$FFRUGLRQ6WRQH0DQDJHPHQW'HYLFH
,16758&7,216)2586(
,1',&$7,216)2586(
7KH$FFRUGLRQ6WRQH0DQDJHPHQW'HYLFHLVLQWHQGHGWREHXVHGHQGRVFRSLFDOO\WRE\SDVVHQWUDSDQGUHPRYHFDOFXOL
DQGRWKHUIRUHLJQREMHFWVIURPWKHXULQDU\WUDFWWRSUHYHQWUHWURJUDGHPLJUDWLRQRIFDOFXOLGXULQJOLWKRWULSV\DQGWR
IDFLOLWDWHWKHSODFHPHQWRIHQGRXURORJLFDOLQVWUXPHQWVGXULQJGLDJQRVWLFRULQWHUYHQWLRQDOSURFHGXUHV
'(9,&(&20321(176
3URGXFW1XPEHU
'HYLFH
:RUNLQJ/HQJWK
6KDIW'LDPHWHU
)LOP
2FFOXVLRQ6L]H
:RUNLQJ&KDQQHO
'LDPHWHU1HHGHG
FP
PP
PP
)UPP
3$²²
6L]HLQGLFDWHVWKHDYDLODEOHVSDFHQHHGHGLQDQHQGRXURORJLFDOWRRO
HJULJLGF\VWRXUHWKURVFRSHZRUNLQJFKDQQHOXUHWHUDODFFHVVVKHDWK
:KHQWKHILOPRFFOXVLRQLVIRUPHGLWILOOVDOXPHQWKDWLVPPLQGLDPHWHUVXFKWKDWRQO\VWRQHIUDJPHQWVOHVVWKDQ
PPKDYHWKHSRWHQWLDOWRPLJUDWHSDVWWKHRFFOXVLRQ
&2175$,1',&$7,216
1RQHNQRZQ
327(17,$/&203/,&$7,216
3RWHQWLDOFRPSOLFDWLRQVJHQHUDOO\UHFRJQL]HGZLWKWKHXVHRIVWRQHUHWULHYDOGHYLFHVDQGXURORJLFDOJXLGHZLUHVLQFOXGH
EXWDUHQRWOLPLWHGWR
x 3HUIRUDWLRQRIWKHXULQDU\WUDFW
x $FXWHEOHHGLQJ
x 7LVVXHWUDXPD
x (QWUDSPHQW
x $YXOVLRQ
x +HPRUUKDJH
x (GHPD
x 6XEPXFRVDOWXQQHOLQJ
x 6WRQHPLJUDWLRQ
x 6WRQHLPSDFWLRQ
7+6,QWHUQDWLRQDO,QF/HJDO0DQXIDFWXUHU
GED$FFRUGLRQ0HGLFDO
&RXQVHORUV5RZ6XLWH
,QGLDQDSROLV,Q
7HO)D[
UHY$
6HS
:$51,1*6
([HUFLVHFDXWLRQWRSUHYHQWSHUIRUDWLRQRIRUWUDXPDWRWKHOLQLQJDQGDVVRFLDWHGWLVVXHRIXULQDU\WUDFWV
7KH$FFRUGLRQ6WRQH0DQDJHPHQW'HYLFHVKRXOGRQO\EHDGYDQFHGZLWKWKHORFNLQJKDQGOHVHFXUHO\LQSODFH
KROGLQJWKHGLVWDOWLSIXOO\H[WHQGHGDQGWKHRFFOXGLQJILOPLQLWVIODWWHQHGXQGHSOR\HGVWDWH
6RPH REMHFWV PD\ EH WRR ODUJH WR EH UHPRYHG HQGRVFRSLFDOO\ ZLWK VWRQH UHWULHYDO GHYLFHV 8VH IOXRURVFRS\
IOXURRU[UD\LPDJLQJWRGHWHUPLQHWKHVL]HRIWKHVWRQHSULRUWRLQVWUXPHQWDWLRQ'RQRWXVHWKH$FFRUGLRQ
GHYLFH LI WKH VWRQH LV WRR ODUJH WR EH UHPRYHG HQGRVFRSLFDOO\ 7R GR VR PD\ UHVXOW LQ VWRQH LPSDFWLRQ DQG
SDWLHQWLQMXU\
'RQRWDWWHPSWWRVZHHSDVWRQHIUDJPHQWWKDWLVWRRODUJHWREHUHPRYHGWKURXJKWKHQDUURZHVWOXPHQRIWKH
UHOHYDQWDQDWRP\
7KLVGHYLFHPXVWQRWFRPHLQWRFRQWDFWZLWKDQ\HOHFWULILHGLQVWUXPHQW
$YRLGGLUHFWILULQJRIWKHODVHURQWRWKH$FFRUGLRQGHYLFH'LUHFWFRQWDFWPD\FDXVHGDPDJHDQGRUVHYHUWKH
GHYLFH
:KHQH[FKDQJLQJRUZLWKGUDZLQJDFDWKHWHURUHQGRVFRSHRYHUWKH$FFRUGLRQGHYLFHVHFXUHDQGPDLQWDLQWKH
GHYLFHLQSODFHLQRUGHUWRDYRLGXQH[SHFWHGPRYHPHQW9HULI\LWVSRVLWLRQZLWKIOXRURVFRS\
0DQLSXODWHWKH$FFRUGLRQGHYLFHVORZO\DQGFDUHIXOO\LQWKHXULQDU\V\VWHPZKLOHFRQILUPLQJWKHEHKDYLRUDQG
ORFDWLRQ RI WKH GHYLFH·V WLS XQGHU IOXRURVFRS\ ([FHVVLYH PDQLSXODWLRQ RI WKH GHYLFH ZLWKRXW IOXRURVFRSLF
FRQILUPDWLRQPD\UHVXOWLQSHUIRUDWLRQRUWUDXPDRIWKHOLQLQJRUDVVRFLDWHGWLVVXHVFKDQQHOVRUGXFWV
,IDQ\UHVLVWDQFHLVIHOWRULIWKHWLS·VEHKDYLRUDQGRUORFDWLRQVHHPLPSURSHU6723PDQLSXODWLQJWKHGHYLFH
DQGRUWKHFDWKHWHUDQGGHWHUPLQHWKHFDXVHZLWKIOXRURVFRS\)DLOXUHWRH[HUFLVHSURSHUFDXWLRQPD\UHVXOW
LQ EHQGLQJ NLQNLQJ DQG VHSDUDWLRQ RI WKH $FFRUGLRQ GHYLFH·V WLS GDPDJH WR WKH FDWKHWHU RU GDPDJH WR WKH
XULQDU\V\VWHP,IQHFHVVDU\UHPRYHWKH$FFRUGLRQGHYLFHDQGDQFLOODU\GHYLFHRUVFRSHDVDFRPSOHWHXQLWLQ
RUGHUWRDYRLGFRPSOLFDWLRQV
'R QRW DWWHPSW WR XVH WKH $FFRUGLRQ GHYLFH LI LW KDV EHHQ EHQW NLQNHG RU GDPDJHG 8VH RI D GDPDJHG
$FFRUGLRQGHYLFHPD\UHVXOWLQWUDXPDWRWKHXURWKHOLXPDQGDVVRFLDWHGWLVVXHFKDQQHOVRUGXFWVRUUHOHDVHRI
ZLUHIUDJPHQWVLQWRWKHXULQDU\V\VWHP
'RQRWIRUPWKHILOPRFFOXVLRQLIWKDWIRUPDWLRQZLOOSXVKDVWRQHLQWRWKHXURWKHOLXPRIWKHXUHWHU
:KHQXVHGLQFRQMXQFWLRQZLWKDKROPLXPODVHUGRQRWVHWWKHKROPLXPODVHUHQHUJ\DERYH-RXOHVRUXVHD
SRZHUVHWWLQJRYHU:DWWV
,IUHVLVWDQFHLVHQFRXQWHUHGZKLOHDWWHPSWLQJWRZLWKGUDZWKLVGHYLFHGRQRWH[HUWH[FHVVLYHIRUFH,QRUGHUWR
UHOHDVHWKHREMHFWUHH[WHQGWKHGLVWDOWLSRIWKHGHYLFHLQRUGHUWRIODWWHQWKHRFFOXGLQJILOPWRDQXQGHSOR\HG
VWDWH E\ SXVKLQJ WKH FRQWURO HQG RI WKH FRUH ZLUH WR LWV PD[LPXP GLVWDO H[WHQW LQWR WKH RXWHU MDFNHW RI WKH
GHYLFHWKHSXUSOHWXEHDQGVHFXULQJLWPDQXDOO\RUZLWKWKHORFNLQJKDQGOH
7KLV GHYLFH LV UHVWULFWHG WR XVH E\ RU XQGHU WKH VXSHUYLVLRQ RI D SK\VLFLDQ WUDLQHG LQ XURORJLFDO HQGRVFRSLF
SURFHGXUHV
35(&$87,216
'RQRWXVHWKLVSURGXFWZLWKRXWUHDGLQJDQGXQGHUVWDQGLQJWKHFRPSOHWHLQVWUXFWLRQVHQFORVHGKHUHLQ
7KLV GHYLFH LV SURYLGHG VWHULOH DQG LV LQWHQGHG IRU VLQJOH XVH RQO\ 'R QRW XVH LI WKH SDFNDJLQJ KDV EHHQ
GDPDJHGRULIWKHH[SLUDWLRQGDWHKDVSDVVHG
'RQRWUHXVHUHSURFHVVRUUHVWHULOL]HWKLVGHYLFH8VHRIDGHYLFHWKDWKDVEHHQUHSURFHVVHGRUUHVWHULOL]HGKDV
WKH SRWHQWLDO WR LQWURGXFH SDWKRJHQV LQWR D SDWLHQW·V V\VWHP ZKLFK FDQ UHVXOW LQ LQIHFWLRQ RU RWKHU KHDOWK
GHJUDGDWLRQV
7KHHQWLUHRSHUDWLRQVKRXOGEHFDUULHGRXWLQDVWHULOHILHOG
'RQRWDGYDQFHWKH$FFRUGLRQGHYLFHWKURXJKWKHZRUNLQJFKDQQHORIWKHXUHWHURVFRSHRUWKURXJKWKHOXPHQRI
DQHQGRXURORJLFDOGHYLFHVXFKDVDXUHWHUDOFDWKHWHURUDFFHVVVKHDWKZLWKDOXPHQOHVVWKDQ)UPPIRU
WKHPP$FFRUGLRQGHYLFH
7KH$FFRUGLRQGHYLFHVKRXOGEHDGYDQFHGXSWKHXUHWHUXVLQJVKRUWGHOLEHUDWHWRFPPRYHPHQWVLQRUGHU
WRSUHYHQWLQDGYHUWHQWGDPDJHWRWKHGHYLFHRUWKHSDWLHQW%HFHUWDLQWKDWWKHILOPLVH[WHQGHGIXOO\EHIRUH
DGYDQFLQJWKHGHYLFHXSWKHXUHWHURUSDVWDQLQGZHOOLQJVWRQH
7KH SK\VLFLDQ PD\ ZLVK WR GLODWH WKH XUHWHU EHIRUH HQGRVFRS\ DQG VWRQH UHWULHYDO LQ RUGHU WR SUHYHQW VWRQH
LPSDFWLRQZKLOHH[WUDFWLQJWKHVWRQH
)HGHUDOODZ86$UHVWULFWVWKLVGHYLFHWRVDOHE\RURQWKHRUGHURIDSK\VLFLDQ
