Weifang Goertek Electronics TITANBTO 3D Eyewear User Manual 3DE4 U indb

Weifang Goertek Electronics Co.,Ltd 3D Eyewear 3DE4 U indb

user manual

2SHUDWLQJ,QVWUXFWLRQV
'(\HZHDU
 0RGHO1R
7KLVSURGXFWFDQQRWEHXVHGDVVXQJODVVHV
(1*/,6+
)5$1d$,6
(63$f2/
74=-
TY-ER3D4MU TY-ER3D4SU
TY-ER3D4ME TY-ER3D4SE
TY-ER3D4MW TY-ER3D4SW
TY-ER3D4MC TY-ER3D4SC
(1*/,6+
7KDQN\RXIRUSXUFKDVLQJD3DQDVRQLF
SURGXFW
%HIRUHRSHUDWLQJWKLVSURGXFWSOHDVHUHDGWKHLQVWUXFWLRQV
FDUHIXOO\DQGVDYHWKLVPDQXDOIRUIXWXUHXVH
%HIRUHXVLQJWKLVSURGXFWEHVXUHWRUHDG³6DIHW\3UHFDXWLRQV´
DQG³8VLQJ3UHFDXWLRQV´ SDJHV
7KLV'(\HZHDUFDQEHXVHGIRU3DQDVRQLF+'79V
VXSSRUWLQJ'DQG%OXHWRRWK:LUHOHVVWHFKQRORJ\
WKDWKDYHWKHORJRDVVKRZQEHORZ SDJH
)RUWKHODWHVWLQIRUPDWLRQRQDSSOLFDEOHPRGHOVYLVLW
RXUZHEVLWH
KWWSSDQDVRQLFQHW
6DIHW\3UHFDXWLRQV
:DUQLQJ
+HDWLQJ
'RQRWGLVSRVHRI'(\HZHDULQ¿UHH[SRVHWRKHDW
RUOHDYH(\HZHDULQSODFHVWKDWFDQJHWKRW
'(\HZHDUFRQWDLQVDOLWKLXPLRQSRO\PHUUHFKDUJHDEOHEDWWHU\
+HDWLQJPD\UHVXOWLQFRPEXVWLRQRUUXSWXUHWKHEDWWHU\WKDWFRXOGFDXVH
EXUQVRU¿UH
3ODFH
'RQRWXVH'(\HZHDULQKRVSLWDORURWKHUPHGLFDO
IDFLOLWLHV
5DGLRZDYHVIURP'(\HZHDUPD\FDXVHLQWHUIHUHQFHRIPHGLFDO
HTXLSPHQWV
'RQRWXVH'(\HZHDUQHDUE\DXWRPDWLFFRQWURO
HTXLSPHQWVOLNHDDXWRPDWLFGRRUD¿UHDODUP
DSSDUDWXVHWF
5DGLRZDYHVIURP'(\HZHDUPD\FDXVHLQWHUIHUHQFHRIDXWRPDWLF
FRQWUROHTXLSPHQWV
.HHS'(\HZHDUPRUHWKDQFPLQDZD\
IURPWKHLPSODQWRIFDUGLDFSDFHPDNHURUVLPLODU
LPSODQWDEOHPHGLFDOHTXLSPHQWVDWDOOWLPHV
5DGLRZDYHVIURP'(\HZHDUPD\DIIHFWLPSODQWDEOHFDUGLDF
SDFHPDNHURUVLPLODUHTXLSPHQWRSHUDWLRQV
(1*/,6+
$FFLGHQWDO,QJHVWLRQ
.HHS'(\HZHDUSDUWVLQSODFHVRXWRIWKHUHDFKRI
FKLOGUHQ
7KHUHLVDGDQJHUVPDOOFKLOGUHQFRXOGVZDOORZVXFKSDUWVE\PLVWDNH
 ,IDFKLOGDFFLGHQWDOO\VZDOORZVVXFKSDUWVVHHNLPPHGLDWHPHGLFDO
DWWHQWLRQ
'LVDVVHPEO\
'RQRWGLVDVVHPEOHRUPRGLI\WKH'(\HZHDU
:KHQGLVSRVLQJWKLVSURGXFWUHIHUWR³'LVSRVDO´ SDJH
IRUSURSHUUHPRYDODQGGLVSRVDORIWKHUHFKDUJHDEOHEDWWHU\
&KDUJLQJ
&KDUJHE\FRQQHFWLQJWKHLQFOXGHGFKDUJLQJFDEOHWR
WKH86%WHUPLQDORID3DQDVRQLF79VXSSRUWLQJ'
&KDUJLQJZLWKRWKHUGHYLFHVPD\UHVXOWLQEDWWHU\OHDNDJHRYHUKHDWLQJ
RUUXSWXUH
'RQRWXVHWKHLQFOXGHGFKDUJLQJFDEOHIRUXVHVRWKHU
WKDQFKDUJLQJ'(\HZHDU
'RLQJVRPD\UHVXOWLQRYHUKHDWLQJFRPEXVWLRQRUGDPDJH
&DXWLRQ
'(\HZHDU
+DQGOHWKH'(\HZHDUFDUHIXOO\DQGVWRUHLQDFDVH
ZKHQQRWLQXVH
)DLOXUHWRGRVRPD\GDPDJHWKH(\HZHDUDQGJODVVVHFWLRQZKLFKPD\
UHVXOWLQLQMXU\
+DQGOHWKHWLSVRIWKHIUDPHFDUHIXOO\ZKHQSXWWLQJRQ
WKH'(\HZHDUDVLQVHUWLQJWKHWLSRIWKHIUDPHLQWR
WKHH\HPD\FDXVHLQMXU\
$OZD\VNHHSWKH'(\HZHDULQDFRROGU\SODFH
)DLOXUHWRGRVRPD\FDXVH¿UHRUHOHFWULFVKRFN
%HFDUHIXOQRWWRFORVHWKHKLQJHVHFWLRQRIWKH
'(\HZHDURQ\RXU¿QJHU
'RLQJVRPD\UHVXOWLQLQMXU\
 3URYLGHVXSHUYLVLRQZKHQFKLOGUHQDUHXVLQJWKLVSURGXFW
FRQWLQXHGRYHUOHDI
(1*/,6+
8VHRI'(\HZHDU
3DUHQWVJXDUGLDQVVKRXOGPRQLWRUFKLOGUHQ¶VYLHZLQJ
KDELWVWRDYRLGWKHLUSURORQJHGXVHZLWKRXWUHVW
SHULRGV
,QFRPPHUFLDODSSOLFDWLRQDQGSXEOLFYLHZLQJ
VRPHRQHLQDXWKRULW\VKRXOGFRQYH\WKHSUHFDXWLRQV
DQGPRQLWRUWKHXVHURIWKH'(\HZHDU
2QO\XVHWKH'(\HZHDUIRULWVLQWHQGHG'FRQWHQW
YLHZLQJSXUSRVH
'RQRWPRYHDURXQGZKLOHZHDULQJWKH'(\HZHDU
7KHVXUURXQGLQJDUHDDSSHDUVGDUNZKLFKPD\UHVXOWLQIDOOLQJRURWKHU
DFFLGHQWVWKDWPD\FDXVHLQMXU\
,QVSHFWWKH'(\HZHDUIRUGDPDJHEHIRUHHDFKXVH
9LHZLQJRI',PDJHV
,QWKHHYHQWWKDW\RXH[SHULHQFHGL]]LQHVVQDXVHDRU
RWKHUGLVFRPIRUWZKLOHYLHZLQJ'LPDJHVGLVFRQWLQXH
XVHDQGUHVW\RXUH\HV
 :KHQ\RXVHWWKHHIIHFWE\XVLQJ³'DGMXVWPHQW´WDNHLQWRDFFRXQW
WKDWWKHYLVLRQRI'LPDJHVYDULHVDPRQJGLIIHUHQWLQGLYLGXDOV
'RQRWXVHLIWKH'(\HZHDULVFUDFNHGRUEURNHQ
&RQWHQWIRU'YLHZLQJLQFOXGHVFRPPHUFLDOO\
DYDLODEOH%OXUD\GLVFV'EURDGFDVWVHWF
:KHQSUHSDULQJ\RXURZQ'FRQWHQWHQVXUHWKDWLWLV
SURSHUO\SURGXFHG
(1*/,6+
)&&67$7(0(17
7KLVHTXLSPHQWKDVEHHQWHVWHGDQGIRXQGWRFRPSO\ZLWKWKH
OLPLWVIRUD&ODVV%GLJLWDOGHYLFHSXUVXDQWWR3DUWRIWKH
)&&5XOHV7KHVHOLPLWVDUHGHVLJQHGWRSURYLGHUHDVRQDEOH
SURWHFWLRQDJDLQVWKDUPIXOLQWHUIHUHQFHLQDUHVLGHQWLDO
LQVWDOODWLRQ7KLVHTXLSPHQWJHQHUDWHVXVHVDQGFDQUDGLDWH
UDGLRIUHTXHQF\HQHUJ\DQGLIQRWLQVWDOOHGDQGXVHGLQ
DFFRUGDQFHZLWKWKHLQVWUXFWLRQVPD\FDXVHKDUPIXOLQWHUIHUHQFH
WRUDGLRFRPPXQLFDWLRQV+RZHYHUWKHUHLVQRJXDUDQWHHWKDW
LQWHUIHUHQFHZLOOQRWRFFXULQDSDUWLFXODULQVWDOODWLRQ,IWKLV
HTXLSPHQWGRHVFDXVHKDUPIXOLQWHUIHUHQFHWRUDGLRRUWHOHYLVLRQ
UHFHSWLRQZKLFKFDQEHGHWHUPLQHGE\WXUQLQJWKHHTXLSPHQWRII
DQGRQWKHXVHULVHQFRXUDJHGWRWU\WRFRUUHFWWKHLQWHUIHUHQFH
E\RQHRUPRUHRIWKHIROORZLQJPHDVXUHV
 5HRULHQWRUUHORFDWHWKHUHFHLYLQJDQWHQQD
 ,QFUHDVHWKHVHSDUDWLRQEHWZHHQWKHHTXLSPHQWDQGUHFHLYHU
 &RQVXOWWKH3DQDVRQLF6HUYLFH&HQWHURUDQH[SHULHQFHGUDGLR
79WHFKQLFLDQIRUKHOS
)&&&DXWLRQ
7RDVVXUHFRQWLQXHGFRPSOLDQFHIROORZWKHDWWDFKHG
LQVWDOODWLRQLQVWUXFWLRQVDQGXVHRQO\VKLHOGHGLQWHUIDFH
FDEOHZLWKIHUULWHFRUHZKHQFRQQHFWLQJWRFRPSXWHURU
SHULSKHUDOGHYLFHV$Q\FKDQJHVRUPRGL¿FDWLRQVQRW
H[SUHVVO\DSSURYHGE\3DQDVRQLF&RUSRI1RUWK$PHULFD
FRXOGYRLGWKHXVHU¶VDXWKRULW\WRRSHUDWHWKLVGHYLFH
)&&'HFODUDWLRQRI&RQIRUPLW\
0RGHOV 7<(5'0*7<(5'6*(* can be U,W or E)
5HVSRQVLEOH3DUW\ 3DQDVRQLF&RUSRUDWLRQRI1RUWK$PHULFD
2QH3DQDVRQLF:D\6HFDXFXV1-
&RQWDFW6RXUFH 3DQDVRQLF&RQVXPHU(OHFWURQLFV&RPSDQ\
9,(5$
HPDLO FRQVXPHUSURGXFWV#SDQDVRQLFFRP
7KLVGHYLFHFRPSOLHVZLWK3DUWRIWKH)&&5XOHV2SHUDWLRQLVVXEMHFW
WRWKHIROORZLQJWZRFRQGLWLRQV7KLVGHYLFHPD\QRWFDXVHKDUPIXO
LQWHUIHUHQFHDQGWKLVGHYLFHPXVWDFFHSWDQ\LQWHUIHUHQFHUHFHLYHG
LQFOXGLQJLQWHUIHUHQFHWKDWPD\FDXVHXQGHVLUHGRSHUDWLRQ
&$1$',$1127,&(
)RU0RGHO7<(5'0*7<(5'6*(* can be U,W or E)
7KLV&ODVV%GLJLWDODSSDUDWXVFRPSOLHVZLWK&DQDGLDQ,&(6
FRQWLQXHGRYHUOHDI
(1*/,6+
8VLQJ3UHFDXWLRQV
/HQV
'RQRWDSSO\SUHVVXUHWRWKHOLTXLGFU\VWDOVKXWWHU$OVRGR
QRWGURSRUEHQGWKH'(\HZHDU
'RQRWVFUDWFKWKHVXUIDFHRIWKHOLTXLGFU\VWDOVKXWWHUZLWK
DSRLQWHGLQVWUXPHQWHWF'RLQJVRPD\FDXVHGDPDJHWR
WKH'(\HZHDUDQGUHGXFHWKHTXDOLW\RIWKH'LPDJH
&DXWLRQVGXULQJYLHZLQJ
'RQRWXVHGHYLFHVWKDWHPLWVWURQJHOHFWURPDJQHWLFZDYHV
VXFKDVFHOOXODUSKRQHVRUSHUVRQDOWUDQVFHLYHUVQHDU
WKH'(\HZHDU'RLQJVRPD\FDXVHWKH'(\HZHDUWR
PDOIXQFWLRQ
7KH'(\HZHDUFDQQRWRSHUDWHIXOO\DWKLJKRUORZ
WHPSHUDWXUHV3OHDVHXVHZLWKLQWKHVSHFL¿HGXVDJH
WHPSHUDWXUHUDQJH SDJH
,IWKH'(\HZHDULVXVHGLQDURRPLQZKLFKÀXRUHVFHQW
OLJKWV+]DUHXVHGWKHOLJKWZLWKLQWKHURRPPD\
DSSHDUWREHÀLFNHULQJ,QWKLVFDVHHLWKHUGDUNHQRUVZLWFK
RIIWKHÀXRUHVFHQWOLJKWVZKHQXVLQJWKH'(\HZHDU
:HDUWKH'(\HZHDUFRUUHFWO\'LPDJHVZLOOQRWEH
FRUUHFWO\YLVLEOHLIWKH'(\HZHDULVZRUQXSVLGHGRZQRU
EDFNWRIURQW
2WKHUNLQGVRIGLVSOD\VVXFKDVFRPSXWHUVFUHHQVGLJLWDO
FORFNVRUFDOFXODWRUVHWFPD\EHGLI¿FXOWWRVHHZKLOH
ZHDULQJWKH'(\HZHDU'RQRWZHDUWKH'(\HZHDU
ZKHQZDWFKLQJDQ\WKLQJRWKHUWKDQ'LPDJHV
)RUFRPIRUWDEOHYLHZLQJ
9LHZIURPDWOHDVWWKHUHFRPPHQGHGGLVWDQFHWLPHVWKH
HIIHFWLYHKHLJKWRIWKHVFUHHQ5HFRPPHQGHG'LVWDQFH
7&367¶P
7&397¶P
:KHQWKHWRSDQGERWWRPDUHDRIWKHVFUHHQLVEODFNHQHG
VXFKDVPRYLHVYLHZWKHVFUHHQDWDGLVWDQFHWLPHV
IXUWKHUWKDQWKHKHLJKWRIWKHDFWXDOLPDJH
7KDWPDNHVWKHYLHZLQJGLVWDQFHFORVHUWKDQDERYH
UHFRPPHQGHGGLVWDQFH
6WRSXVLQJWKH'(\HZHDULPPHGLDWHO\LI\RXUVNLQIHHOV
XQXVXDO
,QUDUHFDVHVWKHSDLQWRUPDWHULDOVXVHGLQWKH'(\HZHDU
PD\FDXVHDQDOOHUJLFUHDFWLRQ
6WRSXVLQJWKH'(\HZHDULPPHGLDWHO\LI\RXH[SHULHQFH
DQ\UHGQHVVSDLQRULWFKLQJRQWKHQRVHRUWHPSOHV
3URORQJHGXVHPD\FDXVHVXFKV\PSWRPVGXHWRH[FHVV
SUHVVXUHZKLFKPD\UHVXOWLQWKHXVHUIHHOLQJXQZHOO
(1*/,6+
8VHLQDUHDRI%OXHWRRWKVLJQDOVIURPRWKHUGHYLFHVPD\
LQWHUIHUHZLWK'(\HZHDURSHUDWLRQ
8VLQJUDGLRZDYHV
7KLVXQLWXVHVWKH*+]UDGLRIUHTXHQF\,60EDQG
%OXHWRRWK+RZHYHURWKHUZLUHOHVVHTXLSPHQWPD\XVHWKH
VDPHIUHTXHQF\%HVXUHWRWDNHQRWHRIWKHIROORZLQJWRSUHYHQW
UDGLRZDYHLQWHUIHUHQFHIURPRWKHUHTXLSPHQW
5HVWULFWLRQRIXVH
)RUXVHRQO\LQ\RXUFRXQWU\
5DQJHRIXVH
7KHUDQJHRIXVHLVXSWRDSSUR[LPDWHO\PIW7KHUDQJHPD\
EHOHVVGHSHQGLQJRQWKHVWUXFWXUHRIWKHEXLOGLQJWKHHQYLURQPHQWDQG
DQ\REVWDFOHVEHWZHHQWKHUHFHLYHUDQGWKHWUDQVPLWWHU6XFKREVWDFOHV
DVUHLQIRUFHGFRQFUHWHZDOOVDQGPHWDOGRRUVLQSDUWLFXODUREVWUXFWWKH
WUDQVPLWWHU¶VVLJQDOV
,QWHUIHUHQFHIURPRWKHUHTXLSPHQW
'XHWRUDGLRLQWHUIHUHQFHPDOIXQFWLRQVPD\RFFXULIWKHXQLWLVSODFHG
WRRFORVHWRRWKHUHTXLSPHQW:HUHFRPPHQGNHHSLQJWKHXQLWDVIDU
DZD\DVSRVVLEOHIURPWKHIROORZLQJGHYLFHV
%OXHWRRWKGHYLFHVRWKHUWKDQWKLVXQLWZLUHOHVV/$1PLFURZDYHVRI¿FH
DXWRPDWLRQGHYLFHVGLJLWDOFRUGOHVVWHOHSKRQHVDQGRWKHUHOHFWURQLF
GHYLFHV
7KHXQLWLVGHVLJQHGWRDXWRPDWLFDOO\DYRLGUDGLRLQWHUIHUHQFHIURPWKHVH
KRXVHKROGGHYLFHV+RZHYHUPDOIXQFWLRQVPD\KDSSHQZKHQUDGLR
LQWHUIHUHQFHRFFXUV
$FFHVVRULHV
&KDUJLQJFDEOHÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ!
..<<<<
!LQGLFDWHVWKHTXDQWLW\
(1*/,6+
,GHQWLI\LQJ&RQWUROV
3RZHUVZLWFK
,QGLFDWRUODPS
&KDUJLQJSRUW'&,1
3RZHUVZLWFK
212)) 6OLGHWKHWDEWRWKH212))SRVLWLRQWRVZLWFK
WKHSRZHURQRII
02'( 6OLGHWKHWDERQFHWRWKH02'(SRVLWLRQWR
FKDQJHWKHPRGHEHWZHHQ'DQG'
 '9LHZD'LPDJHLQ'
+ROGWKHWDERQWKH02'(SRVLWLRQIRUPRUH
WKDQVHFRQGVWRUHJLVWHUWKH(\HZHDUZLWK
WKH79 SDJHV
,QGLFDWRUODPS
/LJKWVRUÀDVKHVGXULQJXVHRUFKDUJLQJWRVKRZWKHVWDWXVRI
WKHUHFKDUJHDEOHEDWWHU\DQGUHJLVWUDWLRQ
&KDUJLQJSRUW
&RQQHFWWKHFKDUJLQJFDEOH
 &KDUJHE\FRQQHFWLQJWKHLQFOXGHGFKDUJLQJFDEOH
(1*/,6+
,QGLFDWRUODPSVWDWXV
,QGLFDWRUODPS 6WDWXV
/LJKWVUHGIRUVHFRQGVZKHQ
WXUQHGRQ
6XI¿FLHQWEDWWHU\OHYHO
)ODVKHVUHGWLPHVZKHQ
WXUQHGRQ
/RZEDWWHU\OHYHO
)ODVKHVUHGDQGJUHHQ
DOWHUQDWHO\
8QGHUUHJLVWUDWLRQ
)ODVKHVJUHHQRQFHHYHU\
VHFRQGV
8QGHUUHFRQQHFWLQJWRWKH79
/LJKWVJUHHQIRUVHFRQGV 5HJLVWUDWLRQRUUHFRQQHFWLQJ
LVVXFFHVVIXOO\FRPSOHWHG
)ODVKHVUHGWLPHV $XWRPDWLFDOO\SRZHURII
5HJLVWUDWLRQRUUHFRQQHFWLQJ
IDLOVRUFRQQHFWLRQLVORVW
)ODVKHVUHGRQFHHYHU\
VHFRQGVZKHQLQXVH
'PRGHLVVHOHFWHG
)ODVKHVUHGWZLFHHYHU\
VHFRQGVZKHQLQXVH
'PRGHLVVHOHFWHG
&KDUJLQJ
&KDUJLQJWKH'(\HZHDU
&RQQHFWWKH'(\HZHDUZLWKWKHLQFOXGHGFKDUJLQJFDEOHWR
WKHWHOHYLVLRQWKHQVZLWFKRQWKHWHOHYLVLRQ
 :KHQWKHLQGLFDWRUODPSWXUQVRIIFKDUJLQJLVFRPSOHWH
$SSUR[LPDWHO\PLQXWHVUHTXLUHG
127(
 &KDUJHWKH'(\HZHDUEHIRUHXVLQJWKH¿UVWWLPHDIWHUSXUFKDVHRU
DIWHUORQJSHULRGVRIGLVXVH
 %HVXUHWRWXUQWKHWHOHYLVLRQSRZHURQZKHQFKDUJLQJ7KHEDWWHU\ZLOO
QRWEHFKDUJHGZKHQWKHWHOHYLVLRQSRZHULVRII
5HJLVWUDWLRQ
)LUVW5HJLVWUDWLRQ
3HUIRUPWKH)LUVW5HJLVWUDWLRQZKHQWKH'(\HZHDULVXVHG
IRUWKH¿UVWWLPH
 7XUQRQWKH79WRVHHDQGVHOHFWWKH'PRGH
(1*/,6+

