-(7 -(7 ) *% UXHGHV0DUDLV6$,173+,/%(57'(*5$1'/,(8)UDQFH 7pO)D[ FOLHQWDFLV#RUDQJHIU $&,6 ( 1HZ-(79$* 0DQXHOG¶LQVWUXFWLRQVGHPRQWDJHHWGH PLVHHQVHUYLFH 1HZ-(79$* ,QVWDOODWLRQDQGVWDUWXSLQVWUXFWLRQPDQ XDO 1HZ-(79$* 0DQXDOGHLQVWUXFFLRQHVGHPRQWDMH\GH SXHVWDHQVHUYLFLR -XQWDWyULFD KΖƌŝŶŐ ϭϴ :ŽŝŶƚƚŽƌŝƋƵĞďƵƐĞTϰϮ ŽƋƵŝůůĂTϯϱ ϭϳ ĂŐƵĞĂƌƌŝğƌĞĚĞƌŽƚƵůĞďƵƐĞTϰϮ ZŽƚƵůĂŝŶĨĞƌŝŽƌ EŽnjnjůĞTϯϱ >ŽǁĞƌƐƉŚĞƌŝĐĂůƐƵƉƉŽƌƚ ϭϲ ƵƐĞTϰϮ ZŽƚƵůĂƐƵƉĞƌŝŽƌ hƉƉĞƌƐƉŚĞƌŝĐĂůƐƵƉƉŽƌƚ ϭϱ ƌŝĚĞĚĞďƵƐĞTϰϮ ĐĐĞƐŽƌŝŽĞŵƉŽƚƌĂďůĞ ϭϰ :ŽŝŶƚĂĚŚĠƐŝĨ :ƵŶƚĂĂĚŚĞƐŝǀĂ &ůŽǁĨŝƚƚŝŶŐ ĚŚĞƐŝǀĞƐĞĂů ϭϯ WŝğĐĞăƐĐĞůůĞƌ ŽŵƉĂŶŝŽŶĨůĂŶŐĞ &ƵŶĚĂƉƌŽƚĞĐƚŽƌĂ WƌŽƚĞĐƚŝǀĞƐůĞĞǀĞ ϵ ϭϮ ŽŶƚƌĞͲďƌŝĚĞ ϴ ϭϭ &ŽƵƌƌĞĂƵĚĞƉƌŽƚĞĐƚŝŽŶ <ŝƚǀŝƐƉŝğĐĞăƐĐĞůůĞƌ <ŝƚǀŝƐĨĂĕĂĚĞ ϳ dƵďŽĚĞĂƐƉŝƌĂĐŝſŶĚĞĂŝƌĞ <ŝƚĚĞƚŽŶŝůůŽƐƉĂƌĂĨƌĞŶƚĞ dƵLJĂƵĚĞĐŽŵŵĂŶĚĞƉŶĞƵŵĂƚŝƋƵĞ ϲ ŝƌƐƵĐƚŝŽŶƉŝƉĞ ŽƵƚŽŶƉŽƵƐƐŽŝƌ ϱ ϭϬ dƵďĞĚΖĂƐƉŝƌĂƚŝŽŶĚΖĂŝƌ <ŝƚĚĞƚŽƌŶŝůůŽƐ &ĂĕĂĚĞ ϰ &ƌŽŶƚƉĂŶĞůƐĐƌĞǁŬŝƚ <ŝƚǀŝƐďƵƐĞ ϯ ^ĐƌĞǁŬŝƚ %RWyQSXOVDGRU dƵďŽĚĞĐŽŶƚƌŽůŶĞƵŵĄƚŝĐŽ ƌŝĚĞ Ϯ 0217$-('(/)5(17( 4XLWHODSODFDGHSURWHFFLyQIRWR ŶΣ 0217$*('(/$)$&$'( (QOHYHU OD SODTXH GH SURWHFWLRQ SKRWR ĠƐŝŐŶĂƚŝŽŶ 3KRWRV ),;,1*7+()52173$1(/ 5HPRYHWKHSURWHFWLRQSODWHSKRWR WŶĞƵŵĂƚŝĐĐŽŶƚƌŽůƉŝƉĞ &ƌĞŶƚĞ DŽƵƐƐĞ WůĂƋƵĞĚĞƉƌŽƚĞĐƚŝŽŶ ϭ &ƌŽŶƚƉĂŶĞů WƵƐŚďƵƚƚŽŶ <ŝƚĚĞƚŽƌŶŝůůŽƐƉĂƌĂďŽƋƵŝůůĂ &RPSOHPHQWR-(79$*IRWRV ²!XQDFDMDTXHFRQWLHQH ERPED\VXVLQVWUXFFLRQHV UDFRUHVMXQWDV ²!XQDFDMDTXHFRQWLHQH FXDGURHOpFWULFR\VXVLQVWUXFFLRQHV HO IUHQWH FRQ XQ ERWyQ SXOVDGRU WHOHPDQGR XQFRGR XQWXERGHFRQWUROQHXPiWLFR NLWGHWRUQLOORV ƌŝĚĂ &RPSOpPHQW-(79$*SKRWRV ²!XQFDUWRQFRPSUHQDQW SRPSH HW VD QRWLFH UDFFRUGV MRLQWV ²!XQFDUWRQFRPSUHQDQW FRIIUHWpOHFWULTXHHWVDQRWLFH ODIDoDGHDYHFXQERXWRQSRXVVRLU HWXQHWpOpFRPPDQGH XQFRXGH WX\DXGHFRPPDQGHSQHXPDWLTXH NLWYLVVHULH &ůĂŶŐĞ 6XSSOHPHQW-(79$*SKRWRV ²!RQHFDUWRQFRQWDLQLQJ SXPSDQGPDQXDOFRXSOLQJV VHDOV ²!RQHFDUWRQFRQWDLQLQJ WKHIURQWSDQHOZLWKSXVKEXWWRQ DQGDUHPRWHFRQWURO VZLWFKER[DQGPDQXDO RQHHOERZ DSQHXPDWLFFRQWUROSLSH