7+6,QWHUQDWLRQDO,QF/HJDO0DQXIDFWXUHU
GED$FFRUGLRQ0HGLFDO
&RXQVHORUV5RZ6XLWH
,QGLDQDSROLV,Q
7HO)D[
UHY$
6HS
35,257286(
,QVSHFWWKHSRXFKIRUDQ\EUHDFKRIWKHSDFNDJLQJLQRUGHUWRHQVXUHDVWHULOHSURGXFW,IWKHVHDOKDVEHHQ
EURNHQRUWKHSURGXFWLVGDPDJHGGRQRWXVH
2SHQWKHSRXFKDQGSODFHWKHGHYLFHRQWKHVWHULOHILHOG
+\GUDWH WKH GHYLFH E\ HLWKHU ILOOLQJ WKH KRRS ZLWK VDOLQH VROXWLRQ SULRU WR UHPRYLQJ WKH GHYLFH IURP WKH
VKLSSLQJKRRSRUUHPRYLQJWKHGHYLFHIURPWKHKRRSDQGSODFLQJLWLQDEDVLQILOOHGZLWKVDOLQH
7KH RFFOXGLQJ ILOP VKRXOG EH VWUHWFKHG WDXW XQGHSOR\HG DQG WKH SODVWLF ORFNLQJ KDQGOH VKRXOG EH VHFXUH
EHIRUHSODFHPHQW
$'9$1&(0(172)7+($&&25',21'(9,&(
7KH$FFRUGLRQ6WRQH0DQDJHPHQW'HYLFHVKRXOGEHLQWURGXFHGLQWRWKHSDWLHQW·VXUHWHUWKURXJKWKHZRUNLQJFKDQQHO
RIDF\VWRXUHWKURVFRSH
,QVHUWWKHLQWURGXFHULQWRWKHKXERIWKHF\VWRVFRSH·VZRUNLQJFKDQQHODQGWKHQDGYDQFHWKHGLVWDOWLSRIWKH
$FFRUGLRQGHYLFHGLUHFWO\LQWRWKHZRUNLQJFKDQQHORIWKHF\VWRVFRSHRUYLDDVWLIIHQLQJFDWKHWHUZLWKDQLQQHU
GLDPHWHURIDWOHDVW)UPPIRUWKHPP$FFRUGLRQGHYLFH8QGHUYLVXDOL]DWLRQLQWURGXFHWKHWLSRI
WKHGHYLFHRUGHYLFHFDWKHWHULQWRWKHXUHWHUDORULILFH2QFHZLWKLQWKHOXPHQRIWKHXUHWHUWKHILOPFRPSRQHQW
FRQIRUPVWRWKHXURWKHOLXPDQGDGYDQFHVVLPLODUO\WRDQLQFKPPJXLGHZLUH
0DLQWDLQWKHILOPLQWKHVWUHWFKHGSRVLWLRQXQGHSOR\HGZKLOHDGYDQFLQJWKHGHYLFHXSWKHXUHWHUZLWKVKRUW
WRFPVWURNHV0RQLWRUWKHIRUZDUGPRYHPHQWRIWKHGHYLFHZLWKIOXRURLPDJLQJE\QRWLQJWKHSRVLWLRQRI
WKHGLVWDODQGSUR[LPDOPDUNHUEDQGV
&RQWLQXHWRDGYDQFHWKH$FFRUGLRQGHYLFHXQWLOERWKPDUNHUEDQGVDUHDERYHWKHVWRQH
/RRVHQDQGFRPSOHWHO\UHPRYHWKHSODVWLFORFNLQJKDQGOHLQRUGHUWRH[SRVHWKHILOPRFFOXVLRQFRQWUROHQGRI
WKH FRUH ZLUH 7KH $FFRUGLRQ GHYLFH·V ILOPRFFOXVLRQ PD\ EH RSHQHG DQG FORVHG E\ PDQLSXODWLQJ WKH H[SRVHG
FRUH ZLUH ZKLOH KROGLQJ WKHRXWHU MDFNHW WKH SXUSOH WXEH RI WKH GHYLFH VWDWLRQDU\ 3XOO RQ WKH FRUH ZLUH WR
FRPSUHVVWKHILOPDQGIRUPWKHILOPRFFOXVLRQ
%HIRUH EHJLQQLQJ OLWKRWULSV\ YHULI\ WKH FRUUHFW IRUPDWLRQ DQG SRVLWLRQ RI WKHRFFOXVLRQ ZLWK IOXRURVFRS\ %H
FHUWDLQWRDVVHVVZKHWKHUWKHILOPRFFOXGHVWKHOXPHQRIWKHXUHWHUSUR[LPDOWRWKHWDUJHWVWRQHVXIILFLHQWO\WR
EHRIXVH,ILWGRHVQRW\RXPD\VWUHWFKWKHILOPDQGWKHQUHGHSOR\FORVHWKHILOPRFFOXVLRQZLWKLQWKHOXPHQ
RIWKHXUHWHU
7KHVKDIWSRUWLRQRIWKH$FFRUGLRQGHYLFHZKLFKKDVDGLDPHWHURILQFKHVRUPPPD\QRZEHXVHG
DVDJXLGHZLUHIRUWKHSODFHPHQWRIDSSURSULDWHO\VL]HGIOH[LEOHXUHWHURVFRSHVDFFHVVVKHDWKVRUFDWKHWHUVIRU
OLWKRWULSV\XVLQJVWDQGDUGWHFKQLTXHV
5(029$/2)7+($&&25',21'(9,&(
)ROORZLQJOLWKRWULSV\ZLWKGUDZDORIWKH$FFRUGLRQGHYLFHLVDFFRPSOLVKHGE\HQVXULQJWKDWWKHRFFOXGLQJILOP
LVLQWKHVWUHWFKHGXQGHSOR\HGSRVLWLRQDQGWKHQSXOOLQJRQWKHRXWHUMDFNHWWKHSXUSOHWXEHRIWKHGHYLFH
7KLVLVPRVWHDVLO\DFFRPSOLVKHGZLWKWKHORFNLQJKDQGOHLQSODFH
,Q RUGHU WR UHLQVWDOO WKH KDQGOH HQVXUH WKDW LWV ORFNLQJ FDS LV ORRVH :LWK WKH RFFOXVLRQ FRQWURO ZLUH LQ WKH
XQGHSOR\HGSRVLWLRQVOLGHWKHKDQGOHRYHUWKHHQGRIWKHGHYLFHXQWLOWKHHQGRIWKHFRQWUROFRUHZLUHERWWRPV
LQ WKH KDQGOH WKHQ KROGLQJ WKH FDS DQG MDFNHW WKH SXUSOH WXEH URWDWH WKH KDQGOH LQ RUGHU WR ORFN LW LQ
SRVLWLRQ 9HULI\ WKDW WKH ILOP LV VWUHWFKHG LQ WKH XQGHSOR\HG SRVLWLRQ HLWKHU ZLWK LPDJLQJ RU GLUHFW
YLVXDOL]DWLRQZLWKDXUHWHURVFRSH
2QFHWKHGHYLFHLVUHPRYHGFRPSOHWHO\GLVSRVHRILWSHULQVWLWXWLRQDOJXLGHOLQHV
35(9(17,1*6721(0,*5$7,21'85,1*/$6(5/,7+275,36< 3RVLWLRQ DQG PDLQWDLQ WKH $FFRUGLRQ GHYLFH EH\RQG WKH VWRQH DQG LQ VXFK D ZD\ WKDW WKH VWRQH LV YLVLEOH
WKURXJKWKHXUHWHURVFRSHSULRUWRXVHRIWKHODVHUILEHU
8VHWKHGHSOR\HGILOPFRPSRQHQWRIWKH$FFRUGLRQGHYLFHDVD´EDFNVWRSµLQRUGHUWRSUHYHQWVWRQHRUIUDJPHQW
PLJUDWLRQ
%HJLQILULQJWKHODVHUDWWKHVXUIDFHRIWKHVWRQH$YRLGILULQJWKHODVHUGLUHFWO\DWWKH$FFRUGLRQGHYLFH
7+6,QWHUQDWLRQDO,QF/HJDO0DQXIDFWXUHU
GED$FFRUGLRQ0HGLFDO
&RXQVHORUV5RZ6XLWH
,QGLDQDSROLV,Q
7HO)D[
UHY$
6HS
35(9(17,1*6721(0,*5$7,21'85,1*31(80$7,&/,7+275,36< 3RVLWLRQ DQG PDLQWDLQ WKH $FFRUGLRQ GHYLFH EH\RQG WKH VWRQH DQG LQ VXFK D ZD\ WKDW WKH VWRQH LV YLVLEOH
WKRXJKWKHXUHWHURVFRSHSULRUWRXVHRIWKHSQHXPDWLFOLWKRWULSWRU
8VHWKHGHSOR\HGILOPFRPSRQHQWRIWKH$FFRUGLRQGHYLFHDVD´EDFNVWRSµWRSUHYHQWVWRQHPLJUDWLRQ
)UDJPHQWWKHVWRQHXVLQJWKHSQHXPDWLFOLWKRWULSV\SUREH
6:((3,1*6721()5$*0(176:,7+,17+(85,1$5<75$&7
:LWKWKH$FFRUGLRQGHYLFHLQWKHRFFOXGHGFRQILJXUDWLRQDERYHDQDGHTXDWHO\IUDJPHQWHGVWRQHWKHGHYLFHDQG
IUDJPHQWV FDQ EH VZHSW E\ ZLWKGUDZLQJ WKH GHYLFH VORZO\ LQWR D XUHWHUDO DFFHVV VKHDWK RU GRZQ LQWR WKH
EODGGHU7KLVLVEHVWSHUIRUPHGXQGHUGLUHFWYLVXDOJXLGDQFHZLWKDXUHWHURVFRSH
,I D IUDJPHQW DSSHDUV WR EH WRR ODUJH WR EH ZLWKGUDZQ HDVLO\ IUDJPHQW WKH VWRQH SLHFH IXUWKHU DQG WKHQ
UHVXPH VZHHSLQJ WKH IUDJPHQWV LQWR D XUHWHUDO DFFHVV VKHDWK RU WKH EODGGHU ,) 5(6,67$1&( ,6
(1&2817(5(' :+,/( $77(037,1* 72 6:((3 7+( 6721( 25 )5$*0(176 '2:1 7+(
85(7(5'2127&217,18(726:((3$*$,1677+,65(6,67$1&('2127(;(57(;&(66,9(
)25&( :+,/( 6:((3,1* ,Q VXFKD VLWXDWLRQ LW LVEHVW WR UHOHDVH WKHVWRQH RU IUDJPHQW DQG DVVHVV WKH
VLWXDWLRQ,QRUGHUWRUHOHDVHWKHVWRQHRUIUDJPHQWUHH[WHQGWKHGLVWDOWLSRIWKHGHYLFHLQRUGHUWRVWUHWFK
WKHRFFOXGLQJILOPWRDQXQGHSOR\HGVWDWHE\SXVKLQJWKHFRQWUROHQGRIWKHFRUHZLUHWRLWVPD[LPXPGLVWDO
H[WHQW LQWR WKH RXWHU MDFNHW RI WKH GHYLFH WKH SXUSOH WXEH DQG VHFXULQJ LW PDQXDOO\ RU ZLWK WKH ORFNLQJ