 6OLGHWKHWDEIURPWKH2))SRVLWLRQWRWKH21SRVLWLRQ
7KH'(\HZHDUZLOOSRZHURQDQGVWDUWUHJLVWUDWLRQ
3ODFHWKH'(\HZHDUZLWKLQIHHWFPIURPWKH79
ZKLOHWKHUHJLVWUDWLRQLVLQSURJUHVV
 7KHJUHHQ/('OLJKWVRQWKH'(\HZHDUIRUVHFRQGVZKHQ
WKHUHJLVWUDWLRQLVVXFFHVVIXOO\FRPSOHWHG
$IWHU¿UVWUHJLVWUDWLRQWKH'(\HZHDUZLOOUHFRQQHFWZLWKWKH79
DXWRPDWLFDOO\ZKHQ'(\HZHDULVSRZHUHGRQQHDUWKH79LQ
'PRGH
5HJLVWUDWLRQ$JDLQ
:KHQFRQQHFWLRQZLWKUHJLVWHUHG79IDLOVRUZKHQXVLQJZLWK
DQRWKHU79UHUHJLVWHUWKH'(\HZHDU
 7XUQRQWKH79WRVHH
 :LWKLQIHHWFPIURPWKH79KROGWKHWDERQWKH
02'(SRVLWLRQIRUPRUHWKDQVHFRQGV
7KHUHJLVWUDWLRQZLOOVWDUW
 7KHJUHHQ/('OLJKWVIRUVHFRQGVZKHQWKHUHJLVWUDWLRQLV
VXFFHVVIXOO\FRPSOHWHG
,IWKHUHJLVWUDWLRQIDLOHGWKH'(\HZHDUZLOOSRZHURII
,QWKLVFDVHSRZHURIIWKH79DQGSHUIRUPIURPVWHS
'RQRWFRQQHFWWKHFKDUJLQJFDEOHZKLOH5HJLVWUDWLRQ$JDLQ
5HOHDVHWKHWDEZKHQ5HJLVWUDWLRQ$JDLQVWDUWV
6WRUDJHDQG&OHDQLQJ
&OHDQXVLQJDVRIWGU\FORWK
:LSLQJWKH'(\HZHDUZLWKDVRIWFORWKWKDWLVFRYHUHGLQGXVW
RUGLUWPD\VFUDWFKWKHH\HZHDU6KDNHRIIDQ\GXVWIURPWKH
FORWKEHIRUHXVH
'RQRWXVHEHQ]HQHWKLQQHURUZD[RQWKH'(\HZHDUDV
GRLQJVRPD\FDXVHWKHSDLQWWRSHHORII
'RQRWGXQNWKH'(\HZHDULQOLTXLGVXFKDVZDWHUZKHQ
FOHDQLQJ
$YRLGVWRULQJWKH'(\HZHDULQKRWRUKLJKO\KXPLGORFDWLRQV
'XULQJWKHORQJSHULRGRIGLVXVHIXOOFKDUJHWKH'(\HZHDU
RQFHHYHU\PRQWKVWRNHHSWKHEDWWHU\SHUIRUPDQFH
$VWKHOLTXLGFU\VWDOVKXWWHUVOHQVDUHIUDJLOHDQGHDVLO\
EURNHQEHYHU\FDUHIXOZKHQFOHDQLQJWKHP
(1*/,6+

'LVSRVDO
$OLWKLXPLRQSRO\PHUUHFKDUJHDEOHEDWWHU\LVEXLOWLQ
WRWKH'(\HZHDU3OHDVHGLVFDUGDFFRUGLQJWRORFDO
UHJXODWLRQV
:KHQGLVSRVLQJWKLVSURGXFWGLVDVVHPEOHSURSHUO\E\
IROORZLQJWKHSURFHGXUHRQWKHQH[WSDJHDQGUHPRYH
WKHLQWHUQDOUHFKDUJHDEOHEDWWHU\
'RQRWGLVDVVHPEOHWKLVSURGXFWH[FHSWZKHQGLVSRVLQJ
RILW
'DQJHU
$VWKHUHFKDUJHDEOHEDWWHU\LVVSHFL¿FDOO\IRUWKLV
SURGXFWGRQRWXVHLWIRUDQ\RWKHUGHYLFH
'RQRWFKDUJHWKHUHPRYHGEDWWHU\
'RQRWWKURZWKHEDWWHU\LQD¿UHRUDSSO\KHDWWRLW
'RQRWSLHUFHWKHEDWWHU\ZLWKDQDLOVXEMHFWLWWRDQLPSDFW
RUGLVPDQWOHRUPRGLI\LW
'RQRWOHWWKHZLUHVWRXFKDQ\RWKHUPHWDORUHDFKRWKHU
'RQRWFDUU\RUVWRUHWKHEDWWHU\ZLWKDQHFNODFHKDLUSLQ
RUWKHOLNH
'RQRWFKDUJHXVHRUOHDYHWKHEDWWHU\LQDKRWORFDWLRQ
VXFKDVQHDUD¿UHRUXQGHUWKHKRWVXQ
'RLQJVRPD\FDXVHWKHEDWWHU\WRJHQHUDWHKHDWLJQLWHRU
UXSWXUH
FRQWLQXHGRYHUOHDI
(1*/,6+

:DUQLQJ
'RQRWSODFHWKHUHPRYHGEDWWHU\VFUHZVDQGRWKHU
LWHPVZLWKLQUHDFKRILQIDQWV
$FFLGHQWDOVZDOORZLQJRIVXFKDQLWHPPD\KDYHDQDGYHUVH
HIIHFWRQWKHERG\
,QWKHHYHQWWKDW\RXWKLQNVXFKDQLWHPKDVEHHQ
VZDOORZHGFRQVXOWDGRFWRULPPHGLDWHO\
,QWKHHYHQWRIÀXLGOHDNLQJIURPWKHEDWWHU\WDNHWKH
IROORZLQJPHDVXUHDQGGRQRWWRXFKWKHÀXLGZLWK
EDUHKDQGV
)OXLGHQWHULQJLQWRDQH\HPD\FDXVHORVVRIH\HVLJKW
:DVKWKHH\HZLWKZDWHULPPHGLDWHO\ZLWKRXWUXEELQJLW
DQGWKHQFRQVXOWDGRFWRU
)OXLGJHWWLQJRQ\RXUERG\RUFORWKHVPD\FDXVHLQÀDPPDWLRQRI
WKHVNLQRULQMXU\
6XI¿FLHQWO\ULQVHZLWKFOHDQZDWHUDQGWKHQFRQVXOWD
GRFWRU
+RZWRUHPRYHWKHEDWWHU\
'LVDVVHPEOHWKLVSURGXFWDIWHUWKHEDWWHU\KDVUXQRXWRI
SRZHU
7KHIROORZLQJ¿JXUHVDUHLQWHQGHGWRH[SODLQKRZWR
GLVSRVHRIWKHSURGXFWQRWIRUGHVFULELQJKRZWRUHSDLU
7KHSURGXFWFDQQRWEHUHSDLUHGRQFHLWKDVEHHQ
GLVDVVHPEOHG
 5HPRYHWKHVFUHZVRIWKH'(\HZHDUZLWKDSUHFLVLRQ
3KLOOLSVSOXV VFUHZGULYHU
 %HQGWKHIUDPHLQZDUGVDQGSXOOLWRIIIURPWKHVLGHFRYHU
,ILWLVGLI¿FXOWWRSXOORIILQVHUWDÀDWEODGHPLQXV 
VFUHZGULYHUDQGSU\RSHQLW
(1*/,6+

 3XOORIIWKHEDWWHU\DQGVHSDUDWHLWIURPWKH'(\HZHDUE\
FXWWLQJRIIWKHZLUHVRQHE\RQHZLWKVFLVVRUV
,QVXODWHWKHZLUHSDUWVRIWKHUHPRYHGEDWWHU\ZLWK
FHOORSKDQHWDSH
%DWWHU\
127(
 7DNHVXI¿FLHQWFDUHZKHQSHUIRUPLQJWKLVZRUNVRDVQRWWRLQMXUH
\RXUVHOI
 'RQRWGDPDJHRUGLVPDQWOHWKHEDWWHU\
(1*/,6+

7URXEOHVKRRWLQJ4$
&KHFNWKHIROORZLQJV¿UVW,IWKH\GRQRWVROYHWKHSUREOHP
SOHDVHFRQWDFWWKHSODFHRISXUFKDVH
&DQQRWUHJLVWHUD'(\HZHDUWR79
Ź'RHVWKH79VXSSRUWRQWKLV'(\HZHDU"
8VHWKH'(\HZHDUZLWKFRPSDWLEOH79V SDJH
Ź'LG\RXDOORZPRUHWKDQVHFRQGVWRHODSVHDIWHU
VHWWLQJWKHXQLWWRWKHGHYLFHUHJLVWUDWLRQPRGH"
7KHUHJLVWUDWLRQLVDXWRPDWLFDOO\UHOHDVHGLI\RXDOORZPRUHWKDQ
VHFRQGVWRHODSVH6HWWKHUHJLVWUDWLRQZLWKWKHWHOHYLVLRQDQG
FRQQHFWHG'(\HZDUHSODFHGDVFORVHWRHDFKRWKHUDVSRVVLEOH
,PDJHVDUHQRW'
Ź,VWKH79KDVEHHQUHJLVWHUHGZLWKWKH'(\HZHDU"
3HUIRUPWKHUHJLVWUDWLRQZLWKWKH79WRVHH SDJH
Ź,VWKH'(\HZHDUPRGHVHWWR'"
6OLGHWKHWDERQFHWRWKH02'(SRVLWLRQWRFKDQJHWKHPRGHEHWZHHQ
'DQG'
Ź$UHWKHLPDJHVHWWLQJVVZLWFKHGWR'LPDJHV"
5HIHUWKHWHOHYLVLRQRSHUDWLQJLQVWUXFWLRQV
Ź,QGLYLGXDOGLIIHUHQFHVPD\RFFXULQZKLFKWKH'LPDJHV
DUHGLI¿FXOWWRVHHRUFDQQRWEHVHHQHVSHFLDOO\LQXVHUV
WKDWKDYHDGLIIHUHQWOHYHORIH\HVLJKWEHWZHHQWKHOHIW
DQGULJKWH\HV
7DNHWKHQHFHVVDU\VWHSVZHDULQJJODVVHVHWFWRFRUUHFW\RXU
H\HVLJKWEHIRUHXVH
7KHSRZHURIWKH'(\HZHDUWXUQVRIIE\LWVHOI
Ź$UHWKHUHDQ\REMHFWVEHWZHHQWKHH\HZHDUDQG
WHOHYLVLRQ"
7KHLQGLFDWRUODPSGRHVQRWOLJKWZKHQWKHSRZHU
VZLWFKLVVHWWR³21´
Ź,VWKH'(\HZHDUVXI¿FLHQWO\FKDUJHG"
,IWKHLQGLFDWRUODPSGRHVQRWOLJKWDWDOOWKHEDWWHU\LVFRPSOHWHO\ÀDW
3HUIRUPWKHEDWWHU\FKDUJLQJRSHUDWLRQ
(1*/,6+

7KHEDWWHU\GRHVQRWFKDUJHRURSHUDWLRQWLPHLV
VKRUWZKHQFKDUJHG
Ź,VWKHFKDUJLQJFDEOHFRQQHFWHGSURSHUO\"
0DNHVXUHWKHFKDUJLQJFDEOHLVSURSHUO\FRQQHFWHG
Ź,VWKHWHOHYLVLRQSRZHURII"
6ZLWFKWKHWHOHYLVLRQSRZHURQWKHQFKDUJLQJZLOOVWDUW
Ź7KHEDWWHU\KDVUHDFKHGWKHHQGRILWVOLIHVSDQ
,IRSHUDWLRQWLPHLVYHU\VKRUWHYHQZKHQWKHEDWWHU\LVFKDUJHGWKH
EDWWHU\KDVUHDFKHGWKHHQGRILWVOLIHVSDQ3OHDVHFRQVXOWZLWKWKH
SODFHRISXUFKDVH
6SHFL¿FDWLRQV
/HQVW\SH
/LTXLG&U\VWDO6KXWWHU
8VDJHWHPSHUDWXUHUDQJH
&&))
&KDUJLQJSRZHUVXSSO\
'&9VXSSOLHGE\86%WHUPLQDORID3DQDVRQLF79
%DWWHU\
/LWKLXPLRQSRO\PHUUHFKDUJHDEOHEDWWHU\
'&9P$K
2SHUDWLRQWLPH $SSUR[  KRXUV
&KDUJLQJWLPH $SSUR[  PLQXWHV
4XLFNFKDUJHPLQXWHVFKDUJHHQDEOHVDSSUR[KRXUVXVH
9LHZLQJUDQJH
:LWKLQPIURPIURQWVXUIDFHRIWKH79
0DWHULDOV
0DLQERG\5HVLQ
/HQVVHFWLRQ/LTXLGFU\VWDOJODVV
&RPPXQLFDWLRQV\VWHP
*+]EDQG)+66)UHTXHQF\+RSSLQJ6SUHDG6SHFWUXP
FRQWLQXHGRYHUOHDI
(1*/,6+

'LPHQVLRQVQRWLQFOXGLQJQRVHSDGSDUW
0RGHOV 7<(5'0*7<(5'6*
:LGWK 
PP

PP
+HLJKW 
PP

PP
2YHUDOOOHQJWK 
PP

PP
0DVV $SSUR[R]
$SSUR[J
$SSUR[R]
$SSUR[J
2SHUDWLRQWLPH&KDUJLQJWLPH (* can be U,W  Cor E)
 7KHEDWWHU\GHWHULRUDWHVDIWHUUHSHDWHGXVHDQGWKHRSHUDWLRQWLPH
HYHQWXDOO\EHFRPHVVKRUW7KH¿JXUHVDERYHDUHDWVKLSSLQJIURPWKH
IDFWRU\DQGDUHQRWDJXDUDQWHHRISHUIRUPDQFH
9LHZLQJUDQJH
 7KHUHDUHGLIIHUHQFHVLQWKHYLHZLQJUDQJHRIWKH'(\HZHDUDPRQJ
LQGLYLGXDOV
 7KH'(\HZHDUPD\QRWRSHUDWHFRUUHFWO\DWWKHRXWVLGHRIWKHYLHZLQJ
UDQJH
(1*/,6+

/LPLWHG:DUUDQW\
IRU86$DQG3XHUWR5LFRRQO\
21/<)2586$$1'38(5725,&2
3DQDVRQLF$FFHVVRU\/LPLWHG:DUUDQW\
3DQDVRQLF&RQVXPHU(OHFWURQLFV&RPSDQ\
'LYLVLRQRI3DQDVRQLF&RUSRUDWLRQRI1RUWK$PHULFD
2QH3DQDVRQLF:D\
6HFDXFXV1HZ-HUVH\
/LPLWHG:DUUDQW\&RYHUDJH
)RU86$DQG3XHUWR5LFR2QO\
,I\RXUSURGXFWGRHVQRWZRUNSURSHUO\EHFDXVHRIDGHIHFWLQPDWHULDOVRU
ZRUNPDQVKLS3DQDVRQLF&RQVXPHU(OHFWURQLFV&RPSDQ\UHIHUUHGWRDV
³WKHZDUUDQWRU´ZLOOIRUWKHOHQJWKRIWKHSHULRGRQWKHFKDUWEHORZZKLFK
VWDUWVZLWKWKHGDWHRIRULJLQDOSXUFKDVH³ZDUUDQW\SHULRG´DWLWVRSWLRQ
HLWKHUDUHSDLU\RXUSURGXFWZLWKQHZRUUHIXUELVKHGSDUWVEUHSODFHLW
ZLWKDQHZRUDUHIXUELVKHGHTXLYDOHQWYDOXHSURGXFWRUFUHIXQG\RXU
SXUFKDVHSULFH7KHGHFLVLRQWRUHSDLUUHSODFHRUUHIXQGZLOOEHPDGHE\
WKHZDUUDQWRU
3URGXFW 3DUWV /DERU
'(\HZHDU 21(<HDU 1RWDSSOLFDEOH
'XULQJWKH³3DUWV´ZDUUDQW\SHULRGWKHUHZLOOEHQRFKDUJHIRUSDUWV7KLV
/LPLWHG:DUUDQW\H[FOXGHVERWKSDUWVDQGODERUIRUQRQUHFKDUJHDEOH
EDWWHULHVDQWHQQDVDQGFRVPHWLFSDUWVFDELQHW7KLVZDUUDQW\RQO\
DSSOLHVWRSURGXFWVSXUFKDVHGDQGVHUYLFHGLQ86$RU3XHUWR5LFR7KLV
ZDUUDQW\LVH[WHQGHGRQO\WRWKHRULJLQDOSXUFKDVHURIDQHZSURGXFWZKLFK
ZDVQRWVROG³DVLV´
0DLO,Q6HUYLFH
)RUDVVLVWDQFHLQWKH86$DQG3XHUWR5LFRLQREWDLQLQJ
UHSODFHPHQWSOHDVHVKLSWKHSURGXFWSUHSDLGWR
3DQDVRQLF([FKDQJH&HQWHU
*HRUJH0F9D\'ULYH
6XLWH%
0F$OOHQ7;
SDQDFDUH#XVSDQDVRQLFFRP
:KHQVKLSSLQJWKHXQLWFDUHIXOO\SDFNLQFOXGHDOODFFHVVRULHVDQGVHQGLW
SUHSDLGDGHTXDWHO\LQVXUHGDQGSUHIHUDEO\LQWKHRULJLQDOFDUWRQ,I/LWKLXP
,RQEDWWHULHVDUHVKLSSHGE\DLUWKHSDFNDJHPXVWEHODEHOHG³&RQWDLQV
/LWKLXP,RQ%DWWHU\1ROLWKLXPPHWDO´'DPDJHGEDWWHULHVDUHSURKLELWHG
IURPVKLSPHQWE\860DLO%DWWHULHVPXVWEHVHFXUHO\SDFNHGLQDPDQQHU
WRSUHYHQWVKRUWFLUFXLWLQJDQGDSDFNDJHFDQQRWFRQWDLQPRUHWKDQ
/LWKLXP,RQEDWWHULHV,QFOXGHDOHWWHUGHWDLOLQJWKHFRPSODLQWDUHWXUQ
DGGUHVVDQGSURYLGHDGD\WLPHSKRQHQXPEHUZKHUH\RXFDQEHUHDFKHG
$YDOLGUHJLVWHUHGUHFHLSWLVUHTXLUHGXQGHUWKH/LPLWHG:DUUDQW\
(1*/,6+

