Technical Writing Example: Instruction For Use, Reprocessing Instruction

1. Piezon® Systems
23(5$7,21 ,16758&7,216
02'( '
(03/2,
%(',(181*6$1/(,781*
,16758&&,21(6 '( (03/(2
3,(=21 9/$66 ,167580(176
,6758=,21, 3(5 /
862
%58.6$19,61,1* 3,(=21 /$66, ,167580(176
GHYLFH WR VDOH E RU RQ WKH RUGHU RI D GHQWLVW
DXWLRQ )HGHUDO 86$

2. ODZ UHVWULFWV WKLV

3. (6,
,62
,62
,62
,62
,62

4. 20321(176 20326$176 %(67$1'7(,/(
6VWHP%R[ ó ',1 6VWHP%R[ ó ',1 6VWHP%R[ ó ',1
6VWHP%R[ ò ',1 6VWHP%R[ ò ',1 6VWHP%R[ ò ',1
RPEL7RUTXHŠ RPEL7RUTXHŠ RPEL7RUTXHŠ
)ODW ZUHQFK IRU ¿OH KROGHUV Op SODWH SRXU SRUWHOLPHV 6FKUDXEHQVFKOVVHO IU )HLOHQKDOWHU
)LOH KROGHU ƒ 3RUWHOLPH ƒ )HLOHQKDOWHU ƒ
)LOH KROGHU ƒ 3RUWHOLPH ƒ )HLOHQKDOWHU ƒ
)LOH KROGHU ƒ 3RUWHOLPH ƒ )HLOHQKDOWHU ƒ
,QVWUXPHQWV WSLFDO VKRZQ

5. ,QVWUXPHQWV LOOXVWUDWLRQ JpQpULTXH

6. ,QVWUXPHQWH DOOJHPHLQH 'DUVWHOOXQJ

7. .WSH DQG (6, ¿OHV /LPHV WSH . HW (6, . XQG (6,)HLOHQ
)LOH FRQWDLQHU %RLWH GH OLPHV )HLOHQEHKlOWHU
7KH SDFNLQJ OLVW VKRZV ZKDW LQVWUXPHQWV DQG DFFHVVR /D 3DFNLQJ OLVW GpWDLOOH OHV LQVWUXPHQWV HW DFFHVVRLUHV )U GLH JHQDXH $XVVWDWWXQJ ,KUHV *HUlWV EHDFKWHQ 6LH
ULHV DUH LQFOXGHG LQ WKLV VVWHP 7R FRPSOHWH WKLV VHW LQ LQFOXV DYHF FH VVWqPH $¿Q GH FRPSOpWHU FH VHW ELWWH GLH EHLOLHJHQGH 3DFNOLVWH =XU 9HUYROOVWlQGLJXQJ
VWUXPHQWV DQG DFFHVVRULHV PD EH RUGHUHG LQGLYLGXDOO G¶DXWUHV LQVWUXPHQWV HW DFFHVVRLUHV SHXYHQW rWUH FRP N|QQHQ ZHLWHUH ,QVWUXPHQWH XQG =XEHK|U HLQ]HOQ RGHU
RU E VHW WKURXJK RXU (06 GHDOHU PDQGpV LQGLYLGXHOOHPHQW RX HQ VHW DXSUqV GH YRWUH UH DOV 6HW EHL ,KUHP (06+lQGOHU EHVWHOOW ZHUGHQ
YHQGHXU (06
20321(17(6 20321(17, %(67c1'6'(/$5
6VWHP%R[ ó ',1 6VWHP%R[ ó ',1 6VWHP%R[ ó ',1
6VWHP%R[ ò ',1 6VWHP%R[ ò ',1 6VWHP%R[ ò ',1
RPEL7RUTXHŠ RPEL7RUTXHŠ RPEL7RUTXHŠ
/ODYH SODQD SDUD SRUWDOLPDV KLDYH SLDWWD SHU SRUWDOLPH 3ODWW QFNHO I|U ¿OKnOODUH
3RUWDOLPDV ƒ 3RUWD OLPH GD ƒ )LOKnOODUH ƒ
3RUWDOLPDV ƒ 3RUWD OLPH GD ƒ )LOKnOODUH ƒ
3RUWDOLPDV ƒ 3RUWD OLPH GD ƒ )LOKnOODUH ƒ
,QVWUXPHQWRV JHQpULFRV

8. 6WUXPHQWL LOOXVWUD]LRQH JHQHULFD

9. 6SHWVDU H[HPSHO Sn YDQOLJD

10. /LPDV WLSR . (6, /LPH GL WLSR . H (6, . RFK (6,¿ODU
(QYDVH GH OLPDV RQWHQLWRUH SHU OLPH )LOEHKnOODUH
/D OLVWD GH FRQWHQLGR LQGLFD ORV LQVWUXPHQWRV DFFHVRULRV /D GLVWLQWD HOHQFD JOL VWUXPHQWL H JOL DFFHVVRUL LQFOXVL LQ 3DFNOLVWDQ YLVDU YLOND VSHWVDU RFK WLOOEHK|U VRP LQJnU L
TXH LQFOXH HVWH VLVWHPD 3DUD FRPSOHWDU HVWH HTXLSR TXHVWR VLVWHPD 3HU FRPSOHWDUH TXHVWR VHW q SRVVLELOH VVWHPHW 'X NDQ lYHQ EHVWlOOD VSHWVDU RFK WLOOEHK|U
SXHGHQ VROLFLWDUVH LQVWUXPHQWRV DFFHVRULRV LQGLYLGXDO RUGLQDUH VLQJRODUPHQWH VWUXPHQWL H DFFHVVRUL RSSXUH DF I|U NRPSOHWWHULQJ VHSDUDW HOOHU L VDWVHU IUnQ GLQ (06
PHQWH R XQ MXHJR FRPSOHWR D VX GLVWULEXLGRU GH (06 TXLVWDUOL LQ VHW SUHVVR LO ULYHQGLWRUH (06 nWHUI|UVlOMDUH

11. $ 57
% 57
57
6FDOLQJ
(QGR
3 +
36 '
3, UHWUR
%HUXWWL
5(

12. 6' 60 3/ 3/
3/
3HULR
6%
6%G 6%P 3/ 3/
+3/ '3/
5HVWR
3)
9(
.WSH
ILOHV
(QGR ¿OHV
) (
(6,
ILOH
*
63

13. '($5 86720(56 +(56 /,(176 6(+5 *((+57( .81'(1
7KDQN RX IRU EXLQJ D QHZ (06 3LH]RQ VVWHP 1RXV YRXV IpOLFLWRQV SRXU O¶DFTXLVLWLRQ GH FH :LU JUDWXOLHUHQ ,KQHQ ]XP .DXI ,KUHV QHXHQ (06
,W PHHWV WKH KLJKHVW TXDOLW DQG VDIHW VWDQGDUGV QRXYHDX VVWqPH 3LH]RQ (06 ,O UpSRQG DX[ 3LH]RQ6VWHPV (V HUIOOW K|FKVWH $QVSUFKH DQ
SOXV KDXWHV H[LJHQFHV HQ PDWLqUH GH TXDOLWp HW 4XDOLWlW XQG 6LFKHUKHLW
,QGLFDWLRQV GH VpFXULWp
(LQVDW]JHELHWH
(06 RIIHUV D ZLGH UDQJH RI 3LH]RQ XOWUDVRXQG $SSOLFDWLRQV
LQVWUXPHQWV IRU XVH LQ GHQWLVWU ZLWK DQ (06 3LH]RQ (06 ELHWHW HLQH JUR‰H %DQGEUHLWH YRQ 3LH]RQ
(06 SURSRVH XQH YDVWH JDPPH G¶LQVWUXPHQWV 8OWUDVFKDOOLQVWUXPHQWHQ IU GHQ ]DKQPHGL
XOWUDVRXQG XQLW /RQJ WKLQ LQVWUXPHQWV DOORZ IRU 3LH]RQ SRXU rWUH XWLOLVp HQ GHQWLVWHULH DYHF XQ ]LQLVFKHQ (LQVDW] LQ 9HUELQGXQJ PLW HLQHP
HDV DFFHVV WR SHULRGRQWDO SRFNHWV DQG LQWHU DSSDUHLO j XOWUDVRQV (06 3LH]RQ /HV LQVWUXPHQW (063LH]RQ8OWUDVFKDOOJHUlW DQ /DQJH XQG IHLQH
SUR[LPDO DUHDV 3LH]RQ LQVWUXPHQWV DUH DYDLODEOH ORQJV HW ¿QV SHUPHWWHQW XQ DFFqV IDFLOH DX[ SRFKHV ,QVWUXPHQWH JHZlKUOHLVWHQ HLQHQ JXWHQ =XJDQJ ]X
IRU WKH IROORZLQJ LQGLFDWLRQV SDURGRQWDOHV HW DX[ HVSDFHV LQWHUSUR[LPDX[ /HV SDURGRQWDOHQ =DKQÀHLVFKWDVFKHQ XQG LQWHUSUR[L
LQVWUXPHQWV 3LH]RQ VRQW GLVSRQLEOHV SRXU OHV DSSOL PDOHQ %HUHLFKHQ 3LH]RQ,QVWUXPHQWH VLQG IU GLH
6FDOLQJ FDWLRQV VXLYDQWHV IROJHQGHQ (LQVDW]JHELHWH YHUIJEDU
‡ 5HPRYDO RI VXSUDJLQJLYDO FDOFXOXV
'pWDUWUDJH 6FDOLQJ
‡ 5HPRYDO RI VWDLQV
‡ (OLPLQDWLRQ GX WDUWUH VXSUDJLQJLYDO ‡ (QWIHUQHQ YRQ VXSUDJLQJLYDOHQ .RQNUHPHQWHQ
(QGR
‡ (OLPLQDWLRQ GHV WDFKHV ‡ (QWIHUQHQ YRQ )OHFNHQ
‡ 3UHSDUDWLRQ FOHDQLQJ DQG LUULJDWLRQ RI URRW FDQDOV
(QGRGRQWLH (QGRGRQWLH
‡ 5HWURJUDGH SUHSDUDWLRQ RI URRW FDQDOV
‡ 3UpSDUDWLRQ QHWWRDJH HW LUULJDWLRQ GHV ‡ 3UlSDUDWLRQ UHLQLJHQ XQG VSOHQ YRQ :XU]HO
‡ RQGHQVLQJ JXWWDSHUFKD FDQDX[ UDGLFXODLUHV NDQlOHQ
‡ 5HPRYDO RI FURZQV EULGJHV DQG UHVWRUDWLRQV ‡ 3UpSDUDWLRQ UpWURJUDGH GHV FDQDX[ UDGLFXODLUHV ‡ 5HWURJUDGH 3UlSDUDWLRQ YRQ :XU]HONDQlOHQ
5HVWRUDWLYH ‡ RQGHQVDWLRQ GH OD JXWWDSHUFKD ‡ *XWWDSHUFKD.RQGHQVDWLRQ
‡ 3UHSDUDWLRQ RI FDYLWLHV ‡ 'HVFHOOHPHQW GH FRXURQQHV EULGJHV HW ‡ /|VHQ YRQ .URQHQ %UFNHQ XQG 6WLIWDXI
‡ HPHQWDWLRQ RI UHVWRUDWLRQV UHVWDXUDWLRQV EDXWHQ
‡ RQGHQVLQJ RI DPDOJDPV 5HVWDXUDWLRQ 6DQLHUXQJ
3HULRGRQWLFV ‡ )DoRQQDJH GH FDYLWpV ‡ .DYLWlWHQSUlSDUDWLRQ
‡ 6FDOLQJ DQG URRW SODQLQJ ‡ 6FHOOHPHQW GH UHVWDXUDWLRQV ‡ =HPHQWLHUHQ YRQ 5HVWDXUDWLRQHQ
‡ 3HULRGRQWDO WKHUDS ‡ RQGHQVDWLRQ G¶DPDOJDPH ‡ .RQGHQVDWLRQ YRQ $PDOJDPHQ
RQWUDLQGLFDWLRQV 3DURGRQWLH 3HULRGRQWLH
‡ 'pWDUWUDJH HW VXUIDoDJH UDGLFXODLUH ‡ 6FDOLQJ XQG :XU]HOJOlWWXQJ
(06 UHFRPPHQGV QRW WR WUHDW SDWLHQWV ZLWK
D FDUGLDF SDFHPDNHU RU D GH¿EULOODWRU ZLWK WKLV ‡ 7KpUDSLH SDURGRQWDOH ‡ 3DURGRQWDOWKHUDSLH
SURGXFW 7KH IXQFWLRQDOLW RI WKHVH GHYLFHV PD EH RQWUHLQGLFDWLRQV .RQWUDLQGLNDWLRQHQ
DIIHFWHG E WKH KLJK IUHTXHQFLHV RI WKH XOWUDVRQLF
RVFLOODWLRQV (06 UHFRPPDQGH GH QH SDV WUDLWHU OHV 9RQ GHU %HKDQGOXQJ YRQ 3DWLHQWHQ PLW
SDWLHQWV SRUWHXUV GH VWLPXODWHXUV FDUGLDTXHV RX GH +HU]VFKULWWPDFKHUQ RGHU 'HILEULOODWRUHQ ZLUG
Gp¿EULOODWHXUV DYHF FH SURGXLW /HXU IRQFWLRQQHPHQW DEJHUDWHQ GD GLHVH GXUFK GLH 8OWUDVFKDOOVFKZLQ
SRXUUDLW rWUH SHUWXUEp SDU OHV KDXWHV IUpTXHQFHV JXQJHQ GHU (063URGXNWH LQ LKUHU )XQNWLRQ JHVW|UW
GHV RVFLOODWLRQV XOWUDVRQLTXHV ZHUGHQ N|QQHQ