KDQGOH
7\SLFDOO\VWRQHIUDJPHQWVODUJHUWKDQPPZLOOEHVZHSWGRZQWKHXULQDU\WUDFWDVWKH$FFRUGLRQGHYLFHLV
EHLQJ ZLWKGUDZQ ,W LV SRVVLEOH WKDW IUDJPHQWV OHVV WKDQ PP PD\ HVFDSH WKH ILOP RFFOXVLRQ DQG EH OHIW
EHKLQG7KHSK\VLFLDQPD\FKRRVHWRUHSHDWVZHHSLQJDWKLVRUKHUGLVFUHWLRQ
8QGHSOR\WKHILOPRFFOXVLRQLQRUGHUWRUHDGYDQFHWKH$FFRUGLRQGHYLFHDERYHDQ\UHPDLQLQJIUDJPHQWV7KH
WLS RI WKH GHYLFH FDQ UHPDLQ LQ WKH XUHWHU ZKHQ WKH ILOP RFFOXVLRQ LV WKH EODGGHU LQ RUGHU WR IDFLOLWDWH
UHDGYDQFHPHQWRIWKHGHYLFHXSWKHXUHWHU
5HSHDWWKHLQVHUWLRQDQGVZHHSLQJSURFHGXUHVDVQHHGHGLQRUGHUWRFOHDUWKHXULQDU\WUDFW
:KHQWKHSURFHGXUHLVFRPSOHWHGUHPRYHWKHGHYLFHDQGGLVSRVHRILWSHULQVWLWXWLRQDOJXLGHOLQHV
)2586(:,7+$1(3+526&23('85,1*3&1/
$GYDQFH WKH $FFRUGLRQ GHYLFH LQWR WKH NLGQH\ YLD WKH ZRUNLQJ FKDQQHO RI D QHSKURVFRSH SDVVHG WKURXJK D
SHUFXWDQHRXVVKHDWKSODFHGZLWKVWDQGDUGWHFKQLTXHVIRUSHUFXWDQHRXVQHSKUROLWKRWULSV\3&1/
,QRUGHUWRSUHYHQWDQWHJUDGHVWRQHPLJUDWLRQIURPWKHNLGQH\LQWRWKHXUHWHUDGYDQFHWKH$FFRUGLRQGHYLFH
XVLQJVKRUWWRFPVWURNHVXQWLOWKHGHYLFHWLSLVSDVWWKHVWRQHDQGLQWKHQDUURZLQJRIWKHXUHWHURSHOYLF
MXQFWLRQ83-RUSUR[LPDOXUHWHU
'HSOR\WKHILOPFRPSRQHQWRIWKH$FFRUGLRQGHYLFHE\ORRVHQLQJDQGFRPSOHWHO\UHPRYLQJWKHORFNLQJKDQGOH
WKHQSXOOLQJRQWKHH[SRVHGFRUHZLUHUHODWLYHWRWKHRXWHUMDFNHWWKHSXUSOHWXEHRIWKHGHYLFH9HULI\WKDW
WKHRFFOXVLRQLVVXIILFLHQWLQVL]HWREORFNWKH83-RUXUHWHU5HSRVLWLRQSUR[LPDOO\RUGLVWDOO\DVQHFHVVDU\
:KHQLQWKHGHVLUHGSRVLWLRQFODPSWKHZLUHFRPSRQHQWRIWKH$FFRUGLRQGHYLFHWRWKHVXUJLFDOGUDSH
)UDJPHQWWKHVWRQHXVLQJVWDQGDUGOLWURWULSV\PHWKRGVDQGUHPRYHWKHIUDJPHQWV
9HULI\ UHPRYDO RI VWRQH IUDJPHQWV DQG WKHQ ZLWKGUDZ WKH $FFRUGLRQ GHYLFH DQG GLVSRVH RI SHU LQVWXWLRQDO
JXLGHOLQHV
7+6,QWHUQDWLRQDO,QF/HJDO0DQXIDFWXUHU
GED$FFRUGLRQ0HGLFDO
&RXQVHORUV5RZ6XLWH
,QGLDQDSROLV,Q
7HO)D[
UHY$
6HS
'LVSRVLWLYRGH&RQWURORGH&iOFXORV$FFRUGLRQ
,16758d¯(6'(87,/,=$d®2
,1',&$d¯(6'(87,/,=$d®2
2'LVSRVLWLYRGH&RQWURORGH&iOFXORV$FFRUGLRQGHVWLQDVHDVHUXVDGRGHIRUPDHQGRVFySLFDSDUDFRQWRUQDUE\SDVV
FDSWXUDU H UHPRYHU FiOFXORV H RXWURV FRUSRV HVWUDQKRV GR WUDFWR XULQiULR SDUD SUHYHQLU D PLJUDomR UHWUyJUDGD GRV
FiOFXORV GXUDQWH D OLWRWULSVLD H SDUD IDFLOLWDU D FRORFDomR GH LQVWUXPHQWRV HQGRXUROyJLFRV GXUDQWH SURFHGLPHQWRV GH
GLDJQyVWLFRRXLQWHUYHQo}HVFLU~UJLFDV
&20321(17(6'2',6326,7,92
1~PHURGR3URGXWR
&RPSULPHQWRGH
7UDEDOKRGR
'LVSRVLWLYR
'LkPHWURGR(L[R
7DPDQKRGD
2FOXVmRFRP
3HOtFXOD
'LkPHWUR
1HFHVViULRGR&DQDOGH
7UDEDOKR
3$²
FP
PPSRO
PP
)UPP
2WDPDQKRLQGLFDRHVSDoRGLVSRQtYHOQHFHVViULRQXPLQVWUXPHQWRHQGRXUROyJLFR
SH[FDQDOGHWUDEDOKRGHXPFLVWRXUHWURVFySLRUtJLGREDLQKDGHDFHVVRXUHWHUDO
4XDQGR VH IRUPD XPD RFOXVmR FRP SHOtFXOD HOD SUHHQFKH XP O~PHQ TXH WHP PP GH GLkPHWUR GH WDO IRUPD TXH
DSHQDVIUDJPHQWRVGHFiOFXORVFRPPHQRVGHPPWrPRSRWHQFLDOSDUDPLJUDUSDUDOiGDRFOXVmR
&2175$,1',&$d¯(6
1HQKXPDVFRQKHFLGDV
&203/,&$d¯(6327(1&,$,6
$VFRPSOLFDo}HVSRWHQFLDLVQRUPDOPHQWHUHFRQKHFLGDVFRPDXWLOL]DomRGHGLVSRVLWLYRVGHUHFXSHUDomRGHFiOFXORVHGH
ILRVJXLDXUROyJLFRVLQFOXHPPDVQmRHVWmROLPLWDGRVD
x 3HUIXUDomRGRWUDFWRXULQiULR
x +HPRUUDJLDDJXGD
x 7UDXPDWLVPRQRVWHFLGRV
x 2EVWUXomR
x $YXOVmR
x +HPRUUDJLD
x (GHPD
x 7XQHOL]DomRGDVXEPXFRVD
x 0LJUDomRGRFiOFXOR
x ,PSDFWDomRGRFiOFXOR
7+6,QWHUQDWLRQDO,QF/HJDO0DQXIDFWXUHU
GED$FFRUGLRQ0HGLFDO
&RXQVHORUV5RZ6XLWH
,QGLDQDSROLV,Q
7HO)D[
UHY$
6HS
$9,626
([HUoDGHFDXWHODSDUDHYLWDUDSHUIXUDomRRXRWUDXPDWLVPRGRUHYHVWLPHQWRHGRWHFLGRDVVRFLDGRDRWUDFWR
XULQiULR
2 'LVSRVLWLYR GH &RQWUROR GH &iOFXORV $FFRUGLRQ GD GHYHUi DSHQDV VHU DYDQoDGR FRP R FDER GH IL[DomR
FXLGDGRVDPHQWHQROXJDUPDQWHQGRDSRQWDGLVWDOWRWDOPHQWHHVWHQGLGDHDSHOtFXODRFOXVLYDQDVXDSRVLomR
DFKDWDGDHGHVDFWLYDGD
$OJXQVREMHFWRVSRGHUmRVHUGHPDVLDGRJUDQGHVSDUDVHUHPUHPRYLGRVHQGRVFRSLFDPHQWHFRPGLVSRVLWLYRVGH
UHFXSHUDomRGHFiOFXORV8VHIOXRURVFRSLDRXLPDJHQVGHUDLR;SDUDGHWHUPLQDURWDPDQKRGRFiOFXORDQWHVGD
XWLOL]DomR GH LQVWUXPHQWRV FLU~UJLFRV 1mR XWLOL]H R GLVSRVLWLYR $FFRUGLRQ VH R FiOFXOR IRU GHPDVLDGR JUDQGH
SDUDVHUUHPRYLGRHQGRVFRSLFDPHQWH)D]rORSRGHUHVXOWDUQDLPSDFWDomRGHFiOFXORVHHPOHV}HVQRGRHQWH
1mRWHQWHGHVDORMDUXPIUDJPHQWRGHFiOFXORTXHVHMDGHPDVLDGRJUDQGHSDUDVHUUHPRYLGRDWUDYpVGRO~PHQ
PDLVHVWUHLWRGDDQDWRPLDUHOHYDQWH
(VWHGLVSRVLWLYRQmRGHYHHQWUDUHPFRQWDFWRFRPQHQKXPLQVWUXPHQWRHOHFWULILFDGR
(YLWHGLVSDUDUGLUHFWDPHQWHRODVHUVREUHRGLVSRVLWLYR$FFRUGLRQ2FRQWDFWRGLUHFWRSRGHFDXVDUGDQRVHRX
UDFKDURGLVSRVLWLYR
$R WURFDU RX UHWLUDU XP FDWHWHU RX HQGRVFySLR SRU FLPD GR GLVSRVLWLYR $FFRUGLRQ VHJXUH EHP H PDQWHQKD R
GLVSRVLWLYRQROXJDUSDUDHYLWDUPRYLPHQWRVLQHVSHUDGRV9HULILTXHDVXDSRVLomRDWUDYpVGHIOXRURVFRSLD
0DQLSXOH R GLVSRVLWLYR $FFRUGLRQ OHQWD H FXLGDGRVDPHQWH QR VLVWHPD XULQiULR HQTXDQWR FRQILUPD R
FRPSRUWDPHQWR H D ORFDOL]DomR GD SRQWD GR GLVSRVLWLYR DWUDYpV GH IOXRURVFRSLD $ PDQLSXODomR H[FHVVLYD GR
GLVSRVLWLYRVHPFRQILUPDomRIOXRURVFySLFDSRGHUHVXOWDUQDSHUIXUDomRRXQRWUDXPDWLVPRGRUHYHVWLPHQWRRX
GRVWHFLGRVDVVRFLDGRVFDQDLVRXGXFWRV
6HVHQWLUDOJXPDUHVLVWrQFLDRXVHRFRPSRUWDPHQWRHRXDORFDOL]DomRGDSRQWDSDUHFHULQFRUUHFWR3É5(GH
PDQLSXODURGLVSRVLWLYRHRXRFDWHWHUHGHWHUPLQHDFDXVDDWUDYpVGHIOXRURVFRSLD$LQFDSDFLGDGHHPH[HUFHU