,)5(3$,5,61(('(''85,1*7+(:$55$17<3(5,2'
7+(385&+$6(5:,//%(5(48,5('72)851,6+$
6$/(65(&(,373522)2)385&+$6(,1',&$7,1*'$7(
2)385&+$6($028173$,'$1'3/$&(2)385&+$6(
&86720(5:,//%(&+$5*(')257+(5(3$,52)$1<
81,75(&(,9(':,7+28768&+3522)2)385&+$6(
/LPLWHG:DUUDQW\/LPLWV$QG([FOXVLRQV
7KLVZDUUDQW\21/<&29(56IDLOXUHVGXHWRGHIHFWVLQPDWHULDOVRU
ZRUNPDQVKLSDQG'2(6127&29(5QRUPDOZHDUDQGWHDURUFRVPHWLF
GDPDJH7KHZDUUDQW\$/62'2(6127&29(5GDPDJHVZKLFK
RFFXUUHGLQVKLSPHQWRUIDLOXUHVZKLFKDUHFDXVHGE\SURGXFWVQRWVXSSOLHG
E\WKHZDUUDQWRURUIDLOXUHVZKLFKUHVXOWIURPDFFLGHQWVPLVXVHDEXVH
QHJOHFWPLVKDQGOLQJPLVDSSOLFDWLRQDOWHUDWLRQIDXOW\LQVWDOODWLRQVHWXS
DGMXVWPHQWVPLVDGMXVWPHQWRIFRQVXPHUFRQWUROVLPSURSHUPDLQWHQDQFH
SRZHUOLQHVXUJHOLJKWQLQJGDPDJHPRGL¿FDWLRQLQWURGXFWLRQRIVDQG
KXPLGLW\RUOLTXLGVFRPPHUFLDOXVHVXFKDVKRWHORI¿FHUHVWDXUDQWRU
RWKHUEXVLQHVVRUUHQWDOXVHRIWKHSURGXFWRUVHUYLFHE\DQ\RQHRWKHUWKDQ
D)DFWRU\6HUYLFH&HQWHURURWKHU$XWKRUL]HG6HUYLFHURUGDPDJHWKDWLV
DWWULEXWDEOHWRDFWVRI*RG
7+(5($5(12(;35(66:$55$17,(6(;&(37$6
/,67('81'(5³/,0,7(':$55$17<&29(5$*(´
7+(:$55$1725,6127/,$%/()25,1&,'(17$/25
&216(48(17,$/'$0$*(5(68/7,1*)5207+(86(
2)7+,6352'8&725$5,6,1*2872)$1<%5($&+2)
7+,6:$55$17<
$VH[DPSOHVWKLVH[FOXGHVGDPDJHVIRUORVWWLPHWUDYHOWRDQGIURPWKH
VHUYLFHUORVVRIRUGDPDJHWRPHGLDRULPDJHVGDWDRURWKHUPHPRU\RU
UHFRUGHGFRQWHQW7KHLWHPVOLVWHGDUHQRWH[FOXVLYHEXWIRULOOXVWUDWLRQ
RQO\
$//(;35(66$1',03/,(':$55$17,(6,1&/8',1*
7+(:$55$17<2)0(5&+$17$%,/,7<$5(/,0,7('72
7+(3(5,2'2)7+(/,0,7(':$55$17<
6RPHVWDWHVGRQRWDOORZWKHH[FOXVLRQRUOLPLWDWLRQRILQFLGHQWDORU
FRQVHTXHQWLDOGDPDJHVRUOLPLWDWLRQVRQKRZORQJDQLPSOLHGZDUUDQW\
ODVWVVRWKHH[FOXVLRQVPD\QRWDSSO\WR\RX
7KLVZDUUDQW\JLYHV\RXVSHFL¿FOHJDOULJKWVDQG\RXPD\DOVRKDYHRWKHU
ULJKWVZKLFKYDU\IURPVWDWHWRVWDWH,IDSUREOHPZLWKWKLVSURGXFWGHYHORSV
GXULQJRUDIWHUWKHZDUUDQW\SHULRG\RXPD\FRQWDFW\RXUGHDOHURU6HUYLFH
&HQWHU,IWKHSUREOHPLVQRWKDQGOHGWR\RXUVDWLVIDFWLRQWKHQZULWHWRWKH
ZDUUDQWRU¶V&RQVXPHU$IIDLUV'HSDUWPHQWDWWKHDGGUHVVHVOLVWHGIRUWKH
ZDUUDQWRU
(1*/,6+

3$576$1'6(59,&(:+,&+$5(127&29(5('%<7+,6
/,0,7(':$55$17<$5(<2855(63216,%,/,7<
&XVWRPHU6HUYLFHV'LUHFWRU\
8QLWHG6WDWHVDQG3XHUWR5LFR
2EWDLQ3URGXFW,QIRUPDWLRQDQG2SHUDWLQJ$VVLVWDQFH
ORFDWH\RXUQHDUHVW'HDOHURU6HUYLFH&HQWHUSXUFKDVH
3DUWVDQG$FFHVVRULHVRUPDNH&XVWRPHU6HUYLFHDQG
/LWHUDWXUHUHTXHVWVE\YLVLWLQJRXU:HE6LWHDW
KWWSZZZSDQDVRQLFFRPKHOS
RUFRQWDFWXVYLDWKHZHEDW
KWWSZZZSDQDVRQLFFRPFRQWDFWLQIR
<RXPD\DOVRFRQWDFWXVGLUHFWO\DW
3$1$
0RQGD\)ULGD\DPSP6DWXUGD\6XQGD\DPSP(67
)RUKHDULQJRUVSHHFKLPSDLUHG77<XVHUV77<

$FFHVVRU\3XUFKDVHV
8QLWHG6WDWHVDQG3XHUWR5LFR
3XUFKDVH3DUWV$FFHVVRULHVDQG,QVWUXFWLRQ%RRNVRQOLQHIRUDOO
3DQDVRQLF3URGXFWVE\YLVLWLQJRXU:HE6LWHDW
KWWSZZZSVWFSDQDVRQLFFRP
2UVHQG\RXUUHTXHVWE\(PDLOWR
QSFSDUWV#XVSDQDVRQLFFRP
<RXPD\DOVRFRQWDFWXVGLUHFWO\DW
3KRQH)D[2QO\
0RQGD\)ULGD\DPSP(67
3DQDVRQLF6HUYLFHDQG7HFKQRORJ\&RPSDQ\
WK$YHQXH6RXWK.HQW:$
:HDFFHSW9LVD0DVWHU&DUG'LVFRYHU&DUG$PHULFDQ([SUHVVDQG
3HUVRQDO&KHFNV
)RUKHDULQJRUVSHHFKLPSDLUHG77<XVHUV77<

$VRI)HEUXDU\
(1*/,6+

/LPLWHG:DUUDQW\
IRU&DQDGD
3DQDVRQLF&DQDGD,QF
$PEOHU'ULYH0LVVLVVDXJD2QWDULR/:7
3$1$621,&352'8&7±/,0,7(':$55$17<
(;&+$1*(352*5$0
3DQDVRQLF&DQDGD,QFZDUUDQWVWKLVSURGXFWWREHIUHHIURP
GHIHFWVLQPDWHULDODQGZRUNPDQVKLSXQGHUQRUPDOXVHDQG
IRUDSHULRGDVVWDWHGEHORZIURPWKHGDWHRIRULJLQDOSXUFKDVH
DJUHHVWRDWLWVRSWLRQHLWKHUDUHSDLU\RXUSURGXFWZLWKQHZ
RUUHIXUELVKHGSDUWVEUHSODFHLWZLWKDQHZRUDUHIXUELVKHG
HTXLYDOHQWYDOXHSURGXFWRUFUHIXQG\RXUSXUFKDVHSULFH7KH
GHFLVLRQWRUHSDLUUHSODFHRUUHIXQGZLOOEHPDGHE\3DQDVRQLF
&DQDGD,QF
$FFHVVRULHVLQFOXGLQJUHFKDUJHDEOHEDWWHULHV
2QH\HDU
7KLVZDUUDQW\LVJLYHQRQO\WRWKHRULJLQDOSXUFKDVHURUWKHSHUVRQIRUZKRP
LWZDVSXUFKDVHGDVDJLIWRID3DQDVRQLFEUDQGSURGXFWPHQWLRQHGDERYH
VROGE\DQDXWKRUL]HG3DQDVRQLFGHDOHULQ&DQDGDDQGSXUFKDVHGDQG
XVHGLQ&DQDGDZKLFKSURGXFWZDVQRWVROG³DVLV´DQGZKLFKSURGXFWZDV
GHOLYHUHGWR\RXLQQHZFRQGLWLRQLQWKHRULJLQDOSDFNDJLQJ
,125'(572%((/,*,%/(725(&(,9(:$55$17<
6(59,&(+(5(81'(5$385&+$6(5(&(,372527+(5
3522)2)'$7(2)25,*,1$/385&+$6(6+2:,1*
$028173$,'$1'3/$&(2)385&+$6(,65(48,5('
/,0,7$7,216$1'(;&/86,216
7KLVZDUUDQW\21/<&29(56IDLOXUHVGXHWRGHIHFWVLQPDWHULDOV
RUZRUNPDQVKLSDQG'2(6127&29(5QRUPDOZHDUDQGWHDURU
FRVPHWLFGDPDJH7KHZDUUDQW\$/62'2(6127&29(5GDPDJHV
ZKLFKRFFXUUHGLQVKLSPHQWRUIDLOXUHVZKLFKDUHFDXVHGE\SURGXFWVQRW
VXSSOLHGE\3DQDVRQLF&DQDGD,QFRUIDLOXUHVZKLFKUHVXOWIURPDFFLGHQWV
PLVXVHDEXVHQHJOHFWPLVKDQGOLQJPLVDSSOLFDWLRQDOWHUDWLRQIDXOW\
LQVWDOODWLRQVHWXSDGMXVWPHQWVPLVDGMXVWPHQWRIFRQVXPHUFRQWUROV
LPSURSHUPDLQWHQDQFHSRZHUOLQHVXUJHOLJKWQLQJGDPDJHPRGL¿FDWLRQ
LQWURGXFWLRQRIVDQGKXPLGLW\RUOLTXLGVFRPPHUFLDOXVHVXFKDVKRWHO
RI¿FHUHVWDXUDQWRURWKHUEXVLQHVVRUUHQWDOXVHRIWKHSURGXFWRUVHUYLFH
E\DQ\RQHRWKHUWKDQDQ$XWKRUL]HG6HUYLFHURUGDPDJHWKDWLVDWWULEXWDEOH
WRDFWVRI*RG
'U\FHOOEDWWHULHVDUHDOVRH[FOXGHGIURPFRYHUDJHXQGHUWKLVZDUUDQW\
(1*/,6+

