHEHLGHUGLH.DPHUD IUHLKlQGLJLQ3RVLWLRQEOHLEW'LH(LQVWHOOXQJIUGHQ *HZLFKWVDXVJOHLFKLVWQDFKGHU$XVZDKOVRIRUW ZLUNVDP6FKZHQNHQ6LHEHL(LQVWHOOHQGHV *HZLFKWVDXVJOHLFKVGHQ)OXLGNRSIQDFKYRUQXQG KLQWHQGXUFKGLHKRUL]RQWDOH3RVLWLRQXPDQGHUH 6WXIHQ]XDNWLYLHUHQ +LQZHLV:HQQGLH.DPHUDIUHLKlQGLJQLFKWLQ 3RVLWLRQEOHLEWYHUULHJHOQ6LHGLH9HUWLNDOEUHPVHXQG VWHOOHQ6LHGLH3RVLWLRQGHU.DPHUDHLQ:HQQGLH .DPHUDQDFKYRUQIlOOWSRVLWLRQLHUHQ6LHVLHZHLWHU KLQWHQDXIGHP.RSI:HQQGLH.DPHUDQDFKKLQWHQ IlOOWSRVLWLRQLHUHQ6LHVLHZHLWHUYRUQDXIGHP.RSI (LQVWHOOHQGHU'lPSIXQJ 'HU)OXLGNRSIKDWKRUL]RQWDOXQGYHUWLNDOMHGUHL 'lPSIXQJVVWXIHQXQGHLQH1XOOVWHOOXQJ'XUFK 'UHKHQDQGHQ6WHXHUULQJHQZLUGGLH)OXLGGlPSIXQJ HLQRGHUDXVJHVFKDOWHWgIIQHQ6LHGLH%UHPVHQXQG EHUSUIHQ6LHGLH6WlUNHGHU'lPSIXQJLQGHP6LH GHQ.RSIODQJVDPKRUL]RQWDORGHUYHUWLNDOEHZHJHQ %UHPVHQ 8PGLH%HZHJXQJGHV)OXLGNRSIHV]XYHUKLQGHUQ YHUULHJHOQ6LHGLH9HUWLNDOXQG+RUL]RQWDOEUHPVH 9HUZHQGHQ6LHGLH%UHPVHQQLFKWXPHLQH 'lPSIXQJ]XHU]LHOHQ $%%$8'(5.$0(5$ 9HUULHJHOQ6LHGLH%UHPVHQ/|VHQ6LHGLH .OHPPXQJGHU.DPHUDSODWWH'UFNHQ6LHGHQURWHQ 9HUULHJHOXQJVKHEHOZlKUHQG6LHGLH.DPHUD]XU 5FNVHLWHGHV)OXLGNRSIHVVFKLHEHQ 75$163257 gIIQHQ6LHGLH9HUWLNDOXQG+RUL]RQWDOEUHPVHXQG VWHOOHQ6LHGHQ*HZLFKWVDXVJOHLFKXQGGLH'lPSIXQJ DXIGHQPD[LPDOHQ:HUWHLQ 6WHOOHQ6LHGLH3RVLWLRQGHV6FKZHQNDUPJULIIVHLQ /|VHQ6LHGLH.OHPPXQJGHU6SLQQHXQGYHUULQJHUQ 6LHGLH6WHOOIOlFKHGHV6WDWLYVLQGHP6LHGHQ 0LWWHOVWHUQQDFKREHQ]LHKHQ +DOWHQ6LHGHQ)OXLGNRSIPLWHLQHU+DQGIHVW/|VHQ 6LHDOOH6WDWLYNOHPPXQJHQ)DKUHQ6LHGLH 6WDWLYEHLQHYRUVLFKWLJHLQ=LHKHQ6LHGLH.OHPPJULIIH DQXQGVFKOLHHQ6LHGDV6WDWLY )5 ,167$//$7,21'875e3,(' &KRLVLVVLH]OHSLHGGHWUpSLHGOHPLHX[DGDSWpj YRWUHHQYLURQQHPHQWGHSULVHGHYXH D8WLOLVH]OHVSLHGVHQFDRXWFKRXFSRXUOHV WRXUQDJHVHQH[WpULHXUVXUGHVUHYrWHPHQWVGHVRO GXUV)DLWHVWRXUQHUFKDFXQGHVSLHGVHQFDRXWFKRXF FRPSOqWHPHQWGDQVOHVHQVLQYHUVHGHVDLJXLOOHV G XQHPRQWUH $77(17,21/HVSLHGVHQFDRXWFKRXFGRLYHQWrWUH FRPSOqWHPHQWHQJDJpVSRXUpYLWHUG HQGRPPDJHUOH UHYrWHPHQWGHVROGXU/HWUpSLHGULVTXHGHJOLVVHU VXUOHUHYrWHPHQWGHVROGXUVLOHVSLHGVHQ FDRXWFKRXFQHVRQWSDVFRPSOqWHPHQWHQJDJpV