D GHYLGD FDXWHOD SRGH UHVXOWDU QXPD FXUYDWXUD QXP UHWRUFLPHQWR QXPDVHSDUDomRGD SRQWD GR GLVSRVLWLYR
$FFRUGLRQ GDQRVQR FDWHWHURX GDQRVQRVLVWHPDXULQiULR 6HQHFHVViULR UHPRYDR GLVSRVLWLYR $FFRUGLRQHR
GLVSRVLWLYRRXHVFySLRDX[LOLDUFRPRXPDXQLGDGHFRPSOHWDGHPRGRDHYLWDUFRPSOLFDo}HV
1mR WHQWH XVDUR GLVSRVLWLYR $FFRUGLRQ VHHOH WLYHU VLGR FXUYDGR UHWRUFLGRRX GDQLILFDGR $ XWLOL]DomR GH XP
GLVSRVLWLYR$FFRUGLRQGDQLILFDGRSRGHUiUHVXOWDUHPWUDXPDWLVPRVQRXURWpOLRHQRWHFLGRDVVRFLDGRFDQDLVRX
GXFWRVRXDOLEHUWDomRGHIUDJPHQWRVGHILRQRVLVWHPDXULQiULR
1mRIRUPHDRFOXVmRFRPSHOtFXODVHHVVDIRUPDomRYDLHPSXUUDUXPFiOFXORSDUDGHQWURGRXURWpOLRGRXUpWHU
4XDQGR XVDGR HP FRQMXQWR FRP XP ODVHU GH KyOPLR QmR FRORTXH D HQHUJLD GR ODVHU GH KyOPLR DFLPD GH -RXOHVRXXVHXPDFRQILJXUDomRGHHQHUJLDDFLPDGH:DWWV
6HHQFRQWUDUUHVLVWrQFLDDRWHQWDUUHWLUDUHVWHGLVSRVLWLYRQmRH[HUoDIRUoDH[FHVVLYD3DUDOLEHUWDURREMHFWR
YROWH D HVWHQGHU D SRQWD GLVWDO GR GLVSRVLWLYR GH PRGR D DFKDWDU D SHOtFXOD RFOXVLYD SDUD XPD SRVLomR
GHVDFWLYDGD DR HPSXUUDU D H[WUHPLGDGH GH FRQWUROR GR ILR QXFOHDU QD VXD H[WHQVmR GLVWDO Pi[LPD SDUD R
LQWHULRUGDFREHUWXUDH[WHULRUGRGLVSRVLWLYRRWXERS~USXUDHSUHQGHQGRRPDQXDOPHQWHRXFRPRFDERGH
IL[DomR
5HVWULQJHVHDXWLOL]DomRGHVWHGLVSRVLWLYRDRXVREDVXSHUYLVmRGHXPPpGLFRFRPIRUPDomRHPLQWHUYHQo}HV
GHHQGRVFRSLDXUROyJLFD
35(&$8d¯(6
1mRXWLOL]DUHVWHSURGXWRVHPOHUHFRPSUHHQGHUFRPSOHWDPHQWHDVLQVWUXo}HVDTXLLQFOXtGDV
(VWH GLVSRVLWLYR p IRUQHFLGRHVWpULOH GHVWLQDVH DSHQDVD XPD ~QLFDXWLOL]DomR 1mRXWLOL]DU VH DHPEDODJHP
HVWLYHUGDQLILFDGDRXVHRSUD]RGHYDOLGDGHWLYHUWHUPLQDGR
1mR UHXWLOL]DU QmR VXEPHWHU D QRYR SURFHVVDPHQWR QHP UHHVWHULOL]DU HVWH GLVSRVLWLYR 7RGDDRSHUDomRGHYHVHUUHDOL]DGDHPFDPSRHVWpULO
1mRIDoDDYDQoDURGLVSRVLWLYR$FFRUGLRQDWUDYpVGRFDQDOGHWUDEDOKRGRXUHWHURVFySLRRXDWUDYpVGRO~PHQGH
XPGLVSRVLWLYRHQGRXUROyJLFRWDOFRPRXPFDWHWHUXUHWHUDORXXPDEDLQKDGHDFHVVRFRPXPO~PHQLQIHULRUD
)UPPSDUDRGLVSRVLWLYR$FFRUGLRQGHPP
2GLVSRVLWLYR$FFRUGLRQGHYHVHUDYDQoDGRSHORXUpWHUDFLPDXVDQGRPRYLPHQWRVFXUWRVHGHOLEHUDGRVGHD
FP GH PRGR D HYLWDU GDQRV LQDGYHUWLGRV QR GLVSRVLWLYR RX QR GRHQWH &HUWLILTXHVH GH TXH D SHOtFXOD HVWi
FRPSOHWDPHQWH HVWHQGLGD DQWHV GH ID]HU R GLVSRVLWLYR DYDQoDU SHOR XUpWHU DFLPD RX SDUD Oi GH XP FiOFXOR
LQWHULRU
2PpGLFRSRGHUiTXHUHUGLODWDURXUpWHUDQWHVGDHQGRVFRSLDHGDUHFXSHUDomRGRFiOFXORGHPRGRDHYLWDUD
LPSDFWDomRGRFiOFXORGXUDQWHDH[WUDFomRGRPHVPR
7+6,QWHUQDWLRQDO,QF/HJDO0DQXIDFWXUHU
GED$FFRUGLRQ0HGLFDO
&RXQVHORUV5RZ6XLWH
,QGLDQDSROLV,Q
7HO)D[
UHY$
6HS
$OHLIHGHUDO(8$VySHUPLWHDYHQGDGHVWHGLVSRVLWLYRDPpGLFRVRXPHGLDQWHUHFHLWDPpGLFD
$17(6'$87,/,=$d®2
,QVSHFFLRQHDEROVDUHODWLYDPHQWHDURWXUDGDHPEDODJHPSDUDJDUDQWLUDH[LVWrQFLDGHXPSURGXWRHVWpULO6H
RVHORWLYHUVLGRTXHEUDGRRXRSURGXWRHVWLYHUGDQLILFDGRQmRRXWLOL]H
$EUDDEROVDHFRORTXHRGLVSRVLWLYRQRFDPSRHVWpULO
+LGUDWHRGLVSRVLWLYRTXHUHQFKHQGRRDURSURWHFWRUFRPVROXomRVDOLQDDQWHVGHUHPRYHURGLVSRVLWLYRGRDUR
SURWHFWRU GH H[SHGLomR TXHU UHWLUDQGR R GLVSRVLWLYR GR DUR SURWHFWRU GH H[SHGLomR H FRORFDQGRR QXPD EDFLD
FKHLDGHVROXomRVDOLQD
$ SHOtFXOD RFOXVLYD GHYHUi HVWDU HVWHQGLGD UHWHVDGD GHVDFWLYDGD H R FDER SOiVWLFR GH IL[DomR GHYHUi HVWDU
SUHVRDQWHVGDFRORFDomR
$9$1d2'2',6326,7,92$&&25',21
2 'LVSRVLWLYR GH &RQWUROR GH &iOFXORV $FFRUGLRQ GD GHYH VHU LQWURGX]LGR QR XUpWHU GR GRHQWH DWUDYpV GR FDQDO GH
WUDEDOKRGHXPFLVWRXUHWURVFySLR
,QVLUD R LQWURGXWRU QR IXUR GR FDQDO GH WUDEDOKR GR FLVWRVFySLR H HP VHJXLGD DYDQFH D SRQWD GLVWDO GR
GLVSRVLWLYR $FFRUGLRQ GLUHFWDPHQWH SDUD R FDQDO GH WUDEDOKR GR FLVWRVFySLR RX DWUDYpV GH XP FDWHWHU VHPL
UtJLGRFRPXPGLkPHWURLQWHUQRGHSHORPHQRV)UPPSDUDRGLVSRVLWLYR$FFRUGLRQGHPP-iFRP
YLVXDOL]DomR LQWURGX]D D SRQWD GR GLVSRVLWLYR RX GLVSRVLWLYRFDWHWHU QR RULItFLR XUHWHUDO 8PD YH] GHQWUR GR
O~PHQGRXUpWHUDFRPSRQHQWHGHSHOtFXODDGDSWDVHDRXURWpOLRHDYDQoDGHPRGRVHPHOKDQWHDXPILRJXLD
GHPPSROHJDGDV
0DQWHQKDDSHOtFXODQDSRVLomRHVWHQGLGDGHVDFWLYDGDHQTXDQWRID]DYDQoDURGLVSRVLWLYRSHORXUpWHUDFLPD
FRP PRYLPHQWRV FXUWRV D FP 0RQLWRUL]H R PRYLPHQWR GH DYDQoR GR GLVSRVLWLYR FRP IOXRURVFRSLD DR
UHSDUDUQDSRVLomRGDVIDL[DVPDUFDGRUDVGLVWDOHSUR[LPDO
&RQWLQXHDID]HUDYDQoDURGLVSRVLWLYR$FFRUGLRQDWpTXHDPEDVDVIDL[DVPDUFDGRUDVHVWHMDPVREUHRFiOFXOR
'HVDSHUWH H UHPRYD SRU FRPSOHWR R FDER SOiVWLFR GH IL[DomR GH IRUPD D H[SRU D H[WUHPLGDGH GH FRQWUROR GD
SHOtFXODRFOXVLYDGRILRQXFOHDU$RFOXVmRFRPSHOtFXODGRGLVSRVLWLYR$FFRUGLRQSRGHVHUDEHUWDHIHFKDGDDR
PDQLSXODURILRQXFOHDUH[SRVWRHQTXDQWRVHPDQWpPLPyYHODFREHUWXUDH[WHULRURWXERS~USXUD(PSXUUHR
ILRQXFOHDUSDUDFRPSULPLUDSHOtFXODHIRUPDUDRFOXVmRFRPSHOtFXOD
$QWHVGHLQLFLDUDOLWRWULSVLDYHULILTXHDIRUPDomRFRUUHFWDHDSRVLomRGDRFOXVmRFRPIOXRURVFRSLD/HPEUHVH
GH DYDOLDU VH D SHOtFXOD RFOXL R O~PHQ GR XUpWHU SUR[LPDO DWp DR FiOFXOR YLVDGR GH PRGR VXILFLHQWH SDUD VHU
XVDGD 6H LVVR QmR DFRQWHFHU SRGHUi HVWHQGHU D SHOtFXOD H GHSRLV YROWDU D DFWLYDU IHFKDU D RFOXVmR FRP D
SHOtFXODGHQWURGRO~PHQGRXUpWHU
$SRUomRGRHL[RGRGLVSRVLWLYR$FFRUGLRQTXHWHPXPGLkPHWURGHPPRXSROHJDGDVSRGHUiDJRUD
VHU XVDGD FRPR XP ILRJXLD SDUD D FRORFDomR GH XUHWHURVFySLRV IOH[tYHLV GH WDPDQKR DGHTXDGR EDLQKDV GH
DFHVVRRXFDWHWHUHVSDUDOLWRWULSVLDXVDQGRDVWpFQLFDVSDGUmR