14. (67,0$'26 /,(17(6 *(17,/( /,(17( %b67$ .81'
/H DJUDGHFHPRV TXH KDD DGTXLULGR XQ QXHYR *UD]LH GL DYHU DFTXLVWDWR XQ QXRYR SURGRWWR (06 7DFN I|U DWW GX KDU N|SW HWW (06 3LH]RQVVWHP
VLVWHPD 3LH]RQ GH (06 eVWH VDWLVIDFH ODV 3LH]RQ FRQIRUPH DJOL VWDQGDUG GL TXDOLWj H GL 'HW XSSIOOHU K|JW VWlOOGD NYDOLWHWV RFK VlNHU
H[LJHQFLDV PiV DOWDV GH FDOLGDG VHJXULGDG VLFXUH]]D SL HOHYDWL KHWVNUDY
,QGLFDFLRQHV
,QGLFD]LRQL ,QGLNDWLRQHU
(06 RIUHFH XQD DPSOLD JDPD GH LQVWUXPHQWRV
3LH]RQ SDUD XWLOL]DU HQ RGRQWRORJtD FRQ XQ DSDUDWR (06 RIIUH XQ
DPSLD YDULHWj GL VWUXPHQWL DJOL (06 HUEMXGHU HWW VWRUW XUYDO 3LH]RQXOWUDOMXGVVSHWVDU
GH XOWUDVRQLGRV 3LH]RQ GH (06 /RV LQVWUXPHQWRV XOWUDVXRQL 3LH]RQ SUHYLVWL SHU O
XVR LQ RGRQWRLDWULD I|U DQYlQGQLQJ LQRP WDQGOlNDUYnUG PHG HQ (06
ODUJRV ILQRV SHUPLWHQ DFFHGHU IiFLOPHQWH D DVVLHPH DG XQ
XQLWj DJOL XOWUDVXRQL (06 3LH]RQ 3LH]RQXOWUDOMXGVHQKHW 'H OnQJD WXQQD VSHWVDUQD
EROVDV SHULRGRQWDOHV ]RQDV LQWHUSUR[LPDOHV *OL VWUXPHQWL VRWWLOL H OXQJKL FRQVHQWRQR XQ IDFLOH J|U GHW HQNHOW DWW NRPPD nW SDURGRQWDOD ¿FNRU RFK
/RV LQVWUXPHQWRV 3LH]RQ HVWiQ GLVSRQLEOHV SDUD DFFHVVR DOOH WDVFKH SHULRGRQWDOL H DOOH DUHH LQWHU LQWHUSUR[LPDOD RPUnGHQ 'HW ¿QQV 3LH]RQVSHWVDU
ODV VLJXLHQWHV LQGLFDFLRQHV SURVVLPDOL *OL VWUXPHQWL 3LH]RQ VRQR GLVSRQLELOL I|U I|OMDQGH LQGLNDWLRQHU
/LPSLH]D GH VDUUR SHU OH VHJXHQWL LQGLFD]LRQL 6FDOLQJ
‡ (OLPLQDFLyQ GHO FiOFXOR VXSUDJLQJLYDO 'HWDUWUDJJLR ‡ %RUWWDJQLQJ DY VXSUDJLQJLYDO WDQGVWHQ
‡ (OLPLQDFLyQ GH PDQFKDV ‡ 5LPR]LRQH GL FDOFROL VRSUDJHQJLYDOL ‡ %RUWWDJQLQJ DY ÀlFNDU
(QGRGRQFLD ‡ 5LPR]LRQH GL PDFFKLH (QGRGRQWL
‡ 3UHSDUDFLyQ OLPSLH]D H LUULJDFLyQ GH (QGR ‡ 3UHSDUDWLRQ UHQJ|ULQJ RFK VSROQLQJ DY
FRQGXFWRV UDGLFXODUHV ‡ 3UHSDUD]LRQH SXOL]LD H LUULJD]LRQH GL FDQDOL URWNDQDOHU
‡ 3UHSDUDFLyQ UHWUyJUDGD GH FRQGXFWRV UDGLFRODUL ‡ 5HWURJUDG SUHSDUDWLRQ DY URWNDQDOHU
UDGLFXODUHV ‡ 3UHSDUD]LRQH UHWURJUDGD GL FDQDOL UDGLFRODUL ‡ .RQGHQVHULQJ DY JXWWDSHUND
‡ RQGHQVDFLyQ GH JXWDSHUFKD ‡ RQGHQVD]LRQH GHOOD JXWWDSHUFD ‡ %RUWWDJQLQJ DY NURQRU EURDU RFK
‡ ([WUDFFLyQ GH FRURQDV SXHQWHV UHVWDXUD ‡ 5LPR]LRQH GL FRURQH SRQWL H UHVWDXUL UHNRQVWUXNWLRQHU
FLRQHV 5HVWDXUL 5HVWRUDWLY EHKDQGOLQJ
5HVWDXUDFLyQ
‡ 3UHSDUD]LRQH GL FDYLWj ‡ 3UHSDUDWLRQ DY NDYLWHWHU
‡ 3UHSDUDFLyQ GH FDYLGDGHV
‡ HPHQWD]LRQH GL UHVWDXUL ‡ HPHQWHULQJ DY UHNRQVWUXNWLRQHU
‡ HPHQWDFLyQ GH UHVWDXUDFLRQHV
‡ RQGHQVD GL DPDOJDPH ‡ .RQGHQVHULQJ DY DPDOJDP
‡ RQGHQVDFLyQ GH DPDOJDPDV ,QWHUYHQWL SHULRGRQWDOL 3DURGRQWL
3HULRGRQFLD
‡ $EOD]LRQH H SLDQL¿FD]LRQH GL UDGLFL ‡ 6FDOLQJ RFK URWSODQLQJ
‡ 5DVSDGR SXOLGR UDGLFXODU
‡ 7HUDSLD SHULRGRQWDOH ‡ 3DURGRQWLEHKDQGOLQJ
‡ 7UDWDPLHQWR SHULRGRQWDO
RQWURLQGLFD]LRQL .RQWUDLQGLNDWLRQHU
RQWUDLQGLFDFLRQHV
(06 FRQVLJOLD GL QRQ LQWHUYHQLUH FRQ TXHVWR (06 UHNRPPHQGHUDU DWW PDQ LQWH EHKDQGODU
(06 UHFRPLHQGD QR WUDWDU FRQ HVWH SURGRWWR VX SD]LHQWL SRUWDWRUL GL HOHWWURVWLPRODWRUH SDWLHQWHU PHG SDFHPDNHU HOOHU GH¿EULOODWRU PHG
SURGXFWR D SDFLHQWHV SRUWDGRUHV GH XQ PDUFD
SDVRV R GHV¿EULODGRU FDUGLDFR 6X IXQFLRQDPLHQWR FDUGLDFR R GH¿EULOODWRUH LQ TXDQWR LO ORUR IXQ]LRQD GHQQD SURGXNW 6nGDQD DSSDUDWHU NDQ SnYHUNDV
SXHGH YHUVH DIHFWDGR SRU ODV DOWDV IUHFXHQFLDV GH PHQWR SRWUHEEH HVVHUH FRPSURPHVVR GDOOH DOWH DY XOWUDOMXGVVYlQJQLQJDUQDV K|JD IUHNYHQVHU
ODV YLEUDFLRQHV XOWUDVyQLFDV IUHTXHQ]H GHOOH YLEUD]LRQL DJOL XOWUDVXRQL

15. 3,(=21 9/$66 $1' /$66, 3,(=21 9/$66 (7 /$66, 3,(=21 9/$66 81' /$66,
7KH LOOXVWUDWLRQV LQ WKHVH LQVWUXFWLRQV /HV LOOXVWUDWLRQV GH FH PRGH G
HPSORL UHSUp 'LH $EELOGXQJHQ LQ GLHVHU $QOHLWXQJ ]HLJHQ
UHSUHVHQW JHQHULF FRPSRQHQWV KRZHYHU WKHVH VHQWHQW GHV FRPSRVDQWV JpQpULTXHV FHSHQGDQW JHQHULVFKH .RPSRQHQWHQ :HQQ QLFKW DQGHUV
LQVWUXFWLRQV DSSO WR WKH 3LH]RQ 9/$66 DQG WKH FHV LQVWUXFWLRQV V
DSSOLTXHQW DX[ JDPPHV G
LQVWUX DQJHJHEHQ JHOWHQ GLH $QOHLWXQJHQ IU ,QVWUXPHQWH
3LH]RQ /$66, UDQJH RI LQVWUXPHQWV XQOHVV PHQWV 3LH]RQ 9/$66 HW 3LH]RQ /$66, VDXI GHU 3URGXNWIDPLOLHQ 3LH]RQ 9/$66 XQG 3LH]RQ
RWKHUZLVH VSHFL¿HG

16. VL DXWUHPHQW VSpFL¿p

17. /$66,
7KH PDUNLQJV RQ WKH LQVWUXPHQWV LQGLFDWH /H JUDYDJH VXU OHV LQVWUXPHQWV LQGLTXH OHXU 'LH 0DUNLHUXQJHQ DXI GHQ ,QVWUXPHQWHQ JHEHQ
WKHLU WSH DV OLVWHG LQ WKLV PDQXDO $ SUHIL[ 9 WSH WHOV TXH OLVWpV GDQV FH PDQXHO 8Q SUp¿[H 9 LKUHQ 7S DQ ZLH HU LQ GLHVHU $QOHLWXQJ DXIJHIKUW LVW
LQGLFDWHV D 9/$66 LQVWUXPHQW KRZHYHU WKH LQGLTXH XQ LQVWUXPHQW 9/$66 FHSHQGDQW OHV 'HU %XFKVWDEH 9 DP $QIDQJ EHGHXWHW GDVV HV VLFK
VDPH VHWWLQJV DQG UHFRPPHQGDWLRQV DUH DSSOL PrPHV UpJODJHV HW UHFRPPDQGDWLRQV OHXUV VRQW XP HLQ ,QVWUXPHQW GHU 9/$66)DPLOLH KDQGHOW
FDEOH WR WKHP DSSOLFDEOHV DEHU GLH (LQVWHOOXQJHQ XQG (PSIHKOXQJHQ JHOWHQ IU
HV JDPPHV G¶LQVWUXPHQWV 3LH]RQ QH EHLGH 3URGXNWIDPLOLHQ
7KHVH UDQJHV RI 3LH]RQ LQVWUXPHQWV PXVW
QRW EH XVHG ZLWK DQ (06 3LH]RQ 0DVWHU 6XUJHUŠ GRLYHQW SDV rWUH XWLOLVpHV DYHF XQ DSSDUHLO (06 'LH KLHU EHVFKULHEHQHQ 3LH]RQ,QVWUXPHQWH
XQLW 3LH]RQ 0DVWHU 6XUJHUŠ GUIHQ QLFKW PLW GHP (06 3LH]RQ 0DVWHU 6XUJHUŠ
/D JDPPH GH SURGXLW (06 3LH]RQ 9/$66 YHUZHQGHW ZHUGHQ
7KH (06 3LH]RQ 9/$66 SURGXFW OLQH
LQFOXGHV VSHFLILF LQVWUXPHQWV KDQGSLHFHV DQG LQFOXW OHV LQVWUXPHQWV OHV SLqFHV j PDLQV HW OHV 'LH 3URGXNWIDPLOLH (06 3LH]RQ 9/$66
RPEL7RUTXHV WKDW DUH PDUNHG 9/$66 3OHDVH RPEL7RUTXHV VSpFLILTXHV PDUTXpV 9/$66 XPIDVVW 6SH]LDOLQVWUXPHQWH +DQGVWFNH XQG
QRWH WKDW WKH FRPSRQHQWV LQ WKH 9/$66 SURGXFW 9HXLOOH] QRWHU TXH OHV FRPSRVDQWV GH OD JDPPH RPEL7RUTXHV GLH PLW Ä9/$66³ PDUNLHUW VLQG
OLQH DUH QRW LQWHUFKDQJHDEOH ZLWK WKH FRUUHVSRQGLQJ 9/$66 QH VRQW SDV LQWHUFKDQJHDEOHV DYHF %LWWH EHDFKWHQ 6LH GDVV GLH .RPSRQHQWHQ GHU
FRPSRQHQWV LQ WKH /$66, SURGXFW OLQH OHV FRPSRVDQWV FRUUHVSRQGDQWV GH OD JDPPH 9/$663URGXNWIDPLOLH QLFKW PLW GHQ HQWVSUHFK
/$66, HQGHQ .RPSRQHQWHQ GHU /$66,3URGXNWIDPLOLH
7KH (06 3LH]RQ IDPLO LQFOXGHV VHYHUDO
/D IDPLOOH (06 3LH]RQ LQFOXW SOXVLHXUV WSHV DXVWDXVFKEDU VLQG
VSHFL¿F RPEL7RUTXH ,W LV PDQGDWRU WR DOZDV XVH
WKH FRUUHFW RPEL7RUTXH ZLWK WKH FRUUHVSRQGLQJ GH RPEL7RUTXH VSpFL¿TXHV ,O HVW SULPRUGLDO GH =XU (06 3LH]RQ3URGXNWIDPLOLH JHK|UHQ
LQVWUXPHQWV DQG KDQGSLHFH 7KH RPEL7RUTXH DUH WRXMRXUV XWLOLVHU OD RPEL7RUTXH FRUUHFWH DYHF OHV PHKUHUH VSH]LHOOH RPEL7RUTXHV (V PXVV LPPHU
HDVLO LGHQWL¿HG E WKHLU ERG FRORU DV IROORZV LQVWUXPHQWV HW OHV SLqFHV j PDLQ FRUUHVSRQGDQWHV GHU ULFKWLJH RPEL7RUTXH PLW GHP HQWVSUHFKHQGHQ
/HV RPEL7RUTXHV VRQW IDFLOHPHQW LGHQWL¿DEOHV SDU ,QVWUXPHQW XQG +DQGVWFN YHUZHQGHW ZHUGHQ 'LH
‡ HOORZ RPEL7RUTXH 3LH]RQ /$66, OHXU FRXOHXU H[WpULHXUH FRPPH VXLW RPEL7RUTXHV ODVVHQ VLFK OHLFKW DQ GHU )DUEH LKUHV
‡ 2UDQJH RPEL7RUTXH3LH]RQ 9/$66 5XPSIHV HUNHQQHQ
‡ RPEL7RUTXH MDXQH 3LH]RQ /$66,
‡ %OXH RPEL7RUTXH3LH]RQ 685*(5 ‡ *HOEHU RPEL7RUTXH3LH]RQ /$66,
‡ RPEL7RUTXH RUDQJH3LH]RQ 9/$66
‡ RPEL7RUTXH EOHXH 3LH]RQ 685*(5 ‡ 2UDQJHIDUEHQHU RPEL7 3LH]RQ 9/$66
0DNH VXUH WKDW RQO FRPSDWLEOH FRPSRQHQWV ‡ %ODXHU RPEL7RUTXH 3LH]RQ 685*(5
DUH XVHG IRU LQVWDOODWLRQ DQG UHPRYDO RI WKH LQVWUX
PHQWV WR DYRLG GDPDJLQJ WKLV HTXLSPHQW 9HXLOOH] YRXV DVVXUHU TXH VHXOV GHV FRPSR
VDQWV FRPSDWLEOHV VRQW XWLOLVpV SRXU O
LQVWDOODWLRQ $FKWHQ 6LH GDUDXI QXU NRPSDWLEOH .RPSR
HW OH GpPRQWDJH GHV LQVWUXPHQWV D¿Q GH QH SDV QHQWHQ EHLP %HIHVWLJHQ XQG $EQHKPHQ GHU ,QVWUX
HQGRPPDJHU FH PDWpULHO PHQWH HLQ]XVHW]HQ XP HLQH %HVFKlGLJXQJ GHU
,QVWUXPHQWH ]X YHUPHLGHQ