E8WLOLVH]OHVSLHGVjSRLQWHSRXUOHVWRXUQDJHVHQ H[WpULHXU)DLWHVWRXUQHUFKDTXHSLHGHQFDRXWFKRXF FRPSOqWHPHQWGDQVOHVHQVGHVDLJXLOOHVG XQH PRQWUH $MXVWH]ODSRVLWLRQGXPDQFKHG RULHQWDWLRQ 'HVVHUUH]OHGLVSRVLWLIGHVHUUDJHGXPDQFKH G RULHQWDWLRQHWDMXVWH]O DQJOHGHODSRLJQpHGX PDQFKHG RULHQWDWLRQ6HUUH]OHGLVSRVLWLIGHVHUUDJH GXPDQFKHG RULHQWDWLRQ 'pSOR\H]OHWUpSLHG 7HQH]ODWrWHIOXLGHG XQHPDLQ'HVVHUUH]OHV YHUURXVGHVMDPEHVDXQLYHDXLQIpULHXUGXWUpSLHGHW GpSOR\H]OHVMDPEHVjODKDXWHXUYRXOXH6HUUH]OHV YHUURXVGHVMDPEHV $MXVWH]ODVXUIDFHDXVROGXWUpSLHGHQIRQFWLRQGH O HQYLURQQHPHQWGHSULVHGHYXH'HVVHUUH]OHV YHUURXVGXWULDQJOHHWDMXVWH]jODORQJXHXUUHTXLVH 6HUUH]OHVGLVSRVLWLIVGHVHUUDJHGXWULDQJOH 'HVVHUUH]OHVYHUURXVGHVMDPEHVDXQLYHDX VXSpULHXUGXWUpSLHGHWGpSOR\H]OHVMDPEHVjOD KDXWHXUYRXOXH6HUUH]OHVYHUURXVGHVMDPEHV 5(0$548(3DUWHPSVYHQWHX[DWWDFKH]XQSRLGV NJOEVPD[jO DQQHDXG DUULPDJHGXWUpSLHG SRXUVWDELOLVHUOHWUpSLHG 3RVLWLRQQH]ODFDPpUD&j*VHORQO D[HGHODWrWH IOXLGH6HUUH]ODYLVGHVHUUDJHSRXUELHQIL[HUOD FDPpUD 5pJODJHGHO pTXLOLEUDJH $77(17,217HQH]OHPDQFKHG RULHQWDWLRQSRXU pYLWHUTXHODFDPpUDQHWRPEH 9HUURXLOOH]OHIUHLQGHGpSODFHPHQWYHUWLFDO5pJOH]OD IULFWLRQYHUWLFDOHHWO pTXLOLEUDJHj 'pYHUURXLOOH]OHIUHLQGHGpSODFHPHQWYHUWLFDO7HQH] OHPDQFKHG RULHQWDWLRQDMXVWH]OHUpJODJHGH O pTXLOLEUDJHMXVTX jFHTXHODFDPpUDUHVWHHQ SRVLWLRQVDQVTXHOOHQHVRLWWHQXHjODPDLQ/H UpJODJHGHO pTXLOLEUDJHHVWLPPpGLDWHPHQWHIIHFWLI VLW{WVpOHFWLRQQp3RXUOHVUpJODJHVG pTXLOLEUDJHGH jLQFOLQH]ODWrWHIOXLGHYHUVO DYDQWHWO DUULqUHHQ SDVVDQWSDUODSRVLWLRQKRUL]RQWDOHSRXUHQJDJHUOH UHVVRUW 5(0$548(6LODFDPpUDQHUHVWHSDVHQSRVLWLRQ VDQVTX HOOHQHVRLWWHQXHjODPDLQYHUURXLOOH]OH IUHLQGHGpSODFHPHQWYHUWLFDOHWDMXVWH]ODSRVLWLRQGH ODFDPpUD6LODFDPpUDWRPEHHQDYDQW UHSRVLWLRQQH]ODFDPpUDYHUVO DUULqUHGHODWrWH6LOD FDPpUDWRPEHHQDUULqUHUHSRVLWLRQQH]ODFDPpUD YHUVO DYDQWGHODWrWH 5pJODJHGHODIULFWLRQ /DWrWHIOXLGHHVWGRWpHGHFUDQVGHUpJODJHGHOD IULFWLRQKRUL]RQWDOHPHQWHWYHUWLFDOHPHQW/HUpJODJH GHODIULFWLRQHVWGpVDFWLYpORUVTX LOHVWUpJOpVXU 7RXUQH]ODEDJXHGHUpJODJHGHODIULFWLRQFRPPH