VFUHZNLW EŽnjnjůĞƐĐƌĞǁŬŝƚ &RQWHQLGRGHOSDTXHWH (Q HO LQWHULRU GHO SDTXHWH HQFRQ WUDUi WRGDV ODV SLH]DV QHFHVDULDV SDUDODLQVWDODFLyQGHO-(79$* ƐƉƵŵĂ &RQWHQXGXFROLV $ O¶LQWpULHXU GH YRWUH FROLV YRXV WURXYHUH]WRXWHVOHVSLqFHVQpFHVVDL UHVjO¶LQVWDOODWLRQGX-(79$* WůĂĐĂĚĞƉƌŽƚĞĐĐŝſŶ %R[FRQWHQWV ,QVLGH\RXUER[\RXZLOOILQGDOOWKH SDUWV\RXQHHGWRLQVWDOOWKH-(7 9$* &ŽĂŵ 7yPHVHHOWLHPSRGHOHHUHVWHPDQXDO GHLQVWDODFLyQ\GHSXHVWDHQVHUYLFLR SDUD SRGHU GLVIUXWDU SOHQDPHQWH GH VXQXHYR-(79$* WƌŽƚĞĐƚŝŽŶƉůĂƚĞ 3UHQH] OH WHPSV GH OLUH FH PDQXHO G¶LQVWDOODWLRQ HW GH PLVH HQ VHUYLFH DILQGHSRXYRLUSURILWHUSOHLQHPHQWGH YRWUHQRXYHDX-(79$* ĞŶŽŵŝŶĂĐŝſŶ 7DNH WKH WLPH WR UHDG WKLV DVVHPEO\ DQG VHUYLFH LQVWUXFWLRQ PDQXDO LQ RUGHU WR PDNH WKH PRVW RI \RXU -(79$* -(7 ŽŶƚƌĂďƌŝĚĂ ĞƐĐƌŝƉƚŝŽŶ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qFH j VFHO OHUSKRWR /¶XQ DYHF XQH PRXVVH ILOWUH LO V¶DJLW GX WXEH G¶DLU &H WX\DX GHYUD rWUH j O¶DLU OLEUH DXGHVVXV GX QL YHDX GH O¶HDX DILQ GH SRXYRLU MRXHU VRQU{OHF¶HVWjGLUHHQYR\HUGHO¶DLU YLDODEXVHGDQVODSLVFLQHSKRWR 3RXU O¶DXWUH SDVVHU j O¶LQWpULHXU OH WXEH GH FRPPDQGH SQHXPDWLTXH SKRWR $VWXFH SRXU SOXV GH VLPSOLFLWp QRXV YRXV FRQVHLOORQV GH YRXV DLGHU G¶XQ ILO ULJLGH DSSHOp LFL DLJXLOOH W\SH © ILO pOHFWULTXH ª TXL VHUYLUD GH JXLGH GDQV OH WX\DX &H WXEH VHUD UHOLp G¶XQ F{Wp DX FRIIUHW pOHFWULTXHYRLUSOXV ORLQGH O¶DXWUH DXERXWRQSRXVVRLUGHODIDoDGH WXERV VDOHQ GHO DFFHVRULR HPSR WUDEOHIRWR 8QR FRQ XQD HVSXPD ILOWUR VH WUDWD GHO WXER GH DLUH (VWH WXER GHEHUi HVWDU DO DLUH OLEUH SDUD TXH SXHGD GHVHPSHxDU VX IXQFLyQ HV GHFLU HQYLDU DLUH D WUDYpV GH OD ERTXLOODHQODSLVFLQDIRWR (Q FXDQWR DO RWUR SDVDU SRU HO LQWHULRUHOWXERGHFRQWUROQHXPiWLFR IRWR &RQVHMR SDUD TXH UHVXOWH PiV VHQFLOOR OH UHFRPHQGDPRV TXH VH D\XGH FRQ XQ DODPEUH UtJLGR GH WLSR ©DODPEUH HOpFWULFRª TXH VHU YLUiFRPRJXtDGHQWURGHOWXER(VWH WXER VH FRQHFWDUi SRU XQ ODGR DO