18. 3,(=21 9/$66 /$66, 3,(=21 9/$66 ( /$66, 3,(=21 9/$66 2+ /$66,
/DV LOXVWUDFLRQHV GH HVWH PDQXDO UHSUH /H LOOXVWUD]LRQL LQ TXHVWH LVWUX]LRQL UDSSUH )LJXUHUQD L GHVVD LQVWUXNWLRQHU nWHUJHU
VHQWDQ FRPSRQHQWHV JHQpULFRV DXQTXH ODV VHQWDQR GHL FRPSRQHQWL JHQHULFL WXWWDYLD VRQR JHQHULVND NRPSRQHQWHU HPHOOHUWLG JlOOHU GHVVD
LQVWUXFFLRQHV VRQ YiOLGDV WDQWR SDUD OD JDPD ULIHULWH DOOD OLQHD GL VWUXPHQWL 3LH]RQ 9/$66 LQVWUXNWLRQHU 3LH]RQ 9/$66 RFK 3LH]RQ
GH LQVWUXPHQWRV 3LH]RQ 9/$66 FRPR SDUD OD H 3LH]RQ /$66, HFFHWWR VH GLYHUVDPHQWH /$66, LQVWUXPHQWXUYDO VnYLGD HM DQQDW DQJHV

19. 3LH]RQ /$66, VDOYR TXH VH HVSHFLILTXH OR VSHFL¿FDWR

20. 0lUNQLQJDUQD Sn LQVWUXPHQWHQ DQJHU GHUDV
FRQWUDULR

21. , FRQWUDVVHJQL VXJOL VWUXPHQWL QH LQGLFDQR LO WS VRP WDV XSS L GHQQD KDQGERN (WW SUHIL[ 9
/DV PDUFDV GH ORV LQVWUXPHQWRV LQGLFDQ GH WLSR LQ EDVH DOO¶HOHQFR SXEEOLFDWR LQ TXHVWR PDQXDOH DQJHU HWW 9/$66LQVWUXPHQW GRFN lU VDPPD
TXp WLSR GH LQVWUXPHQWR VH WUDWD VHJ~Q OD OLVWD TXH ,O SUH¿VVR 9 LQGLFD XQR VWUXPHQWR 9/$66 PD SHU LQVWlOOQLQJDU RFK UHNRPPHQGDWLRQHU WLOOlPSOLJD I|U
VH RIUHFH HQ HVWH PDQXDO (O SUH¿MR 9 LQGLFD TXH WXWWL JOL VWUXPHQWL YDOJRQR OH VWHVVH LPSRVWD]LRQL H EnGD LQVWUXPHQWHQ
VH WUDWD GH XQ LQVWUXPHQWR 9/$66 DXQTXH ODV UDFFRPDQGD]LRQL
'HVVD LQVWUXPHQW IUnQ 3LH]RQ InU HM
SURSLHGDGHV ODV UHFRPHQGDFLRQHV VH DSOLFDQ D
4XHVWH OLQHH GL VWUXPHQWL 3LH]RQ QRQ DQYlQGDV PHG HQ (06 3LH]RQ 0DVWHU 6XUJHUŠ
DPEDV JDPDV
SRVVRQR HVVHUH XWLOL]]DWH FRQ XQ
XQLWj (06 3LH]RQ HQKHW
(VWDV JDPDV GH LQVWUXPHQWRV 3LH]RQ QR 0DVWHU 6XUJHUŠ
(06 3LH]RQ 9/$66 SURGXNWVRUWLPHQW
GHEHQ XWLOL]DUVH FRQ HO DSDUDWR 3LH]RQ 0DVWHU
/D OLQHD GL SURGRWWL (06 3LH]RQ 9/$66 LQNOXGHUDU VSHFL¿ND LQVWUXPHQW KDQGVWFNHQ RFK
6XUJHUŠ GH (06
FRPSUHQGH VWUXPHQWL VSHFL¿FL PDQLSROL H RPEL RPEL7RUTXHV VRP lU PlUNWD PHG 9/$66
/D OtQHD GH SURGXFWRV 3LH]RQ 9/$66 7RUTXH FRQWUDVVHJQDWL FRQ OD VFULWWD 9/$66 2EVHUYHUD DWW NRPSRQHQWHU IUnQ 9/$66 SURGXNW
GH (06 LQFOXH LQVWUXPHQWRV PDQJRV RPEL 9D QRWDWR FKH L FRPSRQHQWL GHOOD OLQHD GL SURGRWWL VRUWLPHQW LQWH lU XWEWEDUD PHG PRWVYDUDQGH
7RUTXH HVSHFt¿FRV FRQ OD PDUFD 9/$66 7HQJD 9/$66 QRQ q LQWHUFDPELDELOH FRQ L FRUULVSRQ NRPSRQHQWHU IUnQ /$66, SURGXNWVRUWLPHQW
HQ FXHQWD TXH ORV FRPSRQHQWHV GH OD OtQHD GH GHQWL FRPSRQHQWL GHOOD OLQHD GL SURGRWWL /$66,
(06 3LH]RQIDPLOMHQ LQNOXGHUDU PnQJD
SURGXFWRV 9/$66 QR SXHGHQ LQWHUFDPELDUVH FRQ
/D IDPLJOLD (06 3LH]RQ LQFOXGH GLYHUVL VSHFLHOOD RPEL7RUTXH .RUUHNW RPEL7RUTXH
ORV FRUUHVSRQGLHQWHV FRPSRQHQWHV GH OD OtQHD GH
RSPEL7RUTXH VSHFLILFL Ê REEOLJDWRULR XVDUH PnVWH DOOWLG DQYlQGDV PHG PRWVYDUDQGH LQVWUXPHQW
SURGXFWRV /$66,
VHPSUH LO FRUUHWWR RPEL7RUTXH FRQ JOL VWUXPHQWL RFK KDQGVWFNH 9DUMH RPEL7RUTXH NDQ HQNHOW
/D IDPLOLD 3LH]RQ GH (06 LQFOXH YDULDV H PDQLSROL FRUULVSRQGHQWL , RPEL7RSUTXH VRQR LGHQWLILHUDV PHG IlUJHQ Sn LQVWUXPHQWNURSSHQ
RPEL7RUTXH HVSHFt¿FDV 6H GHEH XWLOL]DU VLHPSUH IDFLOPHQWH LGHQWL¿FDELOL LQ EDVH DO ORUR FRORUH HQOLJW I|OMDQGH
OD RPEL7RUTXH FRUUHFWD FRQ ORV LQVWUXPHQWRV ‡ RPEL7RUTXH JLDOOR 3LH]RQ /$66, ‡ *XO RPEL7RUTXH 3LH]RQ /$66,
HO PDQJR FRUUHVSRQGLHQWHV /DV RPEL7RUTXH VH
SXHGHQ GLVWLQJXLU IiFLOPHQWH SRU VX FRORU H[WHUQR ‡ RPEL7RUTXH DUDQFLR3LH]RQ 9/$66 ‡ 2UDQJH RPEL7RUTXH3LH]RQ 9/$66
GH OD PDQHUD VLJXLHQWH ‡ RPEL7RUTXH EOX 3LH]RQ 685*(5 ‡ %On RPEL7RUTXH3LH]RQ 685*(5
‡ RPEL7RUTXH DPDULOOD 3LH]RQ /$66,
‡ RPEL7RUTXH QDUDQMD3LH]RQ 9/$66 9HUL¿FDUH FKH YHQJDQR XWLOL]]DWL HVFOXVLYD
9HUL¿FDUH 6lNHUVWlOO DWW HQGDVW NRPSDWLEOD NRPSR
‡ RPEL7RUTXH D]XO 3LH]RQ 685*(5 PHQWH FRPSRQHQWL FRPSDWLELOL SHU O¶LQVWDOOD]LRQH QHQWHU DQYlQGV YLG LQVWDOODWLRQ RFK DYOlJVQDQGH
H OD ULPR]LRQH GHJOL VWUXPHQWL LQ PRGR GD HYLWDUH DY LQVWUXPHQWHQ I|U DWW XQGYLND DWW GHQQD XWUXVWQLQJ
GDQQL D TXHVWH DSSDUHFFKLDWXUH VNDGDV
$VHJ~UHVH GH TXH VROR VH XWLOL]DQ FRPSR
QHQWHV FRPSDWLEOHV HQ HO PRQWDMH GHVPRQWDMH GH
ORV LQVWUXPHQWRV SDUD HYLWDU GDxRV HQ HO HTXLSR

22. (06 3LH]RQ 9/$66 WHFKQRORJ 7HFKQRORJLH (06 3LH]RQ 9/$66 7HFKQRORJLH GHU (06 3LH]RQ 9/$66
7KH (06 3LH]RQ 9/$66 WHFKQRORJ LV D VWHS /D WHFKQRORJLH (06 3LH]RQ 9/$66 UHSUpVHQWH 'LH 7HFKQRORJLH GHU 3URGXNWIDPLOLH (06
EHRQG WKH KLJK VWDQGDUG RI WKH 3LH]RQ /$66, XQ SDV HQ DYDQW VXU OH VWDQGDUG pOHYp GH OD 3LH]RQ 9/$66 JHKW HLQHQ 6FKULWW EHU GHQ
SURGXFW OLQH 7KH VHOIFHQWHULQJ XVHU IULHQGO JDPPH 3LH]RQ /$66, /H PRQWDJH SUDWLTXH EHNDQQWHQ KRKHQ 6WDQGDUG GHU 3URGXNWIDPLOLH
FRQQHFWLRQ RI LQVWUXPHQWV E KDOI D URWDWLRQ RI WKH HW DXWR FHQWUp GHV LQVWUXPHQWV SDU XQ GHPLWRXU 3LH]RQ /$66, KLQDXV 'LH VHOEVW]HQWULHUHQGH
RPEL7RUTXH IUHHV YDOXDEOH ZRUN WLPH ZKHQ WKH GH RPEL7RUTXH OLEqUH GX WHPSV GH WUDYDLO ORUVTXH 9HUELQGXQJ GHU ,QVWUXPHQWH GXUFK HLQH EHGLHQHU
LQWHUYHQWLRQ UHTXLUHV UHSHWLWLYH LQVWDOODWLRQ DQG OHV LQWHUYHQWLRQV UHTXLqUHQW GHV PRQWDJHV HW GHV IUHXQGOLFKH KDOEH 8PGUHKXQJ GHV RPEL7RUTXH
UHPRYDO RI WKH LQVWUXPHQWV RQ WKH KDQGSLHFH GpPRQWDJHV UpSpWpV GHV LQVWUXPHQWV VXU OD SLqFH VSDUW ZHUWYROOH $UEHLWV]HLW EHL (LQJULIIHQ GLH HLQ
j PDLQ ZLHGHUKROWHV %HIHVWLJHQ XQG $EQHKPHQ GHU ,QVWUX
)RU HIILFLHQF LQ WUHDWPHQW WKH (06 3LH]RQ
PHQWH DP +DQGVWFN HUIRUGHUQ
9/$66 WHFKQRORJ EULQJV RSWLPDO WUDQVIHU RI WKH 3RXU XQH HI¿FDFLWp HQ WUDLWHPHQW OD WHFKQRORJLH
SLH]RFHUDPLF SRZHU WR WKH WLS RI WKH LQVWUXPHQW (06 3LH]RQ 9/$66 RIIUH XQ WUDQVIHUW RSWLPDO 'LH 7HFKQRORJLH GHU 3URGXNWIDPLOLH (06 3LH]RQ
7KH SDWHQWHG GHVLJQ RI WKH FRQLFDO FRQQHFWLRQ GH OD SXLVVDQFH SLH]RFpUDPLTXH j OD SRLQWH GH 9/$66 VRUJW IU HLQH RSWLPDOH hEHUWUDJXQJ GHU
RIIHUV D VQXJ ¿W JXDUDQWHHV D ZDWHUWLJKW VHDO DQG O
LQVWUXPHQW /H FRQFHSW SDWHQWp GH FRQQH[LRQ SDU 3LH]RNHUDPLN/HLVWXQJ DXI GLH ,QVWUXPHQWHQVSLW]H
D UHGXFWLRQ RI WKUHDG ZHDU IRU WKH KDQGSLHFH DQG F{QH SHUPHW XQ DMXVWHPHQW VHUUp XQH pWDQFKpLWp XQG GDPLW IU HLQH P|JOLFKVW HI¿]LHQWH %HKDQGOXQJ
LQVWUXPHQW JDUDQWLH DLQVL TX
XQH UpGXFWLRQ GH O
XVXUH DX 'DV SDWHQWLHUWH 'HVLJQ GHU NRQLVFKHQ 9HUELQGXQJ
¿OHWDJH GH OD SLqFH j PDLQ HW GH O
LQVWUXPHQW HUP|JOLFKW HLQH SUl]LVH 3DVVXQJ JDUDQWLHUW HLQH
ZDVVHUGLFKWH $EGLFKWXQJ XQG UHGX]LHUW GHQ
*HZLQGHYHUVFKOHL‰ DQ +DQGVWFN XQG ,QVWUXPHQW