VRXKDLWpSXLVERXJH]OHQWHPHQWODWrWHIOXLGH YHUWLFDOHPHQWRXKRUL]RQWDOHPHQWSRXUHQJDJHUOH UHVVRUW'HVVHUUH]OHVIUHLQVFRQWU{OH]OHGHJUpGH IULFWLRQHQIDLVDQWGRXFHPHQWERXJHUODWrWH KRUL]RQWDOHPHQWRXYHUWLFDOHPHQW )UHLQV ,167$//$7,21'(/$7Ç7()/8,'( 3RXUHPSrFKHUODWrWHIOXLGHGHERXJHUYHUURXLOOH] OHVIUHLQVGHGpSODFHPHQWYHUWLFDOHWKRUL]RQWDO 1 XWLOLVH]SDVOHVIUHLQVSRXUDFFURvWUHODIULFWLRQ 0LVHjQLYHDX 5(75$,7'(/$&$0e5$ 'HVVHUUH]ODYLVGHERO0HWWH]ODWrWHIOXLGHjQLYHDX jO DLGHGXQLYHDXjEXOOH6HUUH]ODYLVGHERO )L[DWLRQGHODFDPpUD 9HUURXLOOH]OHVIUHLQVGHGpSODFHPHQWKRUL]RQWDOHW YHUWLFDO 'HVVHUUH]ODYLVGHVHUUDJHGHODSODTXHFRXOLVVDQWH 7LUH]ODSODTXHFRXOLVVDQWHYHUVO DUULqUHGHODWrWH IOXLGHWRXWHQDSSX\DQWVXUOHERXWRQGHGpEORFDJH URXJH )L[H]ODSODTXHFRXOLVVDQWHVXUODFDPpUDjO DLGHGHV YLVHWGHODEURFKHIRXUQLHV/HVYLVGHFDPpUDGH UHFKDQJHSHXYHQWrWUHVWRFNpHVVRXVOHSODWHDX 7HQH]ODFDPpUDG XQHPDLQ,QVpUH]ODSODTXH FRXOLVVDQWHSDUOHKDXWjO DUULqUHGXSODWHDX)DLWHV JOLVVHUYHUVO DYDQWMXVTX jFHTXHOHERXWRQGH EORFDJHIL[HODSODTXHFRXOLVVDQWHVXUOHSODWHDX 9HUURXLOOH]OHVIUHLQV'HVVHUUH]ODYLVGHVHUUDJHGH ODSODTXHFRXOLVVDQWH$SSX\H]VXUOHERXWRQGH GpEORFDJHGHODSODTXHFRXOLVVDQWHWRXWHQIDLVDQW JOLVVHUODFDPpUDYHUVO DUULqUHGHODWrWH 75$163257(7(175(326$*( 'pYHUURXLOOH]OHVIUHLQVGHGpSODFHPHQWYHUWLFDOHW KRUL]RQWDOUpJOH]O pTXLOLEUDJHHWODIULFWLRQVXUOH PD[LPXP $MXVWH]ODSRVLWLRQGHODSRLJQpHGXPDQFKH G RULHQWDWLRQ 'HVVHUUH]OHVYHUURXVGXWULDQJOHHWUpGXLVH]OD VXUIDFHDXVROGXWUpSLHGHQWLUDQWYHUWLFDOHPHQW O DQQHDXGXWULDQJOH 7HQH]ODWrWHIOXLGHG XQHPDLQ'HVVHUUH]WRXVOHV YHUURXVGHVMDPEHVGXWUpSLHGDX[QLYHDX[VXSpULHXU HWLQIpULHXU5HSOLH]SUXGHPPHQWOHVMDPEHVGXWUpSLHG 6HUUH]OHVYHUURXVGHVMDPEHVHWUHSOLH]OHWUpSLHG (6 $-867('(/75Ë32'( 6HOHFFLRQHHOVRSRUWHGHWUtSRGHHQIXQFLyQGHO HQWRUQRHQHOTXHYD\DDWUDEDMDUFRQODFiPDUD D8WLOLFHORVVRSRUWHVGHJRPDVLYDDUHDOL]DU IRWRJUDItDVHQLQWHULRUHVVREUHXQVXHORGXUR*LUH FDGDVRSRUWHGHJRPDFRPSOHWDPHQWHKDFLDOD L]TXLHUGD £35(&$8&,Ï1/RVVRSRUWHVGHJRPDGHEHQ TXHGDUFRPSOHWDPHQWHHQFODYDGRVSDUDHYLWDUTXHHO VXHORGXURSXHGDUHVXOWDUGDxDGR(OWUtSRGHSXHGH GHVOL]DUVHVREUHHOVXHORGXURVLORVVRSRUWHVGH