7+,6(;35(66/,0,7(':$55$17<,6,1/,(82)$//
27+(5:$55$17,(6(;35(6625,03/,(',1&/8',1*
$1<,03/,(':$55$17,(62)0(5&+$17$%,/,7<$1'
),71(66)25$3$57,&8/$5385326(,112(9(17:,//
3$1$621,&&$1$'$,1&%(/,$%/()25$1<63(&,$/
,1',5(&725&216(48(17,$/'$0$*(65(68/7,1*
)5207+(86(2)7+,6352'8&725$5,6,1*2872)
$1<%5($&+2)$1<(;35(6625,03/,(':$55$17<
$VH[DPSOHVWKLVZDUUDQW\H[FOXGHVGDPDJHVIRUORVWWLPH
WUDYHOWRDQGIURPWKH$XWKRUL]HG6HUYLFHUORVVRIRUGDPDJH
WRPHGLDRULPDJHVGDWDRURWKHUPHPRU\RUUHFRUGHGFRQWHQW
7KLVOLVWRILWHPVLVQRWH[KDXVWLYHEXWIRULOOXVWUDWLRQRQO\
,QFHUWDLQLQVWDQFHVVRPHMXULVGLFWLRQVGRQRWDOORZWKHH[FOXVLRQRU
OLPLWDWLRQRILQFLGHQWDORUFRQVHTXHQWLDOGDPDJHVRUWKHH[FOXVLRQRILPSOLHG
ZDUUDQWLHVVRWKHDERYHOLPLWDWLRQVDQGH[FOXVLRQVPD\QRWEHDSSOLFDEOH
7KLVZDUUDQW\JLYHV\RXVSHFL¿FOHJDOULJKWVDQG\RXPD\KDYHRWKHUULJKWV
ZKLFKYDU\GHSHQGLQJRQ\RXUSURYLQFHRUWHUULWRU\
&217$&7,1)250$7,21
)RUSURGXFWLQIRUPDWLRQDQGRSHUDWLRQDVVLVWDQFHSOHDVH
FRQWDFW
2XU&XVWRPHU&DUH&HQWUH
7HOHSKRQH 
)D[ 
(PDLOOLQN
³6XSSRUWĺFRQWDFWXVĺHPDLO´RQZZZSDQDVRQLFFD
)RUGHIHFWLYHSURGXFWH[FKDQJHZLWKLQWKHZDUUDQW\SHULRG
SOHDVHFRQWDFWWKHRULJLQDOGHDOHURURXU&XVWRPHU&DUH&HQWUH
(1*/,6+
ヱ㄂ㄏ㄂ㄔㄐㄏㄊ㄄チヤㄐㄓㄑㄐㄓ㄂ㄕㄊㄐㄏ
:HE6LWHKWWSSDQDVRQLFQHW
3DQDVRQLF&RUSRUDWLRQ
,QIRUPDWLRQRQ'LVSRVDOLQRWKHU&RXQWULHVRXWVLGHWKH
(XURSHDQ8QLRQ
7KLVV\PEROLVRQO\YDOLGLQWKH(XURSHDQ8QLRQ
,I\RXZLVKWRGLVFDUGWKLVSURGXFWSOHDVH
FRQWDFW\RXUORFDODXWKRULWLHVRUGHDOHUDQGDVN
IRUWKHFRUUHFWPHWKRGRIGLVSRVDO
7KHVHORJRVLQGLFDWHSURGXFWVWKDWDUHFRPSDWLEOHZLWKDFWLYH
VKXWWHU'JODVVHVWHFKQRORJ\VWDQGDUGVOLFHQVHGE\WKH)XOO
+''*ODVVHV,QLWLDWLYH7KH5)ORJRLQGLFDWHVSURGXFWVWKDW
RSHUDWHRQWKHZLUHOHVVV\VWHPDQGFDQEHXVHGZLWKDQ\79
WKDWKDVWKHVDPHORJR
³)XOO+''´/RJRLQGLFDWHVFRPSDWLELOLW\EHWZHHQ79SURGXFWV
DQG'*ODVVHVZKLFKDUHFRPSOLDQWZLWKWKH³)XOO+''
*ODVVHV´IRUPDWDQGGRHVQRWLQGLFDWHSLFWXUHTXDOLW\RI'
LPDJHZKLFKVKRXOGEHGHSHQGRQWKHTXDOLW\RI79SURGXFWV
³)XOO+''*ODVVHV´ORJRDQG³)XOO+''*ODVVHV´ZRUG
DUHWUDGHPDUNRI)XOO+''*ODVVHV,QLWLDWLYH
7KH%OXHWRRWKZRUGPDUNDQGORJRVDUHRZQHGE\WKH
%OXHWRRWK6,*,QFDQGDQ\XVHRIVXFKPDUNVE\3DQDVRQLF
&RUSRUDWLRQLVXQGHUOLFHQVH
2WKHUWUDGHPDUNVDQGWUDGHQDPHVDUHWKRVHRIWKHLUUHVSHFWLYH
RZQHUV
)5$1d$,6
0RGHG¶HPSORL
/XQHWWHV'
1XPpURGHPRGqOH
0HUFLG¶DYRLUDFKHWpXQSURGXLW3DQDVRQLF
$YDQWG¶HPSOR\HUFHSURGXLWYHXLOOH]OLUHDWWHQWLYHPHQWOHV
LQVWUXFWLRQV*DUGH]FHPRGHG¶HPSORLSRXUFRQVXOWDWLRQ
IXWXUH
$YDQWG¶XWLOLVHUFHSURGXLWDVVXUH]YRXVGHOLUHOHVVHFWLRQV
©0HVXUHVGHVpFXULWpªHW©3UpFDXWLRQVjSUHQGUHª
SDJHVj
&HVOXQHWWHV'SHXYHQWrWUHXWLOLVpHVSRXUOHV
WpOpYLVLRQVjKDXWHGp¿QLWLRQ3DQDVRQLFVXSSRUWDQWOH
'HWODWHFKQRORJLHVDQVILO%OXHWRRWKHWSUpVHQWDQWOH
ORJRWHOTX¶LOOXVWUpFLGHVVRXV SDJH
3RXUREWHQLUODOLVWHGHVPRGqOHVFRPSDWLEOHVYLVLWH]
QRWUHVLWH:HE
KWWSSDQDVRQLFQHW
&HSURGXLWQHSHXWVHUYLUGHOXQHWWHVVRODLUHV
0HVXUHVGHVpFXULWp
$YHUWLVVHPHQW
&KDXIIDJH
9HXLOOH]QHSDVMHWHUYRVOXQHWWHV'GDQVXQIHXOHV
H[SRVHUjODFKDOHXURXOHVODLVVHUjXQHQGURLWR
HOOHVSRXUUDLHQWFKDXIIHU
/HVOXQHWWHV'FRQWLHQQHQWXQHEDWWHULHUHFKDUJHDEOHGHSRO\PqUHDX
OLWKLXPLRQ
8QHVXUFKDXIIHSRXUUDLWHQWUDvQHUXQHFRPEXVWLRQRXXQHDQRPDOLHGH
ODEDWWHULHFHTXLVHWUDGXLUDLWSDUGHVULVTXHVGHEUOXUHVRXG¶LQFHQGLH
VXLWHDXYHUVR
TY-ER3D4MU TY-ER3D4SU
TY-ER3D4ME TY-ER3D4SE
TY-ER3D4MW TY-ER3D4SW
TY-ER3D4MC TY-ER3D4SC
)5$1d$,6
(QGURLW
1HSDVXWLOLVHUOHVOXQHWWHV'GDQVXQK{SLWDORXGDQV
G¶DXWUHVPLOLHX[PpGLFDX[
/HVRQGHVUDGLRVGHVOXQHWWHV'SHXYHQWFDXVHUGHVLQWHUIpUHQFHVVXU
OHVpTXLSHPHQWVPpGLFDX[
1HSDVXWLOLVHUOHVOXQHWWHV'SUqVG¶DSSDUHLOVGH
FRQWU{OHDXWRPDWLTXHWHOVTX¶XQHSRUWHDXWRPDWLTXH
XQHDODUPHG¶LQFHQGLHHWF
/HVRQGHVUDGLRVGHVOXQHWWHV'SHXYHQWFDXVHUGHVLQWHUIpUHQFHVVXU
OHVpTXLSHPHQWVDXWRPDWLTXHVGHFRQWU{OH
9HXLOOH]WRXMRXUVJDUGHUOHVOXQHWWHV'jSOXVGH
FPSRGHO¶LPSODQWGXVWLPXODWHXUFDUGLDTXHRX
G¶DXWUHVLPSODQWVPpGLFDX[VLPLODLUHV
/HVRQGHVUDGLRVGHVOXQHWWHV'SHXYHQWDIIHFWHUO¶LPSODQWGX
VWLPXODWHXUFDUGLDTXHRXG¶DXWUHVLPSODQWVG¶RSpUDWLRQVVLPLODLUHV
,QJHVWLRQDFFLGHQWHOOH
9HXLOOH]JDUGHUOHVFRPSRVDQWHVGHVOXQHWWHV'KRUV
GHSRUWpHGHVHQIDQWV
,O\DXQULVTXHTXHOHVHQIDQWVHQEDVkJHSXLVVHQWDYDOHUGHWHOOHV
SLqFHVQRQYRORQWDLUHPHQW
 6LXQHQIDQWDYDOHSDUDFFLGHQWGHWHOOHVSLqFHVYHXLOOH]DYRLUUHFRXUV
LPPpGLDWHPHQWjXQHDLGHPpGLFDOH
'pVDVVHPEODJH
1HSDVGpVDVVHPEOHURXPRGL¿HUOHVOXQHWWHV'
$YDQWGHYRXVGpEDUUDVVHUGHFHSURGXLWYHXLOOH]FRQVXOWHUODVHFWLRQ
VXUFRPPHQW©0LVHDXUHEXWª SDJHjD¿QGHELHQ
UHWLUHUODEDWWHULHUHFKDUJHDEOHHWGHODMHWHUGHODPDQLqUHDSSURSULpH
&KDUJHPHQW
9HXLOOH]FKDUJHUHQFRQQHFWDQWOHFkEOHGH
FKDUJHPHQW86%FRPSULVDXWHUPLQDO3DQDVRQLF
VXSSRUWDQWOH'
/HFKDUJHPHQWDYHFG¶DXWUHVDSSDUHLOVSHXWUpVXOWHUHQXQHIXLWHXQH
VXUFKDXIIHRXXQHDQRPDOLHGHODEDWWHULH
1HSDVXWLOLVHUOHFkEOHGHFKDUJHPHQWSRXUG¶DXWUHV
XWLOLVDWLRQVTXHFHOOHGHFKDUJHUOHVOXQHWWHV'
&HODSRXUUDLWHQWUDvQHUXQHVXUFKDXIIHXQHFRPEXVWLRQRXXQ
HQGRPPDJHPHQW
)5$1d$,6
3UpFDXWLRQV
/XQHWWHV'
9HXLOOH]PDQLSXOHUOHVOXQHWWHV'DYHFSUpFDXWLRQ
HWYHXLOOH]OHVUDQJHUGDQVOHERvWLHUSUpYXjFHWHIIHW
ORUVTXHYRXVQHOHVXWLOLVH]SDV
/HFDVpFKpDQWFHODSRXUUDLWUpVXOWHUHQXQHQGRPPDJHPHQWGHV
OXQHWWHVHWGXYHUUHFHTXLSRXUUDLWHQWUDvQHUGHVEOHVVXUHV
9HXLOOH]PDQLSXOHUOHVSRLQWHVGHODPRQWXUHDYHF
SUpFDXWLRQORUVTXHYRXVPHWWH]OHVOXQHWWHV'D¿Q
G¶pYLWHUGHOHVLQVpUHUGDQVOHV\HX[
9HXLOOH]WRXMRXUVJDUGHUOHVOXQHWWHV'GDQVXQ
HQGURLWVHFHWjWHPSpUDWXUHDPELDQWH
/HFDVpFKpDQWFHODSRXUUDLWHQWUDvQHUXQULVTXHGHFKRFpOHFWULTXHRX
G¶LQFHQGLH
9HXLOOH]YRXVDVVXUHUjQHSDVPHWWUHYRVGRLJWVGDQV
ODVHFWLRQGHODFKDUQLqUHORUVTXHYRXVIHUPH]YRV
OXQHWWHV'
/HFDVpFKpDQWFHODSRXUUDLWHQWUDvQHUXQULVTXHGHEOHVVXUH
 9HXLOOH]VXSHUYLVHUYRVHQIDQWVORUVGHO¶XWLOLVDWLRQGHFHSURGXLW
8WLOLVDWLRQGHVOXQHWWHV'
/HVSDUHQWVUHVSRQVDEOHVGRLYHQWFRQWU{OHUOHV
KDELWXGHVYLVXHOOHVGHVHQIDQWVD¿QG¶pYLWHUOHV
SpULRGHVSURORQJpHVG¶XWLOLVDWLRQVDQVSpULRGHVGH
UHSRV
'DQVXQFRQWH[WHGHYLVXDOLVDWLRQFRPPHUFLDOHHW
SXEOLTXHXQHSHUVRQQHUHVSRQVDEOHGRLWUHVSHFWHUOHV
SUpFDXWLRQVQpFHVVDLUHVHWVXUYHLOOHUO¶XWLOLVDWHXUGHV
OXQHWWHV'
8WLOLVH]XQLTXHPHQWOHVOXQHWWHV'SRXUVRQREMHWGH
YLVXDOLVDWLRQGXFRQWHQX'VSpFL¿p
1HYRXVGpSODFH]SDVORUVTXHYRXVSRUWH]OHVOXQHWWHV
'
/D]RQHDX[DOHQWRXUVSHXWrWUHVRPEUHFHTXLSHXWHQWUDvQHUXQHFKXWH
RXG¶DXWUHVDFFLGHQWVTXLSHXYHQWFDXVHUGHVEOHVVXUHV
,QVSHFWH]OHVOXQHWWHV'SRXUWRXWHQGRPPDJHPHQW
DYDQWFKDTXHXWLOLVDWLRQ
VXLWHDXYHUVR
)5$1d$,6
9LVXDOLVDWLRQGHVLPDJHVHQ'
'DQVOHFDVRYRXVH[SpULPHQWH]GHVYHUWLJHV
XQHQDXVpHRXTXHOFRQTXHDXWUHPDODLVHORUVTXH
YRXVYLVXDOLVH]GHVLPDJHVHQ'YHXLOOH]DUUrWHU
O¶XWLOLVDWLRQHWUHSRVHUYRV\HX[
 /RUVTXHYRXVUpJOH]O¶HIIHWHQXWLOLVDQWO¶©DMXVWHPHQW'ªSUHQH]HQ
FRQVLGpUDWLRQTXHOHVLPDJHV'YDULHQWG¶XQHSHUVRQQHjO¶DXWUH
1HSDVXWLOLVHUOHVOXQHWWHV'VLHOOHVVRQWFUDTXHOpHV
RXFDVVpHV
/HFRQWHQXGHYLVXDOLVDWLRQHQ'FRPSUHQGOHV
GLVTXHV%OXUD\OHVpPLVVLRQVHQ'HWFTXLVRQW
FRPPHUFLDOHPHQWGLVSRQLEOHV
/RUVTXHYRXVSUpSDUH]YRWUHSURSUHFRQWHQXHQ'
DVVXUH]YRXVTX¶LOVRLWFRUUHFWHPHQWSURGXLW
)5$1d$,6
e121&e)&&
&HWpTXLSHPHQWDpWpWHVWpHWFHUWL¿pFRQIRUPHDX[OLPLWHV
SRXUOHVDSSDUHLOVQXPpULTXHVGHFODVVH%FRQIRUPpPHQWj
O¶DUWLFOHGHVUqJOHPHQWVGHOD)&&&HVOLPLWHVVRQWFRQoXHV
SRXUIRXUQLUXQHSURWHFWLRQUDLVRQQDEOHFRQWUHOHVLQWHUIpUHQFHV
QXLVLEOHVGDQVXQHLQVWDOODWLRQUpVLGHQWLHOOH&HWpTXLSHPHQW
JpQqUHXWLOLVHHWSHXWpPHWWUHGHO¶pQHUJLHGHIUpTXHQFHUDGLR
'HSOXVV¶LOQ¶HVWSDVLQVWDOOpHWXWLOLVpFRQIRUPpPHQWDX[
LQVWUXFWLRQVLOSHXWFDXVHUGHVLQWHUIpUHQFHVQXLVLEOHVDX[
UDGLRFRPPXQLFDWLRQV,OQ¶\DFHSHQGDQWDXFXQHJDUDQWLHTXH
GHVLQWHUIpUHQFHVQHVHSURGXLURQWSDVGDQVXQHLQVWDOODWLRQ
GRQQpH6LFHWpTXLSHPHQWSURYRTXHGHVLQWHUIpUHQFHV
LQGpVLUDEOHVDYHFOHVUpFHSWLRQVUDGLRHW79FHTXHYRXVSRXYH]
GpWHUPLQHUHQDOOXPDQWHWHQpWHLJQDQWO¶DSSDUHLOQRXVYRXV
HQJDJHRQVYLYHPHQWj\UHPpGLHUHQSUHQDQWO¶XQHGHVPHVXUHV
VXLYDQWHV
 5pRULHQWHURXGpSODFHUO¶DQWHQQHUpFHSWULFH
 $XJPHQWHUODGLVWDQFHHQWUHO¶pTXLSHPHQWHWOHUpFHSWHXU
 &RQVXOWHUOHUHYHQGHXURXXQWHFKQLFLHQH[SpULPHQWpHQUDGLR
WpOpYLVLRQSRXUREWHQLUGHO¶DLGH
$YHUWLVVHPHQWGHOD)&&
3RXUDVVXUHUXQUHVSHFWFRQWLQXGHODIDoRQGHPDQLSXOHU
FHWDSSDUHLOYHXLOOH]VXLYUHOHVLQVWUXFWLRQVG¶LQVWDOODWLRQ
FLMRLQWHVHWQ¶XWLOLVHUXQLTXHPHQWTXHOHFkEOHG¶LQWHUIDFH
EOLQGpDXQR\DXVDWXUpORUVGHODFRQQH[LRQjXQRUGLQDWHXU
RXjG¶DXWUHVSpULSKpULTXHV7RXWFKDQJHPHQWRXWRXWH
PRGL¿FDWLRQQRQDSSURXYpHFODLUHPHQWSDU3DQDVRQLF&RUS
G¶$PpULTXHGX1RUGSRXUUDLWDQQXOHUOHGURLWGHO¶XWLOLVDWHXU
jXWLOLVHUFHWDSSDUHLO
'pFODUDWLRQGHFRQIRUPLWpGHOD)&&
0RGqOHV 7<(5'0*7<(5'6*(* can be U,W or E)
3DUWLHUHVSRQVDEOH 3DQDVRQLF&RUSRUDWLRQRI1RUWK$PHULFD
2QH3DQDVRQLF:D\6HFDXFXV1-
&RQWDFW 3DQDVRQLF&RQVXPHU(OHFWURQLFV&RPSDQ\
9,(5$
&RXUULHO FRQVXPHUSURGXFWV#SDQDVRQLFFRP
&HWDSSDUHLOHVWFRQIRUPHjO¶DUWLFOHGHVUqJOHPHQWVGHOD)&&6RQ
XWLOLVDWLRQHVWVXMHWWHDX[GHX[FRQGLWLRQVVXLYDQWHVLOQHGRLWSDV
FDXVHUG¶LQWHUIpUHQFHVQXLVLEOHVHWLOGRLWDFFHSWHUWRXWHLQWHUIpUHQFH
UHoXH\FRPSULVO¶LQWHUIpUHQFHSRXYDQWSURYRTXHUXQG\VIRQFWLRQQHPHQW
1RWHSRXUOH&DQDGD
3RXUOHPRGqOH7<(5'0*7<(5'6*(* can be U,W or E)
&HWDSSDUHLOQXPpULTXHGH&ODVVH%HVWFRQIRUPHjODQRUPH,&(6GX
&DQDGD
)5$1d$,6
3UpFDXWLRQVjSUHQGUH
9HUUHV
eYLWH]G¶DSSOLTXHUXQHSUHVVLRQVXUO¶REWXUDWHXUjFULVWDX[
OLTXLGHVeYLWH]G¶pFKDSSHURXGHSOLHUOHVOXQHWWHV'
eYLWH]G¶pJUDWLJQHUODVXUIDFHGHO¶REWXUDWHXUjFULVWDX[
OLTXLGHVjO¶DLGHG¶XQLQVWUXPHQWSRLQWXRXDXWUH/H
QRQUHVSHFWGHFHWWHFRQVLJQHSRXUUDLWRFFDVLRQQHU
GHVGRPPDJHVDX[OXQHWWHV'HWUpGXLUHODTXDOLWpGH
O¶LPDJH'
3UpFDXWLRQjSUHQGUHORUVGXYLVLRQQHPHQW
eYLWH]G¶XWLOLVHUGHVDSSDUHLOVTXLpPHWWHQWGHSXLVVDQWV
VLJQDX[pOHFWURPDJQpWLTXHVFRPPHOHVFHOOXODLUHVRXOHV
pPHWWHXUVUpFHSWHXUVSHUVRQQHOVSUqVGHVOXQHWWHV'
/HQRQUHVSHFWGHFHWWHFRQVLJQHSRXUUDLWRFFDVLRQQHUXQ
PDXYDLVIRQFWLRQQHPHQWGHVOXQHWWHV'
/HVOXQHWWHV'QHIRQFWLRQQHQWSDVSDUIDLWHPHQWjGHV
WHPSpUDWXUHVpOHYpHVRXEDVVHV5HSRUWH]YRXVjOD
WHPSpUDWXUHG¶XWLOLVDWLRQLQGLTXpH SDJH
6LOHVOXQHWWHV'VRQWSRUWpHVGDQVXQHSLqFHRLO\D
GHVODPSHVÀXRUHVFHQWHV+]ODOXPLqUHGHODSLqFH
YDFLOOHUD'DQVFHFDVFRXYUH]RXpWHLJQH]OHVODPSHV
ÀXRUHVFHQWHVORUVGXSRUWGHVOXQHWWHV'
$MXVWH]FRUUHFWHPHQWOHVOXQHWWHV'/HVLPDJHV'
Q¶DSSDUDvWURQWSDVFRUUHFWHPHQWVLOHVOXQHWWHV'VRQW
SRUWpHVjO¶HQYHUVRXGXPDXYDLVF{Wp
/HVDXWUHVW\SHVG¶pFUDQVFRPPHOHVpFUDQVG¶RUGLQDWHXU
OHVKRUORJHVQXPpULTXHVHWOHVFDOFXODWULFHVQ¶DSSDUDLVVHQW
SDVFODLUHPHQWORUVGXSRUWGHOXQHWWHV'eYLWH]GHSRUWHU
OHVOXQHWWHV'ORUVTXHYRXVQHUHJDUGH]SDVG¶LPDJHV'
3RXUDVVXUHUOHFRQIRUW
3ODFH]YRXVjXQHGLVWDQFHUHSUpVHQWDQWIRLVODGLDJRQDOH
GHYRWUHpFUDQ'LVWDQFHUHFRPPDQGpH
7&367P
7&397P
/¶XWLOLVDWLRQGHVOXQHWWHV'jXQHGLVWDQFHQRQ
UHFRPPDQGpHSHXWRFFDVLRQQHUODIDWLJXHGHV\HX[
,QVWDOOH]YRXVjXQHGLVWDQFHpJDOHjWURLVIRLVODKDXWHXU
GHO¶LPDJHORUVTXHGHVSDUWLHVHQQRLUDXKDXWHWDXEDVGH
O¶pFUDQV¶DI¿FKHQWSDUH[HPSOHORUVTXHYRXVUHJDUGH]XQ
¿OP
/DGLVWDQFHGHYLVLRQQHPHQWHVWGRQFLQIpULHXUHjOD
GLVWDQFHUHFRPPDQGpH
)5$1d$,6
(QOHYH]OHVOXQHWWHV'HQFDVGHVHQVDWLRQFXWDQpH
DQRUPDOH
(QGHUDUHVRFFDVLRQVODSHLQWXUHRXOHVPDWpULDX[
XWLOLVpVSRXUOHVOXQHWWHV'SHXYHQWFDXVHUGHVUpDFWLRQV
DOOHUJLTXHV
(QOHYH]OHVOXQHWWHV'VLYRXVDYH]GHVURXJHXUVRX
UHVVHQWH]GHODGRXOHXURXGHVGpPDQJHDLVRQVVXUOHQH]
RXOHVWHPSHV
&HVHIIHWVFDXVpVSDUOHSRUWSURORQJpSHXYHQWFDXVHUXQ
PDODLVHFKH]O¶XWLOLVDWHXU
8QHXWLOLVDWLRQGDQVXQH]RQHDX[VLJQDX[%OXHWRRWK
SURYHQDQWG¶DXWUHVDSSDUHLOVSRXUUDLWFDXVHUGHV
LQWHUIpUHQFHVVXUOHVOXQHWWHV'
8WLOLVDWLRQGHVRQGHVUDGLRV
&HWWHXQLWpXWLOLVHODIUpTXHQFHUDGLR,60GH*+]%OXHWRRWK
&HSHQGDQWG¶DXWUHVDSSDUHLOVVDQV¿OSHXYHQWXWLOLVHUODPrPH
IUpTXHQFH9HXLOOH]YRXVDVVXUHUGHVPHQWLRQVVXLYDQWHVD¿Q
G¶pYLWHUTXHOHVRQGHVUDGLRVQ¶LQWHUIqUHQWDYHFOHVDXWUHV
DSSDUHLOV
5HVWULFWLRQG¶XWLOLVDWLRQ
3RXUXWLOLVDWLRQGDQVYRWUHSD\VXQLTXHPHQW
3RUWpHG¶XWLOLVDWLRQ
/DSRUWpHG¶XWLOLVDWLRQHVWMXVTX¶jHQYLURQPSL/DSRUWpHSHXW
rWUHPRLQGUHVHORQODVWUXFWXUHGXEkWLPHQWO¶HQYLURQQHPHQWHWOHV
DXWUHVREVWDFOHVHQWUHOHUpFHSWHXUHWO¶pPHWWHXU'HVREVWDFOHVFRPPH
OHVPXUVHQEpWRQHWOHVSRUWHVHQPpWDOHQSDUWLFXOLHUREVWUXHQWOHV
VLJQDX[GHO¶pPHWWHXU
,QWHUIpUHQFHG¶DXWUHVpTXLSHPHQWV
(QUDLVRQG¶LQWHUIpUHQFHVXQPDXYDLVIRQFWLRQQHPHQWSHXWVXUYHQLU
VLO¶XQLWpHVWSODFpHWURSSURFKHGHO¶DXWUHpTXLSHPHQW1RXV
UHFRPPDQGRQVGHJDUGHUO¶XQLWpOHSOXVORLQSRVVLEOHGHVDSSDUHLOV
VXLYDQWV
/HVDSSDUHLOV%OXHWRRWKDXWUHVTXHFHWWHXQLWpDVVLVWDQWVDQV¿O/$1
PLFURRQGHVDSSDUHLOVEXUHDXWLTXHVWpOpSKRQHVGLJLWDX[VDQV¿OHW
DXWUHVDSSDUHLOVpOHFWURQLTXHV
/¶XQLWpHVWFRQoXHSRXUpYLWHUDXWRPDWLTXHPHQWOHVLQWHUIpUHQFHVUDGLRV
GHVDSSDUHLOVpOHFWURPpQDJHUV&HSHQGDQWXQPDXYDLVIRQFWLRQQHPHQW
SHXWVXUYHQLUORUVG¶LQWHUIpUHQFHVUDGLRV
$FFHVVRLUHV
&kEOHGHFKDUJHPHQWÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ!
..<<<<
!LQGLTXHODTXDQWLWp
)5$1d$,6
&RPSRVDQWV
%RXWRQGHPLVHHQPDUFKH
7pPRLQOXPLQHX[
3RUWGHFKDUJHPHQW
'&,1
%RXWRQGHPLVHHQPDUFKH
212)) )DLWHVJOLVVHUO¶RQJOHWVXUODSRVLWLRQ212))
SRXUDFWLYHURXGpVDFWLYHUOHVOXQHWWHV
02'( )DLWHVJOLVVHUO¶RQJOHWXQHIRLVYHUVODSRVLWLRQ
02'(D¿QGHFKDQJHUOHPRGHVRLWHQ'RX
'
 '3RXUYLVXDOLVHUXQHLPDJH'HQ'
$SSX\HUVXUO¶RQJOHWHQSRVLWLRQ02'(
SHQGDQWSOXVGHVHFRQGHVSRXU
HQUHJLVWUHUOHVOXQHWWHVDYHFODWpOpYLVLRQ
SDJHVj
7pPRLQOXPLQHX[
/XPLqUHVRXFOLJQRWHPHQWVSHQGDQWO¶XWLOLVDWLRQRXOH
FKDUJHPHQWSRXUPRQWUHUO¶pWDWGHODEDWWHULHUHFKDUJHDEOHHW
SRXUO¶HQUHJLVWUHPHQW
3RUWGHFKDUJHPHQW
%UDQFKHUOHFkEOHGHFKDUJHPHQW
 5HFKDUJH]HQEUDQFKDQWOHFkEOHGHUHFKDUJHIRXUQL
)5$1d$,6
eWDWGXWpPRLQ
,QGLFDWHXUODPSH eWDW
6¶LOOXPLQHURXJHSHQGDQW
VHFRQGHVORUVGHO¶DOOXPDJH
1LYHDXGHEDWWHULHVXI¿VDQW
&OLJQRWHURXJHIRLVORUVGH
O¶DOOXPDJH
1LYHDXGHEDWWHULHEDV
&OLJQRWHURXJHHWYHUW
DOWHUQDWLYHPHQW
(QFRXUVG¶HQUHJLVWUHPHQW
&OLJQRWHYHUWXQHVHXOHIRLV
WRXWHVOHVVHFRQGHV
6RXVUHFRQQH[LRQjODWpOp
6¶LOOXPLQHYHUWSHQGDQW
VHFRQGHV
(QUHJLVWUHPHQWRX
UHFRQQH[LRQFRPSOpWpHDYHF
VXFFqV
&OLJQRWHURXJHIRLV $UUrWDXWRPDWLTXH
/¶HQUHJLVWUHPHQWRXOD
UHFRQQH[LRQpFKRXHRXOD
FRQQH[LRQHVWSHUGXH
&OLJQRWHURXJHXQHIRLV
WRXWHVOHVVHFRQGHVORUVGH
O¶XWLOLVDWLRQ
/HPRGHHQ'HVW
VpOHFWLRQQp
&OLJQRWHURXJHGHX[IRLV
WRXWHVOHVVHFRQGHVORUVGH
O¶XWLOLVDWLRQ
/HPRGHHQ'HVW
VpOHFWLRQQp
&KDUJHPHQW
&KDUJHPHQWGHVOXQHWWHV'
%UDQFKH]OHVOXQHWWHV'DXWpOpYLVHXUjO¶DLGHGXFkEOHGH
UHFKDUJHIRXUQLSXLVDOOXPH]OHWpOpYLVHXU
 /RUVTXHOHWpPRLQOXPLQHX[V¶pWHLQWOHFKDUJHPHQWHVWFRPSOHW
(QYLURQPLQXWHVHVWQpFHVVDLUH
5(0$548(
 &KDUJHUOHVOXQHWWHV'DYDQWGHOHVXWLOLVHUSRXUODSUHPLqUHIRLVRX
DSUqVGHORQJXHVSpULRGHVG¶LQXWLOLVDWLRQ
 /RUVGXFKDUJHPHQWDVVXUH]YRXVGHPHWWUHODWpOpYLVLRQVRXVWHQVLRQ
/DEDWWHULHQHVHFKDUJHUDSDVORUVTXHODWpOpYLVLRQHVWKRUVWHQVLRQ
(QUHJLVWUHPHQW
3UHPLHUHQUHJLVWUHPHQW
(IIHFWXH]OHSUHPLHUHQUHJLVWUHPHQWORUVTXHOHVOXQHWWHV'
VRQWXWLOLVpHVSRXUODSUHPLqUHIRLV
VXLWHDXYHUVR
)5$1d$,6