23. 7HFQRORJtD 3LH]RQ 9/$66 GH (06 7HFQRORJLD (06 3LH]RQ 9/$66 (06 3LH]RQ 9/$66WHNQRORJL
/D WHFQRORJtD 3LH]RQ 9/$66 GH (06 YD PiV /D WHFQRORJLD (06 3LH]RQ 9/$66 q XQ XOWHULRUH (06 3LH]RQ 9/$66WHNQRORJLQ OLJJHU HWW VWHJ
DOOi GHO HOHYDGR HVWiQGDU D H[LVWHQWH HQ OD OtQHD GH SDVVR DYDQWL ULVSHWWR DO JLj HOHYDWR VWDQGDUG GHOOD HIWHU GHQ DNWXHOOD K|JD VWDQGDUGHQ Sn 3LH]RQ
SURGXFWRV 3LH]RQ /$66, /D FRQH[LyQ DXWRFHQ OLQHD GL SURGRWWL 3LH]RQ /$66, /D PRGDOLWj GL /$66, SURGXNWVRUWLPHQW 'HQ VMlOYFHQWUHUDQGH
WUDGRUD GH ORV LQVWUXPHQWRV MXQWR FRQ OD LQWXLWLYD FRQQHVVLRQH DXWRFHQWUDQWH GHJOL VWUXPHQWL FRQ DQVOXWQLQJHQ DY LQVWUXPHQWHQ PHG HQ DQYlQ
PHGLD YXHOWD GH OD RPEL7RUTXH SHUPLWH DKRUUDU XQD DJHYROH PH]]D URWD]LRQH GHO RPEL7RUTXH GDUYlQOLJ KDOYURWDWLRQ IULJ|U YlUGHIXOO DUEHWVWLG
XQ WLHPSR GH WUDEDMR YDOLRVR FXDQGR OD LQWHUYHQFLyQ ID ULVSDUPLDUH WHPSR SUH]LRVR TXDQGR O
LQWHUYHQWR QlU SURFHGXUHQ NUlYHU XSSUHSDG LQVWDOODWLRQ RFK
UHTXLHUH XQ FRQVWDQWH PRQWDMH GHVPRQWDMH GH ORV ULFKLHGH XQD ULSHWXWD LQVWDOOD]LRQH H ULPR]LRQH GL ERUWWDJQLQJ DY LQVWUXPHQWHQ IUnQ KDQGVWFNHW
LQVWUXPHQWRV HQ HO PDQJR VWUXPHQWL VXO PDQLSROR
)|U HIIHNWLY EHKDQGOLQJ PHGI|U (06 3LH]RQ
3DUD JDUDQWL]DU OD HILFDFLD GHO WUDWDPLHQWR OD 3HU XQD PDJJLRU HIILFLHQ]D QHO WUDWWDPHQWR OD 9/$66WHNQRORJLQ RSWLPDO |YHUI|ULQJ DY
WHFQRORJtD 3LH]RQ 9/$66 GH (06 RIUHFH XQD WHFQRORJLD (06 3LH]RQ 9/$66 JDUDQWLVFH SLH]RNHUDPLVN HIIHNW WLOO LQVWUXPHQWVSHWVHQ 'HQ
WUDQVIHUHQFLD ySWLPD GH OD SRWHQFLD SLH]RFHUiPLFD XQ WUDVIHULPHQWR RWWLPDOH GHOOD SRWHQ]D SLH]R SDWHQWHUDGH PRGHOOHQ PHG GHQ NRQLVND DQVOXW
KDFLD OD SXQWD GHO LQVWUXPHQWR (O SDWHQWDGR GLVHxR FHUDPLFD VXOOD SXQWD GHOOR VWUXPHQWR ,O GHVLJQ QLQJHQ HUEMXGHU HQ VlNHU SDVVIRUP JDUDQWHUDU
GH OD FRQH[LyQ FyQLFD SURSRUFLRQD XQ DMXVWH EUHYHWWDWR GHOOD FRQQHVVLRQH FRQLFD RIIUH XQ HQ YDWWHQWlW I|UVHJOLQJ RFK UHGXFHUDU VOLWDJH Sn
SHUIHFWR JDUDQWL]D XQ DFRSODPLHQWR KHUPpWLFR DWWDFFR LGHDOH JDUDQWLVFH XQD WHQXWD LPSHUPHDELOH JlQJRU PHOODQ KDQGVWFNHW RFK LQVWUXPHQWHW
XQD UHGXFFLyQ GHO GHVJDVWH GH OD URVFD HQ HO HG XQD ULGX]LRQH GHOO¶XVXUD GD DYYLWDPHQWR GHO
PDQJR HO LQVWUXPHQWR PDQLSROR H GHOOR VWUXPHQWR

24. $%287 7+,6 0$18$/ $ 352326 '( ( 0$18(/ =8 ',(6(0 +$1'%8+
7KHVH RSHUDWLQJ LQVWUXFWLRQV DUH WR HQVXUH WKH H PRGH G¶HPSORL HVW GHVWLQp j O¶LQVWDOODWLRQ HW j 'LH %HGLHQGXQJVDQOHLWXQJ VROO ,KQHQ EHL GHU
FRUUHFW LQVWDOODWLRQ DQG XVH RI WKLV SURGXFW O¶XWLOLVDWLRQ FRUUHFWH GH FH SURGXLW NRUUHNWHQ ,QVWDOODWLRQ XQG %HGLHQXQJ GHV 3URGXNWV
KHOIHQ
3OHDVH UHDG WKHVH RSHUDWLQJ LQVWUXFWLRQV FDUHIXOO 9HXLOOH] OLUH DWWHQWLYHPHQW FH PRGH G¶HPSORL FDU
DV WKH H[SODLQ DOO WKH PRVW LPSRUWDQW GHWDLOV DQG WRXV OHV GpWDLOV HW WRXV OHV JHVWHV LPSRUWDQWV /HVHQ 6LH VLH VRPLW DXIPHUNVDP GXUFK GD
SURFHGXUHV 3OHDVH SD VSHFLDO DWWHQWLRQ WR WKH VRQW FODLUHPHQW GpFULWV 5HVSHFWH] HQ SDUWLFXOLHU GLH ZHVHQWOLFKHQ (LQ]HOKHLWHQ XQG +DQGJULIIH
VDIHW SUHFDXWLRQV OHV UHPDUTXHV FRQFHUQDQW OD VpFXULWp DQVFKDXOLFK HUNOlUW ZHUGHQ %HDFKWHQ 6LH GDEHL
EHVRQGHUV GLH 6LFKHUKHLWVKLQZHLVH
$OZDV NHHS WKLV GRFXPHQW FORVH DW KDQG 9HXLOOH] FRQVHUYHU FH GRFXPHQW WRXMRXUV j SRUWpH
GH PDLQ %HZDKUHQ 6LH GLHVH 8QWHUODJHQ LPPHU JULIIEHUHLW
7R SUHYHQW LQMXU WR SHRSOH DQG GDPDJH WR SURSHUW
DXI
SOHDVH KHHG WKH FRUUHVSRQGLQJ GLUHFWLYHV 7KH DUH 3RXU SUpYHQLU OHV DFFLGHQWV FRUSRUHOV HW PDWpULHOV
PDUNHG DV IROORZV WHQH] FRPSWH GHV GLUHFWLYHV FRUUHVSRQGDQWHV =XU 9HUPHLGXQJ YRQ 3HUVRQHQ XQG 6DFKVFKlGHQ
(OOHV VRQW LGHQWL¿pHV SDU EHDFKWHQ 6LH ELWWH GLH HQWVSUHFKHQGHQ +LQZHLVH
'DQJHU 6LH VLQG JHNHQQ]HLFKQHW PLW
5LVN RI SDWLHQW RU XVHU LQMXU 'DQJHU
5LVTXH GH EOHVVXUH SRXU OH SDWLHQW RX *HIDKU
DXWLRQ O¶XWLOLVDWHXU %HL *HIDKU YRQ 3HUVRQHQVFKlGHQ
5LVN RI GDPDJH WR WKH GHYLFH RU
HQYLURQPHQWDO KDUP $WWHQWLRQ $FKWXQJ
5LVTXH GH GRPPDJHV j O¶DSSDUHLO RX j %HL GURKHQGHQ 6DFK XQG
3OHDVH QRWH O¶HQYLURQQHPHQW 8PZHOWVFKlGHQ
8VHIXO DGGLWLRQDO LQIRUPDWLRQ DQG KLQWV
5HPDUTXHV +LQZHLV
3URKLELWHG ,QIRUPDWLRQV FRPSOpPHQWDLUHV XWLOHV HW %HL QW]OLFKHQ =XVDW]LQIRUPDWLRQHQ XQG
WRXUV GH PDLQ $QZHQGXQJVWLSSV
$XWKRUL]HG
,QWHUGLW 9HUERWHQ
$XWRULVp (UODXEW
,QVWUXFWLRQV FRQFHUQLQJ WKH FRPSRQHQWV RI /HV LQVWUXFWLRQV UHODWLYHV DX[ FRPSRVDQWV $QZHLVXQJHQ ]XU %HGLHQXQJ GHU HLQ]HOQHQ
WKH VVWHP DUH SURYLGHG VHSDUDWHO LQ WKH UHODWLYH GX VVWqPH VRQW IRXUQLHV VpSDUpPHQW GDQV OHV 6VWHPEHVWDQGWHLOH VLQG LQ GHQ MHZHLOLJHQ %HGLH
LQVWUXFWLRQV IRU XVH 5HDG WKH LQVWUXFWLRQ PDQXDOV PDQXHOV UHVSHFWLIV /LVH] OHV PDQXHOV G¶XWLOLVDWLRQ QXQJVDQOHLWXQJHQ ]X ¿QGHQ 9RU GHU 9HUZHQGXQJ
GHOLYHUHG ZLWK HDFK RI WKH FRPSRQHQWV EHIRUH XVLQJ OLYUpV DYHF FKDFXQ GHV FRPSRVDQWV DYDQW G¶XWLOLVHU GHV *HUlWV VLQG GLH %HGLHQXQJVDQOHLWXQJHQ GLH
WKLV SURGXFW 'R QRW KHVLWDWH WR FRQWDFW RXU ORFDO FH SURGXLW 1¶KpVLWH] SDV j FRQWDFWHU YRWUH GLVWUL LP /LHIHUXPIDQJ GHU HLQ]HOQHQ 6VWHPEHVWDQGWHLOH
(06 GHDOHU IRU IXUWKHU LQIRUPDWLRQ EXWHXU (06 SRXU SOXV G¶LQIRUPDWLRQV HQWKDOWHQ ZDUHQ ]X OHVHQ :HLWHUH ,QIRUPDWLRQHQ
HUKDOWHQ 6LH EHL ,KUHP (06+lQGOHU

25. 35(6(17$,Ï1 '(/ 0$18$/ ,1)250$=,21, 68 48(672 20 '(11$ +$1'%2.
0$18$/(
(VWDV LQVWUXFFLRQHV GH HPSOHR VLUYHQ SDUD /H SUHVHQWL LVWUX]LRQL SHU O
XVR FRQVHQWRQR OD 6IWHW PHG GHQQD EUXNVDQYLVQLQJ lU DWW VlNHUVWlOOD
JDUDQWL]DU XQD LQVWDODFLyQ XVR FRUUHFWRV GH FRUUHWWD LQVWDOOD]LRQH H XWLOL]]R GL TXHVWR SURGRWWR DWW SURGXNWHQ LQVWDOOHUDV RFK DQYlQGV Sn UlWW VlWW
HVWH SURGXFWR
/HJJHUH DWWHQWDPHQWH OH SUHVHQWL LVWUX]LRQL SHU /lV EUXNVDQYLVQLQJHQ QRJD ± KlU EHVNULYV DOOD
/HD HVWDV LQVWUXFFLRQHV GH HPSOHR DWHQWDPHQWH D O
XVR LQ TXDQWR LOOXVWUDQR WXWWL L GHWWDJOL H SURFHGXUH YLNWLJD GHWDOMHU RFK SURFHGXUHU 9DU VlUVNLOW
TXH H[SOLFDQ WRGRV ORV GHWDOOHV SURFHGLPLHQWRV SL LPSRUWDQWL 3RUUH XQ
DWWHQ]LRQH VSHFLDOH DOOH XSSPlUNVDP Sn VlNHUKHWVI|UHVNULIWHUQD
PiV LPSRUWDQWHV 3UHVWH HVSHFLDO DWHQFLyQ D ODV SUHFDX]LRQL GL VLFXUH]]D
+D DOOWLG GHWWD GRNXPHQW QlUD WLOO KDQGV
SUHFDXFLRQHV GH VHJXULGDG
7HQHUH VHPSUH TXHVWR GRFXPHQWR D SRUWDWD GL
2EVHUYHUD YDUQLQJVVPEROHUQD I|U DWW XQGYLND
7HQJD VLHPSUH D PDQR HVWH GRFXPHQWR PDQR
SHUVRQ RFK XWUXVWQLQJVVNDGRU 'H VHU XW Vn KlU
3DUD HYLWDU GDxRV SHUVRQDOHV PDWHULDOHV WHQJD 3HU SUHYHQLUH OHVLRQL D SHUVRQH H GDQQL PDWHULDOL
HQ FXHQWD ODV GLUHFWULFHV FRUUHVSRQGLHQWHV (VWiQ DWWHQHUVL VFUXSRORVDPHQWH DOOH UHODWLYH GLUHWWLYH )DUD
5LVN I|U VNDGD Sn SDWLHQW HOOHU DQYlQGDUH
PDUFDGDV FRPR VH LQGLFD D FRQWLQXDFLyQ LGHQWL¿FDWH QHO VHJXHQWH PRGR
3HOLJUR 3HULFROR 9DUQLQJ
5LHVJR GH OHVLRQHV HQ HO SDFLHQWH R 5LVFKLR GL OHVLRQH SHU LO SD]LHQWH R SHU 5LVN I|U VNDGD Sn HQKHWHQ HOOHU PLOM|Q
XVXDULR O
XWLOL]]DWRUH 2EVHUYHUD
WWHUOLJDUH SUDNWLVN LQIRUPDWLRQ RFK WLSV
3UHFDXFLyQ $WWHQ]LRQH
5LHVJR GH GDxRV HQ HO GLVSRVLWLYR R 5LVFKLR GL GDQQL DO GLVSRVLWLYR R )|UEMXGHW
PHGLRDPELHQWDOHV DOO
DPELHQWH
2EVHUYDFLyQ 1RWD 7LOOnWHW
,QIRUPDFLyQ FRQVHMRV ~WLOHV ,QIRUPD]LRQL H FRQVLJOL XWLOL
DGLFLRQDOHV
9LHWDWR
3URKLELGR
$XWRUL]]DWR
$XWRUL]DGR
/DV LQVWUXFFLRQHV UHIHUHQWHV D ORV FRPSR ,VWUX]LRQL UHODWLYH DL FRPSRQHQWL GHO VLVWHPD $QYLVQLQJDU VRP U|U VVWHPHWV EHVWnQGV
QHQWHV GHO VLVWHPD VH IDFLOLWDQ SRU VHSDUDGR HQ YHQJRQR IRUQLWH VHSDUDWDPHQWH QHOOH UHODWLYH LVWUX GHODU JHV VHSDUDW L UHVSHNWLYH EHVWnQGVGHOV EUXNV
ODV LQVWUXFFLRQHV GH XVR FRUUHVSRQGLHQWHV $QWHV ]LRQL SHU O
XVR 3ULPD GL XVDUH TXHVWR SURGRWWR DQYLVQLQJ /lV GH EUXNVDQYLVQLQJDU VRP OHYHUH
GH XWLOL]DU HVWH SURGXFWR OHD ORV PDQXDOHV GH OHJJHUH L PDQXDOL GL LVWUX]LRQH VSHGLWL DOO
RULJLQH UDGHV WLOOVDPPDQV PHG YDUMH EHVWnQGVGHO LQQDQ
LQVWUXFFLRQHV VXPLQLVWUDGRV FRQ FDGD XQR GH ORV FRQ FLDVFXQ FRPSRQHQWH 3HU XOWHULRUL LQIRUPD]LRQL GX DQYlQGHU SURGXNWHQ 7YHND LQWH DWW NRQWDNWD
FRPSRQHQWHV 1R GXGH HQ SRQHUVH HQ FRQWDFWR ULYROJHUVL DO ULYHQGLWRUH ORFDOH (06 GLQ ORNDOD (06nWHUI|UVlOMDUH RP GX YLOO KD PHU
FRQ VX GLVWULEXLGRU ORFDO GH (06 VL GHVHD LQIRU LQIRUPDWLRQ
PDFLyQ DGLFLRQDO