JRPDQRVHHQFODYDURQFRPSOHWDPHQWH E8WLOLFHORVVRSRUWHVGHJDUUDVLYDDUHDOL]DU IRWRJUDItDVHQHOH[WHULRU*LUHFDGDVRSRUWHGHJRPD FRPSOHWDPHQWHKDFLDODGHUHFKD $MXVWHODSRVLFLyQGHOEUD]RSDQRUiPLFR$IORMHHO GLVSRVLWLYRGHVXMHFLyQGHOEUD]RSDQRUiPLFR\DMXVWH HOiQJXORGHODVDGHOEUD]RSDQRUiPLFR$SULHWHHO GLVSRVLWLYRGHVXMHFLyQGHOEUD]RSDQRUiPLFR $EUDHOWUtSRGH 6XMHWHODFDEH]DIOXLGDFRQXQDPDQR$IORMHORV IUHQRVGHODVSDWDVGHOWUDPRLQIHULRUGHOWUtSRGH\ GHVSOLHJXHODVSDWDVKDVWDODDOWXUDGHVHDGD$SULHWH ORVIUHQRVGHODVSDWDV $MXVWHHOHVSDFLRGHOWUtSRGHHQIXQFLyQGHOHQWRUQR HQHOTXHYD\DDWUDEDMDUFRQODFiPDUD$IORMHORV IUHQRVGHOWULiQJXOR\DMXVWHODDOWXUDGHVHDGD $SULHWHORVGLVSRVLWLYRVGHVXMHFLyQGHOWULiQJXOR $IORMHORVIUHQRVGHODVSDWDVGHOWUDPRVXSHULRUGHO WUtSRGH\GHVSOLHJXHODVSDWDVKDVWDODDOWXUD GHVHDGD$SULHWHORVIUHQRVGHODVSDWDV 127$(QFDVRGHPXFKRYLHQWRHQJDQFKHXQSHVR Pi[NJOEVDODILMDFLyQGHOWUtSRGHFRQHOILQ GHHVWDELOL]DUHOWUtSRGH $-867('(/$&$%(=$)/8,'$ 1LYHODFLyQ $IORMHHOGLVSRVLWLYRGHVXMHFLyQGHFRSD1LYHOHOD FDEH]DIOXLGDXWLOL]DQGRHOQLYHOGHEXUEXMD$SULHWHHO GLVSRVLWLYRGHVXMHFLyQGHFRSD 0RQWDMHGHODFiPDUD %ORTXHHORVIUHQRVHQVHQWLGRKRUL]RQWDO\YHUWLFDO $IORMHHOWRUQLOORGHOGLVSRVLWLYRGHVXMHFLyQGHOSODWR GHVOL]DQWH7LUHGHSODWRGHVOL]DQWHKDFLDODSDUWH WUDVHUDGHODFDEH]DIOXLGDSUHVLRQDQGR VLPXOWiQHDPHQWHHOERWyQGHGHVEORTXHRURMR (QJDQFKHHOSODWRGHVOL]DQWHDODFiPDUDXWLOL]DQGR HOSDVDGRU\ORVWRUQLOORVSDUDFiPDUDVXPLQLVWUDGRV /RVWRUQLOORVSDUDFiPDUDGHUHSXHVWRVHSXHGHQ DOPDFHQDUEDMRODSODWDIRUPD 6XMHWHODFiPDUDFRQXQDPDQR,QVHUWHHOSODWR GHVOL]DQWHHQODSDUWHWUDVHUDGHODSODWDIRUPD 'HVOtFHODKDFLDGHODQWHKDVWDTXHHOSODWRGHVOL]DQWH TXHGHDVHJXUDGRHQODSODWDIRUPDPHGLDQWHHOERWyQ GHEORTXHR 6LW~HHOFHQWURGHJUDYHGDGGHODFiPDUDVREUHHO HMHGHODFDEH]DIOXLGD$SULHWHHOWRUQLOORGHO GLVSRVLWLYRGHVXMHFLyQSDUDDVHJXUDUODFiPDUD $MXVWHGHHTXLOLEUDGR £35(&$8&,Ï16XMHWHHOEUD]RSDQRUiPLFRSDUD HYLWDUTXHODFiPDUDSXHGDGHVSUHQGHUVH %ORTXHHHOIUHQRYHUWLFDO$MXVWHODUHVLVWHQFLDDO DUUDVWUHYHUWLFDO\HIHFW~HXQHTXLOLEUDGRD $EUDHOIUHQRYHUWLFDO0LHQWUDVVXMHWDHOEUD]R SDQRUiPLFRHIHFW~HHODMXVWHGHHTXLOLEUDGRKDVWD