FXDGUR HOpFWULFR YHU Pi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iWLFR $77(17,21 )L[HU OHV WX\DX[ SKRWR DX GHVVXV GX QLYHDX GH O¶HDXGHODSLVFLQH (PERLWHU OD IDoDGH VXU OD SLqFH j VFHOOHUHQQHSOLDQWSDVOHWX\DX/D IL[HUDXPR\HQGHVYLV0 5$&&25'(0(173203( 6LYRXVSRVH]ODSRPSHjF{WpGHOD SLVFLQH XWLOLVHU OH NLW SORPEHULH IRXUQL 1HWWR\HU OHV WXEHV HQ 39& QRQ IRXUQLV HW OHV FROOHU HQ VRUWLH GH OD SLqFHjVFHOOHU $7(1&,Ï1 )LMH ORV WXERV IRWR SRUHQFLPDGHOQLYHOGHODJXDGH ODSLVFLQD (QFDMH HO IUHQWH VREUH HO DFFHVRULR HPSRWUDEOH VLQ GREODU HO WXER )tMHORFRQORVWRUQLOORV0 &21(;,Ï1'(/$%20%$ 6L FRORFD OD ERPED DO ODGR GH OD SLVFLQD XWLOLFH HO NLW GH IRQWDQHUtD LQFOXLGR /LPSLHORVWXERVGH39&QRLQFOXL GRV \ HQFyOHORV D OD VDOLGD GHO DFFHVRULRHPSRWUDEOH 7 8 9 -(7 ,QVHUW WKH WZR YDOYHV EHWZHHQ WKLV RXWOHW SRUW DQG WKH SXPS 7KH HOERZ PXVW EH SODFHG RQ WKH SXPS GHOLYHU\VLGH 8VH$%639&JOXHLISRVVLEOH ,PSRUWDQW QRWH 7KH GHYLFH LV GHOLYHUHG ZLWK D NLW IRU ILWWLQJ RXU ³-(79$*´ DW D PD[ GLVWDQFH RI P)RUORQJHUGLVWDQFHV\RXPXVW XVH SLSLQJ FRXSOLQJV SURYLGHG ZLWK RXU 39& YDOYHV NLWDVDQRSWLRQ 5HFRPPHQGHG IRU [ IORZ ILWWLQJ 5HFRPPHQGHG IRU IORZ ILWWLQJ (/(&75,&$/ &211(&7,21 :$51,1* 7KLV PXVW EH GRQH E\ D TXDOLILHG WHFKQLFLDQ &KHFN WKDW WKH YROWDJH FRUUH VSRQGVWRWKHHTXLSPHQWVXSSOLHG 3ODFH WKH VZLWFK ER[ QR IXUWKHU WKDQ P IURP WKH SXVKEXWWRQ PD[ OHQJWK 5HIHU WR WKH PDQXDO IRUIXUWKHULQIRUPDWLRQ ,QVpUHU OHV GHX[ YDQQHV HQWUH FHWWH VRUWLH HW OD SRPSH /H FRXGH VHUD PLV DX UHIRXOHPHQW GH OD SRPSH 8WLOLVHUXQHFROOH$%639&GHSUpIp UHQFH DX QLYHDX GH OD SLqFH j VFHO OHU 5HPDUTXH LPSRUWDQWH /¶DSSD UHLO HVW OLYUp DYHF NLW SRXU OH PRQWDJH GH QRWUH © -(79$* ª ORQJXHXU PD[L P 3RXU XQH GLV WDQFHVXSpULHXUHQRXVYRXVFRQVHLO ORQV OH PRQWDJH FLGHVVRXV 3UpYRLU VLQRQ XQH FDQDOLVDWLRQ HQ UDFFRUGV OLYUpV DYHF QRWUH HQVHPEOH NLW GH YDQQHV 39& HQRSWLRQ 0RQWDJHFRQVHLOOpHQ[ 