 $OOXPH]ODWpOpYLVLRQSRXUYRLU
 )DLWHVJOLVVHUO¶RQJOHWGXSRLQW2))$55Ç7DXSRLQW21
0$5&+(
/HVOXQHWWHV'V¶DOOXPHURQWHWFRPPHQFHURQWjV¶HQUHJLVWUHU
3ODFH]OHVOXQHWWHVjSLHGVRXPRLQVFPGHOD
WpOpYLVLRQORUVTXHO¶HQUHJLVWUHPHQWHVWHQFRXUV
 /HVOXPLqUHVYHUWHV/('GHVOXQHWWHV'V¶LOOXPLQHQWSHQGDQW
VHFRQGHVORUVTXHO¶HQUHJLVWUHPHQWHVWFRPSOpWpDYHF
VXFFqV
$SUqVOHSUHPLHUHQUHJLVWUHPHQWOHVOXQHWWHV'VH
UHFRQQHFWHURQWDXWRPDWLTXHPHQWjODWpOpYLVLRQORUVTXHOHV
OXQHWWHV'VRQWHQPDUFKHSUqVGHODWpOpYLVLRQHQPRGH'
(QUHJLVWUHUjQRXYHDX
/RUVTXHODFRQQH[LRQDYHFODWpOpYLVLRQHQUHJLVWUpHpFKRXH
RXORUVTXHYRXVXWLOLVH]XQHDXWUHWpOpYLVLRQHQUHJLVWUH]j
QRXYHDXOHVOXQHWWHV'
 $OOXPH]ODWpOpYLVLRQSRXUYRLU
 ¬SLHGFPDXPRLQVGHODWpOpYLVLRQDSSX\H]VXU
O¶RQJOHWGXSRLQW02'(SHQGDQWSOXVGHVHFRQGHV
/¶HQUHJLVWUHPHQWFRPPHQFHUD
 /DOXPLqUHYHUWH/('GHVOXQHWWHV'V¶LOOXPLQHSHQGDQW
VHFRQGHVORUVTXHO¶HQUHJLVWUHPHQWHVWFRPSOpWpDYHFVXFFqV
6LO¶HQUHJLVWUHPHQWDpFKRXpOHVOXQHWWHV'V¶pWHLQGURQW
'DQVFHFDVYHXLOOH]pWHLQGUHODWpOpHWSURFpGHUjO¶pWDSH
1HSDVFRQQHFWHUOHFkEOHGHFKDUJHPHQWORUVTXHYRXV
HQUHJLVWUH]jQRXYHDX
5HOkFKHUO¶RQJOHWORUVTXHO¶RSWLRQHQUHJLVWUHPHQWjQRXYHDX
FRPPHQFH
(QWUHSRVDJHHWHQWUHWLHQ
8WLOLVH]XQFKLIIRQGRX[HWVHFSRXUQHWWR\HUOHVOXQHWWHV
$VVXUH]YRXVG¶HVVX\HUOHVOXQHWWHV'jO¶DLGHG¶XQFKLIIRQ
GRX[SURSUHFDUODSRXVVLqUHRXODVDOHWpSRXUUDLWpJUDWLJQHU
OHVOXQHWWHV6HFRXH]G¶DERUGOHFKLIIRQSRXU\HQOHYHUOD
SRXVVLqUH
eYLWH]G¶XWLOLVHUGXEHQ]qQHGXGLOXDQWRXGHODFLUHVXUOHV
OXQHWWHV'FDUODSHLQWXUHSRXUUDLWV¶pFDLOOHU
eYLWH]GHSORQJHUOHVOXQHWWHV'GDQVXQOLTXLGHORUVGX
QHWWR\DJH
eYLWH]GHUDQJHUOHVOXQHWWHV'GDQVXQHQGURLWWUqVKXPLGH
RXWUqVFKDXG
)5$1d$,6

6LHOOHVQHVRQWSDVXWLOLVpHVSHQGDQWGHORQJXHVSpULRGHV
UHFKDUJH]FRPSOqWHPHQWOHVOXQHWWHV'WRXVOHVPRLVSRXU
JDUDQWLUOHERQIRQFWLRQQHPHQWGHODEDWWHULH
3XLVTXHOHVREWXUDWHXUVGHFULVWDOOLTXLGHOHQWLOOHVVRQW
IUDJLOHVHWIDFLOHVjEULVHUVR\H]WUqVSUXGHQWORUVTXHYRXVOHV
QHWWR\H]
0LVHDXUHEXW
/HVOXQHWWHV'LQWqJUHQWXQHEDWWHULHSRO\PqUH
UHFKDUJHDEOHDXOLWKLXPLRQ9HXLOOH]O¶pOLPLQHU
FRQIRUPpPHQWDX[UqJOHPHQWVORFDX[
/RUVTXHYRXVMHWH]FHSURGXLWGpPRQWH]OH
DGpTXDWHPHQWHQVXLYDQWOHVGLUHFWLYHVGpFULWHVjOD
SDJHVXLYDQWHHWUHWLUH]ODSLOHUHFKDUJHDEOHLQWHUQH
1HGpPRQWH]SDVFHSURGXLWVDXIORUVTXHYRXVOHPHWWH]
DXUHEXW
'DQJHU
/DSLOHUHFKDUJHDEOHHVWFRQoXHVSpFLDOHPHQWSRXU
FHSURGXLWHWHOOHQHSHXWrWUHXWLOLVpHDYHFTXHOTXH
DXWUHDSSDUHLOTXHFHVRLW
1HUHFKDUJH]SDVODSLOHVLHOOHDpWpUHWLUpH
1HMHWH]SDVODSLOHGDQVOHIHXHWQHO¶H[SRVH]SDVjOD
FKDOHXU
1HSHUFH]SDVODSLOHjO¶DLGHG¶XQFORXQHODVRXPHWWH]
SDVjXQLPSDFWHWQ¶HVVD\H]SDVGHODGpPRQWHURXGHOD
PRGL¿HU
1HODLVVH]SDVOHV¿OVWRXFKHUXQDXWUHPpWDORXHQWUHUHQ
FRQWDFWO¶XQDYHFO¶DXWUH
1HWUDQVSRUWH]SDVHWQHUDQJH]SDVODSLOHDYHFXQFROOLHU
XQHSLQFHjFKHYHX[RXXQDXWUHREMHWVLPLODLUH
eYLWH]GHUHFKDUJHUG¶XWLOLVHURXGHODLVVHUODSLOHGDQV
XQHQGURLWFKDXGFRPPHjSUR[LPLWpGXIHXRXH[SRVpH
GLUHFWHPHQWDXVROHLO
&HODSRXUUDLWIDLUHHQVRUWHTXHODSLOHVXUFKDXIIHV¶HQÀDPPHRX
pFODWH
VXLWHDXYHUVR
)5$1d$,6

$YHUWLVVHPHQW
1HODLVVH]SDVODSLOHTXHYRXVDYH]UHWLUpHQRQSOXV
TXHOHVYLVRXG¶DXWUHVREMHWVVLPLODLUHVjODSRUWpH
GHVMHXQHVHQIDQWV
/¶LQJHVWLRQGHWHOVREMHWVSHXWDYRLUGHVHIIHWVQpIDVWHVVXU
O¶RUJDQLVPH
6LYRXVFUR\H]TXHGHWHOVREMHWVRQWpWpLQJpUpVFRQVXOWH]
XQPpGHFLQVDQVWDUGHU
6LGXOLTXLGHV¶pFRXOHGHODSLOHSUHQH]OHVPHVXUHV
VXLYDQWHV$VVXUH]YRXVGHQHSDVWRXFKHUDX
OLTXLGHjPDLQVQXHV
6LOHOLTXLGHHQWUHHQFRQWDFWDYHFOHV\HX[FHODSRXUUDLW
SURYRTXHUODFpFLWp
/DYH]LPPpGLDWHPHQWO¶RHLODYHFGHO¶HDXVDQVIURWWHUSXLV
FRQVXOWH]XQPpGHFLQ
6LOHOLTXLGHHQWUHHQFRQWDFWDYHFOHFRUSVRXOHVYrWHPHQWV
LOSRXUUDLWSURYRTXHUXQHLQÀDPPDWLRQGHODSHDXRXGHV
EOHVVXUHV
5LQFH]DERQGDPPHQWDYHFGHO¶HDXFODLUHSXLVFRQVXOWH]
XQPpGHFLQ
&RPPHQWUHWLUHUODSLOH
'pPRQWH]FHSURGXLWORUVTXHODSLOHV¶HVWGpFKDUJpH
/HVLOOXVWUDWLRQVVXLYDQWHVVHUYHQWjH[SOLTXHUFRPPHQW
MHWHUOHSURGXLWHWQHGRLYHQWSDVrWUHXWLOLVpHVSRXUOHV
UpSDUDWLRQV
,OQ¶HVWSDVSRVVLEOHGHUpSDUHUFHSURGXLWXQHIRLVTX¶LOD
pWpGpPRQWp
 5HWLUH]OHVYLVGHVOXQHWWHV'HQXWLOLVDQWXQWRXUQHYLVGH
SUpFLVLRQFUXFLIRUPH 
)5$1d$,6

 3OLH]ODPRQWXUHYHUVO¶LQWpULHXUHWGpWDFKH]ODGXFRXYHUFOH
ODWpUDO
6LHOOHHVWGLI¿FLOHjUHWLUHULQVpUH]XQWRXUQHYLVjODPH
SODWH SRXURXYULU
 5HWLUH]ODSLOHHWVpSDUH]ODGHVOXQHWWHV'HQFRXSDQWOHV
GHX[¿OVjO¶DLGHGHFLVHDX[HQSURFpGDQWXQjODIRLV
,VROH]OHV¿OVGHODSLOHUHWLUpHjO¶DLGHGHUXEDQDGKpVLIHQ
YLQ\OH
%DWWHULH
5(0$548(
 )DLWHVDWWHQWLRQGHQHSDVYRXVEOHVVHUHQHIIHFWXDQWFHWUDYDLO
 eYLWH]G¶HQGRPPDJHURXGHGpPRQWHUODSLOH
)5$1d$,6

'pSDQQDJHHWIRLUHDX[
TXHVWLRQV
9HXLOOH]FRPPHQFHUSDUYpUL¿HUOHVpOpPHQWVVXLYDQWV6LFHODQH
UpVRXWSDVOHSUREOqPHYHXLOOH]FRQWDFWHUOHPDJDVLQRYRXVHQ
DYH]IDLWO¶DFKDW
1HSHXWSDVHQUHJLVWUHUGHVOXQHWWHV'VXUOD
WpOpYLVLRQ
Ź(VWFHTXHODWpOpYLVLRQVXSSRUWHFHVOXQHWWHV'"
8WLOLVHUOHVOXQHWWHV'DYHFGHVWpOpYLVLRQVFRPSDWLEOHV SDJH
Ź$YH]YRXVODLVVpSOXVGHVHFRQGHVV¶pFRXOHUDSUqV
DYRLUSODFpO¶XQLWpHQPRGHHQUHJLVWUHPHQWGHO¶DSSDUHLO"
/HSDUDPqWUHG¶HQUHJLVWUHPHQWV¶DUUrWHDXWRPDWLTXHPHQWVLYRXV
ODLVVH]SOXVGHVHFRQGHVV¶pFRXOHUeWDEOLVVHUO¶HQUHJLVWUHPHQWHQWUH
ODWpOpYLVLRQHWOHVOXQHWWHV'FRQQHFWpHVHQOHVUDSSURFKDQWOHSOXV
SRVVLEOH
/HVLPDJHVQHVRQWSDVHQ'
Ź(VWFHTXHODWpOpYLVLRQDpWpHQUHJLVWUpHDYHFOHV
OXQHWWHV'"
([pFXWH]O¶HQUHJLVWUHPHQWDYHFODWpOpYLVLRQSRXUYpUL¿HU
SDJHj
Ź/HPRGHGHVOXQHWWHV'HVWLOUpJOpVXU'"
)DLWHVJOLVVHUO¶RQJOHWXQHIRLVjODSRVLWLRQ02'(SRXUDOWHUQHUHQWUH
OHVPRGHV'HW'
Ź(VWFHTXHOHVSDUDPqWUHVG¶LPDJHVRQWUpJOpVSRXUOH
'"
5HSRUWH]YRXVDXPRGHG¶HPSORLGXWpOpYLVHXU
Ź'DQVFHUWDLQVFDVOHVLPDJHV'VHURQWGLI¿FLOHVYRLUH
LPSRVVLEOHVjSHUFHYRLUVXUWRXWFKH]OHVXWLOLVDWHXUVTXL
Q¶RQWSDVODPrPHYLVLRQGDQVOHVGHX[\HX[
3UHQH]OHVPHVXUHVQpFHVVDLUHVSDUH[SRUWHUGHVOXQHWWHVSRXU
FRUULJHUYRWUHYLVLRQDYDQWG¶XWLOLVHUOHVOXQHWWHV'
/HVOXQHWWHV'V¶pWHLJQHQWWRXWHVVHXOHV
Ź<DWLOGHVREMHWVHQWUHOHVOXQHWWHVHWOHWpOpYLVHXU"
/HWpPRLQOXPLQHX[QHV¶DOOXPHSDVORUVTXH
O¶LQWHUUXSWHXUHVWSODFpjODSRVLWLRQ©21ª
Ź/HVOXQHWWHV'VRQWHOOHVVXI¿VDPPHQWFKDUJpHV"
6LOHWpPRLQOXPLQHX[QHV¶DOOXPHSDVGXWRXWODSLOHHVWFRPSOqWHPHQW
jSODW(IIHFWXH]XQHUHFKDUJHGHODSLOH
)5$1d$,6