TXHODFiPDUDTXHGHHQODSRVLFLyQGHVHDGDVLQ D\XGDGHODVPDQRVSRVLFLyQPDQRVOLEUHV(O DMXVWHGHHTXLOLEUDGRHVHIHFWLYRGHLQPHGLDWRXQD YH]VHOHFFLRQDGR$OVHOHFFLRQDUHODMXVWHGH HTXLOLEUDGRDLQFOLQHODFDEH]DIOXLGDKDFLD GHODQWH\KDFLDDWUiVDWUDYpVGHODSRVLFLyQ KRUL]RQWDOSDUDODPDUFKDHQWUHHQIXQFLRQDPLHQWR 127$6LODFiPDUDQRVHPDQWLHQHHQODSRVLFLyQ PDQRVOLEUHVEORTXHHHOIUHQRYHUWLFDO\DMXVWHOD SRVLFLyQGHODFiPDUD6LODFiPDUDVHFDHKDFLD GHODQWHYXHOYDDFRORFDUODFiPDUDKDFLDODSDUWH WUDVHUDGHODFDEH]D6LODFiPDUDVHFDHKDFLD DWUiVYXHOYDDFRORFDUODFiPDUDKDFLDODSDUWH GHODQWHUDGHODFDEH]D $MXVWHGHUHVLVWHQFLDDODUUDVWUH /DFDEH]DIOXLGDWLHQHQLYHOHVGHUHVLVWHQFLDDO DUUDVWUHHQVHQWLGRKRUL]RQWDO\YHUWLFDO/D UHVLVWHQFLDDODUUDVWUHVHGHVDFWLYDFXDQGRVH VHOHFFLRQDHODMXVWH*LUHHODQLOORGHUHVLVWHQFLDDO DUUDVWUHKDVWDHODMXVWHGHVHDGRPXHYDD FRQWLQXDFLyQOHQWDPHQWHODFDEH]DIOXLGDHQVHQWLGR YHUWLFDOXKRUL]RQWDOSDUDODPDUFKDHQWUHHQ IXQFLRQDPLHQWR$EUDORVIUHQRV\FRPSUXHEHHO JUDGRGHUHVLVWHQFLDDODUUDVWUHSDUDHOORJLUH OHQWDPHQWHODFDEH]DHQVHQWLGRKRUL]RQWDORYHUWLFDO )UHQRV 3DUDHYLWDUXQGHVSOD]DPLHQWRGHODFDEH]DIOXLGD EORTXHHORVIUHQRVHQVHQWLGRKRUL]RQWDO\YHUWLFDO1R XWLOLFHORVIUHQRVSDUDDSOLFDUUHVLVWHQFLDDODUUDVWUH &Ï025(7,5$5/$&È0$5$ %ORTXHHORVIUHQRV$IORMHHOWRUQLOORGHOGLVSRVLWLYRGH VXMHFLyQGHOSODWRGHVOL]DQWH3XOVHHOERWyQGH GHVEORTXHRGHOSODWRGHVOL]DQWH\GHVOLFH VLPXOWiQHDPHQWHODFiPDUDKDFLDODSDUWHWUDVHUDGH ODFDEH]D 75$163257(<$/0$&(1$0,(172 $EUDORVIUHQRVHQVHQWLGRYHUWLFDO\KRUL]RQWDO\DMXVWH DOPi[LPRODUHVLVWHQFLDDODUUDVWUH\HOHTXLOLEUDGR $MXVWHODSRVLFLyQGHODVDGHOEUD]RSDQRUiPLFR $IORMHORVIUHQRVGHOWULiQJXOR\UHGX]FDHOHVSDFLR GHOWUtSRGHSDUDHOORWLUHGHODQLOORGHOWULiQJXORHQ SRVLFLyQYHUWLFDO 6XMHWHODFDEH]DIOXLGDFRQXQDPDQR$IORMHORV IUHQRVGHODVSDWDVGHOWUtSRGHHQORVWUDPRVVXSHULRU HLQIHULRU%DMHFRQFXLGDGRODVSDWDVGHOWUtSRGH $SULHWHORVIUHQRVGHODVSDWDV\FLHUUHHOWUtSRGH 37 $-867('275,3e $MXVWDQGRRFRQWUDSHVR 6HOHFLRQHRSpGRWULSpDGHTXDGRDRVHXDPELHQWH GHIRWRJUDILD D8VHRSpGHERUUDFKDTXDQGRIRWRJUDIDUHP DPELHQWHVIHFKDGRVVREUHSLVRILUPH*LUHFDGDSp GHERUUDFKDFRPSOHWDPHQWHQRVHQWLGRDQWLKRUiULR &8,'$'22VSpVGHERUUDFKDGHYHPHVWDU WRWDOPHQWHFRQHFWDGRVSDUDHYLWDUGDQRVDRSLVR2 WULSpSRGHHVFRUUHJDUVREUHRSLVRVHRVSpVGH ERUUDFKDQmRHVWLYHUHPWRWDOPHQWHFRQHFWDGRV E8VHRVSpVGHHVWDFDTXDQGRIRWRJUDIDUDRDU OLYUH*LUHFDGDSpGHERUUDFKDFRPSOHWDPHQWHQR VHQWLGRKRUiULR $MXVWHDSRVLomRGDEDUUDSDQRUkPLFD$IURX[HR SDUDIXVRGDEDUUDSDQRUkPLFDHDMXVWHRkQJXORGR FDERGDEDUUDSDQRUkPLFD$SHUWHR SDUDIXVRPDQRSODGDEDUUDSDQRUkPLFD $EUDRWULSp 6HJXUHDFDEHoDIOXLGDFRPXPDGDVPmRV$IURX[H DVWUDYDVGHSHUQDGHHVWiJLRLQIHULRUGRWULSpH SURORQJXHDVSHUQDVDWpDDOWXUDQHFHVViULD$SHUWH DVWUDYDVGDVSHUQDV $MXVWHDVGLPHQV}HVGRWULSpSDUDVHDGHTXDUDR DPELHQWHGHIRWRJUDILD$IURX[HDVWUDYDVGR HVSDoDGRUHDMXVWHRFRPSULPHQWRQHFHVViULR $SHUWHRVJUDPSRVGRVHSDUDGRU $IURX[HDVWUDYDVGHSHUQDGHHVWiJLRVXSHULRUGR WULSpHSURORQJXHDVSHUQDVDWpDDOWXUDQHFHVViULD $SHUWHDVWUDYDVGDVSHUQDV &8,'$'26HJXUHDEDUUDSDQRUkPLFDSDUDHYLWDU TXHDFkPHUDFDLD 7UDYHRIUHLRYHUWLFDO$MXVWHRJDQFKRYHUWLFDOHR FRQWUDSHVRHP $EUDRIUHLRYHUWLFDO6HJXUDQGRDEDUUDSDQRUkPLFD DMXVWHRFRQWUDSHVRFRQILJXUDQGRDWpTXHDFkPHUD ILTXHQDSRVLomRVHPDDMXGDGDVPmRV2DMXVWHGR FRQWUDSHVRHPpHIHWLYRLPHGLDWDPHQWHTXDQGR VHOHFLRQDGR4XDQGRVHOHFLRQDURVDMXVWHVGR FRQWUDEDODQoRDLQFOLQHDFDEHoDIOXLGDSDUDD IUHQWHHSDUDWUiVSHODSRVLomRKRUL]RQWDOSDUDDWLYDU DPROD 2%6(59$d­26HDFkPHUDQmRILFDUQDSRVLomR VHPDDMXGDGDVPmRVWUDYHRIUHLRYHUWLFDOHDMXVWH DSRVLomRGDFkPHUD6HDFkPHUDSHQGHUSDUDD IUHQWHUHSRVLFLRQHDSDUDWUiVGDFDEHoD6HD FkPHUDSHQGHUSDUDWUiVUHSRVLFLRQHDSDUDDIUHQWH GDFDEHoD 2%6(59$d­2(PFRQGLo}HVGHPXLWRYHQWR FRQHFWHXPFRQWUDSHVRPi[NJOEVDRWULSp SDUDHVWDELOL]iOR 3DUDHYLWDUTXHDFDEHoDIOXLGDVHPRYDWUDYHRV IUHLRVYHUWLFDLVHKRUL]RQWDLV1mRXVHRVIUHLRVSDUD DSOLFDURJDQFKR $MXVWDQGRDUHVLVWrQFLD $FDEHoDIOXLGDWHPQtYHLVGHUHVLVWrQFLD KRUL]RQWDOPHQWHHYHUWLFDOPHQWH$UHVLVWrQFLD GHVOLJDGDTXDQGRRDMXVWHpVHOHFLRQDGR*LUHR DQHODWpRDMXVWHQHFHVViULRHQWmRPRYDOHQWDPHQWH DFDEHoDIOXLGDYHUWLFDOPHQWHHKRUL]RQWDOPHQWHSDUD DWLYDUDPROD$EUDRVIUHLRVHYHULILTXHDTXDQWLGDGH GHSDVVRVPRYHQGROHQWDPHQWHDFDEHoD KRUL]RQWDOPHQWHHYHUWLFDOPHQWH )UHLRV $-867('$&$%(d$)/8,'$ 5(029(1'2$&Æ0(5$ 1LYHODPHQWR $IURX[HRSDUDIXVRPDQRSODGDEDVH1LYHOHD FDEHoDIOXLGDXVDQGRDEROKDGHQtYHO$SHUWHR SDUDIXVRPDQRSOD 7UDYHRVIUHLRV$IURX[HRSDUDIXVRGHIL[DomRGD SODFDGHVOL]DQWH3UHVVLRQHRERWmRGHOLEHUDomRGD SODFDGHVOL]DQWHHQTXDQWRGHVOL]DDFkPHUDSDUDD SDUWHGHWUiVGDFDEHoD 0RQWDQGRDFkPHUD 75$163257(($50$=(1$0(172 7UDYHRVIUHLRVKRUL]RQWDLVHYHUWLFDLV $IURX[HRSDUDIXVRGHIL[DomRGDSODFDGHVOL]DQWH 3X[HDSODFDGHVOL]DQWHSDUDWUiVGDFDEHoDIOXLGD HQTXDQWRSUHVVLRQDRERWmRGHOLEHUDomRYHUPHOKR &RQHFWHDSODFDGHVOL]DQWHjFkPHUDXVDQGRRV SDUDIXVRVHRSLQRGDFkPHUDIRUQHFLGRV3DUDIXVRV VREUHVVDOHQWHVGDFkPHUDSRGHPVHUDUPD]HQDGRV VREDSODWDIRUPD 6HJXUHDFkPHUDFRPXPDGDVPmRV,QVLUDDSODFD GHVOL]DQWHQDSDUWHGHWUiVGDSODWDIRUPD'HVOL]HD SDUDIUHQWHDWpTXHRERWmRGHWUDYDPHQWRIL[HD SODFDGHVOL]DQWHVREUHDSODWDIRUPD 3RVLFLRQHRFHQWURGHJUDYLGDGHGDFkPHUDVREUHR HL[RGDFDEHoDIOXLGD$SHUWHRSDUDIXVRGHIL[DomR SDUDIL[DUDFkPHUD $EUDRVIUHLRVYHUWLFDOHKRUL]RQWDOHDMXVWHDV FRQILJXUDo}HVGHFRQWUDEDODQoRHJDQFKRSDUDR Pi[LPR $MXVWHDSRVLomRGRFDERGDEDUUDSDQRUkPLFD $IURX[HDVWUDYDVGRVHSDUDGRUHUHGX]DDV GLPHQV}HVGRWULSpSX[DQGRRDQHOGRVHSDUDGRU YHUWLFDOPHQWH 6HJXUHDFDEHoDIOXLGDFRPXPDGDVPmRV$IURX[H WRGDVDVWUDYDVGHSHUQDGRWULSpQRVHVWiJLRV VXSHULRUHLQIHULRU'REUHFXLGDGRVDPHQWHDVSHUQDV GRWULSp$SHUWHDVWUDYDVGDVSHUQDVHIHFKHRWULSp &1 $5 (1 37 7KHZDUUDQW\H[SLUHVLI D7KHIOXLGKHDGZDVRSHUDWHGLPSURSHUO\RUQRWLQ OLQHZLWKWKHVSHFLILHGWHFKQLFDOGDWD E7KHIOXLGKHDGKRXVLQJZDVRSHQHGE\ XQDXWKRULVHGSHUVRQQHO 6DFKWOHUUHVHUYHWKHULJKWWRPDNHFKDQJHVWR SURGXFWGHVLJQDQGSHUIRUPDQFHDVWHFKQRORJ\ DGYDQFHV3OHDVHUHJLVWHU\RXUSURGXFWIRUDQ H[WHQGHGZDUUDQW\SHULRGDWZZZVDFKWOHUFRP $JDUDQWLDWHUPLQDVH D$FDEHoDIOXLGDIRLRSHUDGDLQDGHTXDGDPHQWHRX QmRGHDFRUGRFRPRVGDGRVWpFQLFRVHVSHFLILFDGRV E2LQYyOXFURGDFDEHoDIOXLGDIRUDEHUWRSRU SHVVRDOQmRDXWRUL]DGR $6DFKWOHUVHUHVHUYDRGLUHLWRGHID]HUPRGLILFDo}HV QRSURMHWRHQRGHVHPSHQKRGRSURGXWRjPHGLGD TXHDWHFQRORJLDDYDQoD5HJLVWUHVHXSURGXWRSDUD XPSHUtRGRGHJDUDQWLDPDLVORQJRHP ZZZVDFKWOHUFRP '( &1 'LH*HZlKUOHLVWXQJHUOLVFKWLQIROJHQGHQ)lOOHQ D :HQQGHU)OXLGNRSIIDOVFKRGHUQLFKWJHPlGHQ DQJHJHEHQHQWHFKQLVFKHQ'DWHQEHQXW]WZXUGH E :HQQGDV*HKlXVHGHV)OXLGNRSIHVGXUFKQLFKW DXWRULVLHUWH3HUVRQHQJH|IIQHWZLUG 6DFKWOHUEHKlOWVLFKGDV5HFKWYRUbQGHUXQJHQDP 3URGXNWGHVLJQXQGGHU6SH]LILNDWLRQYRU]XQHKPHQ ZHQQWHFKQRORJLVFKH)RUWVFKULWWHGLHVHUP|JOLFKHQ %LWWHUHJLVWULHUHQ6LH,KU3URGXNWIUHLQH 9HUOlQJHUXQJGHU*DUDQWLHGDXHUXQWHU ZZZVDFKWOHUFRP )5 /DJDUDQWLHH[SLUHVL D/DWrWHIOXLGHDpWpXWLOLVpHGHPDQLqUHLPSURSUH RXQRQFRQIRUPHDX[FDUDFWpULVWLTXHVWHFKQLTXHV VSpFLILpHV E/HFDUWHUGHODWrWHIOXLGHDpWpRXYHUWSDUXQH SHUVRQQHQRQDXWRULVpH 6DFKWOHUVHUpVHUYHOHGURLWGHPRGLILHUODFRQFHSWLRQ HWOHVSHUIRUPDQFHVGXSURGXLWDXJUpGHVSURJUqV WHFKQLTXHV9HXLOOH]HQUHJLVWUHUYRWUHSURGXLWVRXV ZZZVDFKWOHUFRPSRXUEpQpILFLHUG XQHSpULRGHGH JDUDQWLHpWHQGXH $5 D E 6DFKWOHU ZZZVDFKWOHUFRP (6 /DJDUDQWtDGHMDGHWHQHUYDOLGH]VL DODFDEH]DIOXLGDHVVRPHWLGDDXQXVRLQGHELGRR QRFRQIRUPHDORVGDWRVWpFQLFRVHVSHFLILFDGRV EVHDEUHODFDUFDVDGHODFDEH]DIOXLGDSRUSDUWH GHSHUVRQDOQRDXWRUL]DGR 6DFKWOHUVHUHVHUYDHOGHUHFKRGHUHDOL]DU PRGLILFDFLRQHVHQPDWHULDGHGLVHxR\UHQGLPLHQWR GHOSURGXFWRDPHGLGDTXHODWHFQRORJtDDYDQ]D 5HJLVWUHVXSURGXFWRVLGHVHDGLVIUXWDUGHXQSHUtRGR GHJDUDQWtDDPSOLDGDZZZVDFKWOHUFRP )5$1&( 9LWHF*URXS9LGHRFRP'LYLVLRQ $YHQXHGHV*UpVLOORQV *HQQHYLOOLHUV&('(; )UDQFH 7HO )D[ *(50$1< 9LWHF*URXS9LGHRFRP'LYLVLRQ *HElXGH 3ODQLJHU6WUDH %DG.UHX]QDFK *HUPDQ\ 7HO )D[ 9LWHF*URXS9LGHRFRP'LYLVLRQ (UIXUWHU6WUDH (FKLQJ *HUPDQ\ 7HO )D[ 6,1*$325( 9LWHF*URXS9LGHRFRP'LYLVLRQ 1HZ,QGXVWULDO5RDG +RH+XDW,QGXVWULDO%XLOGLQJ 6LQJDSRUH 7HO )D[ 8. 9LWHF*URXS9LGHRFRP'LYLVLRQ :LOOLDP9LQWHQ%XLOGLQJ :HVWHUQ:D\ %XU\6W(GPXQGV 6XIIRON,37% 8. 7HO )D[ 86$ 9LWHF*URXS9LGHRFRP'LYLVLRQ ([HFXWLYH%OYG 9DOOH\&RWWDJH 1< 86$ 7HO )D[ 3XEOLFDWLRQSDUWQR6 &+,1$ 9LWHF*URXSSOF&KLQD 5P7RZHU% 'HUXQ%XLOGLQJ <RQJ$Q'RQJOL$1R -LDQZDL$YH&KDR\DQJ'LVWULFW %HLMLQJ&KLQD 7HO )D[ -$3$1 6DFKWOHU-DSDQ 3$%OGJ) $REDGDL 0HJXURNX7RN\R -DSDQ 7HO )D[ &RS\ULJKW9LWHF*URXSSOF %5$=,/ 9LWHF*URXS%UD]LO 9LWHF%UD]LO7HFQRORJLDV/WGD 5XD4XLQWDQD±FM %URRNOLQ 6mR3DXOR %UD]LO 7HO )D[