26. 1RWH WKDW WKH (QJOLVK YHUVLRQ RI WKLV PDQXDO LV WKH /HV WUDGXFWLRQV GDQV FH PDQXHO VRQW EDVpHV VXU (V ZLUG GDUDXI KLQJHZLHVHQ GDVV GDV HQJOLVFKH
PDVWHU IURP ZKLFK WUDQVODWLRQV GHULYH ,Q FDVH RI VD YHUVLRQ DQJODLVH $LQVL OH WH[WH HQ DQJODLV IHUD 2ULJLQDO GHU %HGLHQXQJVDQOHLWXQJ DOV 9RUODJH IU
DQ GLVFUHSDQF WKH ELQGLQJ YHUVLRQ LV WKH (QJOLVK UpIpUHQFH HQ FDV GH GLYHUJHQFH DOOH hEHUVHW]XQJHQ JLOW %HL HYHQWXHOOHQ $EZHL
WH[W FKXQJHQ LVW GHU HQJOLVFKH 7H[W ELQGHQG
1RXV VRPPHV j YRWUH HQWLqUH GLVSRVLWLRQ SRXU
:H ZRXOG EH SOHDVHG WR DQVZHU RXU TXHVWLRQV UpSRQGUH j YRV TXHVWLRQV HW QRXV VRPPHV j :LU VWHKHQ ,KQHQ JHUQH IU )UDJHQ ]XU 9HUIJXQJ
RU OLVWHQ WR RXU VXJJHVWLRQV :H GR RI FRXUVH O¶pFRXWH GH YRV pYHQWXHOOHV VXJJHVWLRQV 1DWXUHO %HL 3UREOHPHQ ELHWHQ ZLU ,KQHQ VHOEVWYHUVWlQGOLFK
SURYLGH VXSSRUW LQ FDVH RI WHFKQLFDO SUREOHPV OHPHQW QRXV YRXV SURSRVRQV XQ VRXWLHQ WHFKQLTXH WHFKQLVFKH 8QWHUVWW]XQJ DQ 5XIHQ 6LH ELWWH GLUHNW
3OHDVH FDOO RXU DSSURYHG (06 UHSDLU FHQWHU RU HQ FDV GH SUREOqPHV 9HXLOOH] WpOpSKRQHU GLUHF XQVHU (06JHQHKPLJWHV 5HSDUDWXU]HQWUXP RGHU
GHDOHU GLUHFWO WHPHQW j YRWUH FHQWUH GH UpSDUDWLRQ DJUpp (06 ,KUHQ +lQGOHU DQ
RX j YRWUH GLVWULEXWHXU
:H ZLVK RX ORWV RI VXFFHVV :LU ZQVFKHQ ,KQHQ YLHO (UIROJ
$YHF QRV PHLOOHXUV Y°X[ GH VXFFqV
(06 ,KUH (06
(06
7HFKQLFDO PRGL¿FDWLRQV 0RGL¿FDWLRQV WHFKQLTXHV 7HFKQLVFKH bQGHUXQJHQ
(06 UHVHUYHV WKH ULJKW WR PRGLI WKH WHFKQLTXH (06 VH UpVHUYH OH GURLW G¶DSSRUWHU j OD WHFKQLTXH (06 EHKlOW VLFK YRU LP =XVDPPHQKDQJ PLW
DFFHVVRULHV RSHUDWLQJ LQVWUXFWLRQV RU FRQWHQWV RI DX[ DFFHVVRLUHV DX PRGH G¶HPSORL HW DX FRQWHQX WHFKQLVFKHQ RGHU ZLVVHQVFKDIWOLFKHQ :HLWHUHQW
WKH VHW GXH WR WHFKQLFDO RU VFLHQWL¿F LPSURYHPHQWV GH O¶HPEDOODJH G¶RULJLQH OHV PRGLILFDWLRQV TXH ZLFNOXQJHQ bQGHUXQJHQ DQ GHU 7HFKQLN GHP
OD SRXUVXLWH GHV GpYHORSSHPHQWV WHFKQLTXHV HW =XEHK|U GHU %HGLHQXQJVDQOHLWXQJ VRZLH DP ,QKDOW
VFLHQWL¿TXHV SHXW LQGXLUH GHU 2ULJLQDOYHUSDFNXQJ YRU]XQHKPHQ

27. 1yWHVH TXH OD YHUVLyQ HQ LQJOpV GH HVWH PDQXDO /D YHUVLRQH LQJOHVH GL TXHVWR PDQXDOH q OD YHUVLRQH 2EVHUYHUD DWW GHQ HQJHOVND YHUVLRQHQ DY
HV OD RULJLQDO GH OD TXH SDUWHQ ODV WUDGXFFLRQHV PDVWHU GD FXL GHULYDQR OH WUDGX]LRQL ,Q FDVR GL KDQGERNHQ lU RULJLQDOHW VRP |YULJD VSUnN KDU
(Q FDVR GH GLVFUHSDQFLDV OD YHUVLyQ YLQFXODQWH GLVFUHSDQ]H ID IHGH LO WHVWR LQ LQJOHVH |YHUVDWWV IUnQ 9LG HYHQWXHOOD DYYLNHOVHU JlOOHU
HV OD LQJOHVD GHQ HQJHOVND WH[WHQ
5LPDQLDPR D YRVWUD GLVSRVL]LRQH SHU HYHQWXDOL
(VWDUHPRV HQFDQWDGRV GH FRQWHVWDU D VXV GRPDQGH H L VXJJHULPHQWL VRQR EHQ DFFHWWL 2YYLD 9L VYDUDU JlUQD Sn IUnJRU RFK WDU HPRW I|UVODJ 9L
SUHJXQWDV R HVFXFKDU VXV VXJHUHQFLDV 3RU PHQWH IRUQLDPR DVVLVWHQ]D LQ FDVR GL SUREOHPL JHU VMlOYNODUW VXSSRUW YLG WHNQLVND SUREOHP 5LQJ
VXSXHVWR SURSRUFLRQDPRV DVLVWHQFLD HQ FDVR WHFQLFL 7HOHIRQDUH GLUHWWDPHQWH DO FHQWUR GL DQWLQJHQ GLUHNW WLOO GLWW JRGNlQGD (06UHSDUDWLRQV
GH SUREOHPDV WpFQLFRV 'LUtMDVH GLUHFWDPHQWH DO DVVLVWHQ]D (06 DXWRUL]]DWR R DO SURSULR ULYHQGLWRUH FHQWHU HOOHU WLOO GLQ nWHUI|UVlOMDUH
FHQWUR GH UHSDUDFLRQHV DXWRUL]DGR R D VX GLVWUL
%XRQ ODYRUR /FND WLOO
EXLGRU GH (06
(06 (06
£/H GHVHDPRV PXFKR p[LWR
(06
0RGL¿FDFLRQHV WpFQLFDV 0RGL¿FKH WHFQLFKH 7HNQLVND lQGULQJDU
(06 VH UHVHUYD HO GHUHFKR GH PRGL¿FDU OD WpFQLFD (06 VL ULVHUYD LO GLULWWR QHOO
DPELWR GHOOH LQQRYD]LRQL (06 I|UEHKnOOHU VLJ UlWWHQ DWW lQGUD WHNQLN WLOOEHK|U
ORV DFFHVRULRV ODV LQVWUXFFLRQHV GH HPSOHR R HO WHFQLFKH R VFLHQWL¿FKH GL DSSRUWDUH PRGL¿FKH DOOD EUXNVDQYLVQLQJ HOOHU LQQHKnOO L VDWVHQ Sn JUXQG DY
FRQWHQLGR GHO HTXLSR GHELGR D PHMRUDV WpFQLFDV WHFQLFD DJOL DFFHVVRUL DOOH LVWUX]LRQL SHU O
XVR R DO WHNQLVND HOOHU YHWHQVNDSOLJD I|UElWWULQJDU
R FLHQWt¿FDV FRQWHQXWR GHO VHW

28. 217(176 6200$,5( ,1+$/7
*HQHUDO KLQWV 5HFRPPDQGDWLRQV $OOJHPHLQH +LQZHLVH
%DFWHULD UHGXFWLRQ LQ WKH VSUD 5pGXFWLRQ GHV EDFWpULHV GDQV 9HUULQJHUXQJ GHU .HLP]DKO LQ $HURVROHQ
$WWDFKLQJ WKH LQVWUXPHQWV OHV SURMHFWLRQV %HIHVWLJHQ GHU ,QVWUXPHQWH
)L[DWLRQ GHV LQVWUXPHQWV )HLOHQKDOWHU
)LOH KROGHUV
3RVLWLRQLHUXQJ GHU )HLOHQ XQG ,QVWUXPHQWH
3RVLWLRQLQJ ILOHV RU LQVWUXPHQWV 3RUWHOLPHV
$UEHLWVWHFKQLN
:RUNLQJ WHFKQLTXH 3RVLWLRQ GHV OLPHV RX GHV LQVWUXPHQWV
'LDPDQWLHUWH ,QVWUXPHQWH
'LDPRQGFRDWHG LQVWUXPHQWV 7HFKQLTXH GH WUDYDLO 6FDOLQJ
6FDOLQJ ,QVWUXPHQWV GLDPDQWpV ,QVWUXPHQW $ IU GDV 6FDOLQJ DOOHU
,QVWUXPHQW $ IRU XQLYHUVDO VFDOLQJ 'pWDUWUDJH 2EHUIOlFKHQ
,QVWUXPHQW % IRU OLQJXDO VFDOLQJ ,QVWUXPHQW $ SRXU GpWDUWUDJH FRXUDQW ,QVWUXPHQW % IU GDV 6FDOLQJ OLQJXDOHU
2EHUIOlFKHQ
,QVWUXPHQW IRU KHDY VFDOLQJ ,QVWUXPHQW % SRXU GpWDUWUDJH OLQJXDO ,QVWUXPHQW IU GDV 6FDOLQJ EHL VWDUNHP
,QVWUXPHQW SHULR 3 ,QVWUXPHQW SRXU GpWDUWUDJH LPSRUWDQW =DKQVWHLQ
,QVWUXPHQW SHULR VOLP 36 ,QVWUXPHQW SDUR 3 3HULR,QVWUXPHQW 3
6SHFLILF LQVWUXPHQW 3, IRU LPSODQWV ,QVWUXPHQW SDUR PLQFH 36 6FKODQNHV 3HULR,QVWUXPHQW 36
FOHDQLQJ ,QVWUXPHQW VSpFLILTXH 3, SRXU 6SH]LDOLQVWUXPHQW 3, IU
GLH ,PSODQWDWUHLQLJXQJ
(QGR OH QHWWRDJH G¶LPSODQWV
(QGRGRQWLH
)LOHV IRU WKH RUWKRJUDGH WKHUDS (QGRGRQWLH )HLOHQ IU GLH RUWKRJUDGH
(QGRGRQWLF UHWUHDWPHQW /LPHV SRXU OH WUDLWHPHQW RUWKRJUDGH :XU]HONDQDOEHKDQGOXQJ
5HWURJUDGH HQGRGRQWLFV 5HWUDLWHPHQW FDQDODLUH 5HYLVLRQVEHKDQGOXQJ
.WSH FOHDQLQJ ILOHV ,62

29. 7UDLWHPHQWV UpWURJUDGHV 5HWURJUDGH :XU]HONDQDOEHKDQGOXQJ
/LPHV GH QHWWRDJH WSH . ,62

30. .)HLOHQ IU GLH :XU]HONDQDOUHLQLJXQJ
(QGR VRIW LQVWUXPHQW (6, ,62

31. ,62

32. 5HWUHDWPHQW LQVWUXPHQW 57 ,QVWUXPHQW HQGR GRX[ (6, ,62

33. (QGR6RIW,QVWUXPHQW (6, ,62

34. 5HWUHDWPHQW LQVWUXPHQW 57 ,QVWUXPHQW GH UHWUDLWHPHQW 57 5HYLVLRQVLQVWUXPHQW 57
5HWUHDWPHQW LQVWUXPHQW 57 ,QVWUXPHQW GH UHWUDLWHPHQW 57 5HYLVLRQVLQVWUXPHQW 57
RQGHQVDWLRQ LQVWUXPHQW + ,QVWUXPHQW GH UHWUDLWHPHQW 57 5HYLVLRQVLQVWUXPHQW 57
,QVWUXPHQW SRXU FRQGHQVDWLRQ + .RQGHQVDWLRQVLQVWUXPHQW +
5HPRYDO LQVWUXPHQW ' ,QVWUXPHQW ' ]XP /|VHQ YRQ .URQHQ XQG
5HWURJUDGH LQVWUXPHQW %HUXWWL ,QVWUXPHQW GH GpSRVH ' %UFNHQ
5HWURJUDGH LQVWUXPHQW IRU LVWKPXV 5( ,QVWUXPHQW D UHWUR %HUXWWL 5HWUR,QVWUXPHQW %HUXWWL
,QVWUXPHQW D UHWUR SRXU LVWKPH 5( 5HWUR,QVWUXPHQW 5( ]XU ,VWKPXV
SUlSDUDWLRQ

35. ,1',( ,1',( ,11(+c//
RQVHMRV JHQHUDOHV ,QGLFD]LRQL JHQHUDOL $OOPlQQD WLSV
5HGXFFLyQ GH ODV EDFWHULDV HQ 5LGX]LRQH GHL EDWWHUL QHJOL VSUX]]L %DNWHULHUHGXNWLRQ L VWUnOHQ
OD SXOYHUL]DFLyQ )LVVDJJLR GHJOL VWUXPHQWL )lVWD VSHWVDUQD
$FRSODPLHQWR GH ORV LQVWUXPHQWRV 3RUWDOLPH )LOKnOODUH
3RUWDOLPDV 3RVL]LRQDPHQWR GL OLPH R VWUXPHQWL 0RQWHUD ILODU HOOHU VSHWVDU
RORFDFLyQ GH OLPDV R LQVWUXPHQWRV 7HFQLFD RSHUDWLYD $UEHWVWHNQLN
0pWRGR GH WUDEDMR 6WUXPHQWL GLDPDQWDWL 'LDPDQWEHODJGD VSHWVDU
,QVWUXPHQWRV GLDPDQWDGRV 'HWDUWUDJJLR 6FDOLQJ
/LPSLH]D GH VDUUR 6WUXPHQWR $ SHU LO GHWDUWUDJJLR XQLYHUVDOH 6SHWV $ I|U XQLYHUVHOO VFDOLQJ
,QVWUXPHQWR $ SDUD OLPSLH]D XQLYHUVDO 6WUXPHQWR % SHU LO GHWDUWUDJJLR OLQJXDOH 6SHWV % I|U OLQJXDO VFDOLQJ
,QVWUXPHQWR % SDUD OLPSLH]D OLQJXDO 6WUXPHQWR SHU GHWDUWUDJJLR LQWHQVR 6SHWV I|U NUDIWLJ VFDOLQJ
,QVWUXPHQWR SDUD OLPSLH]D LQWHQVD 6WUXPHQWR SHULR 3 6SHWV 3
,QVWUXPHQWR SHULR 3 6WUXPHQWR SHULR VRWWLOH 36 6SHWV 36
,QVWUXPHQWR SHULR VOLP 36 6WUXPHQWR VSHFLILFR 3, SHU OD SXOL]LD 6SHFLDOVSHWV 3, I|U UHQJ|ULQJ
,QVWUXPHQWR 3, HVSHFtILFR SDUD GL LPSLDQWL DY LPSODQWDW
OD OLPSLH]D GH LPSODQWHV (QGR (QGRGRQWL
(QGRGRQFLD /LPH SHU WHUDSLD RUWRJUDGD )LODU I|U RUWRJUDG EHKDQGOLQJ
/LPDV SDUD HO WUDWDPLHQWR RUWyJUDGR 5LWUDWWDPHQWR HQGRGRQWLFR (QGRGRQWLVN nWHUEHKDQGOLQJ
5HWUDWDPLHQWR HQGRGyQFLFR (QGRGRQ]LD UHWURJUDGD 5HWURJUDG HQGRGRQWL
(QGRGRQFLD UHWUyJUDGD /LPH GL SXOL]LD GL WLSR . ,62

