Manuale Luna Duo-Tec MP 90-110 - Baxi

$

03 ±

,7

&$/'$,$ 085$/( $ *$6 $ &21'(16$=,21( 0DQXDOH SHU O¶XVR GHVWLQDWR DOO¶XWHQWH H DOO¶LQVWDOODWRUH

(1

&21'(16,1* *$6 :$// +81* %2,/(56 ,QVWUXFWLRQV PDQXDO IRU XVHUV DQG ¿WWHUV

'( $7

.21'(16$7,216 :$1'*$6+(,=.(66(/ *HEUDXFKVDQOHLWXQJ I U GHQ %HQXW]HU XQG ,QVWDOODWHXU

(6

&$/'(5$ 085$/ '( *$6 $ &21'(16$&,Ï1 0DQXDO GH XVR GHVWLQDGR DO XVXDULR \ DO LQVWDODGRU

*HQWLOH &OLHQWH OD QRVWUD $]LHQGD ULWLHQH FKH OD 6XD QXRYD FDOGDLD VRGGLVIHUj WXWWH OH 6XH HVLJHQ]H /¶DFTXLVWR GL XQ SURGRWWR %$;, JDUDQWLVFH TXDQWR /HL VL DVSHWWD XQ EXRQ IXQ]LRQDPHQWR HG XQ XVR VHPSOLFH H UD]LRQDOH 4XHOOR FKH /H FKLHGLDPR q GL QRQ PHWWHUH GD SDUWH TXHVWH LVWUX]LRQL VHQ]D DYHUOH SULPD OHWWH HVVH FRQWHQJRQR LQIRUPD]LRQL XWLOL SHU XQD FRUUHWWD HG HI¿FLHQWH JHVWLRQH GHOOD 6XD FDOGDLD

%$;, GLFKLDUD FKH TXHVWL PRGHOOL GL FDOGDLH VRQR GRWDWL GL PDUFDWXUD GHOOH VHJXHQWL 'LUHWWLYH

FRQIRUPHPHQWH DL UHTXLVLWL HVVHQ]LDOL

'LUHWWLYD *DV &( 'LUHWWLYD 5HQGLPHQWL &(( 'LUHWWLYD &RPSDWLELOLWj (OHWWURPDJQHWLFD &(

8 W H Q W H , Q V W D O O D W R U H , 7

'LUHWWLYD %DVVD WHQVLRQH &(

%D[L 6 S $ QHOOD FRVWDQWH D]LRQH GL PLJOLRUDPHQWR GHL SURGRWWL VL ULVHUYD OD SRVVLELOLWj GL PRGL¿FDUH L GDWL HVSUHVVL LQ TXHVWD GRFXPHQWD]LRQH LQ TXDOVLDVL PRPHQWR H VHQ]D SUHDYYLVR /D SUHVHQWH GRFXPHQWD]LRQH q XQ VXSSRUWR LQIRUPDWLYR H QRQ FRQVLGHUDELOH FRPH FRQWUDWWR QHL FRQIURQWL GL WHU]L

6200$5,2

'(6&5,=,21( 6,0%2/, $99(57(1=( ', 6,&85(==$ $99(57(1=( *(1(5$/, &216,*/, 3(5 ,/ 5,63$50,2 (1(5*(7,&2 0(66$ ,1 )81=,21( '(//$ &$/'$,$

5(*2/$=,21( '(//$ 7(03(5$785$ ', 0$1'$7$ 5,6&$/'$0(172 ( '(//¶$&48$ 6$1,7$5,$

02', ', )81=,21$0(172

$55(672 352/81*$72 '(//¶,03,$172 3527(=,21( $17,*(/2

&$0%,2 *$6 $120$/,( 0(18 ,1)250$=,21, ', &$/'$,$ 5,(03,0(172 ,03,$172 ,6758=,21, 3(5 /¶25',1$5,$ 0$187(1=,21( 63(*1,0(172 '(//$ &$/'$,$ $99(57(1=( 35,0$ '(//¶,167$//$=,21( ,167$//$=,21( '(//$ &$/'$,$

3203$ ', &$/'$,$

,167$//$=,21( '(, &21'277,

&21'277, &2$66,$/,

&21'277, 6(3$5$7,

&21'277, ,1 &$6&$7$

&2//(*$0(17, (/(775,&,

&2//(*$0(172 7(50267$72 $0%,(17(

$&&(6625, 121 ,1&/86, 1(//$ '27$=,21(

02'8/, (67(51, ', *(67,21( ,03,$172

&2//(*$0(172 6,&85(==( , 6 3 ( 6 /

)81=,21, 63(&,$/,

)81=,21( '(*$6$0(172 ,03,$172

)81=,21( 7$5$785$

)81=,21( 63$==$&$0,12

$120$/,( 121 5(6(77$%,/, '$//¶87(17( ,03267$=,21( 3$5$0(75, 7$5$785$ 9$/92/$ *$6

&$0%,2 *$6

',6326,7,9, ', 5(*2/$=,21( ( 6,&85(==$ &$5$77(5,67,&+( 3257$7$ 35(9$/(1=$ $//$ 3/$&&$ 0$187(1=,21( $118$/(

3$5$0(75, ', &20%867,21(

326,=,21$0(172 (/(7752',

&$5$77(5,67,&+( 7(&1,&+(

'(6&5,=,21( 6,0%2/,

$99(57(1=$ 5LVFKLR GL GDQQR R GL PDOIXQ]LRQDPHQWR GHOO¶DSSDUHFFKLR 3UHVWDUH SDUWLFRODUH DWWHQ]LRQH DOOH DYYHUWHQ]H GL SHULFROR FKH ULJXDUGDQR SRVVLELOL GDQQL DOOH SHUVRQH 3(5,&2/2 6&277$785( $WWHQGHUH FKH O¶DSSDUHFFKLR VL UDIIUHGGL SULPD GL DJLUH VXOOH SDUWL HVSRVWH DO FDORUH 3(5,&2/2 $/7$ 7(16,21( 3DUWL HOHWWULFKH LQ WHQVLRQH SHULFROR GL VKRFN HOHWWULFR 3(5,&2/2 *(/2 3UREDELOH IRUPD]LRQH GL JKLDFFLR D FDXVD GL EDVVH WHPSHUDWXUH

',9,(72 *(1(5,&2 9LHWDWR HIIHWWXDUH XWLOL]]DUH TXDQWR VSHFL¿FDWR D ¿DQFR GHO VLPEROR

$99(57(1=( ', 6,&85(==$

2'25( ', *$6 ‡ ‡ ‡ ‡

6SHJQHUH OD FDOGDLD 1RQ D]LRQDUH DOFXQ GLVSRVLWLYR HOHWWULFR FRPH DFFHQGHUH OD OXFH

6SHJQHUH HYHQWXDOL ¿DPPH OLEHUH H DSULUH OH ¿QHVWUH &KLDPDUH LO FHQWUR GL $VVLVWHQ]D 7HFQLFR $XWRUL]]DWR

2'25( ', &20%867,21( ‡ 6SHJQHUH OD FDOGDLD ‡ $HUDUH LO ORFDOH DSUHQGR SRUWH H ¿QHVWUH ‡ &KLDPDUH LO &HQWUR GL $VVLVWHQ]D 7HFQLFD $XWRUL]]DWR

0$7(5,$/( ,1),$00$%,/( 1RQ XWLOL]]DUH H R GHSRVLWDUH PDWHULDOL IDFLOPHQWH LQ¿DPPDELOL GLOXHQWL FDUWD HFF QHOOH YLFLQDQ]H GHOOD FDOGDLD

0$187(1=,21( ( 38/,=,$ &$/'$,$ 7RJOLHUH O¶DOLPHQWD]LRQH HOHWWULFD DOOD FDOGDLD SULPD GL HIIHWWXDUH XQ TXDOVLDVL LQWHUYHQWR

/¶DSSDUHFFKLR QRQ q GHVWLQDWR D HVVHUH XVDWR GD SHUVRQH OH FXL FDSDFLWj ¿VLFKH VHQVRULDOL R PHQWDOL VLDQR ULGRWWH RSSXUH FRQ PDQFDQ]D GL HVSHULHQ]D R GL FRQRVFHQ]D D PHQR FKH HVVH DEELDQR SRWXWR EHQH¿FLDUH DWWUDYHUVR O¶LQWHUPHGLD]LRQH GL XQD SHUVRQD UHVSRQVDELOH GHOOD ORUR VLFXUH]]D GL XQD VRUYHJOLDQ]D R GL LVWUX]LRQL ULJXDUGDQWL O¶XVR GHOO¶DSSDUHFFKLR

%$;, WUD L OHDGHU LQ (XURSD QHOOD SURGX]LRQH GL FDOGDLH H VLVWHPL SHU LO ULVFDOGDPHQWR DG DOWD WHFQRORJLD q FHUWL¿FDWD GD &64 SHU L VLVWHPL GL JHVWLRQH SHU OD TXDOLWj ,62 SHU O¶DPELHQWH ,62 H SHU OD VDOXWH H VLFXUH]]D 2+6$6 4XHVWR DWWHVWD FKH %$;, 6 S $ ULFRQRVFH FRPH SURSUL RELHWWLYL VWUDWHJLFL OD VDOYDJXDUGLD GHOO¶DPELHQWH O¶DI¿GDELOLWj H OD TXDOLWj GHL SURSUL SURGRWWL OD VDOXWH H VLFXUH]]D GHL SURSUL GLSHQGHQWL /¶D]LHQGD DWWUDYHUVR OD SURSULD RUJDQL]]D]LRQH q FRVWDQWHPHQWH LPSHJQDWD D LPSOHPHQWDUH H PLJOLRUDUH WDOL DVSHWWL D IDYRUH GHOOD VRGGLVID]LRQH GHL SURSUL FOLHQWL

8 W H Q W H , Q V W D O O D W R U H , 7

,1)250$=,21, ,03257$17, ,QIRUPD]LRQL GD OHJJHUH FRQ SDUWLFRODUH DWWHQ]LRQH SHUFKq XWLOL DO FRUUHWWR IXQ]LRQDPHQWR GHOOD FDOGDLD

$99(57(1=( *(1(5$/, 4XHVWD FDOGDLD VHUYH D ULVFDOGDUH O¶DFTXD DG XQD WHPSHUDWXUD LQIHULRUH D TXHOOD GL HEROOL]LRQH D SUHVVLRQH DWPRVIHULFD (VVD GHYH HVVHUH DOODFFLDWD DG XQ LPSLDQWR GL ULVFDOGDPHQWR H DG XQD UHWH GL GLVWULEX]LRQH GL DFTXD FDOGD VDQLWDULD FRPSDWLELOPHQWH DOOH VXH SUHVWD]LRQL HG DOOD VXD SRWHQ]D 3ULPD GL IDU DOODFFLDUH OD FDOGDLD GD SHUVRQDOH SURIHVVLRQDOPHQWH TXDOL¿FDWR VHFRQGR LO '0 Q GHO IDU HIIHWWXDUH

8QD YHUL¿FD FKH OD FDOGDLD VLD SUHGLVSRVWD SHU LO IXQ]LRQDPHQWR FRQ LO WLSR GL JDV GLVSRQLELOH 4XHVWR q ULOHYDELOH GDOOD VFULWWD VXOO¶LPEDOOR H GDOOD WDUJD SUHVHQWH VXOO¶DSSDUHFFKLR 8Q FRQWUROOR FKH LO FDPLQR DEELD XQ WLUDJJLR DGHJXDWR QRQ SUHVHQWL VWUR]]DWXUH H QRQ VLDQR LQVHULWL QHOOD FDQQD IXPDULD VFDUL FKL GL DOWUL DSSDUHFFKL VDOYR FKH TXHVWD QRQ VLD UHDOL]]DWD SHU VHUYLUH SL XWHQ]H VHFRQGR OH VSHFL¿FKH 1RUPH H SUHVFUL]LRQL YLJHQWL 8Q FRQWUROOR FKH QHO FDVR GL UDFFRUGL VX FDQQH IXPDULH SUHHVLVWHQWL TXHVWH VLDQR VWDWH SHUIHWWDPHQWH SXOLWH SRLFKp OH VFRULH VWDFFDQGRVL GDOOH SDUHWL GXUDQWH LO IXQ]LRQDPHQWR SRWUHEEHUR RFFOXGHUH LO SDVVDJJLR GHL IXPL 5LVXOWD LQROWUH LQGLVSHQVDELOH DO ¿QH GL SUHVHUYDUH LO FRUUHWWR IXQ]LRQDPHQWR H OD JDUDQ]LD GHOO¶DSSDUHFFKLR VHJXLUH OH SUHFDX ]LRQL GL VHJXLWR ULSRUWDWH

&LUFXLWR VDQLWDULR 6H OD GXUH]]D GHOO¶DFTXD VXSHUD LO YDORUH GL ) ) PJ GL FDUERQDWR GL FDOFLR SHU OLWUR G¶DFTXD VL SUHVFULYH O¶LQVWDOOD ]LRQH GL XQ GRVDWRUH GL SROLIRVIDWL R GL XQ VLVWHPD GL SDUL HIIHWWR ULVSRQGHQWH DOOH QRUPDWLYH YLJHQWL (¶ QHFHVVDULR HIIHWWXDUH XQ ODYDJJLR DFFXUDWR GHOO¶LPSLDQWR GRSR O¶LQVWDOOD]LRQH GHOO¶DSSDUHFFKLR H SULPD GHO VXR XWLOL]]R , PDWHULDOL XWLOL]]DWL SHU LO FLUFXLWR DFTXD VDQLWDULD VRQR FRQIRUPL DOOD 'LUHWWLYD &(

8 W H Q W H , Q V W D O O D W R U H , 7

&LUFXLWR GL ULVFDOGDPHQWR ,PSLDQWR QXRYR 3ULPD GL SURFHGHUH DOO¶LQVWDOOD]LRQH GHOOD FDOGDLD O¶LPSLDQWR GHYH HVVHUH RSSRUWXQDPHQWH SXOLWR DOOR VFRSR GL HOLPLQDUH UHVLGXL GL ¿OHWWDWXUH VDOGDWXUH HG HYHQWXDOL VROYHQWL XWLOL]]DQGR SURGRWWL LGRQHL GLVSRQLELOL VXO PHUFDWR QRQ DFLGL H QRQ DOFDOLQL FKH QRQ DWWDFFKLQR L PHWDOOL OH SDUWL LQ SODVWLFD H JRPPD 3HU OD SURWH]LRQH GHOO¶LPSLDQWR GDOOH LQFURVWD]LRQL q QHFHVVD ULRO¶XWLOL]]R GL SURGRWWL LQLELWRUL TXDOL 6(17,1(/ ; H )(512; SURWHWWLYR SHU LPSLDQWL GL ULVFDOGDPHQWR 3HU O¶XWLOL]]R GL TXHVWL SURGRWWL VHJXLUH DWWHQWDPHQWH OH LVWUX]LRQL IRUQLWH FRQ L SURGRWWL VWHVVL

,PSLDQWR HVLVWHQWH 3ULPD GL SURFHGHUH DOO¶LQVWDOOD]LRQH GHOOD FDOGDLD O¶LPSLDQWR GHYH HVVHUH FRPSOHWDPHQWH VYXRWDWR HG RSSRUWXQDPHQWH SXOLWR GD IDQJKL H FRQWDPLQDQWL XWLOL]]DQGR SURGRWWL LGRQHL GLVSRQLELOL VXO PHUFDWR , SURGRWWL UDFFRPDQGDWL SHU OD SXOL]LD VRQR 6(17,1(/ ; R ; H )(512; ULJHQHUDWRUH SHU LPSLDQWL GL ULVFDOGDPHQWR 3HU O¶XWLOL]]R GL TXHVWL SURGRWWL VH JXLUH DWWHQWDPHQWH OH LVWUX]LRQL IRUQLWH FRQ L SURGRWWL VWHVVL 5LFRUGLDPR FKH OD SUHVHQ]D GL GHSRVLWL QHOO¶LPSLDQWR GL ULVFDOGDPHQWR FRPSRUWD GHL SUREOHPL IXQ]LRQDOL DOOD FDOGDLD HV VXUULVFDOGDPHQWR H UXPRURVLWj GHOOR VFDPELDWRUH

/D SULPD DFFHQVLRQH GHYH HVVHUH HIIHWWXDWD GDO 6HUYL]LR GL $VVLVWHQ]D 7HFQLFD DXWRUL]]DWR FKH GRYUj YHUL¿FDUH

&KH L GDWL GL WDUJD VLDQR ULVSRQGHQWL D TXHOOL GHOOH UHWL GL DOLPHQWD]LRQH HOHWWULFD LGULFD JDV

&KH O¶LQVWDOOD]LRQH VLD FRQIRUPH DOOH QRUPDWLYH YLJHQWL LQ SDUWLFRODUH 81, &,* 5HJRODPHQWR GL $WWXD]LRQH GHOOD /HJJH Q GHO HG LQ VSHFLH L 5HJRODPHQWL &RPXQDOL &KH VLD VWDWR HIIHWWXDWR UHJRODUPHQWH LO FROOHJDPHQWR HOHWWULFR DOOD UHWH SL WHUUD /¶DSSDUHFFKLR GHYH HVVHUH LQVWDOODWR LQ XQ ORFDOH DHUDWR DGLELWR D VDOD WHUPLFD VHFRQGR OH QRUPH YLJHQWL DSSDUHFFKL FRQ SRUWDWD WHUPLFD ! N:

/D PDQFDWD RVVHUYD]LRQH GL TXHVWH DYYHUWHQ]H FRPSRUWD LO GHFDGLPHQWR GHOOD JDUDQ]LD GHOO¶DSSDUHFFKLR , QRPLQDWLYL GHL &HQWUL GL $VVLVWHQ]D 7HFQLFD DXWRUL]]DWL VRQR ULOHYDELOL GDO IRJOLR DOOHJDWR 3ULPD GHOOD PHVVD LQ IXQ]LRQH WRJOLHUH LO ¿OP SURWHW WLYR GHOOD FDOGDLD 1RQ XWLOL]]DUH SHU OR VFRSR XWHQVLOL R PDWHULDOL DEUDVLYL SHUFKp SRWUHEEHUR GDQQHJJLDUH OH SDUWL YHUQLFLDWH /H SDUWL GHOO¶LPEDOOR VDFFKHWWL LQ SODVWLFD SROLVWLUROR HFF QRQ GHYRQR HVVHUH ODVFLDWH DOOD SRUWDWD GHL EDPELQL LQ TXDQWR SRWHQ]LDOL IRQWL GL SHULFROR

&216,*/, 3(5 ,/ 5,63$50,2 (1(5*(7,&2 5HJROD]LRQH GHO ULVFDOGDPHQWR

5HJRODUH OD WHPSHUDWXUD GL PDQGDWD FDOGDLD LQ IXQ]LRQH GHO WLSR GL LPSLDQWR 3HU LPSLDQWL FRQ WHUPRVLIRQL VL FRQVLJOLD GL LPSRVWDUH XQD WHPSHUDWXUD PDVVLPD GL PDQGDWD GHOO¶DFTXD GL ULVFDOGDPHQWR GL FLUFD & DXPHQWDUH WDOH YDORUH TXDORUD QRQ VL GRYHVVH UDJJLXQJHUH LO FRPIRUW DPELHQWH ULFKLHVWR 1HO FDVR GL LPSLDQWR FRQ SDQQHOOL UDGLDQWL D SDYLPHQWR QRQ VXSHUDUH OD WHPSHUDWXUD SUHYLVWD GDO SURJHWWLVWD GHOO¶LPSLDQWR Ê FRQVLJOLDELOH O¶XWLOL]]R GHOOD 6RQGD (VWHUQD H R GHO 3DQQHOOR GL &RQWUROOR SHU DGDWWDUH DXWR PDWLFDPHQWH OD WHPSHUDWXUD GL PDQGDWD LQ IXQ]LRQH GHOOH FRQGL]LRQL DWPRVIHULFKH R GHOOD WHPSHUDWXUD LQWHUQD ,Q TXHVWR PRGR QRQ YLHQH SURGRWWR SL FDORUH GL TXHOOR FKH q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¶DULD 1RQ ODVFLDUH OH ¿QHVWUH VRFFKLXVH SHU DHUDUH L ORFDOL PD DSULUH OH FRPSOHWDPHQWH SHU XQ EUHYH SHULRGR

$FTXD FDOGD VDQLWDULD

8Q EXRQ ULVSDUPLR VL RWWLHQH LPSRVWDQGR OD WHPSHUDWXUD VDQLWDULD GHOO¶DFTXD GHVLGHUDWD HYLWDQGR GL PLVFHODUOD FRQ O¶DFTXD IUHGGD 2JQL XOWHULRUH ULVFDOGDPHQWR FDXVD XQR VSUHFR GL HQHUJLD H XQD PDJJLRUH FUHD]LRQH GHO FDOFDUH

0(66$ ,1 )81=,21( '(//$ &$/'$,$ 3URFHGHUH FRPH GL VHJXLWR GHVFULWWR SHU OH FRUUHWWH RSHUD]LRQL GL DFFHQVLRQH

9HUL¿FDUH FKH OD SUHVVLRQH GHOO¶LPSLDQWR VLD TXHOOD SUHVFULWWD FDSLWROR

$OLPHQWDUH HOHWWULFDPHQWH OD FDOGDLD $SULUH LO UXELQHWWR GHO JDV GL FRORUH JLDOOR SRVL]LRQDWR VRWWR OD FDOGDLD

6HOH]LRQDUH OD PRGDOLWj GL ULVFDOGDPHQWR GHVLGHUDWD FDSLWROR

,Q IDVH GL SULPD DFFHQVLRQH ¿QFKp QRQ YLHQH VFDULFDWD O¶DULD FRQWHQXWD QHOOD WXED]LRQH GHO JDV VL SXz YHUL¿FDUH OD QRQ DFFHQVLRQH GHO EUXFLDWRUH HG LO FRQVHJXHQWH EORFFR GHOOD FDOGDLD 6L FRQVLJOLD LQ TXHVWR FDVR GL ULSHWHUH OH RSHUD]LRQL GL SHU DOPH DFFHQVLRQH ¿QR DOO¶DUULYR GHO JDV DO EUXFLDWRUH 3HU ULSULVWLQDUH LO IXQ]LRQDPHQWR GHOOD FDOGDLD SUHPHUH LO WDVWR QR VHFRQGL

/HJHQGD 7$67, 5HJROD]LRQH WHPSHUDWXUD DFTXD VDQLWDULD

WDVWR SHU DXPHQWDUH OD WHPSHUDWXUD H WDVWR ± SHU GLPLQXLUOD

5HJROD]LRQH WHPSHUDWXUD DFTXD GL ULVFDOGDPHQWR WDVWR SHU DXPHQWDUH OD WHPSHUDWXUD H WDVWR ± SHU GLPLQXLUOD

0RGR GL IXQ]LRQDPHQWR

6DQLWDULR ± 6DQLWDULR 5LVFDOGDPHQWR ± 6ROR 5LVFDOGDPHQWR

6SHQWR ± 5HVHW ± 8VFLWD PHQX IXQ]LRQL

/HJHQGD 6,0%2/, 6SHQWR ULVFDOGDPHQWR H VDQLWDULR GLVDELOLWDWL q DWWLYD VROR OD SURWH]LRQH DQWLJHOR GL FDOGDLD

%UXFLDWRUH DFFHVR

$QRPDOLD FKH LPSHGLVFH O¶DFFHQVLRQH GHO EUXFLDWRUH

0RGR GL IXQ]LRQDPHQWR LQ VDQLWDULR DELOLWDWR

3UHVVLRQH DFTXD FDOGDLD LPSLDQWR EDVVD

0RGR GL IXQ]LRQDPHQWR LQ ULVFDOGDPHQWR DELOLWDWR

5LFKLHVWR LQWHUYHQWR $VVLVWHQ]D 7HFQLFD

0HQX GL SURJUDPPD]LRQH

$QRPDOLD UHVHWWDELOH PDQXDOPHQWH WDVWR

0HQX LQIRUPD]LRQL GL FDOGDLD

$QRPDOLD LQ FRUVR

8QLWj GL PLVXUD LPSRVWDWH 6, 86

5(*2/$=,21( '(//$ 7(03(5$785$ ', 0$1'$7$ 5,6&$/'$0(172 ( '(//¶$&48$ 6$1,7$5,$ /D UHJROD]LRQH GHOOD WHPSHUDWXUD GL PDQGDWD ULVFDOGDPHQWR H GHOO¶DFTXD VDQLWDULD LQ SUHVHQ]D GL EROOLWRUH HVWHUQR VL HIIHWWXD H /¶DFFHQVLRQH GHO EUXFLDWRUH q YLVXDOL]]DWD VXO GLVSOD\ FRQ LO VLPEROR DJHQGR ULVSHWWLYDPHQWH VXL WDVWL

5,6&$/'$0(172 GXUDQWH LO IXQ]LRQDPHQWR GHOOD FDOGDLD LQ ULVFDOGDPHQWR VXO GLVSOD\ q YLVXDOL]]DWR LO VLPEROR H OD WHPSHUDWXUD GL PDQGDWD ULVFDOGDPHQWR &

,Q FDVR GL FROOHJDPHQWR GL XQD 6RQGD (VWHUQD L WDVWL &

LQWHUPLWWHQWH

UHJRODQR LQGLUHWWDPHQWH OD WHPSHUDWXUD DPELHQWH YDORUH GL IDEEULFD

6$1,7$5,2 OD SURGX]LRQH GL DFTXD FDOGD VDQLWDULD q SRVVLELOH FROOHJDQGR XQ EROOLWRUH HVWHUQR DOOD FDOGDLD 'XUDQWH LO IXQ]LRQD PHQWR GHOOD FDOGDLD LQ VDQLWDULR VXO GLVSOD\ q YLVXDOL]]DWR LO VLPEROR LQWHUPLWWHQWH H OD WHPSHUDWXUD GL PDQGDWD ULVFDOGDPHQWR &

02', ', )81=,21$0(172 6,0%2/2 9,68$/,==$72

02'2 ', )81=,21$0(172 6$1,7$5,2

6$1,7$5,2 5,6&$/'$0(172 62/2 5,6&$/'$0(172

3HU DELOLWDUH LO IXQ]LRQDPHQWR GHOO¶DSSDUHFFKLR LQ 6DQLWDULR 5LVFDOGDPHQWR R 6ROR 5LVFDOGDPHQWR SUHPHUH ULSHWXWDPHQWH LO WDVWR H VFHJOLHUH XQD GHOOH WUH PRGDOLWj GLVSRQLELOL 3HU GLVDELOLWDUH L PRGL GL IXQ]LRQDPHQWR GHOOD FDOGDLD PDQWHQHQGR DWWLYD OD IXQ]LRQH DQWLJHOR SUHPHUH LO WDVWR VXO GLVSOD\ DSSDULUj VROR LO VLPEROR FRQ FDOGDLD QRQ LQ EORFFR

6 H ] L R Q H 8 7 ( 1 7 ( , 7

,QIRUPD]LRQL GL IXQ]LRQDPHQWR FDOGDLD

$55(672 352/81*$72 '(//¶,03,$172 3527(=,21( $17,*(/2

(¶ EXRQD QRUPD HYLWDUH OR VYXRWDPHQWR GHOO¶LQWHUR LPSLDQWR GL ULVFDOGDPHQWR SRLFKp ULFDPEL G¶DFTXD SRVVRQR FDXVDUH LQXWLOL H GDQ QRVL GHSRVLWL GL FDOFDUH DOO¶LQWHUQR GHOOD FDOGDLD H GHL FRUSL VFDOGDQWL 6H GXUDQWH O¶LQYHUQR O¶LPSLDQWR WHUPLFR QRQ GRYHVVH HVVHUH XWLOL]]DWR QHO FDVR GL SHULFROR GL JHOR q FRQVLJOLDELOH PLVFHODUH O¶DFTXD GHOO¶LPSLDQWR FRQ LGRQHH VROX]LRQL DQWLFRQJHODQWL GHVWLQDWH D WDOH XVR VSHFL¿FR HV JOLFROH SURSLOHQLFR DVVRFLDWR DG LQLELWRUL GL LQFURVWD]LRQL H FRUURVLRQL /D JHVWLRQH HOHWWURQLFD GHOOD FDOGDLD q SURYYLVWD GL XQD IXQ]LRQH ³DQWLJHOR´ LQ ULVFDOGDPHQWR FKH FRQ WHPSHUDWXUD GL PDQGDWD LPSLDQWR LQIHULRUH DL & ID DFFHQGHUH LO EUXFLDWRUH ¿QR DO UDJJLXQJLPHQWR LQ PDQGDWD GL XQ YDORUH SDUL D & /D IXQ]LRQH q RSHUDWLYD VH OD FDOGDLD q DOLPHQWDWD HOHWWULFDPHQWH F¶q JDV OD SUHVVLRQH GHOO¶LPSLDQWR q TXHOOD SUHVFULWWD H OD FDOGDLD QRQ q LQ EORFFR

&$0%,2 *$6 /H FDOGDLH SRVVRQR IXQ]LRQDUH VLD D JDV PHWDQR * FKH D JDV *3/ * 1HO FDVR LQ FXL VL UHQGD QHFHVVDULR LO FDPELR JDV FL VL GRYUj ULYROJHUH DO 6(59,=,2 ', $66,67(1=$ 7(&1,&$ $8725,==$72

$120$/,( /H DQRPDOLH YLVXDOL]]DWH VXO GLVSOD\ VRQR LGHQWL¿FDWH GDO VLPEROR H GD XQ QXPHUR FRGLFH GL DQRPDOLD

3HU OD OLVWD FRPSOHWD GHOOH DQRPDOLH YHGHUH OD WDEHOOD VHJXHQWH

6 H ] L R Q H 8 7 ( 1 7 ( , 7

6H VXO GLVSOD\ DSSDUH LO VLPEROR O¶DQRPDOLD ULFKLHGH XQ 5(6(7 GD SDUWH GHOO¶XWHQWH 3HU 5(6(77$5( OD FDOGDLD SUHPHUH LO WDVWR ,Q FDVR G¶LQWHUYHQWR GL IUHTXHQWL YLVXDOL]]D]LRQL GL DQR PDOLD FKLDPDUH LO FHQWUR GL $VVLVWHQ]D 7HFQLFD DXWRUL]]DWR

'HVFUL]LRQH DQRPDOLD

'HVFUL]LRQH DQRPDOLD

6HQVRUH VRQGD HVWHUQD JXDVWR

6HQVRUH 17& GL PDQGDWD JXDVWR

6HQVRUH 17& IXPL JXDVWR 6HQVRUH 17& GL ULWRUQR JXDVWR 6HQVRUH 17& VDQLWDULR JXDVWR VROR SHU PRGHOOR VROR ULVFDOGDPHQWR FRQ EROOLWRUH

3UREOHPD GL FRPXQLFD]LRQH WUD VFKHGD FDOGDLD H XQLWj FRPDQGR 3UREDELOH FRUWR FLUFXLWR VXO FDEODJJLR

&RQÀLWWR G¶LQGLUL]]R WUD SL XQLWj GL FRPDQGR 3UHVHQ]D G¶DULD QHO FLUFXLWR GL FDOGDLD DQRPDOLD WHPSRUDQHD

,QWHUYHQWR WHUPRVWDWR GL VLFXUH]]D SHU VRYUDWHPSHUDWXUD SUREDELOH SRPSD EORFFDWD R DULD QHO FLUFXLWR GL ULVFDOGDPHQWR

,QWHUYHQWR GL VLFXUH]]D SHU PDQFDQ]D GL FLUFROD]LRQH FRQWUROOR HIIHWWXDWR WUDPLWH XQ VHQVRUH GL WHPSHUDWXUD

3HUGLWD GL ¿DPPD ,QWHUYHQWR VRQGD 17& IXPL SHU VRYUDWHPSHUDWXUD 0DQFDWD DFFHQVLRQH 1 WHQWDWLYL

$QRPDOLD LQWHUQD VFKHGD FDOGDLD

$QRPDOLD IXQ]LRQDPHQWR YHQWLODWRUH

6HQVRUH 17& VDQLWDULR JXDVWR

)LDPPD SDUDVVLWD DQRPDOLD LQWHUQD

7HQVLRQH GL DOLPHQWD]LRQH WURSSR EDVVD

,QWHUYHQWR HOHWWURQLFR GL VLFXUH]]D SHU VRYUDWHPSHUDWXUD

6RJOLD YHORFLWj YHQWLODWRUH QRQ UDJJLXQWD

3UHVVLRQH FLUFXLWR LGUDXOLFR WURSSR DOWD

,QWHUYHQWR GL VLFXUH]]D SHU PDQFDQ]D GL FLUFROD]LRQH FRQWUROOR HIIHWWXDWR WUDPLWH VHQVRUH GL SUHVVLRQH

3UHVVLRQH FLUFXLWR LGUDXOLFR WURSSR EDVVD

,Q FDVR GL DQRPDOLD OD UHWURLOOXPLQD]LRQH GHO GLVSOD\ VL DFFHQGH YLVXDOL]]DQGR LO FRGLFH GL HUURUH (¶ SRVVLELOH HIIHWWXDUH WHQWDWLYL FRQVHFXWLYL GL ULDUPR GRSRGLFKq OD FDOGDLD ULPDQH LQ EORFFR 3HU HIIHWWXDUH XQ QXRYR WHQWDWLYR GL ULDUPR q QHFHV VDULR DWWHQGHUH PLQXWL

0(18 ,1)250$=,21, ', &$/'$,$ $JLUH VXO WDVWR

SHU YLVXDOL]]DUH OH LQIRUPD]LRQL ULSRUWDWH QHOOD WDEHOOD VHJXHQWH 3HU XVFLUH SUHPHUH LO WDVWR

'HVFUL]LRQH

'HVFUL]LRQH

&RGLFH LQWHUQR GL DQRPDOLD VHFRQGDULR 7HPSHUDWXUD GL PDQGDWD ULVFDOGDPHQWR 7HPSHUDWXUD HVWHUQD VH SUHVHQWH OD VRQGD HVWHUQD

7HPSHUDWXUD DFTXD EROOLWRUH HVWHUQR PRGHOOL SUHGLVSRVWL

7HPSHUDWXUD DFTXD VDQLWDULR PRGHOOL SUHGLVSRVWL

3UHVVLRQH DFTXD LPSLDQWR GL ULVFDOGDPHQWR 7HPSHUDWXUD GL ULWRUQR ULVFDOGDPHQWR 7HPSHUDWXUD VRQGD IXPL QRQ XWLOL]]DWR

7HPSHUDWXUD GL PDQGDWD ULVFDOGDPHQWR ]RQD 7HPSHUDWXUD GL PDQGDWD ULVFDOGDPHQWR ]RQD 0RGR GL IXQ]LRQDPHQWR ULVFDOGDPHQWR ]RQD 0RGR GL IXQ]LRQDPHQWR ULVFDOGDPHQWR ]RQD 0RGR GL IXQ]LRQDPHQWR FLUFXLWR VDQLWDULR 0RGR GL IXQ]LRQDPHQWR FDOGDLD 0RGR GL IXQ]LRQDPHQWR LPSLDQWR VRODUH ,QIRUPD]LRQL SURGXWWRUH ,QIRUPD]LRQL SURGXWWRUH

5,(03,0(172 ,03,$172 9HUL¿FDUH SHULRGLFDPHQWH FKH OD SUHVVLRQH OHWWD VXO PDQRPHWUR DG LPSLDQWR IUHGGR VLD GL EDU 1HO FDVR VLD LQIHULRUH DJLUH VXO UXELQHWWR GL FDULFDPHQWR GHOO¶LPSLDQWR SUHYLVWR GDOO¶LQVWDOODWRUH e FRQVLJOLDELOH FKH O¶DSHUWXUD GL WDOH UXELQHWWR VLD HIIHWWXDWD PROWR OHQWDPHQWH LQ PRGR GD IDFLOLWDUH OR V¿DWR GHOO¶DULD

/D FDOGDLD q GRWDWD GL XQ SUHVVRVWDWR LGUDXOLFR FKH LQ FDVR GL PDQFDQ]D G¶DFTXD QRQ FRQVHQWH LO IXQ]LRQDPHQWR GHOOD FDOGDLD

6H VL GRYHVVHUR YHUL¿FDUH IUHTXHQWL GLPLQX]LRQL GL SUHVVLRQH FKLHGHUH O¶LQWHUYHQWR GHO 6(59,=,2 ', $66,67(1=$ 7(&1,&$ $8725,==$72

,6758=,21, 3(5 /¶25',1$5,$ 0$187(1=,21( 3HU JDUDQWLUH DOOD FDOGDLD XQD SHUIHWWD HI¿FLHQ]D IXQ]LRQDOH H GL VLFXUH]]D q QHFHVVDULR DOOD ¿QH GL RJQL VWDJLRQH IDU LVSH]LRQDUH OD FDOGDLD GDO 6HUYL]LR GL $VVLVWHQ]D 7HFQLFD DXWRUL]]DWR 8QD PDQXWHQ]LRQH DFFXUDWD q VHPSUH PRWLYR GL ULVSDUPLR QHOOD JHVWLRQH GHOO¶LPSLDQWR

3HU OR VSHJQLPHQWR GHOOD FDOGDLD RFFRUUH WRJOLHUH O¶DOLPHQWD]LRQH HOHWWULFD GHOO¶DSSDUHFFKLR PHGLDQWH O¶LQWHUUXWWRUH ELSRODUH 1HO PRGR GL IXQ]LRQDPHQWR ³6SHQWR SURWH] DQWLJHOR ´ OD FDOGDLD ULPDQH VSHQWD PD L FLUFXLWL HOHWWULFL UHVWDQR LQ WHQVLRQH HG q DWWLYD OD IXQ]LRQH DQWLJHOR

6 H ] L R Q H 8 7 ( 1 7 ( , 7

63(*1,0(172 '(//$ &$/'$,$

$99(57(1=( 35,0$ '(//¶,167$//$=,21( /H QRWH HG LVWUX]LRQL WHFQLFKH FKH VHJXRQR VRQR ULYROWH DJOL LQVWDOODWRUL SHU GDU ORUR OD SRVVLELOLWj GL HIIHWWXDUH XQD SHUIHWWD LQVWDOOD ]LRQH /H LVWUX]LRQL ULJXDUGDQWL O¶DFFHQVLRQH H O¶XWLOL]]R GHOOD FDOGDLD VRQR FRQWHQXWH QHOOD SDUWH GHVWLQDWD DOO¶XWHQWH /¶LQVWDOOD]LRQH GHYH ULVSRQGHUH DOOH SUHVFUL]LRQH GHOOH QRUPH 81, H &(, GHOOH OHJJL H QRUPDWLYH WHFQLFKH ORFDOL ,Q SDUWLFRODUH GHYRQR HVVHUH ULVSHWWDWH

1RUPH 81, &,* H &(, H /HJJH JHQQDLR Q H UHODWLYR 5HJRODPHQWR G¶$WWXD]LRQH '35 PRGL¿FDWR GDO '35

'LVSRVL]LRQL GHL 9LJLOL GHO )XRFR GHOO¶$]LHQGD GHO JDV HG LQ VSHFLH L 5HJRODPHQWL &RPXQDOL DSSDUHFFKL FRQ SRUWDWD WHUPLFD !

N:

,QROWUH LO WHFQLFR LQVWDOODWRUH GHY¶HVVHUH DELOLWDWR DOO¶LQVWDOOD]LRQH GHJOL DSSDUHFFKL SHU ULVFDOGDPHQWR VHFRQGR LO '0 Q GHO 2OWUH D FLz YD WHQXWR SUHVHQWH FKH

/D FDOGDLD SXz HVVHUH XWLOL]]DWD FRQ TXDOXQTXH WLSR GL SLDVWUD FRQYHWWULFH UDGLDWRUH WHUPRFRQYHWWRUH /H VH]LRQL GHO FLUFXLWR VDUDQQR LQ RJQL FDVR FDOFRODWH VHFRQGR L QRUPDOL PHWRGL WHQHQGR FRQWR GHOOD FDUDWWHULVWLFD SRUWDWD SUHYDOHQ]D GLVSRQLELOH DOOD SODFFD YHGHUH OD VH]LRQH 6(&7,21 ( DOOD ¿QH GHO PDQXDOH

/D SULPD DFFHQVLRQH GHYH HVVHUH HIIHWWXDWD GDO 6HUYL]LR GL $VVLVWHQ]D 7HFQLFD DXWRUL]]DWR ULOHYDELOH GDO IRJOLR DOOHJDWR

6 H ] L R Q H , 1 6 7 $ / / $ 7 2 5 ( , 7

/D PDQFDWD RVVHUYD]LRQH GL TXHVWH DYYHUWHQ]H FRPSRUWD LO GHFDGLPHQWR GHOOD JDUDQ]LD GHOO¶DSSDUHFFKLR

$OOR VWDWR GL IRUQLWXUD OD FDOGDLD q SULYD GHL VHJXHQWL FRPSRQHQWL FKH GHYRQR HVVHUH PRQWDWL D FXUD GHOO¶LQVWDOODWRUH 9$62 ', (63$16,21( 58%,1(772 ', 5,(03,0(172 ,03,$172 6(3$5$725( ,'5$8/,&2 /H SDUWL GHOO¶LPEDOOR VDFFKHWWL LQ SODVWLFD SROLVWLUROR HFF QRQ GHYRQR HVVHUH ODVFLDWH DOOD SRUWDWD GHL EDPELQL LQ TXDQWR SRWHQ]LDOL IRQWL GL SHULFROR

,167$//$=,21( '(//$ &$/'$,$ 6L UDFFRPDQGD GL SRUUH SDUWLFRODUH FXUD QHOOD IDVH GL ULHPSLPHQWR GHOO¶LPSLDQWR GL ULVFDOGDPHQWR ,Q SDUWLFRODUH DSULUH OH YDOYROH WHUPRVWDWLFKH HYHQWXDOPHQWH SUHVHQWL QHOO¶LPSLDQWR IDU DIÀXLUH OHQWDPHQWH O¶DFTXD DO ¿QH GL HYLWDUH IRUPD]LRQH GL DULD DOO¶LQWHUQR GHO FLUFXLWR SULPDULR ¿QFKp QRQ VL UDJJLXQJH OD SUHVVLRQH QHFHVVDULD DO IXQ]LRQDPHQWR ,Q¿QH HVHJXLUH OR V¿DWR GHJOL HYHQWXDOL HOHPHQWL UDGLDQWL DOO¶LQWHUQR GHOO¶LPSLDQWR %$;, QRQ VL DVVXPH DOFXQD UHVSRQVDELOLWj SHU GDQQL GHULYDWL GDOOD SUHVHQ]D GL EROOH G¶DULD DOO¶LQWHUQR GHOOR VFDPELDWRUH SULPDULR GRYXWD DG HUUDWD R DSSURVVLPDWLYD RVVHUYDQ]D GL TXDQWR VRSUD LQGLFDWR

6HUUDUH FRQ FDXWHOD JOL DWWDFFKL LGULFL GHOOD FDOGDLD FRSSLD PDVVLPD 1P

/D ¿JXUD GHOOD GLPD q GLVSRQLELOH DOOD ¿QH GHO PDQXDOH DOOD YRFH ³6(&7,21 &´

'HWHUPLQDWD O¶HVDWWD XELFD]LRQH GHOOD FDOGDLD ¿VVDUH OD GLPD DOOD SDUHWH (VHJXLUH OD SRVD LQ RSHUD GHOO¶LPSLDQWR SDUWHQGR GDOOD SRVL]LRQH GHJOL DWWDFFKL LGULFL H JDV SUHVHQWL QHOOD WUDYHUVD LQIHULRUH GHOOD GLPD VWHVVD (¶ FRQVLJOLDELOH LQVWDOODUH QHO FLUFXLWR GL ULVFDOGDPHQWR GXH UXELQHWWL G¶LQWHUFHWWD]LRQH PDQGDWD H ULWRUQR * ´ FKH SHUPHWWRQR LQ FDVR G¶LQWHUYHQWL LPSRUWDQWL GL RSH UDUH VHQ]D GRYHU VYXRWDUH WXWWR O¶LPSLDQWR GL ULVFDOGDPHQWR 3HU LO PHUFDWR LWDOLDQR O¶LPSLDQWR GHYH HVVHUH GRWDWR GHOOH VLFXUH]]H SUHYLVWH GDOOD 5DFFROWD 5 WHUPRVWDWR VLFXUH]]D SUHVVRVWDWR VLFXUH]]D YDOYROD LQWHUFHWWD]LRQH FRPEXVWLELOH HFF ,QVHULUH D YDOOH GHJOL DWWDFFKL LGUDXOLFL GHOOD FDOGDLD XQ VHSDUDWRUH LGUDXOLFR GLPHQVLRQDWR LQ IXQ]LRQH GHOOD SRUWDWD PDVVLPD GHOOD FDOGDLD H GHOO¶LPSLDQWR 1HO FDVR GL LPSLDQWL JLj HVLVWHQWL H QHO FDVR GL VRVWLWX]LRQL q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q SUHGLVSRVWD HOHWWURQLFDPHQWH SHU LO FROOHJDPHQWR DG XQ EROOLWRUH VDQLWDULR HVWHUQR

3203$ ', &$/'$,$ /D SRPSD GL FDOGDLD 6(&7,21 $ q GL WLSR PRGXODQWH H KD OR VFRSR GL IDU FLUFRODUH O¶DFTXD WUD OD FDOGDLD H LO VHSDUDWRUH LGUDX OLFR SHU OH SUHVWD]LRQL LGUDXOLFKH YHGHUH L JUD¿FL LQ 6(&7,21 ( /D FLUFROD]LRQH GHOO¶DFTXD QHOO¶LPSLDQWR q GHPDQGDWD DOOH UHODWLYH SRPSH YHGHUH SDUDJUDIR

9HUL¿FDUH FKH OD SRUWDWD GHOO¶DFTXD GL FLUFROD]LRQH LQ FDOGDLD QRQ VLD LQIHULRUH DO YDORUH ULSRUWDWR QHOOD VHJXHQWH WDEHOOD

0RGHOOR

3RUWDWD PLQLPD O K

3RUWDWD GL ODYRUR O K FRQ VHSDUDWRUH LGUDXOLFR %$;,

,167$//$=,21( '(, &21'277, /¶LQVWDOOD]LRQH GHOOD FDOGDLD SXz HVVHUH HIIHWWXDWD FRQ IDFLOLWj H ÀHVVLELOLWj JUD]LH DJOL DFFHVVRUL IRUQLWL GHL TXDOL VXFFHVVLYDPHQWH q ULSRUWDWD XQD GHVFUL]LRQH /D FDOGDLD q DOO¶RULJLQH SUHGLVSRVWD SHU LO FROOHJDPHQWR DG XQ FRQGRWWR GL VFDULFR DVSLUD]LRQH GL WLSR FRDVVLDOH YHUWLFDOH R RUL]]RQWDOH /D FDOGDLD SXz HVVHUH XWLOL]]DWD DQFKH FRQ FRQGRWWL VHSDUDWL XWLOL]]DQGR O¶DFFHVVRULR VGRSSLD WRUH $99(57(1=(

& & , WHUPLQDOL SHU OR VFDULFR VGRSSLDWR GHYRQR HVVHUH SUHYLVWL DOO¶LQWHUQR GL XQ TXDGUDWR GL FP GL ODWR ,VWUX]LRQL GHWWDJOLDWH VRQR SUHVHQWL DVVLHPH DL VLQJROL DFFHVVRUL

& , WHUPLQDOL SHU O¶DVSLUD]LRQH GHOO¶DULD FRPEXUHQWH H SHU O¶HYDFXD]LRQH GHL SURGRWWL GHOOD FRPEXVWLRQH QRQ GHYRQR HVVHUH SUH YLVWL VX PXUL RSSRVWL GHOO¶HGL¿FLR

& /D PDVVLPD SHUGLWD GL FDULFR ǻ3 GHL FRQGRWWL QRQ GHYH VXSHUDUH L YDORUL ULSRUWDWL QHOOD WDEHOOD $ % , FRQGRWWL GHYRQR HV VHUH FHUWL¿FDWL SHU O¶XVR VSHFL¿FR H SHU XQD WHPSHUDWXUD VXSHULRUH DL & ,O WHUPLQDOH FDPLQR XWLOL]]DWR GHYH HVVHUH FHUWL¿FDWR VHFRQGR OD 1RUPD (1

& & ,O FDPLQR R FDQQD IXPDULD XWLOL]]DWD GHYH HVVHUH LGRQHD DOO¶XVR

3HU XQD PLJOLRUH LQVWDOOD]LRQH VL FRQVLJOLD GL XWLOL]]DUH JOL DFFHVVRUL IRUQLWL GDO FRVWUXWWRUH

7$%(//$ $ ¨3 3D

,Q FDVR G¶LQVWDOOD]LRQH GL FRQGRWWL GL VFDULFR H GL DVSLUD]LRQH QRQ IRUQLWL GD %$;, 6 S $ q QHFHVVDULR FKH JOL VWHVVL VLDQR FHUWL¿FDWL SHU LO WLSR GL XWLOL]]R HG DEELDQR XQD SHUGLWD GL FDULFR PDVVLPD LQ EDVH DL YDORUL ULSRUWDWL QHOOD WDEHOOD D ¿DQFR

03

03

$O ¿QH GL JDUDQWLUH XQD PDJJLRU VLFXUH]]D GL IXQ]LRQDPHQWR q QHFHVVDULR FKH L FRQGRWWL GL VFDULFR IXPL VLDQR EHQ ¿VVDWL DO PXUR

PHGLDQWH DSSRVLWH VWDIIH GL ¿VVDJJLR

/D SHQGHQ]D PLQLPD YHUVR OD FDOGDLD GHO FRQGRWWR GL VFDULFR GHYH HVVHUH GL FP SHU PHWUR GL OXQJKH]]D

$/&81, (6(03, '¶,167$//$=,21( '(, &21'277, ', 6&$5,&2 ( /( 5(/$7,9( /81*+(==( $00(66( 6212 ',6321, %,/, $//$ ),1( '(/ 0$18$/( 1(//$ 6(=,21( 6(&7,21 '

&21'277, &2$66,$/, 4XHVWR WLSR GL FRQGRWWR SHUPHWWH OR VFDULFR GHL FRPEXVWL H O¶DVSLUD]LRQH GHOO¶DULD FRPEXUHQWH VLD DOO¶HVWHUQR GHOO¶HGL¿FLR VLD LQ FDQQH IXPDULH GL WLSR /$6 /D FXUYD FRDVVLDOH D SHU PHWWH GL FROOHJDUH OD FDOGDLD DL FRQGRWWL GL VFDULFR DVSLUD]LRQH LQ TXDOVLDVL GLUH]LRQH JUD]LH DOOD SRVVLELOLWj GL URWD]LRQH D (VVD SXz HVVHUH XWLOL]]DWD DQFKH FRPH FXUYD VXSSOHPHQWDUH LQ DEELQDPHQWR DO FRQGRWWR FRDVVLDOH R DOOD FXUYD D ,Q FDVR GL VFDULFR DOO¶HVWHUQR LO FRQGRWWR VFDULFR DVSLUD]LRQH GHYH IXRULXVFLUH GDOOD SDUHWH SHU DOPHQR PP SHU SHUPHWWH UH LO SRVL]LRQDPHQWR GHO URVRQH LQ DOOXPLQLR H OD VXD VLJLOODWXUD RQGH HYLWDUH OH LQ¿OWUD]LRQL G¶DFTXD

/¶LQVHULPHQWR GL XQD FXUYD D ULGXFH OD OXQJKH]]D WRWDOH GHO FRQGRWWR GL PHWUR /¶LQVHULPHQWR GL XQD FXUYD D ULGXFH OD OXQJKH]]D WRWDOH GHO FRQGRWWR GL PHWUL /D SULPD FXUYD QRQ ULHQWUD QHO FDOFROR GHOOD OXQJKH]]D PDVVLPD GLVSRQLELOH

&21'277, 6(3$5$7, 4XHVWR WLSR GL FRQGRWWR SHUPHWWH OR VFDULFR GHL FRPEXVWL VLD DOO¶HVWHUQR GHOO¶HGL¿FLR VLD LQ FDQQH IXPDULH VLQJROH /¶DVSL UD]LRQHGHOO¶DULD FRPEXUHQWH SXz HVVHUH HIIHWWXDWD LQ ]RQH GL YHUVH ULVSHWWR DTXHOOH GHOOR VFDULFR /¶DFFHVVRULR VGRSSLDWRUH IRUQLWR FRPH DFFHVVRULR q FRVWLWXLWR GD XQ UDFFRUGR VFDULFR % H GD XQ UDFFRUGRDVSLUD]LRQH DULD $ /D JXDUQL]LRQH H OH YLWL GHO UDFFRUGR DVSLUD]LRQHDULD GD XWLOL]]DUH VRQR TXHOOH WROWH LQ SUHFHGHQ]D GDO WDSSR

/D FXUYD D SHUPHWWH GL FROOHJDUH OD FDOGDLD DL FRQGRWWL GL VFDULFR H GL DVSLUD]LRQH DGDWWDQGROR DOOH GLYHUVH HVLJHQ]H (V VD SXz HVVHUH XWLOL]]DWD DQFKH FRPH FXUYD VXSSOHPHQWDUH LQ DEELQDPHQWR DO FRQGRWWR R DOOD FXUYD D

/¶LQVHULPHQWR GL XQD FXUYD D ULGXFH OD OXQJKH]]D WRWDOH GHO FRQGRWWR GL PHWUL /¶LQVHULPHQWR GL XQD FXUYD D ULGXFH OD OXQJKH]]D WRWDOH GHO FRQGRWWR GL PHWUL /D SULPD FXUYD QRQ ULHQWUD QHO FDOFROR GHOOD OXQJKH]]D PDVVLPD GLVSRQLELOH

6 H ] L R Q H , 1 6 7 $ / / $ 7 2 5 ( , 7

&21'277, ,1 &$6&$7$ 4XHVWR WLSR GL FRQGRWWL SHUPHWWH GL HYDFXDUH L SURGRWWL GHOOD FRPEXVWLRQH GL SL FDO GDLH FROOHJDWH LQ FDVFDWD DWWUDYHUVR XQ FROOHWWRUH IXPL FRPXQH ,O FROOHWWRUH GHYH HVVHUH XWLOL]]DWR VRODPHQWH SHU FROOHJDUH OH FDOGDLH DOOD FDQQD IXPDULD , GLDPHWUL GLVSRQLELOL VRQR PP H PP 8QD JDPPD GL DFFHVVRUL q GLVSRQLELOH D ULFKLHVWD