/DEDWWHULHQHVHFKDUJHSDVRXODGXUpHGH
IRQFWLRQQHPHQWHVWFRXUWHORUVTX¶HOOHHVWFKDUJpH
Ź/HFkEOHGHFKDUJHPHQWHVWLOEUDQFKpFRUUHFWHPHQW"
9pUL¿H]VLOHFkEOHGHUHFKDUJHHVWFRUUHFWHPHQWEUDQFKp
Ź/DWpOpYLVLRQHVWHOOHKRUVWHQVLRQ"
0HWWH]OHWpOpYLVHXUVRXVWHQVLRQODUHFKDUJHVHUDODQFpH
Ź/DEDWWHULHDDWWHLQWOD¿QGHVDGXUpHGHYLH
6LODGXUpHGHIRQFWLRQQHPHQWHVWWUqVFRXUWHPrPHORUVTXHODEDWWHULH
HVWFKDUJpHFHODLQGLTXHTX¶HOOHDDWWHLQWOD¿QGHVDGXUpHGHYLH
9HXLOOH]FRQWDFWHUOHPDJDVLQRYRXVDYH]IDLWO¶DFTXLVLWLRQGHFH
SURGXLW
1RWLFHWHFKQLTXH
7\SHGHOHQWLOOH
2EWXUDWHXUjFULVWDOOLTXLGH
7HPSpUDWXUHG¶XWLOLVDWLRQ
&&))
$OLPHQWDWLRQGHFKDUJHPHQW
&&9IRXUQLHSDUOHWHUPLQDO86%G¶XQHWpOpYLVLRQ
3DQDVRQLF
%DWWHULH
%DWWHULHSRO\PqUHUHFKDUJHDEOHDXOLWKLXPLRQ
&&9P$K
'XUpHGHIRQFWLRQQHPHQW (QYLURQ  KHXUHV
'XUpHGHFKDUJHPHQW (QYLURQ  PLQXWHV
&KDUJHPHQWUDSLGHXQHUHFKDUJHGHPLQXWHVSHUPHW
G¶XWLOLVHUOHVOXQHWWHVSHQGDQWHQYLURQKHXUHV
5D\RQGHYLVLELOLWp
-XVTX¶jPGXGHYDQWGHODWpOpYLVLRQ
0DWpULDX[
6WUXFWXUHSULQFLSDOH5pVLQH
9HUUHVYHUUHVjFULVWDX[OLTXLGHV
6\VWqPHGHFRPPXQLFDWLRQ
%DQGH)+66GH*+]eWDOHPHQWGHVSHFWUHSDUVDXWGH
IUpTXHQFH
VXLWHDXYHUVR
)5$1d$,6

'LPHQVLRQVQHFRPSUHQGSDVOHFRXVVLQHWQDVDO
0RGqOHV 7<(5'0*7<(5'6*
/DUJHXU 
PP

PP
+DXWHXU 
PP

PP
3URIRQGHXU 
PP

PP
0DVVH (QYR]
(QYJ
(QYR]
(QYJ
'XUpHGHIRQFWLRQQHPHQWWHPSVGHFKDUJHPHQW(* can be U,W or E
)
 /DEDWWHULHVHGpWpULRUHDSUqVXQXVDJHUpSpWpHWpYHQWXHOOHPHQWOH
WHPSVGHIRQFWLRQQHPHQWVHUDFFRXUFLW/HVFKLIIUHVLQGLTXpVFLGHVVXV
FRUUHVSRQGHQWDXPRPHQWGHODVRUWLHGXSURGXLWGHO¶XVLQHHWLOVQH
FRQVWLWXHQWSDVXQHJDUDQWLHGHSHUIRUPDQFH
5D\RQGHYLVLELOLWp
 /HUD\RQGHYLVLELOLWpjWUDYHUVOHVOXQHWWHV'YDULHG¶XQHSHUVRQQHj
O¶DXWUH
 /HVOXQHWWHV'QHIRQFWLRQQHQWSDVFRUUHFWHPHQWKRUVGHODSODJHGH
YLVLRQQHPHQW
)5$1d$,6

*DUDQWLH/LPLWpH
3DQDVRQLF&DQDGD,QF
$PEOHU'ULYH0LVVLVVDXJD2QWDULR/:7
352'8,73$1$621,&±*$5$17,(/,0,7e(
352*5$00('(5(03/$&(0(17
3DQDVRQLF&DQDGD,QFJDUDQWLWTXHFHSURGXLWHVWH[HPSWGHGpIDXWV
GHPDWpULDX[HWGHPDLQG¶°XYUHGDQVXQFRQWH[WHG¶XWLOLVDWLRQ
QRUPDOHSHQGDQWODSpULRGHLQGLTXpHFLDSUqVjFRPSWHUGHODGDWH
G¶DFKDWRULJLQDOHWGDQVO¶pYHQWXDOLWpG¶XQHGpIHFWXRVLWpDFFHSWHj
VDGLVFUpWLRQGHDUpSDUHUOHSURGXLWDYHFGHVSLqFHVQHXYHVRX
UHPLVHVjQHXIEUHPSODFHUOHSURGXLWSDUXQSURGXLWQHXIRXUHPLV
jQHXIG¶XQHYDOHXUpTXLYDOHQWHRXFUHPERXUVHUOHSUL[G¶DFKDW/D
GpFLVLRQGHUpSDUHUUHPSODFHURXUHPERXUVHUDSSDUWLHQWj3DQDVRQLF
&DQDGD,QF
 $FFHVVRLUHV\FRPSULVSLOHVUHFKDUJHDEOHV
 8QDQ
/DSUpVHQWHJDUDQWLHQ¶HVWIRXUQLHTX¶jO¶DFKHWHXURULJLQDOG¶XQGHVSURGXLWV
GHPDUTXH3DQDVRQLFLQGLTXpVSOXVKDXWRXjODSHUVRQQHO¶D\DQWUHoXHQ
FDGHDXYHQGXSDUXQGpWDLOODQW3DQDVRQLFDJUppDX&DQDGDHWXWLOLVpDX
&DQDGD/HSURGXLWQHGRLWSDVDYRLUpWp©YHQGXWHOTXHOªHWGRLWDYRLUpWp
OLYUpjO¶pWDWQHXIGDQVVRQHPEDOODJHG¶RULJLQH
3285Ç75($'0,66,%/($8;6(59,&(6$87,75('(/$
35e6(17(*$5$17,(/$35e6(17$7,21'¶815(d8
'¶$&+$728'(7287($875(3,Ê&(-867,),&$7,9('(/$
'$7('¶$&+$725,*,1$/,1',48$17/(0217$173$<e(7
/(/,(8'(/¶$&+$7(675(48,6(
5(675,&7,216(7(;&/86,216
/DSUpVHQWHJDUDQWLH&2895(6(8/(0(17OHVGpIDLOODQFHV
DWWULEXDEOHVjXQGpIDXWGHVPDWpULDX[RXjXQYLFHGHIDEULFDWLRQHW
1(&2895(3$6O¶XVXUHQRUPDOHQLOHVGRPPDJHVHVWKpWLTXHV/D
SUpVHQWHJDUDQWLH1(&2895(3$61213/86OHVGRPPDJHVVXELV
SHQGDQWOHWUDQVSRUWOHVGpIDLOODQFHVFDXVpHVSDUGHVSURGXLWVQRQ
IRXUQLVSDU3DQDVRQLF&DQDGDLQFQLFHOOHVUpVXOWDQWG¶XQDFFLGHQW
G¶XQXVDJHDEXVLIRXLPSURSUHGHQpJOLJHQFHG¶XQHPDQXWHQWLRQ
LQDGpTXDWHG¶XQHPDXYDLVHDSSOLFDWLRQG¶XQHDOWpUDWLRQG¶XQH
LQVWDOODWLRQRXGHUpJODJHVLPSURSUHVG¶XQPDXYDLVUpJODJHGHV
FRQWU{OHVGHO¶XWLOLVDWHXUG¶XQPDXYDLVHQWUHWLHQG¶XQHVXUWHQVLRQ
WHPSRUDLUHGHODIRXGUHG¶XQHPRGL¿FDWLRQGHODSpQpWUDWLRQGH
VDEOHGHOLTXLGHVRXG¶KXPLGLWpG¶XQHXWLOLVDWLRQFRPPHUFLDOHGDQV
XQK{WHOXQEXUHDXXQUHVWDXUDQWRXWRXWDXWUHXVDJHSDUDIIDLUHV
RXHQORFDWLRQG¶XQHUpSDUDWLRQHIIHFWXpHSDUXQHHQWLWpDXWUHTX¶XQ
FHQWUHGHVHUYLFH3DQDVRQLFDJUppRXHQFRUHG¶XQHFDWDVWURSKH
QDWXUHOOH
/HVSLOHVVqFKHVVRQWpJDOHPHQWH[FOXHVGHODSUpVHQWHJDUDQWLH
VXLWHDXYHUVR
)5$1d$,6

&(77(*$5$17,(/,0,7e((7(;35(66(5(03/$&(7287(
$875(*$5$17,((;35(66(28,03/,&,7(,1&/8$17/(6
*$5$17,(6,03/,&,7(6'8&$5$&7Ê5($'e48$73285
/$&200(5&,$/,6$7,21(78186$*(3$57,&8/,(5
3$1$621,&&$1$'$,1&1¶$85$'¶2%/,*$7,21(1$8&81(
&,5&2167$1&(32857287'200$*(',5(&7,1',5(&728
&216e&87,)5e68/7$17'(/¶87,/,6$7,21'(&(352'8,7
28'e&28/$17'(7287('e52*$7,21¬81(*$5$17,(
(;35(66(28,03/,&,7(¬WLWUHG¶H[HPSOHVFHWWHJDUDQWLHH[FOXW
OHVGRPPDJHVUHODWLIVjXQHSHUWHGHWHPSVOHWUDQVSRUWMXVTX¶j
HWGHSXLVXQFHQWUHGHVHUYLFHDJUppODSHUWHRXODGpWpULRUDWLRQ
GHVXSSRUWVRXG¶LPDJHVGHGRQQpHVRXGHWRXWDXWUHFRQWHQXHQ
PpPRLUHRXHQUHJLVWUp&HWWHOLVWHQ¶HVWSDVH[KDXVWLYHHWQ¶HVW
IRXUQLHTX¶jGHV¿QVH[SOLFDWLYHV
&HUWDLQHVMXULGLFWLRQVQHUHFRQQDLVVHQWSDVOHVH[FOXVLRQVRX
OLPLWDWLRQVGHGRPPDJHVLQGLUHFWVRXFRQVpFXWLIVRXOHVH[FOXVLRQV
GHJDUDQWLHVLPSOLFLWHV'DQVGHWHOVFDVOHVOLPLWDWLRQVVWLSXOpHVFL
GHVVXVSHXYHQWQHSDVrWUHDSSOLFDEOHV/DSUpVHQWHJDUDQWLHYRXV
FRQIqUHGHVGURLWVSUpFLVYRXVSRXUULH]DXVVLDYRLUG¶DXWUHVGURLWV
SRXYDQWYDULHUVHORQYRWUHSURYLQFHRXWHUULWRLUHGHUpVLGHQFH
'(0$1'('(5(16(,*1(0(176
3RXUWRXWUHQVHLJQHPHQWVXUOHVSURGXLWVHWGHO¶DVVLVWDQFHWHFKQLTXH
YHXLOOH]FRPPXQLTXHUDYHF
&HQWUHGHVHUYLFHjODFOLHQWqOH
7pOpSKRQH 
 7pOpFRSLHXU
 /LHQFRXUULHO
 ©6XSSRUWjODFOLHQWqOHĺFRQWDFWH]QRXVĺFRXUULHOª
 jZZZSDQDVRQLFFD
3RXUOHUHPSODFHPHQWG¶XQSURGXLWGpIHFWXHX[FRXYHUWSDUODJDUDQWLH
YHXLOOH]FRPPXQLTXHUDYHFOHUHYHQGHXUG¶RULJLQHRXQRWUHFHQWUHGH
VHUYLFHjODFOLHQWqOH
)5$1d$,6

)5$1d$,6
ヱ㄂ㄏ㄂ㄔㄐㄏㄊ㄄チヤㄐㄓㄑㄐㄓ㄂ㄕㄊㄐㄏ
:HE6LWHKWWSSDQDVRQLFQHW
3DQDVRQLF&RUSRUDWLRQ
,QIRUPDWLRQVVXUO¶pYDFXDWLRQGHVGpFKHWVGDQVOHVSD\VQH
IDLVDQWSDVSDUWLHGHO¶8QLRQHXURSpHQQH
&HV\PEROHQ¶HVWUHFRQQXTXHGDQVO¶8QLRQ
HXURSpHQQH
3RXUYRXVGpEDUUDVVHUGHFHSURGXLWYHXLOOH]
FRQWDFWHUOHVDXWRULWpVORFDOHVRXYRWUHUHYHQGHXU
D¿QGHFRQQDvWUHODSURFpGXUHG¶pOLPLQDWLRQj
VXLYUH
&HORJRLQGLTXHOHVSURGXLWVTXLVRQWFRPSDWLEOHVDYHFOHV
QRUPHVGHWHFKQRORJLHVGHVOXQHWWHV'DX[YROHWVDFWLIV
OLFHQFLpHVSDUO¶LQLWLDWLYH)XOO+''*ODVVHV,QLWLDWLYH/HORJR
5)LQGLTXHOHVSURGXLWVTXLIRQFWLRQQHQWDYHFXQV\VWqPHVDQV¿O
HWSHXWrWUHXWLOLVpVXUQ¶LPSRUWHTXHOOHWpOpYLVLRQTXLGLVSRVHGX
PrPHORJR
/HORJR©)XOO+''ªLQGLTXHTX¶LO\DXQHFRPSDWLELOLWpHQWUH
OHVSURGXLWVWpOpVHWOHVOXQHWWHV'TXLVRQWFRQIRUPHVDXIRUPDW
©)XOO+''*ODVVHVªHWQ¶LQGLTXHSDVODTXDOLWpGHO¶LPDJH
'TXLGHYUDLWGpSHQGUHGHODTXDOLWpGHVSURGXLWVWpOpV
/HORJR©)XOO+''/XQHWWHVªHWOHPRW©)XOO+''
*ODVVHVªVRQWGHVPDUTXHVGpSRVpHVGH)XOO+''*ODVVHV
,QLWLDWLYH
/HQRPHWOHVORJRV%OXHWRRWKVRQWODSURSULpWpGH%OXHWRRWK
6,*,QFHWTXHOFRQTXHXWLOLVDWLRQGHFHVQRPVHWORJRVSDU
3DQDVRQLF&RUSRUDWLRQHVWVRXVFRQWUDWGHOLFHQFH
/HVDXWUHVPDUTXHVGpSRVpHVHWOHVQRPVFRUSRUDWLIVVRQWFHX[
GHOHXUVSURSULpWDLUHV
(63$f2/
,QVWUXFFLRQHVGH
IXQFLRQDPLHQWR
*DIDV'
0RGHOR1