0RQWDJHFRQVHLOOpHQ %5$1&+(0(17 (/(&75, 48($77(17,21 ,OGHYUDrWUHUpDOLVpSDUXQWHFKQL FLHQKDELOLWp 9pULILHUTXHODWHQVLRQFRUUHVSRQGH ELHQDXPDWpULHOIRXUQL 3ODFHU OH FRIIUHW pOHFWULTXH DX PD[LPXP j P GX ERXWRQ SRXV VRLU ORQJXHXU PD[L 3RXU SOXV G¶LQIRUPDWLRQV VH UHSRUWHU j OD QRWLFH ,QVHUWH ODV GRV YiOYXODV HQWUH HVWD VDOLGD \ OD ERPED (O FRGR VH FROR FDUiHQHOUHWRUQRGHODERPED 8WLOLFHXQDFRODGH$%639&SUHIHUL EOHPHQWH D QLYHO GHO DFFHVRULR HPSRWUDEOH 2EVHUYDFLyQ LPSRUWDQWH HO DSDUDWR VH HQWUHJD FRQ XQ NLW SDUD HO PRQWDMH GH QXHVWUR ©-(79$*ª FRQ XQD ORQJLWXG Pi[L PD GH P 3DUD XQD GLVWDQFLD VXSHULRU OD FRQVHMDPRV HO VLJXLHQWH PRQWDMH3UHYHUXQDFDQDOL]DFLyQGH UDFRUHV LQFOXLGRV HQ QXHVWUR FRQMXQWR NLW GH YiOYXODV GH39&RSFLRQDOHV -(7 23(5$7,21 2QFH WKH -(79$* KDV EHHQ LQ VWDOOHG FKHFN WKH GLUHFWLRQ RI URWD WLRQ RI WKH SXPS PRWRU IRU D SKDVH SXPS 7KH -(79$* LV HTXLSSHG ZLWK D SDWHQWHG FRQWURO V\VWHP IRU WKH DLU DQG ZDWHU IORZ UDWHV WKDW RQO\ DIIHFWV WKH IURQW QR]]OH ,QWKHFDUWRQ\RXZLOOILQGDUHPRWH FRQWURO ZKLFK DOORZV \RX WR VZLWFK RQ \RXU FXUUHQW JHQHUDWRU IURP D GLVWDQFH )21&7,211(0(17 8QHIRLVOD-(79$*LQVWDOOpHYpULILHU OHVHQVGHURWDWLRQGXPRWHXUGH OD SRPSH VL SRPSH WULSKDVpH /D -(79$* GLVSRVH G¶XQ V\VWqPH EUH YHWp GH UpJODJH GH GpELW G¶HDX HW G¶DLU DJLVVDQW VLPSOHPHQW VXU OD EXVHIURQWDOH 'DQV YRWUH FROLV YRXV DYH] XQH WpOpFRPPDQGH TXL SHUPHW GH Gp FOHQFKHU YRWUH QDJH j FRQWUH FRXUDQWjGLVWDQFH )81&,21$0,(172 8QD YH] LQVWDODGR HO -(79$* FRP SUXHEH HO VHQWLGR GH URWDFLyQ GHO PRWRU GH OD ERPED HQ FDVR GH ERPEDWULIiVLFD(O-(79$*GLVSRQH GHXQVLVWHPD SDWHQWDGR GHUHJXOD FLyQ GHO FDXGDO GH DJXD \ GH DLUH TXHVyORDFW~DHQODERTXLOODIURQWDO (Q VX SDTXHWH WLHQH XQ WHOHPDQGR TXH SHUPLWH DFWLYDU VX QDGR D FRQ WUDFRUULHQWHDGLVWDQFLD 212)) 5HFRPHQGDFLRQHVSDUD[ 5HFRPHQGDFLRQHVSDUD &21(;,Ï1 (/e&75,&$ $7(1&,Ï1 'HEHUiVHUUHDOL]DGDSRU XQ WpFQL FRGHELGDPHQWHFXDOLILFDGR &RPSUXHEH TXH OD WHQVLyQ FRUUHV SRQGHFRQHOPDWHULDOVXPLQLVWUDGR &RORTXH HO FXDGUR HOpFWULFR D XQD GLVWDQFLDPi[LPDGHPGHOERWyQ SXOVDGRU ORQJLWXG Pi[LPD 6L GHVHDPiVLQIRUPDFLyQFRQVXOWHODV LQVWUXFFLRQHV :,17(5,1* ,QFDVHRIVHYHUHIURVWVLWLVQHFHV VDU\ WR UHPRYH WKH IURQW SDQHO RI WKH -(79$* UHPRYH WKH VFUHZV KROGLQJ LW LQ SODFH GLVFRQQHFW WKH SLSH IURP WKH SXVKEXWWRQ DQG SODFH FRQLFDO SOXJV QRW VXSSOLHG VHH DFFHVVRULHV LQVLGH WKH IORZ ILWWLQJ RSHQLQJV )DVWHQ WKH VFUHZV VR WKDW WKH SOXJ GLODWHV DQG FUHDWHV D VHDO <RX FDQ WKHQ GUDLQ WKH SXPS +,9(51$*( (QFDVGHIRUWHVJHOpHVLOHVWQpFHV VDLUH GH GpPRQWHU OD IDoDGH GH OD -(79$* HQOHYHU OHV YLV TXL OD PDLQWLHQQHQW GpFRQQHFWHU OH WXEH GX ERXWRQ SRXVVRLU HW PHWWUH ERXFKRQV FRQLTXHV QRQ IRXUQLV YRLU DFFHVVRLUHV j O¶LQWpULHXU GHV RULILFHV GH OD SLqFH j VFHOOHU 6HUUHU OHV YLV GH PDQLqUH j FH TXH O¶pWDQ FKpLWp VRLW REWHQXH SDU OD GLODWDWLRQ GX ERXFKRQ 3URFpGHU j OD YLGDQJH GHODSRPSH +,%(51$&,Ï1 (Q FDVR GH KHODGDV LQWHQVDV HV QHFHVDULR GHVPRQWDU HO IUHQWH GHO -(79$* UHWLUH ORV WRUQLOORV TXH OR VXMHWDQ GHVFRQHFWH HO WXER GHO ERWyQSXOVDGRU\FRORTXHWDSRQHV FyQLFRV QR LQFOXLGRV YHU DFFHVR ULRVHQHOLQWHULRUGHORVRULILFLRVGHO DFFHVRULR HPSRWUDEOH $SULHWH ORV WRUQLOORV GH PRGR TXH OD HVWDQTXHL GDG VH REWHQJD PHGLDQWH OD GLODWD FLyQ GHO WDSyQ 3URFHGD FRQ HO YDFLDGRGHODERPED $&&(6625,(6 &RQWDFW \RXU GLVWULEXWRU IRU WKH DFFHVVRULHV 6WDLQOHVVVWHHOKDQGOH -(79$*PDVVDJHKRVH :LQWHUL]LQJFDSV YDOYHV $&&(662,5(6 &RQVXOWHUYRWUHGLVWULEXWHXUSRXUOHV DFFHVVRLUHV 3RLJQpHLQR[\GDEOH 7X\DXGHPDVVDJH-(79$* %RXFKRQVG¶KLYHUQDJH 9DQQHV $&&(625,26 &RQVXOWH FRQ VX GLVWULEXLGRU HQ OR UHODWLYRDORVDFFHVRULRV $VDLQR[LGDEOH 7XERGHPDVDMH-(79$* 7DSRQHVGHKLEHUQDFLyQ 9iOYXODV 3RLJQpH LQR[\GDEOH 6WDLQOHVV VWHHO KDQGOH $VDLQR[LGDEOH 7X\DX GH PDVVDJH 0DVVDJH KRVH7XER GHPDVDMH %RXFKRQ G¶KLYHUQDJH :LQWHUL]LQJ FDS7DSyQ GHKLEHUQDFLyQ