7$%(//$ %

6 H ] L R Q H , 1 6 7 $ / / $ 7 2 5 ( , 7

02'(//2 &$/'$,$

180(52 0$66,02 ', &$/'$,( &2//(*$%,/, ,1 &$6&$7$

¨3 3D

PP

PP

N: 0D[

N: 0D[

9DOYROD DQWLULWRUQR

,Q TXHVWD WLSRORJLD GL VFDULFR SHU RJQL VLQJROD FDOGDLD GHYH HVVHUH LQVHULWR LO FODSHW IXPL YDOYROD DQWLULWRUQR

,O FDOFROR GHOOD FDQQD IXPDULD GHYH HVVHUH HIIHWWXDWR GD XQ WHFQLFR DELOLWDWR LQ IDVH GL SURJHWWR GHOO¶LPSLDQWR VHFRQGR TXDQWR

SUHVFULWWR GDOOH QRUPH YLJHQWL

&2//(*$0(17, (/(775,&, /D VLFXUH]]D HOHWWULFD GHOO¶DSSDUHFFKLR q UDJJLXQWD VROWDQWR TXDQGR OR VWHVVR q FRUUHWWDPHQWH FROOHJDWR DG XQ HI¿FDFH LPSLDQWR GL PHVVD D WHUUD HVHJXLWR FRPH SUHYLVWR GDOOH YLJHQWL 1RUPH GL VLFXUH]]D VXJOL LPSLDQWL '0 Q GHO /D FDOGDLD YD FROOHJDWD HOHWWULFDPHQWH DG XQD UHWH GL DOLPHQWD]LRQH 9 PRQRIDVH WHUUD PHGLDQWH LO FDYR D WUH ¿OL LQ GRWD]LRQH ULVSHWWDQGR OD SRODULWj /LQHD 1HXWUR /¶DOODFFLDPHQWR GHY¶HVVHUH HIIHWWXDWR WUDPLWH XQ LQWHUUXWWRUH ELSRODUH FRQ DSHUWXUD GHL FRQWDWWL GL DOPHQR PP ,Q FDVL GL VRVWLWX]LRQH GHO FDYR GL DOLPHQWD]LRQH GHYH HVVHUH XWLOL]]DWR XQ FDYR DUPRQL]]DWR ³+$5 + 99 )´ [ PP FRQ GLDPHWUR PDVVLPR GL PP 3HU DFFHGHUH DOOH PRUVHWWLHUH ULPXRYHUH LO SDQQHOOR IURQWDOH GHOOD FDOGDLD ¿LVVDWR FRQ GXH YLWL QHOOD SDUWH LQIHULRUH UXRWDUH YHUVR LO EDVVR OD VFDWROD FRPDQGL HG DFFHGHUH DOOH PRUVHWWLHUH 0 0 0 GHVWLQDWH DL FROOHJDPHQWL HOHWWULFL WRJOLHQGR LO FRSHUFKLR GL SURWH]LRQH , IXVLELOL GHO WLSR UDSLGR GD $ VRQR LQFRUSRUDWL QHOOD PRUVHWWLHUD GL DOLPHQWD]LRQH HVWUDUUH LO SRUWD IXVLELOH GL FRORUH QHUR SHU LO FRQWUROOR H R OD VRVWLWX]LRQH

9('(5( /2 6&+(0$ (/(775,&2 $//$ ),1( '(/ 0$18$/( ,1 6(&7,21 % 9HUL¿FDUH FKH O¶DVVRUELPHQWR QRPLQDOH FRPSOHVVLYR GHJOL DFFHVVRUL FROOHJDWL DOO¶DSSDUHFFKLR VLD LQIHULRUH D $ 1HO FDVR VLD VXSHULRUH q QHFHVVDULR LQWHUSRUUH WUD JOL DFFHVVRUL H OD VFKHGD HOHWWURQLFD XQ UHOq

, FROOHJDPHQWL SUHVHQWL QHOOH PRUVHWWLHUH 0 0 VRQR LQ DOWD WHQVLRQH 9 3ULPD GL SURFHGHUH DO FROOHJDPHQWR DVVLFX UDUVL FKH O¶DSSDUHFFKLR QRQ VLD DOLPHQWDWR HOHWWULFDPHQWH 5LVSHWWDUH OD SRODULWj LQ DOLPHQWD]LRQH VXOOD PRUVHWWLHUD 0 / /,1($ 1 1(8752

0256(77,(5$ 0 / /LQHD PDUURQH

1 1HXWUR FHOHVWH

0HVVD D 7HUUD JLDOOR YHUGH

FRQWDWWR SHU 7HUPRVWDWR $PELHQWH

6L UHQGH QHFHVVDULR ULSULVWLQDUH LO SRQWLFHOOR VXL PRUVHWWL GHOOD PRUVHWWLHUD 0 GL FDOGDLD QHO FDVR LQ FXL QRQ YHQJD XWL OL]]DWR LO WHUPRVWDWR DPELHQWH RSSXUH QHO FDVR LQ FXL YHQJD FROOHJDWR LO &RQWUROOR 5HPRWR IRUQLWR FRPH DFFHVVRULR FDSL WROR

0256(77,(5$ 0 0RUVHWWL UHWURLOOXPLQD]LRQH PDVVD 9 FROOHJDPHQ WR &RQWUROOR 5HPRWR EDVVD WHQVLRQH IRUQLWR FRPH DFFHVVRULR

0RUVHWWL FRPXQH FROOHJDPHQWR 6RQGD (VWHUQD IRUQLWD FRPH DFFHVVRULR

0RUVHWWL FRPXQH 6RQGD $XVLOLDULD VRQGH LPSLDQWR VRODUH GL FDVFDWD D ]RQH HWF

0RUVHWWL FRPXQH 6RQGD $XVLOLDULD VRQGH LPSLDQWR VRODUH GL FDVFDWD D ]RQH HWF

0RUVHWWL FROOHJDPHQWR GHOOD VRQGD GHO EROOLWRUH VDQLWDULR

0RUVHWWR QRQ XWLOL]]DWR

0256(77,(5$ 0 0RUVHWWR QRQ XWLOL]]DWR

0RUVHWWL FROOHJDPHQWR GLVSRVLWLYL GL VLFXUH]]D HVWHUQL , 6 3 ( 6 /

0RUVHWWL FROOHJDPHQWR SRPSD EROOLWRUH VDQLWDULR

0RUVHWWL FROOHJDPHQWR SRPSD ULVFDOGDPHQWR LPSLDQWR HVWHUQD D YDOOH GHO VHSDUDWRUH LGUDXOLFR

,Q FDVR O¶DSSDUHFFKLR VLD FROOHJDWR DG XQ LPSLDQWR D SDYLPHQWR GHYH HVVHUH SUHYLVWR D FXUD GHOO¶LQVWDOODWRUH XQ WHUPRVWDWR GL SURWH]LRQH SHU OD VDOYDJXDUGLD GHOO¶LPSLDQWR GDOOH VRYUDWHPSHUDWXUH

&2//(*$0(172 7(50267$72 $0%,(17( , FROOHJDPHQWL SUHVHQWL QHOOD PRUVHWWLHUD 0 VRQR LQ DOWD WHQVLRQH 9 3ULPD GL SURFHGHUH DO FROOHJDPHQWR DVVLFXUDUVL FKH O¶DSSDUHFFKLR QRQ VLD DOLPHQWDWR HOHWWULFDPHQWH 5LVSHWWDUH OD SRODULWj LQ DOLPHQWD]LRQH / /,1($ 1 1(8752

3HU FROOHJDUH LO 7HUPRVWDWR $PELHQWH DOOD FDOGDLD DJLUH FRPH GL VHJXLWR GHVFULWWR

WRJOLHUH O¶DOLPHQWD]LRQH HOHWWULFD DOOD FDOGDLD DFFHGHUH DOOD PRUVHWWLHUD 0 ULPXRYHUH LO SRQWLFHOOR DL FDSL GHL FRQWDWWL H FROOHJDUH L FDYHWWL GHO 7HUPRVWDWR $PELHQWH DOLPHQWDUH HOHWWULFDPHQWH OD FDOGDLD HG DVVLFXUDUVL FKH LO 7HUPRVWDWR $PELHQWH IXQ]LRQL FRUUHWWDPHQWH

$&&(6625, 121 ,1&/86, 1(//$ '27$=,21( &21752//2 5(0272 ,O FDYHWWR SURYHQLHQWH GDOOD PRUVHWWLHUD 0 GL FDOGDLD q O¶DOLPHQWD]LRQH HOHWWULFD 9 SHU OD UHWURLOOXPLQD]LRQH GHO GL VSOD\ ,O FROOHJDPHQWR GL TXHVWR FDYHWWR QRQ q QHFHVVDULR SHU LO IXQ]LRQDPHQWR GHO &RQWUROOR 5HPRWR

3HU LO IXQ]LRQDPHQWR GHOOD FDOGDLD FRQ &RQWUROOR 5HPRWR LQVWDOODWR D SDUHWH q QHFHVVDULR O¶DFTXLVWR GHOO¶DFFHVVRULR % IRUQLWR FRQ OD EDVH % 9HGHUH DQFKH OH LVWUX]LRQL IRUQLWH FRQ LO NLW % SHU OH FRUUHWWH RSHUD]LRQL GL PRQWDJJLR HG XWLOL]]R /D SURFHGXUD GD VHJXLUH q OD VHJXHQWH

7RJOLHUH O¶DOLPHQWD]LRQH HOHWWULFD DOOD FDOGDLD )DU SDVVDUH L WUH FDYHWWL SURYHQLHQWL GDOOD PRUVHWWLHUD 0 GL FDOGDLD QHO IRUR GHOOD EDVH % GD DSSOLFDUH DO PXUR &ROOHJDUH L FDYHWWL GHOOD PRUVHWWLHUD GL FDOGDLD 0 ULVSHWWLYDPHQWH DL PRUVHWWL

GHOOD PRUVHWWLHUD GHOOD EDVH % )LVVDUH OD EDVH % DO PXUR PHGLDQWH L WDVVHOOL H OH YLWL IRUQLWL LQ GRWD]LRQH DOO¶DFFHVVRULR $SSOLFDUH LO 3DQQHOOR GL &RQWUROOR $ VXOOD EDVH ¿VVDWD D PXUR DYHQGR FXUD GL QRQ HVHUFLWDUH XQD IRU]D HFFHVVLYD $OLPHQWDUH HOHWWULFDPHQWH OD FDOGDLD DVVLFXUDQGRVL FKH LO &RQWUROOR 5HPRWR VL DFFHQGD

$

3DQQHOOR GL &RQWUROOR 5HWURLOOXPLQD]LRQH GHO GLVSOD\ 9

%

$FFHVVRULR LQWHUIDFFLD D OHG &ROOHJDPHQWR GL PDVVD

%

%DVH SHU 3DQQHOOR GL &RQWUROOR D SDUHWH $OLPHQWD]LRQH 6HJQDOH 9

8WLOL]]DQGR LO &RQWUROOR 5HPRWR q SRVVLELOH LPSRVWDUH OD SURJUDPPD]LRQH RUDULD LQ ULVFDOGDPHQWR H LQ VDQLWDULR $OOR VFRSR YHGHUH OH LQIRUPD]LRQL IRUQLWH FRQ O¶DFFHVVRULR VWHVVR

6 H ] L R Q H , 1 6 7 $ / / $ 7 2 5 ( , 7

3HU LO SDVVDJJLR GHL FDYHWWL GL FROOHJDPHQWR GHOOH PRUVHWWLHUH 0 0 0 XWLOL]]DUH JOL DSSRVLWL IRUL ³SDVVD ¿VVD FDYL´ SUH VHQWL VXO IRQGR GHOOD FDOGDLD

,03267$=,21( 3$5$0(75, 0(',$17( ,/ &21752//2 5(0272

6 H ] L R Q H , 1 6 7 $ / / $ 7 2 5 ( , 7

6,0%2/2*,$ 5,)(5,7$ $/ &21752//2 5(0272 5XRWDUH OD PDQRSROD %

9LVXDOL]]D]LRQH GLVSOD\

3UHPHUH OD PDQRSROD %

3UHPHUH LQVLHPH LO WDVWR $ H OD PDQRSROD %

3UHPHUH LO WDVWR $ R &

3UHPHUH LQVLHPH L WDVWL $ H &

/(*(1'$ 0(18 ', ),*85$

8WHQWH ¿QDOH 0HVVD LQ VHUYL]LR

6SHFLDOLVWD 2(0

/D SURFHGXUD SHU DFFHGHUH DL TXDWWUR PHQX FKH FRQVHQWRQR OD SURJUDPPD]LRQH GHOOD FDOGDLD q OD VHJXHQWH

GDO PHQX SULQFLSDOH &

$ H& PDQWHQHUH SUHPXWL FLUFD VHFRQGL

PHQX YHGHUH OD ¿JXUD D ODWR H OD OHJHQGD

& ULSHWXWDPHQWH SHU ULWRUQDUH LQGLHWUR GL XQ PHQX DOOD YROWD ¿QR DO PHQX SULQFLSDOH

4XDQGR LO 3DQQHOOR GL &RQWUROOR q LQVWDOODWR D SDUHWH q QHFHVVD ULR DELOLWDUH OD VRQGD DPELHQWH H OD PRGXOD]LRQH GHOOD WHP SHUDWXUD GL PDQGDWD OD SURFHGXUD GD VHJXLUH q OD VHJXHQWH

$ 621'$ $0%,(17(

$FFHGHUH DO PHQX

% 8QLWj GL FRPDQGR % SHU FRQIHUPDUH % ULJD GL SURJUDPPD ,PSLHJR FRPH

%

% LQ VHQVR DQWLRUDULR

8QLWj DPELHQWH % SHU FRQIHUPDUH OD VRQGD DPELHQWH DGHVVR q DWWLYD

% 02'8/$=,21( '(//$ 7(03(5$785$ ', 0$1'$7$

3HU LPSRVWDUH OD WHPSHUDWXUH GL PDQGDWD PRGXODQWH q QHFHVVDULR GLVDELOLWDUH LO SDUDPHWUR +& /D SURFHGXUD GD VHJXLUH q OD VHJXHQWH

$FFHGHUH DO PHQX

% &LUFXLWR ULVFDOGDPHQWR % SHU FRQIHUPDUH % PDUH

% LQ VHQVR DQWLRUDULR

´ ´ TXLQGL % SHU FRQIHUPDUH

6HWS PDQGDWD WHUPRVW DPE

% SHU FRQIHU

6H UXRWDQGR OD PDQRSROD % GDO PHQX SULQFLSDOH LO GLVSOD\ YLVXDOL]]D OD WHPSHUDWXUD GL PDQGDWD FDOGDLD DQ]LFKq TXHOOD DP ELHQWH VLJQL¿FD FKH LO SDUDPHWUR QRQ q VWDWR LPSRVWDWR FRUUHWWDPHQWH

$O WHUPLQH GL RJQL FRQ¿JXUD]LRQH GHOO¶LPSLDQWR HVHPSLR DEELQDPHQWR VRODUH FROOHJDPHQWR XQLWj EROOLWRUH HVWHUQR HFF HVHJXLUH OD VHJXHQWH SURFHGXUD SHU DJJLRUQDUH OD VFKHGD GL FDOGDLD DOOD QXRYD FRQ¿JXUD]LRQH

$FFHGHUH DO PHQX FRPH GHVFULWWR DOO¶LQL]LR GL TXHVWR FDSLWROR

% &RQ¿JXUD]LRQH % % ULJD GL SURJUDPPD TXLQGL

% 6u TXLQGL % SHU FRQIHUPDUH

%

,03,$172 $ =21( &21 ,167$//$=,21( '(/ &21752//2 5(0272 ,O FROOHJDPHQWR HOHWWULFR H OH UHJROD]LRQL QHFHVVDULH SHU OD JHVWLRQH GL XQ LPSLDQWR GLYLVR LQ ]RQH LQ FXL q SUHYLVWR LO &RQWUROOR 5H PRWR ULVXOWD GLIIHUHQWH D VHFRQGD GHJOL DFFHVVRUL FROOHJDWL DOOD FDOGDLD 3HU O¶LQVWDOOD]LRQH H OD FRQ¿JXUD]LRQH YHGHUH OH LVWUX]LRQL GHO 0RGXOR GL (VSDQVLRQH IRUQLWR FRPH DFFHVVRULR

5(*2/$=,21( 7(03(5$785$ 68 ,03,$172 ', 5,6&$/'$0(172 ,1 $/7$ 7(03(5$785$ $OOR VFRSR GL HYLWDUH IUHTXHQWL DFFHQVLRQL H VSHJQLPHQWL VL UDFFRPDQGD GL DO]DUH LO VHWSRLQW PLQLPR GL WHPSHUDWXUD GHOOD FDOGDLD LQ ULVFDOGDPHQWR PRGL¿FDQGR FRQ OD VWHVVD SURFHGXUD GHVFULWWD DO SXQWR % LO SDUDPHQWUR DG XQ YDORUH QRQ LQIHULRUH D &

5(*2/$=,21( 7(03(5$785$ 68 ,03,$172 ', 5,6&$/'$0(172 $ %$66$ 7(03(5$785$ 3HU XQ LPSLDQWR D EDVVD WHPSHUDWXUD FRPH DG HVHPSLR XQ LPSLDQWR D SDYLPHQWR VL UDFFRPDQGD GL DEEDVVDUH LO VHWSRLQW PDV VLPR GL WHPSHUDWXUD GHOOD FDOGDLD LQ ULVFDOGDPHQWR LPSRVWDQGR LO SDUDPHWUR SXQWR % DG XQ YDORUH QRQ VXSHULRUH D &

621'$ (67(51$ 3HU LO FROOHJDPHQWR GL WDOH DFFHVVRULR YHGHUH OD ¿JXUD D ODWR PRUVHWWL ROWUH DOOH LVWUX]LRQL IRUQLWH FRQ OD VRQGD VWHVVD

&RQ 6RQGD (VWHUQD FROOHJDWD L WDVWL SUHVHQWL VXO SDQ QHOOR FRPDQGL GL FDOGDLD VYROJRQR OD IXQ]LRQH GL WUDVOD]LRQH SDUDOOHOD GHOOD FXUYD FOLPDWLFD .W LPSRVWDWD JUD¿FR 6(&7,21 ( H SDUDPHWUR 3 VXOOD WDEHOOD DO FDSLWROR 3HU DXPHQWDUH OD WHPSHUDWXUD DPELHQWH GHO ORFDOH SUHPHUH LO WDVWR SHU GL PLQXLUOD SUHPHUH LO WDVWR

,03267$=,21( '(//$ &859$ &/,0$7,&$ ³.W´ 3HU LPSRVWDUH OD FXUYD FOLPDWLFD NW GHVLGHUDWD SURFHGHUH QHO PRGR VHJXHQWH

/(*(1'$ *5$),&2 &859( .W 6(&7,21 ( 7HPSHUDWXUD GL PDQGDWD

7HPSHUDWXUD HVWHUQD

3203$ ,03,$172 ', 5,6&$/'$0(172 /D SRPSD GHOO¶LPSLDQWR GHYH HVVHUH LQVWDOODWD D YDOOH GHO VHSDUDWRUH LGUDXOLFR /D VFHOWD GHOOR VWHVVR GHYH HVVHUH HIIHWWXDWD LQ EDVH DOOH FDUDWWHULVWLFKH GL SRUWDWD SUHYDOHQ]D ULFKLHVWH GDOO¶LPSLDQWR YHGHUH 6(&7,21 )

%2//,725( (67(512 /D FDOGDLD q SUHGLVSRVWD HOHWWULFDPHQWH SHU OD FRQQHVVLRQH GL XQ EROOLWRUH HVWHUQR /D FRQQHVVLRQH LGUDXOLFD GHO EROOLWRUH HVWHUQR q VFKHPDWL]]DWD QHOOD ¿JXUD LQ 6(&7,21 ) /D SRPSD GHO EROOLWRUH GHYH HVVHUH FROOHJDWD DL PRUVHWWL GHOOD PRUVHWWLHUD 0 6(&7,21 % ,O EROOLWRUH YD LQVWDOODWR D YDOOH GHO VHSDUDWRUH LGUDXOLFR 8WLOL]]DUH OD VRQGD IRUQLWD FRPH DFFHVVRULR H FROOHJDUOD DL PRUVHWWL GHOOD PRUVHWWLHUD 0 6(&7,21 % 9HUL¿FDUH FKH OD SRWHQ]D GL VFDPELR GHOOD VHUSHQWLQD GHO EROOLWRUH VLD FRUUHWWD SHU OD SRWHQ]D GHOOD FDOGDLD

02'8/, (67(51, ', *(67,21( ,03,$172 /D FDOGDLD SXz JHVWLUH LQ PDQLHUD LQGLSHQGHQWH ¿QR D WUH FLUFXLWL GL ULVFDOGDPHQWR WUDPLWH O¶XWLOL]]R GL DFFHVVRUL HVWHUQL TXDOL XQLWj DPELHQWH FRQWUROOL UHPRWL H PRGXOL HVWHUQL $*8 H $96 /¶HOHWWURQLFD FKH HTXLSDJJLD TXHVWD FDOGDLD FRPSUHQGH LQROWUH XQ¶DPSLD JDPPD GL IXQ]LRQL SHU OD SHUVRQDOL]]D]LRQH H OD JHVWLRQH GL GLYHUVH WLSRORJLH GL LPSLDQWR 3HU LO FRUUHWWR IXQ]LRQDPHQWR GHO VLVWHPD q LQGLVSHQVDELOH DVVHJQDUH DG RJQL DFFHVVRULR XWLOL]]DWR XQ QXPHUR GD D FKH SHUPHWWD DOOD VFKHGD GL FDOGDLD GL ULFRQRVFHUOR $ WDOH VFRSR VL UDFFRPDQGD GL OHJJHUH FRQ SDUWLFRODUH DWWHQ]LRQH DQFKH OH LVWUX]LRQL IRUQLWH D FRUUHGR GHJOL DFFHVVRUL VWHVVL

=21( 0,6&(/$7( 6(&7,21 )

8WLOL]]DQGR LO PRGXOR HVWHUQR $96 IRUQLWR FRPH DFFHVVRULR q SRVVLELOH JHVWLUH XQD ]RQD PLVFHODWD 7DOH DFFHVVRULR q LQ JUDGR GL JHVWLUH XQD SRPSD GL ]RQD XQD YDOYROD PLVFHODWULFH XQD VRQGD GL WHPSHUDWXUD XQ WHUPRVWDWR GL VLFXUH]]D H XQ WHUPRVWDWR DPELHQWH 3HU OD FRQQHVVLRQH GHL FRPSRQHQWL H OD UHJROD]LRQH GHO VLVWHPD OHJJHUH TXDQWR ULSRUWDWR QHO PDQXDOH IRUQLWR FRQ O¶DFFHVVRULR

&$/'$,( ,1 &$6&$7$ 6(&7,21 )

7UDPLWH O¶XWLOL]]R GHO PRGXOR HVWHUQR $96 IRUQLWR FRPH DFFHVVRULR q SRVVLELOH JHVWLUH XQ LPSLDQWR GL ULVFDOGDPHQWR FRQ XQ PDVVLPR GL FDOGDLH FROOHJDWH LQ FDVFDWD HG XQ HYHQWXDOH DFFXPXOR VHSDUDWR SHU OD IRUQLWXUD GL DFTXD FDOGD VDQLWDULD 7DOH DFFHVVRULR FROOHJDWR D XQD GHOOH FDOGDLH GL FDVFDWD q LQ JUDGR GL FRQWUROODUH GLUHWWDPHQWH L FRPSRQHQWL GHO FLUFXLWR ¿QR DG XQ PDVVLPR GL XVFLWH UHOq LQGLSHQGHQWL VRQGH GL WHPSHUDWXUD FRQQHWWRUH SHU WHUPRVWDWR OLPLWH LQ DOWD WHQVLRQH H LQJUHVVR GL FRPDQGR HV WHUPRVWDWR DPELHQWH 3HU LO IXQ]LRQDPHQWR GHOO¶LPSLDQWR q LQROWUH QHFHVVDULD O¶LQVWDOOD]LRQH GL XQD XQLWj LQWHUIDFFLD 2&, VX RJQL FDOGDLD FKH FRPSRQH OD FDVFDWD 3HU OD UHJROD]LRQH GHL SDUDPHWUL GL FDOGDLD q QHFHVVDULR DEELQDUH DQFKH O¶DFFHV VRULR &RQWUROOR 5HPRWR 3HU OD FRQQHVVLRQH GHL FRPSRQHQWL H OD UHJROD]LRQH GHO VLVWHPD OHJJHUH TXDQWR ULSRUWDWR QHO PDQXDOH IRUQLWR FRQ O¶DFFHVVRULR

,03,$172 62/$5( 6(&7,21 )

7UDPLWH O¶XWLOL]]R GHO PRGXOR HVWHUQR $*8 IRUQLWR FRPH DFFHVVRULR q SRVVLELOH JHVWLUH XQ LPSLDQWR VRODUH 3HU LO FROOHJD PHQWR GHOO¶LPSLDQWR YHGHUH OH LVWUX]LRQL IRUQLWH FRQ O¶DFFHVVRULR VWHVVR

*/, 6&+(0, ,'5$8/,&, '(, &$6, '(6&5,77, 6212 5,3257$7, $//$ ),1( '(/ 0$18$/( ,1 6(&7,21 )

6 H ] L R Q H , 1 6 7 $ / / $ 7 2 5 ( , 7

‡ $FFHGHUH DO PHQX FRPH GHVFULWWR DO FDSLWROR ‡ 6HOH]LRQDUH LO SDUDPHQWUR 3 ‡ 6HOH]LRQDUH OD FXUYD FOLPDWLFD VFHJOLHQGROD WUD TXHOOH GLVSRQLELOL YHGHUH LO JUD¿FR GHOOH FXUYH DOOD ¿QH GHO PDQXDOH QHOOD VH]LR QH 6(&7,21 ( OD FXUYD SUHLPSRVWDWD q OD

&2//(*$0(172 6,&85(==( , 6 3 ( 6 / , GLVSRVLWLYL GL VLFXUH]]D SUHYLVWL GDOOD 5DFFROWD 5 WHUPRVWDWR H SUHVVRVWDWR GL VLFXUH]]D FLUFXLWR GL ULVFDOGDPHQWR GHYRQR HVVHUH FROOHJDWL HOHWWULFDPHQWH LQ VHULH DL PRUVHWWL GHOOD PRUVHWWLHUD 0 ,Q FDVR GL LQWHUYHQWR GL TXHVWL GLVSRVLWLYL OD FDOGDLD VL DUUHVWD VHJQDODQGR LO FRGLFH GL DQRPDOLD (

)81=,21, 63(&,$/,

6 H ] L R Q H , 1 6 7 $ / / $ 7 2 5 ( , 7

)81=,21( '(*$6$0(172 ,03,$172 4XHVWD IXQ]LRQH FRQVHQWH GL DJHYRODUH O¶HOLPLQD]LRQH GHOO¶DULD DOO¶LQWHUQR GHO FLUFXLWR GL ULVFDOGDPHQWR TXDQGR YLHQH LQVWDOODWD OD FDOGDLD LQ XWHQ]D RSSXUH D VHJXLWR GL PDQXWHQ]LRQH FRQ VYXRWDPHQWR GHOO¶DFTXD GHO FLUFXLWR SULPDULR SHU VHFRQGL 4XDQGR OD IXQ]LRQH 3HU DWWLYDUH OD IXQ]LRQH GL GHJDVDPHQWR LPSLDQWR SUHPHUH FRQWHPSRUDQHDPHQWH L WDVWL q DWWLYD FRPSDUH VXO GLVSOD\ OD VFULWWD 2Q SHU DOFXQL VHFRQGL VHJXLUj OD ULJD GL SURJUDPPD /D VFKHGD HOHWWURQLFD DWWLYHUj XQ FLFOR GL DFFHQVLRQH VSHJQLPHQWR GHOOD SRPSD GHOOD GXUDWD GL PLQXWL /D IXQ]LRQH VL IHUPHUj DXWRPDWLFDPHQWH DOOD ¿QH GHO FLFOR 3HU XVFLUH PDQXDOPHQWH GD TXHVWD IXQ]LRQH SUHPHUH XQ¶DOWUD YROWD FRQWHPSRUDQHDPHQWH L WDVWL VRSUDFLWDWL SHU VHFRQGL

)81=,21( 7$5$785$ 3HU DJHYRODUH OD WDUDWXUD GHOOD YDOYROD GHO JDV SURFHGHUH QHO PRGR VHJXHQWH

3UHPHUH FRQWHPSRUDQHDPHQWH L WDVWL H SHU DOPHQR VHFRQGL 4XDQGR OD IXQ]LRQH q DWWLYDWD LO GLVSOD\ YLVXDOL]]D SHU TXDOFKH VHFRQGR OD VFULWWD ³2Q´ LQ VHJXLWR DSSDUH OD ULJD GL SURJUDPPD ³ ´ DOWHUQDWD DO YDORUH GL SRWHQ]D GHOOD FDOGDLD $JLUH VXL WDVWL SHU HIIHWWXDUH XQD UHJROD]LRQH JUDGXDOH GHOOD SRWHQ]D VHQVLELOLWj

3HU XVFLUH SUHPHUH FRQWHPSRUDQHDPHQWH SHU DOPHQR VHFRQGL L WDVWL FRPH GHVFULWWR QHO SULPR SXQWR 3UHPHQGR LO WDVWR

q SRVVLELOH YLVXDOL]]DUH SHU VHFRQGL LO YDORUH LVWDQWDQHR GHOOD WHPSHUDWXUH GL PDQGDWD

)81=,21( 63$==$&$0,12 $WWLYDWD TXHVWD IXQ]LRQH OD FDOGDLD VL SRUWD DOOD PDVVLPD SRWHQ]D LQ ULVFDOGDPHQWR 3HU DWWLYDUH OD IXQ]LRQH DJLUH FRPH GL VHJXLWR GHVFULWWR

SUHPHUH FRQWHPSRUDQHDPHQWH L WDVWL SHU VHFRQGL VXO GLVSOD\ q YLVXDOL]]DWD OD VFULWWD ³ ´ LQ DOWHUQDQ]D DO YDORUH GL SRWHQ]D GHOOD FDOGDLD $JLUH VXL WDVWL H SHU UHJRODUH OD SRWHQ]D GHOOD FDOGDLD PLQLPR PDVVLPR VDQLWDULR PDVVLPR ULVFDOGDPHQWR 3HU LQWHUURPSHUH OD IXQ]LRQH ULSHWHUH O¶D]LRQH GHVFULWWD QHO SULPR SXQWR

$120$/,( 121 5(6(77$%,/, '$//¶87(17( ,Q FDVR GL $120$/,( QRQ UHVHWWDELOL PHGLDQWH LO WDVWR TXDOL SHU HVHPSLR ( R LO VX SHUDPHQWR GHL WHQWDWLYL GL 5(6(7 PDQXDOH GD SDUWH GHOO¶XWHQWH q QHFHVVDULR SURFHGHUH DO 5(6(7 GHOOD VFKHGD SUHPHQGR LO WDVWLQR QHUR 5 SRVL]LRQDWR VRWWR DO FDSSXFFLR LQ JRPPD

GHO SDQQHOOR FRPDQGL IURQWDOH ¿JXUD D ODWR

VLPEROR

,03267$=,21( 3$5$0(75, 3HU SURJUDPPDUH L SDUDPHWUL GHOOD VFKHGD HOHWWURQLFD GHOOD FDOGDLD DJLUH QHO PRGR VHJXHQWH

3UHPHUH FRQWHPSRUDQHDPHQWH L WDVWL H PDQWHQHUOL SUHPXWL SHU VHFRQGL ¿QR D TXDQGR VXO GLVSOD\ DSSDUH OD ULJD GL SURJUDPPD ³3 ´ DOWHUQDWD DO YDORUH LPSRVWDWR &

3UHPHUH LO WDVWR H PDQWHQHUOR SUHPXWR SHU VHFRQGL ¿QR D TXDQGR VXO GLVSOD\ DSSDUH OD VFULWWD ³2Q´ ULODVFLDUH LO WDVWR H VXO GLVSOD\ DSSDUH ³3 ´ $JLUH VXL WDVWL SHU VFRUUHUH OD OLVWD GL SDUDPHWUL SHU PRGL¿FDUH LO YDORUH 3UHPHUH LO WDVWR LO YDORUH GHO SDUDPHWUR VHOH]LRQDWR LQL]LD D ODPSHJJLDUH DJLUH VXL WDVWL SUHPHUH LO WDVWR SHU FRQIHUPDUH LO YDORUH RSSXUH SUHPHUH LO WDVWR SHU XVFLUH VHQ]D VDOYDUH 8OWHULRUL LQIRUPD]LRQL LQ PHULWR DL SDUDPHWUL HOHQFDWL QHOOD WDEHOOD FKH VHJXH VRQR IRUQLWH D FRUUHGR FRQ JOL DFFHVVRUL ULFKLHVWL

E

3 3 3 3 3 3 3 3

3

3 3 3 3 3 3 3 3 3 3

3

3

3

3 3

3 3 3 3 3

3 3 3 3

3 3 3 3 3 3 3 3 3

3 3

3 3 3

3 3 3

3$5$0(75, 5,6&$/'$0(172 =21$ ]RQD SULQFLSDOH

0RGR GL IXQ]LRQDPHQWR $QWLJHOR $XWRPDWLFR 7 FRPIRUW

7HPSHUDWXUD DPELHQWH ULGRWWD 3HQGHQ]D FXUYD ³.W´ 6OLWWDPHQWR FXUYD ³.W´ $GDWWDPHQWR FXUYD ³.W´ 6HWSRLQW WHPSHUDWXUD GL PDQGDWD YDORUH PDVVLPR

$ELOLWD]LRQH GHOOD WHPSHUDWXUD PRGXODQWH VH LPSRVWDWR ³ ³ ,QÀXHQ]D DPELHQWH 5DSLGLWj DSHUWXUD FKLXVXUD YDOYROD PL[ 3$5$0(75, 5,6&$/'$0(172 =21$ FRQ 0RGXOR GL (VSDQVLRQH DFFHVVRULR

0RGR GL IXQ]LRQDPHQWR $QWLJHOR $XWRPDWLFR 7 FRPIRUW

7HPSHUDWXUD DPELHQWH GL &RPIRUW 7HPSHUDWXUD DPELHQWH ULGRWWD 3HQGHQ]D FXUYD ³.W´ 6OLWWDPHQWR FXUYD ³.W´ $GDWWDPHQWR FXUYD ³.W´ 6HWSRLQW WHPSHUDWXUD GL PDQGDWD YDORUH PDVVLPR

$ELOLWD]LRQH GHOOD WHPSHUDWXUD PRGXODQWH VH LPSRVWDWR ³ ³ ,QÀXHQ]D DPELHQWH 5DSLGLWj DSHUWXUD FKLXVXUD YDOYROD PL[ 3$5$0(75, 6$1,7$5,2 0RGR GL IXQ]LRQDPHQWR LQ VDQLWDULR FRQ &RQWUROOR 5HPRWR

VHPSUH DWWLYR VHJXH OD SURJUDPPD]LRQH RUDULD GHO ULVFDOGDPHQWR VHJXH OD SURJUDPPD]LRQH RUDULD GHO VDQLWDULR )XQ]LRQH DQWL OHJLRQHOOD 'LVDELOLWDWD 3HULRGLFD FDOGDLD FRQ DFFXPXOR

GLVDELOLWDWD SHULRGLFD LQ IXQ]LRQH GL 3 XQD YROWD D VHWWLPDQD $WWLYD]LRQH IXQ]LRQH DQWL OHJLRQHOOD SHULRGLFD VROR VH 3

JLRUQDOLHUR D LQWHUYDOOL GL JLRUQL XQD YROWD D VHWWLPDQD 6HWSRLQW WHPSHUDWXUD GL ULFLUFROR SRPSD VDQLWDULD VXSSOHPHQWDUH

'XUDWD WHPSR GL SUHULVFDOGR SHU FLUFXLWR VDQLWDULR ¶ ¶

3$5$0(75, &$/'$,$ 7HPSR PLQLPR GL VSHJQLPHQWR GHO EUXFLDWRUH 6HWSRLQW DQWLJHOR 7HPSR GL SRVW FLUFROD]LRQH SRPSD 9HORFLWj PD[ YHQWLODWRUH ULVFDOGDPHQWR

'LIIHUHQ]LDOH PLQLPR GL VSHJQLPHQWR GHOOD FDOGDLD 3$5$0(75, &,5&8,72 62/$5( FRQ 0RGXOR GL (VSDQVLRQH DFFHVVRULR

'LIIHUHQ]LDOH GL WHPSHUDWXUD DFFHQVLRQH 'LIIHUHQ]LDOH GL WHPSHUDWXUD ± VSHJQLPHQWR 3URWH]LRQH VRYUD WHPSHUDWXUD FROOHWWRUH SDQQHOOL VRODUL ³ ³ GLVDELOLWDWR

7HPSHUDWXUD PDVVLPD EROOLWRUH &21),*85$=,21( 1RQ XWLOL]]DWR 121 PRGL¿FDUH TXHVWR SDUDPHWUR

&LUFXLWR GL ULVFDOGDPHQWR GHOOD ]RQD DELOLWDWR

&LUFXLWR GL ULVFDOGDPHQWR GHOOD ]RQD DELOLWDWR

1RQ XWLOL]]DWR 121 PRGL¿FDUH TXHVWR SDUDPHWUR

,QJUHVVR VRQGD %; SULPD VRQGD DXVLOLDULD ± FDSLWROR

,QJUHVVR VRQGD %; VHFRQGD VRQGD DXVLOLDULD ± FDSLWROR

,QJUHVVR + LQJUHVVR PXOWLIXQ]LRQDOH ± 7HUPRVWDWR $PELHQWH

&RQ¿JXUD]LRQH 0RGXOR GL (VSDQVLRQH DFFHVVRULR 9HUVLRQH 6RIWZDUH 0$187(1=,21( 7HPSR WUDVFRUVR GRSR OD PDQXWHQ]LRQH 9LVXDOL]]DUH 1DVFRQGHUH LO FRGLFH LQWHUQR GL DQRPDOLD VHFRQGDULR &21752//2 %58&,$725( 9HORFLWj GL DFFHQVLRQH ULFKLHVWD 5LFKLHVWD PLQLPD YHORFLWj GL IXQ]LRQDPHQWR EDVVD YHORFLWj

5LFKLHVWD PDVVLPD YHORFLWj GL IXQ]LRQDPHQWR DOWD YHORFLWj

3$5$0(75, 3$11(//2 &20$1', ', &$/'$,$ 8QLWj GL PLVXUD EDU & ± 36, )

)XQ]LRQDPHQWR SDQQHOOR FRPDQGL FHQWUDOH ORFDOH

9HUVLRQH 6RIWZDUH

&

& &

V

&

9DORUH GL 0LQLPR )DEEULFD

&

& &

V

& PLQ

PLQ & PLQ USP &

& & & &

[[[

USP USP USP

0DVVLPR

[[[

[[[ [[[ [[[

[[

YHGHUH LO FDSLWROR ³$FFHVVRUL QRQ LQFOXVL QHOOD GRWD]LRQH´ [[ LO YDORUH GLSHQGH GDOOD YHUVLRQH GHO VRIWZDUH [[[ LO YDORUH GLSHQGH GDO WLSR GL FDOGDLD D SDUDPHWUL OHWWL VXO SDQQHOOR IURQWDOH GHOOD FDOGDLD SDQQHOOR FRPDQGL ¿VVR E SDUDPHWUL OHWWL VXO &RQWUROOR 5HPRWR

6 H ] L R Q H , 1 6 7 $ / / $ 7 2 5 ( , 7

D

7$5$785$ 9$/92/$ *$6 3HU HVHJXLUH OD WDUDWXUD GHOOD YDOYROD GHO JDV DWWLYDUH OD IXQ]LRQH WDUDWXUD FRPH GHVFULWWR DO FDSLWROR HG HVHJXLUH OH RSHUD]LRQL GL VHJXLWR ULSRUWDWH

6 H ] L R Q H , 1 6 7 $ / / $ 7 2 5 ( , 7

9 3,

9LWH UHJROD]LRQH SRUWDWD JDV 6HJQDOH SUHVVLRQH FDPHUD VWDJQD

.

3L

7DUDWXUD GHOOD SRUWDWD WHUPLFD 5,'277$ PLVXUDWD VXO FRQGRWWR GL VFDULFR FRQ FDOGDLD IXQ]LRQDQWH DOOD PLQLPD 9HUL¿FDUH FKH OD SRUWDWD WHUPLFD VLD TXHOODULSRUWDWD QHOOD WDEHOOD ,Q FDVR FRQWUDULR ULPXRYHUH LO WDSSR ¿OHW WDWR LQ RWWRQH SUHVHQWH VXOOD YDOYROD JDV H DJLUH VXOOD YLWH GL UHJROD]LRQH .

5XRWDUH OD YLWH HG LQ VHQVR DQWLRUDULR SHU GLPLQXLUOR LQVHQVR RUDULR SHU DXPHQWDUH LO WHQRUH GL

7DUDWXUD GHOOD SRUWDWD WHUPLFD 0$66,0$ 9HUL¿FDUH FKH OD PLVXUDWD VXO FRQGRWWR GL VFDULFR FRQ FDOGDLD IXQ]LRQDQWH DOOD PDVVLPD SRUWDWD WHUPLFD VLD TXHOODULSRUWDWD QHOOD WDEHOOD ,Q FDVR FRQWUDULR DJLUH VXOOD YLWH GL UHJR OD]LRQH 9 SUHVHQWH VXOOD YDOYROD JDV 5XRWDUH OD YLWH LQVHQVR RUDULR SHU GLPLQXLUH LO WHQRUH GL HG LQ VHQVR DQWLRUDULR SHU DXPHQWDUOR

9LWH UHJROD]LRQH 2))6(7 3UHVD SUHVVLRQH DOLPHQWD]LRQH JDV

&$0%,2 *$6 ,Q FDVR GL WUDVIRUPD]LRQH SHU LO IXQ]LRQDPHQWR GD JDV PHWDQR D JDV SURSDQR *3/ SULPD GL HIIHWWXDUH OD WDUDWXUD GHOOD YDOYROD JDV FRPH VRSUD GHVFULWWR HIIHWWXDUH OD VRVWLWX]LRQH GHO¶DVVLHPH YHQWXUL % FRPH LQGLFDWR LQ ¿JXUD 3HU OD VRVWLWX]LRQH q QHFHVVDULR VPRQWDUH LO WXER GL FRQQHVVLRQH JDV GDGR ¿OHWWDWR * ´ H ULPXRYHUH OH WUH YLWL GL ¿VVDJJLR GHOOD ÀDQJLD $O WHUPLQH GHOO¶RSHUD]LRQH GL VRVWLWX]LRQH YHUL¿FDUH FKH QRQ FL VLDQR SHUGLWH GL JDV 0RGL¿FDUH L SDUDPHWUL QXPHUR GL JLUL GHO YHQWLODWRUH FRPH UL SRUWDWR QHOOD WDEHOOD VHJXHQGR OD SURFHGXUD GHVFULWWD DO FDSLWROR

7$%(//$ 3$5$0(75, 1 GL JLUL PLQ USP

3 D

3 3 D

3 D

3RWHQ]D PLQ 3RWHQ]D PD[

3RWHQ]D DFFHQVLRQH

*

9(1785, PP

8*(//, *$6 PP

*

*

&2 0LQ

&2 0D[

*

*

*

*

*

* *

Q Q

Q Q

&2 0D[ SSP

* * * * * *

YDORUH &2 FRQ PDQWHOOR FKLXVR 6HQ]D PDQWHOOR FDPHUD DSHUWD LO YDORUH OHWWR q LQIHULRUH GL D YDORUH OHWWR VXO GLVSOD\ GHO SDQQHOOR IURQWDOH GHOOD FDOGDLD GD PROWLSOLFDUH [ HV FRUULVSRQGH D JLUL PLQ

3HU IDFLOLWDUH OH RSHUD]LRQL GL WDUDWXUD GHOOD YDOYROD JDV q SRVVLELOH LPSRVWDUH OD ³IXQ]LRQH WDUDWXUD´ GLUHWWDPHQWH VXO SDQQHOOR FRPDQGL GHOOD FDOGDLD FRPH GHVFULWWR DO FDSLWROR

',6326,7,9, ', 5(*2/$=,21( ( 6,&85(==$ /D FDOGDLD q FRVWUXLWD SHU VRGGLVIDUH WXWWH OH SUHVFUL]LRQL GHOOH 1RUPDWLYH HXURSHH GL ULIHULPHQWR LQ SDUWLFRODUH q GRWDWD GL

7HUPRVWDWR GL VLFXUH]]D 4XHVWR GLVSRVLWLYR LO FXL VHQVRUH q SRVL]LRQDWR VXOOD PDQGDWD GHO ULVFDOGDPHQWR LQWHUURPSH O¶DIÀXVVR GHO JDV DO EUXFLDWRUH LQ FDVR GL VXUULVFDOGDPHQWR GHOO¶DFTXD FRQWHQXWD QHO FLUFXLWR SULPDULR ,Q TXHVWH FRQGL]LRQL OD FDOGDLD YD LQ EORFFR H VROR GRSR DYHU ULPRVVR OD FDXVD GHOO¶LQWHUYHQWR q SRVVLELOH ULSHWHUH O¶DFFHQVLRQH SUHPHQGR LO WDVWR

(¶ YLHWDWR PHWWHUH IXRUL VHUYL]LR TXHVWR GLVSRVLWLYR GL VLFXUH]]D

6RQGD 17& IXPL

4XHVWR GLVSRVLWLYR q SRVL]LRQDWR VXO FRQGRWWR IXPL /D VFKHGD HOHWWURQLFD EORFFD O¶DIÀXVVR GL JDV DO EUXFLDWRUH LQ FDVR GL VRYUDWHP SHUDWXUD e QHFHVVDULR SUHPHUH LO WDVWR SHU ULVWDELOLUH OH QRUPDOL FRQGL]LRQL GL IXQ]LRQDPHQWR

/¶RSHUD]LRQH GL ULSULVWLQR GL FXL VRSUD q SRVVLELOH VROR VH OD WHPSHUDWXUD q & (¶ YLHWDWR PHWWHUH IXRUL VHUYL]LR TXHVWR GLVSRVLWLYR GL VLFXUH]]D

5LOHYDWRUH D LRQL]]D]LRQH GL ¿DPPD

/¶HOHWWURGR GL ULOHYD]LRQH JDUDQWLVFH OD VLFXUH]]D LQ FDVR GL PDQFDQ]D JDV R LQWHUDFFHQVLRQH LQFRPSOHWD GHO EUXFLDWRUH SULQFLSDOH ,Q TXHVWH FRQGL]LRQL OD FDOGDLD YD LQ EORFFR e QHFHVVDULR SUHPHUH LO WDVWR SHU ULVWDELOLUH OH QRUPDOL FRQGL]LRQL GL IXQ]LRQDPHQWR

3UHVVRVWDWR LGUDXOLFR

4XHVWR GLVSRVLWLYR SHUPHWWH O¶DFFHQVLRQH GHO EUXFLDWRUH SULQFLSDOH VRODPHQWH VH OD SUHVVLRQH GHOO¶LPSLDQWR q VXSHULRUH D EDU

3RVWFLUFROD]LRQH SRPSD

/D SRVWFLUFROD]LRQH GHOOD SRPSD RWWHQXWD HOHWWURQLFDPHQWH KD XQD GXUDWD GL PLQXWL H YLHQH DWWLYDWD QHOOD IXQ]LRQH ULVFDOGDPHQ WR GRSR OR VSHJQLPHQWR GHO EUXFLDWRUH SULQFLSDOH SHU O¶LQWHUYHQWR GHO WHUPRVWDWR DPELHQWH

'LVSRVLWLYR DQWLJHOR

/D JHVWLRQH HOHWWURQLFD GHOOD FDOGDLD q SURYYLVWD GL XQD IXQ]LRQH ³DQWLJHOR´ LQ ULVFDOGDPHQWR HG LQ VDQLWDULR FKH FRQ WHPSHUDWXUD GL PDQGDWD LPSLDQWR LQIHULRUH DL & ID IXQ]LRQDUH LO EUXFLDWRUH ¿QR DO UDJJLXQJLPHQWR LQ PDQGDWD GL XQ YDORUH SDUL D & 7DOH IXQ]LRQH q RSHUDWLYD VH OD FDOGDLD q DOLPHQWDWD HOHWWULFDPHQWH VH F¶q JDV H VH OD SUHVVLRQH GHOO¶LPSLDQWR q TXHOOD SUHVFULWWD

$QWLEORFFDJJLR SRPSH

,Q FDVR GL PDQFDQ]D GL ULFKLHVWD GL FDORUH LQ ULVFDOGDPHQWR H R LQ VDQLWDULR SHU XQ WHPSR GL RUH FRQVHFXWLYH OH SRPSH VL PHW WRQR LQ IXQ]LRQH DXWRPDWLFDPHQWH SHU VHFRQGL

9DOYROD GL VLFXUH]]D LGUDXOLFD FLUFXLWR GL ULVFDOGDPHQWR

4XHVWR GLVSRVLWLYR WDUDWR D EDU q D VHUYL]LR GHO FLUFXLWR GL ULVFDOGDPHQWR 6L FRQVLJOLD GL UDFFRUGDUH OD YDOYROD GL VLFXUH]]D DG XQR VFDULFR VLIRQDWR (¶ YLHWDWR XWLOL]]DUOD FRPH PH]]R GL VYXRWDPHQWR GHO FLUFXLWR GL ULVFDOGDPHQWR

3UH FLUFROD]LRQH GHOOD SRPSD GL FDOGDLD

,Q FDVR GL ULFKLHVWD GL IXQ]LRQDPHQWR LQ ULVFDOGDPHQWR O¶DSSDUHFFKLR SXz HIIHWWXDUH XQD SUHFLUFROD]LRQH GHOOD SRPSD SULPD GL HIIHWWXDUH O¶DFFHQVLRQH GHO EUXFLDWRUH /D GXUDWD GL WDOH SUHFLUFROD]LRQH GLSHQGH GDOOD WHPSHUDWXUD GL IXQ]LRQDPHQWR H GDOOH FRQGL ]LRQL G¶LQVWDOOD]LRQH H YDULD GD SRFKL VHFRQGL DG DOFXQL PLQXWL

/H IXQ]LRQL UHODWLYH DL GLVSRVLWLYL GL UHJROD]LRQH H VLFXUH]]D VRQR RSHUDWLYH VH OD FDOGDLD q DOLPHQWDWD HOHWWULFDPHQWH

&$5$77(5,67,&+( 3257$7$ 35(9$/(1=$ $//$ 3/$&&$ /D SRPSD XWLOL]]DWD q GHO WLSR PRGXODQWH H VYROJH OD IXQ]LRQH GL IDU FLUFRODUH O¶DFTXD WUD OD FDOGDLD HG LO VHSDUDWRUH LGUDXOLFR

/(*(1'$ *5$),&, 3203$ 6(&7,21 ( 4 +

3257$7$ 35(9$/(1=$ , *5$),&, '(//$ 3257$7$ 35(9$/(1=$ $//$ 3/$&&$ '(//$ 3203$ 6212 ',6321,%,/, $//$ ),1( '(/ 0$18$/( 1(//$ 6(=,21( 6(&7,21 (

6 H ] L R Q H , 1 6 7 $ / / $ 7 2 5 ( , 7

0$187(1=,21( $118$/( $OOR VFRSR GL DVVLFXUDUH XQ¶HI¿FLHQ]D RWWLPDOH GHOOD FDOGDLD q QHFHVVDULR HIIHWWXDUH DQQXDOPHQWH L VHJXHQWL FRQWUROOL

‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡

9HUL¿FD GHOO¶DVSHWWR H GHOOD WHQXWD GHOOH JXDUQL]LRQL GHO FLUFXLWR JDV H GHO FLUFXLWR GL FRPEXVWLRQH 9HUL¿FD GHOOR VWDWR H GHOOD FRUUHWWD SRVL]LRQH GHJOL HOHWWURGL GL DFFHQVLRQH H ULOHYD]LRQH GL ¿DPPD 9HUL¿FD GHOOR VWDWR GHO EUXFLDWRUH HG LO VXR FRUUHWWR ¿VVDJJLR 9HUL¿FD GHOOH HYHQWXDOL LPSXULWj SUHVHQWL DOO¶LQWHUQR GHOOD FDPHUD GL FRPEXVWLRQH 8WLOL]]DUH DOOR VFRSR XQ DVSLUDSROYHUH SHU OD SXOL]LD 9HUL¿FD GHOOD FRUUHWWD WDUDWXUD GHOOD YDOYROD JDV 9HUL¿FD GHOOD SUHVVLRQH GHOO¶LPSLDQWR GL ULVFDOGDPHQWR 9HUL¿FD GHOOD SUHVVLRQH GHO YDVR HVSDQVLRQH LPSLDQWR

9HUL¿FD FKH LO YHQWLODWRUH IXQ]LRQL FRUUHWWDPHQWH 9HUL¿FD FKH L FRQGRWWL GL VFDULFR H DVSLUD]LRQH QRQ VLDQR RVWUXLWL 9HUL¿FD GHOOH HYHQWXDOL LPSXULWj SUHVHQWL DOO¶LQWHUQR GHO VLIRQH

3$5$0(75, ', &20%867,21( 3HU OD PLVXUD LQ RSHUD GHO UHQGLPHQWR GL FRPEXVWLRQH H GHOO¶LJLHQLFLWj GHL SURGRWWL GL FRPEX VWLRQH OD FDOGDLD q GRWDWD GL GXH SUHVH GHVWLQDWH D WDOH XVR VSHFL¿FR 8QD SUHVD q FROOHJDWD DO FLUFXLWR VFDULFR GHL IXPL $ PHGLDQWH OD TXDOH q SRVVLELOH ULOHYDUH O¶LJLHQLFLWj GHL SURGRWWL GHOOD FRPEXVWLRQH HG LO UHQGLPHQWR GL FRPEXVWLRQH /¶DOWUD q FROOHJDWD DO FLUFXLWR GL DVSL UD]LRQH GHOO¶DULD FRPEXUHQWH % QHOOD TXDOH q SRVVLELOH YHUL¿FDUH O¶HYHQWXDOH ULFLUFROR GHL SURGRWWL GHOOD FRPEXVWLRQH QHO FDVR GL FRQGRWWL FRDVVLDOL 1HOOD SUHVD FROOHJDWD DO FLUFXLWR GHL IXPL SRVVRQR HVVHUH ULOHYDWL L VHJXHQWL SDUDPHWUL

‡ WHPSHUDWXUD GHL SURGRWWL GHOOD FRPEXVWLRQH ‡ FRQFHQWUD]LRQH GL RVVLJHQR 2 RG LQ DOWHUQDWLYD GL DQLGULGH FDUERQLFD &2 ‡ FRQFHQWUD]LRQH GL RVVLGR GL FDUERQLR &2

/D WHPSHUDWXUD GHOO¶DULD FRPEXUHQWH GHYH HVVHUH ULOHYDWD QHOOD SUHVD FROOHJDWD DO FLUFXLWR GL DVSLUD]LRQH GHOO¶DULD % LQVHUHQGR OD VRQGD GL PLVXUD SHU FLUFD FP &