5(02d®2'2',6326,7,92$&&25',21
$SyVDOLWRWULSVLDFRQVHJXHVHDUHPRomRGRGLVSRVLWLYR$FFRUGLRQDRDVVHJXUDUTXHDSHOtFXODRFOXVLYDHVWiQD
SRVLomRHVWHQGLGDGHVDFWLYDGDHGHSRLVDRSX[DUDFREHUWXUDH[WHULRURWXERS~USXUDGRGLVSRVLWLYR(VWD
DFomRUHDOL]DVHPXLWRIDFLOPHQWHFRPRFDERGHIL[DomRQROXJDU
'H PRGR D YROWDU D LQVWDODU R FDER FHUWLILTXHVH GH TXH D WDPSD GH IL[DomR HVWi GHVDSHUWDGD &RP R ILR GH
FRQWURORGDRFOXVmRQDSRVLomRGHVDFWLYDGDIDoDGHVOL]DURFDERVREUHDH[WUHPLGDGHGRGLVSRVLWLYRDWpDRILQDO
GDVSRQWDVGRILRQXFOHDUGHFRQWURORQRFDERGHSRLVVHJXUDQGRDWDPSDHDFREHUWXUDRWXERS~USXUDURGHR
FDERGHPRGRDIL[iORQDSRVLomRFRUUHFWD9HULILTXHVHDSHOtFXODHVWiHVWHQGLGDQDSRVLomRGHVDFWLYDGDTXHU
VHMDDWUDYpVGHYLVXDOL]DomRGHLPDJHPTXHUVHMDDWUDYpVGHYLVXDOL]DomRGLUHFWDFRPXPXUHWHURVFySLR
$VVLPTXHRGLVSRVLWLYRIRUUHPRYLGRFRPSOHWDPHQWHGHLWHIRUDVHJXQGRDVRULHQWDo}HVLQVWLWXFLRQDLV
(9,7$5$0,*5$d®2'(&É/&8/26'85$17($/,7275,36,$$/$6(5
3RVLFLRQHHPDQWHQKDRGLVSRVLWLYR$FFRUGLRQSDUDOiGRFiOFXORHGHXPDWDOIRUPDTXHRFiOFXORVHMDYLVtYHO
DWUDYpVGRXUHWHURVFySLRDQWHVGDXWLOL]DomRGDILEUDGHODVHU
8VH D FRPSRQHQWH GH SHOtFXOD DFWLYDGD GR GLVSRVLWLYR $FFRUGLRQ FRPR XPD ´EDUUHLUDµ GH PRGR D HYLWDU D
PLJUDomRGHFiOFXORVRXGHIUDJPHQWRV
7+6,QWHUQDWLRQDO,QF/HJDO0DQXIDFWXUHU
GED$FFRUGLRQ0HGLFDO
&RXQVHORUV5RZ6XLWH
,QGLDQDSROLV,Q
7HO)D[
UHY$
6HS
&RPHFHDGLVSDUDURODVHUjVXSHUItFLHGRFiOFXOR(YLWHGLVSDUDURODVHUGLUHFWDPHQWHDRGLVSRVLWLYR$FFRUGLRQ
(9,7$5$0,*5$d®2'(&É/&8/26'85$17($/,7275,36,$31(80É7,&$ 3RVLFLRQHHPDQWHQKDRGLVSRVLWLYR$FFRUGLRQSDUDOiGRFiOFXORHGHXPDWDOIRUPDTXHRFiOFXORVHMDYLVtYHO
DWUDYpVGRXUHWHURVFySLRDQWHVGDXWLOL]DomRGROLWRWULSWRUSQHXPiWLFR
8VH D FRPSRQHQWH GH SHOtFXOD DFWLYDGD GR GLVSRVLWLYR $FFRUGLRQ FRPR XPD ´EDUUHLUDµ GH PRGR D HYLWDU D
PLJUDomRGHFiOFXORV
)UDJPHQWHRFiOFXORXVDQGRXPDVRQGDGHOLWRWULSVLDSQHXPiWLFD
'(6$/2-$5)5$*0(1726'(&É/&8/26'(1752'275$&7285,1É5,2
&RP R GLVSRVLWLYR $FFRUGLRQ QD FRQILJXUDomR RFOXVD SRU FLPD GH XP FiOFXOR DGHTXDGDPHQWH IUDJPHQWDGR R
GLVSRVLWLYR H RV IUDJPHQWRV SRGHP VHU GHVDORMDGRV DR UHWLUDU R GLVSRVLWLYR OHQWDPHQWH SDUD XPD EDLQKD GH
DFHVVR XUHWHUDO RX DR GHVFHU SDUD R LQWHULRU GD EH[LJD &RQVHJXHVH XPD PHOKRU UHDOL]DomR GHVWD DFomR VRE
RULHQWDomRYLVXDOGLUHFWDGHXPXUHWHURVFySLR
6HXPIUDJPHQWRSDUHFHUVHUGHPDVLDGRJUDQGHSDUDVHUUHWLUDGRFRPIDFLOLGDGHIUDJPHQWHPDLVRFiOFXORH
GHSRLV UHFRPHFH D GHVDORMDU RV IUDJPHQWRV SDUD XPD EDLQKD GH DFHVVR XUHWHUDO RX SDUD D EH[LJD 6(
(1&2175$5 5(6,67È1&,$ (148$172 7(17$ '(6$/2-$5 2 &É/&8/2 28 26 )5$*0(1726
3(/2 85(7(5 $%$,;2 1®2 &217,18( $ '(6$/2-$5 )25d$1'2 (67$ 5(6,67È1&,$ 1®2
(;(5d$)25d$(;&(66,9$(148$172'(6$/2-$1XPDVLWXDomRGHVWHWLSRpPHOKRUVROWDURFiOFXOR
RX R IUDJPHQWR H DYDOLDU D VLWXDomR 'H PRGR D OLEHUWDU R FiOFXOR RX R IUDJPHQWR YROWH D HVWHQGHU D SRQWD
GLVWDO GR GLVSRVLWLYR GH IRUPD D HVWLFDU D SHOtFXOD RFOXVLYD SDUD XP HVWDGR GHVDFWLYDGR HPSXUUH D
H[WUHPLGDGH GH FRQWUROR GR ILR QXFOHDU QD VXD H[WHQVmR GLVWDO Pi[LPD SDUD GHQWUR GD FREHUWXUD H[WHULRU GR
GLVSRVLWLYRRWXERS~USXUDHSUHQGDRPDQXDOPHQWHRXFRPRFDERGHIL[DomR
1RUPDOPHQWHRVIUDJPHQWRVGHFiOFXORVFRPPDLVGHPPVHUmRGHVDORMDGRVHOHYDGRVSHORWUDFWRXULQiULR
DEDL[RjPHGLGDTXHRGLVSRVLWLYR$FFRUGLRQYDLVHQGRUHWLUDGReSRVVtYHOTXHRVIUDJPHQWRVFRPPHQRVGH
PP SRVVDP HVFDSDU j RFOXVmR FRP SHOtFXOD H ILTXHP SDUD WUiV 2 PpGLFR SRGHUi RSWDU SRU UHSHWLU R
GHVDORMDPHQWRjVXDGLVFULomR
'HVDFWLYH D RFOXVmR FRP SHOtFXOD GH PRGR D YROWDU D DYDQoDU R GLVSRVLWLYR $FFRUGLRQ VREUH HYHQWXDLV
IUDJPHQWRVUHVWDQWHV$SRQWDGRGLVSRVLWLYRSRGHSHUPDQHFHUQRXUpWHUTXDQGRDRFOXVmRFRPSHOtFXODHVWLYHU
QDEH[LJDGHPRGRDIDFLOLWDURQRYRDYDQoRGRGLVSRVLWLYRSHORXUpWHUDFLPD
5HSLWD RV SURFHGLPHQWRV GH LQVHUomR H GH GHVDORMDPHQWR TXDQWR QHFHVViULR GH IRUPD D GHVREVWUXLU R WUDFWR
XULQiULR
4XDQGR R SURFHGLPHQWR HVWLYHU FRQFOXtGR UHPRYD R GLVSRVLWLYR H GHLWHR IRUD GH DFRUGR FRP DV RULHQWDo}HV
LQVWLWXFLRQDLV
3$5$87,/,=$d®2&20801()526&Ð3,2'85$17(80$1/3&
)DoD DYDQoDU R GLVSRVLWLYR $FFRUGLRQ SDUD R ULP DWUDYpV GR FDQDO GH WUDEDOKR GH XP QHIURVFySLR SDVVDGR
DWUDYpVGDEDLQKDSHUFXWkQHDFRORFDGDFRPDVWpFQLFDVSDGUmRSDUDXPDQHIUROLWRWULSVLDSHUFXWkQHD1/3&
'HPRGRDHYLWDUDPLJUDomRDQWHUyJUDGDGRFiOFXORGRULPSDUDRXUpWHUIDoDDYDQoDURGLVSRVLWLYR$FFRUGLRQ
XVDQGRPRYLPHQWRVFXUWRVDFPDWpDSRQWDGRGLVSRVLWLYRHVWDUSDUDOiGRFiOFXORHQDUHVWULWLYDMXQomR
XUHWHURSpOYLFD-83RXQRXUpWHUSUR[LPDO
'HVGREUHDFRPSRQHQWHGHSHOtFXODGRGLVSRVLWLYR$FFRUGLRQDRVROWDUHUHPRYHUSRUFRPSOHWRRFDERGHIL[DomR
H GHSRLV SX[H R ILR QXFOHDU H[SRVWR UHODWLYDPHQWH j FREHUWXUD H[WHULRU R WXER S~USXUD GR GLVSRVLWLYR
9HULILTXH VH D RFOXVmR WHP XP WDPDQKR VXILFLHQWH SDUD EORTXHDU D -83 RX R XUpWHU 5HSRVLFLRQH
SUR[LPDOPHQWHRXGLVWDOPHQWHFRQIRUPHQHFHVViULR
4XDQGRHVWLYHUQDSRVLomRGHVHMDGDSUHQGDDFRPSRQHQWHGRILRGRGLVSRVLWLYR$FFRUGLRQDRSDQRFLU~UJLFR
)UDJPHQWHRFiOFXORXVDQGRRVPpWRGRVSDGUmRGHOLWRWULSVLDHUHPRYDRVIUDJPHQWRV
9HULILTXHDUHPRomRGRVIUDJPHQWRVGRVFiOFXORVHHPVHJXLGDUHWLUHRGLVSRVLWLYR$FFRUGLRQHGHLWHIRUDGH
DFRUGRFRPDVRULHQWDo}HVLQVWLWXFLRQDLV
7+6,QWHUQDWLRQDO,QF/HJDO0DQXIDFWXUHU
GED$FFRUGLRQ0HGLFDO
&RXQVHORUV5RZ6XLWH
,QGLDQDSROLV,Q
7HO)D[
UHY$
6HS
!"