36. .ILODU I|U UHQJ|ULQJ ,62

37. /LPDV GH OLPSLH]D WLSR . ,62

38. 6WUXPHQWL (QGR VRIW (6, ,62

39. 0MXN HQGRVSHWV (6, ,62

40. ,QVWUXPHQWR HQGR VRIW (6, ,62

41. 6WUXPHQWR GL ULWUDWWDPHQWR 57 cWHUEHKDQGOLQJVVSHWV 57
,QVWUXPHQWR GH UHWUDWDPLHQWR 57 6WUXPHQWR GL ULWUDWWDPHQWR 57 cWHUEHKDQGOLQJVVSHWV 57
,QVWUXPHQWR GH UHWUDWDPLHQWR 57 6WUXPHQWR GL ULWUDWWDPHQWR 57 cWHUEHKDQGOLQJVVSHWV 57
,QVWUXPHQWR GH UHWUDWDPLHQWR 57 6WUXPHQWR GL FRQGHQVD]LRQH + .RQGHQVHULQJVVSHWV +
,QVWUXPHQWR GH FRQGHQVDFLyQ + 6WUXPHQWR GL ULPR]LRQH ' %RUWWDJQLQJVVSHWV '
,QVWUXPHQWR GH H[WUDFFLyQ ' 6WUXPHQWR UHWURJUDGR %HUXWWL 5HWURJUDGVSHWV %HUXWWL
,QVWUXPHQWR UHWUyJUDGR %HUXWWL 6WUXPHQWR UHWURJUDGR SHU LVWPR 5( 5HWURJUDGVSHWV I|U LVWKPXV 5(
,QVWUXPHQWR UHWUyJUDGR SDUD LVWPRV 5(

42. 5HVWRUDWLYH 5HVWDXUDWLRQ 6DQLHUXQJ
DYLW SUHSDUDWLRQ 3UpSDUDWLRQ GH FDYLWpV .DYLWlWHQSUlSDUDWLRQ
$PDOJDPV DQG FHPHQWDWLRQ $PDOJDPHV HW VFHOOHPHQWV $PDOJDPIOOXQJHQ XQG =HPHQWLHUXQJHQ
.DYLWlWHQLQVWUXPHQWH 6' XQG 60
DYLW LQVWUXPHQWV 6' DQG 60 ,QVWUXPHQWV 6' HW 60 SRXU FDYLWpV
,QVWUXPHQW 6% PLW NXJHOI|UPLJHU 6SLW]H
6PDOO EDOO LQVWUXPHQW 6% ,QVWUXPHQW j SHWLWH ERXOH 6% ,QVWUXPHQWH 6%G XQG 6%P
6PDOO EDOO LQVWUXPHQWV 6%G DQG 6%P ,QVWUXPHQWV j SHWLWH ERXOH 6%G HW 6%P PLW NXJHOI|UPLJHU 6SLW]H
,QVWUXPHQW IRU SLWV DQG ILVVXUHV 3) ,QVWUXPHQW SRXU SXLWV HW VLOORQV 3) ,QVWUXPHQW 3) IU 'HIHNWH XQG )LVVXUHQ
,QVWUXPHQW IRU YHQHHUV 9( ,QVWUXPHQW SRXU IDFHWWHV 9( 9HQHHULQVWUXPHQW 9(
.RQGHQVDWLRQVLQVWUXPHQWH ) XQG (
,QVWUXPHQWV IRU FRQGHQVDWLRQ ) DQG ( ,QVWUXPHQWV SRXU FRQGHQVDWLRQ ) HW (
*OlWWXQJVLQVWUXPHQW *
,QVWUXPHQW IRU DPDOJDP VPRRWKLQJ * ,QVWUXPHQW SRXU ILQLWLRQ G¶DPDOJDPH * =HPHQWLHUXQJVLQVWUXPHQW 63
HPHQWDWLRQ LQVWUXPHQW 63 ,QVWUXPHQW SRXU VFHOOHPHQW 63 3HULRGRQWLH
3HULRGRQWLFV 3DURGRQWLH 'LH $UEHLW PLW JHERJHQHQ ,QVWUXPHQWHQ
:RUNLQJ ZLWK FXUYHG LQVWUXPHQWV 7UDLWHPHQW DYHF LQVWUXPHQWV FRXUEpV 3HULRGRQWLH,QVWUXPHQWH 3/ XQG 3/
3HULR OLQH LQVWUXPHQWV 3/ DQG 3/ ,QVWUXPHQWV OLJQH SDUR 3/ HW 3/ 3HULRGRQWLH,QVWUXPHQW 3/
3HULR OLQH LQVWUXPHQW 3/ ,QVWUXPHQW OLJQH SDUR 3/ 3HULRGRQWLH,QVWUXPHQWH 3/ XQG 3/
3HULRGRQWLH,QVWUXPHQWH +3/ XQG '3/
3HULR OLQH LQVWUXPHQWV 3/ DQG 3/ ,QVWUXPHQWV OLJQH SDUR 3/ HW 3/
5HLQLJHQ GHVLQ¿]LHUHQ XQG VWHULOLVLHUHQ
,QVWUXPHQWV SHULR +3/ DQG '3/ ,QVWUXPHQWV SDUR +3/ HW '3/ $XVHLQDQGHUQHKPHQ XQG UHLQLJHQ
OHDQLQJ GLVLQIHFWLQJ DQG VWHULOL]LQJ 1HWWRDJH GpVLQIHFWLRQ HW VWpULOLVDWLRQ GHU ,QVWUXPHQWH
,QVWUXPHQW GLVDVVHPEO DQG FOHDQLQJ 'pPRQWDJH HW QHWWRDJH GHV LQVWUXPHQWV $XVHLQDQGHUQHKPHQ XQG UHLQLJHQ
GHV +DQGVWFNV
+DQGSLHFH GLVDVVHPEO DQG FOHDQLQJ 'pPRQWDJH HW QHWWRDJH GHV SLqFHV
$XVHLQDQGHUQHKPHQ XQG UHLQLJHQ
)LOH KROGHU GLVDVVHPEO DQG FOHDQLQJ j PDLQ GHU )HLOHQKDOWHU
:HDU DQG PDLQWHQDQFH 'pPRQWDJH HW QHWWRDJH GHV SRUWHOLPHV $EQXW]XQJ XQG :DUWXQJ
6DIHW SUHFDXWLRQV 8VXUH HW HQWUHWLHQ 6LFKHUKHLWVKLQZHLVH
6WRULQJ WKH SURGXFW 5HPDUTXHV FRQFHUQDQW OD VpFXULWp $XIEHZDKUHQ GHV 3URGXNWV
3URGXFW GLVSRVDO 5DQJHPHQW GX SURGXLW (QWVRUJHQ GHV 3URGXNWV
:DUUDQW 5HFFODJH *DUDQWLH
$FFHVVRULHV *DUDQWLH =XEHK|U
(06 FXVWRPHU VHUYLFH $FFHVVRLUHV (06.XQGHQGLHQVW
6PEROV 6HUYLFH FOLHQW (06 6PEROH
7HFKQLFDO GDWD 6PEROHV 7HFKQLVFKH 'DWHQ
7URXEOHVKRRWLQJ DUDFWpULVWLTXHV WHFKQLTXHV )HKOHUEHKHEXQJ
'pSDQQDJH

43. 5HVWDXUDFLyQ 5HVWDXUL 5HVWRUDWLY EHKDQGOLQJ
3UHSDUDFLyQ GH FDYLGDGHV 3UHSDUD]LRQH GHOOD FDYLWj 3UHSDUDWLRQ DY NDYLWHWHU
$PDOJDPDV FHPHQWDFLyQ $PDOJDPH H FHPHQWD]LRQH $PDOJDP RFK FHPHQWHULQJ
,QVWUXPHQWRV 6' 60 SDUD FDYLGDGHV 6WUXPHQWL SHU FDYLWj 6' H 60 .DYLWHWVVSHWV 6' RFK 60
,QVWUXPHQWR 6% GH EROD SHTXHxD 6WUXPHQWR FRQ SLFFROD SXQWD D VIHUD 6% .XOVSHWV 6%
,QVWUXPHQWRV 6%G 6%P GH EROD SHTXHxD 6WUXPHQWL FRQ SXQWH D SLFFROH VIHUH .XOVSHWV 6%G RFK 6%P
,QVWUXPHQWR 3) SDUD IRVDV ILVXUDV 6%G H 6%P 6SHWV I|U KnO RFK ILVVXUHU 3)
,QVWUXPHQWR 9( SDUD FDULOODV 6WUXPHQWL 3) SHU LQFULQDWXUH H IHVVXUH 6SHWV I|U IDVDGHU 9(
,QVWUXPHQWRV ) ( SDUD FRQGHQVDFLyQ 6WUXPHQWR SHU ULYHVWLPHQWL 9( 6SHWV I|U NRQGHQVHULQJ ) RFK (
,QVWUXPHQWR * SDUD HO DOLVDGR GH 6WUXPHQWL SHU FRQGHQVD]LRQH ) H ( 6SHWV I|U DPDOJDPWLOOMlPQLQJ *
DPDOJDPD 6WUXPHQWR * SHU OD OHYLJDWXUD HPHQWHULQJVVSHWV 63
,QVWUXPHQWR 63 GH FHPHQWDFLyQ GHOO
DPDOJDPD 3DURGRQWL
3HULRGRQFLD 6WUXPHQWR 63 GL FHPHQWD]LRQH $UEHWD PHG E|MGD VSHWVDU
7UDEDMDU FRQ LQVWUXPHQWRV FXUYDGRV ,QWHUYHQWL SHULRGRQWDOL 3DURVSHWV 3/ RFK 3/
,QVWUXPHQWRV SHULR OLQH 3/ 3/ 8WLOL]]R GHJOL VWUXPHQWL ULFXUYL 3DURVSHWV 3/
,QVWUXPHQWR SHULR OLQH 3/ 6WUXPHQWL 3/ H 3/ GHOOD OLQHD SHULR 3DURVSHWV 3/ RFK 3/
,QVWUXPHQWRV SHULR OLQH 3/ 3/ 6WUXPHQWR 3/ GHOOD OLQHD SHULR 3DURVSHWV +3/ RFK '3/
,QVWUXPHQWRV SHULR +3/ '3/ 6WUXPHQWL 3/ H 3/ GHOOD OLQHD SHULR 5HQJ|ULQJ GHVLQIHNWLRQ RFK VWHULOLVHULQJ
/LPSLH]D GHVLQIHFFLyQ HVWHULOL]DFLyQ 6WUXPHQWL SHULR +3/ H '3/ 'HPRQWHUD RFK UHQJ|UD VSHWVDU
'HVPRQWDMH OLPSLH]D GH ORV LQVWUXPHQWRV 3XOL]LD GLVLQIH]LRQH H VWHULOL]]D]LRQH 'HPRQWHUD RFK UHQJ|UD KDQGVWFNHQ
'HVPRQWDMH OLPSLH]D GHO PDQJR 6PRQWDJJLR H SXOL]LD GHOOR VWUXPHQWR 'HPRQWHUD RFK UHQJ|UD ILOKnOODUH
'HVPRQWDMH OLPSLH]D GHO SRUWDOLPDV 6PRQWDJJLR H SXOL]LD GHO PDQLSROR 6OLWDJH RFK XQGHUKnOO
'HVJDVWH PDQWHQLPLHQWR 6PRQWDJJLR H SXOL]LD GHO SRUWDOLPH 6lNHUKHWVI|UHVNULIWHU
3UHFDXFLRQHV VREUH VHJXULGDG 8VXUD H PDQXWHQ]LRQH )|UYDUD SURGXNWHQ
$OPDFHQDPLHQWR GHO SURGXFWR 3UHFDX]LRQL GL VLFXUH]]D .DVVHULQJ DY SURGXNWHQ
(OLPLQDFLyQ GHO SURGXFWR 6WRFFDJJLR GHO SURGRWWR *DUDQWL
*DUDQWtD 6PDOWLPHQWR GHO SURGRWWR 7LOOEHK|U
$FFHVRULRV *DUDQ]LD (06 NXQGWMlQVW
6HUYLFLR WpFQLFR GH (06 $FFHVVRUL 6PEROHU
6tPERORV $VVLVWHQ]D FOLHQWL (06 7HNQLVND GDWD
(VSHFL¿FDFLRQHV WpFQLFDV 6LPEROL )HOV|NQLQJ
6ROXFLyQ GH SUREOHPDV 'DWL WHFQLFL
5LVROX]LRQH GHL SUREOHPL