3HU DWWLYDUH OD IXQ]LRQH ³63$==$&$0,12´ IDUH ULIHULPHQWR DO FDSLWROR

326,=,21$0(172 (/(7752',

6 H ] L R Q H , 1 6 7 $ / / $ 7 2 5 ( , 7

3ULPD GL HIIHWWXDUH XQ TXDOVLDVL LQWHUYHQWR DVVLFXUDUVL FKH OD FDOGDLD QRQ VLD DOLPHQWDWD HOHWWULFDPHQWH 7HUPLQDWH OH RSHUD ]LRQL GL PDQXWHQ]LRQH UHLPSRVWDUH VH PRGL¿FDWL L SDUDPHWUL GL IXQ]LRQDPHQWR GHOOD FDOGDLD RULJLQDOL

&$5$77(5,67,&+( 7(&1,&+( 0RGHOOR /81$ '82 7(& 03

&DW

,, + 3

7LSR GL JDV

* *

N:

3RUWDWD WHUPLFD ULGRWWD *

N:

3RUWDWD WHUPLFD ULGRWWD *

N:

3RWHQ]D WHUPLFD QRPLQDOH &

N:

3RWHQ]D WHUPLFD QRPLQDOH &

N:

3RWHQ]D WHUPLFD ULGRWWD & *

N:

3RWHQ]D WHUPLFD ULGRWWD & *

N:

3RWHQ]D WHUPLFD ULGRWWD & *

N:

3RWHQ]D WHUPLFD ULGRWWD & *

N:

5HQGLPHQWR QRPLQDOH &

5HQGLPHQWR QRPLQDOH &

5HQGLPHQWR 3Q &

3UHVVLRQH PD[ DFTXD FLUFXLWR GL ULVFDOGDPHQWR

EDU

3UHVVLRQH PLQ DFTXD FLUFXLWR GL ULVFDOGDPHQWR

EDU

&DSDFLWj FLUFXLWR FDOGDLD YROXPH GL DFTXD

&DPSR GL WHPSHUDWXUH FLUFXLWR ULVFDOGDPHQWR

O

&

·

& & & & & & %

'LDPHWUR VFDULFR FRQFHQWULFR

PP

'LDPHWUR VFDULFKL VHSDUDWL

PP

0D[ SRUWDWD PDVVLFD IXPL *

NJ V

0LQ SRUWDWD PDVVLFD IXPL *

NJ V

7LSRORJLD VFDULFKL

0D[ WHPSHUDWXUD IXPL &ODVVH 1R[ (1 (1

&

PJ N:K

3UHVVLRQH GL DOLPHQWD]LRQH JDV QDWXUDOH +

PEDU

3UHVVLRQH GL DOLPHQWD]LRQH JDV SURSDQR 3

PEDU

7HQVLRQH HOHWWULFD GL DOLPHQWD]LRQH

9

)UHTXHQ]D HOHWWULFD GL DOLPHQWD]LRQH

+]

3RWHQ]D HOHWWULFD QRPLQDOH

:

3HVR QHWWR

NJ

'LPHQVLRQL DOWH]]D

PP

ODUJKH]]D

PP

SURIRQGLWj

PP

,3; '

*UDGR GL SURWH]LRQH FRQWUR O¶XPLGLWj (1

6 H ] L R Q H , 1 6 7 $ / / $ 7 2 5 ( , 7

3RUWDWD WHUPLFD QRPLQDOH ULVFDOGDPHQWR

&HUWL¿FDWR &( 1U &0

&21680, 3257$7$ 7(50,&$ 4PD[ H 4PLQ 4PD[ * +

P K

4PLQ * +

P K

4PD[ * 3

NJ K

4PLQ * 3

NJ K

'HDU &XVWRPHU :H DUH FRQ¿GHQW \RXU QHZ ERLOHU ZLOO PHHW DOO \RXU UHTXLUHPHQWV $OO %$;, SURGXFWV KDYH EHHQ GHVLJQHG WR JLYH \RX ZKDW \RX DUH ORRNLQJ IRU JRRG SHUIRUPDQFH FRPELQHG ZLWK VLPSOH DQG UDWLRQDO XVH 3OHDVH GR QRW SXW DZD\ WKLV ERRNOHW ZLWKRXW UHDGLQJ LW ¿UVW DV LW FRQWDLQV VRPH XVHIXO LQIRUPDWLRQ ZKLFK ZLOO KHOS \RX WR RSHUDWH \RXU ERLOHU FRUUHFWO\ DQG HI¿FLHQWO\

%$;, GHFODUHV WKDW WKHVH PRGHOV RI ERLOHU EHDU WKH IROORZLQJ 'LUHFWLYHV

PDUN LQ FRPSOLDQFH ZLWK WKH EDVLF UHTXLUHPHQWV RI WKH

*DV GLUHFWLYH (& (I¿FLHQF\ 'LUHFWLYH ((& (OHFWURPDJQHWLF &RPSDWLELOLW\ 'LUHFWLYH (&

8 V H U , Q V W D O O H U ( 1

/RZ 9ROWDJH 'LUHFWLYH (&

$V %D[L 6 S $ FRQVWDQWO\ VWULYHV WR LPSURYH LWV SURGXFWV LW UHVHUYHV WKH ULJKW WR PRGLI\ WKH LQIRUPDWLRQ FRQWDLQHG LQ WKLV GRFXPHQW DW DQ\ WLPH DQG ZLWKRXW SULRU QRWLFH 7KHVH ,QVWUXFWLRQV DUH RQO\ PHDQW WR SURYLGH FRQVXPHUV ZLWK XVH LQIRUPDWLRQ DQG XQGHU QR FLUFXPVWDQFH VKRXOG WKH\ EH FRQVWUXHG DV D FRQWUDFW ZLWK D WKLUG SDUW\

&217(17

'(6&5,37,21 2) 6<0%2/6 6$)(7< :$51,1*6 *(1(5$/ 35(&$87,216 (1(5*< 6$9,1* 7,36 &200,66,21,1* 7+( %2,/(5

$'-867,1* 7+( &+ $1' '+: )/2: 7(03(5$785(

23(5$7,1* 02'(6

352/21*(' 6+87'2:1 $17, )5((=( 3527(&7,21

*$6 &219(56,21 )$8/76 %2,/(5 ,1)250$7,21 0(18 ),//,1* 7+( 6<67(0 5287,1( 0$,17(1$1&( ,16758&7,216 6:,7&+,1* 2)) 7+( %2,/(5 ,16758&7,216 35,25 72 ,167$//$7,21 ,167$//,1* 7+( %2,/(5

%2,/(5 3803

,167$//,1* 7+( '8&76

&21&(175,& '8&76

6(3$5$7( '8&76

&$6&$'( '8&76

(/(&75,&$/ &211(&7,216

&211(&7,1* 7+( $0%,(17 7+(50267$7

$&&(6625,(6 127 ,1&/8'(' ,1 7+( 6833/<

(;7(51$/ 6<67(0 0$1$*(0(17 02'8/(6 63(&,$/ )81&7,216

6<67(0 *$6 (;75$&7,21 )81&7,21

&$/,%5$7,21 )81&7,21

&+,01(< 6:((3(5

)$8/76 7+$7 &$1127 %( 5(6(7 %< 7+( 86(5 3$5$0(7(5 6(77,1*6 *$6 9$/9( &$/,%5$7,21

*$6 &219(56,21

$'-8670(17 $1' 6$)(7< '(9,&(6 3803 &$3$&,7< +($' $118$/ 6(59,&,1*

&20%867,21 3$5$0(7(56

326,7,21,1* 7+( (/(&752'(6

7(&+1,&$/ 63(&,),&$7,216

'(6&5,37,21 2) 6<0%2/6

:$51,1* 5LVN RI GDPDJH WR RU PDOIXQFWLRQ RI WKH DSSOLDQFH 3D\ VSHFLDO DWWHQWLRQ WR WKH ZDUQLQJV FRQFHUQLQJ GDQ JHU WR SHRSOH '$1*(5 2) %8516 :DLW IRU WKH DSSOLDQFH WR FRRO GRZQ EHIRUH ZRUNLQJ RQ WKH SDUWV H[SRVHG WR KHDW '$1*(5 +,*+ 92/7$*( /LYH FRPSRQHQWV HOHFWURFXWLRQ KD]DUG '$1*(5 2) )5((=,1* 3RVVLEOH IRUPDWLRQ RI LFH GXH WR ORZ WHPSHUDWXUHV ,03257$17 ,1)250$7,21 ,QIRUPDWLRQ WR UHDG ZLWK SDUWLFXODU FDUH DV LW LV XVHIXO IRU WKH FRUUHFW RSHUDWLRQ RI WKH ERLOHU

6$)(7< :$51,1*6

60(// 2) *$6 Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021;

6ZLWFK RII WKH ERLOHU 'R QRW DFWLYDWH DQ\ HOHFWULFDO GHYLFH VXFK DV VZLWFKLQJ RQ WKH OLJKW

3XW RXW DQ\ QDNHG Ã&#x20AC;DPHV DQG RSHQ WKH ZLQGRZV &DOO DQ $XWKRULVHG 6HUYLFH &HQWUH

60(// 2) &20%867,21 )80(6 Â&#x2021; 6ZLWFK RII WKH ERLOHU Â&#x2021; 2SHQ DOO WKH GRRUV DQG ZLQGRZV WR YHQWLODWH WKH URRP Â&#x2021; &DOO DQ $XWKRULVHG 6HUYLFH &HQWUH

)/$00$%/( 0$7(5,$/ 'R QRW XVH DQG RU VWRUH KLJKO\ Ã&#x20AC;DPPDEOH PDWHULDO WKLQQHUV SDSHU HWF QHDU WKH ERLOHU

6(59,&,1* $1' &/($1,1* 7+( %2,/(5 6ZLWFK RII WKH ERLOHU EHIRUH ZRUNLQJ RQ LW

7KH DSSOLDQFH LV QRW LQWHQGHG WR EH XVHG E\ SHUVRQV ZLWK UHGXFHG SK\VLFDO VHQVRU\ RU PHQWDO FDSDFLWLHV RU ZKR ODFN H[ SHULHQFH RU NQRZOHGJH XQOHVV WKURXJK WKH PHGLDWLRQ RI D SHUVRQ UHVSRQVLEOH IRU WKHLU VDIHW\ WKH\ KDYH KDG WKH EHQH¿W RI VXSHUYLVLRQ RU RI LQVWUXFWLRQV RQ WKH XVH RI WKH DSSOLDQFH

%$;, D OHDGLQJ (XURSHDQ PDQXIDFWXUHU RI KL WHFK ERLOHUV DQG KHDWLQJ V\VWHPV KDV GHYHORSHG &64 FHUWL¿HG TXDOLW\ PDQDJHPHQW ,62 HQYLURQPHQWDO ,62 DQG KHDOWK DQG VDIHW\ 2+6$6 V\VWHPV 7KLV PHDQV WKDW %$;, 6 S $ LQFOXGHV DPRQJ LWV REMHFWLYHV WKH VDIHJXDUGLQJ RI WKH HQYLURQPHQW WKH UHOLDELOLW\ DQG TXDOLW\ RI LWV SURGXFWV DQG WKH KHDOWK DQG VDIHW\ RI LWV HPSOR\HHV 7KURXJK LWV RUJDQLVDWLRQ WKH FRPSDQ\ LV FRQVWDQWO\ FRPPLWWHG WR LPSOHPHQWLQJ DQG LPSURYLQJ WKHVH DVSHFWV LQ IDYRXU RI FXVWRPHU VDWLVIDFWLRQ

8 V H U , Q V W D O O H U ( 1

*(1(5,& 352+,%,7,21 ,W LV IRUELGGHQ WR GR XVH WKH WKLQJV LQGLFDWHG DORQJVLGH WKH V\PERO

*(1(5$/ 35(&$87,216 7KLV ERLOHU KDV EHHQ GHVLJQHG WR KHDW ZDWHU WR D WHPSHUDWXUH ORZHU WKDQ ERLOLQJ SRLQW DW DWPRVSKHULF SUHVVXUH ,W PXVW EH FRQQHF WHG WR D FHQWUDO KHDWLQJ V\VWHP DQG WR D GRPHVWLF KRW ZDWHU VXSSO\ V\VWHP DFFRUGLQJ WR LWV SHUIRUPDQFH DQG SRZHU RXWSXW %HIRUH KDYLQJ WKH ERLOHU LQVWDOOHG E\ D TXDOL¿HG VHUYLFH HQJLQHHU PDNH VXUH WKH IROORZLQJ RSHUDWLRQV DUH SHUIRUPHG

0DNH VXUH WKDW WKH ERLOHU LV DGMXVWHG WR XVH WKH W\SH RI JDV GHOLYHUHG E\ WKH JDV VXSSO\ 7R GR WKLV FKHFN WKH PDUNLQJV RQ WKH SDFNDJLQJ DQG WKH UDWLQJ SODWH RQ WKH DSSOLDQFH 0DNH VXUH WKDW WKH ÀXH WHUPLQDO GUDIW LV DSSURSULDWH WKDW WKH WHUPLQDO LV QRW REVWUXFWHG DQG WKDW QR H[KDXVW JDVHV IURP RWKHU DSSOLDQFHV DUH H[SHOOHG WKURXJK WKH VDPH ÀXH GXFW XQOHVV WKH ODWWHU KDV EHHQ VSHFLDOO\ GHVLJQHG WR FROOHFW H[KDXVW JDV IURP PRUH WKDQ RQH DSSOLDQFH LQ FRPSOLDQFH ZLWK FXUUHQW ODZV DQG UHJXODWLRQV 0DNH VXUH WKDW LI WKH ERLOHU LV FRQQHFWHG WR H[LVWLQJ ÀXH GXFWV WKHVH KDYH EHHQ WKRURXJKO\ FOHDQHG DV UHVLGXDO SURGXFWV RI FRPEXVWLRQ PD\ GHWDFK IURP WKH ZDOOV GXULQJ RSHUDWLRQ DQG REVWUXFW WKH ÀRZ RI IXPHV 7R HQVXUH FRUUHFW RSHUDWLRQ DQG PDLQWDLQ WKH ZDUUDQW\ REVHUYH WKH IROORZLQJ SUHFDXWLRQV

'+: FLUFXLW ,I WKH ZDWHU LV KDUGHU WKDQ ) ) PJ FDOFLXP FDUERQDWH SHU OLWUH RI ZDWHU LQVWDOO D SRO\SKRVSKDWH GLVSHQVHU RU DQ HTXLYDOHQW WUHDWPHQW V\VWHP FRPSOLDQW ZLWK FXUUHQW UHJXODWLRQV 7KRURXJKO\ ÀXVK WKH V\VWHP DIWHU LQVWDOODWLRQ RI WKH DSSOLDQFH DQG EHIRUH XVH 7KH PDWHULDOV XVHG IRU WKH '+: FLUFXLW FRPSO\ ZLWK 'LUHFWLYH (&

8 V H U , Q V W D O O H U ( 1

+HDWLQJ FLUFXLW 1HZ V\VWHP %HIRUH LQVWDOOLQJ WKH ERLOHU WKH V\VWHP PXVW EH FOHDQHG DQG ÀXVKHG WR HOLPLQDWH UHVLGXDO WKUHDG FXWWLQJ VZDUI VROGHU DQG DQ\ VROYHQWV XVLQJ VXLWDEOH RII WKH VKHOI QRQ DFLG DQG QRQ DONDOLQH SURGXFWV WKDW GR QRW GDPDJH PHWDO SODVWLF DQG UXEEHU SDUWV 7R SURWHFW WKH V\VWHP IURP VFDOH XVH LQKLELWRUV VXFK DV 6(17,1(/ ; DQG )(512; SURWHFWRU IRU KHDWLQJ FLUFXLWV 8VH WKHVH SURGXFWV LQ VWULFW FRPSOLDQFH ZLWK WKH PDQXIDFWXUHUV¶ LQVWUXFWLRQV

([LVWLQJ V\VWHP %HIRUH LQVWDOOLQJ WKH ERLOHU GUDLQ WKH V\VWHP DQG FOHDQ LW WR UHPRYH VOXGJH DQG FRQWDPLQDQWV XVLQJ VXLWDEOH SURSULHWDU\ SURGXFWV 5HFRPPHQGHG FOHDQLQJ SURGXFWV DUH 6(17,1(/ ; RU ; DQG )(512; UHJHQHUDWRU IRU KHDWLQJ FLU FXLWV 8VH WKHVH SURGXFWV LQ VWULFW FRPSOLDQFH ZLWK WKH PDQXIDFWXUHUV¶ LQVWUXFWLRQV 5HPHPEHU WKDW WKH SUHVHQFH RI IRUHLJQ ERGLHV LQ WKH KHDWLQJ V\VWHP FDQ DGYHUVHO\ DIIHFW ERLOHU RSHUDWLRQ H J RYHUKHDWLQJ DQG H[FHVVLYH QRLVH RI WKH KHDW H[FKDQJHU

,QLWLDO OLJKWLQJ RI WKH ERLOHU PXVW EH FDUULHG RXW E\ DQ DXWKRULVHG 6HUYLFH (QJLQHHU ZKR PXVW ¿UVW HQVXUH WKDW

7KH UDWHG GDWD FRUUHVSRQG WR WKH VXSSO\ HOHFWULFLW\ ZDWHU DQG JDV GDWD 7KDW WKH LQVWDOODWLRQ FRPSOLHV ZLWK FXUUHQW UHJXODWLRQV 7KH DSSOLDQFH LV FRUUHFWO\ FRQQHFWHG WR WKH SRZHU VXSSO\ DQG HDUWKHG 7KH DSSOLDQFH PXVW EH LQVWDOOHG LQ D YHQWLODWHG ERLOHU URRP SXUVXDQW WR FXUUHQW UHJXODWLRQV DSSOLDQFHV ZLWK KHDWLQJ FDSDFLW\ ! N:

)DLOXUH WR REVHUYH WKH DERYH ZLOO UHQGHU WKH ZDUUDQW\ QXOO DQG YRLG 7KH QDPHV RI WKH DXWKRULVHG 6HUYLFH &HQWUHV DUH LQGLFD WHG LQ WKH DWWDFKHG VKHHW 3ULRU WR FRPPLVVLRQLQJ UHPRYH WKH SURWHFWLYH SODVWLF FRDWLQJ IURP WKH ERLOHU 'R QRW XVH DQ\ WRROV RU DEUDVLYH GHWHUJHQWV WR GR WKLV DV \RX PD\ GDPDJH WKH SDLQWHG VXUIDFHV 'R QRW OHDYH DQ\ SDFNDJLQJ SODVWLF EDJV SRO\VW\UHQH HWF ZLWKLQ WKH UHDFK RI FKLOGUHQ DV WKH\ DUH D SRWHQWLDO VRXUFH RI GDQJHU

(1(5*< 6$9,1* 7,36 $GMXVWPHQW LQ WKH KHDWLQJ PRGH

$GMXVW WKH ERLOHU ÀRZ WHPSHUDWXUH GHSHQGLQJ RQ WKH NLQG RI V\VWHP )RU V\VWHPV ZLWK UDGLDWRUV VHW D PD[LPXP KHDWLQJ ZDWHU ÀRZ WHPSHUDWXUH RI DSSUR[LPDWHO\ & DQG LQFUHDVH WKLV YDOXH LI WKH UHTXLUHG URRP WHPSHUDWXUH LV QRW UHDFKHG )RU V\VWHPV ZLWK UDGLDQW ÀRRU SDQHOV GR QRW H[FHHG WKH WHPSHUDWXUH LQGLFDWHG E\ WKH V\VWHP GHVLJQHU 8VH WKH ([WHUQDO 6HQVRU DQG RU &RQWURO 3DQHO WR DXWRPDWLFDOO\ DGMXVW WKH À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

'RPHVWLF KRW ZDWHU

6HWWLQJ WKH GRPHVWLF KRW ZDWHU DW WKH UHTXLUHG WHPSHUDWXUH ZLWKRXW PL[LQJ LW ZLWK FROG ZDWHU VDYHV D ORW RI PRQH\ $GGLWLRQDO KHD WLQJ ZDVWHV HQHUJ\ DQG FUHDWHV DGGLWLRQDO VFDOH

&200,66,21,1* 7+( %2,/(5 7R OLJKW WKH ERLOHU FRUUHFWO\ SURFHHG DV IROORZV

&KHFN WKDW WKH V\VWHP SUHVVXUH LV FRUUHFW VHFWLRQ

3RZHU WKH ERLOHU 2SHQ WKH JDV WDS \HOORZ SRVLWLRQHG XQGHU WKH ERLOHU

6HOHFW WKH UHTXLUHG KHDWLQJ PRGH VHFWLRQ

'XULQJ LQLWLDO LJQLWLRQ WKH EXUQHU PD\ QRW LJQLWH FDXVLQJ WKH ERLOHU WR VKXW GRZQ XQWLO DQ\ DLU LQ WKH JDV SLSHV LV YHQWHG IRU DW OHDVW ,Q WKLV FDVH UHSHDW WKH LJQLWLRQ SURFHGXUH XQWLO JDV UHDFKHV WKH EXUQHU 7R UHVHW ERLOHU RSHUDWLRQ SUHVV VHFRQGV

.H\ WR %877216 '+: WHPSHUDWXUH DGMXVWPHQW WR LQFUHDVH WKH WHPSHUDWXUH DQG ± WR GHFUHDVH LW

+HDWLQJ ZDWHU WHPSHUDWXUH DGMXVWPHQW

WR LQFUHDVH WKH WHPSHUDWXUH DQG ± WR GHFUHDVH LW

%RLOHU RSHUDWLQJ LQIRUPDWLRQ 2SHUDWLQJ PRGH

2II ± 5HVHW ± ([LW PHQX IXQFWLRQV

.H\ WR 6<0%2/6 2II KHDWLQJ DQG '+: GLVDEOHG RQO\ ERLOHU DQWL IUHH]H SURWHFWLRQ LV DFWLYH

%XUQHU OLW

)DXOW SUHYHQWLQJ WKH EXUQHU IURP OLJKWLQJ

'+: RSHUDWLQJ PRGH HQDEOHG

%RLOHU V\VWHP ZDWHU SUHVVXUH ORZ

+HDWLQJ PRGH HQDEOHG

7HFKQLFDO 6HUYLFH &HQWUH FDOO LQ

3URJUDPPLQJ PHQX

0DQXDOO\ UHVHWWDEOH IDXOW

%RLOHU LQIRUPDWLRQ PHQX

)DXOW LQ SURJUHVV

6HW XQLW RI PHDVXUHPHQW 6, 86

$'-867,1* 7+( &+ $1' '+: )/2: 7(03(5$785( 3UHVV DQG UHVSHFWLYHO\ WR DGMXVW WKH &+ DQG '+: ÀRZ WHPSHUDWXUH LI DQ H[WHUQDO VWRUDJH ERLOHU LV ¿WWHG :KHQ WKH EXUQHU LV OLW WKH GLVSOD\ VKRZV WKH V\PERO

+($7,1* ZKLOH WKH ERLOHU LV RSHUDWLQJ LQ WKH KHDWLQJ PRGH WKH GLVSOD\ VKRZV WKH ÀDVKLQJ V\PERO WHPSHUDWXUH &

:KHQ FRQQHFWHG WR DQ ([WHUQDO 6HQVRU

DQG WKH KHDWLQJ GHOLYHU\

LQGLUHFWO\ DGMXVW WKH URRP WHPSHUDWXUH IDFWRU\ VHWWLQJ &

'+: FRQQHFW DQ H[WHUQDO VWRUDJH ERLOHU WR SURGXFH GRPHVWLF KRW ZDWHU :KLOH WKH ERLOHU LV RSHUDWLQJ LQ WKH '+: PRGH WKH GL VSOD\ VKRZV WKH ÀDVKLQJ V\PERO DQG WKH KHDWLQJ ÀRZ WHPSHUDWXUH &

23(5$7,1* 02'(6 6<0%2/ ',63/$<('

23(5$7,1* 02'( '+:

'+: +($7,1* +($7,1* 21/<

7R HQDEOH WKH DSSOLDQFH LQ '+: +HDWLQJ RU +HDWLQJ RQO\ SUHVV DQG FKRRVH RQH RI WKH WKUHH DYDLODEOH PRGHV

UHSHDWHGO\

7R GLVDEOH WKH ERLOHU RSHUDWLQJ PRGHV ZKLOVW NHHSLQJ WKH DQWL IUHH]H IXQFWLRQ HQDEOHG SUHVV -XVW WKH V\PERO DSSHDUV RQ WKH GLVSOD\ ZLWK WKH ERLOHU QRW EORFNHG

8 6 ( 5 6 H F W L R Q ( 1

'+: ± '+: +HDWLQJ ± +HDWLQJ 2QO\

352/21*(' 6+87'2:1 $17, )5((=( 3527(&7,21

'R QRW GUDLQ WKH ZKROH V\VWHP DV ¿OOLQJ XS ZLWK ZDWHU DJDLQ FRXOG FDXVH XQQHFHVVDU\ DQG KDUPIXO VFDOH WR EXLOG XS LQVLGH WKH ERLOHU DQG WKH KHDWLQJ HOHPHQWV ,I WKH ERLOHU LV QRW XVHG GXULQJ ZLQWHU DQG LV WKHUHIRUH H[SRVHG WR WKH GDQJHU RI IURVW DGG VRPH VSHFL¿F DQWL IUHH]H WR WKH ZDWHU LQ WKH V\VWHP H J SURS\OHQH JO\FRO FRXSOHG ZLWK FRUURVLRQ DQG VFDOH LQKLELWRUV 7KH HOHFWURQLF ERLOHU PDQDJHPHQW V\VWHP LQFOXGHV D ³IURVW SURWHFWLRQ´ IXQFWLRQ IRU WKH KHDWLQJ V\VWHP ZKLFK ZKHQ GHOLYHU\ WHPSHUDWXUH IDOOV EHORZ & OLJKWV WKH EXUQHU XQWLO D GHOLYHU\ WHPSHUDWXUH RI & LV UHDFKHG 7KH IXQFWLRQ LV RSHUDWLYH LI WKH ERLOHU LV HOHFWULFDOO\ SRZHUHG WKHUH LV JDV V\VWHP SUHVVXUH LV QRUPDO DQG WKH ERLOHU LV QRW EORFNHG

*$6 &219(56,21 7KH ERLOHUV FDQ RSHUDWH ERWK RQ QDWXUDO JDV * DQG /3* * $OO JDV FRQYHUVLRQV PXVW EH PDGH E\ WKH $87+25,6(' 7(&+1,&$/ 6(59,&( &(175(

)$8/76 7KH IDXOWV VKRZQ RQ WKH GLVSOD\ DUH LGHQWL¿HG ZLWK WKH V\PERO SOHWH OLVW RI IDXOWV VHH WKH IROORZLQJ WDEOH

DQG D QXPEHU IDXOW FRGH )RU D FRP

8 6 ( 5 6 H F W L R Q ( 1

,I DSSHDUV RQ WKH GLVSOD\ WKH IDXOW PXVW EH 5(6(7 E\ WKH XVHU 7R 5(6(7 WKH ERLOHU SUHVV ,I IDXOWV DUH GLVSOD\HG IUHTXHQWO\ FDOO WKH $XWKRULVHG 6HUYLFH &HQWUH

'HVFULSWLRQ RI IDXOW

'HVFULSWLRQ RI IDXOW

([WHUQDO SUREH VHQVRU IDXOW\

17& ÀRZ VHQVRU IDXOW\

17& IXPHV VHQVRU IDXOW\ 17& UHWXUQ VHQVRU IDXOW\ 17& GRPHVWLF KRW ZDWHU VHQVRU IDXOW\ RQO\ IRU KHDWLQJ RQO\ PRGHO ZLWK VWRUDJH ERLOHU

&RPPXQLFDWLRQ SUREOHP EHWZHHQ ERLOHU ERDUG DQG FRQWURO XQLW 3UREDEOH VKRUW FLUFXLW RQ ZLULQJ

1R FLUFXODWLRQ VDIHW\ WULS FRQWURO SHUIRUPHG YLD D WHPSHUDWXUH VHQVRU

1R ÀDPH )XPHV 17& WULSSHG GXH WR RYHUWHPSHUDWXUH ,JQLWLRQ IDLOXUH DWWHPSWV

%RLOHU ERDUG LQWHUQDO IDXOW

)DQ IDXOW

$GGUHVV FRQÀLFW EHWZHHQ FRQWURO XQLWV

17& GRPHVWLF KRW ZDWHU VHQVRU IDXOW\

$LU LQ ERLOHU FLUFXLW WHPSRUDU\ IDXOW

3DUDVLWH ÀDPH LQWHUQDO HUURU

6DIHW\ WKHUPRVWDW WULSSHG GXH WR RYHUWHPSHUDWXUH SXPS SUREDEO\ EORFNHG RU DLU LQ KHDWLQJ FLUFXLW

,QSXW YROWDJH WRR ORZ

6DIHW\ WKHUPRVWDW WULSSHG GXH WR RYHUWHPSHUDWXUH

)DQ VSHHG WKUHVKROG QRW UHDFKHG

3UHVVXUH LQ K\GUDXOLF FLUFXLW WRR KLJK

1R FLUFXODWLRQ VDIHW\ WULS FRQWURO SHUIRUPHG YLD SUHVVXUH VHQVRU

3UHVVXUH LQ K\GUDXOLF FLUFXLW WRR ORZ

,Q WKH HYHQW RI D IDXOW WKH GLVSOD\ EDFNOLJKWLQJ LQGLFDWHV WKH HUURU FRGH UHVHW DWWHPSWV FDQ EH SHUIRUPHG DIWHU ZKLFK WKH ERLOHU VKXWV GRZQ :DLW PLQXWHV EHIRUH DWWHPSWLQJ WR UHVHW WKH ERLOHU DJDLQ

%2,/(5 ,1)250$7,21 0(18 3UHVV

WR GLVSOD\ WKH LQIRUPDWLRQ LQGLFDWHG LQ WKH IROORZLQJ WDEOH 3UHVV 'HVFULSWLRQ

6HFRQGDU\ IDXOW LQWHUQDO FRGH +HDWLQJ ÀRZ WHPSHUDWXUH ([WHUQDO WHPSHUDWXUH LI WKH H[WHUQDO VHQVRU LV ¿WWHG

([WHUQDO VWRUDJH ERLOHU WHPSHUDWXUH ¿WWHG PRGHOV

6WRUDJH ERLOHU WHPSHUDWXUH ¿WWHG PRGHOV

:DWHU SUHVVXUH LQ KHDWLQJ V\VWHP +HDWLQJ UHWXUQ WHPSHUDWXUH )XPHV VHQVRU WHPSHUDWXUH QRW XVHG

WR H[LW

'HVFULSWLRQ

=RQH KHDWLQJ ÀRZ WHPSHUDWXUH =RQH KHDWLQJ ÀRZ WHPSHUDWXUH =RQH KHDWLQJ PRGH =RQH KHDWLQJ PRGH '+: FLUFXLW RSHUDWLQJ PRGH %RLOHU RSHUDWLQJ PRGH 6RODU SODQW RSHUDWLQJ PRGH 0DQXIDFWXUHU LQIRUPDWLRQ 0DQXIDFWXUHU LQIRUPDWLRQ

),//,1* 7+( 6<67(0 3HULRGLFDOO\ FKHFN WKDW WKH SUHVVXUH GLVSOD\HG RQ WKH SUHVVXUH JDXJH LV EDU ZLWK WKH V\VWHP FROG ,I LW LV ORZHU WXUQ WKH V\VWHP ¿OOLQJ WDS LQVWDOOHG E\ WKH ¿WWHU 2SHQ WKH WDS YHU\ VORZO\ LQ RUGHU WR YHQW WKH DLU

7KH ERLOHU LV ¿WWHG ZLWK D K\GUDXOLF SUHVVXUH JDXJH ZKLFK SUHYHQWV WKH ERLOHU IURP ZRUNLQJ LI WKHUH LV QR ZDWHU

,I SUHVVXUH GURSV RFFXU IUHTXHQWO\ KDYH WKH ERLOHU FKHFNHG E\ WKH $87+25,6(' 7(&+1,&$/ 6(59,&( &(175(

5287,1( 0$,17(1$1&( ,16758&7,216 7R NHHS WKH ERLOHU HI¿FLHQW DQG VDIH KDYH LW FKHFNHG E\ WKH $XWKRULVHG 6HUYLFH &HQWUH DW WKH HQG RI HYHU\ RSHUDWLQJ SHULRG &DUHIXO VHUYLFLQJ HQVXUHV HFRQRPLFDO RSHUDWLRQ RI WKH V\VWHP

7R WXUQ RII WKH ERLOHU GLVFRQQHFW WKH HOHFWULF SRZHU VXSSO\ XVLQJ WKH WZR SROH VZLWFK ,Q WKH ³2II´ RSHUDWLQJ PRGH WKH ERLOHU VWD\V RII EXW WKH HOHFWULFDO FLUFXLWV UHPDLQ SRZHUHG DQG WKH DQWL IUHH]H IXQFWLRQ UHPDLQV DFWLYH

8 6 ( 5 6 H F W L R Q ( 1

6:,7&+,1* 2)) 7+( %2,/(5

,16758&7,216 35,25 72 ,167$//$7,21 7KH IROORZLQJ QRWHV DQG LQVWUXFWLRQV DUH DGGUHVVHG WR LQVWDOOHUV WR DOORZ WKHP WR FDUU\ RXW WURXEOH IUHH LQVWDOODWLRQ ,QVWUXFWLRQV IRU LJQLWLQJ DQG XVLQJ WKH ERLOHU DUH FRQWDLQHG LQ WKH µ,QVWUXFWLRQV IRU 8VHUV¶ VHFWLRQ 7KH LQVWDOODWLRQ PXVW VDWLVI\ WKH UHTXLUHPHQWV RI VWDQGDUGV DQG ORFDO E\ ODZV DQG WHFKQLFDO UHJXODWLRQV

0RUHRYHU WKH LQVWDOODWLRQ WHFKQLFLDQ PXVW EH TXDOL¿HG WR LQVWDOO KHDWLQJ DSSOLDQFHV $GGLWLRQDOO\ EHDU LQ PLQG WKH IROORZLQJ

Â&#x2021; 7KH ERLOHU FDQ EH XVHG ZLWK DQ\ NLQG RI FRQYHFWRU SODWH UDGLDWRU RU WKHUPRFRQYHFWRU 'HVLJQ WKH V\VWHP VHFWLRQV DV XVXDO WKRXJK EHDULQJ LQ PLQG WKH DYDLODEOH FDSDFLW\ KHDG DW WKH SODWH VHH 6(&7,21 ( DW WKH HQG RI WKLV PDQXDO

Â&#x2021; ,QLWLDO LJQLWLRQ RI WKH ERLOHU PXVW EH FDUULHG RXW E\ WKH $XWKRULVHG 6HUYLFH &HQWUH DV LQGLFDWHG RQ WKH DWWDFKHG VKHHW

)DLOXUH WR REVHUYH WKH DERYH ZLOO UHQGHU WKH ZDUUDQW\ QXOO DQG YRLG

:KHQ VXSSOLHG WKH ERLOHU LV QRW ¿WWHG ZLWK WKH IROORZLQJ FRPSRQHQWV (;3$16,21 9(66(/ 6<67(0 ),//,1* 7$3 +<'5$8/,& 6(3$5$725 7KHVH PXVW EH PRXQWHG E\ WKH ¿WWHU

'R QRW OHDYH DQ\ SDFNDJLQJ SODVWLF EDJV SRO\VW\UHQH HWF ZLWKLQ WKH UHDFK RI FKLOGUHQ DV WKH\ DUH D SRWHQWLDO VRXUFH RI GDQJHU

, 1 6 7 $ / / ( 5 6 H F W L R Q ( 1

,167$//,1* 7+( %2,/(5 7DNH VSHFLDO FDUH ZKHQ ¿OOLQJ WKH KHDWLQJ V\VWHP ,Q SDUWLFXODU RSHQ DQ\ WKHUPRVWDW YDOYHV LQ WKH V\VWHP HQVXUH WKH ZDWHU HQWHUV VORZO\ LQ RUGHU WR SUHYHQW WKH IRUPDWLRQ RI DLU LQVLGH WKH SULPDU\ FLUFXLW XQWLO RSHUDWLQJ SUHVVXUH LV UHDFKHG /DVWO\ YHQW DQ\ UDGLDWRUV LQ WKH V\VWHP %$;, GHFOLQHV DOO OLDELOLW\ IRU GDPDJH GHULYLQJ IURP WKH SUHVHQFH RI DLU EXEEOHV LQ WKH SUL PDU\ H[FKDQJHU GXH WR WKH LQFRUUHFW RU LPSUHFLVH REVHUYDQFH RI WKH DERYH

7LJKWHQ WKH ERLOHU ZDWHU FRQQHFWLRQV ZLWK FDUH PD[LPXP WLJKWHQLQJ WRUTXH 1P

7KH WHPSODWH RXWOLQH LV VKRZQ LQ ³6(&7,21 &´ DW WKH HQG RI WKLV PDQXDO

$IWHU GHFLGLQJ WKH H[DFW ORFDWLRQ RI WKH ERLOHU ¿[ WKH WHPSODWH WR WKH ZDOO &RQQHFW WKH V\VWHP WR WKH JDV DQG ZDWHU LQOHWV SUHVHQW RQ WKH ORZHU EDU RI WKH WHPSODWH )LW WZR * ´ WDSV Ã&#x20AC;RZ DQG UHWXUQ RQ WKH FHQWUDO KHDWLQJ FLUFXLW WKHVH WDSV PDNH LW SRVVLEOH WR FDUU\ RXW LPSRUWDQW RSHUDWLRQV RQ WKH V\VWHP ZLWKRXW GUDLQLQJ LW FRPSOHWHO\ )LW D K\GUDXOLF VHSDUDWRU VL]HG DFFRUGLQJ WR PD [LPXP ERLOHU DQG V\VWHP SUHVVXUH GRZQOLQH IURP WKH K\GUDXOLF FRQQHFWRUV RI WKH ERLOHU ,I \RX DUH HLWKHU LQVWDOOLQJ WKH ERLOHU RQ DQ H[LVWLQJ V\VWHP RU UHSODFLQJ RQH DV ZHOO DV WKH DERYH ¿W D VHWWOLQJ WDQN XQGHU WKH ERLOHU RQ WKH V\VWHP UHWXUQ OLQH LQ RUGHU WR FROOHFW DQ\ GHSRVLWV DQG VFDOH FLUFXODWLQJ LQ WKH V\VWHP DIWHU Ã&#x20AC;XVKLQJ $IWHU ¿[LQJ WKH ERLOHU WR WKH WHPSODWH FRQQHFW WKH Ã&#x20AC;XH DQG DLU GXFWV VXSSOLHG DV DFFHVVRULHV DV GHVFULEHG LQ WKH IROORZLQJ VHFWLRQV &RQQHFW WKH VLSKRQ WR D GUDLQ WUDS PDNLQJ VXUH WKH VORSH LV FRQWLQXRXV $YRLG KRUL]RQWDO VWUHWFKHV 7KH ERLOHU LV HOHFWURQLFDOO\ ¿WWHG RXW IRU FRQQHFWLRQ WR DQ H[WHUQDO VWRUDJH ERLOHU

%2,/(5 3803 7KH ERLOHU SXPS 6(&7,21 $ LV PRGXODWLQJ DQG FLUFXODWHV WKH ZDWHU EHWZHHQ WKH ERLOHU DQG WKH K\GUDXOLF VHSDUDWRU IRU K\GUDXOLF SHUIRUPDQFH VHH WKH FKDUWV LQ 6(&7,21 ( 7KH ZDWHU LQ WKH V\VWHP LV FLUFXODWHG E\ WKH UHODWLYH SXPSV VHH VHFWLRQ

&KHFN WKDW WKH Ã&#x20AC;RZ RI WKH ZDWHU FLUFXODWLQJ LQ WKH ERLOHU LV QRW OHVV WKDQ WKH YDOXH LQGLFDWHG LQ WKH IROORZLQJ WDEOH

0RGHO

0LQLPXP Ã&#x20AC;RZ UDWH O K

2SHUDWLQJ Ã&#x20AC;RZ UDWH O K ZLWK %$;, K\GUDXOLF VHSDUDWRU

,167$//,1* 7+( '8&76 7KH ERLOHU LV HDV\ DQG ÀH[LEOH WR LQVWDOO WKDQNV WR WKH H[WHQVLYH UDQJH RI DYDLODEOH DFFHVVRULHV DV GHVFULEHG EHORZ 7KH ERLOHU KDV EHHQ GHVLJQHG IRU FRQQHFWLRQ WR D YHUWLFDO RU KRUL]RQWDO FRD[LDO ÀXH DLU GXFW 7KH ERLOHU FDQ DOVR EH XVHG ZLWK VHSDUDWH GXFWV XVLQJ WKH DFFHVVRU\ VSOLWWLQJ NLW :$51,1*6

& & 7KH WHUPLQDOV IRU VHSDUDWH ÀXHV PXVW EH ¿WWHG LQVLGH D FP VTXDUH 'HWDLOHG LQVWUXFWLRQV DUH SURYLGHG ZLWK WKH LQGL YLGXDO DFFHVVRULHV

& 'R QRW ¿W WKH ÀXH DQG DLU GXFW WHUPLQDOV RQ RSSRVLWH ZDOOV RI WKH EXLOGLQJ

& 7KH PD[LPXP SUHVVXUH GURS ǻ3 RI WKH GXFWV PXVW QRW H[FHHG WKH YDOXHV LQGLFDWHG LQ WDEOH $ % 7KH GXFWV PXVW EH FHUWL ¿HG IRU WKLV VSHFL¿F XVH DQG IRU D WHPSHUDWXUH LQ H[FHVV RI & 7KH ÀXH WHUPLQDO PXVW EH FHUWL¿HG WR (1

& & 7KH ÀXH WHUPLQDO RU ÀXH GXFW PXVW EH VXLWDEOH IRU WKH SXUSRVH

)RU RSWLPDO LQVWDOODWLRQ WKH DFFHVVRULHV VXSSOLHG E\ WKH PDQXIDFWXUHU VKRXOG EH XVHG

¨3 3D

,I WKH ÀXH DQG DLU GXFWV LQVWDOOHG DUH QRW VXSSOLHG E\ %$;, 6 S $ PDNH VXUH WKH\ DUH FHUWL¿HG IRU WKH W\SH RI XVH DQG KDYH D PD[LPXP SUHVVXUH GURS DV LQGLFDWHG LQ WKH WDEOH WR WKH VLGH

03

03

7R RSWLPLVH RSHUDWLQJ VDIHW\ PDNH VXUH WKH ÀXH GXFWV DUH ¿UPO\ ¿[HG WR WKH ZDOO ZLWK VXLWDEOH EUDFNHWV

0DNH VXUH WKHUH LV D PLQLPXP GRZQZDUG VORSH RI FP SHU PHWUH RI GXFW WRZDUGV WKH ERLOHU

620( 287/(7 '8&7 ,167$//$7,21 (;$03/(6 $1' 7+(,5 5(/$7,9( 0$;,080 /(1*7+6 $5( 6+2:1 ,1 6(&7,21 ' $7 7+( (1' 2) 7+,6 0$18$/

&21&(175,& '8&76

7KLV W\SH RI GXFW LV XVHG WR GLVFKDUJH H[KDXVW IXPHV DQG GUDZ FRPEXVWLRQ DLU ERWK RXWVLGH WKH EXLOGLQJ DQG LI D /$6 ÀXH LV ¿WWHG 7KH FRD[LDO EHQG DOORZV WKH ERLOHU WR EH FRQQHFWHG WR D ÀXH DLU GXFW LQ DQ\ GLUHFWLRQ DV LW FDQ EH URWDWHG E\ ,W FDQ DOVR EH XVHG DV D VXSSOHPHQWDU\ FXUYH FRPELQHG ZLWK D FRD[LDO GXFW RU D FXUYH ,I IXPHV DUH GLVFKDUJHG RXWVLGH WKH EXLOGLQJ WKH ÀXH DLU GXFW PXVW SURWUXGH DW OHDVW PP IURP WKH ZDOO WR DOORZ DQ DOX PLQLXP ZHDWKHULQJ VXUURXQG WR EH ¿WWHG DQG VHDOHG WR DYRLG ZDWHU LQ¿OWUDWLRQV

$ EHQG UHGXFHV WKH WRWDO GXFW OHQJWK E\ PHWUH $ EHQG UHGXFHV WKH WRWDO GXFW OHQJWK E\ PHWUHV 7KH ¿UVW EHQG LV QRW LQFOXGHG ZKHQ FDOFXODWLQJ WKH PD[LPXP DYDLODEOH OHQJWK

6(3$5$7( '8&76 7KLV W\SH RI LQVWDOODWLRQ PDNHV LW SRVVLEOH WR GLVFKDUJH H[KDXVW IXPHV ERWK RXWVLGH WKH EXLOGLQJ DQG LQWR VLQJOH ÀXH GXFWV &RPEXUHQW DLU FDQ EH GUDZQ LQ DW D GLIIHUHQW ORFDWLRQ IURP WKDW RI WKH ÀXH WHUPLQDO 7KH DFFHVVRU\ VSOLWWLQJ NLW FRPSULVHV D ÀXH GXFW DGDSWRU % DQG DQ DLU GXFW DGDSWRU $ )RU WKH DLU GXFW DGDSWRU ¿W WKH VFUHZV DQG VHDOV SUHYLRXVO\ UHPRYHG IURP WKH FDS

7KH EHQG LV XVHG WR FRQQHFW WKH ERLOHU WR WKH LQOHW DQG RXWOHW GXFWV DGDSWLQJ WKHP WR YDULRXV UHTXLUHPHQWV ,W FDQ DOVR EH XVHG DV D VXSSOHPHQWDU\ FXUYH FRPELQHG ZLWK D GXFW RU D EHQG

$ EHQG UHGXFHV WKH WRWDO GXFW OHQJWK E\ PHWUHV $ EHQG UHGXFHV WKH WRWDO GXFW OHQJWK E\ PHWUHV 7KH ¿UVW EHQG LV QRW LQFOXGHG ZKHQ FDOFXODWLQJ WKH PD[LPXP DYDLODEOH OHQJWK

, 1 6 7 $ / / ( 5 6 H F W L R Q ( 1

7$%(//$ $

&$6&$'( '8&76 7KLV W\SH RI GXFW HYDFXDWHV WKH SURGXFWV RI FRPEXVWLRQ RI PRUH WKDQ RQH ERLOHU LQ D FDVFDGH FRQQHFWLRQ WKURXJK D VKDUHG IXPHV FROOHFWRU 7KH FROOHFWRU PD\ RQO\ EH XVHG WR FRQQHFW WKH ERLOHUV WR WKH Ã&#x20AC;XH GXFW 7KH IROORZLQJ GLDPHWHUV DUH DYDLODEOH Â&#x2018; PP DQG Â&#x2018; PP $ UDQJH RI DFFHVVRULHV LV DYDLODEOH RQ UHTXHVW

7$%/( %

, 1 6 7 $ / / ( 5 6 H F W L R Q ( 1

%2,/(5 02'(/

0$;,080 180%(5 2) %2,/(56 ,1 $ &$6&$'( &211(&7,21

¨3 3D

Â&#x2018; PP

Â&#x2018; PP

N: 0D[

N: 0D[

1R UHWXUQ YDOYH Â&#x2018;

,Q WKLV RXWOHW W\SRORJ\ D IXPHV FODSHW YDOYH QR UHWXUQ YDOYH PXVW EH ¿WWHG WR HDFK ERLOHU

7KH IXPHV GXFW PXVW EH FDOFXODWHG E\ D TXDOL¿HG WHFKQLFLDQ GXULQJ WKH V\VWHP GHVLJQ VWDJH DV UHTXLUHG E\ FXUUHQW UHJXODWLRQV

(/(&75,&$/ &211(&7,216 7KLV PDFKLQH LV RQO\ HOHFWULFDOO\ VDIH LI LW LV FRUUHFWO\ FRQQHFWHG WR DQ HI¿FLHQW HDUWK V\VWHP LQ FRPSOLDQFH ZLWK FXUUHQW VDIHW\ UH JXODWLRQV &RQQHFW WKH ERLOHU WR D 9 VLQJOH SKDVH HDUWKHG SRZHU VXSSO\ XVLQJ WKH VXSSOLHG WKUHH SLQ FDEOH REVHUYLQJ FRUUHFW /LYH 1HXWUDO SRODULW\ 8VH D GRXEOH SROH VZLWFK ZLWK D FRQWDFW VHSDUDWLRQ RI DW OHDVW PP :KHQ UHSODFLQJ WKH SRZHU VXSSO\ FDEOH ¿W D KDUPRQLVHG ³+$5 + 99 )´ [ PP FDEOH ZLWK D PD[LPXP GLDPHWHU RI PP 7R DFFHVV WKH WHUPLQDO EORFN UHPRYH WKH IURQW ERLOHU SDQHO ¿[HG ZLWK WZR VFUHZV DW WKH ERWWRP WXUQ WKH FRQWURO ER[ GRZQZDUGV DQG DFFHVV WHUPLQDO EORFNV 0 0 0 XVHG IRU WKH HOHFWULFDO FRQQHFWLRQV DIWHU UHPRYLQJ WKH SURWHFWLYH FRYHU 7KH $ IDVW EORZLQJ IXVHV DUH LQFRUSRUDWHG LQ WKH SRZHU VXSSO\ WHUPLQDO EORFN WR FKHFN DQG RU UHSODFH WKH IXVH SXOO RXW WKH EODFN IXVH FDUULHU

6(( :,5,1* ',$*5$0 ,1 6(&7,21 % $7 7+( (1' 2) 7+,6 0$18$/ 0DNH VXUH WKDW WKH RYHUDOO UDWHG SRZHU LQSXW RI WKH DFFHVVRULHV FRQQHFWHG WR WKH DSSOLDQFH LV OHVV WKDQ $ ,I LW LV KLJKHU LQVWDOO D UHOD\ EHWZHHQ WKH DFFHVVRULHV DQG WKH HOHFWURQLF ERDUG

7KH FRQQHFWLRQV LQ WHUPLQDO EORFNV 0 0 DUH KLJK YROWDJH 9 %HIRUH PDNLQJ FRQQHFWLRQV PDNH VXUH WKH DSSOLDQFH LV GLVFRQQHFWHG IURP WKH SRZHU VXSSO\ 5HVSHFW WKH LQSXW SRODULW\ RQ WHUPLQDO EORFN 0 / /,1( 1 1(875$/

7(50,1$/ %/2&. 0 / /LYH EURZQ

1 1HXWUDO OLJKW EOXH

(DUWK \HOORZ JUHHQ

FRQWDFW IRU $PELHQW 7KHUPRVWDW

3XW EDFN WKH MXPSHU RQ WHUPLQDOV RI ERLOHU WHUPLQDO EORFN 0 LI WKH URRP WKHUPRVWDW LV QRW XVHG RU LI WKH 5HPRWH &RQWURO LV LQVWDOOHG VHFWLRQ

7(50,1$/ %/2&. 0

7HUPLQDOV EDFN OLJKWLQJ HDUWK 9 FRQQHFWLRQ WR WKH 5HPRWH &RQWURO ORZ YROWDJH VXSSOLHG DV DQ DFFHVVRU\

7HUPLQDOV FRPPRQ ([WHUQDO 3UREH FRQQHFWLRQ VXSSOLHG DV DQ DFFHVVRU\

7HUPLQDOV FRPPRQ QG $X[LOLDU\ 3UREH SUREHV IRU VRODU SODQW FDVFDGH V\VWHP ]RQH V\VWHP HWF

7HUPLQDOV FRPPRQ VW $X[LOLDU\ 3UREH SUREHV IRU VRODU SODQW FDVFDGH V\VWHP ]RQH V\VWHP HWF

7HUPLQDOV VWRUDJH ERLOHU VHQVRU FRQQHFWLRQ

7HUPLQDO QRW XVHG

7(50,1$/ %/2&. 0 7HUPLQDOV QRW XVHG

7HUPLQDO VWRUDJH ERLOHU SXPS FRQQHFWLRQ

7HUPLQDO V\VWHP KHDWLQJ SXPS FRQQHFWLRQ H[WHUQDO GRZQOLQH IURP K\GUDXOLF VHSDUDWRU

,I WKH DSSOLDQFH LV FRQQHFWHG WR DQ XQGHUÃ&#x20AC;RRU V\VWHP LQVWDOO D OLPLW WKHUPRVWDW WR SUHYHQW WKH ODWWHU IURP RYHUKHDWLQJ

8VH WKH UHODWLYH FDEOH JURPPHWV DW WKH ERWWRP RI WKH ERLOHU WR WKUHDG WKH FDEOHV WKURXJK WR WKH WHUPLQDO EORFNV 0 0 0

&211(&7,1* 7+( $0%,(17 7+(50267$7 7KH FRQQHFWLRQV LQ WHUPLQDO EORFN 0 DUH KLJK YROWDJH 9 %HIRUH PDNLQJ FRQQHFWLRQV PDNH VXUH WKH DSSOLDQFH LV GL VFRQQHFWHG IURP WKH SRZHU VXSSO\ 5HVSHFW SRODULW\ / /,9( 1 1(875$/

Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021;

VZLWFK RII WKH ERLOHU DFFHVV WKH WHUPLQDO EORFN 0 UHPRYH WKH MXPSHU IURP WKH HQGV RI FRQWDFWV DQG FRQQHFW WKH ZLUHV RI WKH $PELHQW 7KHUPRVWDW VZLWFK RQ WKH ERLOHU DQG PDNH VXUH WKH $PELHQW 7KHUPRVWDW ZRUNV FRUUHFWO\

$&&(6625,(6 127 ,1&/8'(' ,1 7+( 6833/< 5(027( &21752/ 7KH ZLUH IURP WKH ERLOHU WHUPLQDO EORFN 0 SRZHUV WKH GLVSOD\ EDFNOLJKWLQJ 9 ,W LV QRW QHFHVVDU\ WR FRQQHFW WKLV ZLUH WR PDNH WKH 5HPRWH &RQWURO ZRUN

7R RSHUDWH WKH ERLOHU ZLWK WKH 5HPRWH &RQWURO PRXQWHG RQ WKH ZDOO SXUFKDVH DFFHVVRU\ % VXSSOLHG ZLWK WKH EDVH % $OVR VHH WKH PRXQWLQJ DQG RSHUDWLRQ LQVWUXFWLRQV VXSSOLHG ZLWK WKH NLW % 3URFHHG DV IROORZV

Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021;

6ZLWFK RII WKH ERLOHU 3DVV WKH WKUHH ZLUHV IURP WKH ERLOHU WHUPLQDO EORFN 0 WKURXJK WKH KROH LQ WKH EDVH % WR DSSO\ WR WKH ZDOO &RQQHFW ZLUHV RI WKH ERLOHU WHUPLQDO EORFN 0 WR WHUPLQDOV