'LVSRVLWLYRSDUDHOWUDWDPLHQWRGHFiOFXORV$FFRUGLRQ
,16758&&,21(6'(862
,1',&$&,21(6'(862
(OGLVSRVLWLYRSDUDHOWUDWDPLHQWRGHFiOFXORV$FFRUGLRQVHXWLOL]DGHIRUPDHQGRVFySLFDSDUDGHVYLDUDWUDSDU\H[WUDHU
FiOFXORV \ GHPiV FXHUSRV H[WUDxRV GHO WUDFWR XULQDULR HYLWDU OD PLJUDFLyQ UHWUyJUDGD GH ORV FiOFXORV GXUDQWH OD
OLWRWULFLD\IDFLOLWDUODFRORFDFLyQGHOLQVWUXPHQWDOHQGRXUROyJLFRHQHOPRPHQWRGHOGLDJQyVWLFRRGHORVSURFHGLPLHQWRV
LQWHUYHQFLRQLVWDV
3$57(6'(/',6326,7,92
1~PHURGHOSURGXFWR
/RQJLWXGGH
WUDEDMRGHO
GLVSRVLWLYR
'LiPHWURGHOHMH
7DPDxRGHOD
RFOXVLyQGHILOP
'LiPHWURQHFHVDULRGHO
FDQDOGHWUDEDMR
3$
FP
PP
PP
)UPP
(OWDPDxRLQGLFDHOHVSDFLRGLVSRQLEOHTXHVHQHFHVLWDSDUDHOLQVWUXPHQWDOHQGRXUROyJLFR
SRUHMHPSORFDQDOGHWUDEDMRSDUDHOFLVWRVFRSLRUtJLGRYDLQDGHDFFHVRXUHWUDO
&XDQGRVHIRUPDODRFOXVLyQGHILOPFXEUHXQOXPHQGHPPGHGLiPHWURSRUORTXHVyORIUDJPHQWRVGHFiOFXORVGH
PHQRVPPSRGUtDQPLJUDUDWUDYpVGHODRFOXVLyQ
&2175$,1',&$&,21(6
1RVHFRQRFHQ
326,%/(6&203/,&$&,21(6
/DVSRVLEOHVFRPSOLFDFLRQHVTXHJHQHUDOPHQWHVHLGHQWLILFDQFRQHOXVRGHGLVSRVLWLYRVSDUDODH[WUDFFLyQGHFiOFXORV\
DODPEUHVJXtDVXUHWUDOHVVRQHQWUHRWUDV
x 3HUIRUDFLyQGHOWUDFWRXULQDULR
x +HPRUUDJLDDJXGD
x 7UDXPDWLVPRGHWHMLGRV
x $WUDSDPLHQWR
x $YXOVLyQ
x +HPRUUDJLD
x (GHPD
x 7~QHOVXEPXFRVR
x 0LJUDFLyQGHFiOFXORV
x $WDVFDPLHQWRGHFiOFXORV
7+6,QWHUQDWLRQDO,QF/HJDO0DQXIDFWXUHU
GED$FFRUGLRQ0HGLFDO
&RXQVHORUV5RZ6XLWH
,QGLDQDSROLV,Q
7HO)D[
UHY$
6HS
$'9(57(1&,$6
$FW~HFRQSUHFDXFLyQSDUDHYLWDUODSHUIRUDFLyQRHOWUDXPDWLVPRGHODVSDUHGHV\HOWHMLGRFRQHFWLYRGHOWUDFWR
XULQDULR
$QWHVGHXWLOL]DUHOGLVSRVLWLYRSDUDHOWUDWDPLHQWRGHFiOFXORV$FFRUGLRQGHEHDVHJXUDUVHGHTXHODPDQLYHOD
GHFLHUUHHVWpHQVXOXJDUGHTXHHOH[WUHPRGLVWDOHVWpFRPSOHWDPHQWHH[WHQGLGR\GHTXHHOILOPGHRFOXVLyQ
HVWpSODQR\GHVSOHJDGR
(VSRVLEOHTXHDOJXQRVREMHWRVVHDQGHPDVLDGRJUDQGHVSDUDH[WUDHUVHGHPDQHUDHQGRVFySLFDFRQGLVSRVLWLYRV
GHH[WUDFFLyQGHFiOFXORV8WLOLFHODIOXRURVFRSLDRLPiJHQHVGHUD\RV;SDUDGHWHUPLQDUHOWDPDxRGHOFiOFXOR
DQWHV GH OD LQVWUXPHQWDFLyQ 1R XWLOLFH HO GLVSRVLWLYR $FFRUGLRQ VL HO FiOFXOR HV GHPDVLDGR JUDQGH SDUD
H[WUDHUVH GH PDQHUD HQGRVFySLFD 6L OR KLFLHUD SRGUtD SURYRFDU HO DWDVFDPLHQWR GHO FiOFXOR \ OHVLRQHV HQ HO
SDFLHQWH
1RLQWHQWHHOLPLQDUXQIUDJPHQWRGHFiOFXORGHPDVLDGRJUDQGHDWUDYpVGHOOXPHQPiVHVWUHFKR
(OGLVSRVLWLYRQRGHEHWRFDUQLQJ~QLQVWUXPHQWRHOHFWULILFDGR
(YLWHGLVSDUDUHOOiVHUGLUHFWDPHQWHVREUHHOGLVSRVLWLYR$FFRUGLRQ(OFRQWDFWRGLUHFWRSXHGHGDxDURURPSHU
HOGLVSRVLWLYR
$O LQWHUFDPELDU R UHWLUDU XQ FDWpWHU R XQ HQGRVFRSLR VREUH HO GLVSRVLWLYR $FFRUGLRQ DVHJXUH \ PDQWHQJD HO
GLVSRVLWLYRHQVXOXJDUSDUDHYLWDUPRYLPLHQWRVLQHVSHUDGRV9HULILTXHVXSRVLFLyQFRQODIOXRURVFRSLD
0DQLSXOHHOGLVSRVLWLYR$FFRUGLRQOHQWDPHQWH\FRQFXLGDGRHQHOVLVWHPDXULQDULRPLHQWUDVFRQILUPDFRQOD
IOXRURVFRSLD TXH HO IXQFLRQDPLHQWR \ OD XELFDFLyQ GHO H[WUHPR GHO GLVSRVLWLYR VHDQ FRUUHFWRV 6L PDQLSXOD
H[FHVLYDPHQWHHOGLVSRVLWLYRVLQODFRQILUPDFLyQIOXRURVFySLFDSXHGHSURYRFDUODSHUIRUDFLyQRHOWUDXPDWLVPR
GHODVSDUHGHVORVWHMLGRVFRQHFWLYRVODVYtDVRORVFRQGXFWRV
(Q FDVR GH QRWDU UHVLVWHQFLD R VL HO IXQFLRQDPLHQWR R ODXELFDFLyQ GHO H[WUHPR QR SDUHFHQ VHU FRUUHFWRV 12
PDQLSXOHPiVHOGLVSRVLWLYRRHOFDWpWHU\GHWHUPLQHFXiOHVODFDXVDDWUDYpVGHODIOXRURVFRSLD/DIDOWDGH
SUHFDXFLyQDGHFXDGDSXHGHSURYRFDUTXHHOH[WUHPRGHOGLVSRVLWLYR$FFRUGLRQVHGREOHVHWXHU]DRVHVHSDUHR
ELHQSXHGHGDxDUHOFDWpWHUROHVLRQDUHODSDUDWRXULQDULR6LHVQHFHVDULRUHWLUHHOGLVSRVLWLYR$FFRUGLRQ\HO
GLVSRVLWLYRDX[LOLDURHOLQVWUXPHQWRGHREVHUYDFLyQHQVXWRWDOLGDGSDUDHYLWDUFRPSOLFDFLRQHV
1R LQWHQWH XWLOL]DU HO GLVSRVLWLYR $FFRUGLRQ VL HVWi GREODGR WRUFLGR R GDxDGR 6L XWLOL]D XQ GLVSRVLWLYR
$FFRUGLRQGDxDGRSXHGHSURYRFDUHOWUDXPDWLVPRGHOXURWHOLR\HOWHMLGRFRQHFWLYRODVYtDVRORVFRQGXFWRVROD
OLEHUDFLyQGHIUDJPHQWRVGHDODPEUHHQHODSDUDWRXULQDULR
1RIRUPHODRFOXVLyQGHILOPVLHVDIRUPDFLyQHPSXMDUiXQFiOFXORHQHOXURWHOLRGHODXUHWUD
6LORXWLOL]DMXQWRFRQXQOiVHUGHKROPLRQRSURJUDPHODHQHUJtDGHOOiVHUDPiVGH-RXOHVQLXWLOLFHXQD
SRWHQFLDPD\RUGHYDWLRV
6LQRWDUHVLVWHQFLDDOLQWHQWDUUHWLUDUHOGLVSRVLWLYRQRKDJDGHPDVLDGDIXHU]D3DUDUHWLUDUHOREMHWRYXHOYDD
H[WHQGHUHOH[WUHPRGLVWDOGHOGLVSRVLWLYRDILQGHDSODQDUHOILOPRFOXVLYRSDUDTXHTXHGHGHVSOHJDGR3DUDHOOR
HPSXMH HO H[WUHPR GH FRQWURO GHO DODPEUH KDVWD OD H[WHQVLyQ GLVWDO Pi[LPD HQ OD FXELHUWD H[WHULRU GHO
GLVSRVLWLYRHOWXERPRUDGR\DVHJ~UHORPDQXDOPHQWHRFRQODPDQLYHODGHFLHUUH
(VWHGLVSRVLWLYRVyORSXHGHVHUXWLOL]DGRSRUXQPpGLFRFDSDFLWDGRHQSURFHGLPLHQWRVHQGRVFySLFRVXUROyJLFRV
RELHQEDMRVXVXSHUYLVLyQ
35(&$8&,21(6