44. *(1(5$/ +,176 5(200$1'$7,216 $//*(0(,1( +,1:(,6(
ƒ
0DNH VXUH WR DOZDV VWHULOL]H KDQGSLHFHV DQG 6WpULOLVHU OHV SLqFHV j PDLQ HW LQVWUXPHQWV $OOH +DQGVWFNH XQG ,QVWUXPHQWH VLQG YRU
LQVWUXPHQWV EHIRUH XVH 1RQVWHULOH KDQGSLHFHV DYDQW FKDTXH XWLOLVDWLRQ 'HV SLqFHV j PDLQ RX MHGHU $QZHQGXQJ ]X VWHULOLVLHUHQ 1LFKW VWHULOH
DQG LQVWUXPHQWV PD FDXVH EDFWHULDO RU YLUDO LQIHF GHV LQVWUXPHQWV QRQ VWpULOHV SHXYHQW FDXVHU GHV +DQGVWFNH XQG ,QVWUXPHQWH N|QQHQ EDNWHULHOOH
WLRQV 3OHDVH FRQIRUP WR WKH UHFRPPHQGDWLRQV RI LQIHFWLRQV EDFWpULHQQHV RX YLUDOHV 9HXLOOH] YRXV RGHU YLUDOH ,QIHNWLRQHQ DXVO|VHQ %HDFKWHQ 6LH
GLH (PSIHKOXQJHQ GHV +DQGEXFKV 5HSURFHVVLQJ
WKH 5HSURFHVVLQJ ,QVWUXFWLRQV PDQXDO GHOLYHUHG FRQIRUPHU DX[ UHFRPPDQGDWLRQV FRQWHQXHV GDQV ,QVWUXFWLRQV GDV LP /LHIHUXPIDQJ ,KUHV 3URGXNWV
ZLWK RXU SURGXFW UHJDUGLQJ SURFHGXUH RI FOHDQLQJ OH PDQXHO 5HSURFHVVLQJ ,QVWUXFWLRQV OLYUp DYHF HQWKDOWHQ LVW ]XU 5HLQLJXQJ 'HVLQIHNWLRQ XQG
GLVLQIHFWLQJ DQG VWHULOL]LQJ RI WKH FRPSRQHQWV YRWUH SURGXLW SRXU OHV SURFpGXUHV GH QHWWRDJH 6WHULOLVDWLRQ GHU %HVWDQGWHLOH
GpVLQIHFWLRQ HW VWpULOLVDWLRQ GHV FRPSRVDQWV
1HYHU ZRUN GU ZLWK 3LH]RQ LQVWUXPHQWV $UEHLWHQ 6LH QLHPDOV WURFNHQ PLW GHQ 3LH]RQ
XQOHVV RWKHUZLVH VSHFLILHG

45. 7KH WLS RI WKH 1H MDPDLV WUDYDLOOHU j VHF DYHF OHV LQVWUX ,QVWUXPHQWHQ (V VHL GHQQ GLHVH 0|JOLFKNHLW ZLUG
LQVWUXPHQW LPPHGLDWHO KHDWV XS ZKHQ XVHG GU PHQWV 3LH]RQ VDXI H[FHSWLRQV PHQWLRQQpHV

46. /HV DXVGUFNOLFK HLQJHUlXPW

47. 'LH $UEHLWVVSLW]H GHU
$OZDV PDNH VXUH WKHUH LV HQRXJK LUULJDWLRQ SRLQWHV DFWLYHV V¶pFKDXIIHQW LPPpGLDWHPHQW HQ ,QVWUXPHQWH HUZlUPW VLFK EHL WURFNHQHP $UEHLWHQ
WUDYDLOODQW j VHF 7RXMRXUV V¶DVVXUHU TXH OH GpELW VHKU VFKQHOO 9HUJHZLVVHUQ 6LH VLFK VWHWV GDVV
'R QRW XVH WKH LQVWUXPHQWV RQ PHWDO RU JHQJHQG 6SOÀVVLJNHLW YRUKDQGHQ LVW
GH OLTXLGH G¶LUULJDWLRQ HVW VXI¿VDQW
FHUDPLF UHVWRUDWLRQV QHLWKHU RQ SURVWKHVLV XQLWV 9HUZHQGHQ 6LH GLH ,QVWUXPHQWH ZHGHU EHL
DV WKH PLJKW EH GDPDJHG XQOHVV RWKHUZLVH 1H SDV XWLOLVHU OHV LQVWUXPHQWV VXU GHV 0HWDOO RGHU .HUDPLNUHVWDXUDWLRQHQ QRFK EHL
VSHFL¿HG

48. UHVWDXUDWLRQV PpWDO RX FpUDPLTXH DLQVL TXH 3URWKHVHQ GD GLHVH EHVFKlGLJW ZHUGHQ N|QQWHQ
VXU GHV XQLWpV SURWKpWLTXHV FDU FHOD SRXUUDLW OHV (V VHL GHQQ GLHVH 0|JOLFKNHLW ZLUG DXVGUFNOLFK
HQGRPPDJHU VDXI H[FHSWLRQV PHQWLRQQpHV

49. DQJHJHEHQ

50. 216(-26 *(1(5$/(6 ,1',$=,21, *(1(5$/, $//0b11$ 7,36
ƒ
$VHJ~UHVH GH HVWHULOL]DU VLHPSUH ORV 3ULPD GHOO
XVR VL FRQVLJOLD GL VWHULOL]]DUH .RP LKnJ DWW DOOWLG VWHULOLVHUD KDQGVWFNHQ
PDQJRV ORV LQVWUXPHQWRV DQWHV GH XVDUORV VHPSUH PDQLSROL H VWUXPHQWL 0DQLSROL H VWUXPHQWL RFK VSHWVDU I|UH DQYlQGQLQJ ,FNHVWHULOD
/RV PDQJRV H LQVWUXPHQWRV QR HVWpULOHV SXHGHQ QRQ VWHULOL SRVVRQR FDXVDUH LQIH]LRQL EDWWHULFKH R KDQGVWFNHQ RFK VSHWVDU NDQ RUVDND EDNWHULH
SURYRFDU LQIHFFLRQHV EDFWHULDQDV R YtULFDV 6LJD YLUDOL $WWHQHUVL DOOH UDFFRPDQGD]LRQL GHO PDQXDOH HOOHU YLUXVLQIHNWLRQHU )|OM UHNRPPHQGDWLRQHUQD
ODV UHFRPHQGDFLRQHV GHO PDQXDO 5HSURFHVVLQJ 5HSURFHVVLQJ ,QVWUXFWLRQV IRUQLWR FRQ LO SURGRWWR L KDQGERNHQ 5HSURFHVVLQJ ,QVWUXFWLRQV VRP
,QVWUXFWLRQV VXPLQLVWUDGR FRQ VX SURGXFWR FRQ LQ PHULWR DOOD SURFHGXUD GL SXOL]LD GLVLQIH]LRQH H PHGI|OMHU SURGXNWHQ YDG JlOOHU SURFHGXUHU I|U
UHVSHFWR D ORV SURFHGLPLHQWRV GH OLPSLH]D GHVLQ VWHULOL]]D]LRQH GHL FRPSRQHQWL UHQJ|ULQJ GHVLQIHNWLRQ RFK VWHULOLVHULQJ DY NRPSR
IHFFLyQ HVWHULOL]DFLyQ GH ORV FRPSRQHQWHV QHQWHU
1RQ RSHUDUH PDL D VHFFR FRQ VWUXPHQWL
1R WUDEDMH QXQFD HQ VHFR FRQ ORV LQVWUX 3LH]RQ D PHQR FKH QRQ VLD VSHFLILFDWDPHQWH $UEHWD DOGULJ WRUUW PHG 3LH]RQVSHWVDU RP
PHQWRV 3LH]RQ VDOYR TXH VH HVSHFLILTXH OR LQGLFDWR

51. ,O SXQWDOH GHOOR VWUXPHQWR VL ULVFDOGD LQJHW DQQDW DQJHV

52. 6SHWVHQ YlUPV RPHGHOEDUW
FRQWUDULR

53. /D SXQWD GHO LQVWUXPHQWR VH FDOLHQWD LPPHGLDWDPHQWH VH XVDWR D VHFFR 9HUL¿FDUH FKH XSS QlU GHQ DQYlQGV L WRUUW OlJH 6H DOOWLG WLOO DWW
HQVHJXLGD FXDQGR VH XVD HQ VHFR HUFLyUHVH YL VLD VHPSUH VXI¿FLHQWH LUULJD]LRQH VSROQLQJHQ lU WLOOUlFNOLJ
VLHPSUH GH TXH KDD VX¿FLHQWH LUULJDFLyQ
1RQ XVDUH JOL VWUXPHQWL VX UHVWDXUL LQ PHWDOOR $QYlQG LQWH VSHWVDUQD Sn UHNRQVWUXNWLRQHU
1R XVH ORV LQVWUXPHQWRV HQ UHVWDXUDFLRQHV R FHUDPLFD Qp VX SURWHVL LQ TXDQWR VL SRWUHEEHUR DY PHWDOO HOOHU NHUDPLN HOOHU Sn SURWHVHU HIWHUVRP
PHWiOLFDV R FHUiPLFDV QL HQ SUyWHVLV D TXH GDQQHJJLDUH D PHQR FKH QRQ VLD VSHFL¿FDWDPHQWH GH NDQ YDUD VNDGDGH RP LQJHW DQQDW DQJHV

54. SRGUtDQ VXIULU GDxRV VDOYR TXH VH HVSHFL¿TXH OR LQGLFDWR

55. FRQWUDULR

56. %DFWHULD UHGXFWLRQ LQ WKH VSUD 5pGXFWLRQ GHV EDFWpULHV GDQV 9HUULQJHUXQJ GHU .HLP]DKO
OHV SURMHFWLRQV LQ $HURVROHQ
2VFLOODWLQJ RU URWDWLQJ GHQWDO LQVWUXPHQWV SURGXFH D /HV LQVWUXPHQWV GHQWDLUHV RVFLOODQWV RX URWDWLIV %HL GHU 9HUZHQGXQJ RV]LOOLHUHQGHU RGHU URWLH
VSUD RI LUULJDWLRQ 7KH EDFWHULDO FRXQW LQ WKH VSUD JpQqUHQW XQH QpEXOLVDWLRQ GH OLTXLGH G¶LUULJDWLRQ UHQGHU ]DKQlU]WOLFKHU ,QVWUXPHQWH ZLUG GXUFK GLH
FDQ EH WUXO UHGXFHG E XVLQJ WKH UHDGIRUXVH ,O HVW SRVVLEOH GH UpGXLUH YpULWDEOHPHQW OH QRPEUH QRWZHQGLJH 6SOÀVVLJNHLW HLQ $HURVRO6SUKQHEHO
%DFWHU;Š SUR
VROXWLRQ FKORUKH[LGLQH

57. LQ WKH GH JHUPHV FRQWHQXV GDQV OD SURMHFWLRQ HQ XWLOLVDQW KHUYRUJHUXIHQ 'LH .HLP]DKO LQ GLHVHP 6SUKQHEHO
NDQQ GXUFK GLH 9HUZHQGXQJ GHU /|VXQJ %DFWHU;Š
(06 3LH]RQ XQLW OD VROXWLRQ SUrWH j O¶HPSORL %DFWHU;Š SUR GH
SUR
KORUKH[LGLQ

58. LP (06 3LH]RQ HUKHEOLFK
FKORUKH[LGLQH

59. GDQV O¶DSSDUHLO 3LH]RQ (06 UHGX]LHUW ZHUGHQ
5LQVLQJ WKH SDWLHQW
V PRXWK SULRU WR WUHDWPHQW
ZLWK %DFWHU;Š SUR
LV VWURQJO UHFRPPHQGHG ,O HVW YLYHPHQW UHFRPPDQGp GH ULQFHU OD $X‰HUGHP ZLUG HPSIRKOHQ GHQ 3DWLHQWHQ
ERXFKH GX SDWLHQW DYDQW OH WUDLWHPHQW DYHF GX YRU GHU %HKDQGOXQJ GHQ 0XQG PLW %DFWHU;Š SUR
8VHG GDLO LQ RXU (06 3LH]RQ XQLW %DFWHU;Š SUR
%DFWHU;Š SUR DXVVSOHQ ]X ODVVHQ
UHGXFHV WKH EDFWHULDO FRXQW LQ WKH LUULJDWLRQ OLQHV
RI WKH XQLW (Q XWLOLVDWLRQ TXRWLGLHQQH GDQV O¶DSSDUHLO 3LH]RQ %HL WlJOLFKHP (LQVDW] YRQ %DFWHU;Š SUR
LQ ,KUHP
(06 OH %DFWHU;Š SUR UpGXLW OD FRQFHQWUDWLRQ GH (06 3LH]RQ YHUULQJHUW VLFK GLH %DNWHULHQEH
EDFWpULHV GDQV OH FLUFXLW GH OLTXLGH GH O¶DSSDUHLO ODVWXQJ LQ GHQ )OVVLJNHLW IKUHQGHQ /HLWXQJHQ
%DFWHU;Š SUR LV DYDLODEOH LQ VSHFL¿F FRXQWULHV RQO GHV 6VWHPV

60. 5HGXFFLyQ GH ODV EDFWHULDV HQ 5LGX]LRQH GHL EDWWHUL QHJOL VSUX]]L %DNWHULHUHGXNWLRQ L VWUnOHQ
OD SXOYHUL]DFLyQ
/RV LQVWUXPHQWRV GHQWDOHV RVFLODQWHV R URWDWRULRV , GLVSRVLWLYL GHQWDOL YLEUDQWL R URWDQWL JHQHUDQR 2VFLOOHUDQGH RFK URWHUDQGH GHQWDOLQVWUXPHQW
SURGXFHQ XQD LUULJDFLyQ SXOYHUL]DGD (O Q~PHUR VSUX]]L GL LUULJD]LRQH /D FRQWD EDWWHULFD QHJOL VSRODU XW YlWVNDQ L HQ VWUnOH %DNWHULHPlQJGHQ L
GH EDFWHULDV HQ OD SXOYHUL]DFLyQ VH SXHGH UHGXFLU VSUX]]L SXz HVVHUH VLJQLILFDWLYDPHQWH ULGRWWD VWUnOHQ NDQ PLQVNDV DYVHYlUW PHG KMlOS DY GHQ
QRWDEOHPHQWH XWLOL]DQGR OD VROXFLyQ %DFWHU;Š SUR
XWLOL]]DQGR OD VROX]LRQH SURQWD DOO
XVR %DFWHU;Š IlUGLJEODQGDGH O|VQLQJHQ %DFWHU;Š SUR
OLVWD SDUD XVDU GH FORUKH[LGLQD

61. HQ HO DSDUDWR SUR
FORUH[LGULQD

62. QHOO
XQLWj (06 3LH]RQ NORUKH[LGLQ

63. L (06 3LH]RQHQKHWHQ
3LH]RQ GH (06
Ê DOWDPHQWH FRQVLJOLDWR VFLDFTXDUH OD ERFFD 9L UHNRPPHQGHUDU VWDUNW DWW SDWLHQWHQ VN|OMHU
6H UHFRPLHQGD TXH HO SDFLHQWH VH HQMXDJXH GHO SD]LHQWH SULPD GHO WUDWWDPHQWR FRQ %DFWHU;Š PXQQHQ I|UH EHKDQGOLQJ PHG %DFWHU;Š SUR
OD ERFD FRQ %DFWHU;Š SUR
DQWHV GHO WUDWDPLHQWR SUR
2P %DFWHU;Š SUR
DQYlQGV GDJOLJHQ L (06 3LH]RQ
$O XWLOL]DU %DFWHU;Š SUR
GLDULDPHQWH HQ HO DSDUDWR 8WLOL]]DWD TXRWLGLDQDPHQWH QHOO
XQLWj (06 3LH]RQ HQKHWHQ PLQVNDV EDNWHULHPlQJGHQ L HQKHWHQV
3LH]RQ GH (06 VH UHGXFH HO Q~PHUR GH EDFWHULDV OD VROX]LRQH EDWWHULFD %DFWHU;Š SUR
ULGXFH OD FRQWD VODQJDU
HQ VXV OtQHDV GH LUULJDFLyQ EDWWHULFD QHOOH OLQHH GL LUULJD]LRQH GHOO
XQLWj