RI WKH EDVH WHUPLQDO EORFN % UHVSHFWLYHO\ )L[ WKH EDVH % WR WKH ZDOO XVLQJ WKH H[SDQVLRQ JULSV DQG VFUHZV VXSSOLHG ZLWK WKH DFFHVVRU\ $SSO\ WKH &RQWURO 3DQHO $ WR WKH EDVH ¿[HG WR WKH ZDOO WDNLQJ FDUH QRW WR DSSO\ H[FHVVLYH IRUFH 3RZHU WKH ERLOHU PDNLQJ VXUH WKDW WKH 5HPRWH &RQWURO OLJKWV XS

$

&RQWURO 3DQHO 'LVSOD\ EDFNOLJKWLQJ 9

%

/HG LQWHUIDFH DFFHVVRU\ (DUWK FRQQHFWLRQ

%

%DVH IRU ZDOO PRXQWHG &RQWURO 3DQHO 3RZHU LQSXW 6LJQDO 9

8VH WKH 5HPRWH &RQWURO WR VHW WKH SURJUDPPDEOH WLPHU IRU KHDWLQJ DQG '+: 6HH WKH LQVWUXFWLRQV VXSSOLHG ZLWK WKH DFFHV VRU\

, 1 6 7 $ / / ( 5 6 H F W L R Q ( 1

7R FRQQHFW WKH $PELHQW 7KHUPRVWDW WR WKH ERLOHU SURFHHG DV GHVFULEHG EHORZ

6(77,1* 3$5$0(7(56 86,1* 7+( 5(027( &21752/

6<0%2/6 )25 5(027( &21752/ 7XUQ NQRE %

'LVSOD\ VKRZV

3UHVV NQRE %

3UHVV EXWWRQ $ DQG NQRE % WRJHWKHU

3UHVV EXWWRQ $ RU &

3UHVV EXWWRQV $ DQG & WRJHWKHU

, 1 6 7 $ / / ( 5 6 H F W L R Q ( 1

.(< 72 ),*85( 0(18

(QGXVHU &RPPLVVLRQLQJ

(QJLQHHU

2(0

7KH IROORZLQJ SURFHGXUH LV XVHG WR DFFHVV WKH IRXU ERLOHU SUR JUDPPLQJ PHQXV

IURP WKH PDLQ PHQX &

$ DQG& KROG GRZQ IRU DSSUR[ VHFRQGV

PHQX VHH ¿JXUH WR VLGH DQG NH\

& WR JR EDFN RQH PHQX DW D WLPH WR WKH PDLQ PHQX

:KHQ WKH &RQWURO 3DQHO LV ZDOO PRXQWHG HQDEOH WKH URRP VHQ VRU DQG ÀRZ WHPSHUDWXUH PRGXODWLRQ DV IROORZV

$ 5220 6(1625

$FFHVV PHQX

% 2SHUDWRU XQLW % WR FRQ¿UP

% SURJUDPPH URZ 8VHG DV

% DQWL FORFNZLVH

5RRP XQLW

% % WR FRQ¿UP WKH URRP VHQVRU LV QRZ DFWLYH

% )/2: 7(03(5$785( 02'8/$7,21

7R VHW ÀRZ WHPSHUDWXUH PRGXODWLRQ GLVDEOH SDUDPHWHU +& 3URFHHG DV IROORZV

$FFHVV PHQX

% 7HPSV PRGH &+ % WR FRQ¿UP % % DQWL FORFNZLVH

´ ´ WKHQ % WR FRQ¿UP

)ORZ WHPS VHWSRLQW URRP VWDW

% WR FRQ¿UP

,I ZKHQ WXUQLQJ WKH NQRE % RQ WKH PDLQ PHQX WKH GLVSOD\ YLVXDOLVHV WKH ERLOHU ÀRZ WHPSHUDWXUH LQVWHDG RI WKH DPELHQW WHP SHUDWXUH SDUDPHWHU KDV QRW EHHQ VHW FRUUHFWO\

$IWHU HYHU\ V\VWHP FRQ¿JXUDWLRQ H J VRODU FRPELQDWLRQ FRQQHFWLRQ DQ H[WHUQDO VWRUDJH ERLOHU HWF SHUIRUP WKH IROORZLQJ SURFH GXUH WR XSGDWH WKH ERLOHU ERDUG WR WKH QHZ FRQ¿JXUDWLRQ

$FFHVV PHQX DV LQGLFDWHG DW WKH EHJLQQLQJ RI WKLV VHFWLRQ

% &RQ¿JXUDWLRQ % % SURJUDPPH URZ WKHQ

% <HV WKHQ % WR FRQ¿UP

%

=21( 6<67(0 :,7+ ,167$//$7,21 2) 7+( 5(027( &21752/ 7KH HOHFWULFDO FRQQHFWLRQ DQG WKH DGMXVWPHQWV UHTXLUHG WR PDQDJH D V\VWHP GLYLGHG LQWR ]RQHV ZLWK XVH RI WKH 5HPRWH &RQWURO GLIIHUV DFFRUGLQJ RQ WKH DFFHVVRULHV FRQQHFWHG WR WKH ERLOHU 7R LQVWDOO DQG FRQ¿JXUH VHH WKH LQVWUXFWLRQV RI WKH ([SDQVLRQ 0R GXOH VXSSOLHG DV DQ DFFHVVRU\

$'-867,1* 7+( 7(03(5$785( 2) 7+( +,*+ 7(03(5$785( +($7,1* 6<67(0 7R DYRLG IUHTXHQW VWDUWLQJ DQG VWRSSLQJ UDLVH WKH PLQLPXP WHPSHUDWXUH VHWSRLQW RI WKH ERLOHU LQ WKH KHDWLQJ PRGH E\ VHWWLQJ SD UDPHWHUV WR QRW OHVV WKDQ & XVLQJ WKH SURFHGXUH GHVFULEHG LQ SRLQW %

7(03(5$785( $'-8670(17 21 /2: 7(03(5$785( +($7,1* 6<67(0 )RU D ORZ WHPSHUDWXUH V\VWHP VXFK DV XQGHUÀRRU KHDWLQJ UHGXFH WKH PD[LPXP &+ WHPSHUDWXUH VHWSRLQW RQ WKH ERLOHU E\ VHWWLQJ SDUDPHWHU SRLQW % WR D YDOXH QRW JUHDWHU WKDQ &

(;7(51$/ 6(1625 7R FRQQHFW WKLV DFFHVVRU\ VHH ¿JXUH WR VLGH WHUPLQDOV

DQG WKH LQVWUXFWLRQV VXSSOLHG ZLWK WKH VHQVRU

:LWK WKH ([WHUQDO 6HQVRU FRQQHFWHG RQ WKH ERLOHU FRQ WURO SDQHO PRYH WKH VHW FOLPDWH FXUYH .W LQ SDUDOOHO VHH FKDUW LQ 6(&7,21 ( DQG SDUDPHWHU 3 LQ WKH WDEOH LQ VHFWLRQ

7R LQFUHDVH URRP WHPSHUDWXUH SUHVV WR GHFUHDVH SUHVV

6(77,1* 7+( ³.W´ &/,0$7( &859( 7R VHW WKH UHTXLUHG NW FOLPDWH FXUYH SURFHHG DV IROORZV

Â&#x2021; $FFHVV WKH PHQX DV GHVFULEHG LQ VHFWLRQ

Â&#x2021; 6HOHFW SDUDPHWHU 3 Â&#x2021; 6HOHFW WKH FOLPDWH FXUYH IURP DPRQJ WKRVH DYDLODEOH VHH WKH FXUYH FKDUW LQ 6(&7,21 ( DW WKH HQG RI WKLV PDQXDO WKH SUHVHW FXUYH LV

.(< 72 &859( .W &+$57 6(&7,21 ( )ORZ WHPS

2XWVLGH WHPS

,QVWDOO WKH V\VWHP SXPS GRZQOLQH IURP WKH K\GUDXOLF VHSDUDWRU &KRRVH WKH SXPS DFFRUGLQJ WR WKH UHTXLUHG V\VWHP FDSDFLW\ KHDG FKDUDFWHULVWLFV VHH 6(&7,21 )

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

0,;(' =21(6 6(&7,21 )

$ PL[HG ]RQH FDQ EH PDQDJHG XVLQJ WKH $96 H[WHUQDO PRGXOH VXSSOLHG DV DQ DFFHVVRU\ 7KLV DFFHVVRU\ FDQ PDQDJH D ]RQH SXPS D PL[LQJ YDOYH D WHPSHUDWXUH VHQVRU D OLPLW WKHUPRVWDW DQG D URRP WKHUPRVWDW 7R FRQQHFW WKH FRPSRQHQWV DQG DGMXVW WKH V\VWHP UHDG WKH PDQXDO SURYLGHG ZLWK WKH DFFHVVRU\

%2,/(56 ,1 $ &$6&$'( &211(&7,21 6(&7,21 )

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

62/$5 3/$17 6(&7,21 )

8VH WKH $*8 H[WHUQDO XQLW VXSSOLHG DV DQ DFFHVVRU\ WR PDQDJH D VRODU SODQW 7R FRQQHFW WKH SODQW VHH WKH LQVWUXFWLRQV VXSSOLHG ZLWK WKH DFFHVVRU\

7+( +<'5$8/,& ',$*5$06 2) 7+( &$6(6 '(6&5,%(' &$1 %( &2168/7(' ,1 6(&7,21 ) $7 7+( (1' 2) 7+,6 0$ 18$/

, 1 6 7 $ / / ( 5 6 H F W L R Q ( 1

+($7,1* 6<67(0 3803

63(&,$/ )81&7,216 6<67(0 *$6 (;75$&7,21 )81&7,21 7KLV IXQFWLRQ LV XVHG WR IDFLOLWDWH WKH HOLPLQDWLRQ RI WKH DLU LQVLGH WKH KHDWLQJ FLUFXLW ZKHQ WKH ERLOHU LV ¿UVW LQVWDOOHG RU DIWHU PDLQWH QDQFH ZKHQ WKH ZDWHU LV GUDLQHG IURP WKH SULPDU\ FLUFXLW 7R HQDEOH WKH V\VWHP JDV H[WUDFWLRQ IXQFWLRQ SUHVV EXWWRQV WRJHWKHU IRU VHFRQGV :KHQ WKH IXQFWLRQ LV DFWLYH 2Q DSSHDUV RQ WKH GLVSOD\ IRU D IHZ VHFRQGV IROORZHG E\ SURJUDPPH URZ 7KH HOHFWURQLF ERDUG ZLOO DFWLYDWH D SXPS RQ RII F\FOH ODVWLQJ PLQXWHV 7KH IXQFWLRQ ZLOO DXWRPDWLFDOO\ VWRS DW WKH HQG RI WKH F\FOH 7R PDQXDOO\ H[LW WKLV IXQFWLRQ SUHVV WKH DERYH EXWWRQV WRJHWKHU IRU VHFRQGV RQFH DJDLQ

&$/,%5$7,21 )81&7,21 7R FDOLEUDWH WKH JDV YDOYH SURFHHG DV IROORZV

, 1 6 7 $ / / ( 5 6 H F W L R Q ( 1

3UHVV EXWWRQV DQG WRJHWKHU IRU DW OHDVW VHFRQGV :KHQ WKH IXQFWLRQ LV HQDEOHG WKH GLVSOD\V VKRZV ³2Q´ IRU D IHZ VHFRQGV IROORZHG E\ SURJUDPPH URZ ³ ´ DOWHUQDWHG ZLWK WKH RI ERLOHU SRZHU 3UHVV WR JUDGXDOO\ DGMXVW SRZHU VHQVLWLYLW\

7R H[LW SUHVV ERWK EXWWRQV WRJHWKHU IRU DW OHDVW VHFRQGV DV GHVFULEHG LQ SRLQW RQH

3UHVV

WR GLVSOD\ WKH LQVWDQWDQHRXV ÀRZ WHPSHUDWXUH IRU VHFRQGV

&+,01(< 6:((3(5 :KHQ WKLV IXQFWLRQ LV HQDEOHG WKH ERLOHU JHQHUDWHV PD[LPXP KHDWLQJ SRZHU 7R HQDEOH WKH IXQFWLRQ SURFHHG DV IROORZV

SUHVV WRJHWKHU IRU VHFRQGV 7KH GLVSOD\ VKRZV ³ ´ DOWHUQDWHG ZLWK WKH SRZHU RXWSXW RI WKH ERLOHU 3UHVV DQG WR DGMXVW ERLOHU SRZHU PLQLPXP PD[LPXP '+: PD[LPXP KHDWLQJ 7R LQWHUUXSW WKH IXQFWLRQ UHSHDW WKH SURFHGXUH GHVFULEHG LQ SRLQW RQH

)$8/76 7+$7 &$1127 %( 5(6(7 %< 7+( 86(5 ,Q FDVH RI )$8/76 WKDW FDQQRW EH UHVHW E\ SUHVVLQJ VXFK DV ( RU H[FHHGLQJ PDQXDO 5(6(7 DWWHPSWV E\ WKH XVHU 5(6(7 WKH ERDUG E\ SUHVVLQJ WKH EODFN EXWWRQ 5 ORFDWHG XQ

RI WKH IURQW FRQWURO SDQHO ¿JXUH WR VLGH

GHU WKH UXEEHU FDS V\PERO

3$5$0(7(5 6(77,1*6 7R SURJUDPPH WKH SDUDPHWHUV RI WKH ERLOHU HOHFWURQLF ERDUG SURFHHG DV IROORZV

3UHVV WRJHWKHU DQG KROG WKHP GRZQ IRU VHFRQGV XQWLO SURJUDPPH URZ ³3 ´ DS SHDUV RQ WKH GLVSOD\ DOWHUQDWHG ZLWK WKH VHW YDOXH &

3UHVV DQG KROG GRZQ IRU VHFRQGV XQWLO ³2Q´ DSSHDUV RQ WKH GLVSOD\ 5HOHDVH WKH EXWWRQ DQG ³3 ´ DSSHDUV RQ WKH GLVSOD\ WR VFUROO WKH OLVW RI SDUDPHWHUV 3UHVV 3UHVV WKH YDOXH RI WKH VHOHFWHG EHJLQV ÀDVKLQJ SUHVV WR FKDQJH WKH YDOXH SUHVV WR FRQ¿UP WKH YDOXH RU SUHVV WR H[LW ZLWKRXW VDYLQJ

)XUWKHU LQIRUPDWLRQ FRQFHUQLQJ WKH SDUDPHWHUV OLVWHG LQ WKH IROORZLQJ WDEOH DUH VXSSOLHG WRJHWKHU ZLWK WKH UHTXLUHG DFFHV VRULHV

E

3 3 3 3 3 3 3 3

3

3 3 3 3 3 3 3 3 3 3

3

3

3

3 3

3 3 3 3 3

3 3 3 3

3 3 3 3 3 3 3 3 3

3 3

3 3 3

3 3 3

)DFWRU\ VHWWLQJ

&

& &

V

& PLQ

PLQ & PLQ USP &

& & & &

[[[

=21( +($7,1* 3$5$0(7(56 PDLQ ]RQH

2SHUDWLQJ PRGH $QWLIUHH]H 7LPHG 7 FRPIRUW

5HGXFHG DPELHQW WHPSHUDWXUH ³.W´ FXUYH VORSH ³.W´ FXUYH GULIW ³.W´ FXUYH DGDSWDWLRQ )ORZ WHPSHUDWXUH VHWSRLQW PD[LPXP YDOXH

(QDEOH PRGXODWLQJ WHPSHUDWXUH LI VHW ³ ³ $PELHQW LQÀXHQFH 2SHQLQJ &ORVLQJ VSHHG RI PL[ YDOYH =21( +($7,1* 3$5$0(7(56 ZLWK DFFHVVRU\ ([SDQVLRQ 8QLW

2SHUDWLQJ PRGH $QWLIUHH]H 7LPHG 7 FRPIRUW

&RPIRUW URRP WHPSHUDWXUH 5HGXFHG DPELHQW WHPSHUDWXUH ³.W´ FXUYH VORSH ³.W´ FXUYH GULIW ³.W´ FXUYH DGDSWDWLRQ )ORZ WHPSHUDWXUH VHWSRLQW PD[LPXP YDOXH

(QDEOH PRGXODWLQJ WHPSHUDWXUH LI VHW ³ ³ $PELHQW LQÀXHQFH 2SHQLQJ &ORVLQJ VSHHG RI PL[ YDOYH '+: 3$5$0(7(56 2SHUDWLQJ PRGH LQ '+: ZLWK 5HPRWH &RQWURO

DOZD\V HQDEOHG DFFRUGLQJ WR KRXUO\ KHDWLQJ SURJUDPPH DFFRUGLQJ WR KRXUO\ '+: SURJUDPPH $QWL OHJLRQHOORVLV IXQFWLRQ 'LVDEOHG 3HULRGLF ERLOHU ZLWK VWRUDJH XQLW

GLVDEOHG SHULRGLF GHSHQGLQJ RQ 3 RQFH D ZHHN 3HULRGLF DQWL OHJLRQHOORVLV IXQFWLRQ HQDEOH RQO\ LI 3

GDLO\ LQWHUYDOV RI GD\V RQFH D ZHHN &LUFXODWLRQ WHPSHUDWXUH VHWSRLQW DGGLWLRQDO '+: SXPS

3UHKHDWLQJ WLPH IRU '+: FLUFXLW ¶ ¶

%2,/(5 3$5$0(7(56 0LQLPXP ERLOHU RII WLPH $QWL IUHH]H VHWSRLQW 3XPS SRVW FLUFXODWLRQ WLPH 0D[ IDQ VSHHG KHDWLQJ

0LQLPXP ERLOHU RII GLIIHUHQWLDO 62/$5 3/$17 3$5$0(7(56 ZLWK DFFHVVRU\ ([SDQVLRQ 8QLW

7HPSHUDWXUH RQ GLIIHUHQWLDO 7HPSHUDWXUH RII GLIIHUHQWLDO 6RODU SDQHO PDQLIROG RYHUKHDWLQJ SURWHFWLRQ ³ ³ GLVDEOHG

0D[LPXP WHPSHUDWXUH RI VWRUDJH ERLOHU &21),*85$7,21 1RW XVHG 'R 127 FKDQJH WKLV SDUDPHWHU

=RQH KHDWLQJ FLUFXLW HQDEOHG

=RQH KHDWLQJ FLUFXLW HQDEOHG

1RW XVHG 'R 127 FKDQJH WKLV SDUDPHWHU

%; VHQVRU LQSXW ¿UVW DX[LOLDU\ VHQVRU ± VHFWLRQ

%; VHQVRU LQSXW VHFRQG DX[LOLDU\ VHQVRU ± VHFWLRQ

,QSXW + PXOWLIXQFWLRQ LQSXW ± 5RRP WKHUPRVWDW

&RQ¿JXUDWLRQ RI DFFHVVRU\ ([SDQVLRQ 8QLW 6RIWZDUH YHUVLRQ 0$,17(1$1&( 7LPH DIWHU PDLQWHQDQFH 9LHZ +LGH VHFRQGDU\ IDXOW LQWHUQDO FRGH %851(5 &21752/ 5HTXLUHG LJQLWLRQ VSHHG 5HTXLUHG PLQLPXP RSHUDWLQJ VSHHG ORZ VSHHG

5HTXLUHG PD[LPXP RSHUDWLQJ VSHHG KLJK VSHHG

%2,/(5 &21752/ 3$1(/ 3$5$0(7(56 8QLW RI PHDVXUHPHQW EDU & ± 36, )

&RQWURO SDQHO RSHUDWLRQ FHQWUDO ORFDO

6RIWZDUH YHUVLRQ

&

& &

V

&

USP USP USP

[[[

[[[ [[[ [[[

[[

0LQLPXP 0D[LPXP

VHH ³$FFHVVRULHV QRW LQFOXGHG LQ VXSSO\´ [[ WKH YDOXH GHSHQGV RQ WKH VRIWZDUH YHUVLRQ [[[ WKH YDOXH GHSHQGV RQ WKH W\SH RI ERLOHU D SDUDPHWHUV UHDG RQ WKH IURQW ERLOHU SDQHO ¿[HG FRQWURO SDQHO E SDUDPHWHUV UHDG RQ WKH 5HPRWH &RQWURO

, 1 6 7 $ / / ( 5 6 H F W L R Q ( 1

D

*$6 9$/9( &$/,%5$7,21 7R FDOLEUDWH WKH JDV YDOYH HQDEOH WKH FDOLEUDWLRQ IXQFWLRQ DV GHVFULEHG LQ VHFWLRQ DQG FDUU\ RXW WKH IROORZLQJ RSHUDWLRQV

9 3,

*DV ÀRZ DGMXVWPHQW VFUHZ $LUWLJKW FKDPEHU SUHVVXUH VLJQDO

.

3L

&DOLEUDWLQJ 5('8&(' KHDW RXWSXW PHDVXUHG RQ WKH ÀXH GXFW ZLWK WKH ERLOHU RSHUDWLQJ DW PLQLPXP KHDW &KHFN WKDW WKH FDSDFLW\ PDWFKHV WKDW LQGLFDWHG LQ WDEOH ,I LW GRHV QRW UHPRYH WKH WKUHDGHG EUDVV FDS RQ WKH JDV YDOYH DQG WXUQ WKH DGMXVWPHQW VFUHZ .

7XUQ WKH VFUHZ FORFNZLVH WR LQFUHDVH WKH DQG DQWLFORFNZLVH WR GHFUHDVH LW OHYHO RI

2))6(7 DGMXVWPHQW VFUHZ *DV VXSSO\ SUHVVXUH WDS

, 1 6 7 $ / / ( 5 6 H F W L R Q ( 1

&DOLEUDWLQJ 0$;,080 KHDW RXWSXW &KHFN WKDW WKH PHDVXUHG RQ WKH ÀXH GXFW ZLWK WKH ERLOHU RSHUDWLQJ DW PD[LPXP KHDW FDSDFLW\ PDWFKHV WKDW LQGLFDWHG LQ WDEOH ,I LW GRHV QRW WXUQ WKH DGMXVWPHQW VFUHZ 9 RQ WKH JDV YDOYH 7XUQ WKH VFUHZ FORFNZLVH WR GHFUHDVH WKH OHYHO RI DQG DQWL FORFNZLVH WR LQFUHDVH LW

*$6 &219(56,21 :KHQ FRQYHUWLQJ IURP QDWXUDO JDV WR SURSDQH /3* EHIRUH FDOLEUD WLQJ WKH JDV YDOYH DV GHVFULEHG DERYH UHSODFH WKH YHQWXUL DVVHPEO\ % DV LQGLFDWHG LQ WKH ¿JXUH 7R DFKLHYH WKLV GLVPRXQW WKH JDV SLSH WKUHDGHG QXW * ´ DQG UHPRYH WKH WKUHH VFUHZV VHFXULQJ WKH ÀDQJH $IWHUZDUGV PDNH VXUH WKHUH DUH QR JDV OHDNV 0RGLI\ WKH SDUDPHWHUV IDQ USP

DV LQGLFDWHG LQ WDEOH IROORZLQJ WKH SURFHGXUH GHVFULEHG LQ VHFWLRQ

7$%/( 3$5$0(7(56 USP &2 0D[ 0D[ &2

SSP

*$6 12==/(6 PP

*

* *

*

Q Q

Q Q

3 3 D

3 D

0LQ SRZHU

0D[ SRZHU

,JQLWLRQ SRZHU

*

*

*

*

*

&2 0LQ

9(1785, PP

3 D

*

* * * * * *

&2 ZLWK FRYHU FORVHG :LWKRXW FRYHU FKDPEHU RSHQ WKH YDOXH LV OHVV WKDQ D YDOXH UHDG RQ WKH ERLOHU IURQW SDQHO GLVSOD\ WR PXOWLSO\ [ H J FRUUHVSRQGV WR USP

7R VLPSOLI\ FDOLEUDWLRQ RI WKH JDV YDOYH VHW WKH ³FDOLEUDWLRQ IXQFWLRQ´ GLUHFWO\ RQ WKH ERLOHU FRQWURO SDQHO DV GHVFULEHG LQ VHFWLRQ

$'-8670(17 $1' 6$)(7< '(9,&(6 7KH ERLOHU KDV EHHQ GHVLJQHG LQ IXOO FRPSOLDQFH ZLWK (XURSHDQ UHIHUHQFH VWDQGDUGV DQG LQ SDUWLFXODU LV HTXLSSHG ZLWK WKH IRO ORZLQJ

/LPLW WKHUPRVWDW 7KDQNV WR D VHQVRU SODFHG RQ WKH &+ ÀRZ OLQH WKLV WKHUPRVWDW LQWHUUXSWV WKH ÀRZ RI JDV WR WKH EXUQHU LI WKH ZDWHU LQ WKH SULPDU\ FLUFXLW RYHUKHDWV 8QGHU VXFK FRQGLWLRQV WKH ERLOHU LV EORFNHG DQG RQO\ DIWHU WKH IDXOW KDV EHHQ HOLPLQDWHG FDQ LW EH LJQLWHG DJDLQ E\ SUHVVLQJ

,W LV IRUELGGHQ WR GLVDEOH WKLV VDIHW\ GHYLFH

17& ÀXH VHQVRU

7KLV GHYLFH LV SRVLWLRQHG RQ WKH IXPHV GXFW 7KH HOHFWURQLF ERDUG VWRSV JDV IURP ÀRZLQJ WR WKH EXUQHU LQ FDVH RI RYHU KHDWLQJ 3UHVV WR UH HVWDEOLVK QRUPDO RSHUDWLQJ FRQGLWLRQV

7KH DERYH UHVHW RSHUDWLRQ LV RQO\ SRVVLEOH LI WKH WHPSHUDWXUH LV OHVV WKDQ &

)ODPH LRQLVDWLRQ GHWHFWRU

7KH ÀDPH VHQVLQJ HOHFWURGH JXDUDQWHHV VDIHW\ RI RSHUDWLRQ LQ FDVH RI JDV IDLOXUH RU LQFRPSOHWH LJQLWLRQ RI WKH PDLQ EXUQHU ,Q WKHVH FRQGLWLRQV WKH ERLOHU EORFNV 3UHVV WR UH HVWDEOLVK QRUPDO RSHUDWLQJ FRQGLWLRQV

+\GUDXOLF SUHVVXUH VZLWFK

7KLV GHYLFH DOORZV WKH PDLQ EXUQHU WR EH LJQLWHG RQO\ LI V\VWHP SUHVVXUH LV KLJKHU WKDQ EDUV

3XPS SRVW FLUFXODWLRQ

7KH HOHFWURQLFDOO\ FRQWUROOHG SXPS SRVW FLUFXODWLRQ IXQFWLRQ ODVWV PLQXWHV DQG LV HQDEOHG LQ WKH KHDWLQJ PRGH LI WKH DPELHQW WKHUPRVWDW FDXVHV WKH PDLQ EXUQHU WR JR RXW

$QWLIUHH]H GHYLFH

7KH HOHFWURQLF ERLOHU PDQDJHPHQW V\VWHP LQFOXGHV DQ ³DQWLIUHH]H´ IXQFWLRQ IRU WKH KHDWLQJ DQG '+: V\VWHPV ZKLFK ZKHQ ÀRZ WHPSHUDWXUH IDOOV EHORZ & RSHUDWHV WKH EXUQHU XQWLO D ÀRZ WHPSHUDWXUH RI & LV UHDFKHG 7KLV IXQFWLRQ LV HQDEOHG ZKHQ WKH ERLOHU LV VZLWFKHG RQ WKH JDV VXSSO\ LV RSHQ DQG WKH V\VWHP LV FRUUHFWO\ SUHVVXULVHG

3XPS DQWL EORFN IXQFWLRQ

,I QR KHDW GHPDQG LV UHFHLYHG LQ WKH KHDWLQJ DQG RU '+: PRGHV IRU FRQVHFXWLYH KRXUV WKH SXPSV ZLOO DXWRPDWLFDOO\ VWDUW DQG RSHUDWH IRU VHFRQGV

+\GUDXOLF VDIHW\ YDOYH KHDWLQJ FLUFXLW

7KLV GHYLFH LV VHW WR EDU DQG LV XVHG IRU WKH KHDWLQJ FLUFXLW &RQQHFW WKH VDIHW\ YDOYH WR D GUDLQ WUDS 'R QRW XVH LW WR GUDLQ WKH KHDWLQJ FLUFXLW

+HDWLQJ SXPS SUH FLUFXODWLRQ

,Q FDVH RI D KHDW GHPDQG LQ WKH KHDWLQJ PRGH WKH DSSOLDQFH FDQ SUH FLUFXODWH WKH SXPS EHIRUH WKH EXUQHU LV LJQLWHG 7KLV SUH FLUFXODWLRQ SKDVH ODVW IURP D IHZ VHFRQGV WR D IHZ PLQXWHV GHSHQGLQJ RQ WKH RSHUDWLQJ WHPSHUDWXUH DQG LQVWDOODWLRQ FRQGLWLRQV

7KH IXQFWLRQV SHUIRUPHG E\ WKH DGMXVWPHQW DQG VDIHW\ GHYLFHV DUH RQO\ RSHUDWLYH LI WKH ERLOHU LV VZLWFKHG RQ

3803 &$3$&,7< +($' 7KH K\GUDXOLF SXPS LV PRGXODWLQJ DQG FLUFXODWHV WKH ZDWHU EHWZHHQ WKH ERLOHU DQG WKH K\GUDXOLF VHSDUDWRU

.(< 72 3803 &+$576 6(&7,21 ( 4 +

5$7( 2) )/2: +($'

7+( 3803 )/2: +($' &+$576 &$1 %( &2168/7(' ,1 6(&7,21 ( $7 7+( (1' 2) 7+( 0$18$/

, 1 6 7 $ / / ( 5 6 H F W L R Q ( 1

,W LV IRUELGGHQ WR GLVDEOH WKLV VDIHW\ GHYLFH

$118$/ 6(59,&,1* 7R RSWLPLVH ERLOHU HI¿FLHQF\ FDUU\ RXW WKH IROORZLQJ DQQXDO FRQWUROV

Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021;

&KHFN WKH DSSHDUDQFH DQG DLUWLJKWQHVV RI WKH JDVNHWV RI WKH JDV DQG FRPEXVWLRQ FLUFXLWV &KHFN WKH VWDWH DQG FRUUHFW SRVLWLRQ RI WKH LJQLWLRQ DQG Ã&#x20AC;DPH VHQVLQJ HOHFWURGHV &KHFN WKH VWDWH RI WKH EXUQHU DQG PDNH VXUH LW LV ¿UPO\ ¿[HG &KHFN IRU DQ\ LPSXULWLHV LQVLGH WKH FRPEXVWLRQ FKDPEHU 8VH D YDFXXP FOHDQHU WR GR WKLV &KHFN WKH JDV YDOYH LV FRUUHFWO\ FDOLEUDWHG &KHFN WKH SUHVVXUH RI WKH KHDWLQJ V\VWHP &KHFN WKH SUHVVXUH RI WKH H[SDQVLRQ YHVVHO V\VWHP

&KHFN WKH IDQ ZRUNV FRUUHFWO\ 0DNH VXUH WKH Ã&#x20AC;XH DQG DLU GXFWV DUH XQREVWUXFWHG &KHFN IRU DQ\ LPSXULWLHV LQVLGH WKH VLSKRQ %HIRUH FRPPHQFLQJ DQ\ PDLQWHQDQFH RSHUDWLRQV PDNH VXUH WKH ERLOHU LV GLVFRQQHFWHG IURP WKH SRZHU VXSSO\ $IWHU VHUYL FLQJ UHVHW WKH RULJLQDO RSHUDWLQJ SDUDPHWHUV RI WKH ERLOHU LI WKH\ ZHUH FKDQJHG

7R PHDVXUH FRPEXVWLRQ HI¿FLHQF\ DQG WKH WR[LFLW\ RI WKH SURGXFWV RI FRPEXVWLRQ WKH ERLOHU LV ¿WWHG ZLWK WZR GHGLFDWHG WHVW SRLQWV 2QH FRQQHFWLRQ SRLQW LV FRQQHFWHG WR WKH Ã&#x20AC;XH JDV GLVFKDUJH FLUFXLW $ DQG DOORZV PRQLWRULQJ RI WKH TXDOLW\ RI WKH FRPEXVWLRQ SURGXFWV DQG WKH FRPEXVWLRQ HI¿FLHQF\ 7KH RWKHU LV FRQQHFWHG WR WKH FRPEXVWLRQ DLU LQWDNH FLUFXLW %

DOORZLQJ FKHFNLQJ RI DQ\ UHF\FOLQJ RI WKH FRPEXVWLRQ SURGXFWV LQ FDVH RI FRD[LDO SLSHOLQHV 7KH IROORZLQJ SDUDPHWHUV FDQ EH PHDVXUHG DW WKH FRQQHFWLRQ SRLQW RQ WKH Ã&#x20AC;XH JDV FLUFXLW

Â&#x2021; WHPSHUDWXUH RI WKH FRPEXVWLRQ SURGXFWV Â&#x2021; R[\JHQ 2 RU FDUERQ GLR[LGH &2 FRQFHQWUDWLRQ Â&#x2021; FDUERQ PRQR[LGH &2 FRQFHQWUDWLRQ

7KH WHPSHUDWXUH RI WKH FRPEXUHQW DLU PXVW EH PHDVXUHG RQ WKH WHVW SRLQW ORFDWHG RQ WKH DLU LQWDNH Ã&#x20AC;XH % E\ LQVHUWLQJ WKH PHDVXUHPHQW VHQVRU E\ DERXW FP &

7R HQDEOH WKH ³&+,01(< 6:((3(5´ FRQVXOW VHFWLRQ

326,7,21,1* 7+( (/(&752'(6

, 1 6 7 $ / / ( 5 6 H F W L R Q ( 1

&20%867,21 3$5$0(7(56

7(&+1,&$/ 63(&,),&$7,216 0RGHOOR /81$ '82 7(& 03

&DW

,, + 3

*DV XVHG

* *

N:

5HGXFHG KHDW LQSXW *

N:

5HGXFHG KHDW LQSXW *

N:

5DWHG KHDW SRZHU &

N:

5DWHG KHDW SRZHU &

N:

5HGXFHG KHDW RXWSXW & *

N:

5HGXFHG KHDW RXWSXW & *

N:

5HGXFHG KHDW RXWSXW & *

N:

5HGXFHG KHDW RXWSXW & *

N:

5DWHG HI¿FLHQF\ &

5DWHG HI¿FLHQF\ &

(I¿FLHQF\ 3Q &

0D[ SUHVVXUH RI ZDWHU LQ KHDWLQJ FLUFXLW

EDU

0LQ SUHVVXUH RI ZDWHU LQ KHDWLQJ FLUFXLW

EDU

&DSDFLW\ RI ERLOHU FLUFXLW YROXPH RI ZDWHU

7HPSHUDWXUH UDQJH LQ KHDWLQJ FLUFXLW

O

&

·

& & & & & & %

&RD[LDO ÀXH GXFW GLDPHWHU

PP

'LDPHWHU RI VHSDUDWH RXWOHWV

PP

0D[ PDVV ÀRZ UDWH RI IXPHV *

NJ V

0LQ PDVV ÀRZ UDWH RI IXPHV *

NJ V

)XPHV W\SRORJ\

0D[ WHPSHUDWXUH RI IXPHV

, 1 6 7 $ / / ( 5 6 H F W L R Q ( 1

5DWHG KHDW LQSXW IRU KHDWLQJ FLUFXLW

&

12[ &ODVV (1 (1

PJ N:K

1DWXUDO JDV VXSSO\ SUHVVXUH +

PEDU

3URSDQH JDV VXSSO\ SUHVVXUH 3

PEDU

3RZHU VXSSO\ YROWDJH

9

3RZHU VXSSO\ IUHTXHQF\

+]

5DWHG SRZHU VXSSO\

:

1HW ZHLJKW

NJ

'LPHQVLRQV KHLJKW

PP

ZLGWK

PP

GHSWK

PP

3URWHFWLRQ OLPLW DJDLQVW KXPLGLW\ (1

,3; '

&( &HUWL¿FDWH 1U &0 &2168037,21 $7 +($7 ,1387 4PD[ DQG 4PLQ 4PD[ * +

P K

4PLQ * +

P K

4PD[ * 3

NJ K

4PLQ * 3

NJ K

6HKU JHHKUWHU .XQGH 8QVHUH )LUPD LVW EHU]HXJW GDVV ,KU QHXHU +HL]NHVVHO YROO XQG JDQ] ,KUHQ $QIRUGHUXQJHQ HQWVSUHFKHQ ZLUG 'HU .DXI HLQHV %$;, 3URGXNWV LVW *DUDQWLH I U HLQHQ HLQZDQGIUHLHQ %HWULHE XQG HLQH HLQIDFKH XQG UDWLRQHOOH 9HUZHQGXQJ %LWWH OHJHQ 6LH GLHVH $QOHLWXQJHQ QLFKW EHLVHLWH RKQH VLH YRUKHU JHOHVHQ ]X KDEHQ 6LH HQWKDOWHQ Q W]OLFKH ,QIRUPDWLRQHQ I U GHQ NRUUHNWHQ XQG HI¿]LHQWHQ (LQVDW] ,KUHV +HL]NHVVHOV

%$;, HUNOlUW GDVV GLH YRUOLHJHQGHQ +HL]NHVVHOPRGHOOH GHU IROJHQGHQ 5LFKWOLQLHQ HQWVSUHFKHQ

NRQIRUP VLQG XQG VRPLW GHQ ZHVHQWOLFKHQ 9RUJDEHQ

*DV 5LFKWOLQLH (* /HLVWXQJV 5LFKWOLQLH (:* 5LFKWOLQLH GHU HOHNWURPDJQHWLVFKHQ .RPSDWLELOLWlW (*

% H Q X W ] H U , Q V W D O O D W H X U ' (

1LHGHUVSDQQXQJVULFKWOLQLH (*

'LH )LUPD %D[L 6 S $ LVW VWlQGLJ XP GLH 9HUEHVVHUXQJ LKUHU 3URGXNWH EHP KW 6LH EHKlOW VLFK GDKHU GDV 5HFKW YRU GLH LQ GLHVHQ 8QWHUODJHQ HQWKDOWHQHQ 'DWHQ MHGHU]HLW XQG RKQH 9RUDQN QGLJXQJ ]X lQGHUQ 'LHVH 8QWHUODJHQ VLQG UHLQ LQIRUPDWLY XQG JHOWHQ QLFKW DOV 9HUWUDJ JHJHQ EHU 'ULWWHQ

,1+$/7

6<0%2/%(6&+5(,%81* 6,&+(5+(,76+,1:(,6( $//*(0(,1( +,1:(,6( +,1:(,6( =85 (1(5*,((,163$581* ,1%(75,(%1$+0( '(6 +(,=.(66(/6

(,167(//81* '(5 925/$8)7(03(5$785 )h5 +(,=81* 81' 75,1.:$50:$66(5 %(75,(%6$57(1

/b1*(5(5 67,//67$1' '(5 $1/$*( )52676&+87=

:(&+6(/1 '(5 *$6$57 %(75,(%667g581*(1 ,1)2 0(1h +(,=.(66(/ $1)h//(1 '(5 $1/$*( 25'(17/,&+( :$5781* $866&+$/7(1 '(6 +(,=.(66(/6 +,1:(,6( 925 '(5 ,167$//$7,21 ,167$//$7,21 '(6 +(,=.(66(/6

3803( '(6 +(,=.(66(/6

,167$//$7,21 '(5 /(,781*(1

.2$;,$/( /(,781*(1 6(3$5$7( /(,781*(1 .$6.$'( /(,781*(1

(/(.75,6&+(5 $16&+/866

$16&+/866 5$807+(50267$7 1,&+7 ,0 /,()(580)$1* (17+$/7(1( =8%(+g57(,/(

(;7(51( $1/$*(167(8(502'8/( 63(=,$/)81.7,21(1

(17/h)781*6)81.7,21 (,167(//)81.7,21 .$0,1)(*(5)81.7,21

920 %(187=(5 1,&+7 48,77,(5%$5( 67g581*(1 3$5$0(7(5(,167(//81* *$69(17,/ (,167(//(1

8067(//(1 $8) $1'(5( *$6$57

(,167(// 81' 6,&+(5+(,769255,&+781*(1 )g5'(50(1*( )g5'(5+g+( $1 '(5 +(,=3/$77( -b+5/,&+( :$5781*

9(5%5(1181*63$5$0(7(5 $125'181* '(5 (/(.752'(1

7(&+1,6&+( 0(5.0$/(

6<0%2/%(6&+5(,%81*

+,1:(,6 *HIDKU YRQ 6FKlGHQ RGHU )XQNWLRQVIHKOHUQ GHV *HUlWV %HDFKWHQ 6LH EHVRQGHUV DOOH *HIDKUHQKLQZHLVH KLQVLFKWOLFK P|JOLFKHU 6FKlGHQ YRQ 3HUVRQHQ 9(5%5(1181*6*()$+5 $EZDUWHQ ELV GDV *HUlW DEJHN KOW LVW EHYRU DXI KHL H 7HLOH ]XJHJULIIHQ ZLUG +2&+63$1181*6*()$+5 (OHNWULVFKH 7HLOH XQWHU 6SDQQXQJ *HIDKU YRQ 6WURPVFKOlJHQ )5267*()$+5 0|JOLFKH (LVELOGXQJ EHL EHVRQGHUV QLHGULJHQ 7HPSHUDWXUHQ

$//*(0(,1(6 9(5%27 9HUERW GHV *HEUDXFKV $XVI KUXQJ GHU QHEHQ GHP 6\PERO EHVFKULHEHQHQ 9RUJlQJH

6,&+(5+(,76+,1:(,6(

*$6*(58&+

'HQ +HL]NHVVHO DXVVFKDOWHQ .HLQH HOHNWULVFKH 9RUULFKWXQJ EHWlWLJHQ ] % /LFKW HLQVFKDOWHQ

$OOIlOOLJH IUHLH )ODPPHQ O|VFKHQ XQG GLH )HQVWHU |IIQHQ 'HQ ]XJHODVVHQHQ .XQGHQGLHQVW YHUVWlQGLJHQ

9(5%5(1181*6*(58&+ 'HQ +HL]NHVVHO DXVVFKDOWHQ 'DV /RNDO GXUFK gIIQHQ YRQ )HQVWHU XQG 7 UHQ HQWO IWHQ 'HQ ]XJHODVVHQHQ .XQGHQGLHQVW YHUVWlQGLJHQ

%5(11%$5(6 0$7(5,$/ .HLQ OHLFKW HQWÀDPPEDUHV 0DWHULDO /|VXQJVPLWWHO 3DSLHU XVZ LQ GHU 1lKH GHV +HL]NHVVHOV YHUZHQGHQ E]Z ODJHUQ

:$5781* 81' 5(,1,*81* '(6 +(,=.(66(/6 9RU MHJOLFKHP (LQJULII GLH 6WURPYHUVRUJXQJ ]XP +HL]NHVVHO DEWUHQQHQ

'DV *HUlW GDUI QLFKW YRQ 3HUVRQHQ PLW SK\VLVFK VHQVRULHOO RGHU JHLVWLJ HLQJHVFKUlQNWHQ )lKLJNHLWHQ YHUZHQGHW ZHUGHQ DXFK QLFKW YRQ 3HUVRQHQ RKQH DXVUHLFKHQGH (UIDKUXQJ RGHU .HQQWQLV HV VHL GHQQ VLH ZHUGHQ YRQ HLQHU I U LKUH 6LFKHUKHLW YHUDQWZRUWOLFKHQ 3HUVRQ EHUZDFKW RGHU LQ GHQ *HEUDXFK GHV *HUlWV HLQJHZLHVHQ

%$;, LVW HLQHU GHU I KUHQGHQ HXURSlLVFKHQ +HUVWHOOHU YRQ +HL]NHVVHOQ XQG +HL]V\VWHPHQ PLW KRFKZHUWLJHQ WHFKQRORJLVFKHQ 0HUNPDOHQ 'LH EHWULHEVLQWHUQHQ 6\VWHPH YRQ %D[L VLQG QDFK &64 ]HUWL¿]LHUW XQG ]ZDU GDV 4XDOLWlWVPDQDJHPHQWV\VWHP QDFK ,62 GLH 8PZHOWYHUWUlJOLFKNHLW QDFK ,62 XQG GDV *HVXQGKHLWV XQG 6LFKHUKHLWVV\VWHP QDFK 2+6$6 'LHV EH]HXJW GDVV GLH 8QWHUQHKPHQVSKLORVRSKLH YRQ %$;, 6 S $ DXI GHQ 6FKXW] GHU 8PZHOW DXI GLH 9HUOlVVOLFKNHLW XQG 4XDOLWlW GHU HLJHQHQ 3URGXNWH VRZLH DXI GLH *HVXQGKHLW XQG 6LFKHUKHLW GHU HLJHQHQ 0LWDUEHLWHU DXVJHULFKWHW LVW 0LWWHOV VHLQHU 2UJDQLVDWLRQ LVW GDV 8QWHUQHKPHQ NRQVWDQW EHP KW GLH YRUJHQDQQWHQ $VSHNWH ]XU =XIULHGHQKHLW GHU HLJHQHQ .XQGHQ ]X LPSOHPHQWLHUHQ XQG ]X YHUEHVVHUQ

% H Q X W ] H U , Q V W D O O D W H X U ' (

:,&+7,*( ,1)250$7,21(1 'LHVH ,QIRUPDWLRQHQ P VVHQ PLW EHVRQGHUHU 6RUJIDOW JHOHVHQ ZHUGHQ 6LH YHUVLFKHUQ GHQ NRUUHNWHQ %H WULHE GHV +HL]NHVVHOV

$//*(0(,1( +,1:(,6( 'HU +HL]NHVVHO KHL]W GDV :DVVHU DXI HLQH 7HPSHUDWXU XQWHUKDOE GHV 6LHGHSXQNWHV EHL /XIWGUXFN DXI (U PXVV DQ HLQH +HL]XQJ VDQODJH XQG DQ HLQ :DUPZDVVHUYHUWHLOHUQHW] DQJHVFKORVVHQ ZHUGHQ GLH VHLQHQ (LJHQVFKDIWHQ XQG VHLQHU /HLVWXQJ HQWVSUHFKHQ %HYRU GHU +HL]NHVVHO YRQ EHUXÀLFK TXDOL¿]LHUWHP 3HUVRQDO KLHU]X GLH QDWLRQDOHQ XQG ORNDOHQ 9RUVFKULIWHQ EHDFKWHQ DQJHVFK ORVVHQ ZLUG PXVV

EHUSU IW ZHUGHQ RE GHU +HL]NHVVHO I U GHQ %HWULHE PLW GHU ]XU 9HUI JXQJ VWHKHQGHQ *DVDUW YRUJHVHKHQ LVW 'LH HQWVSUHFKHQ GHQ $QJDEHQ ¿QGHQ 6LH DXI GHU 9HUSDFNXQJ XQG DXI GHP *HUlWHVFKLOG NRQWUROOLHUW ZHUGHQ RE GHU .DPLQ EHU HLQHQ DQJHPHVVHQHQ =XJ YHUI JW NHLQH 'URVVHOVWHOOHQ DXIZHLVW XQG DQ GHQVHOEHQ 5DXFKIDQJ NHLQH DQGHUHQ *HUlWH DQJHVFKORVVHQ VLQG ZHQQ GLHVHU QLFKW DXVGU FNOLFK JHPl GHQ HQWVSUHFKHQGHQ 9RUVFKULI WHQ XQG GHQ JHOWHQGHQ %HVWLPPXQJHQ I U PHKUHUH $QVFKO VVH YRUJHVHKHQ LVW %HLP $QVFKOXVV DQ EHUHLWV YRUKDQGHQH 5DXFKIlQJH PXVV EHUSU IW ZHUGHQ RE GLHVH YROONRPPHQ VDXEHU VLQG GD 6FKODFNHQ GLH VLFK ZlKUHQG GHV %HWULHEV YRQ GHQ :lQGHQ O|VHQ GHQ 5DXFKIDQJ YHUVWRSIHQ N|QQWHQ 8P GHQ HLQZDQGIUHLHQ %HWULHE GHV *HUlWV ]X JHZlKUOHLVWHQ XQG GHQ *DUDQWLHDQVSUXFK ]X EHZDKUHQ P VVHQ DX HUGHP GLH QDFKVWHKHQGHQ 9RUVLFKWVPD UHJHOQ EHIROJW ZHUGHQ

% H Q X W ] H U , Q V W D O O D W H X U ' (

7ULQNZDVVHUNUHLV )DOOV GLH :DVVHUKlUWH EHU ) ) PJ .DO]LXPNDUERQDW SUR /LWHU :DVVHU EHWUlJW PXVV HLQ 3RO\SKRVSKDWGRVLHUHU RGHU HLQ JOHLFKZHUWLJHV 6\VWHP GDV GHQ JHOWHQGHQ %HVWLPPXQJHQ HQWVSULFKW LQVWDOOLHUW ZHUGHQ 1DFK GHU ,QVWDOODWLRQ XQG YRU GHU ,QEHWULHEQDKPH GHV *HUlWV LVW HLQH JU QGOLFKH 5HLQLJXQJ GHU $QODJH HUIRUGHUOLFK 'LH I U GHQ 7ULQNZDVVHUNUHLV YHUZHQGHWHQ :HUNVWRIIH P VVHQ GHU 5LFKWOLQLH (* HQWVSUHFKHQ

+HL]ZDVVHUNUHLV 1HXH $QODJH 9RU GHU ,QVWDOODWLRQ GHV .HVVHOV PXVV GLH $QODJH JU QGOLFK JHUHLQLJW ZHUGHQ XP 5 FNVWlQGH YRQ *HZLQGHQ 6FKZHL QlKWHQ XQG HYHQWXHOOHQ /|VXQJVPLWWHOQ ]X HQWIHUQHQ ) U GLH 5HLQLJXQJ VLQG JHHLJQHWH QLFKW VDXUH XQG QLFKW DONDOLVFKH LP +DQGHO HUKlOWOLFKH 0LWWHO ]X YHUZHQGHQ ZHOFKH GLH 0HWDOOH .XQVWVWRII XQG *XPPLWHLOH QLFKW DQJUHLIHQ =XP 6FKXW] GHU $QOD JH YRU 9HUNUXVWXQJHQ VLQG HQWVSUHFKHQGH 6SH]LDOSURGXNWH ZLH 6(17,1(/ ; XQG )(512; 6FKXW]PLWWHO I U +HL]DQODJHQ ]X YHUZHQGHQ %HLP *HEUDXFK GLHVHU 3URGXNWH P VVHQ GLH *HEUDXFKVDQZHLVXQJHQ GHU +HUVWHOOHU JHQDX EHIROJW ZHUGHQ

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lFKWLJW ZHUGHQ NDQQ ] % hEHUKLW]XQJ XQG ODXWHU %HWULHE GHV :lUPHWDXVFKHUV

'LH HUVWH ,QEHWULHEQDKPH PXVV YRQ HLQHP DXWRULVLHUWHQ .XQGHQGLHQVW GXUFKJHI KUW ZHUGHQ 'LHVHU PXVV )ROJHQGHV NRQWUROOLHUHQ

'LH 'DWHQ DXI GHP 6FKLOG P VVHQ MHQHQ GHU 9HUVRUJXQJVQHW]H HQWVSUHFKHQ 6WURP :DVVHU *DV

'LH ,QVWDOODWLRQ PXVV GHQ JHOWHQGHQ 1RUPHQ HQWVSUHFKHQ 'HU (OHNWURDQVFKOXVV PXVV YRUVFKULIWVPl LJ DQ GDV 6WURPQHW] XQG GLH (UGXQJ DXVJHI KUW ZRUGHQ VHLQ 'DV *HUlW PXVV LQ HLQHP EHO IWHWHQ 5DXP LQVWDOOLHUW ZHUGHQ GHU QDFK GHQ J OWLJHQ 9RUVFKULIWHQ DOV +HL]UDXP DXVJHU VWHW LVW *HUlWH PLW :lUPHEHODVWXQJ ! N:

'LH 1LFKWEHDFKWXQJ GLHVHU +LQZHLVH EHZLUNW GHQ 9HUIDOO GHU *HUlWHJDUDQWLH 'LH DXWRULVLHUWHQ .XQGHQGLHQVWVWHOOHQ VLQG LP %HLEODWW DQJHI KUW 9RU GHU ,QEHWULHEQDKPH PXVV GLH 6FKXW]IROLH YRP +HL]NHVVHO HQWIHUQW ZHUGHQ +LHU]X NHLQ :HUN]HXJ RGHU 5HLEHPLWWHO YHUZHQGHQ GD VRQVW GLH ODFNLHUWHQ 7HLOH EHVFKlGLJW ZHUGHQ N|QQWHQ 'DV 9HUSDFNXQJVPDWHULDO 3ODVWLNEHXWHO 3RO\VW\URO XVZ PXVV I U .LQGHU XQHUUHLFKEDU DXIEHZDKUW ZHUGHQ GD HV HLQH SRWHQWLHOOH *HIDKUHQTXHOOH GDUVWHOOW

+,1:(,6( =85 (1(5*,((,163$581* 5HJHOXQJ GHU +HL]XQJ

'LH 9RUODXIWHPSHUDWXU GHV +HL]NHVVHOV MH QDFK $UW GHU $QODJH HLQVWHOOHQ %HL $QODJHQ PLW +HL]N|USHUQ ZLUG HPSIRKOHQ HLQH +HL]ZDVVHU 9RUODXIWHPSHUDWXU YRQ PD[LPDO ]LUND & HLQ]XVWHOOHQ 'LHVHU :HUW LVW QXU GDQQ ]X HUK|KHQ ZHQQ GLH JHZ QVFKWH 8PJHEXQJVWHPSHUDWXU QLFKW HUUHLFKW ZHUGHQ NDQQ %HL $QODJHQ PLW )X ERGHQKHL]XQJ GDUI GLH YRP $QODJHQSODQHU YRUJHVHKHQH 7HPSHUDWXU QLFKW EHUVFKULWWHQ ZHUGHQ (V HPS¿HKOW VLFK GLH 9HUZHQGXQJ GHV $X HQWHPSHUDWXUI KOHUV E]Z GHU 6FKDOWWIDIHO XP GLH 9RUODXIWHPSHUDWXU LQ $EKlQJLJNHLW YRQ GHQ :LWWHUXQJVYHUKlOWQLVVHQ RGHU GHU ,QQHQUDXPWHPSHUDWXU DXWRPDWLVFK DQ]XSDVVHQ $XI GLHVH $UW XQG :HLVH ZLUG QXU VRYLHO :lUPH HU]HXJW ZLH WDWVlFKOLFK HUIRUGHUOLFK 'LH 5DXPWHPSHUDWXU VR HLQVWHOOHQ GDVV GLH 5lXPH QLFKW EHUKLW]W ZHUGHQ -HGHU *UDG K|KHUHU 7HPSHUDWXU EHGHXWHW HLQHQ XP FD JU| HUHQ (QHUJLHYHUEUDXFK 'LH 5DX PWHPSHUDWXU PXVV DXFK MH QDFK 9HUZHQGXQJV]ZHFN GHU 5lXPH JHZlKOW ZHUGHQ 6R N|QQHQ ] % 6FKODI]LPPHU RGHU ZHQLJHU EHQXW]WH 5lXPH PLW QLHGULJHUHQ 7HPSHUDWXUHQ JHKHL]W ZHUGHQ 0LW GHU =HLWSURJUDPPLHUXQJ HLQH 1DFKWWHPSHUDWXUDEVHQNXQJ YRQ FD & JHJHQ EHU GHQ 7DJHVZHUWHQ HLQVWHOOHQ $XV (QHUJLHVSDUJU QGHQ LVW HLQH VWlUNHUH $EVHQNXQJ GHU 1DFKWWHPSHUDWXU QLFKW YRUWHLOKDIW %HL OlQJHUHU $EZHVHQKHLW ] % LP 8UODXE NDQQ GLH 7HPSHUDWXUHLQVWHOOXQJ DXI QRFK QLHGULJHUH :HUWH JHVHQNW ZHUGHQ 'LH +HL]N|USHU QLFKW DEGHFNHQ GDPLW GLH /XIW ULFKWLJ ]LUNXOLHUHQ NDQQ =XU 5DXPO IWXQJ GLH )HQVWHU QLFKW OlQJHUH =HLW EHU JHULQJ I JLJ |IIQHQ VRQGHUQ I U NXU]H =HLW NRPSOHWW RIIHQ ODVVHQ