*UDFLDVSRUFRPSUDUXQSURGXFWRGH
3DQDVRQLF
$QWHVGHXWLOL]DUHVWHSURGXFWROHDFXLGDGRVDPHQWHODV
LQVWUXFFLRQHV\JXDUGHHVWHPDQXDOSDUDHOIXWXUR
$QWHVGHXVDUHVWHSURGXFWRDVHJ~UHVHGHKDEHUOHtGRODV
³,QVWUXFFLRQHVGHVHJXULGDG´\ODV³3UHFDXFLRQHVGHXVR´
SiJLQDV
(VWDV*DIDV'SXHGHQXVDUVHFRQPRGHORV+'79V
GH3DQDVRQLFTXHVHDQFRPSDWLEOHVFRQ'\OD
WHFQRORJtDLQDOiPEULFD%OXHWRRWKTXHWHQJDQHOORJR
TXHVHPXHVWUDDFRQWLQXDFLyQ SiJLQD
3DUDREWHQHUODLQIRUPDFLyQPiVUHFLHQWHHQORV
PRGHORVDSOLFDEOHVSXHGHYLVLWDUQXHVWURVLWLRZHE
KWWSSDQDVRQLFQHW
(VWHSURGXFWRQRSXHGHXVDUVHFRPRJDIDVGH
VRO
,QVWUXFFLRQHVGH
VHJXULGDG
$GYHUWHQFLD
&DORU
1RWLUHODV*DIDV'DOIXHJRQRODVH[SRQJDDOFDORU
QLODVGHMHHQOXJDUHVTXHSXHGDQFDOHQWDUVH
/DV*DIDV'FRQWLHQHQXQDEDWHUtDUHFDUJDEOHGHLRQHV\SROtPHURVGH
OLWLR
FRQWLQ~DDOGRUVR
TY-ER3D4MU TY-ER3D4SU
TY-ER3D4ME TY-ER3D4SE
TY-ER3D4MW TY-ER3D4SW
TY-ER3D4MC TY-ER3D4SC
(63$f2/
(OFDOHQWDPLHQWRSXHGHSURYRFDUFRPEXVWLyQRURWXUDGHODEDWHUtDOR
TXHSXHGHFDXVDUTXHPDGXUDVRLQFHQGLRV
/XJDU
1RXVHODV*DIDV'HQKRVSLWDOHVXRWUDV
LQVWDODFLRQHVPpGLFDV
/DVRQGDVGHUDGLRGHODV*DIDV'SXHGHQFDXVDULQWHUIHUHQFLDHQORV
HTXLSRVPpGLFRV
1RXVHODV*DIDV'FHUFDGHHTXLSRVGHFRQWURO
DXWRPiWLFRWDOHVFRPRSXHUWDVDXWRPiWLFDVDSDUDWRV
GHDODUPDGHLQFHQGLRVHWF
/DVRQGDVGHUDGLRGHODV*DIDV'SXHGHQFDXVDULQWHUIHUHQFLDHQORV
HTXLSRVGHFRQWURODXWRPiWLFR
(QWRGRPRPHQWRPDQWHQJDODV*DIDV'DXQD
GLVWDQFLDPD\RUGHFPSXOJDGDVGHXQLPSODQWH
GHPDUFDSDVRVRGHFXDOTXLHUHTXLSRPpGLFR
LPSODQWDEOHVLPLODU
/DVRQGDVGHUDGLRGHODV*DIDV'SXHGHQDIHFWDUHOIXQFLRQDPLHQWR
GHPDUFDSDVRVFDUGtDFRVLPSODQWDEOHVXRWURVHTXLSRVVLPLODUHV
,QJHVWLyQDFFLGHQWDO
1RJXDUGHQLQJ~QFRPSRQHQWHGHODV*DIDV'HQ
OXJDUHVTXHSXHGDQVHUDOFDQ]DGRSRUQLxRV
SHTXHxRV
([LVWHULHVJRGHTXHORVQLxRVSHTXHxRVSXHGDQWUDJDUVHWDOHVSLH]DV
SRUHUURU
 6LXQQLxRLQJLHUHDFFLGHQWDOPHQWHXQDGHHVWDVSLH]DVVROLFLWH
DWHQFLyQPpGLFDGHLQPHGLDWR
'HVPRQWDMH
1RGHVPRQWHRPRGL¿TXHODV*DIDV'
&XDQGRGHVHFKHHVWHSURGXFWRFRQVXOWHODVHFFLyQ³(OLPLQDFLyQ´
SiJLQDSDUDVDEHUFyPRVDFDU\HOLPLQDUODEDWHUtD
UHFDUJDEOH
$FHUFDGHODFDUJD
&DUJXHFRQHFWDQGRHOFDEOHGHFDUJDLQFOXLGRDO
WHUPLQDO86%GHXQ793DQDVRQLFFRPSDWLEOHFRQ'
/DFDUJDFRQRWURVGLVSRVLWLYRVSXHGHUHVXOWDUHQSpUGLGDVHQODEDWHUtD
UHFDOHQWDPLHQWRRURWXUDV
1RXWLOLFHHOFDEOHGHFDUJDLQFOXLGRSDUDRWURVXVRV
TXHQRVHDQFDUJDUODV*DIDV'
+DFLHQGRHVWRSXHGHRFDVLRQDUUHFDOHQWDPLHQWRFRPEXVWLyQRGDxRV
(63$f2/
3UHFDXFLyQ
$FHUFDGHODV*DIDV'
0DQHMHFRQFXLGDGRODV*DIDV'\FXDQGRQRODV
XVHPDQWpQJDODVHQHOHVWXFKHSURSRUFLRQDGR
'HORFRQWUDULRSRGUtDQGDxDUVHODVJDIDV\ODSDUWHGHFULVWDOORFXDO
SRGUtDFDXVDUOHVLRQHV
7HQJDFXLGDGRFRQORVH[WUHPRVGHODPRQWXUDDO
FRORFDUVHODV*DIDV'\DTXHHOFRQWDFWRDFFLGHQWDO
GHOH[WUHPRGHODPRQWXUDHQVXRMRSRGUtDFDXVDUOH
OHVLRQHV
6LHPSUHPDQWHQJDODV*DIDV'HQXQOXJDUIUHVFR\
VHFR
6LQRORKDFHSRGUtDSURYRFDUXQLQFHQGLRRXQDGHVFDUJDHOpFWULFD
7HQJDFXLGDGRGHQRSLOODUVHXQGHGRHQOD]RQDGHOD
ELVDJUDGHODV*DIDV'
3RGUtDRFDVLRQDUOHOHVLRQHV
 6XSHUYLVHDORVQLxRVFXDQGRXVHQHVWHSURGXFWR
$FHUFDGHOXVRGHODV*DIDV'
/RVSDGUHVRHQFDUJDGRVGHORVQLxRVGHEHQ
VXSHUYLVDUORVKiELWRVGHYLVXDOL]DFLyQSDUDHYLWDU
HOXVRSURORQJDGRGHODV*DIDV'VLQSHUtRGRVGH
GHVFDQVR
&XDQGRVHXVHQODV*DIDV'HQDSOLFDFLRQHV
FRPHUFLDOHVRS~EOLFDVXQDSHUVRQDFRQDXWRULGDG
GHEHFRPXQLFDUODVSUHFDXFLRQHV\YLJLODUDORV
XVXDULRV
8WLOLFHODV*DIDV'VRORSDUDVXXVRSUHYLVWRGH
YLVXDOL]DFLyQGHFRQWHQLGR'
1RVHGHVSODFHFXDQGROOHYHSXHVWDVODV*DIDV'
9HUiRVFXUDOD]RQDTXHORURGHD(VWRSRGUtDKDFHUOHFDHURFDXVDUOH
RWURVDFFLGHQWHVTXHOHSRGUtDQSURYRFDUOHVLRQHV
$QWHVGHFDGDXVRUHYLVHVLODV*DIDV'WLHQHQ
DOJ~QGDxR
FRQWLQ~DDOGRUVR
(63$f2/
$FHUFDGHODYLVXDOL]DFLyQGHLPiJHQHV'
(QFDVRGHTXHH[SHULPHQWHVHQVDFLRQHVGHPDUHR
QiXVHDVRPDOHVWDUFXDQGRYLVXDOLFHLPiJHQHV'
LQWHUUXPSDHOXVRGHOGLVSRVLWLYR\GHMHGHVFDQVDUD
VXVRMRV
 &XDQGRHVWDEOH]FDHOHIHFWRXVDQGRHO³DMXVWHGH'´WHQJDHQ
FXHQWDTXHODYLVLyQGHODVLPiJHQHV'YDUtDGHSHUVRQDDSHUVRQD
1RXVHODV*DIDV'VLHVWiQUDMDGDVRURWDV
(OPDWHULDOTXHSXHGHYLVXDOL]DUVHHQ'LQFOX\H
GLVFRV%OXUD\FRPHUFLDOHVHPLVLRQHVHQ'HWF
&XDQGRSUHSDUHVXSURSLRPDWHULDO'DVHJ~UHVHGH
SURGXFLUORFRUUHFWDPHQWH
'(&/$5$&,Ï1'(/$)&&
(VWHHTXLSRKDVLGRSUREDGR\KDGHPRVWUDGRFXPSOLUFRQODV
OLPLWDFLRQHVSDUDORVGLVSRVLWLYRVGLJLWDOHVGHOD&ODVH%GH
FRQIRUPLGDGFRQHO$SDUWDGRGHODV1RUPDVGHOD)&&(VWRV
OtPLWHVKDQVLGRGLVHxDGRVSDUDSURSRUFLRQDUXQDSURWHFFLyQ
UD]RQDEOHFRQWUDODVLQWHUIHUHQFLDVSHUMXGLFLDOHVHQXQD
LQVWDODFLyQUHVLGHQFLDO(VWHHTXLSRJHQHUDXWLOL]D\SXHGHUDGLDU
HQHUJtDUDGLRHOpFWULFD\VLQRVHLQVWDOD\XWLOL]DGHDFXHUGR
FRQODVLQVWUXFFLRQHVSXHGHFDXVDULQWHUIHUHQFLDVSHUMXGLFLDOHV
HQODVFRPXQLFDFLRQHVSRUUDGLR6LQHPEDUJRQRH[LVWH
QLQJXQDJDUDQWtDGHTXHODVLQWHUIHUHQFLDVQRVHSURGX]FDQHQ
XQDLQVWDODFLyQSDUWLFXODU6LHVWHHTXLSRFDXVDLQWHUIHUHQFLDV
SHUMXGLFLDOHVHQODUHFHSFLyQGHODUDGLRRODWHOHYLVLyQOR
TXHSXHGHGHWHUPLQDUVHDSDJDQGR\HQFHQGLHQGRHOHTXLSR
DOXVXDULRVHOHUHFRPLHQGDLQWHQWDUFRUUHJLUODLQWHUIHUHQFLD
WRPDQGRXQDRPiVGHODVPHGLGDVVLJXLHQWHV
 &DPELHODRULHQWDFLyQRHOOXJDUGHLQVWDODFLyQGHODDQWHQD
 $XPHQWHODVHSDUDFLyQHQWUHHOHTXLSR\HOUHFHSWRU
 &RQVXOWHDOFHQWURGHVHUYLFLRGH3DQDVRQLFRDXQWpFQLFRHQ
UDGLRWHOHYLVLyQFRQH[SHULHQFLDSDUDVROLFLWDUVXD\XGD
$YLVRGHOD)&&
3DUDDVHJXUDUHOFXPSOLPLHQWRFRQWLQXRVLJDODV
LQVWUXFFLRQHVGHLQVWDODFLyQTXHVHDGMXQWDQ\FXDQGRKDJD
FRQH[LRQHVFRQFRPSXWDGRUDVRGLVSRVLWLYRVSHULIpULFRV
XVHVRORXQFDEOHGHLQWHUID]EOLQGDGRFRQQ~FOHRGHIHUULWD
&XDOTXLHUFDPELRRPRGL¿FDFLyQTXHQRHVWpH[SUHVDPHQWH
DSUREDGRSRU3DQDVRQLF&RUSRI1RUWK$PHULFDSRGUtD
DQXODUODDXWRULGDGGHOXVXDULRSDUDRSHUDUHVWHGLVSRVLWLYR
(63$f2/
'HFODUDFLyQGHFRQIRUPLGDGGHOD)&&
0RGHORV 7<(5'087<(5'68
5HVSRQVDEOH 3DQDVRQLF&RUSRUDWLRQRI1RUWK$PHULFD
2QH3DQDVRQLF:D\6HFDXFXV1-
'LUHFFLyQGHFRQWDFWR 3DQDVRQLF&RQVXPHU(OHFWURQLFV&RPSDQ\
9,(5$
HPDLO FRQVXPHUSURGXFWV#SDQDVRQLFFRP
(VWHGLVSRVLWLYRFXPSOHFRQODSDUWHGHODQRUPDWLYD)&&(O
IXQFLRQDPLHQWRHVWiVXMHWRDODVGRVFRQGLFLRQHVVLJXLHQWHV(VWH
GLVSRVLWLYRSXHGHQRFDXVDULQWHUIHUHQFLDVQHJDWLYDV\HVWHGLVSRVLWLYR
GHEHDFHSWDUFXDOTXLHULQWHUIHUHQFLDUHFLELGDLQFOX\HQGRODVLQWHUIHUHQFLDV
TXHSXHGDQFDXVDUXQIXQFLRQDPLHQWRQRGHVHDGR
3UHFDXFLRQHVGHXVR
/HQWHV
1RHMHU]DSUHVLyQVREUHHOREWXUDGRUGHFULVWDOOtTXLGR
$VLPLVPRQRGHMHFDHUQLGREOHODV*DIDV'
1RUD\HODVXSHU¿FLHGHOREWXUDGRUGHFULVWDOOtTXLGRFRQXQ
LQVWUXPHQWRSXQWLDJXGRHWF(QWDOFDVRSRGUtDQGDxDUVH
ODV*DIDV'\UHGXFLUODFDOLGDGGHODLPDJHQHQ'
3UHFDXFLRQHVGXUDQWHHOYLVLRQDGR
1RXVHGLVSRVLWLYRVTXHHPLWDQRQGDVHOHFWURPDJQpWLFDV
SRWHQWHVFRPRWHOpIRQRVPyYLOHVRWUDQVFHSWRUHV
SHUVRQDOHVFHUFDGHODV*DIDV''HWDOPDQHUDODV
*DIDV'SRGUtDQIXQFLRQDULQFRUUHFWDPHQWH
/DV*DIDV'QRSXHGHQIXQFLRQDUFRUUHFWDPHQWHD
WHPSHUDWXUDVDOWDVREDMDV8WLOtFHODVGHQWURGHOUDQJRGH
WHPSHUDWXUDVHVSHFL¿FDGDVGHXVR SiJLQD
6LODV*DIDV'VHXVDQHQXQDKDELWDFLyQLOXPLQDGDFRQ
OXFHVÀXRUHVFHQWHV+]ODOX]GHODKDELWDFLyQSXHGH
TXHVHYHDSDUSDGHDQWH(QWDOFDVRFXDQGRYD\DDXVDU
ODV*DIDV'RVFXUH]FDRDSDJXHODVOXFHVÀXRUHVFHQWHV
&ROyTXHVHODV*DIDV'FRUUHFWDPHQWH/DVLPiJHQHV
HQ'QRVHYHUiQFRUUHFWDPHQWHVLODV*DIDV'HVWiQ
SXHVWDVDOUHYpVRJLUDGDV
2WURVWLSRVGHSDQWDOODFRPRODVGHORVRUGHQDGRUHV
UHORMHVGLJLWDOHVRFDOFXODGRUDVHWFSXHGHQUHVXOWDU
GLItFLOHVGHYHUFXDQGROOHYHSXHVWDVODV*DIDV'1RXVH
ODV*DIDV'SDUDYHUFRVDVTXHQRVHDQLPiJHQHVHQ'
FRQWLQ~DDOGRUVR
(63$f2/
3DUDXQDYLVXDOL]DFLyQFyPRGD
90LUHDODSDQWDOODDXQDGLVWDQFLDDOPHQRVYHFHV
PD\RUTXHODDOWXUDHIHFWLYDGHODSDQWDOOD'LVWDQFLD
UHFRPHQGDGD
7&367¶P
7&397¶P
8VDUODV*DIDV'DXQDGLVWDQFLDPHQRUDODUHFRPHQGDGD
SXHGHSURYRFDUIDWLJDRFXODU
&XDQGROD]RQDVXSHULRUHLQIHULRUGHODSDQWDOODVH
HQQHJUH]FDFRPRDOYHUSHOtFXODVYLVXDOLFHODSDQWDOOD
DXQDGLVWDQFLDYHFHVPD\RUTXHODDOWXUDGHODLPDJHQ
UHDO
(VWRKDUiTXHODGLVWDQFLDGHYLVXDOL]DFLyQVHDPHQRUTXH
ODGLVWDQFLDUHFRPHQGDGDDQWHULRUPHQWH
'HMHGHXWLOL]DUODV*DIDV'LQPHGLDWDPHQWHVLQRWDVX
SLHOUDUD
(QFDVRVH[FHSFLRQDOHVODSLQWXUDRORVPDWHULDOHVXVDGRV
HQODV*DIDV'SRGUtDQFDXVDUXQDUHDFFLyQDOpUJLFD
'HMHGHXVDUODV*DIDV'LQPHGLDWDPHQWHVLH[SHULPHQWD
URMH]GRORURSLFRUHQVXQDUL]RVLHQHV
8QXVRSURORQJDGRSRGUtDFDXVDUWDOHVVtQWRPDVGHELGRD
ODSUHVLyQH[FHVLYDORTXHSRGUtDSURYRFDUDOXVXDULRXQD
VHQVDFLyQGHPDOHVWDU
(OXVRHQiUHDVHQODVTXHH[LVWHQVHxDOHV%OXHWRRWKGH
RWURVGLVSRVLWLYRVSXHGHLQWHUIHULUFRQHOIXQFLRQDPLHQWRGH
ODV*DIDV'
8VRGHRQGDVGHUDGLR
(VWDXQLGDGXWLOL]DODIUHFXHQFLDGHUDGLRGH*+]GHEDQGD
,60%OXHWRRWK6LQHPEDUJRRWURVHTXLSRVLQDOiPEULFRV
SXHGHQXVDUODPLVPDIUHFXHQFLD$VHJ~UHVHGHWHQHUHQFXHQWD
ORVLJXLHQWHSDUDHYLWDUODLQWHUIHUHQFLDGHODVRQGDVGHUDGLRGH
RWURVHTXLSRV
5HVWULFFLRQHVGHXVR
6RORSDUDXVRHQVXSDtV
$OFDQFHGHXVR
(ODOFDQFHGHXVRWLHQHXQOtPLWHDSUR[LPDGRGHPSLHV(O
DOFDQFHSXHGHVHUPHQRUGHSHQGLHQGRGHODHVWUXFWXUDGHOHGL¿FLR
GHODPELHQWH\GHFXDOTXLHUREVWiFXORTXHH[LVWDHQWUHHOUHFHSWRU\
HOWUDQVPLVRU'LFKRVREVWiFXORVWDOHVFRPRODVSDUHGHVGHFRQFUHWR
UHIRU]DGR\HVSHFLDOPHQWHODVSXHUWDVGHPHWDOREVWUX\HQODVVHxDOHV
GHOWUDQVPLVRU
(63$f2/
,QWHUIHUHQFLDGHRWURVHTXLSRV
&XDQGRODXQLGDGVHFRORFDPX\FHUFDGHRWURVHTXLSRVSXHGHQ
SURGXFLUVHIDOODVHQHOIXQFLRQDPLHQWRGHELGRDODLQWHUIHUHQFLDGH
VHxDOHVGHUDGLR5HFRPHQGDPRVPDQWHQHUODXQLGDGORPiVOHMRV
SRVLEOHGHORVVLJXLHQWHVGLVSRVLWLYRV
/RVGLVSRVLWLYRV%OXHWRRWKDSDUWHGHHVWDXQLGDG/$1LQDOiPEULFR
KRUQRVGHPLFURRQGDVGLVSRVLWLYRVGHDXWRPDWL]DFLyQGHR¿FLQD
WHOpIRQRVLQDOiPEULFRV\RWURVGLVSRVLWLYRVHOHFWUyQLFRV
/DXQLGDGHVWiGLVHxDGDSDUDHYLWDUDXWRPiWLFDPHQWHODVLQWHUIHUHQFLDV
GHUDGLRGHHVWRVGLVSRVLWLYRVGHOKRJDU6LQHPEDUJRSXHGHSURGXFLUVH
XQPDOIXQFLRQDPLHQWRFRQLQWHUIHUHQFLDVGHUDGLR
$FFHVRULRV
&DEOHGHFDUJDÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ!
..<<<<
!LQGLFDODFDQWLGDG
(63$f2/
&RQWUROHVGH
LGHQWL¿FDFLyQ
%RWyQGHHQFHQGLGR
/X]LQGLFDGRUD
3XHUWRGHFDUJD'&,1
%RWyQGHHQFHQGLGR
212)) 0XHYDHOSHTXHxRLQWHUUXSWRUHQWUHODV
SRVLFLRQHVGH212))SDUDHQFHQGHUR
DSDJDUODDOLPHQWDFLyQ
02'( 'HVOLFHHOERWyQXQDYH]DODSRVLFLyQGH
02'(SDUDFDPELDUHQWUHHOPRGR'\HO
'
 '9HUXQDLPDJHQ'HQ'
6RVWHQJDHOERWyQHQODSRVLFLyQ02'(
GXUDQWHPiVGHVHJXQGRVSDUDUHJLVWUDUODV
JDIDVFRQHOWHOHYLVRU SiJLQD
/X]LQGLFDGRUD
/XFHVRSDUSDGHRVGXUDQWHHOXVRRODFDUJDSDUDPRVWUDUHO
HVWDGRGHODEDWHUtDUHFDUJDEOH\ODUHJLVWUDFLyQ
3XHUWRGHFDUJD
&RQHFWHHOFDEOHGHFDUJD
 5HDOLFHODFDUJDFRQHFWDQGRHOFDEOHSDUDFDUJDTXHHVWi
LQFOXLGR
(63$f2/
(VWDGRGHODOX]LQGLFDGRUD
/X]LQGLFDGRUD (VWDGR
6HDFWLYDXQDOX]URMDGXUDQWH
VHJXQGRVFXDQGRVH
HQFLHQGH
1LYHOGHEDWHUtDVX¿FLHQWH
3DUSDGHDYHFHVFXDQGRVH
HQFLHQGH
1LYHOGHEDWHUtDEDMR
3DUSDGHDFRQOX]URMD\YHUGH
DOWHUQDGDPHQWH
'XUDQWHODUHJLVWUDFLyQ
3DUSDGHDFRQOX]YHUGHXQD
YH]FDGDVHJXQGRV
(VWDEOHFLHQGRUHFRQH[LyQFRQ
79
(QFLHQGHXQDOX]YHUGH
GXUDQWHVHJXQGRV
6HFRPSOHWyFRQp[LWROD
UHJLVWUDFLyQRODUHFRQH[LyQ
3DUSDGHDFRQOX]URMDYHFHV $SDJDGRDXWRPiWLFR
)DOODHQODUHJLVWUDFLyQROD
UHFRQH[LyQRSpUGLGDGHOD
FRQH[LyQ
3DUSDGHDOX]URMDXQDYH]
FDGDVHJXQGRVFXDQGRHVWi
HQXVR
(OPRGR'HVWiVHOHFFLRQDGR
3DUSDGHDOX]URMDGRVYHFHV
FDGDVHJXQGRVFXDQGRHVWi
HQXVR
(OPRGR'HVWiVHOHFFLRQDGR
&DUJDQGR
&DUJDQGRODV*DIDV'
&RQHFWHODV*DIDV'DOWHOHYLVRUFRQHOFDEOHGHFDUJDTXH
VHLQFOX\H\HQFLHQGDHOWHOHYLVRU
 &XDQGRODODPSDUDLQGLFDGRUDVHDSDJDODFDUJDHVWi
FRPSOHWD6HUHTXLHUHDSUR[LPDGDPHQWHPLQXWRV
127$
 &DUJXHODV*DIDV'DQWHVGHXVDUODVSRUSULPHUDYH]GHVSXpVGHVX
FRPSUDRGHVSXpVGHODUJRVSHUtRGRVHQGHVXVR
 $VHJ~UHVHGHHQFHQGHUHOWHOHYLVRUFXDQGRFDUJXH/DEDWHUtDQRVH
FDUJDUiVLHOWHOHYLVRUHVWiDSDJDGR