64. $77$+,1* 7+( ,167580(176 ),;$7,21 '(6 ,167580(176 %()(67,*(1 '(5 ,167580(17(
%ORZ GU WKH FRQQHFWLRQV WR UHPRYH HYHQWXDO 6RXIÀHU OHV FRQQHFWHXUV SRXU HQOHYHU XQH 7URFNQHQ 6LH GLH HLQ]HOQHQ .RPSRQHQWHQ
SUHVHQFH RI OLTXLG WR HQVXUH D SURSHU HOHFWULFDO SUpVHQFH pYHQWXHOOH GH OLTXLGH D¿Q G¶DVVXUHU XQ PLW HLQHP )|Q XP HLQH HLQZDQGIUHLH HOHNWURQLVFKH
FRQWDFW 1HYHU EORZ FRPSUHVVHG DLU LQ WKH LUULJDWLRQ ERQ FRQWDFW pOHFWULTXH 1H MDPDLV HQYRHU G¶DLU 9HUELQGXQJ ]X JHZlKUOHLVWHQ 'LH 9HUELQGXQJVVWFNH
FRQQHFWLRQV DV WKLV ZLOO LUUHPHGLDEO GDPDJH FRPSULPp GDQV OHV SDVVDJHV G¶LUULJDWLRQ FDU FHOD GUIHQ NHLQHVIDOOV PLW 'UXFNOXIW JHUHLQLJW ZHUGHQ GD HV
KLHUGXUFK ]X LUUHSDUDEOHQ 6FKlGHQ DQ LQQHQOLHJHQGHQ
LQWHUQDO SDUWV HQGRPPDJHUDLW LUUpPpGLDEOHPHQW OHV SLqFHV 7HLOHQ NRPPHQ NDQQ
LQWHUQHV
2QO XVH WKH RPEL7RUTXH WR WLJKWHQ WKH )U GLH %HIHVWLJXQJ GHV (06,QVWUXPHQWV DP
(06 LQVWUXPHQW RQ WKH KDQGSLHFH WR WKH FRUUHFW 8WLOLVHU XQLTXHPHQW OD RPEL7RUTXH SRXU +DQGVWFN PLW GHP NRUUHNWHQ 'UHKPRPHQW GDUI QXU GHU
WRUTXH 2QFH WKH LQVWUXPHQW LV VFUHZHG DOO WKH IL[HU O¶LQVWUXPHQW (06 VXU OD SLqFH j PDLQ DX RPEL7RUTXH YHUZHQGHW ZHUGHQ 6REDOG GDV ,QVWUXPHQW
ZD LQ JLYH DQ H[WUD TXDUWHU RI D WXUQ WR REWDLQ WKH FRXSOH DSSURSULp 8QH IRLV O¶LQVWUXPHQW YLVVp VHUUHU YROOVWlQGLJ DXIJHVFKUDXEW LVW LVW HLQH ZHLWHUH 9LHUWHO
UHTXLUHG WRUTXH HQFRUH G¶XQ TXDUW GH WRXU D¿Q G¶REWHQLU OH FRXSOH GUHKXQJ HUIRUGHUOLFK XP GDV HUIRUGHUOLFKH 'UHKPRPHQW
GH VHUUDJH RSWLPDO ]X JHZlKUOHLVWHQ
7KH (06 RPEL7RUTXH FRPELQHV D WRUTXH
ZUHQFK DQG DQ LQGLYLGXDO ¿OH KROGHU ,W HQVXUHV /D RPEL7RUTXH (06 HVW OD FRPELQDLVRQ 'HU (06 RPEL7RUTXH VWHOOW HLQH .RPELQDWLRQ
DXV HLQHP 'UHKPRPHQWVFKOVVHO XQG HLQHP LQGLYLGXHOOHQ
DQ LQVWDOODWLRQ DFFRUGLQJ WR VSHFLILFDWLRQV DQ G¶XQH FOp GQDPRPpWULTXH HW G¶XQ SRUWHOLPH )HLOHQKDOWHU GDU (U JHZlKUOHLVWHW HLQH ,QVWDOODWLRQ JHPl‰
RUJDQL]HG VWRUDJH DQG D VDIHJXDUG DJDLQVW LQMXULHV LQGLYLGXHO (OOH SHUPHW XQ DVVHPEODJH UHVSHFWDQW GHU HQWVSUHFKHQGHQ 6SH]LILNDWLRQHQ HLQH JHRUGQHWH
RU FRQWDPLQDWLRQ OHV VSpFL¿FDWLRQV XQ UDQJHPHQW VVWpPDWLVp HW XQH $XIEHZDKUXQJ GHU ,QVWUXPHQWH XQG HLQHQ 6FKXW] JHJHQ
VpFXULWp FRQWUH OHV EOHVVXUHV HW OD FRQWDPLQDWLRQ 9HUOHW]XQJHQ RGHU .RQWDPLQDWLRQHQ

65. $23/$0,(172 '( /26 ),66$**,2 '(*/, 67580(17, )b67$ 63(76$51$
,167580(1726
6HTXH FRQ DLUH ODV FRQH[LRQHV SDUD $VFLXJDUH DOO
DULD OH FRQQHVVLRQL SHU 7RUND DQVOXWQLQJDUQD PHG HQ EOnVWRUN I|U
HOLPLQDU OD SRVLEOH H[LVWHQFLD GH OtTXLGR JDUDQ HOLPLQDUH O
HYHQWXDOH SUHVHQ]D GL OLTXLGL H JDUDQWLUH DWW DYOlJVQD HYHQWXHOO YlWVND RFK VlNHUVWlOOD
WL]DU XQ FRQWDFWR HOpFWULFR DGHFXDGR 1R DSOLTXH XQ FRUUHWWR FRQWDWWR HOHWWULFR 1RQ VRI¿DUH PDL DULD NRUUHNW HOHNWULVN NRQWDNW %OnV DOGULJ PHG WUFNOXIW L
DLUH FRPSULPLGR HQ ODV FRQH[LRQHV GH LUULJDFLyQ FRPSUHVVD QHOOH FRQQHVVLRQL GL LUULJD]LRQH SRLFKp VSROQLQJVDQVOXWQLQJDUQD HIWHUVRP GHWWD NDQ VNDGD
D TXH HVWR GDxDUi LUUHPHGLDEOHPHQWH ODV SDUWHV OH SDUWL LQWHUQH QH ULPDUUHEEHUR LUULPHGLDELOPHQWH LQUH GHODU SHUPDQHQW
LQWHUQDV GDQQHJJLDWH
$QYlQG HQGDVW GHQ RPEL7RUTXH I|U DWW
8VH VROR OD RPEL7RUTXH SDUD DMXVWDU HO 3HU ¿VVDUH JOL VWUXPHQWL (06 VXO PDQLSROR GUD IDVW (06VSHWVHQ Sn KDQGVWFNHW PHG UlWW
LQVWUXPHQWR GH (06 GHO PDQJR DO SDU GH WRUVLyQ FRQ LO YDORUH FRUUHWWR GL FRSSLD XWLOL]]DUH HVFOXVLYD YULGPRPHQW 1lU VSHWVHQ KDU VNUXYDWV LQ KHOW
FRUUHFWR 8QD YH] TXH HO LQVWUXPHQWR HVWp PHQWH LO RPEL7RUTXH 8QD YROWD FKH OR VWUXPHQWR GUDU GX nW WWHUOLJDUH HWW NYDUWV YDUY I|U DWW In UlWW
HQURVFDGR GHOH XQ FXDUWR GH YXHOWD PiV SDUD q VWDWR DYYLWDWR FRPSOHWDPHQWH GDUH XQ XOWHULRUH YULGPRPHQW
REWHQHU HO SDU GH WRUVLyQ QHFHVDULR TXDUWR GL JLUR SHU RWWHQHUH LO YDORUH GL FRSSLD
(06 RPEL7RUTXH EHVWnU DY HQ PRPHQW
ULFKLHVWR
/D RPEL7RUTXH GH (06 FRPELQD XQD QFNHO RFK HQ VHSDUDW ¿OKnOODUH 9HUNWJHW VlNHU
OODYH GLQDPRPpWULFD XQ SRUWDOLPDV LQGLYLGXDO /
(06 RPEL7RUTXH LQWHJUD DVVLHPH XQD VWlOOHU DWW LQVWDOODWLRQHQ J|UV L HQOLJKHW PHG VSHFL
*DUDQWL]D XQD LQVWDODFLyQ FRQIRUPH D ODV FKLDYH WHQVLRPHWULFD H XQ SRUWDOLPH LQGLYLGXDOH ¿NDWLRQHUQD VDPW lU HWW EUD I|UYDULQJVVWlOOH VRP
HVSHFL¿FDFLRQHV XQ DOPDFHQDPLHQWR HQ RUGHQ *DUDQWLVFH XQD LQVWDOOD]LRQH FRUUHWWD FRQIRUPH VNGGDU ¿ODUQD PRW VNDGRU RFK NRQWDPLQHULQJ
VHJXULGDG IUHQWH D OHVLRQHV R FRQWDPLQDFLyQ DOOH VSHFL¿FKH XQR VWRFFDJJLR RUJDQL]]DWR H XQD
SURWH]LRQH GD OHVLRQL H FRQWDPLQD]LRQL

66. )LOH KROGHUV 3RUWHOLPHV )HLOHQKDOWHU
7KH ¿OH KROGHUV DUH DYDLODEOH LQ ƒ ƒ RU ƒ /HV SRUWHOLPHV VRQW GLVSRQLEOHV HQ YHUVLRQ ƒ 'LH )HLOHQKDOWHU VLQG LQ HLQHP :LQNHO YRQ ƒ ƒ
VWUDLJKW

67. RULHQWDWLRQV WR DGDSW WR SDUWLFXODU FRQ¿JX ƒ HW ƒ GURLW

68. D¿Q GH V¶DGDSWHU DX[ FRQ¿JX XQG ƒ JHUDGH

69. HUKlOWOLFK XP HLQH $QSDVVXQJ
UDWLRQV UDWLRQV SDUWLFXOLqUHV DQ YHUVFKLHGHQH .RQ¿JXUDWLRQHQ ]X JHZlKUOHLVWHQ
8VH RQO WKH SURYLGHG ÀDW ZUHQFK WR WLJKWHQ 8WLOLVHU XQLTXHPHQW OD FOp SODWH IRXUQLH SRXU )U GLH %HIHVWLJXQJ GHU )HLOHQKDOWHU DP
WKH ¿OH KROGHUV RQ WKH KDQGSLHFH DV ZHOO DV IRU VHUUHU OHV SRUWHOLPHV VXU OD SLqFH j PDLQ DLQVL TXH +DQGVWFN XQG IU GLH VFKRQHQGH %HIHVWLJXQJ YRQ
JHQWO WLJKWHQLQJ WKH LQVWUXPHQWV RU ¿OHV LQ WKH SRXU VHUUHU GpOLFDWHPHQW OHV LQVWUXPHQWV RX OLPHV ,QVWUXPHQWHQ RGHU )HLOHQ LP 6SDQQIXWWHU GDUI QXU
FKXFN 'R QRW RYHUWLJKWHQ GDQV OH PDQGULQ 1H SDV VHUUHU WURS IRUW GHU PLWJHOLHIHUWH 6FKUDXEHQVFKOVVHO YHUZHQGHW
ZHUGHQ 1LFKW ]X IHVW DQ]LHKHQ
'R QRW WLJKWHQ WKH FKXFN QXW ZKHQ QR ¿OH RU 1H SDV VHUUHU O¶pFURX GX PDQGULQ TXDQG
LQVWUXPHQW LV LQVWDOOHG DV WKLV PD GDPDJH LW DXFXQH OLPH RX LQVWUXPHQW Q¶HVW LQVWDOOp FDU FHOD 6FKUDXEHQ 6LH GLH hEHUZXUIPXWWHU GHV
SRXUUDLW O¶HQGRPPDJHU 6SDQQIXWWHUV QLH RKQH )HLOH RGHU ,QVWUXPHQW IHVW
GD GLHV ]X 6FKlGHQ DP *HUlW IKUHQ NDQQ

70. 3RUWDOLPDV 3RUWDOLPH )LOKnOODUH
/RV SRUWDOLPDV HVWiV GLVSRQLEOHV HQ iQJXORV GH , SRUWDOLPH VRQR GLVSRQLELOL FRQ RULHQWDPHQWL GL ƒ )LOKnOODUQD ¿QQV PHG E|MDU Sn ƒ ƒ RFK ƒ
ƒ ƒ y ƒ UHFWR

71. SDUD DGDSWDUVH D GLVWLQWDV ƒ R ƒ UHWWR

72. LQ PRGR GD SRWHUVL DGDWWDUH D UDND

73. I|U DWW SDVVD ROLND NRQ¿JXUDWLRQHU
FRQ¿JXUDFLRQHV FRQ¿JXUD]LRQL VSHFL¿FKH
$QYlQG HQGDVW GHQ PHGI|OMDQGH SODWWD
8VH VROR OD OODYH SODQD VXPLQLVWUDGD SDUD $GRWWDUH VROR OD FKLDYH SLDWWD LQ GRWD]LRQH QFNHOQ I|U DWW GUD IDVW ¿OKnOODUQD Sn KDQGVWFNHW
DMXVWDU ORV SRUWDOLPDV DO PDQJR DVt FRPR SDUD SHU ¿VVDUH L SRUWDOLPH VXO PDQLSROR H SHU VHUUDUH VDPW I|U DWW I|UVLNWLJW GUD IDVW VSHWVDU HOOHU ¿ODU L
DMXVWDU VXDYHPHQWH ORV LQVWUXPHQWRV R ODV OLPDV GHOLFDWDPHQWH JOL VWUXPHQWL R OH OLPH QHO PDQGULQR FKXFNHQ 'UD LQWH nW I|U KnUW
HQ HO PDQGULO 1R DMXVWH H[FHVLYDPHQWH 1RQ VWULQJHUH HFFHVVLYDPHQWH
'UD LQWH nW FKXFNPXWWHUQ RP GHW LQWH ¿QQV
1R DMXVWH OD URVFD GHO PDQGULO FXDQGR QR 1RQ VHUUDUH LO GDGR GHO PDQGULQR TXDQGR QnJUD ¿ODU HOOHU VSHWVDU LQVWDOOHUDGH Gn NDQ GHQ
KDD QLQJXQD OLPD QL LQVWUXPHQWR FRORFDGR D TXH QRQ q VWDWD LQVWDOODWD DOFXQD OLPD R VWUXPHQWR LQ VNDGDV
SRGUtD GDxDUVH TXDQWR FLz SRWUHEEH GDQQHJJLDUOR