7ULQNZDUPZDVVHU

(LQH JXWH (QHUJLHHUVSDUQLV ZLUG GXUFK (LQVWHOOHQ GHU JHZ QVFKWHQ :DUPZDVVHUWHPSHUDWXU HUUHLFKW RKQH HV PLW .DOWZDVVHU ]X PLVFKHQ 'DV :lUPHQ DXI K|KHUH 7HPSHUDWXUHQ YHUEUDXFKW PHKU (QHUJLH XQG I KUW ]XU ]XVlW]OLFKHQ .DONELOGXQJ

,1%(75,(%1$+0( '(6 +(,=.(66(/6 ) U HLQ NRUUHNWHV (LQVFKDOWHQ GHV +HL]NHVVHOV LVW ZLH IROJW YRU]XJHKHQ

.RQWUROOLHUHQ RE GHU $QODJHQGUXFN GHQ YRUJHVFKULHEHQHQ :HUWHQ HQWVSULFKW .DSLWHO

'HQ +HL]NHVVHO DQ GDV 6WURPQHW] DQVFKOLH HQ 'HQ *DVKDKQ |IIQHQ JHOE QRUPDOHUZHLVH XQWHU GHP +HL]NHVVHO DQJHEUDFKW

'HQ JHZ QVFKWHQ +HL]PRGXV HLQVWHOOHQ .DSLWHO

%HLP HUVWHQ (LQVFKDOWHQ NDQQ HV YRUNRPPHQ GDVV LQ GHU *DVOHLWXQJ QRFK /XIW YRUKDQGHQ LVW GHU %UHQQHU GDKHU QLFKW DQ VSULQJW XQG GHU +HL]NHVVHO EORFNLHUW LVW ,Q GLHVHP )DOO ZLUG HPSIRKOHQ GHQ (LQVFKDOWYRUJDQJ VR ODQJH ]X ZLHGHUKROHQ ELV PLQGHVWHQV 6HNXQGHQ ODQJ GDV *DV GHQ %UHQQHU HUUHLFKW =XP :LHGHUDXIQHKPHQ GHV +HL]NHVVHOEHWULHEV GLH 7DVWH GU FNHQ

/HJHQGH 7$67(1 7DVWH ]XU 7HPSHUDWXUHUK|KXQJ XQG 7DVWH ± ]XU 7HPSHUDWXUVHQNXQJ

7HPSHUDWXUUHJHOXQJ +HL]XQJ

7DVWH ]XU 7HPSHUDWXUHUK|KXQJ XQG 7DVWH ± ]XU 7HPSHUDWXUVHQNXQJ

%HWULHEVLQIRUPDWLRQHQ +HL]NHVVHO

%HWULHEVDUW 7ULQNZDUPZDVVHU ± 7ULQNZDUPZDVVHU +HL]XQJ ± QXU +HL]XQJ

$XVJHVFKDOWHW 5HVHW 0HQ YHUODVVHQ )XQNWLRQHQ

%HGHXWXQJ GHU 6<0%2/( $XV +HL]XQJ XQG :DUPZDVVHU DXVJHVFKDOWHW HV IXQNWLRQLHUW QXU GHU )URVWVFKXW] GHV +HL]NHVVHOV

%UHQQHU HLQJHVFKDOWHW

(LQVFKDOWHQ GHV %UHQQHUV ZHJHQ 6W|UXQJ YHUKLQGHUW

%HWULHEVDUW 7ULQNZDUPZDVVHU DNWLYLHUW

:DVVHUGUXFN +HL]NHVVHO $QODJH QLHGULJ

%HWULHEVDUW +HL]XQJ DNWLYLHUW

.XQGHQGLHQVW DQIRUGHUQ

3URJUDPPLHUXQJV 0HQ

0DQXHOO TXLWWLHUEDUH 6W|UXQJ 7DVWH

,QIRUPDWLRQVPHQ +HL]NHVVHO

)HKOHU YRUKDQGHQ

9RUJHJHEHQH 0D HLQKHLWHQ 6, 86

(,167(//81* '(5 925/$8)7(03(5$785 )h5 +(,=81* 81' 75,1.:$50:$66(5 'LH 9RUODXIWHPSHUDWXU I U +HL]XQJ XQG 7ULQNZDUPZDVVHU EHL H[WHUQHP 6SHLFKHU ZLUG PLW GHQ 7DVWHQ VWHOOW 'DV = QGHQ GHV %UHQQHUV ZLUG DP 'LVSOD\ PLW GHP 6\PERO DQJH]HLJW

+(,=81* :lKUHQG GHV %HWULHEV GHV +HL]NHVVHOV I U GLH +HL]XQJ EOLQNW DXI GHP 'LVSOD\ GDV 6\PERO UDWXU I U GLH +HL]XQJ & ZLUG DQJH]HLJW

%HL $QVFKOXVV HLQHV $X HQWHPSHUDWXUI KOHUV UHJHOQ GLH 7DVWHQ

XQG

HLQJH

XQG GLH 9RUODXIWHPSH

LQGLUHNW GLH 5DXPWHPSHUDWXU :HUNVHLQVWHOOXQJ &

75,1.:$50:$66(5 'LH 3URGXNWLRQ YRQ 7ULQNZDUPZDVVHU LVW GXUFK GLH 9HUELQGXQJ GHV +HL]NHVVHOV PLW HLQHP H[WHUQHQ 6SHLFKHU P|JOLFK :HQQ GHU +HL]NHVVHO DXI GLH %HWULHEVDUW 7ULQNZDUPZDVVHU JHVWHOOW LVW EOLQNW DXI GHP 'LVSOD\ GDV 6\PERO XQG GLH 9RUODXIWHPSHUDWXU I U GLH +HL]XQJ & ZLUG DQJH]HLJW

%(75,(%6$57(1 $1*(=(,*7(6 %(75,(%6$57 6<0%2/ 75,1.:$50:$66(5

75,1.:$50:$66(5 +(,=81* 185 +(,=81*

=XP 6WHOOHQ GHV *HUlWV DXI 7ULQNZDUPZDVVHU +HL]XQJ RGHU 1XU +HL]XQJ GLH 7DVWH ZLHGHUKROW GU FNHQ XQG HLQH GHU GUHL YRUKDQGHQHQ %HWULHEVDUWHQ DXVZlKOHQ =XP 'HDNWLYLHUHQ GHU %HWULHEVDUWHQ GHV +HL]NHVVHO EHL DNWLYHU )URVWVFKXW]IXQNWLRQ GLH 7DVWH GU FNHQ DP 'LVSOD\ HUVFKHLQW QXU GDV 6\PERO +HL]NHVVHO QLFKW EORFNLHUW

$ E V F K Q L W W % ( 1 8 7 = ( 5 $ 7 ' (

7HPSHUDWXUUHJHOXQJ 7ULQNZDUPZDVVHU

/b1*(5(5 67,//67$1' '(5 $1/$*( )52676&+87=

(LQ (QWOHHUHQ GHU JHVDPWHQ +HL]DQODJH VROOWH QDFK 0|JOLFKNHLW YHUPLHGHQ ZHUGHQ ZHLO HLQ :DVVHUZHFKVHO ]X XQQ|WLJHQ XQG VFKlGOLFKHQ .DONDEODJHUXQJHQ LP ,QQHUHQ GHV +HL]NHVVHOV XQG GHU +HL]YRUULFKWXQJHQ I KUHQ NDQQ )DOOV GLH +HL]DQODJH LP :LQWHU QLFKW YHUZHQGHW ZLUG XQG )URVWJHIDKU EHVWHKW ZLUG HPSIRKOHQ GHP :DVVHU LQ GHU $QODJH JHHLJQHWH )URVWVFKXW]PLWWHO EHL]XJHEHQ ] % 3URS\OHQJO\NRO PLW 6XEVWDQ]HQ GLH YRU $EODJHUXQJHQ XQG 5RVW VFK W]HQ 'LH HOHNWURQLVFKH 6WHXHUXQJ GHV +HL]NHVVHOV VLHKW HLQH ³)URVWVFKXW]´ )XQNWLRQ LP 0RGXV +HL]XQJ YRU ZHOFKHU EHL 9RUODXIWHPSHUDWXUHQ YRQ ZHQLJHU DOV & GHQ %UHQQHU DXWRPDWLVFK HLQVFKDOWHW ELV HLQH 7HPSHUDWXU YRQ & LP 9RUODXI HUUHLFKW ZLUG 'LH )XQNWLRQ LVW EHWULHEVW FKWLJ ZHQQ GHU +HL]NHVVHO PLW *DV XQG HOHNWULVFKHP 6WURP YHUVRUJW ZLUG GHU $QODJHQGUXFN GHP YRUJHVFKULHEHQHQ :HUW HQWVSULFKW XQG GHU +HL]NHVVHO QLFKW EORFNLHUW LVW

:(&+6(/1 '(5 *$6$57

$ E V F K Q L W W % ( 1 8 7 = ( 5 $ 7 ' (

'LH +HL]NHVVHO N|QQHQ PLW VRZRKO PLW (UGJDV * DOV DXFK PLW )O VVLJJDV * EHWULHEHQ ZHUGHQ 6ROOWH HLQH 8PVWHOOXQJ DXI HLQ DQGHUHV *DV HUIRUGHUOLFK VHLQ VR ZHQGHQ 6LH VLFK ELWWH DQ GHQ $87+25,6,(57(1 7(&+1,6&+(1 .81'(1',(167

%(75,(%667g581*(1 $XI GHP 'LVSOD\ VLQG 6W|UXQJHQ GXUFK GDV 6\PERO XQG GXUFK HLQH 1XPPHU )HKOHUFRGH JHNHQQ ]HLFKQHW 'LH NRPSOHWWH 6W|UXQJVOLVWH LVW LQ GHU IROJHQGHQ 7DEHOOH HQWKDOWHQ

(UVFKHLQW GDV 6\PERO DXI GHP 'LVSOD\ PXVV GHU %HQXW]HU HLQ 5(6(7 GXUFKI KUHQ =XP 5(6(7 GHV +HL]NHVVHOV GLH 7DVWH GU FNHQ :HQQ 6W|UXQJHQ KlX¿J DQJH]HLJW ZHUGHQ GHQ DXWKRULVLHUWHQ WHFKQLVFKHQ .XQGHQGLHQVW YHUVWlQGLJHQ

6W|UXQJVEHVFKUHLEXQJ

6W|UXQJVEHVFKUHLEXQJ

6HQVRU $X HQWHPSHUDWXUI KOHU GHIHNW

17& 6HQVRU DP 9RUODXI GHIHNW

17& $EJDVVHQVRU GHIHNW 17& 6HQVRU :DVVHUU FNODXI GHIHNW 17& 6HQVRU 7ULQNZDUPZDVVHU GHIHNW QXU EHL 0RGHOO I U +HL]XQJ PLW H[WHUQHP :DUPZDVVHUVSHLFKHU

.RPPXQLNDWLRQVSUREOHP ]ZLVFKHQ .DUWHQEDXJUXSSH +HL]NHVVHO XQG 6WHXHUHLQKHLW 0|JOLFKHU .XU]VFKOXVV DQ GHU 9HUNDEHOXQJ

17& $EJDVVHQVRU ZHJHQ hEHUWHPSHUDWXU DXVJHO|VW .HLQH = QGXQJ HUIROJW 9HUVXFKH

,QWHUQHU )HKOHU .DUWHQEDXJUXSSH +HL]NHVVHO

%HWULHEVVW|UXQJ 9HQWLODWRU

$GUHVVLHUXQJVNRQÀLNW ]ZLVFKHQ PHKUHUHQ 6WHXHUJHUlWHQ

17& 6HQVRU 7ULQNZDUPZDVVHU GHIHNW

/XIW LP +HL]NUHLV YRU EHUJHKHQGH 6W|UXQJ

)ODPPHQIHKOHU LQWHUQH 6W|UXQJ

9HUVRUJXQJVVSDQQXQJ ]X QLHGULJ

(UIRUGHUOLFKH 9HQWLODWRUJHVFKZLQGLJNHLW QLFKW HUUHLFKW

]XU 6LFKHUKHLW ZHJHQ IHKOHQGHU =LUNXODWLRQ DXVJHO|VW .RQWUROOH GXUFK HLQHQ 'UXFNVHQVRU

6LFKHUKHLWVWKHUPRVWDW ZHJHQ hEHUWHPSHUDWXU DXVJHO|VW ZDKUVFKHLQOLFK ZHJHQ EORFNLHUWHU 3XPSH RGHU ZHJHQ /XIW LP +HL]NUHLV

(OHNWURQLVFKH 6LFKHUKHLWVHLQULFKWXQJ ZHJHQ hEHUWHPSHUDWXU DXVJHO|VW

=XU 6LFKHUKHLW ZHJHQ IHKOHQGHU =LUNXODWLRQ DXVJHO|VW .RQWUROOH GXUFK HLQHQ 7HPSHUDWXUI KOHU

)ODPPHQYHUOXVW

'UXFN LP +\GUDXOLNNUHLV ]X KRFK

'UXFN LP +\GUDXOLNNUHLV ]X QLHGULJ ,P 6W|UXQJVIDOO VFKDOWHW VLFK GLH 'LVSOD\ +LQWHUOHXFKWXQJ HLQ XQG ]HLJW GHQ )HKOHUFRGH DQ (V NDQQ I QIPDO QDFKHLQDQGHU YHUVXFKW ZHUGHQ GHQ +HL]NHVVHO ]XU FN]XVHW]HQ GDQDFK EORFNLHUW HU VLFK 9RU HLQHP HUQHXWHQ 5HVHW 9HUVXFK 0LQXWHQ ODQJ ZDUWHQ

,1)2 0(1h +(,=.(66(/ 'LH 7DVWH EHWlWLJHQ XP GLH LQ GHU IROJHQGHQ 7DEHOOH HQWKDOWHQHQHQ ,QIRUPDWLRQHQ DQ]X]HLJHQ 'DV 0HQ GXUFK 'UXFN DXI GLH 7DVWH YHUODVVHQ %H]HLFKQXQJ

,QWHUQHU )HKOHUFRGH 6HNXQGlUNUHLV 9RUODXIWHPSHUDWXU +HL]XQJ $X HQWHPSHUDWXU ZHQQ $X HQWHPSHUDWXUI KOHU YRUKDQGHQ

:DVVHUWHPSHUDWXU H[WHUQHU :DUPZDVVHUVSHLFKHU YRUJHVHKHQH 0RGHOOH

:DVVHUWHPSHUDWXU H[WHUQHU :DUPZDVVHUVSHLFKHU YRUJHVHKHQH 0RGHOOH

:DVVHUGUXFN +HL]DQODJH 5 FNODXIWHPSHUDWXU +HL]XQJ 7HPSHUDWXU 5DXFKJDVI KOHU QLFKW YHUZHQGHW

%H]HLFKQXQJ

9RUODXIWHPSHUDWXU +HL]XQJ =RQH

%HWULHEVDUW +HL]XQJ =RQH

%HWULHEVDUW +HL]XQJ =RQH

%HWULHEVDUW 7ULQNZDUPZDVVHU

%HWULHEVDUW +HL]NHVVHO

9RUODXIWHPSHUDWXU +HL]XQJ =RQH

%HWULHEVDUW 6RODUDQODJH +HUVWHOOHULQIRUPDWLRQHQ +HUVWHOOHULQIRUPDWLRQHQ

$1)h//(1 '(5 $1/$*( ,Q UHJHOPl LJHQ =HLWDEVWlQGHQ NRQWUROOLHUHQ RE GHU DP 0DQRPHWHU EHL NDOWHU $QODJH DQJH]HLJWH 'UXFN EDU EHWUlJW %HL HLQHP QLHGULJHUHQ :HUW GHQ YRP ,QVWDOODWHXU PRQWLHUWHQ +DKQ ]XP ) OOHQ GHU $QODJH EHWlWLJHQ 'LHVHU +DKQ VROO VHKU ODQJVDP JH|IIQHW ZHUGHQ GDPLW GLH /XIW EHVVHU HQWZHLFKHQ NDQQ

'HU +HL]NHVVHO LVW PLW HLQHP K\GUDXOLVFKHQ 'UXFNVFKDOWHU DXVJHVWDWWHW ZHOFKHU GHQ %HWULHE EHL )HKOHQ YRQ :DVVHU XQWHUEULFKW

%HL KlX¿JHQ 'UXFNYHUOXVWHQ ZHQGHQ 6LH VLFK ELWWH DQ GHQ $8725,6,(57(1 .81'(1',(167

8P GLH HLQZDQGIUHLH )XQNWLRQVW FKWLJNHLW XQG 6LFKHUKHLW GHV +HL]NHVVHOV ]X JHZlKUOHLVWHQ ODVVHQ 6LH GLHVHQ DP (QGH MHGHU +HL]SHULRGH YRP DXWRULVLHUWHQ .XQGHQGLHQVW EHUSU IHQ (LQH VRUJIlOWLJH :DUWXQJ JHZlKUOHLVWHW LPPHU (LQVSDUXQJHQ EHLP %HWULHE GHU $QODJH

$866&+$/7(1 '(6 +(,=.(66(/6 8P GHQ +HL]NHVVHO DXV]XVFKDOWHQ PXVV GLH 6WURPYHUVRUJXQJ GHV *HUlWV PLW GHP ]ZHLSROLJHQ 6FKDOWHU XQWHUEURFKHQ ZHUGHQ ,Q GHU %HWULHEVDUW ³6FKXW]EHWULHE´ EOHLEW GHU +HL]NHVVHO DXVJHVFKDOWHW 'LH 6WURPNUHLVH VWHKHQ ZHLWHUKLQ XQWHU 6SDQQXQJ XQG GLH )URVWVFKXW]IXQNWLRQ LVW DNWLY

$ E V F K Q L W W % ( 1 8 7 = ( 5 $ 7 ' (

25'(17/,&+( :$5781*

+,1:(,6( 925 '(5 ,167$//$7,21 'LH QDFKIROJHQGHQ +LQZHLVH XQG WHFKQLVFKHQ $QOHLWXQJHQ VLQG I U GLH ,QVWDOODWHXUH EHVWLPPW XP GHQ +HL]NHVVHO HLQZDQGIUHL ]X LQVWDOOLHUHQ 'LH $QOHLWXQJHQ ]XP (LQVFKDOWHQ XQG %HQ W]HQ GHV +HL]NHVVHOV EH¿QGHQ VLFK LQ GHP I U GHQ %HQXW]HU EHVWLPPWHQ 7HLO 'LH ,QVWDOODWLRQ PXVV GHQ %HVWLPPXQJHQ VRZLH GHQ *HVHW]HQ XQG YRU 2UW J OWLJHQ 5LFKWOLQLHQ HQWVSUHFKHQ

,QVWDOODWLRQ (LQVWHOOXQJ XQG HUVWH ,QEHWULHEQDKPH G UIHQ QXU YRQ HLQHP ]XJHODVVHQHQ )DFKPDQQ GXUFKJHI KUWZHUGHQ 'LH 9RUVFKULIWHQ GHU *DVYHUVRUJXQJVXQWHUQHKPHQ VRZLH GLH 9RUVFKULIWHQ GHU |UWOLFKHQ %DXRUGQXQJ VLQG HLQ]XKDOWHQ (VJHOWHQ GLH g9*: 5LFKWOLQLH * 75 *$6 XQG GLH g9*: 5LFKWOLQLH * g9*: 75 )O VVLJJDV $X HUGHP VLQG GLH HLQVFKOlJLJHQ 9RUVFKULIWHQ GHU 9HUVRUJXQJVXQWHUQHKPHQ VRZLH EDXUHFKWOLFKH 9RUVFKULIWHQ ]XEHDFKWHQ

=XU 9RUEHXJXQJ GHU .RUURVLRQ VLQG 5HJHOQ 21250 + ]X EHDFKWHQ

:HLWHUV PXVV GHU ,QVWDOODWLRQVWHFKQLNHU I U GLH ,QVWDOODWLRQ YRQ +HL]DQODJHQ EHIlKLJW VHLQ (V LVW DX HUGHP GDUDXI ]X DFKWHQ GDVV

$ E V F K Q L W W , 1 6 7 $ / / $ 7 ( 8 5 ' (

GHU +HL]NHVVHO PLW MHGHU $UW YRQ .RQYHNWLRQVSODWWH +HL]N|USHU :lUPHNRQYHNWRU YHUZHQGHW ZHUGHQ NDQQ 'LH $EVFKQLWWH GHV $QODJHQNUHLVODXIV ZHUGHQ DXI MHGHQ )DOO QDFK GHQ EOLFKHQ 0HWKRGHQ EHUHFKQHW ZREHL GLH DXI GHP 'DWHQVFKLOG DQJHJHEHQHQ 0HUNPDOH I U GHQ 9ROXPHQVWURP XQG GLH )|UGHUK|KH EHU FNVLFKWLJW ZHUGHQ VLHKH 6(&7,21 ( DP (QGH GHU $QOHLWXQJ

'LH (UVWLQEHWULHEQDKPH PXVV YRQ HLQHP DXWKRULVLHUWHQ WHFKQLVFKHQ .XQGHQGLHQVW GXUFKJHI KUW ZHUGHQ $GUHVVHQ VLHKH %HL EODWW

'LH 1LFKWEHDFKWXQJ GLHVHU +LQZHLVH EHZLUNW GHQ 9HUIDOO GHU *HUlWHJDUDQWLH

%HL GHU /LHIHUXQJ IHKOHQ DP +HL]NHVVHO IROJHQGH %DXWHLOH GLH YRP ,QVWDOODWHXU PRQWLHUW ZHUGHQ P VVHQ (;3$16,216*( )b66 +$+1 =80 )h//(1 '(5 $1/$*( +<'5$8/,6&+( :(,&+(

'DV 9HUSDFNXQJVPDWHULDO 3ODVWLNEHXWHO 3RO\VW\URO XVZ PXVV I U .LQGHU XQHUUHLFKEDU DXIEHZDKUW ZHUGHQ GD HV HLQH SRWHQWLHOOH *HIDKUHQTXHOOH GDUVWHOOW

,167$//$7,21 '(6 +(,=.(66(/6 %HLP ) OOHQ GHU +HL]DQODJH LVW EHVRQGHUH 9RUVLFKW JHERWHQ 'LH 7KHUPRVWDWYHQWLOH |IIQHQ ZHQQ GLH $QODJH GDPLW DXVJH VWDWWHW LVW GDV :DVVHU ODQJVDP HLQÀLH HQ ODVVHQ XP GHQ /XIWHLQVFKOXVV LP 3ULPlUNUHLVODXI ]X YHUKLQGHUQ ELV GHU HUIRUGHU OLFKH %HWULHEVGUXFN HUUHLFKW LVW 6FKOLH OLFK GLH 6WUDKON|USHU GHU $QODJH HQWO IWHQ %$;, EHUQLPPW NHLQHUOHL 9HUDQWZRUWXQJ I U 6FKlGHQ GLH GXUFK GHQ (LQVFKOXVV YRQ /XIWEODVHQ LP 3ULPlUWDXVFKHU ZHJHQ IDOVFKHU RGHU XQ]XUHLFKHQGHU (LQKDOWXQJ GHU RELJHQ $QJDEHQ YHUXUVDFKW ZHUGHQ

'LH +\GUDXOLNDQVFKO VVH GHV +HL]NHVVHOV YRUVLFKWLJ DQ]LHKHQ PD[ $Q]XJVPRPHQW 1P

'LH $EELOGXQJ GHU 6FKDEORQH LVW DP (QGH GHV +DQGEXFKV YRUKDQGHQ 6LHKH ³6(&7,21 &´

1DFK )HVWOHJXQJ GHV JHQDXHQ $XIVWHOORUWV GHV +HL]NHVVHOV GLH 6FKDEORQH DQ GHU :DQG EHIHVWLJHQ 0LW GHU ,QVWDOODWLRQ GHU $QODJH ZLUG DXVJHKHQG YRQ GHU 3RVLWLRQ GHU :DVVHU XQG *DVDQVFKO VVH LQ GHU XQWHUHQ 7UDYHUVH GHU 6FKDEORQH EHJRQQHQ (V ZLUG HPSIRKOHQ LP +HL]NUHLV ]ZHL 6SHUUYHQWLOH 9RUODXI XQG 5 FNODXI * ´ ]X LQVWDOOLHUHQ GLH EHL JU| HUHQ :DUWXQJV XQG 5HSDUDWXU PD QDKPHQ Q W]OLFK VLQG XP QLFKW GLH JHVDPWH +HL]DQODJH HQWOHHUHQ ]X P VVHQ 1DFK GHQ :DVVHUDQVFKO VVHQ GHV +HL]NHV VHOV LVW HLQH K\GUDXOLVFKH :HLFKH DQ]XEULQJHQ GHU QDFK GHP PD[ 9ROXPHQVWURP GHV +HL]NHVVHOV XQG GHU $QODJH GLPHQVLRQLHUW ZHUGHQ PXVV %HL EHUHLWV YRUKDQGHQHQ $QODJHQ E]Z EHLP $XVWDXVFK GHUVHOEHQ ZLUG HPSIRKOHQ ]XVlW]OLFK DP 5 FNODXI GHV +HL]NHVVHOV LP XQWHUHQ %HUHLFK HLQ 'HNDQWLHUXQJVJHIl DQ]XEULQJHQ GDV GLH QDFK GHU 5HLQLJXQJ QRFK YRUKDQGHQHQ $EODJHUXQ JHQ XQG 6FKODFNHQ DXIIlQJW GLH PLW GHU =HLW LQ GHQ 8PODXI JHODQJHQ N|QQHQ 1DFKGHP GHU .HVVHO DQ GHU :DQG EHIHVWLJW ZXUGH PXVV GHU $QVFKOXVV DQ GLH DOV =XEHK|U JHOLHIHUWHQ 6DXJ XQG $EODXÀHLWXQJHQ YRUJHQRPPHQ ZHUGHQ ZLH LQ GHQ QDFKIROJHQGHQ .DSLWHOQ EHVFKULHEHQ 'HQ 6LSKRQ PLW JOHLFKPl LJHP *HIlOOH DQ HLQHQ *XOO\ DQVFKOLH HQ :DDJUHFKWH 6WUHFNHQYHUOlXIH VLQG ]X YHUPHLGHQ 'HU +HL]NHVVHO LVW HOHNWURQLVFK I U GHQ $QVFKOXVV DQ HLQHQ H[WHUQHU :DUPZDVVHUVSHLFKHU DXVJHOHJW

3803( '(6 +(,=.(66(/6 'LH 3XPSH GHV +HL]NHVVHOV 6(&7,21 $ LVW PRGXOLHUHQG XQG GLHQW I U GHQ :DVVHUNUHLVODXI ]ZLVFKHQ +HL]NHVVHO XQG K\GUDX OLVFKHU :HLFKH +\GUDXOLNOHLVWXQJHQ VLHKH 'LDJUDPPH LP 6(&7,21 ( 'HU :DUPZDVVHUNUHLVODXI LQ GHU $QODJH ZLUG YRQ GHQ 3XPSHQ HU]HXJW VLHKH $EVFKQLWW

(V LVW VLFKHU]XVWHOOHQ GDVV GHU 9ROXPHQVWURP GHV LP +HL]NHVVHO ]LUNXOLHUHQGHQ :DVVHUV QLFKW QLHGULJHU DOV GHU LQ GHU QDFKVWH KHQGHQ 7DEHOOH DQJHJHEHQH :HUW LVW

0RGHOO

PLQ 9ROXPHQVWURP O K

%HWULHEV 9ROXPHQVWURP O K PLW K\GUDXOLVFKHU :HLFKH %$;,

,167$//$7,21 '(5 /(,781*(1 'LH ,QVWDOODWLRQ GHV +HL]NHVVHOV NDQQ GDQN GHV PLWJHOLHIHUWHQ =XEHK|UV GDV QDFKVWHKHQG EHVFKULHEHQ ZLUG P KHORV DXVJHI KUW ZHUGHQ 'HU +HL]NHVVHO LVW XUVSU QJOLFK I U GHQ $QVFKOXVV DQ HLQH $EODVV $QVDXJOHLWXQJ YRUJHVHKHQ GLH NRD[LDO YHUWLNDO RGHU KRUL]RQWDO VHLQ NDQQ 'HU +HL]NHVVHO NDQQ DXFK PLW VHSDUDWHQ /HLWXQJHQ YHUZHQGHW ZHUGHQ +LHU]X PXVV GDV 7UHQQXQJV]XEH K|UWHLO YHUZHQGHW ZHUGHQ +,1:(,6(

& & 'LH (QGVW FNH I U GHQ GRSSHOWHQ $XVODVV P VVHQ LQQHUKDOE HLQHV 4XDGUDWV YRQ FP /lQJH YRUJHVHKHQ ZHUGHQ 'HWDLOOLHUWH $QOHLWXQJHQ ZHUGHQ JHPHLQVDP PLW GHQ HLQ]HOQHQ 7HLOHQ JHOLHIHUW

& 'LH (QGVW FNH ]XP $QVDXJHQ GHU 9HUEUHQQXQJVOXIW XQG $XVVFKHLGHQ GHU 9HUEUHQQXQJVVWRIIH G UIHQ QLFKW DXI JHJHQ EHUOLH JHQGHQ :lQGHQ GHV *HElXGHV YRUJHVHKHQ ZHUGHQ

& 'HU PD[ 6WU|PXQJVYHUOXVW ǻ3 GHU /HLWXQJHQ GDUI GLH LQ GHU 7DEHOOH $ % DQJHJHEHQHQ :HUWH QLFKW EHUVFKUHLWHQ 'LH /HLWXQJHQ P VVHQ I U LKUH VSH]L¿VFKH 9HUZHQGXQJ XQG I U HLQH 7HPSHUDWXU YRQ EHU & ]HUWL¿]LHUW VHLQ 'DV (QGVW FN GHV 6FKRUQVWHLQV PXVV QDFK GHU 1RUP (1 ]HUWL¿]LHUW VHLQ

) U HLQH HLQZDQGIUHLH ,QVWDOODWLRQ LVW HV UDWVDP GLH YRP +HUVWHOOHU JHOLHIHUWHQ =XEHK|UWHLOH ]X YHUZHQGHQ

7$%(//( $ ¨3 3D

%HL GHU ,QVWDOODWLRQ YRQ $EODVV XQG $QVDXJOHLWXQJHQ GLH QLFKW YRQ %$;, 6 S $ JHOLHIHUW ZHUGHQ P VVHQ GLHVH I U GLH $UW GHU 9HUZHQGXQJ ]XJHODVVHQ VHLQ ,KU PD[ 6WU|PXQJVYHUOXVW PXVV GHQ :HUWHQ GHU VHLWOLFK GDUJHVWHOOWHQ 7DEHOOH HQWVSUHFKHQ

03

03

8P HLQH K|KHUH %HWULHEVVLFKHUKHLW ]X JHZlKUOHLVWHQ P VVHQ GLH $EJDVOHLWXQJHQ PLW JHHLJQHWHQ %HIHVWLJXQJVE JHOQ DQ GHU :DQG EHIHVWLJW ZHUGHQ

'DV 0LQGHVWJHIlOOH GHU $EÀXVVOHLWXQJ ]XP +HL]NHVVHO KLQ PXVV PLQGHVWHQV FP SUR 0HWHU /lQJH EHWUDJHQ

(,1,*( ,167$//$7,216%(,63,(/( '(5 $%)/866/(,781*(1 0,7 '(1 =8/b66,*(1 /b1*(1 6,1' $0 (1'( '(6 +$1 '%8&+6 ,0 $%6&+1,77 6(&7,21 ' %(6&+5,(%(1

.2$;,$/( /(,781*(1

'LHVHU /HLWXQJVW\S JHVWDWWHW GHQ $XVODVV GHU $EJDVH XQG GLH $QVDXJXQJ GHU 9HUEUHQQXQJVOXIW VRZRKO DQ GHU $X HQVHLWH GHV *HElXGHV DOV DXFK GXUFK 6FKRUQVWHLQH YRP 7\S /$6 'DV .QLHVW FN HUP|JOLFKW GDQN VHLQHU 'UHKXQJ GHQ $QVFKOXVV GHV +HL]NHVVHOV LQ MHGHU EHOLHELJHQ 5LFKWXQJ DQ GLH $EJDV XQG 9HUEUHQQXQJVOXIWOHLWXQJHQ 'DV .QLHVW FN NDQQ DXFK DOV ]XVlW]OLFKH .U PPXQJ LQ 9HUELQGXQJ PLW GHU NRD[LD OHQ /HLWXQJ RGHU GHP .QLHVW FN YHUZHQGHW ZHUGHQ %HL HLQHP $XVODVV QDFK DX HQ PXVV GLH $EJDV XQG 9HU EUHQQXQJVOXIWOHLWXQJ PLQGHVWHQV PP DXV GHU :DQG KHUDX VUDJHQ XP GLH 3RVLWLRQLHUXQJ GHU $OXPLQLXPURVHWWH XQG LKUH 9HUVLHJHOXQJ ]X JHVWDWWHQ XQG VRPLW :DVVHULQ¿OWUDWLRQHQ ]X YHUKLQGHUQ

'HU (LQEDX HLQHV .QLHVW FNV UHGX]LHUW GLH *HVDPWOlQJH GHU /HLWXQJ XP 0HWHU 'HU (LQEDX HLQHV .QLHVW FNV UHGX]LHUW GLH *HVDPWOlQJH GHU /HLWXQJ XP 0HWHU 'DV HUVWH .QLHVW FN ZLUNW VLFK QLFKW DXI GLH PD[LPDO P|JOLFKH /lQJH DXV

6(3$5$7( /(,781*(1 'LHVHU /HLWXQJVW\S GLHQW ]XP $XVODVV GHU $EJDVH DQ GHU $X HQVHLWH GHV *HElXGHV XQG GXUFK HLQ]HOQH 6FKRUQVWHLQH 'LH $QVDXJXQJ GHU 9HUEUHQQXQJVOXIW NDQQ LQ DQGHUHQ %HUHLFKHQ DOV DP $XVODVV HUIROJHQ 'DV DOV =XEHK|U JHOLHIHUWH 7UHQQXQJ VWHLO EHVWHKW DXV HLQHP 5HGX]LHUVW FN DP $XVODVV % XQG DXV HLQHP 9HUELQGXQJVVW FN I U GLH /XIWDQVDXJXQJ $ 'LH HUIRUGHUOLFKHQ 6FKUDXEHQ XQG GLH 'LFKWXQJ GHV /XIWDQVDXJ VW FNV VLQG GLHMHQLJHQ GLH YRUKHU YRP 'HFNHO HQWIHUQW ZXUGHQ

'DV .QLHVW FN HUP|JOLFKW GHQ $QVFKOXVV GHV +HL]NHVVHOV LQ MHGHU EHOLHELJHQ 5LFKWXQJ DQ GLH $EJDV XQG 9HUEUHQQXQJ VOXIWOHLWXQJHQ 'DV .QLHVW FN NDQQ DXFK DOV ]XVlW]OLFKH .U P PXQJ LQ 9HUELQGXQJ PLW GHU /HLWXQJ RGHU GHP .QLHVW FN YHUZHQGHW ZHUGHQ

'HU (LQEDX HLQHV .QLHVW FNV UHGX]LHUW GLH *HVDPWOlQJH GHU /HLWXQJ XP 0HWHU 'HU (LQEDX HLQHV .QLHVW FNV UHGX]LHUW GLH *HVDPWOlQJH GHU /HLWXQJ XP 0HWHU 'DV HUVWH .QLHVW FN ZLUNW VLFK QLFKW DXI GLH PD[LPDO P|JOLFKH /lQJH DXV

$ E V F K Q L W W , 1 6 7 $ / / $ 7 ( 8 5 ' (

& & 'HU YHUZHQGHWH 6FKRUQVWHLQ RGHU 5DXFKDE]XJ PXVV I U GHQ YRUJHVHKHQHQ =ZHFN JHHLJQHW VHLQ

.$6.$'( /(,781*(1 'XUFK GLHVH /HLWXQJHQ ZHUGHQ GLH 9HUEUHQQXQJVSURGXNWH PHKUHUHU LQ .DVNDGH YHUEXQGHQHU +HL]NHVVHO GXUFK HLQHQ JHPHLQVDPH $EJDV 6DPPHOOHLWXQJ DEJHI KUW 'LH 6DPPHOOHLWXQJ GDUI QXU I U GHQ $QVFKOXVV GHU +HL]NHVVHO DQ GHQ 6FKRUQVWHLQ YHUZHQGHW ZHUGHQ (V VLQG IROJHQGH 'XUFKPHVVHU YRUKDQGHQ PP XQG PP $XI :XQVFK LVW HLQH $XVZDKO YRQ =XEHK|UWHLOHQ HUKlOWOLFK

7$%(//(

$ E V F K Q L W W , 1 6 7 $ / / $ 7 ( 8 5 ' (

.HVVHOPRGHOO

0$; $1=$+/ '(5 +(,=.(66(/ ,1 .$6.$'( $16&+/,(66%$5

¨3 3D

PP

PP

N: 0D[

N: 0D[

5 FNVFKODJYHQWLO

%HL GLHVHP $E]XJ PXVV I U MHGHQ HLQ]HOQHQ +HL]NHVVHO GDV 5 FNVFKODJYHQWLO HLQJHVHW]W ZHUGHQ

'HU 6FKRUQVWHLQ PXVV YRQ HLQHP EHIXJWHQ 7HFKQLNHU EHL GHU 3URMHNWHUVWHOOXQJ GHU $QODJH XQWHU (LQKDOWXQJ GHU J OWLJHQ 9RUVFKULIWHQ EHUHFKQHW ZHUGHQ

(/(.75,6&+(5 $16&+/866 'LH HOHNWULVFKH 6LFKHUKHLW GHV *HUlWHV LVW QXU GDQQ JHJHEHQ ZHQQ HV ULFKWLJ DQ HLQH (UGXQJVDQODJH DQJHVFKORVVHQ LVW GLH QDFK GHQ J OWLJHQ 6LFKHUKHLWVYRUVFKULIWHQ DXVJHI KUW LVW 'HU +HL]NHVVHO PXVV PLW GHP PLWJHOLHIHUWHQ GUHLDGULJHQ .DEHO DQ HLQ HLQSKD VLJHV 9 1HW] PLW (UGXQJ DQJHVFKORVVHQ ZHUGHQ ZREHL GLH 3RODULWlW +DXSWOHLWHU 1XOOOHLWHU EHDFKWHW ZHUGHQ PXVV 'HU $QVFKOXVV PXVV PLW HLQHP ]ZHLSROLJHQ 6FKDOWHU PLW PLQGHVWHQV PP gIIQXQJ GHU .RQWDNWVW FNH DXVJHI KUW ZHU GHQ %HL (UVDW] GHV 9HUVRUJXQJVNDEHOV PXVV HLQ KDUPRQLVLHUWHV .DEHO ³+$5 + 99 )´ [ PPð PLW PD[ PP 'XUFKPHVVHU YHUZHQGHW ZHUGHQ ) U GHQ =XJULII ]X GHQ .OHPPHQOHLVWHQ GLH YRUGHUH 9HUNOHLGXQJ GHV +HL]NHVVHOV PLW ]ZHL 6FKUDXEHQ DQ GHU 8QWHUVHLWH EHIHVWLJW DEQHKPHQ XQG GDV %HGLHQIHOG QDFK XQWHQ VFKZHQNHQ ZRGXUFK GLH .OHPPHQOHLVWHQ 0 0 XQG 0 I U GHQ HOHNWULVFKHQ $QVFKOXVV QDFK $EQDKPH GHU 6FKXW]DEGHFNXQJ ]XJlQJOLFK VLQG 'LH ÀLQNHQ $ 6LFKHUXQJHQ VLQG LQ GHU .OHP PHQOHLVWH LQWHJULHUW I U GLH .RQWUROOH XQG RGHU GDV $XVZHFKVHOQ GHQ VFKZDU]HQ 6LFKHUXQJVKDOWHU KHUDXVQHKPHQ

6,(+( (/(.75,6&+(1 6&+$/73/$1 $0 (1'( '(6 +$1'%8&+6 ,1 6(&7,21 % 3U IHQ RE GHU 1HQQZHUW GHU 6WURPDXIQDKPH GHU PLW GHP *HUlW YHUEXQGHQHQ ]XVlW]OLFKHQ $XVU VWXQJHQ LQVJHVDPW QLFKW PHKU DOV $ EHWUlJW %HL HLQHP K|KHUHQ :HUW PXVV HLQ 5HODLV ]ZLVFKHQ GLH =XVDW]DXVU VWXQJHQ XQG GLH HOHNWURQLVFKH .DU WHQEDXJUXSSH JHVFKDOWHW ZHUGHQ

$Q GHQ .OHPPHQOHLVWHQ 0 0 VLQG +RFKVSDQQXQJVDQVFKO VVH YRUKDQGHQ 9 9RU GHP $QVFKOXVV VLFKHUVWHOOHQ GDVV GDV *HUlW QLFKW PLW 6WURP YHUVRUJW ZLUG 'LH 3ROXQJ DQ GHU .OHPPHQOHLVWH 0 EHDFKWHQ / /(,781* 1 18///(,7(5

./(00(1/(,67( 0 / +DXSWOHLWHU EUDXQ

1 1XOOOHLWHU EODX

(UGXQJ JHOE JU Q

.RQWDNW I U 5DXPWKHUPRVWDW

'LH %U FNH DXI GHQ .OHPPHQ GHU .OHPPOHLVWH 0 GHV +HL]NHVVHOV PXVV QXU GDQQ ZLHGHU KHUJHVWHOOW ZHUGHQ ZHQQ NHLQ 5DXPWKHUPRVWDW YHUZHQGHW ZLUG RGHU ZHQQ HLQH GLH DOV =XEHK|U JHOLHIHUWH ZDQGVHLWLJH )HUQEHGLHQXQJ LQVWDOOLHUW ZLUG .DSLWHO

./(00(1/(,67( 0 .OHPPHQ +LQWHUOHXFKWXQJ (UGXQJ 9 $QVFKOXVV 1LHGHUVSDQQXQJ GHU DOV =XEHK|U JHOLHIHUWHQ )HUQEHGLHQXQJ

.OHPPHQ EHLGH 'UlKWH $QVFKOXVV $X HQWHPSHUDWXUI KOHU DOV =XEHK|U JHOLHIHUW

.OHPPHQ EHLGH 'UlKWH +LOIVI KOHU ) KOHU 6RODUDQODJH LQ .DVNDGH JHVFKDOWHWH $QODJHQ =RQHQDQODJH XVZ

.OHPPHQ EHLGH 'UlKWH +LOIVI KOHU ) KOHU 6RODUDQODJH LQ .DVNDGH JHVFKDOWHWH $QODJHQ =RQHQDQODJH XVZ

.OHPPHQ $QVFKOXVV GHV ) KOHUV GHV :DUPZDVVHUVSHLFKHUV

.OHPPH QLFKW YHUZHQGHW

./(00(1/(,67( 0 .OHPPHQ QLFKW YHUZHQGHW

.OHPPH 3XPSHQDQVFKOXVV :DUPZDVVHUVSHLFKHU

.OHPPH 3XPSHQDQVFKOXVV +HL]DQODJH H[WHUQ QDFK GHU K\GUDXOLVFKHQ :HLFKH

%HL $QVFKOXVV GHU $QODJH DQ HLQH %RGHQKHL]XQJ PXVV GHU ,QVWDOODWHXU HLQ 7HUPRVWDW I U GHQ hEHUKLW]XQJVVFKXW] GHU $QODJH HLQVHW]HQ

) U GHQ 'XUFKJDQJ GHU $QVFKOXVVNDEHO GHU .OHPPHQOHLVWHQ 0 0 0 GLH ³.DEHOGXUFKJDQJV EHIHVWLJXQJVO|FKHU´ DP %R GHQ GHV +HL]NHVVHOV YHUZHQGHQ

$16&+/866 5$807+(50267$7 'LH $QVFKO VVH GHU .OHPPHQOHLVWH 0 VWHKHQ XQWHU +RFKVSDQQXQJ 9 9RU GHP $QVFKOXVV VLFKHUVWHOOHQ GDVV GDV *HUlW QLFKW PLW 6WURP YHUVRUJW ZLUG 'LH 3ROXQJ EHL GHU 6WURPYHUVRUXQJ EHDFKWHQ / /(,781* 1 18///(,7(5

) U GHQ $QVFKOXVV GHV 5DXPWKHUPRVWDWV DQ GHQ +HL]NHVVHO ZLH IROJW YRUJHKHQ

9RU MHJOLFKHP (LQJULII GLH 6WURPYHUVRUJXQJ ]XP +HL]NHVVHO DEWUHQQHQ $XI GLH .OHPPOHLVWH 0 ]XJUHLIHQ 'LH %U FNH GHU .RQWDNWHQGHQ HQWIHUQHQ XQG GLH .DEHO GHV 5DXPWKHUPRVWDWV DQVFKOLH HQ 'HQ +HL]NHVVHO HOHNWULVFK DQVFKOLH HQ XQG NRQWUROOLHUHQ RE GHU 5DXPWKHUPRVWDW NRUUHNW IXQNWLRQLHUW

1,&+7 ,0 /,()(580)$1* (17+$/7(1( =8%(+g57(,/( )(51%(',(181* 'DV YRQ GHU .OHPPHQOHLVWH 0 GHV +HL]NHVVHOV NRPPHQGH .DEHO GLHQW ]XU 6WURPYHUVRUJXQJ 9 I U GLH 'LVSOD\ +LQWHUOHXFKWXQJ ) U GHQ %HWULHE GHU )HUQEHGLHQXQJ LVW GHU $QVFKOXVV GLHVHV .DEHOV QLFKW HUIRUGHUOLFK

) U GHQ %HWULHE GHV +HL]NHVVHOV PLW GHU DQ GHU :DQG LQVWDOOLHUWHQ )HUQEHGLHQXQJ PXVV GDV =XEHK|U % YRUKDQGHQ VHLQ GDV PLW GHU %DVLV % JHOLHIHUW ZLUG 6LHKH KLHU]X DXFK GLH PLW GHP 6DW] % JHOLHIHUWHQ +LQZHLVH I U GLH NRUUHNWH 0RQWDJH XQG ULFKWLJHQ *HEUDXFK 'LH 9RUJHKHQVZHLVH LVW IROJHQGH

'LH 6WURPYHUVRUJXQJ GHV +HL]NHVVHOV DXVVFKDOWHQ 'LH GUHL YRQ GHU .OHPPOHLVWH 0 GHV +HL]NHVVHOV DXVJHKHQGHQ .DEHO GXUFK GLH gIIQXQJ LQ GHU DQ GHU :DQG ]X EHIHVWLJHQGHQ %DVLV % I KUHQ 'LH .DEHO GHU .OHPPOHLVWH GHV +HL]NHVVHOV 0 MHZHLOV DQ GLH .OHPPHQ

GHU .OHPPOHLVWH GHU %DVLV % DQ VFKOLH HQ 'LH %DVLV % PLW GHQ PLWJHOLHIHUWHQ ' EHOQ XQG 6FKUDXEHQ DQ GHU :DQG EHIHVWLJHQ 'LH 6FKDOWWDIHO $ DQ GHU ZDQGVHLWLJ EHIHVWLJWHQ %DVLV DQEULQJHQ 'DEHL PLW 9RUVLFKW YRUJHKHQ 'HQ +HL]NHVVHO PLW 6WURP YHUVRUJHQ XQG NRQWUROOLHUHQ RE VLFK GLH )HUQEHGLHQXQJ HLQVFKDOWHW

$

6FKDOWWDIHO 'LVSOD\ %HOHXFKWXQJ 9

%

=XEHK|U /HG 6FKQLWWVWHOOH (UGXQJVDQVFKOXVV

%

%DVLV I U GLH ZDQGVHLWLJ ]X PRQWLHUHQGH 6FKDOWWDIHO 6SHLVXQJ 6LJQDO 9

0LW GHU )HUQEHGLHQXQJ NDQQ GLH =HLWSURJUDPPLHUXQJ I U +HL]XQJ XQG :DUPZDVVHU HLQJHJHEHQ ZHUGHQ 'D]X ZLUG DXI GLH PLW GHP =XEHK|U JHOLHIHUWHQ ,QIRUPDWLRQHQ YHUZLHVHQ

$ E V F K Q L W W , 1 6 7 $ / / $ 7 ( 8 5 ' (

3$5$0(7(5(,1*$%( 0,7 '(5 )(51%(',(181*

$ E V F K Q L W W , 1 6 7 $ / / $ 7 ( 8 5 ' (

6<0%2/( '(5 )(51%(',(181* 'HQ 'UHKNQRSI % GUHKHQ

'LVSOD\ $Q]HLJH

'HQ 'UHKNQRSI % GU FNHQ

'LH 7DVWH $ XQG GHQ 'UHKNQRSI % JOHLFK]HLWLJ GU FNHQ

'LH 7DVWH $ RGHU & GU FNHQ

'LH 7DVWH $ XQG & JOHLFK]HLWLJ GU FNHQ

=(,&+(1(5./b581* '(6 0(1h6

(QGEHQXW]HU ,QEHWULHEVHW]XQJ

)DFKPDQQ 2(0

'LH 9RUJHKHQVZHLVH XP DXI GLH YLHU 0HQ V ]XU 3URJUDPPLH UXQJ GHU +HL]NHVVHONDUWH E]Z GHU 6FKDOWWDIHO =XJULII ]X HUKDO WHQ LVW IROJHQGH

YRP +DXSWPHQ &

$ XQG& ]LUND 6HNXQGHQ JHGU FNW KDOWHQ

0HQ VLHKH VHLWOLFKH $EELOGXQJ XQG =HLFKH QHUNOlUXQJ

0HKUPDOV & GU FNHQ XP MHZHLOV XP HLQ 0HQ ELV ]XP +DXSWPHQ ]XU FN]XNHKUHQ

%HL ZDQGVHLWLJHU ,QVWDOODWLRQ GHU 6FKDOWWDIHO P VVHQ GHU 5DX PI KOHU XQG GLH 0RGXOLHUXQJ GHU 9RUODXIWHPSHUDWXU DNWL YLHUW ZHUGHQ +LHU]X ZLH IROJW YRUJHKHQ

$ 5$80)h+/(5

$XI GDV 0HQ ]XJUHLIHQ

% %HGLHQJHUlW % XP ]X EHVWlWLJHQ

% 3URJUDPP]HLOH (LQVDW] DOV

% XP ]X EHVWlWLJHQ

% JHJHQ GHQ 8KU]HLJHUVLQQ

5DXPJHUlW % XP ]X EHVWlWLJHQ GHU 5DXPI KOHU LVW QXQ DNWLY

% 02'8/,(581* '(5 925/$8)7(03(5$785

8P GLH PRGXOLHUHQGH 9RUODXIWHPSHUDWXU HLQ]XVWHOOHQ PXVV GHU 3DUDPHWHU +& GHDNWLYLHUW ZHUGHQ 'D]X LVW IROJHQGHU PD HQ YRU]XJHKHQ

$XI GDV 0HQ ]XJUHLIHQ

% +HL]NUHLV % XP ]X EHVWlWLJHQ % JHJHQ GHQ 8KU]HLJHUVLQQ

´ ´ GDQDFK

% 9RUODXIVROOZ 5DXPWKHUPRVWDW

% XP ]X EHVWlWLJHQ

% XP ]X EHVWlWLJHQ

:HQQ DXI GHP 'LVSOD\ EHL 'UHKHQ GHV 'UHKNQRSIHV % LP +DXSWPHQ GLH 9RUODXIWHPSHUDWXU GHV +HL]NHVVHOV DQVWDWW GHU 5DXPWHPSHUDWXU DQJH]HLJW ZLUG EHGHXWHW GLHV GDVV GHU 3DUDPHWHU QLFKW NRUUHNW HLQJHVWHOOW ZXUGH

1DFK MHGHU .RQ¿JXUDWLRQ GHU $QODJH ] % $QELQGXQJ DQ HLQH 6RODUDQODJH $QVFKOXVV HLQHV H[WHUQHQ %RLOHUV XVZ PXVV GDV IROJHQGH 9HUIDKUHQ YHUDQODVVW ZHUGHQ XP GLH +HL]NHVVHONDUWH PLW GHU QHXHQ .RQ¿JXUDWLRQ ]X DNWXDOLVLHUHQ

$XI GDV 0HQ ]XJUHLIHQ ZLH DP $QIDQJ GLHVHV .DSLWHOV EHVFKULHEHQ

% .RQ¿JXUDWLRQ % % 3URJUDPP]HLOH GDQQ

% -D GDQQ % XP ]X EHVWlWLJHQ

%

=21(1$1/$*( 0,7 ,167$//$7,21 '(5 )(51%(',(181* 'HU HOHNWULVFKH $QVFKOXVV XQG GLH HUIRUGHUOLFKHQ (LQVWHOOXQJHQ I U GLH 6WHXHUXQJ HLQHU QDFK =RQHQ JHWUHQQWHQ $QODJH I U GLH )HUQEHGLHQXQJ YRUJHVHKHQ LVW XQWHUVFKHLGHQ VLFK MH QDFK GHQ PLW GHP +HL]NHVVHO YHUEXQGHQHQ ]XVlW]OLFKHQ (LQULFKWXQJHQ ) U GLH ,QVWDOODWLRQ XQG .RQ¿JXUDWLRQ ZLUG DXI GLH $QOHLWXQJHQ GHV DOV =XEHK|U JHOLHIHUWHQ (UZHLWHUXQJVPRGXOV YHUZLHVHQ