(63$f2/
5HJLVWUDFLyQ
3ULPHUDUHJLVWUDFLyQ
&XDQGRXVHODV*DIDV'SRUSULPHUDYH]UHDOLFHOD3ULPHUD
UHJLVWUDFLyQ
 (QFLHQGDHOWHOHYLVRUSDUDYHU
 'HVOLFHHOERWyQGHODSRVLFLyQ2))DODSRVLFLyQ21
/DV*DIDV'VHHQFHQGHUiQ\HPSH]DUiQODUHJLVWUDFLyQ
&RORTXHODV*DIDV'DXQDGLVWDQFLDPi[LPDGHSLHV
FPGHOWHOHYLVRUPLHQWUDVVHUHDOL]DODUHJLVWUDFLyQ
 (O/('YHUGHGHODV*DIDV'VHHQFLHQGHGXUDQWH
VHJXQGRVFXDQGRVHFRPSOHWDFRQp[LWRODUHJLVWUDFLyQ
'HVSXpVGHODSULPHUDUHJLVWUDFLyQODV*DIDV'VH
UHFRQHFWDUiQDXWRPiWLFDPHQWHFRQHOWHOHYLVRUFXDQGRVH
HQFLHQGDHOGLVSRVLWLYRFHUFDGHOWHOHYLVRUHQHOPRGRGH'
1XHYDUHJLVWUDFLyQ
&XDQGRIDOODODFRQH[LyQFRQHOWHOHYLVRUUHJLVWUDGRRFXDQGR
VHXVDRWURWHOHYLVRUVHGHEHQUHJLVWUDUQXHYDPHQWHODV
*DIDV'
 (QFLHQGDHOWHOHYLVRUSDUDYHU
 $XQDGLVWDQFLDPHQRUGHSLHVFPGHOWHOHYLVRU
VRVWHQJDHOERWyQHQODSRVLFLyQ02'(GXUDQWHPiVGH
VHJXQGRV
(QWRQFHVLQLFLDUiODUHJLVWUDFLyQ
 (O/('YHUGHVHHQFLHQGHGXUDQWHVHJXQGRVFXDQGRVH
FRPSOHWDFRQp[LWRODUHJLVWUDFLyQ
6LIDOODODUHJLVWUDFLyQODV*DIDV'VHDSDJDUiQ
(QWDOFDVRDSDJXHHOWHOHYLVRU\UHSLWDHOSURFHVRGHVGHHO
SDVR
1RFRQHFWHHOFDEOHGHFDUJDPLHQWUDVYXHOYHDUHJLVWUDU
6XHOWHHOERWyQFXDQGRLQLFLHODQXHYDUHJLVWUDFLyQ

(63$f2/
$OPDFHQDPLHQWR\
OLPSLH]D
/tPSLHODVXVDQGRXQSDxRVXDYH\VHFR
6LOLPSLDODV*DIDV'FRQXQSDxRVXDYHTXHHVWpFXELHUWR
GHSROYRRVXFLHGDGSXHGHTXHODVJDIDVVHUD\HQ4XLWH
WRGRHOSROYRTXHSXHGDKDEHUHQHOSDxRDQWHVGHXVDUOR
1RXVHEHQFHQRGLVROYHQWHRFHUDHQODV*DIDV'GHOR
FRQWUDULRSRGUtDGDxDUODSLQWXUD
1RVXPHUMDODV*DIDV'HQOtTXLGRVFRPRDJXDDODKRUDGH
OLPSLDUODV
(YLWHOXJDUHVFRQKXPHGDGH[FHVLYDRFRQWHPSHUDWXUDVDOWDV
FXDQGRDOPDFHQHODV*DIDV'
6LQRVHXWLOL]DQGXUDQWHPXFKRWLHPSRFDUJXH
FRPSOHWDPHQWHODV*DIDV'XQDYH]FDGDPHVHVSDUD
PDQWHQHUHOUHQGLPLHQWRGHODSLOD
&RPRRVREWXUDGRUHVGHFULVWDOOtTXLGROHQWHVmRIUiJHLVH
IDFLOPHQWHTXHEUiYHLVWHQKDPXLWRFXLGDGRDROLPSiORV
(OLPLQDFLyQ
(QODV*DIDV'KD\LQWHJUDGDXQDEDWHUtDUHFDUJDEOH
GHSROtPHURVGHLRQHVGHOLWLR'HVpFKHODGHDFXHUGR
FRQODVUHJXODFLRQHVORFDOHV
&XDQGRYD\DDGHVHFKDUHVWHSURGXFWRGHVPyQWHOR
FRUUHFWDPHQWHVLJXLHQGRHOSURFHGLPLHQWRTXHVHLQGLFD
HQODVLJXLHQWHSiJLQD\H[WUDLJDODSLODUHFDUJDEOH
LQWHUQD
1RGHVPRQWHHVWHSURGXFWRH[FHSWRFXDQGRORYD\DD
GHVHFKDU
FRQWLQ~DDOGRUVR

(63$f2/
3HOLJUR
3XHVWRTXHODSLODUHFDUJDEOHHVWiKHFKD
HVSHFt¿FDPHQWHSDUDHVWHSURGXFWRQRODXWLOLFHHQ
QLQJ~QRWURGLVSRVLWLYR
1RFDUJXHODSLODTXHKDH[WUDtGR
1RWLUHODSLODDOIXHJRROHDSOLTXHFDORU
1RDWUDYLHVHODSLODFRQXQFODYRODVRPHWDDXQLPSDFWR
ODGHVPRQWHRODPRGL¿TXH
1RGHMHTXHORVFDEOHVWRTXHQFXDOTXLHUPHWDORVHWRTXHQ
HQWUHHOORV
1ROOHYHRJXDUGHODSLODFRQXQFROODUKRUTXLOODGHSHORR
DOJRVLPLODU
1RFDUJXHXWLOLFHRGHMHODSLODHQXQOXJDUFiOLGRFRPR
FHUFDGHXQDIRJDWDREDMRXQIXHUWHVRO
6LDVtORKLFLHUDSXHGHSURYRFDUTXHODSLODJHQHUHFDORUVH
SUHQGDIXHJRRVHUHYLHQWH
$GYHUWHQFLD
1RGHMHODSLODTXHKDH[WUDtGRORVWRUQLOORVQL
FXDOTXLHURWURHOHPHQWRDODOFDQFHGHORVQLxRV
8QDLQJHVWLyQDFFLGHQWDOGHXQRGHHVWRVHOHPHQWRVSXHGH
SURGXFLUHIHFWRVDGYHUVRVHQHOFXHUSR
(QHOFDVRTXHSLHQVHTXHXQRGHWDOHVHOHPHQWRVVHKD\D
LQJHULGRFRQVXOWHDXQGRFWRULQPHGLDWDPHQWH
(QHOFDVRGHTXHVHKD\DVDOLGRHOÀXLGRGHODSLOD
WRPHODVLJXLHQWHPHGLGD\QRWRTXHHOÀXLGRFRQODV
PDQRVGHVFXELHUWDV
6LHOÀXLGRHQWUDHQXQRMRSXHGHSURYRFDUODSpUGLGDGHYLVLyQ
/DYHHORMRLQPHGLDWDPHQWHFRQDJXDVLQIURWDUOR\OXHJR
FRQVXOWHDXQGRFWRU
6LHOÀXLGRWRFDVXFXHUSRRODURSDSXHGHSURYRFDUXQD
LQÀDPDFLyQHQODSLHOROHVLRQHV
/iYHORVX¿FLHQWHPHQWHFRQDJXDOLPSLD\OXHJRFRQVXOWHD
XQGRFWRU
&yPRH[WUDHUODSLOD
'HVPRQWHHVWHSURGXFWRGHVSXpVGHTXHODSLODVHKD\D
DJRWDGR
/DVVLJXLHQWHV¿JXUDVWLHQHQSRUREMHWRH[SOLFDUFyPR
VHGHVHFKDHOSURGXFWRQRGHVFULELUFyPRVHUHSDUD
(OSURGXFWRQRVHSXHGHUHSDUDUXQDYH]TXHVHKD\D
GHVPRQWDGR

(63$f2/
 ([WUDLJDORVWRUQLOORVGHODV*DIDV'FRQXQGHVWRUQLOODGRU
GHHVWUHOOD GHSUHFLVLyQ
 7XHU]DODPRQWXUDKDFLDGHQWUR\ViTXHODGHODFXELHUWD
ODWHUDO
6LODH[WUDFFLyQVHSUHVHQWDGLItFLOLQVHUWHXQGHVWRUQLOODGRU
SODQR \KDJDSDODQFD
 ([WUDLJDODSLOD\VHSiUHODGHODV*DIDV'FRUWDQGRORV
FDEOHVGHXQRHQXQRFRQXQDVWLMHUDV
$tVOHODVSDUWHVGHORVFDEOHVGHODSLODTXHKDH[WUDtGRFRQ
FLQWDDLVODQWH
%DWHUtD
127$
 7HQJDVX¿FLHQWHFXLGDGRFXDQGRUHDOLFHHVWDWDUHDSDUDQRKDFHUVH
GDxR
 1RGDxHRGHVPRQWHODSLOD

(63$f2/
5HVROXFLyQGH
SUREOHPDV3UHJXQWDV\
UHVSXHVWDV
&RPSUXHEHSULPHURORVLJXLHQWH6LQRVROXFLRQDHOSUREOHPD
SRUIDYRUFRQWDFWHFRQHOHVWDEOHFLPLHQWRGHFRPSUD
1RSXHGHUHJLVWUDUODV*DIDV'FRQHOWHOHYLVRU
Ź¢(OWHOHYLVRUHVFRPSDWLEOHFRQODV*DIDV'"
8VHODV*DIDV'FRQ79FRPSDWLEOHV SiJLQD
Ź¢(VSHUyPiVGHVHJXQGRVGHVSXpVGHFRQ¿JXUDUOD
XQLGDGHQHOPRGRGHUHJLVWURGHOGLVSRVLWLYR"
/DFRQ¿JXUDFLyQGHUHJLVWUDFLyQVHOLEHUDDXWRPiWLFDPHQWHVLHVSHUD
PiVGHVHJXQGRV(VWDEOH]FDODUHJLVWUDFLyQGHOWHOHYLVRU\ODV
*DIDV'FRQHFWDGDVDODGLVWDQFLDPiVFHUFDQDHQWUHVtTXHVHD
SRVLEOH
/DVLPiJHQHVQRVRQWULGLPHQVLRQDOHV
Ź¢6HKDUHJLVWUDGRHO79FRQODV*DIDV'"
5HDOLFHODUHJLVWUDFLyQFRQHO79SDUDYHU SiJLQD
Ź¢(VWiQODV*DIDV'HQHOPRGR'"
0XHYDHOSHTXHxRLQWHUUXSWRUHQWUHODVSRVLFLRQHV02'(SDUDFDPELDU
HOPRGRGH'D'RYLFHYHUVD
Ź¢/DFRQ¿JXUDFLyQGHLPDJHQHVWiDMXVWDGDDLPiJHQHV
HQ'"
$FXGDDODVLQVWUXFFLRQHVGHIXQFLRQDPLHQWRGHOWHOHYLVRU
Ź3XHGHQGDUVHFLHUWDVGLIHUHQFLDVLQGLYLGXDOHVSRUODV
FXDOHVODVLPiJHQHVHQ'SXHGHQVHUGLItFLOHVGHYHUR
QRVHUYLVWDVHVSHFLDOPHQWHHQXVXDULRVTXHWLHQHQXQD
JUDGXDFLyQGLIHUHQWHHQWUHHORMRL]TXLHUGR\GHUHFKR
7RPHODVPHGLGDVRSRUWXQDVOOHYHJDIDVJUDGXDGDVHWFSDUDFRUUHJLU
VXYLVWDDQWHVGHXVDUODV*DIDV'
/DV*DIDV'VHDSDJDQHOODVVRODV
Ź¢+D\RWURVREMHWRVVLWXDGRVHQWUHODVJDIDV\OD
WHOHYLVLyQ"
/DOiPSDUDLQGLFDGRUDQRVHHQFLHQGHFXDQGRHO
ERWyQHVWiHQ³21´
Ź¢7LHQHVX¿FLHQWHFDUJDODSLODSDUDKDFHUIXQFLRQDUODV
*DIDV'"
6LODOiPSDUDLQGLFDGRUDQRVHHQFLHQGHTXLHUHGHFLUTXHODSLODHVWi
WRWDOPHQWHDJRWDGD5HDOLFHXQDRSHUDFLyQGHFDUJDGHODSLOD

(63$f2/
/DEDWHUtDQRVHFDUJDRHOWLHPSRGHFDUJDKDVLGR
FRUWR
Ź¢(VWiHOFDEOHGHFDUJDFRQHFWDGRFRUUHFWDPHQWH"
$VHJ~UHVHGHTXHHOFDEOHGHFDUJDHVWiFRQHFWDGRFRUUHFWDPHQWH
Ź¢(VWiHOWHOHYLVRUDSDJDGR"
(QFLHQGDHOWHOHYLVRUFRQORTXHFRPHQ]DUiODFDUJD
Ź/DEDWHUtDKDDOFDQ]DGRHO¿QDOGHVXYLGD~WLO
6LHOWLHPSRGHIXQFLRQDPLHQWRHVPX\FRUWRFXDQGRODEDWHUtDHVWi
FDUJDGDODEDWHUtDKDDOFDQ]DGRHO¿QDOGHVXYLGD~WLO
(VSHFL¿FDFLRQHV
7LSRGHOHQWH
2EWXUDGRUGHFULVWDOOtTXLGR
5DQJRGHWHPSHUDWXUDGHXVR
&&))
&DUJDUIXHQWHGHDOLPHQWDFLyQ
&'9SURYLVWRFRQXQWHUPLQDO86%GHXQWHOHYLVRU3DQDVRQLF
%DWHUtD
%DWHUtDUHFDUJDEOHGHSROtPHURVGHLRQHVGHOLWLR
&'9P$K
7LHPSRGHDXWRQRPtD $SUR[ KRUDV
&7LHPSRGHFDUJ $SUR[ PLQXWRV
&DUJDUiSLGDXQDFDUJDGHPLQXWRVSHUPLWHXQXVRDSUR[
GHKRUDV
5DQJRGHYLVXDOL]DFLyQ
+DVWDPGHVGHODVXSHU¿FLHVXSHULRUGHOWHOHYLVRU
0DWHULDOHV
&XHUSRSULQFLSDO5HVLQD
=RQDGHODVOHQWHV&ULVWDOOtTXLGR
6LVWHPDGHFRPXQLFDFLyQ
%DQGD)+66(VSHFWURHQVDQFKDGRSRUVDOWRGHIUHFXHQFLD
GH*+]
FRQWLQ~DDOGRUVR

(63$f2/
'LPHQVLRQHV$OPRKDGLOODGHODQDUL]QRLQFOXLGD
0RGHORV 7<(5'08 7<(5'68
$QFKXUD 
PP

PP
$OWXUD 
PP

PP
/DUJXUDWRWDO 
PP

PP
0DVD $SUR[R]
$SUR[J
$SUR[R]
$SUR[J
7LHPSRGHDXWRQRPtDWLHPSRGHFDUJD
 /DEDWHUtDVHGHWHULRUDGHVSXpVGHXQXVRFRQVWDQWH\HOWLHPSRGH
DXWRQRPtD¿QDOPHQWHVHDFRUWD/DVFLIUDVDQWHULRUHVFRUUHVSRQGHQD
ODVDOLGDGHIiEULFD\QRVRQXQDJDUDQWtDGHUHQGLPLHQWR
5DQJRGHYLVXDOL]DFLyQ
 ([LVWHQGLIHUHQFLDVHQHOUDQJRGHYLVXDOL]DFLyQGHODV*DIDV'
GHSHQGLHQGRGHFDGDSHUVRQD
 (VSUREDEOHTXHODV*DIDV'QRIXQFLRQHQFRUUHFWDPHQWHIXHUDGHO
DOFDQFHYLVXDO

(63$f2/
(63$f2/
ヱ㄂ㄏ㄂ㄔㄐㄏㄊ㄄チヤㄐㄓㄑㄐㄓ㄂ㄕㄊㄐㄏ
:HE6LWHKWWSSDQDVRQLFQHW
3DQDVRQLF&RUSRUDWLRQ 3ULQWHGLQ&KLQD
6
,QIRUPDFLyQVREUHODHOLPLQDFLyQHQRWURVSDtVHVQR
SHUWHQHFLHQWHVDOD8QLyQ(XURSHD
(VWHVtPERORVyORHVYiOLGRHQOD8QLyQ
(XURSHD
6LGHVHDGHVHFKDUHVWHSURGXFWRSyQJDVH
HQFRQWDFWRFRQODVDXWRULGDGHVORFDOHVRFRQ
VXGLVWULEXLGRUSDUDTXHOHLQIRUPHQVREUHHO
PpWRGRFRUUHFWRGHHOLPLQDFLyQ
(VWHORJRLQGLFDTXHORVSURGXFWRVQRVRQFRPSDWLEOHVFRQORV
HVWiQGDUHVWHFQROyJLFRVGHODVJDIDV'REWXUDGRUDVDFWLYDV
DXWRUL]DGRVSRU)XOO+''*ODVVHV,QLWLDWLYH(OORJR5)LQGLFD
SURGXFWRVTXHIXQFLRQDQHQVLVWHPDVLQDOiPEULFRV\TXHSXHGHQ
XWLOL]DUVHFRQFXDOTXLHUWHOHYLVRUTXHWHQJDHOPLVPRORJR
(OORJR³)XOO+''´LQGLFDFRPSDWLELOLGDGHQWUHORVSURGXFWRV
GHWHOHYLVLyQ\ODVJDIDV'TXHDGKLHUHQDOIRUPDWR³)XOO+'
'*ODVVHV´\QRLQGLFDODFDOLGDGGHODLPDJHQHQ'TXH
GHEHUtDGHSHQGHUGHODFDOLGDGGHORVSURGXFWRVGHWHOHYLVLyQ
(OORJR³)XOO+''*ODVVHV´\ODH[SUHVLyQ³)XOO+''
*ODVVHV´VRQPDUFDVUHJLVWUDGDVGH)XOO+''*ODVVHV
,QLWLDWLYH
/DPDUFD%OXHWRRWK\VXVORJRWLSRVVRQSURSLHGDGGH%OXHWRRWK
6,*,QF\FXDOTXLHUXVRGHGLFKDVPDUFDVSRUSDUWHGH
3DQDVRQLF&RUSRUDWLRQVHUHDOL]DEDMROLFHQFLD
2WUDVPDUFDV\QRPEUHVFRPHUFLDOHVSHUWHQHFHQDVXV
UHVSHFWLYRVSURSLHWDULRV

Navigation menu