$QWHVGHXWLOL]DUHVWHSURGXFWRDVHJ~UHVHGHOHHU\FRPSUHQGHUWRGDVODVLQVWUXFFLRQHVTXHVHLQFOX\HQ
(VWH GLVSRVLWLYR HVWi HVWHULOL]DGR \ VH GHEH XVDU XQD VROD YH] 1R OR XWLOLFH VL HO HQYDVH HVWi GDxDGR R VL KD
SDVDGRODIHFKDGHYHQFLPLHQWR
(VWHGLVSRVLWLYRQRVHGHEHUHXWLOL]DUUHSURFHVDUQLHVWHULOL]DUVHQXHYDPHQWH /DXWLOL]DFLyQGHXQGLVSRVLWLYR
TXH KD VLGR UHSURFHVDGR R UHHVWHULOL]DGR WLHQH HO SRWHQFLDO GH LQWURGXFLU SDWyJHQRV HQ HO VLVWHPD GH XQ
SDFLHQWHORTXHSXHGHRFDVLRQDUXQDLQIHFFLyQXRWURWLSRGHGHWHULRURHQVXVDOXG
7RGDODRSHUDFLyQGHEHOOHYDUVHDFDERHQXQHQWRUQRHVWpULO
1RDGHODQWHHOGLVSRVLWLYR$FFRUGLRQDWUDYpVGHOFDQDOGHWUDEDMRGHOXUHWHURVFRSLRQLDWUDYpVGHOOXPHQGHXQ
GLVSRVLWLYR HQGRXUROyJLFR WDOHV FRPR XQ FDWpWHU XUHWUDOR XQD YDLQD GH DFFHVRTXH WHQJDQ XQ FDOLEUHPHQRU
TXH)UPPSDUDHOGLVSRVLWLYR$FFRUGLRQGHPP
(OGLVSRVLWLYR$FFRUGLRQGHEHLQWURGXFLUVHHQODXUHWUDFRQPRYLPLHQWRVFRUWRV\SDXVDGRVGHDFPDILQGH
HYLWDU GDxRV LQYROXQWDULRV HQ HO GLVSRVLWLYR R OHVLRQHV HQ HO SDFLHQWH $VHJ~UHVH GH TXH HO ILOP HVWp
FRPSOHWDPHQWHH[WHQGLGRDQWHVGHLQWURGXFLUHOGLVSRVLWLYRHQODXUHWUDRSDVDUXQFiOFXORILMR
6LHOPpGLFRORGHVHDSXHGHGLODWDUODXUHWUDDQWHVGHUHDOL]DUODHQGRVFRSLD\H[WUDHUHOFiOFXORDILQGHHYLWDU
HODWDVFDPLHQWRGXUDQWHODH[WUDFFLyQ
7+6,QWHUQDWLRQDO,QF/HJDO0DQXIDFWXUHU
GED$FFRUGLRQ0HGLFDO
&RXQVHORUV5RZ6XLWH
,QGLDQDSROLV,Q
7HO)D[
UHY$
6HS
&RQIRUPHDODVOH\HVIHGHUDOHVGH(VWDGRV8QLGRVHVWHGLVSRVLWLYRVyORSXHGHYHQGHUVHEDMRODVyUGHQHVGHXQ
PpGLFR
$17(6'(86$5
5HYLVHODEROVD\FRQWUROHTXHHOHQYDVHQRHVWpURWRSDUDDVHJXUDUVHGHTXHHOSURGXFWRHVWpHVWHULOL]DGR6LHO
VHOORHVWiURWRRVLHOSURGXFWRHVWiGDxDGRQRORXWLOLFH
$EUDODEROVD\FRORTXHHOGLVSRVLWLYRHQXQFDPSRHVWpULO
+LGUDWHHOGLVSRVLWLYR3DUDHOORSXHGHOOHQDUHOHQYDVHFRQVROXFLyQVDOLQDDQWHVGHUHWLUDUHOGLVSRVLWLYRRELHQ
SXHGHUHWLUDUHOGLVSRVLWLYRGHOHQYDVH\FRORFDUORHQXQDSLOHWDFRQVROXFLyQVDOLQD
(O ILOP RFOXVLYR GHEH HVWDU HVWLUDGR \ WLUDQWH GHVSOHJDGR \ OD PDQLYHOD GH FLHUUH SOiVWLFD GHEH HVWDU
DVHJXUDGDDQWHVGHODFRORFDFLyQ
,1752'8&&,Ð1'(/',6326,7,92$&&25',21
(OGLVSRVLWLYRSDUDHOWUDWDPLHQWRGHFiOFXORV$FFRUGLRQGHEHLQWURGXFLUVHHQODXUHWUDGHOSDFLHQWHDWUDYpVGHOFDQDO
GHWUDEDMRGHXQFLVWRVFRSLR
&RORTXHHOLQWURGXFWRUHQHOFHQWURGHOFDQDOGHWUDEDMRGHOFLVWRVFRSLR\OXHJRLQWURGX]FDHOH[WUHPRGLVWDOGHO
GLVSRVLWLYR$FFRUGLRQGLUHFWDPHQWHHQHOFDQDOGHWUDEDMRGHOFLVWRVFRSLRRDWUDYpVGHXQFDWpWHUUtJLGRFRQXQ
GLiPHWUR LQWHULRU GH DO PHQRV )U PP SDUD HO GLVSRVLWLYR $FFRUGLRQ GH PP 8VH XQ PpWRGR GH
YLVXDOL]DFLyQHLQWURGX]FDHOH[WUHPRGHOGLVSRVLWLYRRHOGLVSRVLWLYRFDWpWHUHQHORULILFLRXUHWUDO8QDYH]TXH
VHHQFXHQWUHHQHOOXPHQXUHWUDOHOILOPVHDMXVWDDOXURWHOLR\DYDQ]DGHPDQHUDVLPLODUVREUHXQDODPEUH
JXtDGHSXOJDGDVPP
0DQWHQJDHOILOPHVWLUDGRGHVSOHJDGRPLHQWUDVDGHODQWDHOGLVSRVLWLYRHQODXUHWUDFRQJROSHVFRUWRVD
FP 0RQLWRUHH HO DYDQFH GHO GLVSRVLWLYR FRQ IOXRURVFRSLD SDUD REVHUYDU OD SRVLFLyQ GLVWDO \ SUR[LPDO GH ODV
EDQGDVPDUFDGRUDV
&RQWLQ~HDGHODQWDQGRHOGLVSRVLWLYR$FFRUGLRQKDVWDTXHDPEDVEDQGDVPDUFDGRUDVHVWpQHQFLPDGHOFiOFXOR
$IORMH\UHWLUHFRPSOHWDPHQWHODPDQLYHODGHFLHUUHSOiVWLFDSDUDH[SRQHUHOH[WUHPRGHFRQWUROGHRFOXVLyQGHO
ILOP GHO DODPEUH 3XHGH DEULU \ FHUUDU HO ILOP GH RFOXVLyQ GHO GLVSRVLWLYR PRYLHQGR HO DODPEUH H[SXHVWR
PLHQWUDVVRVWLHQHODFXELHUWDH[WHULRUHOWXERPRUDGRGHOGLVSRVLWLYR\ORPDQWLHQHLQPyYLO-DOHHODODPEUH
SDUDFRPSULPLUHOILOP\IRUPDUODRFOXVLyQ
$QWHV GH FRPHQ]DUOD OLWRWULFLD YHULILTXH FRQ IOXRURVFRSLD TXHOD IRUPDFLyQ \ OD SRVLFLyQ GHOD RFOXVLyQ VHDQ
FRUUHFWDV$VHJ~UHVHGHHYDOXDUVLHOILOPRFOX\HVXILFLHQWHPHQWHHOOXPHQXUHWUDOSUR[LPDODOFiOFXORREMHWLYR
6LQRHVDVtSXHGHHVWLUDUHOILOP\OXHJRSOHJDUFHUUDUODRFOXVLyQGHOILOPGHQWURGHOXPHQXUHWUDO
/D SRUFLyQ GHO HMH GHO GLVSRVLWLYR $FFRUGLRQ FX\R GLiPHWUR HV GH SXOJDGDV R PP DKRUD SXHGH
XWLOL]DUVH FRPR DODPEUH JXtD SDUD FRORFDU XUHWHURVFRSLRV IOH[LEOHV GHO WDPDxR DGHFXDGR YDLQDV GH DFFHVR R
FDWpWHUHVSDUDOLWRWULFLDTXHXVDQWpFQLFDVFRQYHQFLRQDOHV
(;75$&&,Ð1'(/',6326,7,92$&&25',21
$OILQDOL]DUODOLWRWULFLDSDUDH[WUDHUHOGLVSRVLWLYR$FFRUGLRQGHEHDVHJXUDUVHGHTXHHOILOPGHRFOXVLyQHVWp
HVWLUDGR GHVSOHJDGR \ OXHJR GHEH MDODU OD FXELHUWD H[WHULRU HO WXER PRUDGR GHO GLVSRVLWLYR (VWR VH UHDOL]D
IiFLOPHQWHVLODPDQLYHODGHFLHUUHHVWiHQVXOXJDU
$ILQGHUHLQVWDODUODPDQLYHODDVHJ~UHVHGHTXHODWDSDGHFLHUUHHVWpVXHOWD&RQHODODPEUHGHFRQWUROGH
RFOXVLyQGHVSOHJDGRGHVOLFHODPDQLYHODVREUHHOH[WUHPRGHOGLVSRVLWLYRKDVWDTXHHOH[WUHPRGHODODPEUHGH
FRQWUROOOHJXHDODSDUWHLQIHULRUGHODPDQLYHOD/XHJRVRVWHQJDODWDSD\ODFXELHUWDHOWXERPRUDGR\JLUHOD