7(03(5$7855(*(/81* %(, +(,=$1/$*(1 0,7 +2+(5 7(03(5$785 8P HLQ KlX¿JHV (LQ XQG $XVVFKDOWHQ ]X YHUPHLGHQ PXVV GHU 1HQQQVROOZHUW I U GLH 0LQGHVWWHPSHUDWXU GHV +HL]NHVVHOV LP +HL]PRGXV HUK|KW ZHUGHQ XQG ]ZDU QDFK GHP XQWHU 3XQNW % EHVFKULHEHQHQ 9RUJDQJ GD]X GHQ 3DUDPHWHU DXI HLQHP :HUW YRQ PLQGHVWHQV & HLQVWHOOHQ

7(03(5$7855(*(/81* %(, +(,=$1/$*(1 0,7 1,('5,*(5 7(03(5$785 ) U $QODJHQ PLW QLHGULJHU 7HPSHUDWXU ] % %RGHQKHL]XQJ PXVV GHU 1HQQVROOZHUW I U GLH +|FKVWWHPSHUDWXU GHV +HL]NHVVHOV LP +HL]PRGXV JHVHQNW ZHUGHQ 'D]X GHQ 3DUDPHWHU 3XQNW % DXI HLQHQ :HUW YRQ K|FKVWHQV & HLQVWHOOHQ

$16&+/866 '(6 $866(17(03(5$785 )h+/(56

) U GHQ $QVFKOXVV GLHVHV =XEHK|UV ZLUG DXI GLH VHLWOLFKH $EELOGXQJ YHUZLHVHQ .OHPPHQ VRZLH DXI GLH PLW GHP ) KOHU JHOLHIHUWHQ $QOHLWXQJHQ

%HL DQJHVFKORVVHQHP $X HQWHPSHUDWXUI KOHU KDEHQ GLH 7D DXI GHU %HGLHQWDIHO GHV +HL]NHVVHOV GLH )XQNWLRQ VWHQ GHU SDUDOOHOHQ 9HUVFKLHEXQJ GHU HLQJHVWHOOWHQ .HQQOLQLH .W 'LDJUDPP 6(&7,21 ( XQG 3DUDPHWHU 3 LQ GHU 7DEHOOH XQ WHU .DSLWHO =XU (UK|KXQJ GHU 5DXPWHPSHUDWXU GLH 7DVWH GU FNHQ ]XU 6HQNXQJ GLH 7DVWH

(,1*$%( '(5 .(11/,1,( ³.W´ =XU (LQJDEH GHU JHZ QVFKWHQ .HQQOLQLH .W LVW IROJHQGHU PD HQ YRU]XJHKHQ $XI GDV 0HQ ]XJUHLIHQ ZLH LP .DSLWHO EHVFKULHEHQ 'HQ 3DUDPHWHU 3 ZlKOHQ 'LH JHZ QVFKWH .HQQOLQLH XQWHU GHQ YRUKDQGHQHQ .HQQOLQLHQ DXVZlKOHQ VLHKH 'LDJUDPP DP (QGH GHV +DQGEXFKV LP $E VFKQLWW 6(&7,21 ( GLH YRUJHJHEHQH .HQQOLQLH LVW GLH

/(*(1'( '(6 ',$*5$006 '(5 .(11/,1,(1 .W 6(&7,21 ( 9RUODXIWHPSHUDWXU

$X HQWHPSHUDWXU

3803( +(,=$1/$*( 'LH 3XPSH GHU $QODJH PXVV QDFK GHU K\GUDXOLVFKHQ :HLFKH LQVWDOOLHUW ZHUGHQ 'LHVH PXVV QDFK GHQ I U GLH $QODJH HUIRUGHUOLFKHQ 0HUNPDOHQ 9ROXPHQVWURP )|UGHUK|KH DXVJHZlKOW ZHUGHQ VLHKH 6(&7,21 )

(;7(51(5 63(,&+(5 'LH HOHNWULVFKH $XVU VWXQJ GHV +HL]NHVVHOV LVW I U GHQ $QVFKOXVV HLQHV H[WHUQHQ :DUPZDVVHUVSHLFKHUV DXVJHOHJW 'HU K\GUDX OLVFKH $QVFKOXVV GHV H[WHUQHQ :DUPZDVVHUVSHLFKHUV LVW LQ GHU $EELOGXQJ XQWHU 6(&7,21 ) VFKHPDWLVFK GDUJHVWHOOW 'LH 3XPSH GHV :DUPZDVVHUVSHLFKHUV PXVV DQ GLH .OHPPH GHU .OHPPHQOHLVWH 0 6(&7,21 % DQJHVFKORVVHQ ZHUGHQ 'HU :DUP ZDVVHUVSHLFKHU PXVV QDFK GHU K\GUDXOLVFKHQ :HLFKH LQVWDOOLHUW ZHUGHQ 'HQ DOV =XEHK|U PLWJHOLHIHUWHQ ) KOHU YHUZHQGHQ XQG DQ GLH .OHPPHQ GHU .OHPPHQOHLVWH 0 6(&7,21 % DQVFKOLH HQ .RQWUROOLHUHQ RE GLH $XVWDXVFKOHLVWXQJ GHV :lUPHWDX VFKHUV GHV 6SHLFKHUV GHU +HL]NHVVHOOHLVWXQJ HQWVSULFKW

(;7(51( $1/$*(167(8(502'8/( 'HU +HL]NHVVHO NDQQ EHU ]XVlW]OLFKH H[WHUQH *HUlWH ZLH 5DXPJHUlW )HUQEHGLHQXQJHQ XQG H[WHUQH 0RGXOH $*8 H $96

PD[LPDO GUHL +HL]NUHLVH YRQHLQDQGHU XQDEKlQJLJ VWHXHUQ 'LH (OHNWURQLN PLW GHU GLHVHU +HL]NHVVHO DXVJHU VWHW LVW XPIDVVW DX HUGHP HLQH 5HLKH YRQ )XQNWLRQHQ I U GLH VSH]L¿VFKH $XVOHJXQJ XQG 6WHXHUXQJ YHUVFKLHGHQHU $QODJHQDXVI KUXQJHQ ) U GLH HLQZDQGIUHLH )XQNWLRQVZHLVH GHV 6\VWHPV PXVV MHGHP 5DXPJHUlW HLQ +HL]NUHLVODXI YRQ ELV ]XJHRUGQHW ZHUGHQ GDPLW HU YRQ GHU .DUWHQEDXJUXSSH GHV +HL]NHVVHOV HUNDQQW ZLUG 'D]X P VVHQ DXFK GLH PLW GHQ ]XVlW]OLFKHQ *HlWHQ JHOLHIHUWHQ %HWULHE VDQOHLWXQJHQ EHVRQGHUV DXIPHUNVDP JHOHVHQ ZHUGHQ

0,6&+=21(1 6(&7,21 )

%HL 9HUZHQGXQJ GHV H[WHUQHQ 0RGXOV $96 GHU DOV =XEHK|U JHOLHIHUW ZLUG NDQQ HLQ JHPLVFKWHU %HUHLFK JHVWHXHUW ZHUGHQ 0LW GLHVHP *HUlW NDQQ )ROJHQGHV JHVWHXHUW ZHUGHQ HLQH =RQHQSXPSH HLQ 0LVFKYHQWLO HLQHQ 7HPSHUDWXUI KOHU HLQ 6LFKHUKHL WVWKHUPRVWDW XQG HLQ 5DXPWKHUPRVWDW ) U GHQ $QVFKOXVV GHU %DXWHLOH XQG GLH 6\VWHPUHJHOXQJ ZLUG DXI GLH PLW GHP =XEHK|U JHOLHIHUWHQ $QOHLWXQJHQ YHUZLHVHQ

,1 .$6.$'( *(6&+$/7(7( +(,=.(666(/ 6(&7,21 )

0LW GHP DOV =XEHK|U JHOLHIHUWHQ H[WHUQHQ 0RGXO $96 NDQQ HLQH +HL]DQODJH JHVWHXHUW ZHUGHQ GLH PD[LPDO LQ .DVNDGH JHVFKDOWHWH +HL]NHVVHO XQG HYHQWXHOO HLQHQ VHSDUDWHQ 6SHLFKHU I U GLH /LHIHUXQJ YRQ 7ULQNZDUPZDVVHU XPIDVVHQ NDQQ 'LHVH ]XVlW]OLFKH PLW HLQHP GHU +HL]NHVVHO LQ .DVNDGH JHVFKDOWHWH (LQULFKWXQJ VWHXHUW GLH .RPSRQHQWHQ GHV .UHLVODXIV GLUHNW XQG ]ZDU PD[LPDO XQDElQJLJH 5HODLVDXVJlQJH 7HPSHUDWXUI KOHU 6WHFNHU I U +RFKVSDQQXQJV *UHQ]WKHUPRVWDW XQG 6WHX HUHLQJDQJ ] % 5DXPWKHUPRVWDW ) U GHQ $QODJHQEHWULHE PXVV DX HUGHP HLQH 6FKQLWWVWHOOHQHLQKHLW 2&, DQ MHGHP LQ .D VNDGH JHVFKDOWHWHQ +HL]NHVVHO LQVWDOOLHUW ZHUGHQ ) U GLH 5HJHOXQJ GHU 3DUDPHWHU GHV +HL]NHVVHOV LVW DX HUGHP GDV =XEHK|U )HUQEHGLHQXQJ HUIRUGHUOLFK ) U GHQ $QVFKOXVV GHU %DXWHLOH XQG GLH 6\VWHPUHJHOXQJ ZLUG DXI GLH PLW GHP =XEHK|U JHOLHIHUWHQ $QOHLWXQJHQ YHUZLHVHQ

62/$5$1/$*( 6(&7,21 )

0LW GHP DOV =XEHK|U JHOLHIHUWHQ H[WHUQHQ 0RGXO $*8 NDQQ HLQH 6RODUDQODJH JHVWHXHUW ZHUGHQ ) U GHQ $QVFKOXVV GHU $QDJH ZLUG DXI GLH PLW GHP =XEHK|U JHOLHIHUWHQ $QOHLWXQJHQ YHUZLHVHQ

',( +<'5$8/,6&+(1 6&+$/73/b1( '(5 %(6&+5,(%(1(1 (,15,&+781*(1 6,1' $0 (1'( ',(6(6 +$1'%8&+6 ,0 6(&7,21 ) (17+$/7(1

$ E V F K Q L W W , 1 6 7 $ / / $ 7 ( 8 5 ' (

63(=,$/)81.7,21(1 (17/h)781*6)81.7,21 0LW GLHVHU )XQNWLRQ NDQQ EHL GHU ,QVWDOODWLRQ GHV +HL]NHVVHOV RGHU QDFK ,QVWDQGKDOWXQJVDUEHLWHQ GLH GDV $EODVVHQ GHV :DVVHUV DXV GHP 3ULPl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

(,167(//)81.7,21 =XP OHLFKWHUHQ (LQVWHOOHQ GHV *DVYHQWLOV LVW IROJHQGHUPD HQ YRU]XJHKHQ

$ E V F K Q L W W , 1 6 7 $ / / $ 7 ( 8 5 ' (

'LH 7DVWH XQG JOHLFK]HLWLJ PLQGHVWHQV 6HNXQGHQ ODQJ GU FNHQ %HL DNWLYHU )XQNWLRQ HUVFKHLQW DXI GHP 'LVSOD\ HLQLJH 6HNXQGHQ ODQJ GLH 0HOGXQJ ³2Q´ GDQDFK IROJW GLH 3URJUDPP]HLOH ³ ´ DEZHFKVHOQG PLW GHU $QJDEH GHV :HUWV GHU +HL]NHV VHOOHLVWXQJ LQ 0LW GHQ 7DVWHQ GLH /HLVWXQJ QDFK XQG QDFK UHJHOQ (PS¿QGOLFKNHLW

=XP 9HUODVVHQ GLH LP HUVWHQ 3XQNW DQJHJHEHQHQ 7DVWHQ QRFKPDOV PLQGHVWHQV 6HNXQGHQ ODQJ GU FNHQ %HLP 'U FNHQ GHU 7DVWH

NDQQ GHU ,VWZHUW GHU 9RUODXIWHPSHUDWXU 6HNXQGHQ ODQJ DQJH]HLJW ZHUGHQ

.$0,1)(*(5)81.7,21 %HLP $NWLYLHUHQ GLHVHU )XQNWLRQ HUUHLFKW GHU +HL]NHVVHO GLH K|FKVWH +HL]OHLVWXQJ 'D]X LVW IROJHQGHUPD HQ YRU]XJHKHQ

'LH 7DVWHQ 6HNXQGHQ ODQJ JOHLFK]HLWLJ GU FNHQ $P 'LVSOD\ ZLUG GLH 0HOGXQJ ³ ´ DEZHFKVHOQG PLW GHP /HLVWXQJ VZHUW GHV +HL]NHVVHOV DQJH]HLJW 'LH 7DVWHQ XQG EHWlWLJHQ XP GLH /HLVWXQJ GHV +HL]NHVVHOV HLQ]XVWHOOHQ 0LQGHVOHLVWXQJ +|FKVWOHLVWXQJ 7ULQNZDU PZDVVHU +|FKVWOHLVWXQJ +HL]XQJ =XP 8QWHUEUHFKHQ GHU )XQNWLRQ GLH LP HUVWHQ 3XQNW EHVFKULHEHQH 7lWLJNHLW ZLHGHUKROHQ

920 %(187=(5 1,&+7 48,77,(5%$5( 67g581*(1 ,P )DOO YRQ 67g581*(1 GLH PLW GHU 7DVWH QLFKW TXLWWLHUW ZHUGHQ N|QQHQ ZLH EHLVSLHO VZHLVH ( RGHU QDFK PHKU DOV PDQXHOOHQ 5(6(7 9HUVXFKHQ GXUFK GHQ %HQXW]HU PXVV GLH .DUWHQEDXJUXSSH ]XU FNJHVHW]W ZHUGHQ LQGHP GLH NOHLQH VFKZDU]H 7DVWH 5 XQWHUKDOE

VLHKH VHLWOLFKH GHU *XPPLNDSSH DXI GHU YRUGHUHQ %HGLHQWDIHO JHGU FNW ZLUG 6\PERO $EELOGXQJ

3$5$0(7(5(,167(//81* =XP 3URJUDPPLHUHQ GHU 3DUDPHWHU GHU HOHNWURQLVFKHQ .DUWHQEDXJUXSSH GHV +HL]NHVVHOV LVW IROJHQGHUPD HQ YRU]XJHKHQ

'LH 7DVWHQ JOHLFK]HLWLJ GU FNHQ XQG 6HNXQGHQ ODQJ JHGU FNW KDOWHQ ELV DXI GHP 'LVSOD\ GLH 3URJUDPP]HLOH ³3 ´ DEZHFKVHOQG PLW GHP HLQJHJHEHQHQ :HUW & DQJH]HLJW ZLUG 'LH 7DVWH GU FNHQ XQG 6HNXQGHQ ODQJ JHGU FNW KDOWHQ ELV DXI GHP 'LVSOD\ GLH 0HOGXQJ ³2Q´ HUVFKHLQW 'DQDFK GLH 7DVWH ORVODVVHQ 'DV 'LVSOD\ ]HLJW QXQ ³3 ´ DQ 'LH 3DUDPHWHUOLVWH PLW GHQ 7DVWHQ GXUFKUROOHQ 'LH 7DVWH GU FNHQ GHU :HUW GHV JHZlKOWHQ 3DUDPHWHUV EHJLQQW ]X EOLQNHQ 1XQ GLH 7DVWHQ EHVWlWLJHQ XP GHQ :HUW ]X lQGHUQ 'HQ HLQJHJHEHQHQ :HUW PLW GHU 7DVWH EHVWlWLJHQ RGHU DEHU ]XP 9HUODVVHQ RKQH 6SHLFKHUQ GLH 7DVWH GU FNHQ :HLWHUH ,QIRUPDWLRQHQ ]X GHQ LQ GHU IROJHQGHQ 7DEHOOH DXIJHOLVWHWHQ 3DUDPHWHUQ ZHUGHQ PLW GHP MHZHLOLJHQ =XEHK|U JHOLH IHUW

D

E 3$5$0(7(5 )h5 +(,=81* =21( +DXSW]RQH

3 3 3 3 3 3 3 3

3

3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3

*HVFKZLQGLJNHLW I U gIIQHQ 6FKOLH HQ 0LVFKYHQWLO +(,=3$5$0(7(5 =21( PLW ]XVlW]OLFKHP (UZHLWHUXQJVPRGXO

%HWULHEVDUW )URVWVFKXW] $XWRPDWLN .RPIRUW

.RPIRUW 5DXPWHPSHUDWXU 5DXPWHPSHUDWXUDEVHQNXQJ 6WHLOKHLW .HQQOLQLH ³.W´ 9HUVFKLHEXQJ .HQQOLQLH ³.W´ $QSDVVXQJ .HQQOLQLH ³.W´ 6ROOZHUW 9RUODXIWHPSHUDWXU +|FKVWZHUW

$NWLYLHUXQJ GHU 7HPSHUDWXUPRGXODWLRQ ZHQQ HLQJHVWHOOW ³ ³ 5DXPHLQÀXVV

*HVFKZLQGLJNHLW I U gIIQHQ 6FKOLH HQ 0LVFKYHQWLO 3$5$0(7(5 75,1.:$50:$66(5 :DUPZDVVHUEHWULHE PLW )HUQEHGLHQXQJ

LPPHU DNWLY QDFK =HLWSURJUDPPLHUXQJ GHU +HL]XQJ QDFK =HLWSURJUDPPLHUXQJ I U 7ULQNZDUPZDVVHU /HJLRQHOOHQIXQNWLRQ GHDNWLYLHUW SHULRGLVFK +HL]NHVVHO PLW 6SHLFKHU

GHDNWLYLHUW SHULRGLVFK HQWVSUHFKHQG 3 HLQPDO SUR :RFKH $NWLYLHUXQJ SHULRGLVFKH /HJLRQHOOHQIXQNWLRQ QXU EHL 3

WlJOLFK LP ,QWHUYDOO YRQ 7DJHQ HLQPDO SUR :RFKH 6ROOZHUW 8PODXIWHPSHUDWXU ]XVlW]OLFKH :DUPZDVVHUSXPSH

$XIKHL]GDXHU :DUPZDVVHUNUHLVODXI ¶ ¶

+(,=.(66(/3$5$0(7(5 0LQ $XVVFKDOW]HLW %UHQQHU 6ROOZHUW )URVWVFKXW] =HLW GHU 3XPSHQQDFK]LUNXODWLRQ PD[ *HVFKZLQGLJNHLW 9HQWLODWRU +HL]XQJ

PLQ 'LIIHUHQWLDO ]XP $XVVFKDOWHQ GHV +HL]NHVVHOV 3$5$0(7(5 62/$5.5(,6/$8) PLW ]XVlW]OLFKHP (UZHLWHUXQJVPRGXO

'LIIHUHQWLDO I U 7HPSHUDWXU = QGXQJ

'LIIHUHQWLDO I U 7HPSHUDWXU $XVVFKDOWXQJ hEHUWHPSHUDWXUVFKXW] 6RQQHQNROOHNWRUHQ ³ ³ GHDNWLYLHUW

PD[ 7HPSHUDWXU :DUPZDVVHUVSHLFKHU .21),*85$7,21 QLFKW YHUZHQGHW GLHVHQ 3DUDPHWHU 1,&+7 lQGHUQ

+HL]NUHLVODXI GHU =RQH DNWLYLHUW

+HL]NUHLVODXI GHU =RQH DNWLYLHUW

QLFKW YHUZHQGHW GLHVHQ 3DUDPHWHU 1,&+7 lQGHUQ

(LQJDQJ ) KOHU %; HUVWHU +LOIVI KOHU ± .DSLWHO

(LQJDQJ ) KOHU %; ]ZHLWHU +LOIVI KOHU ± .DSLWHO

(LQJDQJ + 0XOWLIXQNWLRQVHLQJDQJ ± 5DXPWKHUPRVWDW

.RQ¿JXUDWLRQ ]XVlW]OLFKHV (UZHLWHUXQJVPRGXO 6RIWZDUH 9HUVLRQ :$5781* 1DFK GHU :DUWXQJ YHUJDQJHQH =HLW LQWHUQHQ )HKOHUFRGH 6HNXQGlUNUHLV HLQ DXVEOHQGHQ %5(11(5h%(5:$&+81* JHZ QVFKWHU = QGJHVFKZLQGLJNHLW JHZ QVFKWH PLQ %HWULHEVJHVFKZLQGLJNHLW QLHGULJH *HVFKZLQGLJNHLW

JHZ QVFKWH PD[ %HWULHEVJHVFKZLQGLJNHLW KRKH *HVFKZLQGLJNHLW

3$5$0(7(5 %(',(17$)(/ +(,=.(66(/

0D HLQKHLW EDU & ± 36, )

)XQNWLRQVZHLVH %HGLHQWDIHO ]HQWUDO ORNDO

6RIWZDUH 9HUVLRQ

&

& &

V

&

&

& &

V

& PLQ

PLQ & PLQ 8 PLQ &

& & & &

[[[

8 PLQ 8 PLQ 8 PLQ

[[[

[[[ [[[ [[[

[[

+|FKVW

VLHKH .DSLWHO ³1LFKW LP /LHIHUXPIDQJ HQWKDOWHQHV =XEHK|U´ [[ GHU :HUW KlQJW YRQ GHU 6RIWZDUH 9HUVLRQ DE [[[ GHU :HUW KlQJW YRP .HVVHOW\S DE D DQ GHU YRUGHUHQ 7DIHO GHV +HL]NHVVHOV DEJHOHVHQH 3DUDPHWHU IHVWH %HGLHQWDIHO E DXI GHU )HUQEHGLHQXQJ DEJHOHVHQH 3DUDPHWHU

$ E V F K Q L W W , 1 6 7 $ / / $ 7 ( 8 5 ' (

3 3 3 3 3 3 3 3 3 3

%HWULHEVDUW )URVWVFKXW] $XWRPDWLN .RPIRUW

5DXPWHPSHUDWXUDEVHQNXQJ 6WHLOKHLW .HQQOLQLH ³.W´ 9HUVFKLHEXQJ .HQQOLQLH ³.W´ $QSDVVXQJ .HQQOLQLH ³.W´ 6ROOZHUW 9RUODXIWHPSHUDWXU +|FKVWZHUW

$NWLYLHUXQJ GHU 7HPSHUDWXUPRGXODWLRQ ZHQQ HLQJHVWHOOW ³ ³ 5DXPHLQÀXVV

:HUNVHLWLJ HLQJHVWHOOWHU 0LQGHVW :HUW

*$69(17,/ (,167(//(1 8P GDV *DVYHQWLO HLQ]XVWHOOHQ GLH )XQNWLRQ (LQVWHOOHQ DNWLYLHUHQ ZLH LP .DSLWHO EH VFKULHEHQ XQG IROJHQGHUPD HQ YRUJHKHQ

$ E V F K Q L W W , 1 6 7 $ / / $ 7 ( 8 5 ' (

9

5HJXOLHUXQJVVFKUDXEH GHV *DV]XÀXVVHV

.

5HJXOLHUXQJVVFKUDXEH 2))6(7

3,

'UXFNVLJQDO GHU GUXFNIHVWHQ .DPPHU

3L

'UXFNDQVFKOXVV GHU *DVYHUVRUJXQJ

(LQVWHOOHQ GHU 5('8=,(57(1 :lUPHEHODVWXQJ EHL PLQLPDOHU :lUPHEHODVWXQJ 3U IHQ RE GHU DQ GHU $EODVVOHLWXQJ JHPHVVHQH :HUW I U GHV +HL]NHVVHOV GHP LQ GHU 7DEHOOH JHQDQQWHQ :HUW HQWVSULFKW $QGHUQIDOOV PLW GHU DP *DVYHQWLO YRUKDQGHQHQ 6WHOOVFKUDXEH .

UHJHOQ 'LH 6FKUDXEH LP 8KU]HLJHUVLQQ GUHKHQ XP *HKDOW ]X HUK|KHQ XQG JHJHQ GHQ 8KU]HLJHUVLQQ XP LKQ ]X UHGX]LHUHQ GHQ

(LQVWHOOHQ GHU 0$;,0$/(1 :lUPHEHODVWXQJ 3U IHQ RE GHU DQ GHU $EODVVOHLWXQJ JHPHVVHQH :HUW I U EHL PD[LPDOHU :lUPHEHOD VWXQJ GHV +HL]NHVVHOV GHP LQ GHU 7DEHOOH JHQDQQWHQ :HUW HQWVSULFKW $QGHUQIDOOV PLW GHU DP *DVYHQWLO YRUKDQGHQHQ 6WHOOVFKUDXEH 9 UHJHOQ 'LH 6FKUDXEH LP 8KU]HLJHUVLQQ GUHKHQ XP GHQ *HKDOW ]X UHGX]LHUHQ XQG JHJHQ GHQ 8KU]HLJHUVLQQ XP LKQ ]X HUK|KHQ

8067(//(1 $8) $1'(5( *$6$57 %HLP 8PVWHOOHQ YRQ (UGJDV DXI )O VVLJJDV PXVV YRU GHP (LQVWHOOHQ GHV *DVYHQWLOV ZLH REHQ EHVFKULHEHQ GLH 9HQWXULJUXSSH % JHZHFK VHOW ZHUGHQ ZLH LQ GHU $EELOGXQJ GDUJHVWHOOW =XP :HFKVHOQ PXVV GDV *DVDQVFKOXVVURKU GHPRQWLHUW ZHUGHQ *HZLQGHPXWWHU * ´ XQG GLH GUHL 6FKUDXEHQ ]XU )ODQVFKEHIHVWLJXQJ P VVHQ HQWIHUQW ZHUGHQ 1DFK GHP :HFKVHOQ VLFKHUVWHOOHQ GDVV NHLQ *DV DXVWULWW 'LH 3DUDPHWHU 9HQWLODWRU 'UHK]DKO VR lQGHUQ ZLH LQ GHU 7DEHOOH DQJHJHEHQ 'DEHL GHQ LP .DSLWHO EHVFKULHEHQHQ 9RUJDQJ EHDFKWHQ

7$%(//( 3$5$0(7(5 8PGUHKXQJHQ PLQ USP

3 D

0RGHOO

3 3 D

3 D

9(1785, PP

*$6'h6(1 PP

&2 PLQ

&2 PD[

&2 PD[ SSP

0LQGHVWOHLVWXQJ +|FKVWOHLVWXQJ = QGXQJVOHLVWXQJ *

*

*

*

*

*

* *

*

*

*

*

*

*

6WN

6WN

6WN

6WN

* *

&2 :HUW PLW JHVFKORVVHQHP 0DQWHO 2KQH 0DQWHO RIIHQH .DPPHU LVW GHU JHOHVHQH :HUW XP QLHGULJHU D GHQ DP YRUGHUHQ 'LVSOD\ GHV +HL]NHVVHOV DEJHOHVHQHQ :HUW [ PXOWLSOL]LHUHQ ] % HQWVSULFKW 8 PLQ

8P GLH (LQVWHOOXQJ GHV *DVYHQWLOV ]X HUOHLFKWHUQ NDQQ GLH ³(,167(//)81.7,21´ GLUHNW DQ GHU %HGLHQWDIHO GHV +HL]NHVVHOV HLQJHJHEHQ ZHUGHQ ZLH LP .DSLWHO EHVFKULHEHQ

(,167(// 81' 6,&+(5+(,769255,&+781*(1 'HU +HL]NHVVHO HQWVSULFKW DOOHQ 9RUVFKULIWHQ GHU HXURSlLVFKHQ %H]XJVQRUPHQ XQG YHUI JW LQVEHVRQGHUH EHU IROJHQGH 9RUULFKWXQ JHQ

6LFKHUKHLWVWKHUPRVWDW 'LHVHV *HUlW GHVVHQ 6HQVRU DP 9RUODXI GHU +HL]XQJ DQJHRUGQHW LVW XQWHUEULFKW GHQ *DV]XÀXVV ]XP %UHQQHU ZHQQ GDV :DVVHU LP 3ULPlUNUHLV ]X KHL LVW 8QWHU GLHVHQ %HGLQJXQJHQ EORFNLHUW VLFK GHU +HL]NHVVHO (UVW QDFK %HVHLWLJXQJ GHU 8UVDFKH NDQQ GDV (LQVFKDOWHQ GXUFK %HWlWLJXQJ GHU 7DVWH ZLHGHUKROW ZHUGHQ

'LHVH 6LFKHUKHLWVYRUULFKWXQJ GDUI NHLQHVIDOOV DX HU %HWULHE JHVHW]W ZHUGHQ

17& $EJDVI KOHU

'LHVHV *HUlW LVW DQ GHU $EJDVOHLWXQJ DQJHRUGQHW %HL hEHUWHPSHUDWXU YHUKLQGHUW GLH HOHNWURQLVFKH .DUWHQEDXJUXSSH GHQ *DV]X ÀXVV ]XP %UHQQHU =XU :LHGHUKHUVWHOOXQJ GHU QRUPDOHQ %HWULHEVEHGLQJXQJHQ PXVV GLH 7DVWH EHWlWLJW ZHUGHQ 'LH 4XLWWLHUXQJ GHU $QODJH LVW HUVW GDQQ P|JOLFK ZHQQ GLH 7HPSHUDWXU XQWHU & DEJHVXQNHQ LVW

'LHVH 6LFKHUKHLWVYRUULFKWXQJ GDUI NHLQHVIDOOV DX HU %HWULHE JHVHW]W ZHUGHQ

)ODPPHQLRQLVDWLRQVGHWHNWRU

'LH hEHUZDFKXQJVHOHNWURGH JDUDQWLHUW GLH 6LFKHUKHLW EHL *DVPDQJHO RGHU IHKOHUKDIWHU = QGXQJ GHV +DXSWEUHQQHUV 8QWHU GLHVHQ %HGLQJXQJHQ ZLUG GHU +HL]NHVVHO EORFNLHUW =XU :LHGHUKHUVWHOOXQJ GHU QRUPDOHQ %HWULHEVEHGLQJXQJHQ PXVV GLH 7DVWH EHWlWLJW ZHUGHQ

+\GUDXOLVFKHU 'UXFNVFKDOWHU

0LW GLHVHP *HUlW LVW GLH = QGXQJ GHV +DXSWEUHQQHUV QXU GDQQ P|JOLFK ZHQQ HLQ $QODJHQGUXFN PHKU DOV EDU EHWUlJW

1DFKJHVFKDOWHWHU 3XPSHQNUHLVODXI

'HU HOHNWURQLVFK JHVWHXHUWH .UHLVODXI GHU 3XPSH QDFK GHP $XVVFKDOWHQ GHV +DXSWEUHQQHUV GXUFK GHQ 5DXPWKHUPRVWDW GDXHUW 0LQXWHQ ODQJ XQG ZLUG LP +HL]PRGXV DNWLYLHUW

)URVWVFKXW]

'LH HOHNWURQLVFKH 6WHXHUXQJ GHV +HL]NHVVHOV LVW PLW HLQHU ³)URVWVFKXW]´ )XQNWLRQ LP +HL] XQG :DUPZDVVHUPRGXV DXVJHVWDWWHW ZHOFKH GHQ %UHQQHU EHL 9RUODXIWHPSHUDWXUHQ XQWHU & VRODQJH HLQVFKDOWHW ELV LP 9RUODXI HLQH 7HPSHUDWXU YRQ & HUUHLFKW LVW 'LHVH )XQNWLRQ LVW DNWLY ZHQQ GHU +HL]NHVVHO HOHNWULVFK JHVSHLVW ZLUG GLH 9HUVRUJXQJ PLW *DV VWDWW¿QGHW XQG GHU $QODJHQGUXFN GHP YRUJHJHEHQHQ :HUW HQWVSULFKW

$QWL %ORFNLHU 6LFKHUKHLW GHU 3XPSH

/LHJW 6WXQGHQ ODQJ NHLQH :lUPHDQIRUGHUXQJ YRU +HL] E]Z :DUPZDVVHUPRGXV VHW]W VLFK GLH 3XPSH DXWRPDWLVFK 6HNXQGHQ ODQJ LQ %HWULHE

+\GUDXOLVFKHV 6LFKHUKHLWVYHQWLO +HL]NUHLVODXI

'LHVHV DXI EDU JHUHJHOWH *HUlW GLHQW I U GHQ +HL]NUHLVODXI (V ZLUG HPSIRKOHQ GDV 6LFKHUKHLWVYHQWLO DQ HLQH PLW HLQHP 6LSKRQ YHUVHKHQH $EODXÀHLWXQJ DQ]XVFKOLH HQ (V GDUI QLFKW ]XP (QWOHHUHQ GHV +HL]NUHLVODXIHV YHUZHQGHW ZHUGHQ

9RUJHVFKDOWHWHU 3XPSHQXPODXI GHV +HL]NHVVHOV

%HL $QIRUGHUXQJ GHV +HL]EHWULHEV NDQQ GDV *HUlW GHQ .UHLVODXI GHU 3XPSH VWDUWHQ QRFK EHYRU GHU %UHQQHU JH] QGHW ZLUG 'LH 'DXHU GLHVHV 8PODXIV KlQJW YRQ GHU %HWULHEVWHPSHUDWXU XQG GHQ ,QVWDOODWLRQVEHGLQJXQJHQ DE XQG UHLFKW YRQ ZHQLJHQ 6HNXQGHQ ELV ]X HLQLJHQ 0LQXWHQ

'LH )XQNWLRQHQ GHU 5HJHO XQG 6LFKHUKHLWVHLQULFKWXQJHQ VLQG QXU GDQQ ZLUNVDP ZHQQ GHU +HL]NHVVHO PLW HOHNWULVFKHP 6WURP YHUVRUJW ZLUG

)g5'(50(1*( )g5'(5+g+( $1 '(5 +(,=3/$77( (V LVW HLQH 0RGXODWLRQVSXPSH I U GHQ :DVVHUNUHLVODXI ]ZLVFKHQ +HL]NHVVHO XQG K\GUDXOLVFKHU :HLFKH HLQJHVHW]W

=(,&+(1(5./b581* '(5 3803(1',$*5$00( 6(&7,21 ( 4

:b50( %(/$6781*

+

)g5'(5+g+( ',( ',$*5$00( '(6 92/80(1675206 '(5 )g5'(5+g+( '(5 3803( 6,1' $0 (1'( ',(6(6 +$1'%8&+6 ,0 6(& 7,21 ( DQJHJHEHQ

$ E V F K Q L W W , 1 6 7 $ / / $ 7 ( 8 5 ' (

-b+5/,&+( :$5781* 8P GLH RSWLPDOH /HLVWXQJ GHV +HL]NHVVHOV ]X JHZlKUOHLVWHQ P VVHQ HLQPDO LP -DKU IROJHQGH .RQWUROOHQ GXUFKJHI KUW ZHUGHQ

$XVVHKHQ XQG 'LFKWKHLW GHU 'LFKWXQJHQ GHV *DV XQG GHV 9HUEUHQQXQJVNUHLVODXIV SU IHQ =XVWDQG XQG 3RVLWLRQ GHU (OHNWURGHQ ]XU = QGXQJ XQG )ODPPHQ EHUZDFKXQJ SU IHQ =XVWDQG XQG %HIHVWLJXQJ GHV %UHQQHUV SU IHQ 3U IHQ RE 6FKPXW] LQ GHU 9HUEUHQQXQJVNDPPHU YRUKDQGHQ LVW ) U GLH 5HLQLJXQJ HLQHQ 6WDXEVDXJHU YHUZHQGHQ (LQVWHOOXQJ GHV *DVYHQWLOV SU IHQ 'UXFN GHU +HL]DQODJH SU IHQ 'UXFN GHV ([SDQVLRQVJHIl HV $QODJH SU IHQ 3U IHQ RE GHU 9HQWLODWRU NRUUHNW IXQNWLRQLHUW 3U IHQ RE GLH $EODVV XQG 6DXJOHLWXQJHQ IUHL VLQG 3U IHQ RE 6FKPXW] LP 6LSKRQ YRUKDQGHQ LVW 9RU MHJOLFKHP (LQJULII LVW VLFKHU]XVWHOOHQ GDVV GHU +HL]NHVVHO QLFKW PLW 6WURP YHUVRUJW ZLUG 1DFK GHQ :DUWXQJVDUEHLWHQ P VVHQ GLH XUVSU QJOLFKHQ %HWULHEVSDUDPHWHU GHV +HL]NHVVHOV ZLHGHU KHUJHVWHOOW ZHUGHQ IDOOV VLH JHlQGHUW ZXUGHQ

9(5%5(1181*63$5$0(7(5 8P GLH 9HUEUHQQXQJVOHLVWXQJ XQG GLH 8PZHOWYHUWUlJOLFKNHLW GHU 9HUEUHQQXQJVSURGXNWH ZlKUHQG GHV %HWULHEV ]X PHVVHQ LVW GHU +HL]NHVVHO PLW ]ZHL VSH]L¿VFK GDI U YRUJHVH KHQHQ (QWQDKPHSXQNWHQ DXVJHVWDWWHW (LQ (QWQDKPHSXQNW LVW DQ GHQ $EJDVNUHLV $ DQ JHVFKORVVHQ XQG GLHQW ]XU 0HVVXQJ GHU 8PZHOWYHUWUlJOLFKNHLW GHU 9HUEUHQQXQJVSURGXNWH XQG GHV IHXHUXQJVWHFKQLVFKHQ :LUNXQJVJUDGV 'HU DQGHUH (QWQDKPHSXQNW LVW DQ GHQ 6DX JNUHLV GHU 9HUEUHQQXQJVOXIW % DQJHVFKORVVHQ XQG GLHQW ]XU (UPLWWOXQJ HLQHU HYHQWXHOOHQ 5 FNVWU|PXQJ GHU 9HUEUHQQXQJVSURGXNWH EHL NRD[LDOHQ /HLWXQJHQ ,Q GHP DQ GHQ $EJD VNUHLV DQJHVFKORVVHQHQ (QWQDKPHSXQNW N|QQHQ IROJHQGH 3DUDPHWHU JHPHVVHQ ZHUGHQ

7HPSHUDWXU GHU 9HUEUHQQXQJVSURGXNWH 6DXHUVWRIINRQ]HQWUDWLRQ 2 RGHU DOWHUQDWLY .RKOHQGLR[LGJHKDOW &2 .RKOHQR[LG .RQ]HQWUDWLRQ &2

'LH 7HPSHUDWXU GHU 9HUEUHQQXQJVOXIW PXVV DQ GHP PLW GHP /XIWDQVDXJNUHLV YHUEXQGHQHQ (QWQDKPHSXQNW % JHPHVVHQ ZHUGHQ LQGHP PDQ GHQ 0HVVI KOHU ]LUND FP HLQI KUW &

=XP (LQVFKDOWHQ GHU )XQNWLRQ ³.$0,1)(*(5´ ZLUG DXI GDV .DSLWHO YHUZLHVHQ

$125'181* '(5 (/(.752'(1

$ E V F K Q L W W , 1 6 7 $ / / $ 7 ( 8 5 ' (

7(&+1,6&+( 0(5.0$/( 0RGHOOR /81$ '82 7(& 03

.DWHJRULH

,, + 3

*DVDUW

* *

N:

5HGX]LHUWH :lUPHEHODVWXQJ *

N:

5HGX]LHUWH :lUPHEHODVWXQJ *

N:

1HQQZlUPHOHLVWXQJ &

N:

1HQQZlUPHOHLVWXQJ &

N:

5HGX]LHUWH :lUPHOHLVWXQJ & *

N:

5HGX]LHUWH :lUPHOHLVWXQJ & *

N:

5HGX]LHUWH :lUPHOHLVWXQJ & *

N:

5HGX]LHUWH :lUPHOHLVWXQJ & *

N:

1HQQ 1XW]XQJVJUDG &

1HQQ 1XW]XQJVJUDG &

1XW]XQJVJUDG 3Q &

0D[ :DVVHUGUXFN LP +HL]NUHLV

EDU

0LQGHVW :DVVHUGUXFN LP +HL]NUHLV

EDU

,QKDOW +HL]NHVVHONUHLVODXI :DVVHUYROXPHQ

7HPSHUDWXUEHUHLFK +HL]NUHLV

O

&

·

& & & & & & %

'XUFKPHVVHU NRQ]HQWULVFKHU $EODVV

PP

'XUFKPHVVHU JHWUHQQWH $EODVVOHLWXQJHQ

PP

0D[ 5DXFKJDV 0DVVHQVWURP *

NJ V

0LQ 5DXFKJDV 0DVVHQVWURP *

NJ V

$UW GHU $EODVVOHLWXQJHQ

0D[ $EJDVWHPSHUDWXU 12[ .ODVVH

&

PJ N:K

9HUVRUJXQJVGUXFN (UGJDV +

PEDU

9HUVRUJXQJVGUXFN )O VVLJJDV 3

PEDU

(OHNWULVFKH 9HUVRUJXQJVVSDQQXQJ

9

)UHTXHQ] GHU 6WURPYHUVRUJXQJ

+]

(OHNWU 1HQQOHLVWXQJ

:

1HWWRJHZLFKW

NJ

$EPHVVXQJHQ +|KH

PP

%UHLWH

PP

7LHIH

PP

,3; '

6FKXW]DUW JHJHQ )HXFKWLJNHLW (1

$ E V F K Q L W W , 1 6 7 $ / / $ 7 ( 8 5 ' (

1HQQZlUPHEHODVWXQJ +HL]XQJ

&( =HUWL¿NDWLRQ 1U &0 9(5%5$8&+ :b50(%(/$6781* 4PD[ XQG 4PLQ 4PD[ * +

P K

4PLQ * +

P K

4PD[ * 3

NJ K

4PLQ * 3

NJ K

(VWLPDGR &OLHQWH 1XHVWUD (PSUHVD RSLQD TXH VX QXHYD FDOGHUD VDWLVIDUi WRGDV VXV H[LJHQFLDV /D FRPSUD GH XQ SURGXFWR %$;,52&$ JDUDQWL]D OR TXH 8G VH HVSHUD XQ EXHQ IXQFLRQDPLHQWR \ XQ XVR VLPSOH \ UDFLRQDO /H SHGLPRV TXH QR SRQJD DSDUWH HVWDV LQVWUXFFLRQHV VLQ OHHUODV FRQWLHQHQ LQIRUPDFLRQHV ~WLOHV SDUD XQD JHVWLyQ FRUUHFWD \ H¿FD] GH VX FDOGHUD

%$;, GHFODUD TXH HVWRV PRGHORV GH FDOGHUDV OOHYDQ HO PDUFDGR VLJXLHQWHV 'LUHFWLYDV

SRU FXPSOLU ORV UHTXLVLWRV HVHQFLDOHV GH ODV

'LUHFWLYD GH *DV &( 'LUHFWLYD GH 5HQGLPLHQWRV &(( 'LUHFWLYD GH &RPSDWLELOLGDG (OHFWURPDJQpWLFD &(

8 V X D U L R H , Q V W D O D G R U ( 6

'LUHFWLYD GH %DMD 7HQVLyQ &(

%D[L 6 S $ HQ VX FRQVWDQWH DFFLyQ SDUD PHMRUDU ORV SURGXFWRV VH UHVHUYD OD SRVLELOLGDG GH PRGL¿FDU ORV GDWRV LQGLFDGRV HQ HVWD GRFXPHQWDFLyQ HQ FXDOTXLHU PRPHQWR \ VLQ DYLVR SUHYLR (VWD GRFXPHQWDFLyQ HV XQ VRSRUWH LQIRUPDWLYR \ QR VH SXHGH FRQVLGHUDU FRPR XQ FRQWUDWR FRQ WHUFHURV

5(680(1

'(6&5,3&,Ï1 '( /26 6Ë0%2/26 $'9(57(1&,$6 '( 6(*85,'$' $'9(57(1&,$6 *(1(5$/(6 &216(-26 3$5$ (/ $+2552 (1(5*e7,&2 38(67$ (1 0$5&+$ '( /$ &$/'(5$

5(*8/$&,Ï1 '( /$ 7(03(5$785$ '( ,038/6,Ï1 &$/()$&&,Ï1 < '(/ $*8$ 6$1,7$5,$

02'26 '( )81&,21$0,(172

3$5$'$ 352/21*$'$ '( /$ ,167$/$&,Ï1 3527(&&,Ï1 $17,+(/$'$6

&$0%,2 '( *$6 $120$/Ë$6 0(1Ò ,1)250$&,Ï1 '( &$/'(5$ //(1$'2 '( /$ ,167$/$&,Ï1 ,16758&&,21(6 3$5$ (/ 0$17(1,0,(172 25',1$5,2 $3$*$'2 '( /$ &$/'(5$ $'9(57(1&,$6 $17(6 '( /$ ,167$/$&,Ï1 ,167$/$&,Ï1 '( /$ &$/'(5$

%20%$ '( /$ &$/'(5$

,167$/$&,Ï1 '( /26 &21'8&726

&21'8&726 &2$;,$/(6

&21'8&726 6(3$5$'26

&21'8&726 (1 &$6&$'$

&21(;,21(6 (/e&75,&$6

&21(;,Ï1 '(/ 7(50267$72 $0%,(17(

$&&(625,26 48( 12 )250$1 3$57( '(/ 680,1,6752

0Ï'8/26 (;7(5,25(6 '( *(67,Ï1 ,167$/$&,Ï1 )81&,21(6 (63(&,$/(6

)81&,Ï1 385*$'2 '( /$ ,167$/$&,Ï1

)81&,Ï1 &$/,%5$'2

$1È/,6,6 &20%867,Ï1

$120$/Ë$6 48( (/ 868$5,2 12 38('( 5(6(7($5 &21),*85$&,Ï1 '(/ /26 3$5È0(7526 &$/,%5$'2 '( /$ 9¬/98/$ '(/ *$6

$37$&,Ï1 $ 2752 7,32 '( *$6

',6326,7,926 '( 5(*8/$&,Ï1 < 6(*85,'$' &859$6 '( &$8'$/ $/785$ 0$120e75,&$ '(/ &,5&8/$'25 0$17(1,0,(172 $18$/

3$5È0(7526 '( &20%867,Ï1

&2/2&$&,Ï1 '( /26 (/(&752'26

&$5$&7(5Ë67,&$6 7e&1,&$6

'(6&5,3&,Ï1 '( /26 6Ë0%2/26

$'9(57(1&,$ 5LHVJR GH GDxR R PDO IXQFLRQDPLHQWR GHO DSDUDWR 3UHVWDU HVSHFLDO DWHQFLyQ D ODV DGYHUWHQFLDV GH SHOL JUR UHODFLRQDGDV FRQ SRVLEOHV GDxRV D ODV SHUVRQDV 3(/,*52 '( 48(0$'85$6 (VSHUDU D TXH HO DSDUDWR VH HQIUtH DQWHV GH DFWXDU VREUH ODV SLH]DV H[SXHVWDV DO FDORU 3(/,*52 '( $/72 92/7$-( 3DUWHV HOpFWULFDV HQ WHQVLyQ SHOLJUR GH GHVFDUJDV HOpFWULFDV 3(/,*52 '( +(/$'$6 3UREDEOH IRUPDFLyQ GH KLHOR GHELGR D ODV EDMDV WHPSHUDWXUDV

352+,%,&,Ï1 *(1e5,&$ (VWi SURKLELGR HIHFWXDU XWLOL]DU OR TXH VH LQGLFD DO ODGR GHO VtPEROR

$'9(57(1&,$6 '( 6(*85,'$'

2/25 $ *$6

$SDJXH OD FDOGHUD 1R DFFLRQH QLQJ~Q DSDUDWR HOpFWULFR FRPR HQFHQGHU OD OX]

$SDJDU ODV HYHQWXDOHV OODPDV SURGXFLGDV \ DEULU ODV YHQWDQDV /ODPDU D XQ FHQWUR GH $VLVWHQFLD 7pFQLFD $XWRUL]DGR

2/25 $ &20%867,Ï1 $SDJXH OD FDOGHUD 9HQWLOH OD KDELWDFLyQ DEULHQGR SXHUWDV \ YHQWDQDV /ODPH DO &HQWUR GH $VLVWHQFLD 7pFQLFR $XWRUL]DGR

0$7(5,$/ ,1)/$0$%/( 1R XWLOL]DU \ R GHSRVLWDU PDWHULDOHV IiFLOPHQWH LQÀDPDEOHV GLOX\HQWHV SDSHO HWF HQ ODV FHUFDQtDV GH OD FDOGHUD

0$17(1,0,(172 < /,03,(=$ '( /$ &$/'(5$ 'HVFRQHFWDU OD DOLPHQWDFLyQ HOpFWULFD GH OD FDOGHUD DQWHV GH HIHFWXDU FXDOTXLHU LQWHUYHQFLyQ

(VWH DSDUDWR QR GHEH VHU XWLOL]DGR SRU SHUVRQDV FRQ FDSDFLGDGHV ItVLFDV VHQVRULDOHV R PHQWDOHV OLPLWDGDV R TXH QR WHQJDQ XQD H[SHULHQFLD QL FRQRFLPLHQWRV DSURSLDGRV D PHQRV TXH DFW~HQ EDMR OD YLJLODQFLD GH XQD SHUVRQD UHVSRQVDEOH GH VX VHJXULGDG R KD\DQ UHFLELGR LQVWUXFFLRQHV VREUH HO XVR GHO DSDUDWR

%$;, XQD GH ODV HPSUHVDV OtGHUHV HQ (XURSD HQ OD SURGXFFLyQ GH FDOGHUDV \ VLVWHPDV SDUD OD FDOHIDFFLyQ GH DOWD WHFQRORJtD KD REWHQLGR OD FHUWL¿FDFLyQ &64 SDUD ORV VLVWHPDV GH JHVWLyQ HQ OR TXH VH UH¿HUH D OD FDOLGDG ,62 HO PHGLR DPELHQWH ,62 \ OD VDOXG \ OD VHJXULGDG 2+6$6 (VWR DWHVWLJXD TXH %$;, 6 S $ UHFRQRFH FRPR VXV SURSLRV REMHWLYRV HVWUDWpJLFRV OD SURWHFFLyQ GHO PHGLR DPELHQWH OD ¿DELOLGDG \ OD FDOLGDG GH VXV SURGXFWRV DVt FRPR OD VDOXG \ OD VHJXULGDG GH VXV HPSOHDGRV /D HPSUHVD D WUDYpV GH VX RUJDQL]DFLyQ HVWi FRQVWDQWHPHQWH FRPSURPHWLGD HQ LPSOHPHQWDU \ PHMRUDU HVWRV DVSHFWRV SDUD FRQVHJXLU OD VDWLVIDFFLyQ GH VXV FOLHQWHV

8 V X D U L R H , Q V W D O D G R U ( 6

,1)250$&,Ï1 ,03257$17( ,QIRUPDFLyQ TXH GHEHUi OHHU FRQ HVSHFLDO FXLGDGR SRUTXH VRQ ~WLOHV SDUD HO EXHQ IXQFLRQDPLHQWR GH OD FDOGHUD

$'9(57(1&,$6 *(1(5$/(6 (VWD FDOGHUD VLUYH SDUD FDOHQWDU DJXD D XQD WHPSHUDWXUD LQIHULRU D OD GH HEXOOLFLyQ D SUHVLyQ DWPRVIpULFD 'HEH FRQHFWDUVH D XQD LQVWDODFLyQ GH FDOHIDFFLyQ \ D XQD UHG GH GLVWULEXFLyQ GH DJXD FDOLHQWH VDQLWDULD GHQWUR GH ORV OtPLWHV GH VXV SUHVWDFLRQHV \ GH VX SRWHQFLD $QWHV GH TXH OD FDOGHUD VHD FRQHFWDGD SRU XQ WpFQLFR FDOL¿FDGR HV SUHFLVR

&RQWURODU TXH OD FDOGHUD HVWp SUHSDUDGD SDUD IXQFLRQDU FRQ HO WLSR GH JDV GLVSRQLEOH (O WLSR GH JDV VH LQGLFD HQ HO HPEDODMH \ HQ OD SODFD GH GDWRV GHO DSDUDWR &RQWURODU TXH OD FKLPHQHD WHQJD EXHQ WLUR TXH QR WHQJD HVWUDQJXODPLHQWRV \ QR GHVHPERTXHQ HQ HOOD ODV VDOLGDV GH RWURV DSDUDWRV VDOYR TXH KD\D VLGR UHDOL]DGD SDUD HVWH ¿Q FRQIRUPH D OD UHJODPHQWDFLyQ YLJHQWH 6L OD FDOGHUD VH FRQHFWD D XQD FKLPHQHD SUHH[LVWHQWH FRQWURODU TXH pVWD VH KD\D OLPSLDGR SHUIHFWDPHQWH \D TXH HO GHVSUHQ GLPLHQWR GH ORV GHSyVLWRV GH ODV SDUHGHV GXUDQWH HO IXQFLRQDPLHQWR SXHGH REVWUXLU OD VDOLGD GH KXPRV 3DUD PDQWHQHU HO IXQFLRQDPLHQWR FRUUHFWR \ OD JDUDQWtD GHO DSDUDWR WDPELpQ HV LPSUHVFLQGLEOH UHVSHWDU ODV VLJXLHQWHV LQGLFD FLRQHV

$JXD FDOLHQWH VDQLWDULD 6L OD GXUH]D GHO DJXD HV VXSHULRU D ) ) PJ GH FDUERQDWR GH FDOFLR SRU OLWUR GH DJXD HV SUHFLVR LQVWDODU XQ GRVL¿ FDGRU GH SROLIRVIDWRV R XQ VLVWHPD VLPLODU FRQIRUPH D ODV QRUPDV YLJHQWHV 8QD YH] PRQWDGR HO DSDUDWR DQWHV GH XWLOL]DUOR HV QHFHVDULR KDFHU XQD OLPSLH]D D IRQGR GH OD LQVWDODFLyQ /RV PDWHULDOHV XWLOL]DGRV SDUD HO $&6 VRQ FRQIRUPHV D OD 'LUHFWLYD &(

8 V X D U L R H , Q V W D O D G R U ( 6

&LUFXLWR GH FDOHIDFFLyQ ,QVWDODFLyQ QXHYD DQWHV GH LQVWDODU OD FDOGHUD KD\ TXH OLPSLDU OD LQVWDODFLyQ SDUD HOLPLQDU ORV UH VLGXRV GH URVFDGRV VROGDGXUDV \ GLVROYHQWHV XWLOL]DQGR XQ SURGXFWR FRPHUFLDO TXH QR VHD QL iFLGR QL DOFDOLQR \ TXH WDPSRFR DWDTXH ORV PHWDOHV HO SOiVWLFR \ OD JRPD 3DUD HYLWDU TXH VH IRUPHQ LQFUXVWDFLRQHV HQ OD LQVWDODFLyQ HV QHFHVDULR XWLOL]DU XQ LQKLELGRU FRPR )(512; GH SURWHFFLyQ SDUD LQVWDODFLRQHV GH FDOHIDFFLyQ 3DUD HO XVR GH HVWH SURGXFWR VHJXLU DWHQWDPHQWH ODV LQVWUXFFLRQHV IDFLOLWDGDV SRU HO IDEULFDQWH