PDQLYHOD SDUD FHUUDUOD 9HULILTXH TXH HO ILOP HVWp HVWLUDGR \ GHVSOHJDGR \D VHD XVDQGR LPiJHQHV R OD
YLVXDOL]DFLyQGLUHFWDFRQXQXUHWHURVFRSLR
8QDYH]TXHKD\DH[WUDtGRHOGLVSRVLWLYRSRUFRPSOHWRGHVpFKHORVHJ~QODVGLUHFWULFHVLQVWLWXFLRQDOHV
35(9(1&,Ð1 '( /$ 0,*5$&,Ð1 '( &É/&8/26 '85$17( /$ /,7275,&,$ &21 /É6(5
&RORTXH\PDQWHQJDHOGLVSRVLWLYR$FFRUGLRQSDVDQGRHOFiOFXOR\GHPDQHUDWDOTXHHOFiOFXORSXHGDYHUVHD
WUDYpVGHOXUHWHURVFRSLRDQWHVGHXWLOL]DUODILEUDOiVHU
8VH HO ILOP GHO GLVSRVLWLYR $FFRUGLRQ GHVSOHJDGR FRPR ´UHFHSWRUµ SDUD HYLWDU OD PLJUDFLyQ GHO FiOFXOR R GH
IUDJPHQWRV
7+6,QWHUQDWLRQDO,QF/HJDO0DQXIDFWXUHU
GED$FFRUGLRQ0HGLFDO
&RXQVHORUV5RZ6XLWH
,QGLDQDSROLV,Q
7HO)D[
UHY$
6HS
&RPLHQFH D GLVSDUDU HO OiVHU VREUH OD VXSHUILFLH GHO FiOFXOR (YLWH GLVSDUDU HO OiVHU GLUHFWDPHQWH VREUH
GLVSRVLWLYR$FFRUGLRQ
35(9(1&,Ð1 '( /$ 0,*5$&,Ð1 '( &É/&8/26 '85$17( /$ /,7275,&,$ 1(80É7,&$
&RORTXH\PDQWHQJDHOGLVSRVLWLYR$FFRUGLRQSDVDQGRHOFiOFXOR\GHPDQHUDWDOTXHHOFiOFXORSXHGDYHUVHD
WUDYpVGHOXUHWHURVFRSLRDQWHVGHXWLOL]DUHOOLWURWLSWRUQHXPiWLFR
8VHHOILOPGHOGLVSRVLWLYR$FFRUGLRQGHVSOHJDGRFRPR´UHFHSWRUµSDUDHYLWDUODPLJUDFLyQGHFiOFXORV
)UDJPHQWHHOFiOFXORFRQODVRQGDGHOLWRWULFLDQHXPiWLFD
(/,0,1$&,Ð1 '( /26 )5$*0(1726 '(/ &É/&8/2 '(1752 '(/ 75$&72 85,1$5,2
&RQODRFOXVLyQGHOGLVSRVLWLYR$FFRUGLRQVREUHXQFiOFXORTXHVHIUDJPHQWyFRUUHFWDPHQWHHOGLVSRVLWLYR\ORV
IUDJPHQWRVSXHGHQUHWLUDUVHH[WUD\HQGRHOGLVSRVLWLYROHQWDPHQWHGHQWURGHXQDYDLQDGHDFFHVRXUHWUDORHQ
ODYHMLJD/DPHMRUPDQHUDGHUHDOL]DUORHVFRQXQFRQWUROYLVXDOGLUHFWRDWUDYpVGHXQXUHWHURVFRSLR
6L XQ IUDJPHQWR SDUHFH VHUGHPDVLDGR JUDQGH SDUD UHWLUDUOR IiFLOPHQWH IUDJPHQWHHO FiOFXORXQ SRFRPiV \
OXHJR FRQWLQ~H DUUDVWUDGR ORV IUDJPHQWRV GHQWUR GH OD YDLQD GH DFFHVR XUHWUDO R HQ OD YHMLJD 6, 127$
5(6,67(1&,$ $/ ,17(17$5 $55$675$5 (/ &É/&8/2 2 /26 )5$*0(1726 +$&,$ /$ 85(75$
12 &217,1Ô( &21 (67$ $&&,Ð1 12 (03/(( '(0$6,$'$ )8(5=$ '85$17( /$ $&&,Ð1 '(
$55$675((QHVHFDVRORPHMRUHVOLEHUDUHOFiOFXORRHOIUDJPHQWR\HYDOXDUODVLWXDFLyQ3DUDOLEHUDUHO
FiOFXORRHOIUDJPHQWRYXHOYDDH[WHQGHUHOH[WUHPRGLVWDOGHOGLVSRVLWLYRDILQGHDSODQDUHOILOPRFOXVLYRSDUD
TXHTXHGHGHVSOHJDGD3DUDHOORHPSXMHHOH[WUHPRGHFRQWUROGHODODPEUHKDVWDODH[WHQVLyQGLVWDOPi[LPDHQ
ODFXELHUWDH[WHULRUGHOGLVSRVLWLYRHOWXERPRUDGR\DVHJ~UHORPDQXDOPHQWHRFRQODPDQLYHODGHFLHUUH
*HQHUDOPHQWHORV IUDJPHQWRV GH FiOFXOR PD\RUHV GH PP VH DUUDVWUDUiQ KDFLD HOWUDFWR XULQDULRD PHGLGD
TXHVHUHWLUHHOGLVSRVLWLYR$FFRUGLRQ(VSRVLEOHTXHORVIUDJPHQWRVTXHPLGHQPHQRVGHPPDWUDYLHVHQOD
RFOXVLyQGHOILOP\TXHGHQDWUiV(OPpGLFRSXHGHRSWDUSRUUHSHWLUODDFFLyQGHDUUDVWUHDGLVFUHFLyQ
'HVSOLHJXHODRFOXVLyQGHOILOPSDUDYROYHUDDGHODQWDUHOGLVSRVLWLYR$FFRUGLRQVREUHORVIUDJPHQWRVUHVWDQWHV
(OH[WUHPRGHOGLVSRVLWLYRSXHGHSHUPDQHFHUHQODXUHWUDPLHQWUDVODRFOXVLyQGHOILOPHVWiHQODYHMLJDSDUD
IDFLOLWDUTXHHOGLVSRVLWLYRYXHOYDDDYDQ]DUHQODXUHWUD
5HSLWDORVSURFHGLPLHQWRVGHLQVHUFLyQ\DUUDVWUHVHJ~QVHDQHFHVDULRSDUDGHVSHMDUHOWUDFWRXULQDULR
$OILQDOL]DUHOSURFHGLPLHQWRUHWLUHHOGLVSRVLWLYR\GHVpFKHORVHJ~QODVGLUHFWULFHVLQVWLWXFLRQDOHV
3$5$87,/,=$5&21811()526&23,2'85$17(/$1/3
$GHODQWHHOGLVSRVLWLYR$FFRUGLRQHQHOULxyQPHGLDQWHHOFDQDOGHWUDEDMRGHXQQHIURVFRSLRDWUDYpVGHXQD
YDLQDSHUFXWiQHDFRORFDGDFRQWpFQLFDVFRQYHQFLRQDOHVSDUDODQHIUROLORWULFLDSHUFXWiQHD1/3
$ ILQ GH HYLWDU OD PLJUDFLyQGHO FiOFXOR GHVGH HO ULxyQ KDFLD OD XUHWUD DGHODQWH HO GLVSRVLWLYR $FFRUGLRQ FRQ
JROSHV FRUWRV D FP KDVWD TXH HOH[WUHPR GHO GLVSRVLWLYR TXHGHXELFDGR SDVDQGRHO FiOFXOR \ HQ OD SDUWH
PiVHVWUHFKDGHODXQLyQXUHWHURSpOYLFDRXUHWUDSUR[LPDO
'HVSOLHJXHHOILOPGHOGLVSRVLWLYR$FFRUGLRQDIORMDQGR\UHWLUDQGRSRUFRPSOHWRODPDQLYHODGHFLHUUH/XHJR
MDOHHODODPEUHH[SXHVWRHQUHODFLyQFRQODFXELHUWDH[WHULRUHOWXERPRUDGRGHOGLVSRVLWLYR9HULILTXHTXHOD
RFOXVLyQVHDORVXILFLHQWHPHQWHJUDQGHSDUDEORTXHDUODXQLyQXUHWHURSpOYLFDRODXUHWUD9XHOYDDFRORFDUORGH
IRUPDSUR[LPDORGLVWDOVHJ~QVHDQHFHVDULR
&XDQGRHVWpHQODSRVLFLyQGHVHDGDVXMHWHHODODPEUHGHOGLVSRVLWLYR$FFRUGLRQDOGUDSHDGRTXLU~UJLFR
)UDJPHQWHHOFiOFXORFRQORVPpWRGRVFRQYHQFLRQDOHVGHOLWRWULFLD\UHWLUHORVIUDJPHQWRV
9HULILTXHTXHVHKD\DQHOLPLQDGRORVIUDJPHQWRVGHOFiOFXOR/XHJRUHWLUHHOGLVSRVLWLYR$FFRUGLRQ\GHVpFKHOR
VHJ~QODVGLUHFWULFHVLQVWLWXFLRQDOHV
7+6,QWHUQDWLRQDO,QF/HJDO0DQXIDFWXUHU
GED$FFRUGLRQ0HGLFDO
&RXQVHORUV5RZ6XLWH
,QGLDQDSROLV,Q
7HO)D[
UHY$
6HS
$XWKRUL]HG5HSUHVHQWDWLYH
(0(5*2(8523(
0ROHQVWUDDW
%+7KH+DJXH
7KH1HWKHUODQGV
863DWHQW1XPEHUV
$GGLWLRQDO86DQG)RUHLJQ3DWHQWV3HQGLQJ
7+6,QWHUQDWLRQDO,QF/HJDO0DQXIDFWXUHU
GED$FFRUGLRQ0HGLFDO
&RXQVHORUV5RZ6XLWH
,QGLDQDSROLV,Q
7HO)D[
UHY$
6HS