,QVWDODFLyQ H[LVWHQWH DQWHV GH LQVWDODU OD FDOGHUD HV QHFHVDULR YDFLDU FRPSOHWDPHQWH \ OLPSLDU OD LQVWDODFLyQ GH ORGRV \ FRQWD PLQDQWHV FRQ HO SURGXFWR FRPHUFLDO FLWDGR HQ HO SXQWR DQWHULRU (O SURGXFWR DFRQVHMDGR SDUD OD OLPSLH]D HV )(512; UHJHQHUDGRU SDUD LQVWDODFLRQHV GH FDOHIDFFLyQ 3DUD HO XVR GH HVWH SURGXFWR VHJXLU DWHQWDPHQWH ODV LQVWUXFFLRQHV IDFLOLWDGDV SRU HO IDEULFDQWH 6H UHFXHUGD TXH ORV GHSyVLWRV HQ OD LQVWDODFLyQ GH FDOHIDFFLyQ SHUMXGLFDQ HO IXQFLRQDPLHQWR GH OD FDOGHUD SRU HM VREUHFDOHQWD PLHQWR \ UXLGR GHO LQWHUFDPELDGRU

(O SULPHU HQFHQGLGR GHEH VHU HIHFWXDGR SRU HO 6HUYLFLR GH $VLVWHQFLD 7pFQLFD DXWRUL]DGR TXH WHQGUi TXH FRQWURODU

4XH ORV GDWRV GH SODFD VHDQ FRQIRUPHV D ORV GH ODV UHGHV GH DOLPHQWDFLyQ HOpFWULFD KLGUiXOLFD \ JDV

4XH OD LQVWDODFLyQ FXPSOD ODV QRUPDV YLJHQWHV 4XH VH KD\D HIHFWXDGR FRUUHFWDPHQWH OD FRQH[LyQ HOpFWULFD D OD UHG PiV WLHUUD (O DSDUDWR VH GHEH LQVWDODU HQ XQ ORFDO DLUHDGR XWLOL]DGR FRPR VDOD WpUPLFD VHJ~Q ODV QRUPDV YLJHQWHV DSDUDWRV FRQ FDSD FLGDG WpUPLFD ! N:

/D LQREVHUYDQFLD GH HVWDV LQGLFDFLRQHV LQYDOLGD OD JDUDQWtD GHO DSDUDWR /RV QRPEUHV GH ORV &HQWURV GH $VLVWHQFLD 7pFQLFD DXWRUL]DGRV VH LQGLFDQ HQ OD KRMD DGMXQWD $QWHV GH OD SXHVWD HQ PDUFKD TXLWDU OD SHOtFXOD GH SURWHFFLyQ GH OD FDOGHUD 3DUD HOOR QR VH GHEHQ XWLOL]DU KHUUDPLHQWDV R PDWHULDOHV DEUDVLYRV \D TXH SRGUtDQ DUUXLQDU OD SLQWXUD 1R VH GHEHQ GHMDU ODV SDUWHV GHO HPEDODMH EROVDV GH SOiVWLFR SROLHVWLUHQR HWF DO DOFDQFH GH QLxRV HQ FXDQWR TXH VRQ SRWHQFLDOHV IXHQWHV GH SHOLJUR

&216(-26 3$5$ (/ $+2552 (1(5*e7,&2 5HJXODFLyQ GH OD FDOHIDFFLyQ

5HJXODU OD WHPSHUDWXUD GH LPSXOVLyQ GH OD FDOGHUD VHJ~Q HO WLSR GH LQVWDODFLyQ 3DUD ODV LQVWDODFLRQHV FRQ UDGLDGRUHV VH DFRQVHMD SURJUDPDU XQD WHPSHUDWXUD Pi[LPD GH LPSXOVLyQ GHO DJXD GH FDOHIDFFLyQ GH XQRV & \ DXPHQWDU HVWH YDORU VL QR VH DOFDQ]D HO FRQIRUW DPELHQWH UHTXHULGR (Q FDVR GH LQVWDODFLyQ FRQ SDQHOHV UDGLDQWHV HQ HO SDYLPHQWR QR VXSHUDU OD WHPSHUDWXUD LQGLFDGD SRU HO GLVHxDGRU GH OD LQVWDODFLyQ 6H DFRQVHMD XWLOL]DU OD 6RQGD ([WHULRU \ R HO 3DQHO GH &RQWURO SDUD DGDSWDU DXWRPiWLFDPHQWH OD WHPSHUDWXUD GH LPSXOVLyQ VHJ~Q ODV FRQGLFLRQHV DWPRVIpULFDV R OD WHPSHUDWXUD LQWHULRU 'H HVWH PRGR QR VH SURGXFH PiV FDORU TXH HO TXH HIHFWLYDPHQWH VH QHFHVLWD 5HJXODU OD WHPSHUDWXUD DPELHQWH VLQ VREUHFDOHQWDU ORV ORFDOHV &DGD JUDGR HQ H[FHVR FRPSRUWD XQ FRQVXPR HQHUJpWLFR PD\RU HTXLYDOHQWH D XQ $GHFXDU OD WHPSHUDWXUD DPELHQWH WDPELpQ VHJ~Q HO WLSR GH XWLOL ]DFLyQ GH ORV ORFDOHV 3RU HMHPSOR HO GRUPLWRULR R ODV KDELWDFLRQHV TXH VH XWLOL]DQ PHQRV VH SXHGHQ FDOHQWDU D XQD WHPSHUDWXUD LQIHULRU 8WLOL]DU OD SURJUDPDFLyQ KRUDULD \ SURJUDPDU SDUD ODV KRUDV QRFWXUQDV XQD WHPSHUDWXUD DPELHQWH XQRV & LQIHULRU D OD GH ODV KRUDV GLXUQDV 8Q YDORU LQIHULRU QR HV FRQYHQLHQWH HQ WpUPLQRV GH DKRUUR HFRQyPLFR 6RODPHQWH HQ FDVR GH DXVHQFLD SURORQJDGD FRPR SRU HMHPSOR XQDV YDFDFLRQHV EDMDU D~Q PiV HO VHW GH WHPSHUDWXUD 3DUD DVHJXUDU OD FRUUHFWD FLUFXODFLyQ GHO DLUH QR FXEULU ORV UDGLDGRUHV 1R GHMDU ODV YHQWDQDV HQWUHFHUUDGDV SDUD DLUHDU ORV ORFDOHV VLQR DEULUODV FRPSOHWDPHQWH GXUDQWH XQ EUHYH SHULRGR

$JXD FDOLHQWH VDQLWDULD

8Q EXHQ DKRUUR VH REWLHQH SURJUDPDQGR OD WHPSHUDWXUD VDQLWDULD GHO DJXD GHVHDGD HYLWDQGR PH]FODUOD FRQ HO DJXD IUtD &XDO TXLHU FDOHIDFFLyQ DGLFLRQDO FDXVD XQ GHUURFKH GH HQHUJtD \ XQD PD\RU SURGXFFLyQ GH FDOL]D

38(67$ (1 0$5&+$ '( /$ &$/'(5$ 3DUD HQFHQGHU OD FDOGHUD FRUUHFWDPHQWH DFWXDU GHO VLJXLHQWH PRGR

&RQWURODU TXH OD SUHVLyQ GH OD LQVWDODFLyQ WHQJD HO YDORU LQGLFDGR FDStWXOR

$OLPHQWDU HOpFWULFDPHQWH OD FDOGHUD $EULU HO JULIR GHO JDV GH FRORU DPDULOOR VLWXDGR GHEDMR GH OD FDOGHUD

6HOHFFLRQDU OD PRGDOLGDG GH FDOHIDFFLyQ GHVHDGD FDStWXOR

'XUDQWH OD SULPHUD SXHVWD HQ PDUFKD HV SRVLEOH TXH HO TXHPDGRU QR VH HQFLHQGD \ OD FDOGHUD VH EORTXHH KDVWD TXH WRGR HO DLUH VDOJD GH OD WXEHUtD GHO JDV (Q HVWH FDVR VH DFRQVHMD UHSHWLU ODV RSHUDFLRQHV GH HQFHQGLGR KDVWD TXH OOHJXH JDV DO GXUDQWH VHJXQGRV FRPR PtQLPR TXHPDGRU 3DUD UHVWDEOHFHU HO IXQFLRQDPLHQWR GH OD FDOGHUD SXOVDU OD WHFOD

/H\HQGD GH ODV 7(&/$6 5HJXODFLyQ GH OD WHPSHUDWXUD GHO DJXD VDQLWDULD WHFOD SDUD DXPHQWDU OD WHPSHUDWXUD \ WHFOD ± SDUD UHGXFLUOD

5HJXODFLyQ GH OD WHPSHUDWXUD GHO DJXD GH FDOHIDFFLyQ

,QIRUPDFLyQ VREUH HO IXQFLRQDPLHQWR GH OD FDOGHUD 0RGR GH IXQFLRQDPLHQWR

$&6 ± $&6 \ &DOHIDFFLyQ ± 6yOR &DOHIDFFLyQ

$SDJDGR ± 5HVHW ± 6DOLGD PHQ~ IXQFLRQHV

/H\HQGD GH ORV 6Ë0%2/26 $SDJDGR FDOHIDFFLyQ \ $&6 GHVKDELOLWDGDV HVWi DFWLYDGD VRODPHQWH OD SURWHFFLyQ DQWLKLHOR GH OD FDOGHUD

4XHPDGRU HQFHQGLGR

$QRPDOtD TXH LPSLGH HO HQFHQGLGR GHO TXHPDGRU

0RGR GH IXQFLRQDPLHQWR HQ $&6 KDELOLWDGR

3UHVLyQ DJXD FDOGHUD LQVWDODFLyQ EDMD

0RGR GH IXQFLRQDPLHQWR HQ FDOHIDFFLyQ KDELOLWDGR

6ROLFLWXG GH $VLVWHQFLD 7pFQLFD

0HQ~ GH SURJUDPDFLyQ

$QRPDOtD TXH VH SXHGH UHVHWHDU PDQXDOPHQWH WHFOD

0HQ~ GH LQIRUPDFLyQ VREUH OD FDOGHUD 8QLGDGHV GH PHGLGD SURJUDPDGDV 6, 86

$QRPDOtD HQ FXUVR

5(*8/$&,Ï1 '( /$ 7(03(5$785$ '( ,038/6,Ï1 &$/()$&&,Ï1 < '(/ $*8$ 6$1,7$5,$ /D UHJXODFLyQ GH OD WHPSHUDWXUD GH LPSXOVLyQ FDOHIDFFLyQ \ GHO DJXD VDQLWDULD HQ SUHVHQFLD GH XQ FDOHQWDGRU H[WHULRU VH HIHFW~D DFWXDQGR VREUH ODV WHFODV \ UHVSHFWLYDPHQWH (O HQFHQGLGR GHO TXHPDGRU VH YLVXDOL]D HQ OD SDQWDOOD FRQ HO VtPEROR

&$/()$&&,Ï1 GXUDQWH HO IXQFLRQDPLHQWR GH OD FDOGHUD HQ FDOHIDFFLyQ HQ OD SDQWDOOD DSDUHFHQ HO VtPEROR WHPSHUDWXUD GH LPSXOVLyQ GH FDOHIDFFLyQ &

(Q FDVR GH FRQH[LyQ GH XQD 6RQGD ([WHULRU ODV WHFODV &

LQWHUPLWHQWH \ OD

UHJXODQ LQGLUHFWDPHQWH OD WHPSHUDWXUD DPELHQWH YDORU GH IiEULFD

$&6 OD SURGXFFLyQ GH DJXD FDOLHQWH VDQLWDULD HV SRVLEOH FRQHFWDQGR XQ FDOHQWDGRU H[WHULRU D OD FDOGHUD 'XUDQWH HO IXQFLRQDPLHQ WR GH OD FDOGHUD HQ $&6 HQ OD SDQWDOOD DSDUHFHQ HO VtPEROR LQWHUPLWHQWH \ OD WHPSHUDWXUD GH LPSXOVLyQ GH FDOHIDFFLyQ &

02'26 '( )81&,21$0,(172 6Ë0%2/2 9,68$/,=$'2

02'2 '( )81&,21$0,(172 $&6

$&6 < &$/()$&&,Ï1 6Ï/2 &$/()$&&,Ï1

3DUD KDELOLWDU HO IXQFLRQDPLHQWR GHO DSDUDWR HQ $&6 &DOHIDFFLyQ R 6yOR &DOHIDFFLyQ SXOVDU UHSHWLGDPHQWH OD WHFOD \ HOHJLU XQD GH ODV WUHV PRGDOLGDGHV GLVSRQLEOHV 3DUD GHVKDELOLWDU ORV PRGRV GH IXQFLRQDPLHQWR GH OD FDOGHUD PDQWHQLHQGR DFWLYDGD OD IXQFLyQ DQWLKLHOR SXOVDU OD WHFOD HQ OD SDQWDOOD DSDUHFHUi VRODPHQWH HO VtPEROR FRQ OD FDOGHUD QR EORTXHDGD

6 H F F L y Q 8 6 8 $ 5 , 2 ( 6

WHFOD SDUD DXPHQWDU OD WHPSHUDWXUD \ WHFOD ± SDUD UHGXFLUOD

3$5$'$ 352/21*$'$ '( /$ ,167$/$&,Ï1 3527(&&,Ï1 $17,+(/$'$6

(V EXHQD FRVWXPEUH HYLWDU HO YDFLDGR GH WRGD OD LQVWDODFLyQ GH FDOHIDFFLyQ SRUTXH ORV FDPELRV GH DJXD SURGXFHQ WDPELpQ LQ~WL OHV \ GDxLQRV GHSyVLWRV FDOFiUHRV GHQWUR GH OD FDOGHUD \ GH ORV FXHUSRV FDOHQWDGRUHV 6L HQ LQYLHUQR OD LQVWDODFLyQ QR VH XWLOL]D \ KD\ SHOLJUR GH KHODGDV VH DFRQVHMD DxDGLU DO DJXD GHO FLUFXLWR XQD VROXFLyQ DQWLFRQJHODQWH HVSHFt¿FD SRU HMHPSOR SURSLOHQJOLFRO PH]FODGR FRQ LQKLELGRUHV GH LQFUXVWDFLRQHV \ FRUURVLyQ /D JHVWLyQ HOHFWUyQLFD GH OD FDOGHUD HVWi SURYLVWD GH XQD IXQFLyQ ³DQ WLKLHOR´ HQ FDOHIDFFLyQ TXH FRQ XQD WHPSHUDWXUD GH LPSXOVLyQ GH OD LQVWDODFLyQ LQIHULRU D & KDFH IXQFLRQDU HO TXHPDGRU KDVWD DOFDQ]DU HO YDORU GH & HQ LPSXOVLyQ /D IXQFLyQ HVWi RSHUDWLYD VL OD FDOGHUD HVWi DOLPHQWDGD HOpFWULFDPHQWH KD\ JDV OD SUHVLyQ GH OD LQVWDODFLyQ WLHQH HO YDORU LQGLFDGR \ OD FDOGHUD QR HVWi EORTXHDGD

&$0%,2 '( *$6 /DV FDOGHUDV SXHGHQ IXQFLRQDU \D VHD FRQ JDV QDWXUDO * FRPR FRQ JDV SURSDQR * 'LULJLUVH DO 6(59,&,2 '( $6,67(1 &,$ 7e&1,&$ $8725,=$'2 HQ FDVR GH TXH VHD QHFHVDULR HO FDPELR GH JDV

$120$/Ë$6

6 H F F L y Q 8 6 8 $ 5 , 2 ( 6

/DV DQRPDOtDV YLVXDOL]DGDV HQ OD SDQWDOOD HVWiQ LGHQWL¿FDGDV SRU HO VtPEROR \ XQ Q~PHUR FyGLJR GH DQRPDOtD /D OLVWD FRPSOHWD GH ODV DQRPDOtDV HVWi UHSUHVHQWDGD HQ OD WDEOD VLJXLHQWH

6L HQ OD SDQWDOOD DSDUHFH HO VtPEROR OD DQRPDOtD UHTXLHUH XQ 5(6(7 SRU SDUWH GHO XVXDULR 3DUD 5(6(7($5 OD FDOGHUD SXOVDU OD WHFOD (Q FDVR GH TXH OD DQRPDOtD VH YLVXDOLFH FRQ IUHFXHQFLD OODPDU HO FHQWUR GH $VLVWHQFLD 7pFQLFD DXWRUL]DGR

'HVFULSFLyQ GH OD DQRPDOtD

'HVFULSFLyQ GH OD DQRPDOtD

6HQVRU VRQGD H[WHULRU DYHULDGR

6HQVRU 17& GH LPSXOVLyQ DYHULDGR

6HQVRU 17& GH KXPRV DYHULDGR 6HQVRU 17& GH UHWRUQR DYHULDGR 6HQVRU 17& DJXD FDOLHQWH VDQLWDULD DYHULDGR VRODPHQWH SDUD HO PRGHOR VyOR FDOHIDFFLyQ FRQ FDOHQWDGRU

3UREOHPD GH FRPXQLFDFLyQ HQWUH OD WDUMHWD GH OD FDOGHUD \ OD XQLGDG GH PDQGR 3UREDEOH FRUWRFLUFXLWR HQ HO FDEOHDGR

3UHVHQFLD GH DLUH HQ HO FLUFXLWR GH OD FDOGHUD DQRPDOtD WHPSRUDO

$FWLYDFLyQ GHO WHUPRVWDWR GH VHJXULGDG SRU VREUHWHPSHUDWXUD SUREDEOH EORTXHR GH OD ERPED R DLUH HQ HO FLUFXLWR GH FDOHIDFFLyQ

$FWLYDFLyQ VRQGD 17& GH KXPRV SRU VREUHWHPSHUDWXUD )DOWD GH HQFHQGLGR LQWHQWRV

$QRPDOtD HQ HO LQWHULRU GH OD WDUMHWD FDOGHUD

$QRPDOtD GH IXQFLRQDPLHQWR YHQWLODGRU

&RQÀLFWR GH GLUHFFLyQ HQWUH GLIHUHQWHV XQLGDGHV RSHUDGRUDV

$FWLYDFLyQ GH VHJXULGDG SRU IDOWD GH FLUFXODFLyQ FRQWURO HIHFWXDGR PHGLDQWH XQ VHQVRU GH WHPSHUDWXUD

3pUGLGD GH OODPD

6HQVRU 17& DJXD FDOLHQWH VDQLWDULD DYHULDGR

/ODPD SDUiVLWD DQRPDOtD LQWHULRU

7HQVLyQ GH DOLPHQWDFLyQ GHPDVLDGR EDMD

$FWLYDFLyQ HOHFWUyQLFD GH VHJXULGDG SRU VREUHWHPSHUDWXUD

8PEUDO GH YHORFLGDG YHQWLODGRU QR DOFDQ]DGR

3UHVLyQ GHPDVLDGR DOWD HQ HO FLUFXLWR KLGUiXOLFR

$FWLYDFLyQ GH VHJXULGDG SRU IDOWD GH FLUFXODFLyQ FRQWURO HIHFWXDGR PHGLDQWH XQ VHQVRU GH SUHVLyQ

3UHVLyQ GHPDVLDGR EDMD HQ HO FLUFXLWR KLGUiXOLFR

(Q FDVR GH DQRPDOtD OD UHWURLOXPLQDFLyQ GH OD SDQWDOOD VH HQFLHQGH \ YLVXDOL]D HO FyGLJR GH HUURU (V SRVLEOH UHDOL]DU LQ WHQWRV VHJXLGRV GH UHDUPH WUDV ORV FXDOHV OD FDOGHUD VH TXHGD EORTXHDGD 3DUD LQWHQWDU RWUR UHDUPH HV QHFHVDULR HVSHUDU PLQXWRV

0(1Ò ,1)250$&,Ï1 '( &$/'(5$ $FWXDU VREUH OD WHFOD

SDUD YLVXDOL]DU OD LQIRUPDFLyQ FRQWHQLGD HQ OD VLJXLHQWH WDEOD 3DUD VDOLU SXOVDU OD WHFOD

'HVFULSFLyQ

&yGLJR LQWHULRU GH DQRPDOtD VHFXQGDULR 7HPSHUDWXUD GH LPSXOVLyQ FDOHIDFFLyQ 7HPSHUDWXUD H[WHULRU VL HVWi SUHVHQWH OD VRQGD H[WHULRU

7HPSHUDWXUD DJXD FDOHQWDGRU H[WHULRU PRGHORV HVSHFt¿FRV

7HPSHUDWXUD DJXD FDOLHQWH VDQLWDULD PRGHORV HVSHFt¿FRV

3UHVLyQ DJXD LQVWDODFLyQ GH FDOHIDFFLyQ 7HPSHUDWXUD GH UHWRUQR FDOHIDFFLyQ 7HPSHUDWXUD VRQGD GH KXPRV QR XWLOL]DGR

'HVFULSFLyQ

7HPSHUDWXUD GH LPSXOVLyQ FDOHIDFFLyQ ]RQD

0RGR GH IXQFLRQDPLHQWR FDOHIDFFLyQ ]RQD

0RGR GH IXQFLRQDPLHQWR DJXD FDOLHQWH VDQLWDULD

7HPSHUDWXUD GH LPSXOVLyQ FDOHIDFFLyQ ]RQD 0RGR GH IXQFLRQDPLHQWR FDOHIDFFLyQ ]RQD

0RGR GH IXQFLRQDPLHQWR FDOGHUD 0RGR GH IXQFLRQDPLHQWR LQVWDODFLyQ VRODU ,QIRUPDFLyQ DFHUFD GHO IDEULFDQWH ,QIRUPDFLyQ DFHUFD GHO IDEULFDQWH

//(1$'2 '( /$ ,167$/$&,Ï1 &RQWURODU SHULyGLFDPHQWH TXH OD SUHVLyQ OHtGD HQ HO PDQyPHWUR FRQ OD LQVWDODFLyQ IUtD HVWp HQWUH EDUHV 6L HV LQIHULRU DF WXDU VREUH HO JULIR GH FDUJD GH OD LQVWDODFLyQ SUHYLVWR SRU HO LQVWDODGRU 6H DFRQVHMD DEULU GLFKR JULIR PX\ OHQWDPHQWH SDUD IDFLOLWDU OD VDOLGD GHO DLUH

/D FDOGHUD HVWi GRWDGD GH XQ SUHVyVWDWR KLGUiXOLFR TXH QR SHUPLWH HO IXQFLRQDPLHQWR GH OD FDOGHUD HQ FDVR GH IDOWD GH DJXD

'H SURGXFLUVH GLVPLQXFLRQHV IUHFXHQWHV GH OD SUHVLyQ GLULJLUVH DO 6(59,&,2 '( $6,67(1&,$ 7e&1,&$ $8725,=$'2

,16758&&,21(6 3$5$ (/ 0$17(1,0,(172 25',1$5,2 3DUD JDUDQWL]DU XQD SHUIHFWD H¿FDFLD IXQFLRQDO \ GH VHJXULGDG GH OD FDOGHUD HV QHFHVDULR DO ¿QDO GH FDGD HVWDFLyQ KDFHU LQVSHF FLRQDU OD FDOGHUD SRU HO 6HUYLFLR GH $VLVWHQFLD 7pFQLFD DXWRUL]DGR 8Q PDQWHQLPLHQWR HVPHUDGR DVHJXUD VLHPSUH XQ DKRUUR HQ OD JHVWLyQ GH OD LQVWDODFLyQ

3DUD DSDJDU OD FDOGHUD SRGUtD UHWLUDU OD IXHQWH GH DOLPHQWDFLyQ D WUDYpV GHO LQWHUUXSWRU ELSRODU 1R REVWDQWH QR UHFRPHQGDPRV GHVFRQHFWDU OD FDOGHUD GH OD FRUULHQWH HOpFWULFD GpMHOD HQ HO PRGR ³$3$*$'2 FRQ SURWHFFLyQ DQWLKLHOR´ OD FDOGHUD SHUPDQHFH DSDJDGD SHUR ORV FLUFXLWRV HOpFWULFRV SHUPDQHFHQ EDMR WHQVLyQ \ OD IXQFLyQ DQWLKLHOR HVWi DFWLYDGD

6 H F F L y Q 8 6 8 $ 5 , 2 ( 6

$3$*$'2 '( /$ &$/'(5$

$'9(57(1&,$6 $17(6 '( /$ ,167$/$&,Ï1 /DV QRWDV \ ODV LQVWUXFFLRQHV WpFQLFDV LQGLFDGDV D FRQWLQXDFLyQ VH GLULJHQ D ORV LQVWDODGRUHV GH PRGR TXH SXHGDQ HIHFWXDU XQD LQVWDODFLyQ SHUIHFWD /DV LQVWUXFFLRQHV VREUH HO HQFHQGLGR \ HO HPSOHR GH OD FDOGHUD VH HQFXHQWUDQ HQ OD SDUWH GHVWLQDGD DO XVXD ULR /D LQVWDODFLyQ GHEH FXPSOLU ODV QRUPDV ODV OH\HV \ OD QRUPDWLYD WpFQLFD ORFDO

$GHPiV HO WpFQLFR LQVWDODGRU GHEH HVWDU FDSDFLWDGR SDUD OD LQVWDODFLyQ GH ORV DSDUDWRV GH FDOHIDFFLyQ $GHPiV GH OR DUULED PHQ FLRQDGR VH GHEH WHQHU SUHVHQWH TXH

/D FDOGHUD VH SXHGH XWLOL]DU FRQ FXDOTXLHU WLSR GH SODFD FRQYHFWRUD UDGLDGRU \ WHUPRFRQYHFWRU (Q FXDOTXLHU FDVR ODV VHF FLRQHV GHO FLUFXLWR VH FDOFXODUiQ FRQ ORV PpWRGRV KDELWXDOHV WHQLHQGR HQ FXHQWD HO FDXGDO DOWXUD PDQRPpWULFD FDUDFWHUtVWLFRV GLVSRQLEOHV HQ OD SODFD YpDVH OD VHFFLyQ 6(&7,21 ( DO ¿QDO GHO PDQXDO

(O SULPHU HQFHQGLGR OR GHEH HIHFWXDU HO 6HUYLFLR GH $VLVWHQFLD 7pFQLFD DXWRUL]DGR TXH VH LQGLFD HQ OD KRMD DGMXQWD

/D LQREVHUYDQFLD GH HVWDV LQGLFDFLRQHV LQYDOLGD OD JDUDQWtD GHO DSDUDWR

6 H F F L y Q , 1 6 7 $ / $ ' 2 5 ( 6

(Q HO PRPHQWR GHO VXPLQLVWUR OD FDOGHUD HVWi GHVSURYLVWD GH ORV VLJXLHQWHV FRPSRQHQWHV TXH GHEHQ VHU LQVWDODGRV SRU HO LQVWDODGRU '(3Ï6,72 '( (;3$16,Ï1 *5,)2 '( //(1$'2 ,167$/$&,Ï1 6(3$5$'25 +,'5È8/,&2

1R VH GHEHQ GHMDU ODV SDUWHV GHO HPEDODMH EROVDV GH SOiVWLFR SROLHVWLUHQR HWF DO DOFDQFH GH QLxRV HQ FXDQWR TXH VRQ SRWHQFLDOHV IXHQWHV GH SHOLJUR

,167$/$&,Ï1 '( /$ &$/'(5$ 6H UHFRPLHQGD WHQHU HVSHFLDO FXLGDGR GXUDQWH OD IDVH GH OOHQDGR GH OD LQVWDODFLyQ GH FDOHIDFFLyQ (Q SDUWLFXODU DEULU ODV YiO YXODV WHUPRVWiWLFDV TXH HVWpQ SUHVHQWHV HQ OD LQVWDODFLyQ \ KDFHU HQWUDU HO DJXD OHQWDPHQWH SDUD HYLWDU OD IRUPDFLyQ GH DLUH HQ HO FLUFXLWR SULPDULR KDVWD TXH VH DOFDQFH OD SUHVLyQ QHFHVDULD SDUD HO IXQFLRQDPLHQWR )LQDOPHQWH SXUJDU ORV UDGLDGRUHV TXH HVWpQ VLWXDGRV HQ HO LQWHULRU GH OD LQVWDODFLyQ %$;,52&$ UHFKD]D FXDOTXLHU UHVSRQVDELOLGDG DQWH ORV GDxRV UHVXOWDQWHV GH OD SUHVHQFLD GH EXUEXMDV GH DLUH HQ HO LQWHULRU GHO LQWHUFDPELDGRU SULPDULR SRU HO FXPSOLPLHQWR LQFRUUHFWR R DSUR[LPDGR GH OR LQGLFDGR DQWHULRUPHQWH

$SUHWDU FRQ FXLGDGR ORV HPSDOPHV KLGUiXOLFRV GH OD FDOGHUD SDU Pi[LPR 1P

/D ¿JXUD GH OD SODQWLOOD HVWi GLVSRQLEOH DO ¿QDO GHO PDQXDO EDMR OD UHIHUHQFLD ³6(&7,21 &´

8QD YH] GHWHUPLQDGD OD H[DFWD XELFDFLyQ GH OD FDOGHUD ¿MDU OD SODQWLOOD D OD SDUHG (IHFWXDU OD SXHVWD HQ REUD GH OD LQVWDODFLyQ HPSH]DQGR SRU OD SRVLFLyQ GH ORV HPSDOPHV KLGUiXOLFRV \ GH JDV SUHVHQWHV HQ HO WUDYHVDxR LQIHULRU GH OD SODQWLOOD 6H DFRQVHMD LQVWDODU HQ HO FLUFXLWR GH FDOHIDFFLyQ GRV OODYHV GH SDVR LPSXOVLyQ \ UHWRUQR * ´ TXH HQ FDVR GH LQWHUYHQFLRQHV LPSRUWDQWHV SHUPLWHQ DFWXDU VLQ WHQHU TXH YDFLDU WRGD OD LQVWDODFLyQ GH FDOHIDFFLyQ ,QVWDODU XQ VHSDUDGRU KLGUiXOLFR GLPHQVLRQDGR VHJ~Q HO FDXGDO Pi[LPR GH OD FDOGHUD \ GH OD LQVWDODFLyQ GHVSXpV GH ORV HPSDOPHV KLGUiXOLFRV GH OD FDOGHUD (Q FDVR GH LQVWDODFLRQHV \D H[LVWHQWHV \ GH VXVWLWXFLRQHV VH DFRQVHMD DGHPiV GH OR PHQFLRQDGR DQWHULRUPHQWH LQVWDODU HQ HO UHWRUQR D OD FDOGHUD \ DEDMR XQ GHSyVLWR GH GHFDQWDFLyQ GHVWLQDGR D FRQWHQHU ODV LQFUXVWDFLRQHV R ODV HVFRULDV SUHVHQWHV WDPELpQ GHVSXpV GHO ODYDGR \ TXH FRQ HO SDVR GHO WLHPSR SRGUtDQ HQWUDU HQ FLUFXODFLyQ 8QD YH] ¿MDGD OD FDOGHUD D OD SDUHG HIHFWXDU OD FRQH[LyQ D ORV FRQGXFWRV GH GHVFDUJD \ DVSLUDFLyQ VXPLQLVWUDGRV FRPR DFFHVRULRV VHJ~Q VH GHVFULEH HQ ORV FDStWXORV VLJXLHQWHV &RQHFWDU HO VLIyQ D XQ UHJLVWUR GH GHVFDUJD DVHJXUDQGR XQD SHQGLHQWH FRQWLQXD 6H GHEHQ HYLWDU ORV WUDPRV KRUL]RQWDOHV /D FDOGHUD HVWi UHDOL]DGD HOHFWUyQLFDPHQWH SDUD OD FRQH[LyQ D XQ FDOHQWDGRU $&6 H[WHULRU

%20%$ '( /$ &$/'(5$ /D ERPED GH OD FDOGHUD 6(&7,21 $ HV GH WLSR PRGXODQWH \ WLHQH OD IXQFLyQ GH KDFHU FLUFXODU HO DJXD HQWUH OD FDOGHUD \ HO VHSDUDGRU KLGUiXOLFR SDUD ODV SUHVWDFLRQHV KLGUiXOLFDV YpDQVH ORV JUi¿FRV HQ OD 6(&7,21 ( /D FLUFXODFLyQ GHO DJXD HQ OD LQ VWDODFLyQ VH UHDOL]D PHGLDQWH ODV ERPEDV FRUUHVSRQGLHQWHV 6(&7,21 )

&RQWURODU TXH HO FDXGDO GHO DJXD GH FLUFXODFLyQ HQ OD FDOGHUD QR VHD LQIHULRU DO YDORU TXH VH LQGLFD HQ OD VLJXLHQWH WDEOD

0RGHOR

&DXGDO PtQLPR O K

&DXGDO GH WUDEDMR O K FRQ VHSDUDGRU KLGUiXOLFR %$;,

,167$/$&,Ï1 '( /26 &21'8&726 /D LQVWDODFLyQ GH OD FDOGHUD VH SXHGH HIHFWXDU FRQ IDFLOLGDG \ ÀH[LELOLGDG JUDFLDV D ORV DFFHVRULRV VXPLQLVWUDGRV \ GHVFULWRV D FRQWLQXDFLyQ 2ULJLQDOPHQWH OD FDOGHUD HVWi SUHSDUDGD SDUD OD FRQH[LyQ D XQ FRQGXFWR GH HYDFXDFLyQ DVSLUDFLyQ GH WLSR FRD[LDO YHUWLFDO X KRUL]RQWDO /D FDOGHUD WDPELpQ VH SXHGH XWLOL]DU FRQ FRQGXFWRV VHSDUDGRV XWLOL]DQGR HO DFFHVRULR GHVGREODGRU $'9(57(1&,$6

& & /RV WHUPLQDOHV SDUD OD GHVFDUJD GHVGREODGD VH GHEHQ VLWXDU HQ HO LQWHULRU GH XQ FXDGUDGR FX\R ODGR PLGH FP ,Q VWUXFFLRQHV GHWDOODGDV DFRPSDxDQ ORV DFFHVRULRV

& /RV WHUPLQDOHV SDUD OD DVSLUDFLyQ GHO DLUH FRPEXUHQWH \ OD GHVFDUJD GH ORV SURGXFWRV GH OD FRPEXVWLyQ QR VH GHEHQ VLWXDU HQ ODV SDUHGHV RSXHVWDV DO HGL¿FLR

& /D SpUGLGD GH FDUJD Pi[LPD ǻ3 GH ORV FRQGXFWRV QR GHEH VXSHUDU ORV YDORUHV TXH VH LQGLFDQ HQ ODWDEOD $ % /RV FRQ GXFWRV GHEHQ HVWDU FHUWL¿FDGRV SDUD HO XVR HVSHFt¿FR \ SDUD XQD WHPSHUDWXUD VXSHULRU D & (O WHUPLQDO FKLPHQHD XWLOL]DGR GHEH HVWDU FHUWL¿FDGR VHJ~Q OD 1RUPD (1

& & /D FKLPHQHD R HO FRQGXFWR GH KXPR XWLOL]DGR GHEH VHU DGHFXDGR SDUD HO XVR

7$%/$ $ ¨3 3D

(Q FDVR GH TXH VH LQVWDOHQ FRQGXFWRV GH GHVFDUJD \ DVSLUDFLyQ QR VXPLQLVWUDGRV SRU %$;, 6 S $ HV QHFHVDULR TXH HVWpQ FHUWL¿FDGRV SDUD HO WLSR GH XWLOL]DFLyQ HVSHFt¿FR \ TXH OD SpUGLGD GH FDUJD Pi[LPD FRUUHVSRQGD D ORV YDORUHV LQGLFDGRV HQ OD WDEOD DO ODGR

03

03

3DUD JDUDQWL]DU XQD PD\RU VHJXULGDG GH IXQFLRQDPLHQWR HV QHFHVDULR TXH ORV FRQGXFWRV GH HYDFXDFLyQ KXPRV HVWpQ ¿MDGRV

FRUUHFWDPHQWH D OD SDUHG PHGLDQWH HVWULERV GH ¿MDFLyQ HVSHFLDOHV $VHJXUDUVH GH GHMDU XQD SHQGLHQWH GH FP FRPR PtQLPR KDFLD OD FDOGHUD SRU FDGD PHWUR GH ORQJLWXG GHO FRQGXFWR GH HYDFXD

FLyQ $/*8126 (-(03/26 '( ,167$/$&,Ï1 '( /26 &21'8&726 '( (9$&8$&,Ï1 < /$6 /21*,78'(6 $'0,7,'$6 &255( 6321',(17(6 (67È1 ',6321,%/(6 $/ ),1$/ '(/ 0$18$/ (1 /$ 6(&&,Ï1 $3e1',&( '

&21'8&726 &2$;,$/(6

(VWH WLSR GH FRQGXFWR SHUPLWH OD HYDFXDFLyQ GH ORV SURGXFWRV GH OD FRPEXVWLyQ \ OD DVSLUDFLyQ GHO DLUH FRPEXUHQWH \D VHD IXHUD GHO HGL¿FLR FRPR HQ FRQGXFWRV GH KXPR GH WLSR /$6 /D FXUYD FRD[LDO GH SHUPLWH FRQHFWDU OD FDOGHUD D ORV FRQGXF WRV GH HYDFXDFLyQ DVSLUDFLyQ HQ FXDOTXLHU GLUHFFLyQ JUDFLDV D OD SRVLELOLGDG GH URWDFLyQ GH 7DPELpQ VH SXHGH XWLOL]DU FRPR FXUYD VXSOHPHQWDULD DFRSODGD DO FRQGXFWR FRD[LDO R D OD FXUYD GH 6L OD VDOLGD GH JDVHV VH HQFXHQWUD HQ HO H[WHULRU HO FRQGXFWR GH HYDFXDFLyQ DVSLUDFLyQ GHEH VREUHVDOLU PP FRPR PtQL PR GH OD SDUHG SDUD TXH OD MXQWD SDVDPXURV GH DOXPLQLR SXH GD ¿MDUVH \ VHOODUVH FRQ HO ¿Q GH HYLWDU IXJDV GH DJXD

/D LQWURGXFFLyQ GH XQ FRGR GH FRPSRUWD XQD UHGXF FLyQ GH PHWUR GHO ODUJR WRWDO GHO FRQGXFWR /D LQWURGXFFLyQ GH XQ FRGR GH FRPSRUWD XQD UHGXFFLyQ GH PHWURV GHO ODUJR WRWDO GHO FRQGXFWR (O SULPHU FRGR GH QR HQWUD HQ HO FiOFXOR GH OD ORQJLWXG Pi[LPD GLVSRQLEOH

&21'8&726 6(3$5$'26 (VWH WLSR GH FRQGXFWR SHUPLWH OD GHVFDUJD GH ORV SURGXFWRV GH OD FRPEXVWLyQ \D VHD IXHUD GHO HGL¿FLR FRPR HQ FRQGXFWRV GH KXPR LQGLYLGXDOHV /D DVSLUDFLyQ GHO DLUH FRPEXUHQWH VH SXH GH HIHFWXDU HQ ]RQDV GLIHUHQWHV D ODV GH GHVFDUJD (O DFFHVR ULR GHVGREODGRU VXPLQLVWUDGR FRPR DFFHVRULR VH FRPSRQH GH XQ HPSDOPH GH UHGXFFLyQ GHVFDUJD % \ GH XQ HPSDOPH GH DVSLUDFLyQ DLUH $ /D MXQWD \ ORV WRUQLOORV GHO HPSDOPH GH DVSLUDFLyQ DLUH D XWLOL]DU VRQ ORV TXH VH KDEtDQ UHWLUDGR DQWH ULRUPHQWH GHO WDSyQ (O FRGR GH SHUPLWH FRQHFWDU OD FDOGHUD D ORV FRQGXFWRV GH HYDFXDFLyQ \ DVSLUDFLyQ DGDSWiQGRVH D ODV GLIHUHQWHV H[L JHQFLDV 7DPELpQ VH SXHGH XWLOL]DU FRPR FRGR VXSOHPHQWDULR DFRSODGR DO FRQGXFWR R DO FRGR GH

/D LQWURGXFFLyQ GH XQ FRGR GH FRPSRUWD XQD UHGXFFLyQ GH PHWURV GHO ODUJR WRWDO GHO FRQGXFWR /D LQWURGXFFLyQ GH XQ FRGR GH FRPSRUWD XQD UHGXFFLyQ GH PHWURV GHO ODUJR WRWDO GHO FRQGXFWR (O SULPHU FRGR GH QR HQWUD HQ HO FiOFXOR GH OD ORQJLWXG Pi[LPD GLVSRQLEOH

6 H F F L y Q , 1 6 7 $ / $ ' 2 5 ( 6

3DUD DVHJXUDU XQD PHMRU LQVWDODFLyQ VH DFRQVHMD XWLOL]DU ORV DFFHVRULRV VXPLQLVWUDGRV SRU HO IDEULFDQWH

&21'8&726 (1 &$6&$'$ (VWH WLSR GH FRQGXFWRV SHUPLWH HYDFXDU ORV SURGXFWRV GH OD FRPEXVWLyQ GH GLIHUHQ WHV FDOGHUDV FRQHFWDGDV HQ FDVFDGD D WUDYpV GH XQ FROHFWRU GH KXPRV FRP~Q (O FROHFWRU VH GHEH XWLOL]DU VRODPHQWH SDUD FRQHFWDU ODV FDOGHUDV DO FRQGXFWR GH KXPR /RV GLiPHWURV GLVSRQLEOHV VRQ PP \ PP 8QD JDPD GH DFFHVRULRV HVWi GLVSRQLEOH EDMR SHWLFLyQ

7$%/$ %

6 H F F L y Q , 1 6 7 $ / $ ' 2 5 ( 6

02'(//2 &$/'$,$

180(52 0$66,02 ', &$/'$,( &2//(*$%,/, ,1 &$6&$7$

¨3 3D

PP

PP

N: 0D[

N: 0D[

9DOYROD DQWLULWRUQR

(Q HVWH WLSR GH FRQGXFWRV GH GHVFDUJD SDUD FDGD FDOGHUD VH GHEH LQVWDODU HO FODSHW GH KXPRV YiOYXOD DQWLUUHWURFHVR

(O FiOFXOR GHO FRQGXFWR GH KXPR OR GHEH HIHFWXDU XQ WpFQLFR FDSDFLWDGR GXUDQWH HO SUR\HFWR GH OD LQVWDODFLyQ FRQ DUUHJOR D OR

HVWDEOHFLGR HQ ODV QRUPDV YLJHQWHV

&21(;,21(6 (/e&75,&$6 /D VHJXULGDG HOpFWULFD GHO DSDUDWR VH REWLHQH VyOR FXDQGR HVWi FRUUHFWDPHQWH FRQHFWDGR D XQD LQVWDODFLyQ GH SXHVWD D WLHUUD H¿FD] UHDOL]DGD GH FRQIRUPLGDG FRQ ODV QRUPDV YLJHQWHV GH VHJXULGDG GH ODV LQVWDODFLRQHV /D FDOGHUD VH GHEH FRQHFWDU HOpFWUL FDPHQWH D XQD UHG GH DOLPHQWDFLyQ GH 9 PRQRIiVLFD WLHUUD PHGLDQWH HO FDEOH GH WUHV KLORV TXH IRUPD SDUWH GHO HTXLSR EDVH UHVSHWDQGR OD SRODULGDG OtQHD QHXWUR /D FRQH[LyQ VH GHEH HIHFWXDU SRU PHGLR GH XQ LQWHUUXSWRU ELSRODU FRQ DSHUWXUD GH ORV FRQWDFWRV GH SRU OR PHQRV PP 3DUD VXVWLWXLU HO FDEOH GH DOLPHQWDFLyQ XWLOL]DU XQ FDEOH KRPRORJDGR ³+$5 + 99 )´ [ PP FRQ XQ GLiPHWUR GH PP FRPR Pi[LPR 3DUD DFFHGHU D ODV UHJOHWDV TXLWDU HO SDQHO IURQWDO GH OD FDOGHUD ¿MDGR FRQ GRV WRUQLOORV HQ OD SDUWH LQIHULRU JLUDU KDFLD DEDMR OD FDMD GH PDQGRV \ DFFHGHU D ODV UHJOHWDV 0 0 0 GHVWLQDGDV D ODV FRQH[LRQHV HOpFWULFDV TXLWDQGR OD WDSD GH SURWHFFLyQ /RV IXVLEOHV GHO WLSR UiSLGR GH $ HVWiQ LQFRUSRUDGRV HQ OD UHJOHWD GH DOLPHQWDFLyQ H[WUDHU HO SRUWDIXVLEOH QHJUR SDUD HO FRQWURO \ R OD VXVWLWXFLyQ

9e$6( (/ (648(0$ (/e&75,&2 $/ ),1$/ '(/ 0$18$/ (1 (/ $3e1',&( % 9HUL¿FDU TXH OD LQWHQVLGDG QRPLQDO WRWDO GH ORV DFFHVRULRV FRQHFWDGRV DO DSDUDWR VHD LQIHULRU D $ 6L HV VXSHULRU HV QHFH VDULR LQWHUSRQHU XQ UHOp HQWUH ORV DFFHVRULRV \ OD WDUMHWD HOHFWUyQLFD

/DV FRQH[LRQHV SUHVHQWHV HQ ODV UHJOHWDV 0 0 HVWiQ D DOWD WHQVLyQ 9 $QWHV GH UHDOL]DU OD FRQH[LyQ DVHJXUDUVH GH TXH HO DSDUDWR QR HVWp DOLPHQWDGR HOpFWULFDPHQWH 5HVSHWDU OD SRODULGDG GH DOLPHQWDFLyQ HQ OD UHJOHWD 0 / /Ë1($ 1 1(8752

5(*/(7$ 0 / /tQHD PDUUyQ

1 1HXWUR FHOHVWH

3XHVWD D 7LHUUD DPDULOOR YHUGH

FRQWDFWR SDUD HO 7HUPRVWDWR $PELHQWH

(V QHFHVDULR UHVWDXUDU HO SXHQWH HQ ORV ERUQHV GH OD ERUQH UD 0 GH OD FDOGHUD HQ FDVR GH TXH QR VH XWLOLFH HO WHUPRVWDWR DPELHQWH R VH LQVWDOH HO &RQWURO 5HPRWR VXPLQLVWUDGR FRPR DFFHVRULR FDStWXOR

%251(5$ 0

%RUQHV FRP~Q FRQH[LyQ 6RQGD ([WHULRU VXPLQLVWUDGD FRPR DFFHVRULR

%RUQHV FRP~Q 6RQGD $X[LOLDU VRQGDV LQVWDODFLyQ VRODU GH FDVFDGD GH ]RQDV HWF

%RUQHV FRP~Q 6RQGD $X[LOLDU VRQGDV LQVWDODFLyQ VRODU GH FDVFDGD GH ]RQDV HWF

%RUQHV UHWURLOXPLQDFLyQ PDVD 9 FRQH[LyQ &RQWURO 5HPRWR EDMD WHQVLyQ VXPLQLVWUDGR FRPR DFFHVRULR

%RUQHV FRQH[LyQ GH OD VRQGD GHO FDOHQWDGRU $&6

%RUQH QR XWLOL]DGR

5(*/(7$ 0 %RUQHV QR XWLOL]DGRV

%RUQHV FRQH[LyQ ERPED FDOHQWDGRU $&6

%RUQHV FRQH[LyQ ERPED GH FDOHIDFFLyQ LQVWDODFLyQ H[WHULRU GHVSXpV GHO VHSDUDGRU KLGUiXOLFR

(Q FDVR GH TXH HO DSDUDWR HVWp FRQHFWDGR D XQD LQVWDODFLyQ GH VXHOR UDGLDQWH HO LQVWDODGRU GHEH LQVWDODU XQ WHUPRVWDWR GH SURWHFFLyQ SDUD SURWHJHUOR FRQWUD ODV VREUHWHPSHUDWXUDV

3DUD OD LQWURGXFFLyQ GH ORV FDEOHV GH FRQH[LyQ GH ODV ERUQHUDV 0 0 0 XWLOL]DU ORV RUL¿FLRV ³SDVD FDEOHV´ HVSHFLDOHV HQ HO IRQGR GH OD FDOGHUD

/DV FRQH[LRQHV SUHVHQWHV HQ OD ERUQHUD 0 HVWiQ D DOWD WHQVLyQ 9 $QWHV GH UHDOL]DU OD FRQH[LyQ DVHJXUDUVH GH TXH HO DSDUDWR QR HVWp DOLPHQWDGR HOpFWULFDPHQWH 5HVSHWDU OD SRODULGDG HOpFWULFD / /Ë1($ 1 1(8752

3DUD FRQHFWDU HO 7HUPRVWDWR $PELHQWH D OD FDOGHUD DFWXDU FRPR VH GHVFULEH D FRQWLQXDFLyQ

FRUWDU OD DOLPHQWDFLyQ HOpFWULFD GH OD FDOGHUD DFFHGHU D OD ERUQHUD0 TXLWDU HO SXHQWH HQ ORV H[WUHPRV GH ORV FRQWDFWRV \ FRQHFWDU ORV FDEOHV GHO 7HUPRVWDWR $PELHQWH DOLPHQWDU HOpFWULFDPHQWH OD FDOGHUD \ DVHJXUDUVH GH TXH HO 7HUPRVWDWR $PELHQWH IXQFLRQH FRUUHFWDPHQWH

$&&(625,26 48( 12 )250$1 3$57( '(/ 680,1,6752 &21752/ 5(0272 (O FDEOH TXH SURFHGH GH OD UHJOHWD 0 GH OD FDOGHUD HV OD DOLPHQWDFLyQ HOpFWULFD 9 SDUD OD UHWURLOXPLQDFLyQ GH OD SDQ WDOOD /D FRQH[LyQ GH HVWH FDEOH QR HV QHFHVDULD SDUD HO IXQFLRQDPLHQWR GHO &RQWURO 5HPRWR

3DUD HO IXQFLRQDPLHQWR GH OD FDOGHUD FRQ HO &RQWURO 5HPRWR LQVWDODGR HQ OD SDUHG HV QHFHVDULR FRPSUDU HO DFFHVRULR % VXPLQL VWUDGR FRQ OD EDVH % 9pDQVH WDPELpQ ODV LQVWUXFFLRQHV IDFLOLWDGDV FRQ HO NLW % SDUD UHDOL]DU FRUUHFWDPHQWH ODV RSHUDFLRQHV GH LQVWDODFLyQ \ XVR $ FRQWLQXDFLyQ VH GHVFULEH HO SURFHGLPLHQWR TXH VH GHEH VHJXLU

&RUWDU OD DOLPHQWDFLyQ HOpFWULFD GH OD FDOGHUD ,QWURGXFLU ORV WUHV FDEOHV TXH SURFHGHQ GH OD UHJOHWD 0 GH OD FDOGHUD HQ HO DJXMHUR GH OD EDVH % TXH VH GHEH DSOLFDU HQ OD SDUHG &RQHFWDU ORV FDEOHV GH OD UHJOHWD GH OD FDOGHUD 0 D ORV ERUQHV

GH OD UHJOHWD GH OD EDVH % UHVSHFWLYDPHQWH )LMDU OD EDVH % HQ OD SDUHG PHGLDQWH ORV WDFRV \ ORV WRUQLOORV TXH IRUPDQ SDUWH GHO HTXLSR EDVH GHO DFFHVRULR ,QVWDODU HO 3DQHO GH &RQWURO $ HQ OD EDVH ¿MDGD HQ OD SDUHG WHQLHQGR FXLGDGR GH QR HMHUFHU XQD IXHU]D H[FHVLYD $OLPHQWDU HOpFWULFDPHQWH OD FDOGHUD DVHJXUiQGRVH GH TXH HO &RQWURO 5HPRWR VH HQFLHQGD

$

3DQHO GH &RQWURO 5HWURLOXPLQDFLyQ GH OD SDQWDOOD 9

%

$FFHVRULR LQWHUID] GH OHGV &RQH[LyQ GH PDVD

%

%DVH SDUD 3DQHO GH &RQWURO HQ OD SDUHG $OLPHQWDFLyQ 6HxDO 9

8WLOL]DQGR HO &RQWURO 5HPRWR HV SRVLEOH FRQ¿JXUDU OD SURJUDPDFLyQ KRUDULD HQ FDOHIDFFLyQ \ $&6 $ WDO ¿Q YpDVH OD LQIRUPD FLyQ IDFLOLWDGDV FRQ HO DFFHVRULR

6 H F F L y Q , 1 6 7 $ / $ ' 2 5 ( 6

&21(;,Ï1 '(/ 7(50267$72 $0%,(17(

&21),*85$&,Ï1 '( /26 3$5È0(7526 0(',$17( (/ &21752/ 5(0272

6 H F F L y Q , 1 6 7 $ / $ ' 2 5 ( 6

6,0%2/2*Ë$ 5()(5,'$ $/ &21752/ 5(0272 *LUDU HO PDQGR %

9LVXDOL]DFLyQ SDQWDOOD

3XOVDU HO PDQGR %

3XOVDU VLPXOWiQHDPHQWH OD WHFOD $ \ HO PDQGR %

3XOVDU OD WHFOD $ R &

3XOVDU VLPXOWiQHDPHQWH ODV WHFODV $ \ &

/(<(1'$ 0(1Ò6 '( /$ ),*85$

8VXDULR ¿QDO

7pFQLFR HVSHFLDOLVWD

3XHVWD HQ PDUFKD

2(0

(O SURFHGLPLHQWR SDUD DFFHGHU D ORV FXDWUR PHQ~V TXH SHUPL WHQ OD SURJUDPDFLyQ GH OD FDOGHUD HV HO VLJXLHQWH

GHVGH HO PHQ~ SULQFLSDO &

$ \& PDQWHQHUODV SXOVDGDV XQRV VHJXQGRV

PHQ~V YpDQVH OD ¿JXUD DO ODGR \ OD OH\HQGD

& UHSHWLGDPHQWH SDUD YROYHU DWUiV XQ PHQ~ D OD YH] KDVWD YLVXDOL]DU HO PHQ~ SULQFLSDO

&XDQGR HO 3DQHO GH &RQWURO HVWi LQVWDODGR HQ OD SDUHG HV QH FHVDULR KDELOLWDU OD VRQGD DPELHQWH \ OD PRGXODFLyQ GH OD WHPSHUDWXUD GH LPSXOVLyQ D FRQWLQXDFLyQ VH GHVFULEH HO SUR FHGLPLHQWR TXH VH GHEH VHJXLU

$ 621'$ $0%,(17(

$FFHGHU DO PHQ~ % 8QLGDG RSHUDGRUD % SDUD FRQ¿UPDU

% OtQHD GH SURJUDPD 8VDGR FRPR

%

% HQ VHQWLGR DQWLKRUDULR

8QLGDG GH DPELHQWH

% SDUD FRQ¿UPDU DKRUD OD VRQGD DPELHQWH HVWi DFWLYDGD

% 02'8/$&,Ï1 '( /$ 7(03(5$785$ '( ,038/6,Ï1

3DUD SURJUDPDU OD WHPSHUDWXUD GH LPSXOVLyQ PRGXODQWH HV QHFHVDULR GHVKDELOLWDU HO SDUiPHWUR +& $ FRQWLQXDFLyQ VH GHVFULEH HO SURFHGLPLHQWR TXH VH GHEH VHJXLU

$FFHGHU DO PHQ~

% &LUFXLWR FDOHIDFFLyQ % SDUD FRQ¿UPDU % FRQ¿UPDU

% HQ VHQWLGR DQWLKRUDULR

´ ´ OXHJR % SDUD FRQ¿UPDU

&RQV WHPS LPSXOV WHUPRVW DPE

% SDUD

6L JLUDQGR HO PDQGR % GHVGH HO PHQ~ SULQFLSDO HQ OD SDQWDOOD VH YLVXDOL]D OD WHPSHUDWXUD GH LPSXOVLyQ GH OD FDOGHUD HQ OXJDU GH OD DPELHQWH VLJQL¿FD TXH HO SDUiPHWUR QR HVWi SURJUDPDGR FRUUHFWDPHQWH

$O ¿QDO GH FDGD FRQ¿JXUDFLyQ GH OD LQVWDODFLyQ HMHPSOR FRPELQDFLyQ VRODU FRQH[LyQ FDOHQWDGRU H[WHULRU HWF UHDOL]DU HO VLJXLHQWH SURFHGLPLHQWR SDUD DFWXDOL]DU OD WDUMHWD GH OD FDOGHUD VHJ~Q OD QXHYD FRQ¿JXUDFLyQ

$FFHGHU DO PHQ~ VHJ~Q VH GHVFULEH DO LQLFLR GH HVWH FDStWXOR

% &RQ¿JXUDFLyQ % % OtQHD GH SURJUDPD OXHJR

% 6t OXHJR % SDUD FRQ¿UPDU

%

,167$/$&,Ï1 '( =21$6 &21 ,167$/$&,Ï1 '(/ &21752/ 5(0272 /D FRQH[LyQ HOpFWULFD \ ODV UHJXODFLRQHV QHFHVDULDV SDUD OD JHVWLyQ GH XQD LQVWDODFLyQ GLYLGLGD HQ ]RQDV TXH UHTXLHUH HO &RQWURO 5HPRWR HV GLIHUHQWH VHJ~Q ORV DFFHVRULRV FRQHFWDGRV D OD FDOGHUD 3DUD OD LQVWDODFLyQ \ OD FRQ¿JXUDFLyQ YpDQVH ODV LQVWUXFFLR QHV GHO 0yGXOR GH ([SDQVLyQ VXPLQLVWUDGR FRPR DFFHVRULR

5(*8/$&,Ï1 '( /$ 7(03(5$785$ (1 81$ ,167$/$&,Ï1 '( &$/()$&&,Ï1 $ $/7$ 7(03(5$785$ 3DUD HYLWDU HQFHQGLGRV \ DSDJDGRV IUHFXHQWHV VH UHFRPLHQGD DXPHQWDU HO SXQWR DMXVWH PtQLPR GH WHPSHUDWXUD GH OD FDOGHUD HQ FDOHIDFFLyQ PRGL¿FDQGR FRQ HO PLVPR SURFHGLPLHQWR TXH VH GHVFULEH HQ HO SXQWR % HO SDUiPHWUR FRQ XQ YDORU QR LQIHULRU D &

5(*8/$&,Ï1 '( /$ 7(03(5$785$ (1 81$ ,167$/$&,Ï1 '( &$/()$&&,Ï1 $ %$-$ 7(03(5$785$ 3DUD XQD LQVWDODFLyQ D EDMD WHPSHUDWXUD FRPR SRU HMHPSOR XQD LQVWDODFLyQ HQ HO SDYLPHQWR VH UHFRPLHQGD UHGXFLU HO SXQWR DMXVWH Pi[LPR GH WHPSHUDWXUD GH OD FDOGHUD HQ FDOHIDFFLyQ SURJUDPDQGR HO SDUiPHWUR SXQWR % FRQ XQ YDORU QR VXSHULRU D &

621'$ (;7(5,25 3DUD OD FRQH[LyQ GH HVWH DFFHVRULR YpDVH OD ¿JXUD DO ODGR ERUQHV DGHPiV GH ODV LQVWUXFFLRQHV IDFLOLWDGDV FRQ OD VRQGD

&RQ OD 6RQGD ([WHULRU FRQHFWDGD ODV WHFODV SUHVHQWHV HQ HO SDQHO GH PDQGRV GH OD FDOGHUD GHVHPSHxDQ OD IXQFLyQ GH WUDVODFLyQ SDUDOHOD GH OD FXUYD FOLPiWLFD .W SURJUDPDGD JUi¿FR 6(&7,21 ( \ SDUiPHWUR 3 HQ OD WDEOD GHO FDStWXOR

3DUD DXPHQWDU OD WHPSHUDWXUD DPELHQWH GHO ORFDO SXOVDU OD WHFOD \ SDUD UHGXFLUOD SXOVDU OD WHFOD

$-867( '( /$ &859$ &/,0È7,&$ ³.W´ 3DUD DMXVWDU OD FXUYD FOLPiWLFD NW GHVHDGD DFWXDU FRPR VH LQGLFD D FRQWLQXDFLyQ

/(<(1'$ '(/ *5È),&2 &859$6 .W 6(&7,21 ( 7HPSHUDWXUD GH LGD

7HPSHUDWXUD H[WHULRU

%20%$ ,167$/$&,Ï1 '( &$/()$&&,Ï1 /D ERPED GH OD LQVWDODFLyQ VH GHEH LQVWDODU GHVSXpV GHO VHSDUDGRU KLGUiXOLFR /D HOHFFLyQ GH HVWH FRPSRQHQWH VH GHEH HIHFWXDU VHJ~Q ODV FDUDFWHUtVWLFDV GH FDXGDO DOWXUD PDQRPpWULFD UHTXHULGDV SRU OD LQVWDODFLyQ YpDVH OD 6(&7,21 )

$&808/$'25 (;7(512 /D FDOGHUD HVWi UHDOL]DGD HOpFWULFDPHQWH SDUD OD FRQH[LyQ GH XQ FDOHQWDGRU H[WHULRU /D FRQH[LyQ KLGUiXOLFD GHO FDOHQWDGRU H[WHULRU HVWi HVTXHPDWL]DGD HQ OD ¿JXUD HQ OD 6(&7,21 ) /D ERPED GHO FDOHQWDGRU VH GHEH FRQHFWDU D ORV ERUQHV GH OD UHJOHWD 0 6(&7,21 % (O FDOHQWDGRU VH GHEH LQVWDODU GHVSXpV GHO VHSDUDGRU KLGUiXOLFR 8WLOL]DU OD VRQGD VXPLQLVWUDGD FRPR DFFHVRULR \ FRQHFWDUOD D ORV ERUQHV GH OD UHJOHWD 0 6(&7,21 % &RQWURODU TXH OD SRWHQFLD GH LQWHUFDPELR GHO VHUSHQWtQ GHO FDOHQWDGRU VHD OD FRUUHFWD SDUD OD SRWHQFLD GH OD FDOGHUD

0Ï'8/26 (;7(5,25(6 '( *(67,Ï1 ,167$/$&,Ï1 /D FDOGHUD SXHGH JHVWLRQDU GH PDQHUD LQGHSHQGLHQWH KDVWD WUHV FLUFXLWRV GH FDOHIDFFLyQ PHGLDQWH OD XWLOL]DFLyQ GH DFFHVRULRV H[ WHULRUHV FRPR XQLGDGHV GH DPELHQWH FRQWUROHV UHPRWRV \ PyGXORV H[WHULRUHV $*8 \ $96 $GHPiV OD HOHFWUyQLFD FRQ OD TXH HVWi HTXLSDGD HVWD FDOGHUD FRPSUHQGH XQD DPSOLD JDPD GH IXQFLRQHV SDUD OD SHUVRQDOL]DFLyQ \ OD JHVWLyQ GH GLIHUHQWHV WLSRV GH LQVWDODFLyQ 3DUD DVHJXUDU HO FRUUHFWR IXQFLRQDPLHQWR GHO VLVWHPD HV LQGLVSHQVDEOH DVLJQDU D FDGD DFFHVRULR XWLOL]DGR XQ Q~PHUR GH D TXH SHUPLWD D OD WDUMHWD GH OD FDOGHUD UHFRQRFHUOR 3DUD WDO ¿Q VH UHFRPLHQGD OHHU FRQ HVSHFLDO DWHQFLyQ WDPELpQ ODV LQVWUXFFLRQHV IDFLOLWDGDV FRQ ORV DFFHVRULRV

=21$6 0(=&/$'$6 6(&7,21 )

8WLOL]DQGR HO PyGXOR H[WHULRU $96 VXPLQLVWUDGR FRPR DFFHVRULR HV SRVLEOH JHVWLRQDU XQD ]RQD PH]FODGD (VWH DFFHVRULR SXH GH JHVWLRQDU XQD ERPED GH ]RQD XQD YiOYXOD PH]FODGRUD XQD VRQGD GH WHPSHUDWXUD XQ WHUPRVWDWR GH VHJXULGDG \ XQ WHUPR VWDWR DPELHQWH 3DUD OD FRQH[LyQ GH ORV FRPSRQHQWHV \ OD UHJXODFLyQ GHO VLVWHPD OHHU HO PDQXDO TXH VH HQWUHJD FRQ HO DFFHVRULR

&$/'(5$6 (1 &$6&$'$ 6(&7,21 )

8WLOL]DQGR HO PyGXOR H[WHULRU $96 VXPLQLVWUDGR FRPR DFFHVRULR HV SRVLEOH JHVWLRQDU XQD LQVWDODFLyQ GH FDOHIDFFLyQ FRQ XQ Pi[LPR GH FDOGHUDV FRQHFWDGDV HQ FDVFDGD \ XQD HYHQWXDO DFXPXODFLyQ VHSDUDGD SDUD HO VXPLQLVWUR GH DJXD FDOLHQWH VD QLWDULD (VWH DFFHVRULR FRQHFWDGR D XQD GH ODV FDOGHUDV GH FDVFDGD SXHGH FRQWURODU GLUHFWDPHQWH ORV FRPSRQHQWHV GHO FLUFXLWR KDVWD XQ Pi[LPR GH VDOLGDV UHOp LQGHSHQGLHQWHV VRQGDV GH WHPSHUDWXUD FRQHFWRU SDUD WHUPRVWDWR OtPLWH HQ DOWD WHQVLyQ \ HQWUDGD GH PDQGR SRU HM WHUPRVWDWR DPELHQWH $GHPiV SDUD HO IXQFLRQDPLHQWR GH OD LQVWDODFLyQ HV QHFHVDULR LQVWDODU XQD XQLGDG LQWHUID] 2&, HQ FDGD FDOGHUD TXH FRPSRQH OD FDVFDGD 3DUD OD UHJXODFLyQ GH ORV SDUiPHWURV GH OD FDOGHUD WDPELpQ HV QHFHVDULR FRPELQDU HO DFFHVRULR &RQWURO 5HPRWR 3DUD OD FRQH[LyQ GH ORV FRPSRQHQWHV \ OD UHJXODFLyQ GHO VLVWHPD OHHU HO PDQXDO TXH VH HQWUHJD FRQ HO DFFHVRULR

,167$/$&,Ï1 62/$5 6(&7,21 )

8WLOL]DQGR HO PyGXOR H[WHULRU $*8 VXPLQLVWUDGR FRPR DFFHVRULR HV SRVLEOH JHVWLRQDU XQD LQVWDODFLyQ VRODU 3DUD OD FRQH [LyQ GH OD LQVWDODFLyQ YpDQVH ODV LQVWUXFFLRQHV IDFLOLWDGDV FRQ HO DFFHVRULR

/26 (648(0$6 +,'5È8/,&26 '( /26 &$626 '(6&5,726 (67È1 5(35(6(17$'26 $/ ),1$/ '(/ 0$18$/ (1 /$ 6(&7,21 )

6 H F F L y Q , 1 6 7 $ / $ ' 2 5 ( 6

$FFHGHU DO PHQ~ VHJ~Q VH GHVFULEH HQ HO FDStWXOR 6HOHFFLRQDU HO SDUiPHWUR 3 6HOHFFLRQDU OD FXUYD FOLPiWLFD HOLJLpQGROD HQWUH ODV GLVSRQLEOHV YpDVH HO JUi¿FR GH ODV FXUYDV DO ¿QDO GHO PDQXDO HQ OD VHFFLyQ 6(&7,21 ( OD FXUYD SRU GHIHFWR HV OD

)81&,21(6 (63(&,$/(6 )81&,Ï1 385*$'2 '( /$ ,167$/$&,Ï1 (VWD IXQFLyQ SHUPLWH IDFLOLWDU OD HOLPLQDFLyQ GHO DLUH HQ HO LQWHULRU GHO FLUFXLWR GH &DOHIDFFLyQ FXDQGR VH LQVWDOD OD FDOGHUD HQ HO OXJDU FRUUHVSRQGLHQWH R GHVSXpV GH RSHUDFLRQHV GH PDQWHQLPLHQWR TXH UHTXLHUHQ HO YDFLDGR GHO DJXD GHO FLUFXLWR SULPDULR 3DUD DFWLYDU OD IXQFLyQ GH SXUJDGR GH OD LQVWDODFLyQ SXOVDU D OD YH] ODV WHFODV GXUDQWH VHJXQGRV &XDQGR OD IXQFLyQ HVWi DFWLYDGD HQ SDQWDOOD DSDUHFH OD LQGLFDFLyQ 2Q GXUDQWH XQRV VHJXQGRV VHJXLGDPHQWH DSDUHFH OD OtQHD GH SURJUDPD /D WDUMHWD HOHFWUyQLFD DFWLYDUi XQ FLFOR GH HQFHQGLGR DSDJDGR GHO FLUFXODGRU TXH GXUD PLQXWRV /D IXQFLyQ VH SDUDUi DXWRPiWL FDPHQWH DO ¿QDO GHO FLFOR 3DUD VDOLU PDQXDOPHQWH GH HVWD IXQFLyQ YROYHU D SXOVDU D OD YH] ODV WHFODV LQGLFDGDV DQWHULRUPHQWH GXUDQWH VHJXQGRV

)81&,Ï1 &$/,%5$'2 3DUD IDFLOLWDU HO FDOLEUDGR GH OD YiOYXOD GHO JDV DFWXDU FRPR VH LQGLFD D FRQWLQXDFLyQ

6 H F F L y Q , 1 6 7 $ / $ ' 2 5 ( 6

3XOVDU D OD YH] ODV WHFODV \ GXUDQWH VHJXQGRV FRPR PtQLPR &XDQGR OD IXQFLyQ HVWi DFWLYDGD HQ OD SDQWDOOD VH YL VXDOL]D GXUDQWH DOJXQRV VHJXQGRV OD LQGLFDFLyQ ³2Q´ OXHJR DSDUHFH OD OtQHD GH SURJUDPD ³ ´ DOWHUQDGD FRQ HO YDORU GH SRWHQFLD GH OD FDOGHUD $FWXDU VREUH ODV WHFODV SDUD HIHFWXDU XQD UHJXODFLyQ JUDGXDO GH OD SRWHQFLD VHQVLELOLGDG

3DUD VDOLU SXOVDU D OD YH] ODV WHFODV GXUDQWH SRU OR PHQRV VHJXQGRV VHJ~Q VH GHVFULEH HQ HO SULPHU SXQWR

3XOVDQGR OD WHFOD

HV SRVLEOH YLVXDOL]DU GXUDQWH VHJXQGRV HO YDORU LQVWDQWiQHR GH OD WHPSHUDWXUD GH LPSXOVLyQ

$1È/,6,6 &20%867,Ï1 8QD YH] DFWLYDGD HVWD IXQFLyQ OD FDOGHUD DOFDQ]D OD SRWHQFLD Pi[LPD HQ FDOHIDFFLyQ 3DUD DFWLYDU OD IXQFLyQ DFWXDU VHJ~Q VH GHVFULEH D FRQWLQXDFLyQ

SXOVDU D OD YH] ODV WHFODV GXUDQWH VHJXQGRV HQ OD SDQWDOOD VH YLVXDOL]D OD LQGLFDFLyQ ³ ´ HQ DOWHUQDQFLD FRQ HO YDORU GH SRWHQFLD GH OD FDOGHUD $FWXDU VREUH ODV WHFODV \ SDUD UHJXODU OD SRWHQFLD GH OD FDOGHUD PtQLPR Pi[LPR $&6 \ Pi[LPR FDOHIDFFLyQ 3DUD LQWHUUXPSLU OD IXQFLyQ UHSHWLU OD DFFLyQ GHVFULWD HQ HO SULPHU SXQWR

$120$/Ë$6 48( (/ 868$5,2 12 38('( 5(6(7($5 (Q FDVR GH $120$/Ë$6 TXH QR VH SXHGHQ UHVHWHDU PHGLDQWH OD WHFOD FRPR SRU HMHP SOR ( R GHVSXpV GH LQWHQWRV GH 5(6(7 PDQXDO SRU SDUWH GHO XVXDULR HV QHFHVDULR HIHFWXDU HO 5(6(7 GH OD WDUMHWD SXOVDQGR OD WHFOD QHJUD 5 VLWXDGD GHEDMR GH OD WDSD GH JRPD

GHO SDQHO GH PDQGRV IURQWDO ¿JXUD DO ODGR

VtPEROR

&21),*85$&,Ï1 '(/ /26 3$5È0(7526 3DUD FRQ¿JXUDU ORV SDUiPHWURV GH OD WDUMHWD HOHFWUyQLFD GH OD FDOGHUD DFWXDU FRPR VH LQGLFD D FRQWLQXDFLyQ

3XOVDU D OD YH] ODV WHFODV \ PDQWHQHUODV SXOVDGDV GXUDQWH VHJXQGRV KDVWD TXH HQ OD SDQWDOOD DSDUH]FD OD OtQHD GH SURJUDPD ³3 ´ DOWHUQDGD FRQ HO YDORU FRQ¿JXUDGR &

3XOVDU OD WHFOD \ PDQWHQHUOD SXOVDGD GXUDQWH VHJXQGRV KDVWD TXH HQ OD SDQWDOOD DSDUH]FD OD LQGLFDFLyQ ³2Q´ OXHJR VROWDU OD WHFOD HQ OD SDQWDOOD DSDUHFH ³3 ´ $FWXDU VREUH ODV WHFODV SDUD GHVSOD]DUVH SRU OD OLVWD GH ORV SDUiPHWURV 3XOVDU OD WHFOD HO YDORU GHO SDUiPHWUR VHOHFFLRQDGR LQLFLD D SDUSDGHDU $FWXDU VREUH ODV WHFODV SDUD PRGL¿FDU HO YDORU 3XOVDU OD WHFOD SDUD FRQ¿UPDU HO YDORU R SXOVDU OD WHFOD SDUD VDOLU VLQ JXDUGDU 0iV LQIRUPDFLyQ VREUH ORV SDUiPHWURV LQGLFDGRV HQ OD WDEOD VLJXLHQWH VH IDFLOLWD FRQ ORV DFFHVRULRV SHGLGRV

E

3 3 3 3 3 3 3 3

0RGR GH IXQFLRQDPLHQWR $QWLFRQJHODQWH $XWRPiWLFR 7 FRQIRUW

7HPSHUDWXUD DPELHQWH FRQVLJQD HFRQyPLFD 3HQGLHQWH FXUYD ³.W´ 'HVOL]DPLHQWR FXUYD ³.W´ $GDSWDFLyQ FXUYD ³.W´ 6HWSRLQW WHPSHUDWXUD GH LPSXOVLyQ YDORU Pi[LPR

+DELOLWDFLyQ GH OD WHPSHUDWXUD PRGXODQWH VL FRQ¿JXUDGR ³ ³ ,QÀXHQFLD DPELHQWH

3

3 3 3 3 3 3 3 3 3 3

3

3

3

3 3

3 3 3 3 3

3 3 3 3

3 3 3 3 3 3 3 3 3

3 3

3 3 3

3 3 3

5DSLGH] GH DSHUWXUD FLHUUH YiOYXOD PH]FODGRUD 3$5È0(7526 &$/()$&&,Ï1 =21$ FRQ 0yGXOR GH ([SDQVLyQ DFFHVRULR

0RGR GH IXQFLRQDPLHQWR $QWLFRQJHODQWH $XWRPiWLFR 7 FRQIRUW

7HPSHUDWXUD DPELHQWH GH &RQIRUW 7HPSHUDWXUD DPELHQWH FRQVLJQD HFRQyPLFD 3HQGLHQWH FXUYD ³.W´ 'HVOL]DPLHQWR FXUYD ³.W´ $GDSWDFLyQ FXUYD ³.W´ 6HWSRLQW WHPSHUDWXUD GH LPSXOVLyQ YDORU Pi[LPR

+DELOLWDFLyQ GH OD WHPSHUDWXUD PRGXODQWH VL FRQ¿JXUDGR ³ ³ ,QÀXHQFLD DPELHQWH 5DSLGH] GH DSHUWXUD FLHUUH YiOYXOD PH]FODGRUD 3$5È0(7526 $&6 0RGR GH IXQFLRQDPLHQWR HQ $&6 FRQ &RQWURO 5HPRWR

VLHPSUH DFWLYDGR VLJXH OD SURJUDPDFLyQ KRUDULD GH OD FDOHIDFFLyQ VLJXH OD SURJUDPDFLyQ KRUDULD GHO $&6 )XQFLyQ OHJLRQHOOD 'HVKDELOLWDGD 3HULyGLFD FDOGHUD FRQ DFXPXODFLyQ

GHVKDELOLWDGD SHULyGLFD VHJ~Q 3 XQD YH] SRU VHPDQD $FWLYDFLyQ GH OD IXQFLyQ OHJLRQHOOD SHULyGLFD VyOR VL 3

GLDULR D LQWHUYDORV GH GtDV XQD YH] SRU VHPDQD 6HWSRLQW WHPSHUDWXUD GH UHFLUFXODFLyQ ERPED $&6 VXSOHPHQWDULD

'XUDFLyQ WLHPSR GH SUHFDOHQWDPLHQWR SDUD $&6 ¶ ¶

3$5È0(7526 &$/'(5$ 7LHPSR PtQLPR GH DSDJDGR GHO TXHPDGRU 6HWSRLQW DQWLKLHOR 7LHPSR GH SRVWFLUFXODFLyQ ERPED 9HORFLGDG Pi[ YHQWLODGRU FDOHIDFFLyQ

'LIHUHQFLDO PtQLPR GH DSDJDGR GH OD FDOGHUD 3$5È0(7526 &,5&8,72 62/$5 FRQ 0yGXOR GH ([SDQVLyQ DFFHVRULR

'LIHUHQFLDO GH WHPSHUDWXUD HQFHQGLGR 'LIHUHQFLDO GH WHPSHUDWXUD DSDJDGR 3URWHFFLyQ VREUHWHPSHUDWXUD FROHFWRU SDQHOHV VRODUHV ³ ³ GHVKDELOLWDGR

7HPSHUDWXUD Pi[LPD FDOHQWDGRU &21),*85$&,Ï1 1R XWLOL]DGR 12 PRGL¿FDU HVWH SDUiPHWUR

&LUFXLWR GH FDOHIDFFLyQ GH OD ]RQD KDELOLWDGR

&LUFXLWR GH FDOHIDFFLyQ GH OD ]RQD KDELOLWDGR

1R XWLOL]DGR 12 PRGL¿FDU HVWH SDUiPHWUR

(QWUDGD VRQGD %; SULPHUD VRQGD DX[LOLDU ± FDStWXOR

(QWUDGD VRQGD %; VHJXQGD VRQGD DX[LOLDU ± FDStWXOR

(QWUDGD + HQWUDGD PXOWLIXQFLyQ ± 7HUPRVWDWR $PELHQWH

&RQ¿JXUDFLyQ 0yGXOR GH ([SDQVLyQ DFFHVRULR 9HUVLyQ 6RIWZDUH 0$17(1,0,(172 7LHPSR WUDQVFXUULGR GHVSXpV GHO PDQWHQLPLHQWR 9LVXDOL]DU 2FXOWDU HO FyGLJR LQWHULRU GH DQRPDOtD VHFXQGDULR &21752/ '(/ 48(0$'25 9HORFLGDG GH HQFHQGLGR UHTXHULGD 'HPDQGD PtQLPD YHORFLGDG GH IXQFLRQDPLHQWR EDMD YHORFLGDG

'HPDQGD Pi[LPD YHORFLGDG GH IXQFLRQDPLHQWR DOWD YHORFLGDG

3$5È0(7526 3$1(/ '( 0$1'26 '( /$ &$/'(5$ 8QLGDGHV GH PHGLGD EDU & ± 36, )

)XQFLRQDPLHQWR SDQHO GH PDQGRV FHQWUDO ORFDO

9HUVLyQ 6RIWZDUH

9DORU GH )iEULFD

&

& &

V

& PLQ

PLQ & PLQ USP &

& & & &

[[[

3$5È0(7526 &$/()$&&,Ï1 =21$ ]RQD SULQFLSDO

&

& &

V

&

USP USP USP

[[[

[[[ [[[ [[[

[[

0tQLPR

0i[LPR

YpDVH HO FDStWXOR ³$FFHVRULRV TXH QR IRUPDQ SDUWH GHO HTXLSR EDVH´ [[ HO YDORU GHSHQGH GH OD YHUVLyQ GHO VRIWZDUH [[[ HO YDORU GHSHQGH GHO WLSR GH FDOGHUD D SDUiPHWURV OHtGRV HQ HO SDQHO IURQWDO GH OD FDOGHUD SDQHO GH PDQGRV ¿MR E SDUiPHWURV OHtGRV HQ HO &RQWURO 5HPRWR

6 H F F L y Q , 1 6 7 $ / $ ' 2 5 ( 6

D

&$/,%5$'2 '( /$ 9¬/98/$ '(/ *$6 3DUD UHDOL]DU HO FDOLEUDGR GH OD YiOYXOD GHO JDV DFWLYDU OD IXQFLyQ GH FDOLEUDGR VHJ~Q VH GH VFULEH HQ HO FDStWXOR \ HIHFWXDU ODV RSHUDFLRQHV TXH VH LQGLFDQ D FRQWLQXDFLyQ

6 H F F L y Q , 1 6 7 $ / $ ' 2 5 ( 6

9 3,

9LWH UHJROD]LRQH SRUWDWD JDV 6HJQDOH SUHVVLRQH FDPHUD VWDJQD

.

3L

&DOLEUDGR GH OD FDSDFLGDG WpUPLFD 5('8&,'$ PHGLGR HQ HO FRQGXFWR GH GHVFDUJD FXDQGR OD FDOGHUD IXQFLRQD FRQ OD 9HUL¿FDU TXH HO FDSDFLGDG WpUPLFD PtQLPD VHD HO TXH VH LQGLFD HQ OD WDEOD (Q FDVR FRQWUDULR TXLWDU HO WDSyQ GH URVFD GH ODWyQ HQ OD YiOYXOD GH JDV DFWXDU VREUH HO WRUQLOOR GH UHJXODFLyQ .

SUH VHQWH HQ OD YiOYXOD GHO JDV *LUDU HO WRUQLOOR HQ VHQWLGR KRUDULR SDUD DXPHQWDU HO FRQWHQLGR \ HQ VHQWLGR DQWLKRUDULR SDUD UHGXFLUOR GH

&DOLEUDGR GH OD FDSDFLGDG WpUPLFD 0È;,0$ 9HUL¿FDU TXH HO PHGLGR HQ HO FRQGXFWR GH GHVFDUJD FXDQGR OD FDOGHUD IXQFLRQD FRQ OD FDSDFLGDG WpUPLFD Pi[LPD VHD HO TXH VH LQGLFD HQ OD WDEOD (Q FDVR FRQWUDULR DFWXDU VREUH HO WRUQLOOR GH UHJXODFLyQ 9 SUHVHQWH HQ OD YiOYXOD GHO JDV *LUDU HO WRUQLOOR HQ VHQWLGR KRUDULR SDUD UHGXFLU HO FRQWHQLGR GH \ HQ VHQWLGR DQWLKRUDULR SDUD DXPHQWDUOR

9LWH UHJROD]LRQH 2))6(7 3UHVD SUHVVLRQH DOLPHQWD]LRQH JDV

$37$&,Ï1 $ 2752 7,32 '( *$6 (Q FDVR GH WUDQVIRUPDFLyQ SDUD HO IXQFLRQDPLHQWR GH JDV PHWDQR D JDV SURSDQR *3/ DQWHV GH HIHFWXDU HO FDOLEUDGR GH OD YiOYXOD GHO JDV VHJ~Q VH KD GHVFULWR DQWHULRUPHQWH VXVWLWXLU HO FRQMXQWR 9HQWXUL %

FRPR VH LQGLFD HQ OD ¿JXUD 3DUD OD VXVWLWXFLyQ HV QHFHVDULR TXLWDU HO WXER GH FRQH[LyQ GHO JDV WXHUFD URVFDGD * ´ \ TXLWDU ORV WUHV WRUQLOORV GH ¿MDFLyQ GH OD EULGD $O ¿QDOL]DU OD RSHUDFLyQ GH VXVWLWXFLyQ FRQWURODU TXH QR KD\D SpUGLGDV GH JDV 0RGL¿FDU ORV SDUiPHWURV Q~PHUR GH UHYROXFLRQHV GHO YHQWLODGRU GHO PRGR LQGLFDGR HQ OD WDEOD \ VLJXLHQGR HO SURFHGLPLHQWR GH VFULWR HQ HO FDStWXOR

7$%/$ 3$5$0(75, 1 GL JLUL PLQ USP

3 D

3 3 D

3 D

3RWHQ]D PLQ 3RWHQ]D PD[

3RWHQ]D DFFHQVLRQH

*

9(1785, PP

8*(//, *$6 PP

*

*

&2 0LQ

&2 0D[

*

*

*

*

*

* *

Q Q

Q Q

&2 0D[ SSP

* * * * * *

YDORUH &2 FRQ PDQWHOOR FKLXVR 6HQ]D PDQWHOOR FDPHUD DSHUWD LO YDORUH OHWWR q LQIHULRUH GL D YDORUH OHWWR VXO GLVSOD\ GHO SDQQHOOR IURQWDOH GHOOD FDOGDLD GD PROWLSOLFDUH [ HV FRUULVSRQGH D JLUL PLQ

3DUD IDFLOLWDU ODV RSHUDFLRQHV GH FDOLEUDGR GH OD YiOYXOD GHO JDV HV SRVLEOH VHOHFFLRQDU OD ³IXQFLyQ FDOLEUDGR´ GLUHFWDPHQWH HQ HO SDQHO GH PDQGRV GH OD FDOGHUD VHJ~Q VH GHVFULEH HQ HO FDStWXOR

',6326,7,926 '( 5(*8/$&,Ï1 < 6(*85,'$' /D FDOGHUD HVWi IDEULFDGD SDUD VDWLVIDFHU WRGDV ODV GLVSRVLFLRQHV GH ODV 1RUPDWLYDV HXURSHDV GH UHIHUHQFLD HQ SDUWLFXODU HVWi SURYLVWD GH

7HUPRVWDWR GH VHJXULGDG (VWH GLVSRVLWLYR FX\R VHQVRU HVWi VLWXDGR HQ OD LPSXOVLyQ GH OD FDOHIDFFLyQ LQWHUUXPSH HO ÀXMR GHO JDV DO TXHPDGRU HQ FDVR GH VREUHFDOHQWDPLHQWR GHO DJXD FRQWHQLGD HQ HO FLUFXLWR SULPDULR (Q HVWDV FRQGLFLRQHV OD FDOGHUD VH EORTXHD \ VyOR GHVSXpV GH KDEHU HOLPLQDGR OD FDXVD GH OD DFWLYDFLyQ HV SRVLEOH UHSHWLU HO HQFHQGLGR SXOVDQGR OD WHFOD

(VWi SURKLELGR GHVDFWLYDU HVWH GLVSRVLWLYR GH VHJXULGDG

6RQGD 17& KXPRV

(VWH GLVSRVLWLYR HVWi VLWXDGR HQ HO FRQGXFWR GH KXPRV /D WDUMHWD HOHFWUyQLFD EORTXHD HO ÀXMR GH JDV DO TXHPDGRU HQ FDVR GH VREUHWHPSHUDWXUD 3DUD UHVWDEOHFHU ODV FRQGLFLRQHV QRUPDOHV GH IXQFLRQDPLHQWR HV QHFHVDULR SXOVDU OD WHFOD

/D RSHUDFLyQ GH UHVWDXUDFLyQ LQGLFDGD DQWHULRUPHQWH VyOR HV SRVLEOH VL OD WHPSHUDWXUD HV & (VWi SURKLELGR GHVDFWLYDU HVWH GLVSRVLWLYR GH VHJXULGDG

'HWHFWRU GH OODPD SRU LRQL]DFLyQ

(O HOHFWURGR GH GHWHFFLyQ JDUDQWL]D OD VHJXULGDG HQ FDVR GH IDOWD GH JDV R LQWHUHQFHQGLGR LQFRPSOHWR GHO TXHPDGRU SULQFLSDO (Q HVWDV FRQGLFLRQHV OD FDOGHUD VH EORTXHD 3DUD UHVWDEOHFHU ODV FRQGLFLRQHV QRUPDOHV GH IXQFLRQDPLHQWR HV QHFHVDULR SXOVDU OD WHFOD

3UHVyVWDWR KLGUiXOLFR

(VWH GLVSRVLWLYR LPSLGH TXH HO TXHPDGRU SULQFLSDO VH HQFLHQGD VL OD SUHVLyQ GH OD LQVWDODFLyQ QR HV VXSHULRU D EDUHV

3RVWFLUFXODFLyQ GH OD ERPED

/D SRVWFLUFXODFLyQ GH OD ERPED REWHQLGD HOHFWUyQLFDPHQWH GXUD PLQXWRV \ VH DFWLYD HQ OD IXQFLyQ FDOHIDFFLyQ GHVSXpV GHO DSDJDGR GHO TXHPDGRU SULQFLSDO SRU HO DFFLRQDPLHQWR GHO WHUPRVWDWR DPELHQWH

'LVSRVLWLYR DQWLKLHOR

/D JHVWLyQ HOHFWUyQLFD GH OD FDOGHUD HVWi SURYLVWD GH XQD IXQFLyQ ³DQWLKLHOR´ HQ FDOHIDFFLyQ \ $&6 TXH FRQ WHPSHUDWXUD GH LP SXOVLyQ LQVWDODFLyQ LQIHULRU D & KDFH IXQFLRQDU HO TXHPDGRU KDVWD DOFDQ]DU XQ YDORU GH & HQ LPSXOVLyQ (VWD IXQFLyQ HVWi RSHUDWLYD VL OD FDOGHUD HVWi DOLPHQWDGD HOpFWULFDPHQWH VL KD\ JDV \ VL OD SUHVLyQ GH OD LQVWDODFLyQ HV OD HVWDEOHFLGD

$QWLEORTXHR GH ODV ERPEDV

(Q FDVR GH IDOWD GH GHPDQGD GH FDORU HQ FDOHIDFFLyQ \ R $&6 SRU XQ SHULRGR GH KRUDV FRQVHFXWLYDV ODV ERPEDV VH SRQHQ HQ IXQFLRQDPLHQWR DXWRPiWLFDPHQWH SRU VHJXQGRV

9iOYXOD GH VHJXULGDG KLGUiXOLFD FLUFXLWR GH FDOHIDFFLyQ

(VWH GLVSRVLWLYR FDOLEUDGR HQ EDUHV HVWi DO VHUYLFLR GHO FLUFXLWR GH FDOHIDFFLyQ 6H DFRQVHMD FRQHFWDU OD YiOYXOD GH VHJXULGDG D XQ FRQGXFWR GH GHVFDUJD SURYLVWR GH VLIyQ (VWi SURKLELGR XWLOL]DUOD FRPR PHGLR SDUD YDFLDU HO FLUFXLWR GH FDOHIDFFLyQ

3UHFLUFXODFLyQ GH OD ERPED GH OD FDOGHUD

(Q FDVR GH GHPDQGD GH IXQFLRQDPLHQWR HQ FDOHIDFFLyQ HO DSDUDWR SXHGH UHDOL]DU XQD SUHFLUFXODFLyQ GH OD ERPED DQWHV GH HIHF WXDU HO HQFHQGLGR GHO TXHPDGRU /D GXUDFLyQ GH HVWD SUHFLUFXODFLyQ GHSHQGH GH OD WHPSHUDWXUD GH IXQFLRQDPLHQWR \ ODV FRQGLFLR QHV GH LQVWDODFLyQ \ YDUtD GH SRFRV VHJXQGRV D XQRV PLQXWRV

/DV IXQFLRQHV UHODFLRQDGDV FRQ ORV GLVSRVLWLYRV GH UHJXODFLyQ \ VHJXULGDG HVWiQ RSHUDWLYDV VL OD FDOGHUD HVWi DOLPHQWDGD HOpFWULFDPHQWH

&859$6 '( &$8'$/ $/785$ 0$120e75,&$ '(/ &,5&8/$'25 /D ERPED XWLOL]DGD HV GH WLSR PRGXODQWH \ WLHQH OD IXQFLyQ GH KDFHU FLUFXODU HO DJXD HQWUH OD FDOGHUD \ HO VHSDUDGRU KLGUiXOLFR

/(<(1'$ '( /26 *5È),&26 '( /$ %20%$ 6(&7,21 ( 4

&$8'$/

+

$/785$ 0$120e75,&$ /26 *5È),&26 '( &$8'$/ $/785$ 0$120e75,&$ (1 /$ 3/$&$ '( /$ %20%$ (67È1 ',6321,%/(6 $/ ),1$/ '(/ 0$18$/ (1 /$ 6(&&,Ï1 6(&7,21 (

6 H F F L y Q , 1 6 7 $ / $ ' 2 5 ( 6

0$17(1,0,(172 $18$/ 3DUD JDUDQWL]DU OD SHUIHFWD H¿FDFLD GH OD FDOGHUD HV QHFHVDULR UHDOL]DU DQXDOPHQWH ORV VLJXLHQWHV FRQWUROHV

&RQWURO GHO DVSHFWR \ GH OD KHUPHWLFLGDG GH ODV MXQWDV GHO FLUFXLWR GHO JDV \ GHO FLUFXLWR GH FRPEXVWLyQ &RQWURO GHO HVWDGR \ GH OD FRUUHFWD SRVLFLyQ GH ORV HOHFWURGRV GH HQFHQGLGR \ GHWHFFLyQ GH OODPD &RQWURO GHO HVWDGR GHO TXHPDGRU \ VX ¿MDFLyQ &RQWURO GH ODV HYHQWXDOHV LPSXUH]DV SUHVHQWHV HQ OD FiPDUD GH FRPEXVWLyQ 8WLOL]DU XQD DVSLUDGRUD SDUD OD OLPSLH]D &RQWURO GHO FRUUHFWR FDOLEUDGR GH OD YiOYXOD GHO JDV &RQWURO GH OD SUHVLyQ GH OD LQVWDODFLyQ GH FDOHIDFFLyQ &RQWURO GH OD SUHVLyQ GHO GHSyVLWR GH H[SDQVLyQ LQVWDODFLyQ

&RQWURO GHO FRUUHFWR IXQFLRQDPLHQWR GHO YHQWLODGRU &RQWURO GH ORV FRQGXFWRV GH GHVFDUJD \ DVSLUDFLyQ SDUD DVHJXUDUVH GH TXH QR HVWpQ DWDVFDGRV &RQWURO GH ODV HYHQWXDOHV LPSXUH]DV SUHVHQWHV HQ HO VLIyQ $QWHV GH HIHFWXDU FXDOTXLHU LQWHUYHQFLyQ DVHJXUDUVH GH TXH OD FDOGHUD QR HVWp DOLPHQWDGD HOpFWULFDPHQWH $O ¿QDOL]DU ODV RSHUDFLRQHV GH PDQWHQLPLHQWR YROYHU D FRQ¿JXUDU ORV SDUiPHWURV RULJLQDOHV GH IXQFLRQDPLHQWR GH OD FDOGHUD VL VH KDQ PRGL¿FDGR

3$5È0(7526 '( &20%867,Ï1 3DUD OD PHGLFLyQ HQ REUD GHO UHQGLPLHQWR GH OD FRPEXVWLyQ \ GH OD KLJLHQLFLGDG GH ORV SURGXFWRV GH OD FRPEXVWLyQ OD FDOGHUD HVWi SURYLVWD GH GRV WRPDV GHVWLQDGDV D HVWH XVR HVSHFt¿FR 8QD WRPD HVWi FRQHFWDGD DO FLUFXLWR GH GHVFDUJD GH ORV KXPRV $ \ SHUPLWH PHGLU OD KLJLHQLFLGDG GH ORV SURGXFWRV GH OD FRPEXVWLyQ \ HO UHQGLPLHQWR GH OD FRPEXVWLyQ /D RWUD HVWi FRQHFWDGD DO FLUFXLWR GH DVSLUDFLyQ GHO DLUH FRPEXUHQWH % HQ OD FXDO VH SXHGH FRQWURODU OD HYHQWXDO UHFLUFXODFLyQ GH ORV SURGXFWRV GH OD FRPEXVWLyQ HQ FDVR GH FRQGXFWRV FRD[LDOHV (Q OD WRPD FRQHFWDGD DO FLUFXLWR GH ORV KXPRV VH SXHGHQ PHGLU ORV VLJXLHQWHV SDUiPHWURV

WHPSHUDWXUD GH ORV SURGXFWRV GH OD FRPEXVWLyQ FRQFHQWUDFLyQ GH R[tJHQR R FRPR DOWHUQDWLYD GH GLy[LGR GH FDUERQR FRQFHQWUDFLyQ GH PRQy[LGR GH FDUERQR

/D WHPSHUDWXUD GHO DLUH FRPEXUHQWH VH GHEH PHGLU HQ OD WRPD FRQHFWDGD DO FLUFXLWR GH DVSLUDFLyQ GHO DLUH % LQWURGXFLHQGR OD VRQGD GH PHGLGD XQRV FP &

3DUD DFWLYDU OD IXQFLyQ ³$1È/,6,6 &20%867,Ï1´ KDFHU UHIHUHQFLD DO FDStWXOR

&2/2&$&,Ï1 '( /26 (/(&752'26

6 H F F L y Q , 1 6 7 $ / $ ' 2 5 ( 6

&$5$&7(5Ë67,&$6 7e&1,&$6 0RGHOR /81$ '82 7(& 03

&DW

,, + 3

7LSR GH JDV

* *

&DSDFLGDG WpUPLFD QRPLQDO FDOHIDFFLyQ

N:

&DSDFLGDG WpUPLFD UHGXFLGD *

3RWHQFLD WpUPLFD QRPLQDO *

N:

N:

3RWHQFLD WpUPLFD QRPLQDO &

N:

3RWHQFLD WpUPLFD QRPLQDO &

N:

3RWHQFLD WpUPLFD UHGXFLGD & *

N:

3RWHQFLD WpUPLFD UHGXFLGD & *

N:

3RWHQFLD WpUPLFD UHGXFLGD & *

N:

3RWHQFLD WpUPLFD UHGXFLGD & *

N:

5HQGLPLHQWR QRPLQDO &

5HQGLPLHQWR QRPLQDO &

5HQGLPLHQWR 3Q &

3UHVLyQ Pi[ DJXD FLUFXLWR GH FDOHIDFFLyQ

EDU

3UHVLyQ PtQ DJXD FLUFXLWR GH FDOHIDFFLyQ

EDU

&DSDFLGDG FLUFXLWR FDOGHUD YROXPHQ GH DJXD

O

&DPSR GH WHPSHUDWXUDV FLUFXLWR GH FDOHIDFFLyQ

&

·

& & & & & & %

'LiPHWUR FRQGXFWR GH GHVFDUJD FRQFpQWULFR

PP

'LiPHWUR FRQGXFWRV GH GHVFDUJD VHSDUDGRV

PP

7LSR GH FRQGXFWRV GH GHVFDUJD

&DXGDO PiVLFR KXPRV Pi[

NJ V

&DXGDO PiVLFR KXPRV PtQ

NJ V

7HPSHUDWXUD KXPRV Pi[ &ODVH 1R[ (1 (1

&

PJ N:K

3UHVLyQ GH DOLPHQWDFLyQ JDV QDWXUDO +

PEDU

3UHVLyQ GH DOLPHQWDFLyQ JDV SURSDQR 3

PEDU

7HQVLyQ HOpFWULFD GH DOLPHQWDFLyQ

9

)UHFXHQFLD HOpFWULFD GH DOLPHQWDFLyQ

+]

3RWHQFLD HOpFWULFD QRPLQDO

:

3HVR QHWR

NJ

'LPHQVLRQHV DOWXUD

PP

DQFKXUD

PP

SURIXQGLGDG

PP

,3; '

*UDGR GH SURWHFFLyQ FRQWUD OD KXPHGDG (1

&HUWL¿FDGR &( 1U &0

&2168026 &$8'$/ 7e50,&2 4Pi[ \ 4PtQ 4PD[ * +

P K

4PLQ * +

P K

4PD[ * 3

NJ K

4PLQ * 3

NJ K

6 H F F L y Q , 1 6 7 $ / $ ' 2 5 ( 6

6 ( & 7 , 2 1 $

,7

)DQ $LU JDV EOHQG PDQLIROG 3ULPDU\ H[FKDQJHU &RD[LDO ÀXH FRQQHFWRU )OXH VHQVRU $XWRPDWLF DLU YHQW ,JQLWLRQ HOHFWURGH 17& ZDWHU KHDWLQJ VHQVRU ÀRZ DQG UHWXUQ

6DIHW\ RYHUÀRZ WHPSHUDWXUH WKHUPRVWDW )ODPH GHWHFWLRQ HOHFWURGH 6SDUN JHQHUDWRU 9HQWXUL 3XPS +\GUDXOLF 6DIHW\ YDOYH %RLOHU GUDLQ WDS 3UHVVXUH JDXJH +\GUDXOLF 3UHVVXUH 6HQVRU *DV YDOYH 7UDS FRQGHQVDWH GUDLQ *DV LQOHW FRQQHFWLRQ +HDWLQJ ÀRZ FRQQHFWLRQ +HDWLQJ UHWXUQ FRQQHFWLRQ

'(

$ % & '

6 ( & 7 , 2 1 $

$ % & '

(1

9HQWLODWRUH &ROOHWWRUH PLVFHOD DULD JDV 6FDPELDWRUH SULPDULR 5DFFRUGR VFDULFR IXPL FRDVVLDOH 6RQGD IXPL 9DOYROD GL VIRJR DULD DXWRPDWLFD (OHWWURGR GL DFFHQVLRQH 6RQGD 17& ULVFDOGDPHQWR PDQGDWD H ULWRUQR

7HUPRVWDWR GL VLFXUH]]D VRYUDWHPSHUDWXUH

(OHWWURGR GL ULYHOD]LRQH GL ¿DPPD $FFHQGLWRUH 9HQWXUL 3RPSD 9DOYROD GL VLFXUH]]D LGUDXOLFD 5XELQHWWR GL VFDULFR FDOGDLD 0DQRPHWUR 6HQVRUH GL SUHVVLRQH LGUDXOLFR 9DOYROD JDV $WWDFFR VLIRQH VFDULFR FRQGHQVD $WWDFFR LQJUHVVR *$6 $WWDFFR PDQGDWD DFTXD ULVFDOGDPHQWR $WWDFFR ULWRUQR DFTXD ULVFDOGDPHQWR

(6

9HQWLODWRU 6DPPHOURKU /XIW *DVJHPLVFK 3ULPlU 7DXVFKHU .RD[LDOH $EJDVOHLWXQJ $EJDVI KOHU $XWRPDWLVFKHV (QWO IWXQJVYHQWLO = QGXQJVHOHNWURGH 17& ) KOHU +HL]XQJ 9RU XQG 5 FNODXI

6LFKHUKHLWVWKHUPRVWDW hEHUWHPSHUDWXU

)ODPPHQ EHUZDFKXQJVHOHNWURGH = QGHU 9HQWXUL 3XPSH +\GUDXOLVFKHV 6LFKHUKHLWVYHQWLO (QWOHHUXQJVKDKQ +HL]NHVVHO 'UXFNPHVVHU +\GUDXOLNGUXFNI KOHU *DVYHQWLO $QVFKOXVV .RQGHQVZDVVHU $XVODVVVLSKRQ (LQJDQJVDQVFKOXVV *$6 $QVFKOXVV +HL]ZDVVHUYRUODXI $QVFKOXVV +HL]ZDVVHUU FNODXI

9HQWLODGRU &ROHFWRU GH PH]FOD DLUH JDV ,QWHUFDPELDGRU SULPDULR 5DFRUG FRQH[LyQ KXPRV FRD[LDO 6RQGD GH KXPRV 9iOYXOD GH SXUJD DLUH DXWRPiWLFD (OHFWURGR GH HQFHQGLGR 6RQGD 17& FDOHIDFFLyQ LGD \ UHWRUQR

7HUPRVWDWR GH VHJXULGDG VREUHWHPSHUDWXUDV

(OHFWURGR GH GHWHFFLyQ GH OODPD (QFHQGHGRU 9HQWXUL %RPED 9iOYXOD GH VHJXULGDG KLGUiXOLFD *ULIR GH GHVFDUJD FDOGHUD 0DQyPHWUR 6HQVRU GH SUHVLyQ KLGUiXOLFR 9iOYXOD GHO JDV &RQH[LyQ GHVDJ H FRQGHQVDGRV &RQH[LyQ HQWUDGD GH JDV &RQH[LyQ LGD DJXD &DOHIDFFLyQ &RQH[LyQ UHWRUQR DJXD &DOHIDFFLyQ

6 ( & 7 , 2 1 %

& 0 1 5 * 9 9 % * < 3

,7

)XVLELOL $OLPHQWD]LRQH HOHWWULFD 9 7HUPRVWDWR $PELHQWH 7$

6RQGD PDQGDWD ULVFDOGDPHQWR 6RQGD ULWRUQR ULVFDOGDPHQWR 6HQVRUH GL SUHVVLRQH 6RQGD IXPL 6RQGD EROOLWRUH VDQLWDULR 6RQGD DXVLOLDULD 6RQGD DXVLOLDULD 6RQGD HVWHUQD &RQWUROOR 5HPRWR 3RPSD (OHWWURGR GL ULYHOD]LRQH ¿DPPD (OHWWURGR GL DFFHQVLRQH $FFHQGLWRUH 9DOYROD JDV 7HUPRVWDWR GL VLFXUH]]D 9HQWLODWRUH 3RPSD FLUFXLWR GL ULVFDOGDPHQWR 3RPSD EROOLWRUH VDQLWDULR &HOHVWH 0DUURQH 1HUR 5RVVR *LDOOR 9HUGH 9HUGH %LDQFR *ULJLR *LDOOR 9LROD

(1 )XVHV 9 3RZHU 6XSSO\ 5RRP 7KHUPRVWDW 57

+HDWLQJ ÀRZ VHQVRU +HDWLQJ UHWXUQ VHQVRU :DWHU SUHVVXUH VHQVRU )XPHV VHQVRU '+: WDQN VHQVRU $X[LOLDU\ 6HQVRU $X[LOLDU\ 6HQVRU 2XWGRRU VHQVRU 5HPRWH &RQWURO 3XPS )ODPH VHQVRU HOHFWURGH ,JQLWLRQ HOHFWURGH ,JQLWHU *DV YDOYH 6DIHW\ 7KHUPRVWDW )DQ +HDWLQJ FLUFXLW SXPS '+: ERLOHU WDQN SXPS %OXH %URZQ %ODFN 5HG <HOORZ *UHHQ *UHHQ :KLWH *UH\ <HOORZ 9LROHW

'( 6FKPHO]VLFKHUXQJHQ 6WURPYHUVRUJXQJ 9 5DXPWKHUPRVWDW 57

9RUODXII KOHU +HL]XQJ 5 FNODXII KOHU +HL]XQJ 'UXFNVHQVRU $EJDVI KOHU ) KOHU :DUPZDVVHUVSHLFKHU +LOIVI KOHU +LOIVI KOHU $X HQWHPSHUDWXUI KOHU )(51%(',(181* 3XPSH )ODPPHQ EHUZDFKXQJVHOHNWURGH = QGXQJVHOHNWURGH = QGHU *DVYHQWLO 6LFKHUKHLWVWKHUPRVWDW 9HQWLODWRU 3XPSH +HL]NUHLVODXI 3XPSH :DUPZDVVHUVSHLFKHU +HOOEODX %UDXQ 6FKZDU] 5RW *U QJHOE *U Q :HL *UDX *HOE 9LROHWW

6 ( & 7 , 2 1 %

(6 )XVLEOHV $OLPHQWDFLyQ HOpFWULFD 9 7HUPRVWDWR $PELHQWH 7$

6RQGD LPSXOVLyQ FDOHIDFFLyQ 6RQGD UHWRUQR FDOHIDFFLyQ 6HQVRU GH SUHVLyQ 6RQGD GH KXPRV 6RQGD FDOHQWDGRU $&6 6RQGD DX[LOLDU 6RQGD DX[LOLDU 6RQGD H[WHULRU &RQWURO 5HPRWR %RPED (OHFWURGR GH GHWHFFLyQ GH OODPD (OHFWURGR GH HQFHQGLGR (QFHQGHGRU 9iOYXOD GHO JDV 7HUPRVWDWR GH VHJXULGDG 9HQWLODGRU %RPED FLUFXLWR GH FDOHIDFFLyQ %RPED FDOHQWDGRU $&6 &HOHVWH 0DUUyQ 1HJUR 5RMR $PDULOOR 9HUGH 9HUGH %ODQFR *ULV $PDULOOR 9LROHWD

6 ( & 7 , 2 1 &

6 ( & 7 , 2 1 &

/PD[ P Â&#x2018; PP

& '

/PD[ P Â&#x2018; PP

( )

/PD[ P Â&#x2018; PP

*

/PD[ P Â&#x2018; PP

+

/PD[ P Â&#x2018; PP

$ %

6 ( & 7 , 2 1 '

/ / PD[ P Â&#x2018; PP

, / PD[ P

6 ( & 7 , 2 1 (

6 ( & 7 , 2 1 )

%DVVDQR GHO *UDSSD 9, ,7$/,$ 9LD 7UR]]HWWL 6HUYL]LR FOLHQWL WHO ± 7HOHID[

ZZZ ED[L LW